Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Aug. 06, 2018 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | FG | |
Entity Registrant Name | FGL Holdings | |
Entity Central Index Key | 1,668,428 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 214,370,000 |
Investments - Proceeds From The
Investments - Proceeds From The Sale of Fixed-maturity available for-sale-securities - Available-for-sale Securities - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds from available-for-sale investments, sold, matured or repaid: | $ 4,870 | |||
Total fixed maturities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds from available-for-sale investments, sold, matured or repaid: | $ 870 | 3,648 | ||
Gain on sale of investments | 0 | 8 | ||
Loss on Sale of Investments | $ 22 | $ 65 | ||
Predecessor | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds from available-for-sale investments, sold, matured or repaid: | $ 1,457 | |||
Predecessor | Total fixed maturities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds from available-for-sale investments, sold, matured or repaid: | $ 169 | 432 | ||
Gain on sale of investments | 6 | 14 | ||
Loss on Sale of Investments | $ 11 | $ 13 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Investments: | ||
Fixed maturity securities, available-for-sale, at fair value (amortized cost: June 30, 2018 - $21,371; December 31, 2017 - $21,273) | $ 20,326 | $ 20,963 |
Equity securities, at fair value (cost: June 30, 2018 - $1,068; December 31, 2017 - $966) | 1,344 | 1,388 |
Derivative investments | 312 | 492 |
Short term investments | 0 | 25 |
Commercial mortgage loans | 525 | 548 |
Other invested assets | 353 | 188 |
Total investments | 22,860 | 23,604 |
Cash and cash equivalents | 1,710 | 1,215 |
Accrued investment income | 215 | 211 |
Funds withheld for reinsurance receivables, at fair value | 769 | 756 |
Reinsurance recoverable | 2,476 | 2,494 |
Intangibles, net | 1,084 | 856 |
Deferred tax assets, net | 286 | 176 |
Goodwill | 476 | 476 |
Other assets | 154 | 141 |
Total assets | 30,030 | 29,929 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Contractholder funds | 22,574 | 21,844 |
Future policy benefits, including $737 and $728 at fair value at June 30, 2018 and December 31, 2017, respectively | 4,710 | 4,751 |
Liability for policy and contract claims | 74 | 78 |
Debt | 540 | 307 |
Revolving credit facility | 0 | 105 |
Other liabilities | 794 | 892 |
Total liabilities | 28,692 | 27,977 |
Commitments and contingencies (Note 12) | ||
Shareholders' equity: | ||
Preferred stock ($.0001 par value, 100,000,000 shares authorized, 384,489 and 375,000 shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively) | 0 | 0 |
Common stock ($.0001 par value, 800,000,000 shares authorized, 214,370,000 issued and outstanding at June 30, 2018 and December 31, 2017, respectively) | 0 | 0 |
Additional paid-in capital | 2,047 | 2,037 |
Retained earnings (Accumulated deficit) | (106) | (160) |
Accumulated other comprehensive income (loss) | (603) | 75 |
Total shareholders' equity | 1,338 | 1,952 |
Total liabilities and shareholders' equity | $ 30,030 | $ 29,929 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Fixed maturity securities, available-for-sale, at fair value (amortized cost) | $ 21,061 | $ 20,847 |
Equity securities, available-for-sale, at fair value (amortized cost) | 1,378 | 1,392 |
Future policy benefits. at fair value | $ 737 | $ 728 |
Preferred Stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred Stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred Stock, shares issued (in shares) | 384,490 | 375,000 |
Preferred Stock, shares outstanding (in shares) | 384,490 | 375,000 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 800,000,000 | 800,000,000 |
Common stock, shares issued (in shares) | 214,370,000 | 214,370,000 |
Common stock, shares outstanding (in shares) | 214,370,000 | 214,370,000 |
Treasury Stock, shares (in shares) | 0 | 0 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenues: | ||||
Premiums | $ 15 | |||
Net investment income | 282 | |||
Net investment gains (losses) | (2) | $ 67 | $ (193) | $ 148 |
Insurance and investment product fees and other | 45 | |||
Total revenues | 340 | |||
Benefits and expenses: | ||||
Benefits and other changes in policy reserves | 249 | |||
Acquisition and operating expenses, net of deferrals | 46 | |||
Amortization of intangibles | 10 | |||
Total benefits and expenses | 305 | |||
Operating income | 35 | |||
Interest expense | (7) | |||
Income before income taxes | 28 | |||
Income tax expense | (8) | (43) | (29) | |
Net income | 20 | 72 | 54 | |
Less preferred stock dividend | 7 | $ 0 | ||
Net income available to common shareholders | $ 13 | $ 58 | ||
Net income per common share | ||||
Basic (in USD per share) | $ 0.06 | |||
Diluted (in USD per share) | $ 0.06 | |||
Weighted average common shares used in computing net income per common share: | ||||
Basic (in shares) | 214,370,000 | 214,370,000 | 58,331,000 | |
Diluted (in shares) | 214,379,114 | 214,376,000 | 58,414,000 | |
Cash dividend per common share (in dollars per share) | $ 0 | |||
Total other-than-temporary impairments | $ 0 | |||
Portion of other-than-temporary impairments included in other comprehensive income | 0 | |||
Net other-than-temporary impairments | 0 | $ (2) | ||
Gains (losses) on derivatives and embedded derivatives | 44 | |||
Other investment gains (losses) | (46) | |||
Net investment gains (losses) | $ (2) | 67 | (193) | $ 148 |
Predecessor | ||||
Revenues: | ||||
Premiums | 12 | 33 | 15 | |
Net investment income | 257 | 545 | 504 | |
Net investment gains (losses) | 67 | (193) | 148 | |
Insurance and investment product fees and other | 44 | 93 | 88 | |
Total revenues | 380 | 478 | 755 | |
Benefits and expenses: | ||||
Benefits and other changes in policy reserves | 235 | 231 | 503 | |
Acquisition and operating expenses, net of deferrals | 40 | 86 | 73 | |
Amortization of intangibles | 51 | 33 | 84 | |
Total benefits and expenses | 326 | 350 | 660 | |
Operating income | 54 | 128 | 95 | |
Interest expense | (6) | (13) | (12) | |
Income before income taxes | 48 | 115 | 83 | |
Income tax expense | (16) | |||
Net income | 32 | 72 | 54 | |
Less preferred stock dividend | $ 0 | $ 14 | $ 0 | |
Net income per common share | ||||
Basic (in USD per share) | $ 0.54 | $ 0.27 | $ 0.92 | |
Diluted (in USD per share) | $ 0.54 | $ 0.27 | $ 0.92 | |
Weighted average common shares used in computing net income per common share: | ||||
Basic (in shares) | 58,335,216 | 214,370,000 | 58,330,848 | |
Diluted (in shares) | 58,444,618 | 214,376,439 | 58,413,852 | |
Cash dividend per common share (in dollars per share) | $ 0.065 | $ 0 | $ 0.13 | |
Total other-than-temporary impairments | $ 0 | $ (2) | $ (21) | |
Portion of other-than-temporary impairments included in other comprehensive income | 0 | 0 | 0 | |
Net other-than-temporary impairments | 0 | (2) | (21) | |
Gains (losses) on derivatives and embedded derivatives | 74 | (101) | 173 | |
Other investment gains (losses) | (7) | (90) | (4) | |
Net investment gains (losses) | $ 67 | $ (193) | $ 148 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Net Income | $ 20 | $ 72 | $ 54 | |
Unrealized investment gains/losses: | ||||
Change in unrealized investment gains/losses before reclassification adjustment | (385) | |||
Net reclassification adjustment for gains/losses included in net income | 21 | |||
Changes in unrealized investment gains/losses after reclassification adjustment | (364) | |||
Adjustments to intangible assets and unearned revenue | 14 | |||
Changes in deferred income tax asset/liability | 25 | |||
Net change in unrealized gains/losses on investments | (325) | |||
Non-credit related other-than-temporary impairment: | ||||
Changes in non-credit related other than-temporary impairment | 0 | |||
Net non-credit related other-than-temporary impairment | 0 | |||
Net changes to derive comprehensive income (loss) for the period | (325) | |||
Comprehensive income (loss), net of tax | $ (305) | |||
Predecessor | ||||
Net Income | $ 32 | 72 | 54 | |
Unrealized investment gains/losses: | ||||
Change in unrealized investment gains/losses before reclassification adjustment | 374 | (911) | 672 | |
Net reclassification adjustment for gains/losses included in net income | 7 | 61 | 24 | |
Changes in unrealized investment gains/losses after reclassification adjustment | 381 | (850) | 696 | |
Adjustments to intangible assets and unearned revenue | (113) | 52 | (214) | |
Changes in deferred income tax asset/liability | (92) | 116 | (168) | |
Net change in unrealized gains/losses on investments | 176 | (682) | 314 | |
Non-credit related other-than-temporary impairment: | ||||
Changes in non-credit related other than-temporary impairment | 0 | 0 | 0 | |
Net non-credit related other-than-temporary impairment | 0 | 0 | 0 | |
Net changes to derive comprehensive income (loss) for the period | 176 | (682) | 314 | |
Comprehensive income (loss), net of tax | $ 208 | $ (610) | $ 368 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - 6 months ended Jun. 30, 2018 - USD ($) $ in Millions | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) |
Beginning Balance at Dec. 31, 2017 | $ 1,952 | $ 0 | $ 0 | $ 2,037 | $ (160) | $ 75 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Dividends | (5) | 9 | (14) | |||
Net Income | Predecessor | 72 | |||||
Net Income | 72 | 72 | ||||
Unrealized investment losses, net | (682) | (682) | ||||
Ending Balance at Jun. 30, 2018 | $ 1,338 | $ 0 | $ 0 | $ 2,047 | (106) | (603) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (4) | $ 4 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Proceeds from (Repayments of) Debt | $ 547 | |
Cash flows from operating activities: | ||
Net income | 72 | $ 54 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Stock based compensation | 1 | |
Amortization | 23 | |
Deferred income taxes | 6 | |
Interest credited/index credits to contractholder account balances | 207 | |
Net recognized losses (gains) on investments and derivatives | 193 | |
Charges assessed to contractholders for mortality and administration | (56) | |
Deferred policy acquisition costs, net of related amortization | (153) | |
Gain on Extinguishment of Debt | (2) | 0 |
Changes in operating assets and liabilities: | ||
Reinsurance recoverable | 1 | |
Future policy benefits | (41) | |
Funds withheld from reinsurers | (47) | |
Collateral (returned) posted | (133) | |
Other assets and other liabilities | 16 | |
Net cash provided by (used in) operating activities | 87 | |
Cash flows from investing activities: | ||
Proceeds from commercial mortgage loans | 22 | |
Capital expenditures | (7) | |
Net cash provided by (used in) investing activities | (346) | |
Cash flows from financing activities: | ||
Debt issuance costs | (7) | |
Common stock issued under employee plans | 0 | |
Retirement and paydown on debt and revolving credit facility | (440) | |
Draw on revolving credit facility | 30 | |
Dividends paid | 0 | |
Contractholder account deposits | 2,128 | |
Contractholder account withdrawals | (1,504) | |
Net cash provided by (used in) financing activities | 754 | |
Change in cash & cash equivalents | 495 | |
Cash & cash equivalents, beginning of period | 1,215 | |
Cash & cash equivalents, end of period | 1,710 | |
Supplemental disclosures of cash flow information: | ||
Interest paid | 14 | |
Income taxes (refunded) paid | 20 | |
Deferred sales inducements | 60 | |
Payment for Contingent Consideration Liability, Investing Activities | (57) | |
Available-for-sale Securities | ||
Cash flows from investing activities: | ||
Proceeds from available-for-sale investments, sold, matured or repaid: | 4,870 | |
Cost of available-for-sale investments: | (5,183) | |
Derivative and other | ||
Cash flows from investing activities: | ||
Proceeds from available-for-sale investments, sold, matured or repaid: | 282 | |
Cost of available-for-sale investments: | (273) | |
Predecessor | ||
Proceeds from (Repayments of) Debt | 0 | |
Cash flows from operating activities: | ||
Net income | $ 72 | 54 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Stock based compensation | 3 | |
Amortization | (15) | |
Deferred income taxes | (90) | |
Interest credited/index credits to contractholder account balances | 439 | |
Net recognized losses (gains) on investments and derivatives | (148) | |
Charges assessed to contractholders for mortality and administration | (67) | |
Deferred policy acquisition costs, net of related amortization | (83) | |
Changes in operating assets and liabilities: | ||
Reinsurance recoverable | 0 | |
Future policy benefits | (30) | |
Funds withheld from reinsurers | (50) | |
Collateral (returned) posted | 19 | |
Other assets and other liabilities | (8) | |
Net cash provided by (used in) operating activities | 24 | |
Cash flows from investing activities: | ||
Proceeds from commercial mortgage loans | 32 | |
Capital expenditures | (7) | |
Net cash provided by (used in) investing activities | (371) | |
Cash flows from financing activities: | ||
Debt issuance costs | 0 | |
Common stock issued under employee plans | 1 | |
Retirement and paydown on debt and revolving credit facility | 0 | |
Draw on revolving credit facility | 5 | |
Dividends paid | (8) | |
Contractholder account deposits | 1,574 | |
Contractholder account withdrawals | (1,058) | |
Net cash provided by (used in) financing activities | 514 | |
Change in cash & cash equivalents | 167 | |
Cash & cash equivalents, beginning of period | 864 | |
Cash & cash equivalents, end of period | 1,031 | |
Supplemental disclosures of cash flow information: | ||
Interest paid | 12 | |
Income taxes (refunded) paid | 114 | |
Deferred sales inducements | 10 | |
Payment for Contingent Consideration Liability, Investing Activities | 0 | |
Predecessor | Available-for-sale Securities | ||
Cash flows from investing activities: | ||
Proceeds from available-for-sale investments, sold, matured or repaid: | 1,457 | |
Cost of available-for-sale investments: | (1,885) | |
Predecessor | Derivative and other | ||
Cash flows from investing activities: | ||
Proceeds from available-for-sale investments, sold, matured or repaid: | 269 | |
Cost of available-for-sale investments: | $ (237) |
Basis of Presentation and Natur
Basis of Presentation and Nature of Business | 6 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Nature of Business | Basis of Presentation FGL Holdings (the “Company”, formerly known as CF Corporation (NASDAQ: CFCO) (“CF Corp”) and its related entities (“CF Entities”)), a Cayman Islands exempted company, was originally incorporated in the Cayman Islands on February 26, 2016 as a Special Purpose Acquisition Company (“SPAC”). CF Corp formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or other similar business combination with one or more target businesses. Prior to November 30, 2017, CF Corp. was a shell company with no operations. On November 30, 2017, CF Corp. consummated the acquisition of Fidelity & Guaranty Life ("FGL"), a Delaware corporation, and its subsidiaries, pursuant to the Agreement and Plan of Merger, dated as of May 24, 2017 (the “FGL Merger Agreement”). The transactions contemplated by the FGL Merger Agreement are referred to herein as the “Business Combination.” Dollar amounts in the accompanying sections are presented in millions, unless otherwise noted. Pursuant to the FGL Merger Agreement, except for shares specified in the FGL Merger Agreement, each issued and outstanding share of common stock of FGL was automatically canceled and converted into the right to receive $31.10 in cash, without interest and less any required withholding taxes (the “Merger Consideration”). Accordingly, CF Corp acquired FGL for a total of approximately $2 billion in cash, plus the assumption of $405 of existing debt. In addition to the Business Combination, on November 30, 2017, CF Entities bought all of the issued and outstanding shares of Front Street Re Cayman Ltd. (“FSRC”) and Front Street Re Ltd. (“FSR”, and, together with FSRC, the “FSR Companies”) from Front Street Re (Delaware) Ltd. (“FSRD”), a direct wholly owned subsidiary of HRG Group, Inc. (“HRG”; NYSE: HRG), pursuant to the Share Purchase Agreement, for cash consideration of $65 , subject to certain adjustments. As a result of the Business Combination, for accounting purposes, FGL Holdings is the acquirer and FGL is the acquired party and accounting predecessor. Our financial statement presentation includes the financial statements of FGL and its subsidiaries as “Predecessor” for the periods prior to the completion of the Business Combination and FGL Holdings, including the consolidation of FGL and its subsidiaries and FSR Companies, as "Successor" for periods from and after the Closing Date. FGL Holdings was determined to be the Successor company as it is the surviving company organized and existing under the laws of the United States of America, any State of the United States, the District of Columbia or any territory thereof (and in the case of the Company, Bermuda or the Cayman Islands). Prior to the acquisition, FGL Holdings reported under a fiscal year end of December 31, and the Predecessor companies reported under a fiscal year end of September 30. Subsequent to the acquisition, the Successor reports under a fiscal year end of December 31. On December 1, 2017, upon completion of the acquisitions, FGL Holdings began trading ordinary shares and warrants on the New York Stock Exchange ("NYSE") under the symbols “FG” and “FG WS,” respectively. For additional info related to the Business Combination please refer to “Item 1. Business" within FGL Holdings' Annual Report on Form 10-K, for the period ended December 31, 2017 (“2017 Form 10-K”). The accompanying unaudited condensed consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and with the instructions for the Securities and Exchange Commission (“SEC”) Quarterly Report on Form 10-Q, including Article 10 of Regulation S-X, for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. Therefore, the information contained in the Notes to Consolidated Financial Statements included in the Company's 2017 Form 10-K, should be read in connection with the reading of these interim unaudited condensed consolidated financial statements. The Company markets products through its wholly-owned insurance subsidiaries, Fidelity & Guaranty Life Insurance Company (“FGL Insurance”) and Fidelity & Guaranty Life Insurance Company of New York (“FGL NY Insurance”), which together are licensed in all fifty states and the District of Columbia. In the opinion of management, these statements include all normal recurring adjustments necessary for a fair presentation of the Company’s results. Operating results for the three and six months ended June 30, 2018 , are not necessarily indicative of the results that may be expected for the full year ending December 31, 2018. Amounts reclassified out of other comprehensive income are reflected in net investment gains in the unaudited Condensed Consolidated Statements of Operations. |
Significant Accounting Policies
Significant Accounting Policies and Practices | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies and Practices | Significant Accounting Policies and Practices Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and all other entities in which the Company has a controlling financial interest and any variable interest entities ("VIEs") in which we are the primary beneficiary. All intercompany accounts and transactions have been eliminated in consolidation. We are involved in certain entities that are considered VIEs as defined under GAAP. Our involvement with VIEs is primarily to invest in assets that allow us to gain exposure to a broadly diversified portfolio of asset classes. A VIE is an entity that does not have sufficient equity to finance its own activities without additional financial support or where investors lack certain characteristics of a controlling financial interest. We assess our relationships to determine if we have the ability to direct the activities, or otherwise exert control, to evaluate if we are the primary beneficiary of the VIE. If we determine we are the primary beneficiary of a VIE, we consolidate the assets and liabilities of the VIE in our condensed consolidated financial statements . The Company has determined that we are not the primary beneficiary of a VIE as of June 30, 2018 . See "Note 4. Investments" to the Company’s condensed consolidated financial statements for additional information on the Company’s investments in unconsolidated VIEs. Adoption of New Accounting Pronouncements Revenue from Contracts with Customers In May 2014, the Financial Accounting Standards Board (FASB) issued new guidance on revenue recognition (ASU 2014-09, Revenue from Contracts with Customers (Topic 606) ), effective for fiscal years beginning after December 15, 2016 and interim periods within those years. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606) - Deferral of the Effective Date , which defers the effective date of ASU 2014-09 by one year. The FASB also issued the following ASUs which clarify the guidance in ASU 2014-09: • ASU 2016-08 - Revenue from Contracts with Customers (Topic 606) - Principal versus Agent Considerations (Reporting Revenue Gross versus Net) issued in March 2016 • ASU 2016-10 - Revenue from Contracts with Customers (Topic 606) - Identifying Performance Obligations and Licensing issued in April 2016 • ASU 2016-11 - Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815) - Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting issued in May 2016 • ASU 2016-12 - Revenue from Contracts with Customers (Topic 606) - Narrow-Scope Improvements and Practical Expedients issued in May 2016 The guidance in ASU 2014-09 and the related ASUs supersedes the revenue recognition requirements in Topic 605, Revenue Recognition , and most industry-specific guidance unless the contracts are within the scope of other standards (for example, financial instruments, insurance contracts or lease contracts). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance establishes a five-step process to achieve this core principle. The Company adopted these standards effective January 1, 2018. The adoption of these standards has had an insignificant impact on its consolidated financial statements as the Company’s primary sources of revenue, insurance contracts and financial instruments, are excluded from the scope of these standards. Statement of Cash Flows Classification of Certain Cash Receipts and Cash Payments In August 2016, the FASB issued new guidance (ASU 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments) , effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Notable amendments in this update will change the classification of certain cash receipts and cash payments in the Statement of Cash Flows in the following ways: • cash payments for debt prepayment or debt extinguishment costs will be classified as cash outflows for financing activities • the settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing should be classified as follows: the portion of the cash payment attributable to the accreted interest related to the debt discount as cash outflows for operating activities, and the portion of the cash payment attributable to the principal as cash outflows for financing activities • a reporting entity must make an accounting policy election to classify distributions received from equity method investees using either: ◦ the cumulative earnings approach, which considers distributions received as returns on the investment and are classified as cash inflows from operating activities (with an exception when cumulative distributions received less distributions received in prior periods that were classified as returns of investment exceeds cumulative equity in earnings, in which case the current period distribution up to this excess amount will be considered a return of investment and classified as cash inflows from investing activities); or ◦ the nature of the distribution approach, which classifies distributions received based on the nature of the activity or activities of the investee that generated the distribution (would be considered either a return on investment and classified as cash inflows from operating activities or a return of investment and classified as cash inflows from investing activities) • in the absence of specific GAAP guidance, an entity should classify cash receipts and payments that have aspects of more than one class of cash flows by determining and appropriately classifying each separately identifiable source or use within the cash receipts and cash payments on the basis of the underlying cash flows. If cash receipts and payments have aspects of more than one class of cash flows and cannot be separated by source or use, the activity that is likely to be the predominant source or use of cash flows for the item will determine the classification. The amendments in this ASU were adopted by the Company effective January 1, 2018, as required. The Company has elected to use the nature of distribution approach to classify distributions received from equity method investees. The amendments in the update should be applied using a retrospective transition method to each period presented (except where impracticable to apply retrospectively; those specific amendments would be applied prospectively as of the earliest date practicable). The adoption of this standard had an insignificant impact on the Company's Condensed Consolidated Statements of Cash Flows. Income Taxes - Intra-Entity Transfers of Assets Other Than Inventory In October 2016, the FASB issued new guidance (ASU 2016-16, Income Taxes (Topic 740), Intra-Entity Transfers of Assets Other Than Inventory) , effective for fiscal years beginning after December 15, 2017 including interim periods within those fiscal years. Under this update: • an entity should recognize current and deferred income taxes for an intra-entity transfer of an asset other than inventory at the time of the transfer • the entity will no longer delay recognition of the income tax consequences of these types of intra-entity asset transfers until the asset has been sold to an outside party, as is practiced under current guidance The amendments in this ASU were adopted by the Company effective January 1, 2018, as required. The Company does not have any intra-entity asset transfers, therefore this new accounting guidance is not expected to impact the Company's consolidated financial statements. Presentation of Changes in Restricted Cash on the Cash Flow Statement In November 2016, the FASB issued amended guidance regarding the presentation of changes in restricted cash on the cash flow statement (ASU 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash ), effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. The ASU requires amounts generally described as changes in restricted cash and restricted cash equivalents to be included with cash and cash equivalents on the statement of cash flows. The amendments in this ASU were adopted effective January 1, 2018, as required. The adoption of this guidance had an insignificant impact on the Company's Condensed Consolidated Statements of Cash Flows. Scope of Modification Accounting for Stock Compensation In May 2017, the FASB issued new guidance on the scope of modification accounting for stock compensation (ASU 2017-09, Compensation-Stock Compensation (Topic 718), Scope of Modification Accounting) , effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. ASU 2017-09 may be early adopted. The ASU provides guidance on which changes to the terms or conditions of a share-based payment award would require an entity to apply modification accounting in Topic 718, Stock Compensation . Under the new guidance, an entity would account for the effects of a modification, immediately before the original award is modified, unless the fair value of the modified award is the same as the fair value of the original award, the vesting conditions of the modified award are the same as the vesting conditions of the original award, and the classification of the modified award (equity instrument or liability instrument) is the same as the classification of the original award. The amendments in this update should be applied prospectively to an award modified on or after the adoption date. The Company adopted the amendments in this ASU effective January 1, 2018 as required. The adoption of this guidance did not have an impact on the Company's condensed consolidated financial statements. Amendments to Recognition and Measurement of Financial Assets and Financial Liabilities In March 2018, February 2018 and January 2016, the FASB issued amended guidance on the measurement of financial assets and financial liabilities (ASU 2018-04 , Investments-Debt Securities (Topic 320) and Regulated Operations (Topic 980) - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 117 and SEC Release No. 33-9273; ASU 2018-03, Technical Corrections and Improvements to Financial Instruments-Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities; and ASU 2016-01, Financial Instruments- Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities, respectively), effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Notable amendments in these updates: • require all equity securities (other than equity investments accounted for under the equity method of accounting or requiring the consolidation of the investee) to be measured at fair value with changes in fair value recognized through net income. Equity securities that do not have readily determinable fair values may be measured at cost minus impairment • require qualitative assessment for impairment of equity investments without readily determinable fair values at each reporting period and, if the qualitative assessment indicates that impairment exists, to measure the investment at fair value • eliminate the requirement to disclose the methods and significant assumptions used to estimate fair value (which is currently required to be disclosed, for financial instruments measured at amortized cost on the balance sheet) • require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments The amendments in these ASUs should be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption, and the amendments related to equity securities without readily determinable fair values should be applied prospectively to equity investments that exist as of the date of adoption. The Company adopted ASUs 2016-01, 2018-03, and 2018-04 effective January 1, 2018, with a cumulative-effect adjustment to decrease retained earnings and increase AOCI by $4 . Future Accounting Pronouncements Accounting pronouncements that will impact the Company in future periods have been disclosed in the Company's 2017 Form 10-K. There have not been any additional accounting pronouncements expected to impact the Company. Reclassifications and Retrospective Adjustments Certain prior year amounts have been reclassified or combined to conform to the current year presentation. These reclassifications and combinations had no effect on previously reported results of operations. Revision to Previously Issued Financial Statements During the quarter ended June 30, 2018, the Company identified an immaterial error related to the classification of certain securities as debt or equity under ASC 320, “Investments - Debt and Equity Securities.” The Company reviewed the impact of this error on the prior periods in accordance with Securities and Exchange Commission (“SEC”) Staff Accounting Bulletin No. 99, “Materiality,” and determined the error was not material to the prior periods. The Company has recorded an immaterial correction to the Condensed Consolidated Balance Sheet as of December 31, 2017 by decreasing fixed maturity securities, available for sale by $627 and increasing equity securities, at fair value by a corresponding amount. Effective January 1, 2018, the Company adopted guidance under ASU 2016-01 which among other things, requires that the change in fair value of equity securities be reported in income rather than as a direct adjustment to AOCI. As a result, the Company also recorded an immaterial $9 out of period adjustment in the Condensed Consolidated Statement of Operations for the three months ended June 30, 2018 to recognize the Q1 change in fair value associated with the proper classification of equity securities with a corresponding increase in AOCI. |
Significant Risks and Uncertain
Significant Risks and Uncertainties | 6 Months Ended |
Jun. 30, 2018 | |
Risks and Uncertainties [Abstract] | |
Significant Risks and Uncertainties | Significant Risks and Uncertainties Federal Regulation In April 2016, the Department of Labor (“DOL”) issued the “fiduciary” rule which could have had a material impact on the Company, its products, distribution, and business model. The rule provided that persons who render investment advice for a fee or other compensation with respect to an employer plan or individual retirement account ("IRA") are fiduciaries of that plan or IRA and would have expanded the definition of fiduciary under ERISA to apply to commissioned insurance agents who sell the Company’s IRA products. On June 21, 2018, the United States Court of Appeals for the Fifth Circuit formally vacated the DOL fiduciary rule in total when it issued its mandate following the court’s decision on March 15, 2018, in U.S. Chamber of Commerce v. U.S. Department of Labor , 885 F.3d 360 (5th Cir. 2018). Management will continue to monitor for potential action by state officials or the Securities and Exchange Commission to implement rules similar to the vacated DOL rule. Use of Estimates and Assumptions The preparation of the Company's unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and assumptions used. Concentrations of Financial Instruments As of June 30, 2018 and December 31, 2017 , the Company’s most significant investment in one industry, excluding United States ("U.S.") Government securities, was its investment securities in the banking industry with a fair value of $2,381 or 10% and $2,851 or 12% , respectively, of the invested assets portfolio and an amortized cost of $2,477 and $2,850 , respectively. As of June 30, 2018 , the Company’s holdings in this industry include investments in 111 different issuers with the top ten investments accounting for 31% of the total holdings in this industry. As of June 30, 2018 and December 31, 2017 , the Company had no investments in issuers that exceeded 10% of shareholders' equity. The Company's largest concentration in any single issuer as of June 30, 2018 and December 31, 2017 was Verizon Communications Inc. and Wells Fargo & Company , respectively, with a total fair value of $118 or 1% and $155 or 1% of the invested assets portfolio, respectively. Concentrations of Financial and Capital Markets Risk The Company is exposed to financial and capital markets risk, including changes in interest rates and credit spreads which can have an adverse effect on the Company’s results of operations, financial condition and liquidity. The Company expects to continue to face challenges and uncertainties that could adversely affect its results of operations and financial condition. The Company attempts to mitigate the risk, including changes in interest rates by investing in less rate-sensitive investments, including senior tranches of collateralized loan obligations, non-agency residential mortgage-backed securities, and various types of asset backed securities. The Company’s exposure to such financial and capital markets risk relates primarily to the market price and cash flow variability associated with changes in interest rates. A rise in interest rates, in the absence of other countervailing changes, will increase the net unrealized loss position of the Company’s investment portfolio and, if long-term interest rates rise dramatically within a six to twelve month time period, certain of the Company’s products may be exposed to disintermediation risk. Disintermediation risk refers to the risk that policyholders surrender their contracts in a rising interest rate environment, requiring the Company to liquidate assets in an unrealized loss position. Management believes this risk is mitigated to some extent by surrender charge protection provided by the Company’s products. Concentration of Reinsurance Risk The Company has a significant concentration of reinsurance with Wilton Reassurance Company (“Wilton Re”), a third-party reinsurer, that could have a material impact on the Company’s financial position in the event that Wilton Re fails to perform their obligations under the various reinsurance treaties. Wilton Re is a wholly-owned subsidiary of Canada Pension Plan Investment Board ("CPPIB"). CPPIB has an AAA issuer credit rating from Standard & Poor's Ratings Services ("S&P") as of June 30, 2018 . As of June 30, 2018 , the net amount recoverable from Wilton Re was $1,558 . The Company monitors the financial condition of Wilton Re and other individual reinsurers to attempt to reduce the risk of default by such reinsurers. The Company also monitors concentration risk arising from similar economic characteristics of reinsurers. Wilton Re is current on all amounts due as of June 30, 2018 . |
Investments
Investments | 6 Months Ended |
Jun. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | 1.25 1.00 - 1.25 <1.00 N/A(a) June 30, 2018 LTV Ratios: Less than 50% $ 274 $ — $ — $ — $ 274 52 % $ 272 52 % 50% to 60% 233 6 — — 239 46 % 238 46 % 60% to 75% 12 — — — 12 2 % 12 2 % Commercial mortgage loans $ 519 $ 6 $ — $ — $ 525 100 % $ 522 100 % December 31, 2017 LTV Ratios: Less than 50% $ 293 $ — $ — $ — $ 293 54 % $ 294 54 % 50% to 60% 236 7 — — 243 44 % 243 44 % 60% to 75% 12 — — — 12 2 % 12 2 % Commercial mortgage loans $ 541 $ 7 $ — $ — $ 548 100 % $ 549 100 % (a) N/A - Current DSC ratio not available. The Company establishes a general mortgage loan allowance based upon the underlying risk and quality of the mortgage loan portfolio using DSC ratio and LTV ratio. A higher LTV ratio will result in a higher allowance. A higher DSC ratio will result in a lower allowance. The Company believes that the DSC ratio is an indicator of default risk on loans. The Company believes that the LTV ratio is an indicator of the principal recovery risk for loans that default. June 30, 2018 December 31, 2017 Gross balance commercial mortgage loans $ 525 $ 548 Allowance for loan loss — — Net balance commercial mortgage loans $ 525 $ 548 The Company recognizes a mortgage loan as delinquent when payments on the loan are greater than 30 days past due. At June 30, 2018 and December 31, 2017 , the Company had no CMLs that were delinquent in principal or interest payments. The following provides the current and past due composition of our CMLs: June 30, 2018 December 31, 2017 Current to 30 days $ 525 $ 548 Past due — — Total carrying value $ 525 $ 548 Mortgage loan workouts, refinances or restructures that are classified as troubled debt restructurings ("TDRs") are individually evaluated and measured for impairment. As of June 30, 2018 and December 31, 2017 , our CML portfolio had no impairments, modifications or TDR. Net Investment Income The major sources of “Net investment income” on the accompanying Condensed Consolidated Statements of Operations were as follows: Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 Predecessor Predecessor Fixed maturity securities, available-for-sale $ 248 $ 242 $ 490 $ 478 Equity securities 26 11 36 21 Commercial mortgage loans 5 6 12 12 Invested cash and short-term investments 4 2 7 2 Other investments 15 2 26 3 Gross investment income 298 263 571 516 Investment expense (16 ) (6 ) (26 ) (12 ) Net investment income $ 282 $ 257 $ 545 $ 504 Net Investment Gains (Losses) Details underlying “Net investment gains (losses)” reported on the accompanying Condensed Consolidated Statements of Operations were as follows: Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 Predecessor Predecessor Net realized losses on fixed maturity available-for-sale securities $ (23 ) $ (8 ) $ (60 ) $ (25 ) Realized losses on equity securities (23 ) — (29 ) — Change in fair value of other derivatives and embedded derivatives — 1 — 2 Realized gains (losses) on other invested assets — 1 (3 ) — Hedging derivatives and reinsurance-related embedded derivatives: Realized gains (losses) on certain derivative instruments (15 ) 73 (4 ) 148 Unrealized gains (losses) on certain derivative instruments 72 9 (63 ) 43 Change in fair value of reinsurance related embedded derivatives (a) (13 ) (9 ) (34 ) (20 ) Realized gains (losses) on hedging derivatives and reinsurance-related embedded derivatives 44 73 (101 ) 171 Net investment gains (losses) $ (2 ) $ 67 $ (193 ) $ 148 (a) Change in fair value of reinsurance related embedded derivatives in the successor period is due to FSRC unaffiliated third party business and the predecessor periods activity is due to the FGL and FSRC reinsurance treaty. The proceeds from the sale of fixed-maturity available for-sale-securities and the gross gains and losses associated with those transactions were as follows: Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 Predecessor Predecessor Proceeds $ 870 $ 169 $ 3,648 $ 432 Gross gains — 6 8 14 Gross losses (22 ) (11 ) (65 ) (13 ) In accordance with the Company's adoption of ASU 2016-01, for the three and six months ended June 30, 2018 the Company had the following realized and unrealized gains and losses on equity securities: Three months ended Six months ended June 30, 2018 June 30, 2018 Net gains (losses) recognized during the period on equity securities $ (23 ) $ (29 ) Less: Net gains (losses) recognized during the period on equity securities sold during the period (3 ) (2 ) Unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date $ (20 ) $ (27 ) The Company's adoption of ASU 2016-01 with respect to gains and losses on equity securities had a $20 and $27 impact on pre-tax net income, or $0.09 and $0.13 per common share, for the three and six months ended June 30, 2018 , respectively. Unconsolidated Variable Interest Entities FGL Insurance owns investments in VIEs that are not consolidated within the Company’s financial statements. VIEs do not have sufficient equity to finance their own activities without additional financial support and certain of its investors lack certain characteristics of a controlling financial interest. These VIEs are not consolidated in the Company’s financial statements for the following reasons: 1) FGL Insurance either does not control or does not have any voting rights or notice rights; 2) the Company does not have any rights to remove the investment manager; and 3) the Company was not involved in the design of the investment. These characteristics indicate that FGL Insurance lacks the ability to direct the activities, or otherwise exert control, of the VIEs and is not considered the primary beneficiary of them. The Company previously executed a commitment of $75 to purchase common shares in an unaffiliated private business development company ("BDC"). The BDC invests in secured and unsecured fixed maturity and equity securities of middle market companies in the United States. Due to the voting structure of the transaction, the Company does not have voting power. The initial capital call occurred June 30, 2015, with the remaining commitment expected to fund June 2019. The Company has funded $42 as of June 30, 2018 . The Company invests in various limited partnerships as a passive investor. These investments are in corporate credit and real estate debt strategies that have a current income bias. Limited partnership interests are accounted for under the equity method and are included in “Other invested assets” on the Company’s consolidated balance sheet. The Company's maximum exposure to loss with respect to these investments is limited to the investment carrying amounts reported in the Company's consolidated balance sheet in addition to any required unfunded commitments. As of June 30, 2018 , the Company's maximum exposure to loss was $218 in recorded carrying value and $655 in unfunded commitments." id="sjs-B4">Investments The Company’s fixed maturity securities investments have been designated as available-for-sale and are carried at fair value with unrealized gains and losses included in AOCI, net of associated adjustments for deferred acquisition costs ("DAC"), value of business acquired ("VOBA"), deferred sales inducements ("DSI"), unearned revenue ("UREV"), and deferred income taxes. The Company's equity securities investments are carried at fair value with unrealized gains and losses included in net income. The Company’s consolidated investments at June 30, 2018 and December 31, 2017 are summarized as follows: June 30, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Carrying Value Available-for sale securities Asset-backed securities $ 3,158 $ 7 $ (21 ) $ 3,144 $ 3,144 Commercial mortgage-backed securities 1,257 2 (18 ) 1,241 1,241 Corporates 12,467 12 (639 ) 11,840 11,840 Hybrids 956 1 (40 ) 917 917 Municipals 1,562 4 (33 ) 1,533 1,533 Residential mortgage-backed securities 1,356 10 (11 ) 1,355 1,355 U.S. Government 141 — (1 ) 140 140 Foreign Governments 164 — (8 ) 156 156 Total available-for-sale securities 21,061 36 (771 ) 20,326 20,326 Equity securities 1,378 2 (36 ) 1,344 1,344 Derivative investments 334 34 (56 ) 312 312 Commercial mortgage loans 525 — — 522 525 Other invested assets 353 — — 349 353 Total investments $ 23,651 $ 72 $ (863 ) $ 22,853 $ 22,860 December 31, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Carrying Value Available-for sale securities Asset-backed securities $ 3,061 $ 7 $ (3 ) $ 3,065 $ 3,065 Commercial mortgage-backed securities 956 1 (1 ) 956 956 Corporates 12,467 122 (19 ) 12,570 12,570 Equities 1,392 3 (7 ) 1,388 1,388 Hybrids 1,066 4 (3 ) 1,067 1,067 Municipals 1,736 12 (1 ) 1,747 1,747 Residential mortgage-backed securities 1,279 1 (3 ) 1,277 1,277 U.S. Government 84 — — 84 84 Foreign Governments 198 — (1 ) 197 197 Total available-for-sale securities 22,239 150 (38 ) 22,351 22,351 Derivative investments 459 36 (3 ) 492 492 Short term investments 25 — — 25 25 Commercial mortgage loans 548 — — 549 548 Other invested assets 188 — — 186 188 Total investments $ 23,459 $ 186 $ (41 ) $ 23,603 $ 23,604 The unrealized gains and losses were reset to zero effective November 30, 2017 as a result of the Business Combination and application of acquisition accounting which requires assets and liabilities acquired to be measured at fair value as of the date of the acquisition. Included in AOCI were cumulative gross unrealized gains of $0 and gross unrealized losses of $0 related to the non-credit portion of other-than-temporary-impairments ("OTTI") on non-agency residential mortgage backed securities ("RMBS") for both June 30, 2018 and December 31, 2017 . Securities held on deposit with various state regulatory authorities had a fair value of $20,266 and $20,301 at June 30, 2018 and December 31, 2017 , respectively. Under Iowa regulations, insurance companies are required to hold securities on deposit in an amount no less than the Company's legal reserve as prescribed by Iowa regulations. At June 30, 2018 and December 31, 2017 , the Company held no material investments that were non-income producing for a period greater than twelve months. In accordance with the Company's FHLB agreements, the investments supporting the funding agreement liabilities are pledged as collateral to secure the FHLB funding agreement liabilities. The collateral investments had a fair value of $908 and $715 at June 30, 2018 and December 31, 2017 , respectively. The amortized cost and fair value of fixed maturity available-for-sale securities by contractual maturities, as applicable, are shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or pre-pay obligations. June 30, 2018 Amortized Cost Fair Value Corporates, Non-structured Hybrids, Municipal and Government securities: Due in one year or less $ 170 $ 170 Due after one year through five years 1,071 1,055 Due after five years through ten years 2,545 2,466 Due after ten years 11,184 10,586 Subtotal 14,970 14,277 Other securities which provide for periodic payments: Asset-backed securities 3,158 3,144 Commercial mortgage-backed securities 1,257 1,241 Structured hybrids 320 309 Residential mortgage-backed securities 1,356 1,355 Subtotal 6,091 6,049 Total fixed maturity available-for-sale securities $ 21,061 $ 20,326 The Company's available-for-sale securities with unrealized losses are reviewed for potential OTTI. For factors considered in evaluating whether a decline in value is other-than-temporary, please refer to “Note 2. Significant Accounting Policies and Practices" to the Company’s 2017 Form 10-K. The Company analyzes its ability to recover the amortized cost by comparing the net present value of cash flows expected to be collected with the amortized cost of the security. For mortgage-backed and asset-backed securities, cash flow estimates consider the payment terms of the underlying assets backing a particular security, including interest rate and prepayment assumptions, based on data from widely accepted third-party data sources or internal estimates. In addition to interest rate and prepayment assumptions, cash flow estimates also include other assumptions regarding the underlying collateral including default rates and recoveries, which vary based on the asset type and geographic location, as well as the vintage year of the security. For structured securities, the payment priority within the tranche structure is also considered. For all other fixed maturity securities, cash flow estimates are driven by assumptions regarding probability of default and estimates regarding timing and amount of recoveries associated with a default. If the net present value is less than the amortized cost of the investment, an OTTI is recognized. Based on the results of our process for evaluating available-for-sale securities in unrealized loss positions for OTTI as discussed above, the Company determined that the unrealized losses as of June 30, 2018 increased due to higher interest rates during the quarter coupled with an increase in the spreads over Treasuries required by investors for corporate and municipal bonds. Based on an assessment of all securities in the portfolio in unrealized loss positions, the Company determined that the unrealized losses on the securities presented in the table below were not other-than-temporarily impaired as of June 30, 2018 . The fair value and gross unrealized losses of available-for-sale securities, aggregated by investment category and duration of fair value below amortized cost, were as follows: June 30, 2018 Less than 12 months 12 months or longer Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Available-for-sale securities Asset-backed securities $ 2,182 $ (21 ) $ — $ — $ 2,182 $ (21 ) Commercial mortgage-backed securities 908 (18 ) — — 908 (18 ) Corporates 11,104 (639 ) — — 11,104 (639 ) Hybrids 830 (40 ) — — 830 (40 ) Municipals 1,273 (33 ) — — 1,273 (33 ) Residential mortgage-backed securities 841 (11 ) — — 841 (11 ) U.S. Government 140 (1 ) — — 140 (1 ) Foreign Government 149 (8 ) — — 149 (8 ) Total available-for-sale securities $ 17,427 $ (771 ) $ — $ — $ 17,427 $ (771 ) Total number of available-for-sale securities in an unrealized loss position less than twelve months 2,055 Total number of available-for-sale securities in an unrealized loss position twelve months or longer 0 Total number of available-for-sale securities in an unrealized loss position 2,055 December 31, 2017 Less than 12 months 12 months or longer Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Available-for-sale securities Asset-backed securities $ 1,944 $ (3 ) $ — $ — $ 1,944 $ (3 ) Commercial mortgage-backed securities 478 (1 ) — — 478 (1 ) Corporates 3,814 (19 ) — — 3,814 (19 ) Equities 798 (7 ) — — 798 (7 ) Hybrids 266 (3 ) — — 266 (3 ) Municipals 285 (1 ) — — 285 (1 ) Residential mortgage-backed securities 939 (3 ) — — 939 (3 ) U.S. Government 74 — — — 74 — Foreign Government 140 (1 ) — — 140 (1 ) Total available-for-sale securities $ 8,738 $ (38 ) $ — $ — $ 8,738 $ (38 ) Total number of available-for-sale securities in an unrealized loss position less than twelve months 1,224 Total number of available-for-sale securities in an unrealized loss position twelve months or longer 0 Total number of available-for-sale securities in an unrealized loss position 1,224 At June 30, 2018 and December 31, 2017 , securities in an unrealized loss position were primarily concentrated in investment grade, corporate debt and hybrid instruments. At June 30, 2018 and December 31, 2017 , securities with a fair value of $2 and $10 , respectively, had an unrealized loss greater than 20% of amortized cost (excluding U.S. Government and U.S. Government sponsored agency securities), which were insignificant to the carrying value of all investments, respectively. The following table provides a reconciliation of the beginning and ending balances of the credit loss portion of OTTI on fixed maturity available-for-sale securities held by the Company for the three and six months ended June 30, 2018 and 2017 (Predecessor), for which a portion of the OTTI was recognized in AOCI: Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 Predecessor Predecessor Beginning balance $ — $ 3 $ — $ 3 Increases attributable to credit losses on securities: OTTI was previously recognized — — — — OTTI was not previously recognized — — — — Ending balance $ — $ 3 $ — $ 3 The following table breaks out the credit impairment loss type, the associated amortized cost and fair value of the investments at the balance sheet date and non-credit losses in relation to fixed maturity securities and other invested assets held by the Company for the three and six months ended June 30, 2018 and 2017 (Predecessor): Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 Predecessor Predecessor Credit impairment losses in operations $ — $ — $ (2 ) $ (21 ) Change-of-intent losses in operations — — — — Amortized cost — 13 — 13 Fair value — 13 — 13 Non-credit losses in other comprehensive income for investments which experienced OTTI — — — — Details of OTTI that were recognized in "Net income (loss)" and included in net realized gains on securities were as follows: Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 Predecessor Predecessor OTTI Recognized in Net Income (Loss) Asset-backed securities $ — $ (1 ) $ — $ (1 ) Corporates — — (2 ) (20 ) Other invested assets — 1 — — Total $ — $ — $ (2 ) $ (21 ) The portion of OTTI recognized in AOCI is disclosed in the Condensed Consolidated Statements of Comprehensive Income (Loss). There was no OTTI recognized in AOCI in the periods presented. Commercial Mortgage Loans Commercial mortgage loans ("CMLs") represented approximately 2% of the Company’s total investments as of June 30, 2018 and December 31, 2017 . The Company primarily invests in mortgage loans on income producing properties including hotels, industrial properties, retail buildings, multifamily properties and office buildings. The Company diversifies its CML portfolio by geographic region and property type to attempt to reduce concentration risk. The Company continuously evaluates CMLs based on relevant current information to ensure properties are performing at a consistent and acceptable level to secure the related debt. The distribution of CMLs, gross of valuation allowances, by property type and geographic region is reflected in the following tables: June 30, 2018 December 31, 2017 Gross Carrying Value % of Total Gross Carrying Value % of Total Property Type: Hotel 22 4 % 22 4 % Industrial - General 45 9 % 46 9 % Industrial - Warehouse 21 4 % 38 6 % Multifamily 69 13 % 70 13 % Office 156 30 % 158 29 % Retail 212 40 % 214 39 % Total commercial mortgage loans, gross of valuation allowance $ 525 100 % $ 548 100 % Allowance for loan loss — — — % Total commercial mortgage loans $ 525 100 % $ 548 100 % U.S. Region: East North Central $ 111 21 % $ 108 20 % East South Central 20 4 % 20 4 % Middle Atlantic 85 16 % 85 15 % Mountain 66 13 % 67 12 % New England 14 3 % 14 3 % Pacific 133 25 % 135 25 % South Atlantic 58 11 % 65 12 % West North Central 13 2 % 13 2 % West South Central 25 5 % 41 7 % Total commercial mortgage loans, gross of valuation allowance $ 525 100 % $ 548 100 % Allowance for loan loss — — — % Total commercial mortgage loans $ 525 100 % $ 548 100 % All of the Company's investments in CMLs had a loan-to-value ("LTV") ratio of less than 75% at June 30, 2018 and December 31, 2017 , as measured at inception of the loans unless otherwise updated. As of June 30, 2018 , all CMLs are current and have not experienced credit or other events which would require the recording of an impairment loss. LTV and DSC ratios are measures commonly used to assess the risk and quality of mortgage loans. The LTV ratio 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 1.00 indicates that a property’s operations do not generate sufficient income to cover debt payments. We normalize our DSC ratios to a 25-year amortization period for purposes of our general loan allowance evaluation. The following table presents the recorded investment in CMLs by LTV and DSC ratio categories and estimated fair value by the indicated loan-to-value ratios at June 30, 2018 and December 31, 2017 : Debt-Service Coverage Ratios Total Amount % of Total Estimated Fair Value % of Total >1.25 1.00 - 1.25 <1.00 N/A(a) June 30, 2018 LTV Ratios: Less than 50% $ 274 $ — $ — $ — $ 274 52 % $ 272 52 % 50% to 60% 233 6 — — 239 46 % 238 46 % 60% to 75% 12 — — — 12 2 % 12 2 % Commercial mortgage loans $ 519 $ 6 $ — $ — $ 525 100 % $ 522 100 % December 31, 2017 LTV Ratios: Less than 50% $ 293 $ — $ — $ — $ 293 54 % $ 294 54 % 50% to 60% 236 7 — — 243 44 % 243 44 % 60% to 75% 12 — — — 12 2 % 12 2 % Commercial mortgage loans $ 541 $ 7 $ — $ — $ 548 100 % $ 549 100 % (a) N/A - Current DSC ratio not available. The Company establishes a general mortgage loan allowance based upon the underlying risk and quality of the mortgage loan portfolio using DSC ratio and LTV ratio. A higher LTV ratio will result in a higher allowance. A higher DSC ratio will result in a lower allowance. The Company believes that the DSC ratio is an indicator of default risk on loans. The Company believes that the LTV ratio is an indicator of the principal recovery risk for loans that default. June 30, 2018 December 31, 2017 Gross balance commercial mortgage loans $ 525 $ 548 Allowance for loan loss — — Net balance commercial mortgage loans $ 525 $ 548 The Company recognizes a mortgage loan as delinquent when payments on the loan are greater than 30 days past due. At June 30, 2018 and December 31, 2017 , the Company had no CMLs that were delinquent in principal or interest payments. The following provides the current and past due composition of our CMLs: June 30, 2018 December 31, 2017 Current to 30 days $ 525 $ 548 Past due — — Total carrying value $ 525 $ 548 Mortgage loan workouts, refinances or restructures that are classified as troubled debt restructurings ("TDRs") are individually evaluated and measured for impairment. As of June 30, 2018 and December 31, 2017 , our CML portfolio had no impairments, modifications or TDR. Net Investment Income The major sources of “Net investment income” on the accompanying Condensed Consolidated Statements of Operations were as follows: Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 Predecessor Predecessor Fixed maturity securities, available-for-sale $ 248 $ 242 $ 490 $ 478 Equity securities 26 11 36 21 Commercial mortgage loans 5 6 12 12 Invested cash and short-term investments 4 2 7 2 Other investments 15 2 26 3 Gross investment income 298 263 571 516 Investment expense (16 ) (6 ) (26 ) (12 ) Net investment income $ 282 $ 257 $ 545 $ 504 Net Investment Gains (Losses) Details underlying “Net investment gains (losses)” reported on the accompanying Condensed Consolidated Statements of Operations were as follows: Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 Predecessor Predecessor Net realized losses on fixed maturity available-for-sale securities $ (23 ) $ (8 ) $ (60 ) $ (25 ) Realized losses on equity securities (23 ) — (29 ) — Change in fair value of other derivatives and embedded derivatives — 1 — 2 Realized gains (losses) on other invested assets — 1 (3 ) — Hedging derivatives and reinsurance-related embedded derivatives: Realized gains (losses) on certain derivative instruments (15 ) 73 (4 ) 148 Unrealized gains (losses) on certain derivative instruments 72 9 (63 ) 43 Change in fair value of reinsurance related embedded derivatives (a) (13 ) (9 ) (34 ) (20 ) Realized gains (losses) on hedging derivatives and reinsurance-related embedded derivatives 44 73 (101 ) 171 Net investment gains (losses) $ (2 ) $ 67 $ (193 ) $ 148 (a) Change in fair value of reinsurance related embedded derivatives in the successor period is due to FSRC unaffiliated third party business and the predecessor periods activity is due to the FGL and FSRC reinsurance treaty. The proceeds from the sale of fixed-maturity available for-sale-securities and the gross gains and losses associated with those transactions were as follows: Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 Predecessor Predecessor Proceeds $ 870 $ 169 $ 3,648 $ 432 Gross gains — 6 8 14 Gross losses (22 ) (11 ) (65 ) (13 ) In accordance with the Company's adoption of ASU 2016-01, for the three and six months ended June 30, 2018 the Company had the following realized and unrealized gains and losses on equity securities: Three months ended Six months ended June 30, 2018 June 30, 2018 Net gains (losses) recognized during the period on equity securities $ (23 ) $ (29 ) Less: Net gains (losses) recognized during the period on equity securities sold during the period (3 ) (2 ) Unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date $ (20 ) $ (27 ) The Company's adoption of ASU 2016-01 with respect to gains and losses on equity securities had a $20 and $27 impact on pre-tax net income, or $0.09 and $0.13 per common share, for the three and six months ended June 30, 2018 , respectively. Unconsolidated Variable Interest Entities FGL Insurance owns investments in VIEs that are not consolidated within the Company’s financial statements. VIEs do not have sufficient equity to finance their own activities without additional financial support and certain of its investors lack certain characteristics of a controlling financial interest. These VIEs are not consolidated in the Company’s financial statements for the following reasons: 1) FGL Insurance either does not control or does not have any voting rights or notice rights; 2) the Company does not have any rights to remove the investment manager; and 3) the Company was not involved in the design of the investment. These characteristics indicate that FGL Insurance lacks the ability to direct the activities, or otherwise exert control, of the VIEs and is not considered the primary beneficiary of them. The Company previously executed a commitment of $75 to purchase common shares in an unaffiliated private business development company ("BDC"). The BDC invests in secured and unsecured fixed maturity and equity securities of middle market companies in the United States. Due to the voting structure of the transaction, the Company does not have voting power. The initial capital call occurred June 30, 2015, with the remaining commitment expected to fund June 2019. The Company has funded $42 as of June 30, 2018 . The Company invests in various limited partnerships as a passive investor. These investments are in corporate credit and real estate debt strategies that have a current income bias. Limited partnership interests are accounted for under the equity method and are included in “Other invested assets” on the Company’s consolidated balance sheet. The Company's maximum exposure to loss with respect to these investments is limited to the investment carrying amounts reported in the Company's consolidated balance sheet in addition to any required unfunded commitments. As of June 30, 2018 , the Company's maximum exposure to loss was $218 in recorded carrying value and $655 in unfunded commitments. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments The carrying amounts of derivative instruments, including derivative instruments embedded in FIA contracts, is as follows: June 30, 2018 December 31, 2017 Assets: Derivative investments: Call options $ 294 $ 477 Futures contracts 1 — FSRC derivative contracts 17 15 Other invested assets: Other derivatives and embedded derivatives 16 17 $ 328 $ 509 Liabilities: Contractholder funds: FIA embedded derivative $ 2,491 $ 2,387 Other liabilities: Preferred shares reimbursement feature embedded derivative 24 23 $ 2,515 $ 2,410 The change in fair value of derivative instruments included in the accompanying Condensed Consolidated Statements of Operations is as follows: Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 Predecessor Predecessor Revenues: Net investment gains (losses): Call options $ 51 $ 81 $ (69 ) $ 186 Futures contracts 2 1 — 5 FSRC derivative contracts 4 — 2 — Other derivatives and embedded derivatives — 1 — 2 Reinsurance related embedded derivatives (a) (13 ) (9 ) (34 ) (20 ) Total net investment gains (losses) $ 44 $ 74 $ (101 ) $ 173 Benefits and other changes in policy reserves: FIA embedded derivatives $ 158 $ 80 $ 104 $ 192 Acquisition and operating expenses, net of deferrals: Preferred shares reimbursement feature embedded derivative (b) $ — $ — $ (1 ) $ — (a) Change in fair value of reinsurance related embedded derivatives in the successor period is due to FSRC unaffiliated third party business and the predecessor periods activity is due to the FGL and FSRC reinsurance treaty. (b) Only applicable to Successor periods. Additional Disclosures Other Derivatives and Embedded Derivatives On June 16, 2014, FGL Insurance invested in a $35 fund-linked note issued by Nomura International Funding Pte. Ltd. The note provides for an additional payment at maturity based on the value of an embedded derivative in AnchorPath Dedicated Return Fund (the "AnchorPath Fund") of $11 which was based on the actual return of the fund. At June 30, 2018 , the fair value of the fund-linked note and embedded derivative were $25 and $16 , respectively. At maturity of the fund-linked note, FGL Insurance will receive the $35 face value of the note plus the value of the embedded derivative in the AnchorPath Fund. The additional payment at maturity is an embedded derivative reported in "Other invested assets", while the host is an available-for-sale security reported in "Fixed maturities, available-for-sale". Fixed Index Annuity ("FIA") Contracts The Company has FIA Contracts that permit the holder to elect an interest rate return or an equity index linked component, where interest credited to the contracts is linked to the performance of various equity indices, primarily the S&P 500 Index. This feature represents an embedded derivative under GAAP. The FIA embedded derivative is valued at fair value and included in the liability for contractholder funds in the accompanying Condensed Consolidated Balance Sheets with changes in fair value included as a component of “Benefits and other changes in policy reserves” in the Condensed Consolidated Statements of Operations. See a description of the fair value methodology used in "Note 6. Fair Value of Financial Instruments". The Company purchases derivatives consisting of a combination of call options and futures contracts on the applicable market indices to fund the index credits due to FIA contractholders. The call options are one , two , three , and five year options purchased to match the funding requirements of the underlying policies. On the respective anniversary dates of the index policies, the index used to compute the interest credit is reset and the Company purchases new one , two , three , or five year call options to fund the next index credit. The Company manages the cost of these purchases through the terms of its FIA contracts, which permit the Company to change caps, spreads or participation rates, subject to guaranteed minimums, on each contract’s anniversary date. The change in the fair value of the call options and futures contracts is generally designed to offset the portion of the change in the fair value of the FIA embedded derivative related to index performance. The call options and futures contracts are marked to fair value with the change in fair value included as a component of “Net investment gains (losses).” The change in fair value of the call options and futures contracts includes the gains and losses recognized at the expiration of the instrument term or upon early termination and the changes in fair value of open positions. Other market exposures are hedged periodically depending on market conditions and the Company’s risk tolerance. The Company’s FIA hedging strategy economically hedges the equity returns and exposes the Company to the risk that unhedged market exposures result in divergence between changes in the fair value of the liabilities and the hedging assets. The Company uses a variety of techniques, including direct estimation of market sensitivities and value-at-risk to monitor this risk daily. The Company intends to continue to adjust the hedging strategy as market conditions and the Company’s risk tolerance change. Preferred Equity Remarketing Reimbursement Embedded Derivative Liability On November 30, 2017 the Company issued 275,000 Series A cumulative preferred shares and 100,000 Series B cumulative preferred shares (together the “Preferred Shares”). The Preferred Shares do not have a maturity date and are non-callable for the first five years. From and after November 30, 2022, the original holders of the Preferred Shares may request and thus require, the Company (subject to customary blackout provisions) to remarket the Preferred Shares on their existing terms. If the remarketing is successful and the original holders elect to sell their preferred shares at the remarketed price and proceeds from such sale are less than the outstanding balance of the applicable shares (including dividends paid in kind and accumulated but unpaid dividends), the Company will be required to reimburse the sellers, up to a maximum of 10% of the par value of the originally issued preferred shares (including dividends paid in kind and accumulated but unpaid dividends) with such amount payable either in cash, ordinary shares, or any combination thereof, at the Company's option (the “Reimbursement Feature”). The Reimbursement Feature represents an embedded derivative that is not clearly and closely related to the preferred stock host and must be bifurcated. The Reimbursement Feature liability is held at fair value within “Other liabilities” in the accompanying Condensed Consolidated Balance Sheets using a Black Derman Toy model incorporating among other things the paid in kind dividend coupon rate and the Company’s call option. Changes in fair value of this derivative are recognized within “Acquisition and operating expenses, net of deferrals” in the accompanying Condensed Consolidated Statements of Operations. Credit Risk The Company is exposed to credit loss in the event of non-performance by its counterparties on the call options and reflects assumptions regarding this non-performance risk in the fair value of the call options. The non-performance risk is the net counterparty exposure based on the fair value of the open contracts less collateral held. The Company maintains a policy of requiring all derivative contracts to be governed by an International Swaps and Derivatives Association (“ISDA”) Master Agreement. Information regarding the Company’s exposure to credit loss on the call options it holds is presented in the following table: June 30, 2018 Counterparty Credit Rating (Fitch/Moody's/S&P) (a) Notional Fair Value Collateral Net Credit Risk Merrill Lynch A+/*/A+ $ 3,037 $ 80 $ 38 $ 42 Deutsche Bank A-/A3/BBB+ 1,548 39 40 (1 ) Morgan Stanley */A1/A+ 1,666 36 38 (2 ) Barclay's Bank A*+/A2/A 1,745 67 50 17 Canadian Imperial Bank of Commerce AA-/Aa3/A+ 2,728 73 73 — Wells Fargo A+/A2/A- 567 16 16 — Total $ 11,291 $ 311 $ 255 $ 56 December 31, 2017 Counterparty Credit Rating Notional Fair Value Collateral Net Credit Risk Merrill Lynch A/*/A+ $ 2,780 $ 150 $ 118 $ 32 Deutsche Bank A-/A3/A- 1,345 51 55 (4 ) Morgan Stanley */A1/A+ 1,555 92 101 (9 ) Barclay's Bank A*+/A1/A 2,090 103 95 8 Canadian Imperial Bank of Commerce AA-/Aa3/A+ 2,807 96 98 (2 ) Total $ 10,577 $ 492 $ 467 $ 25 (a) An * represents credit ratings that were not available. Collateral Agreements The Company is required to maintain minimum ratings as a matter of routine practice as part of its over-the-counter derivative agreements on ISDA forms. Under some ISDA agreements, the Company has agreed to maintain certain financial strength ratings. A downgrade below these levels provides the counterparty under the agreement the right to terminate the open option contracts between the parties, at which time any amounts payable by the Company or the counterparty would be dependent on the market value of the underlying option contracts. The Company's current rating doesn't allow any counterparty the right to terminate ISDA agreements. In certain transactions, the Company and the counterparty have entered into a collateral support agreement requiring either party to post collateral when the net exposures exceed pre-determined thresholds. For all counterparties, except one, this threshold is set to zero. As of June 30, 2018 and December 31, 2017 , counterparties posted $255 and $467 of collateral, respectively, of which $217 and $349 is included in "Cash and cash equivalents" with an associated payable for this collateral included in "Other liabilities" on the Condensed Consolidated Balance Sheets . The remaining $38 and $118 of non-cash collateral was held by a third-party custodian and may not be sold or re-pledged, except in the event of default, and, therefore, is not included in the Company's Condensed Consolidated Balance Sheets at June 30, 2018 and December 31, 2017 respectively. This collateral generally consists of U.S. treasury bonds and mortgage-backed securities. Accordingly, the maximum amount of loss due to credit risk that the Company would incur if parties to the call options failed completely to perform according to the terms of the contracts was $56 and $25 at June 30, 2018 and December 31, 2017 , respectively. The Company is required to pay counterparties the effective federal funds rate each day for cash collateral posted to FGL for daily mark to market margin changes. In June 2017, the Company began reinvesting derivative cash collateral to reduce the interest cost. Cash collateral is invested in short term Treasury securities and A1/P1 commercial paper which are included in "Cash and cash equivalents" in the accompanying Condensed Consolidated Balance Sheets. The Company held 1,414 and 1,754 futures contracts at June 30, 2018 and December 31, 2017 , respectively. The fair value of the futures contracts represents the cumulative unsettled variation margin (open trade equity, net of cash settlements). The Company provides cash collateral to the counterparties for the initial and variation margin on the futures contracts which is included in "Cash and cash equivalents" in the accompanying Condensed Consolidated Balance Sheets. The amount of cash collateral held by the counterparties for such contracts was $7 and $8 at June 30, 2018 and December 31, 2017 , respectively. Reinsurance Related Embedded Derivatives (Predecessor) FGL Insurance has a coinsurance arrangement with FSRC, meaning that funds are withheld by FGL Insurance as the legal owner, but the credit risk is borne by FSRC. This arrangement created an obligation for FGL Insurance to pay FSRC at a later date, which resulted in an embedded derivative. This embedded derivative was considered a total return swap with contractual returns that were attributable to the assets and liabilities associated with this reinsurance arrangement. The fair value of the total return swap was based on the change in fair value of the underlying assets held in the funds withheld portfolio. Investment results for the assets that support the coinsurance funds withheld reinsurance arrangement, including gains and losses from sales, were passed directly to the reinsurer pursuant to contractual terms of the reinsurance arrangement. The reinsurance related embedded derivative was reported in “Other assets”, if in a net gain position, or "Other liabilities", if in a net loss position, on the Predecessor's Condensed Consolidated Balance Sheets and the related gains or losses were reported in “Net investment gains” on the Predecessor's Condensed Consolidated Statements of Operations. Due to the acquisition of FSRC, the reinsurance related embedded derivative is eliminated in consolidation in the Successor periods. Call option payable to FSRC (Predecessor) Under the terms of the coinsurance arrangement with FSRC, FGL Insurance is required to pay FSRC a portion of the net cost of equity option purchases and the proceeds from expirations related to the equity options which hedged the index credit feature of the reinsured FIA contracts. Accordingly, the payable to FSRC was reflected in "Funds withheld for reinsurance liabilities" as of the balance sheet date with changes in fair value reflected within the “Net investment gains (losses)” in Predecessor's Condensed Consolidated Statements of Operations. Due to the acquisition of FSRC, the call option payable to FSRC is eliminated in consolidation in the Successor periods. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company’s measurement of fair value is based on assumptions used by market participants in pricing the asset or liability, which may include inherent risk, restrictions on the sale or use of an asset, or non-performance risk, which may include the Company’s own credit risk. The Company’s estimate of an exchange price is the price in an orderly transaction between market participants to sell the asset or transfer the liability (“exit price”) in the principal market, or the most advantageous market for that asset of liability in the absence of a principal market as opposed to the price that would be paid to acquire the asset or receive a liability (“entry price”). The Company categorizes financial instruments carried at fair value into a three-level fair value hierarchy, based on the priority of inputs to the respective valuation technique. The three-level hierarchy for fair value measurement is defined as follows: Level 1 - Values are unadjusted quoted prices for identical assets and liabilities in active markets accessible at the measurement date. Level 2 - Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices from those willing to trade in markets that are not active, or other inputs that are observable or can be corroborated by market data for the term of the instrument. Such inputs include market interest rates and volatilities, spreads, and yield curves. Level 3 - Certain inputs are unobservable (supported by little or no market activity) and significant to the fair value measurement. Unobservable inputs reflect the Company’s best estimate of what hypothetical market participants would use to determine a transaction price for the asset or liability at the reporting date based on the best information available in the circumstances. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lower level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment. When a determination is made to classify an asset or liability within Level 3 of the fair value hierarchy, the determination is based upon the significance of the unobservable inputs to the overall fair value measurement. Because certain securities trade in less liquid or illiquid markets with limited or no pricing information, the determination of fair value for these securities is inherently more difficult. In addition to the unobservable inputs, Level 3 fair value investments may include observable components, which are components that are actively quoted or can be validated to market-based sources. The carrying amounts and estimated fair values of the Company’s financial instruments for which the disclosure of fair values is required, including financial assets and liabilities measured and carried at fair value on a recurring basis, with the exception of investment contracts, related party loans, portions of other invested assets and debt which are disclosed later within this footnote, was summarized according to the hierarchy previously described, as follows: June 30, 2018 Level 1 Level 2 Level 3 Fair Value Carrying Amount Assets Cash and cash equivalents $ 1,710 $ — $ — $ 1,710 $ 1,710 Fixed maturity securities, available-for-sale: Asset-backed securities — 2,814 330 3,144 3,144 Commercial mortgage-backed securities — 1,181 60 1,241 1,241 Corporates — 10,650 1,190 11,840 11,840 Hybrids 247 660 10 917 917 Municipals — 1,496 37 1,533 1,533 Residential mortgage-backed securities — 1,113 242 1,355 1,355 U.S. Government 113 27 — 140 140 Foreign Governments — 140 16 156 156 Equity securities 494 804 3 1,301 1,301 Derivative investments 1 311 — 312 312 Other invested assets — — 67 67 67 Funds withheld for reinsurance receivables, at fair value 84 662 6 752 752 Total financial assets at fair value $ 2,649 $ 19,858 $ 1,961 $ 24,468 $ 24,468 Liabilities Derivatives: FIA embedded derivatives, included in contractholder funds — — 2,491 2,491 2,491 Preferred shares reimbursement feature embedded derivative — — 24 24 24 Fair value of future policy benefits (FSRC) — — 737 737 737 Total financial liabilities at fair value $ — $ — $ 3,252 $ 3,252 $ 3,252 December 31, 2017 Level 1 Level 2 Level 3 Fair Value Carrying Amount Assets Cash and cash equivalents $ 1,215 $ — $ — $ 1,215 $ 1,215 Fixed maturity securities, available-for-sale: Asset-backed securities — 2,653 412 3,065 3,065 Commercial mortgage-backed securities — 907 49 956 956 Corporates — 11,401 1,169 12,570 12,570 Hybrids 253 804 10 1,067 1,067 Municipals — 1,709 38 1,747 1,747 Residential mortgage-backed securities — 1,211 66 1,277 1,277 U.S. Government 52 32 — 84 84 Foreign Governments — 180 17 197 197 Equity securities 404 937 3 1,344 1,344 Derivative investments — 492 — 492 492 Short term investments 25 — — 25 25 Other invested assets — — 17 17 17 Funds withheld for reinsurance receivables, at fair value 88 648 4 740 740 Total financial assets at fair value $ 2,037 $ 20,974 $ 1,785 $ 24,796 $ 24,796 Liabilities Derivatives: FIA embedded derivatives, included in contractholder funds $ — $ — $ 2,387 $ 2,387 $ 2,387 Preferred shares reimbursement feature embedded derivative — — 23 23 23 Fair value of future policy benefits (FSRC) — — 728 728 728 Total financial liabilities at fair value $ — $ — $ 3,138 $ 3,138 $ 3,138 Valuation Methodologies Fixed Maturity Securities & Equity Securities The Company measures the fair value of its securities based on assumptions used by market participants in pricing the security. The most appropriate valuation methodology is selected based on the specific characteristics of the fixed maturity or equity security, and the Company will then consistently apply the valuation methodology to measure the security’s fair value. The Company's fair value measurement is based on a market approach, which utilizes prices and other relevant information generated by market transactions involving identical or comparable securities. Sources of inputs to the market approach include third-party pricing services, independent broker quotations, or pricing matrices. The Company uses observable and unobservable inputs in its valuation methodologies. Observable inputs include benchmark yields, reported trades, broker-dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data. In addition, market indicators and industry and economic events are monitored and further market data will be acquired when certain thresholds are met. For certain security types, additional inputs may be used, or some of the inputs described above may not be applicable. The significant unobservable input used in the fair value measurement of equity securities for which the market approach valuation technique is employed is yields for comparable securities. Increases or decreases in the yields would result in lower or higher, respectively, fair value measurements. For broker-quoted only securities, quotes from market makers or broker-dealers are obtained from sources recognized to be market participants. Management believes the broker quotes are prices at which trades could be executed based on historical trades executed at broker-quoted or slightly higher prices. The Company also has an equity investment in a private business development company which is not traded on an exchange or valued by other sources such as analytics or brokers. The Company based the fair value of this investment on an estimated net asset value provided by the investee. Management did not make any adjustments to this valuation. The fair value of the Company's investment in mutual funds is based on the net asset value published by the respective mutual fund and represents the value the Company would have received if it withdrew its investment on the balance sheet date. The Company did not adjust prices received from third parties as of June 30, 2018 or December 31, 2017 . However, the Company does analyze the third-party valuation methodologies and its related inputs to perform assessments to determine the appropriate level within the fair value hierarchy. Derivative Financial Instruments The fair value of call option assets is based upon valuation pricing models, which represents what the Company would expect to receive or pay at the balance sheet date if it canceled the options, entered into offsetting positions, or exercised the options. Fair values for these instruments are determined internally, based on valuation pricing models which use market-observable inputs, including interest rates, yield curve volatilities, and other factors. The fair value of futures contracts represents the cumulative unsettled variation margin (open trade equity, net of cash settlements) which represents what the Company would expect to receive or pay at the balance sheet date if it canceled the futures contract or entered into offsetting positions. These contracts are classified as Level 1. The fair value measurement of the FIA embedded derivatives included in contractholder funds is determined through a combination of market observable information and significant unobservable inputs. The market observable inputs are the market value of option and interest swap rates. The significant unobservable inputs are the mortality multiplier, surrender rates, non-performance spread and option costs. The mortality multiplier at June 30, 2018 and December 31, 2017 was applied to the Annuity 2000 mortality tables. Significant increases or decreases in the market value of an option in isolation would result in a higher or lower, respectively, fair value measurement. Significant increases or decreases in interest swap rates, mortality multiplier, surrender rates, or non-performance spread in isolation would result in a lower or higher fair value measurement, respectively. Generally, a change in any one unobservable input would not directly result in a change in any other unobservable input. Changes in unrealized gains or losses of the Company’s FIA embedded derivatives are included in "Benefits and other changes in policy reserves" in the Condensed Consolidated Statements of Operations. The fair value of the Reimbursement Feature embedded derivative is determined using a Black Derman Toy model, incorporating the paid in kind dividend coupon, the Company's redemption option and the preferred shareholder's remarketing feature. The remarketing feature allows the shareholder to put the preferred shares to the Company for a value of par after five years if the value would be otherwise less than 90% par. There were $0 and $1 of changes in fair value recognized during the three and six months ended June 30, 2018 , respectively, due to changes in the credit spread. Other Invested Assets Fair value of the AnchorPath embedded derivative is based on an unobservable input, the net asset value of the AnchorPath fund at the balance sheet date. The embedded derivative is similar to a call option on the net asset value of the AnchorPath fund with a strike price of zero since FGL Insurance will not be required to make any additional payments at maturity of the fund-linked note in order to receive the net asset value of the AnchorPath fund on the maturity date. A Black-Scholes model determines the net asset value of the AnchorPath fund as the fair value of the call option regardless of the values used for the other inputs to the option pricing model. The net asset value of the AnchorPath fund is provided by the fund manager at the end of each calendar month and represents the value an investor would receive if it withdrew its investment on the balance sheet date. Therefore, the key unobservable input used in the Black-Scholes model is the value of the AnchorPath fund. As the value of the AnchorPath fund increases or decreases, the fair value of the embedded derivative will increase or decrease. FSRC Funds Withheld for Reinsurance Receivables and Future Policy Benefits FSRC elected to apply the Fair Value Option to account for its funds withheld receivables and future policy benefits liability related to its assumed reinsurance. FSRC measures the fair value of the Funds Withheld for Reinsurance Receivables based on the fair values of the securities in the underlying funds withheld portfolio held by the cedant. FSRC uses a discounted cash flows approach to measure the fair value of the Future Policy Benefits Reserve. The cash flows associated with future policy premiums and benefits are generated using best estimate assumptions (plus a risk margin, where applicable) and are consistent with market prices, where available. Risk margins are typically applied to non-observable, non-hedgeable market inputs such as long term volatility, mortality, morbidity, lapse, etc. The significant unobservable inputs used in the fair value measurement of the FSRC future policy benefit liability are undiscounted cash flows, non-performance risk spread and risk margin to reflect uncertainty. Undiscounted cash flows used in our June 30, 2018 discounted cash flow model equaled $1,086 . Increases or decreases in non-performance risk spread and risk margin to reflect uncertainty would result in a lower or higher fair value measurement, respectively. Quantitative information regarding significant unobservable inputs used for recurring Level 3 fair value measurements of financial instruments carried at fair value as of June 30, 2018 and December 31, 2017 , are as follows: Fair Value at Valuation Technique Unobservable Input(s) Range (Weighted average) June 30, 2018 June 30, 2018 Assets Asset-backed securities $ 324 Broker-quoted Offered quotes 96.98% - 102.50% Asset-backed securities 6 Third-Party Valuation Offered quotes 0.00% - 100.00% Commercial mortgage-backed securities 35 Broker-quoted Offered quotes 80.13% - 104.14% Commercial mortgage-backed securities 25 Matrix Pricing Quoted prices 117.80% - 117.80% Corporates 679 Broker-quoted Offered quotes 72.06% - 105.50% Corporates 511 Matrix Pricing Quoted prices 93.94% - 111.19% Hybrids 10 Matrix Pricing Quoted prices 95.86% - 95.86% Municipals 37 Broker-quoted Offered quotes 110.60% - 110.60% Residential mortgage-backed securities 63 Broker-quoted Offered quotes 92.28% - 101.38% Residential mortgage-backed securities 179 Matrix Pricing Quoted prices 100.00% - 101.71% Foreign Governments 16 Broker-quoted Offered quotes 102.38% - 104.09% Equity securities (Salus preferred equity) 3 Income-Approach Yield 6.29% Other invested assets: Available-for-sale embedded derivative (AnchorPath) 17 Black Scholes model Market value of AnchorPath fund 100.00% Affiliated Bank Loans 50 Yield-method Blended rates 7.00% - 9.00% Funds withheld for reinsurance receivables at fair value 5 Matrix pricing Calculated prices 100.00% Funds withheld for reinsurance receivables at fair value 1 Loan recovery value Recovery rate 26.00% Total $ 1,961 Liabilities Future policy benefits (FSRC) $ 737 Discounted cash flow Non-Performance risk spread 0.32% - 0.64% Risk margin to reflect uncertainty 0.50% - 0.62% Derivatives: FIA embedded derivatives included in contractholder funds 2,491 Discounted cash flow Market value of option 0.00% - 31.67% SWAP rates 2.89% - 2.93% Mortality multiplier 80.00% - 80.00% Surrender rates 0.50% - 75.00% Partial withdrawals 1.00% - 2.50% Non-performance spread 0.25% - 0.25% Option cost 0.10% - 17.33% Preferred shares reimbursement feature embedded derivative 24 Black Derman Toy model Credit Spread 4.74% Yield Volatility 20.00% Total liabilities at fair value $ 3,252 Fair Value at Range (Weighted average) December 31, 2017 Valuation Technique Unobservable Input(s) December 31, 2017 Assets Asset-backed securities $ 412 Broker-quoted Offered quotes 98.00% - 102.56% Commercial mortgage-backed securities 49 Broker-quoted Offered quotes 99.50% - 122.78% Corporates 763 Broker-quoted Offered quotes 73.55% - 109.63% (99.66%) Corporates 406 Matrix Pricing Quoted prices 67.72% - 115.04% Hybrids 10 Broker-quoted Offered quotes 96.89% - 96.89% Municipals 38 Broker-quoted Offered quotes 111.84% - 111.84% Residential mortgage-backed securities 66 Broker-quoted Offered quotes 93.25% - 102.25% Foreign Governments 17 Broker-quotes Offered quotes 104.16% - 106.28% Equity securities available-for-sale (Salus preferred equity) 3 Income-Approach Yield 5.00% Other invested assets: Available-for-sale embedded derivative (AnchorPath) 17 Black Scholes model Market value of AnchorPath fund 100.00% Funds withheld for reinsurance receivables at fair value 3 Matrix pricing Calculated prices 100.00% Funds withheld for reinsurance receivables at fair value 1 Loan recovery value Recovery rate 26.00% Total $ 1,785 Liabilities Future policy benefits (FSRC) $ 728 Discounted cash flow Non-Performance risk spread 0.27% Risk margin to reflect uncertainty 0.54% Derivatives: FIA embedded derivatives, included in contractholder funds 2,387 Discounted cash flow Market value of option 0.00% - 29.93% SWAP rates 2.24% - 2.40% Mortality multiplier 80.00% - 80.00% Surrender rates 0.50% - 75.00% Partial withdrawals 2.00% - 3.50% Non-performance spread 0.25% - 0.25% Option cost 0.06% - 17.33% Preferred shares reimbursement feature embedded derivative $ 23 Black Derman Toy model Credit Spread 4.13% Yield Volatility 20% Total liabilities at fair value $ 3,138 The following tables summarize changes to the Company’s financial instruments carried at fair value and classified within Level 3 of the fair value hierarchy for the three and six months ended June 30, 2018 and 2017 , respectively. This summary excludes any impact of amortization of VOBA and DAC. The gains and losses below may include changes in fair value due in part to observable inputs that are a component of the valuation methodology. Three months ended June 30, 2018 Balance at Beginning Total Gains (Losses) Purchases Sales Settlements Net transfer In (Out) of Balance at End of Included in Included in Assets Fixed maturity securities available-for-sale: Asset-backed securities $ 301 $ — $ — $ 152 $ — $ (1 ) $ (122 ) $ 330 Commercial mortgage-backed securities 42 — (1 ) 12 — — 7 60 Corporates 1,216 — (8 ) 99 — (69 ) (48 ) 1,190 Hybrids 10 — — — — — — 10 Municipals 37 — — — — — — 37 Residential mortgage-backed securities 65 — 2 179 — (4 ) — 242 Foreign Governments 16 — — — — — — 16 Equity securities 4 — (1 ) — — — — 3 Other invested assets: Available-for-sale embedded derivative 17 — — — — — — 17 Affiliated Bank Loans — — — 50 — — — 50 Funds withheld for reinsurance receivables at fair value 6 — — — — — — 6 Total assets at Level 3 fair value $ 1,714 $ — $ (8 ) $ 492 $ — $ (74 ) $ (163 ) $ 1,961 Liabilities FIA embedded derivatives, included in contractholder funds $ 2,333 $ 158 $ — $ — $ — $ — $ — $ 2,491 Future policy benefits (FSRC) 712 1 — — — 24 — 737 Preferred shares reimbursement feature embedded derivative 24 — — — — — — 24 Total liabilities at Level 3 fair value $ 3,069 $ 159 $ — $ — $ — $ 24 $ — $ 3,252 (a) The net transfers out of Level 3 during the three months ended June 30, 2018 were exclusively to Level 2. Three months ended June 30, 2017 Predecessor Balance at Beginning Total Gains (Losses) Purchases Sales Settlements Net transfer In (Out) of Balance at End of Included in Included in Assets Fixed maturity securities available-for-sale: Asset-backed securities $ 170 $ (1 ) $ 1 $ 67 $ — $ (8 ) $ (25 ) $ 204 Commercial mortgage-backed securities 78 — 1 — — (1 ) 6 84 Corporates 1,090 — 6 5 — (6 ) (39 ) 1,056 Hybrids 10 — — — — — — 10 Municipals 38 — — — — — — 38 Residential mortgage-backed securities 14 — 1 — — — — 15 Foreign Governments 16 — 1 — — — — 17 Equity securities available-for-sale 1 — — — — — — 1 Other invested assets: Available-for-sale embedded derivative 14 1 — — — — — 15 Loan participations — — 1 — — (1 ) — — Total assets at Level 3 fair value $ 1,431 $ — $ 11 $ 72 $ — $ (16 ) $ (58 ) $ 1,440 Liabilities FIA embedded derivatives, included in contractholder funds $ 2,362 $ 80 $ — $ — $ — $ — $ — $ 2,442 Total liabilities at Level 3 fair value $ 2,362 $ 80 $ — $ — $ — $ — $ — $ 2,442 (a) The net transfers out of Level 3 during the Predecessor three months ended June 30, 2017 were exclusively to Level 2. Six months ended June 30, 2018 Balance at Beginning Total Gains (Losses) Purchases Sales Settlements Net transfer In (Out) of Balance at End of Included in Included in Assets Fixed maturity securities available-for-sale: Asset-backed securities $ 412 $ — $ (2 ) $ 180 $ — $ (7 ) $ (253 ) $ 330 Commercial mortgage-backed securities 49 — (2 ) 12 — (6 ) 7 60 Corporates 1,169 — (28 ) 199 — (102 ) (48 ) 1,190 Hybrids 10 — — — — — — 10 Municipals 38 — (1 ) — — — — 37 Residential mortgage-backed securities 66 — 2 179 — (5 ) — 242 Foreign Governments 17 (1 ) — — — — — 16 Equity securities 3 1 (1 ) — — — — 3 Other invested assets: Available-for-sale embedded derivative 17 — — — — — — 17 Affiliated Bank Loans — — — 50 — — — 50 Funds withheld for reinsurance receivables at fair value 4 — — 2 — — — 6 Total assets at Level 3 fair value $ 1,785 $ — $ (32 ) $ 622 $ — $ (120 ) $ (294 ) $ 1,961 Liabilities FIA embedded derivatives, included in contractholder funds $ 2,387 $ 104 $ — $ — $ — $ — $ — $ 2,491 Future policy benefits (FSRC) 728 (19 ) — — — 28 — 737 Preferred shares reimbursement feature embedded derivative 23 1 — — — — — 24 Total liabilities at Level 3 fair value $ 3,138 $ 86 $ — $ — $ — $ 28 $ — $ 3,252 (a) The net transfers out of Level 3 during the six months ended June 30, 2018 were exclusively to Level 2. Six months ended June 30, 2017 Predecessor Balance at Beginning Total Gains (Losses) Purchases Sales Settlements Net transfer In (Out) of Balance at End of Included in Included in Assets Fixed maturity securities available-for-sale: Asset-backed securities $ 197 $ (1 ) $ 3 $ 66 $ — $ (17 ) $ (44 ) $ 204 Commercial mortgage-backed securities 85 — 2 — — (1 ) (2 ) 84 Corporates 1,062 — 11 65 — (39 ) (43 ) 1,056 Hybrids 10 — — — — — — 10 Municipals 37 — 1 — — — — 38 Residential mortgage-backed securities — — 1 — — — 14 15 Foreign Governments 16 — 1 — — — — 17 Equity securities available-for-sale 1 — — — — — — 1 Other invested assets: Available-for-sale embedded derivative 13 2 — — — — — 15 Loan participations 6 (1 ) 1 — — (6 ) — — Total assets at Level 3 fair value $ 1,427 $ — $ 20 $ 131 $ — $ (63 ) $ (75 ) $ 1,440 Liabilities FIA embedded derivatives, included in contractholder funds $ 2,250 $ 192 $ — $ — $ — $ — $ — $ 2,442 Total liabilities at Level 3 fair value $ 2,250 $ 192 $ — $ — $ — $ — $ — $ 2,442 (a) The net transfers out of Level 3 during the Predecessor six months ended June 30, 2017 were exclusively to Level 2. Valuation Methodologies and Associated Inputs for Financial Instruments Not Carried at Fair Value The following discussion outlines the methodologies and assumptions used to determine the fair value of our financial instruments not carried at fair value. Considerable judgment is required to develop these assumptions used to measure fair value. Accordingly, the estimates shown are not necessarily indicative of the amounts that would be realized in a one-time, current market exchange of all of our financial instruments. Commercial Mortgage Loans The fair value of commercial mortgage loans is established using a discounted cash flow method based on credit rating, maturity and future income. This yield-based approach is sourced from our third-party vendor. The ratings for mortgages in good standing are based on property type, location, market conditions, occupancy, debt service coverage, loan-to-value, quality of tenancy, borrower, and payment record. In the event of an impairment, the carrying value is based on the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s market price, or the fair value of the collateral if the loan is collateral-dependent. The inputs used to measure the fair value of our commercial mortgage loans are classified as Level 3 within the fair value hierarchy. Policy Loans (included within Other Invested Assets) Fair values for policy loans are estimated from a discounted cash flow analysis, using interest rates currently being offered for loans with similar credit risk. Loans with similar characteristics are aggregated for purposes of the calculations. Investment Contracts Investment contracts include deferred annuities, FIAs, indexed universal life policies ("IULs") and immediate annuities. The fair value of deferred annuity, FIA, and IUL contracts is based on their cash surrender value (i.e. the cost the Company would incur to extinguish the liability) as these contracts are generally issued without an annuitization date. The fair value of immediate annuities contracts is derived by calculating a new fair value interest rate using the updated yield curve and treasury spreads as of the respective reporting date. At June 30, 2018 and December 31, 2017 , this resulted in lower fair value reserves relative to the carrying value. The Company is not required to, and has not, estimated the fair value of the liabilities under contracts that involve significant mortality or morbidity risks, as these liabilities fall within the definition of insurance contracts that are exceptions from financial instruments that require disclosures of fair value. Debt The fair value of debt is based on quoted market prices. The inputs used to measure the fair value of our outstanding debt are classified as Level 2 within the fair value hierarchy. Our revolving credit facility debt is classified as Level 3 within the fair value hierarchy, and the estimated fair value reflects the carrying value as the revolver has no maturity date. The following tables provide the carrying value and estimated fair value of our financial instruments that are carried on the Condensed Consolidated Balance Sheets at amounts other than fair value, summarized according to the fair value hierarchy previously described. June 30, 2018 Level 1 Level 2 Level 3 Total Estimated Fair Value Carrying Amount Assets FHLB common stock, included in other invested assets $ — $ 49 $ — $ 49 $ 49 Commercial mortgage loans — — 522 522 525 Policy loans, included in other invested assets — — 15 15 19 Funds withheld for reinsurance receivables, at fair value — — 17 17 17 Total $ — $ 49 $ 554 $ 603 $ 610 Liabilities Investment contracts, included in contractholder funds $ — $ — $ 17,408 $ 17,408 $ 20,083 Debt — 537 — 537 540 Total $ — $ 537 $ 17,408 $ 17,945 $ 20,623 December 31, 2017 Level 1 Level 2 Level 3 Total Estimated Fair Value Carrying Amount Assets Commercial mortgage loans $ — $ — $ 549 $ 549 $ 548 Policy loans, included in other invested assets — — 15 15 17 Funds withheld for reinsurance receivables, at fair value — — 16 16 16 Total $ — $ — $ 580 $ 580 $ 581 Liabilities Investment contracts, included in contractholder funds $ — $ — $ 16,659 $ 16,659 $ 19,457 Debt — 307 105 412 412 Total $ — $ 307 $ 16,764 $ 17,071 $ 19,869 The following table includes assets that have not been classified in the fair value hierarchy as the fair value of these investments are measured using the net asset value per share practical expedient. For further discussion about this adoption see “Note 2. Significant Accounting Policies” to the Company's 2017 Form 10-K. Carrying Value After Measurement June 30, 2018 December 31, 2017 Equity securities $ 43 $ 44 Limited partnership investment, included in other invested assets 218 154 The Company reviews the fair value hierarchy classifications each reporting period. Changes in the observability of the valuation attributes may result in a reclassification of certain financial assets or liabilities. Such reclassifications are reported as transfers in and out of Level 3, or between other levels, at the beginning fair value for the reporting period in which the changes occur. The transfers into and out of Level 3 were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value. The Company’s assessment resulted in gross transfers into and gross transfers out of certain fair value levels by asset class for the three and six months ended June 30, 2018 and 2017 , are as follows: Transfers Between Fair Value Levels Level 1 Level 2 Level 3 In Out In Out In Out Three months ended June 30, 2018 Asset-backed securities $ — $ — $ 122 $ — $ — $ 122 Commercial mortgage-backed securities — — 1 8 8 1 Corporates — — 51 3 3 51 Hybrids 5 — — 5 — — Equity securities available-for-sale 25 — — 25 — — Total transfers $ 30 $ — $ 174 $ 41 $ 11 $ 174 Predecessor Three months ended June 30, 2017 Asset-backed securities $ — $ — $ 25 $ — $ — $ 25 Commercial mortgage-backed securities — — — 6 6 — Corporates — — 40 1 1 40 Total transfers $ — $ — $ 65 $ 7 $ 7 $ 65 Six months ended June 30, 2018 Asset-backed securities $ — $ — $ 253 $ — $ — $ 253 Commercial mortgage-backed securities — — 1 8 8 1 Corporates — — 51 3 3 51 Hybrids 20 — — 20 — — Equity securities available-for-sale 25 — — 25 — — Total transfers $ 45 $ — $ 305 $ 56 $ 11 $ 305 Predecessor Six months ended June 30, 2017 Asset-backed securities $ — $ — $ 80 $ 36 $ 36 $ 80 Commercial mortgage-backed securities — — 8 6 6 8 Corporates — — 44 1 1 44 RMBS — — — 14 14 — Total transfers $ — $ — $ 132 $ 57 $ 57 $ 132 |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangibles A summary of the changes in the carrying amounts of the Company's intangible assets,VOBA, DAC and DSI are as follows: VOBA DAC DSI Total Balance at December 31, 2017 $ 827 $ 19 $ 10 $ 856 Deferrals — 134 60 194 Amortization (40 ) (2 ) (3 ) (45 ) Interest 10 1 — 11 Unlocking 1 — — 1 Adjustment for net unrealized investment (gains) losses 61 3 3 67 Balance at June 30, 2018 $ 859 $ 155 $ 70 $ 1,084 Predecessor VOBA DAC DSI Total Balance at December 31, 2016 $ 118 $ 1,024 $ 86 $ 1,228 Deferrals — 145 22 167 Unlocking 7 (1 ) (3 ) 3 Interest 6 21 2 29 Amortization (23 ) (83 ) (10 ) (116 ) Adjustment for net unrealized investment (gains) losses (108 ) (106 ) — (214 ) Balance at June 30, 2017 $ — $ 1,000 $ 97 $ 1,097 Amortization of VOBA, DAC, DSI, and UREV is based on the historical, current and future expected gross margins or profits recognized, including investment gains and losses. The interest accrual rate utilized to calculate the accretion of interest on VOBA ranged from 0.05% to 4.01% . The adjustment for unrealized net investment losses (gains) represents the amount of VOBA, DAC, DSI, and UREV that would have been amortized if such unrealized gains and losses had been recognized. This is referred to as the “shadow adjustments” as the additional amortization is reflected in AOCI rather than the Consolidated Statement of Operations. As of June 30, 2018, and June 30, 2017, the VOBA balances included cumulative adjustments for net unrealized investment losses (gains) of $43 and $(148) , respectively, and the DAC balances included cumulative adjustments for net unrealized investment losses of $2 and $(99) , respectively. As of June 30, 2018, the DSI balance included net unrealized investment losses of $3 . Estimated amortization expense for VOBA in future fiscal periods is as follows: Estimated Amortization Expense Fiscal Year 2018 31 2019 76 2020 85 2021 81 2022 73 Thereafter 468 The Company had an unearned revenue balance of $22 as of June 30, 2018, including deferrals of $(19) , amortization of $11 , and adjustment for net unrealized investment (gains) losses of $(14) . Definite Lived Intangible Assets Amortizable intangible assets as of June 30, 2018 consist of the following: June 30, 2018 Cost Accumulated amortization Net Weighted Average Useful Life (Years) Trade names 16 1 15 10 Carrying amount Weighted Average Useful Life (Years) State insurance licenses $ 6 Indefinite Trade marks / trade names 15 10 Total $ 21 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Debt | Debt On April 20, 2018, Fidelity & Guaranty Life Holdings, Inc. ("FGLH"), a subsidiary of the Company, completed a debt offering of $550 aggregate principal amount of 5.50% senior notes due 2025, issued at 99.5% for proceeds of $547 . The Company used the net proceeds of the offering (i) to repay $135 of borrowings under its revolving credit facility and related expenses and (ii) to redeem in full and satisfy and discharge all of the outstanding $300 aggregate principal amount of FGLH's outstanding 6.375% Senior Notes due 2021. The Company expects to use the remaining proceeds of the offering for general corporate purposes, which may include additional capital contributions to the Company's insurance subsidiaries. This exchange of debt instruments constituted an extinguishment. As a result, the Company recognized a $2 gain on the extinguishment of the 6.375% Senior Notes. The Company capitalized $7 of debt issuance costs in connection with the 5.50% Senior Notes offering, which are classified as an offset within the "Debt" line on the Company's Condensed Consolidated Balance Sheets, and are being amortized from the date of issue to the redemption date using the straight-line method. The Company's outstanding debt as of June 30, 2018 and June 30, 2017 is as follows: June 30, 2018 December 31, 2017 Debt $ 550 $ 307 Revolving credit facility — 105 The $0 and $105 drawn balances on the revolver carried interest rates equal to 0% and 4.17% , as of June 30, 2018 and December 31, 2017 , respectively. As of June 30, 2018 and December 31, 2017 , the amount available to be drawn on the revolver was $ 250 and $145 , respectively. The interest expense and amortization of debt issuance costs of the Company's debt for the three and six months ended June 30, 2018 and 2017 , respectively, were as follows: Three months ended Six months ended June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Predecessor Predecessor Interest Expense Amortization Interest Expense Amortization Interest Expense Amortization Interest Expense Amortization Debt 8 — 5 — 13 — 9 — Revolving credit facility 1 — 1 — 2 — 2 1 Gain on extinguishment of debt (2 ) — — — (2 ) — — — |
Equity
Equity | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Equity | Equity Dividends The Company did not declare a cash dividend to its common shareholders during the three and six months ended June 30, 2018 . The Predecessor declared the following cash dividends to its common shareholders during the three and six months ended June 30, 2017 : Date Declared Date Paid Date Shareholders of record Shareholders of record (in thousands) Cash Dividend declared (per share) Total cash paid February 2, 2017 March 6, 2017 February 21, 2017 58,308 $0.065 $4 May 1, 2017 June 5, 2017 May 22, 2017 58,315 $0.065 $4 The Company declared the following dividends to its preferred shareholders during the three and six months ended June 30, 2018 : Type of Preferred Share Date Declared Date Paid Date Shareholders of record Shares outstanding at date of record (in thousands) Method of Payment Total cash paid Total shares paid in kind (in thousands) Series A Preferred Shares March 29, 2018 April 1, 2018 March 15, 2018 277 Paid in kind $— 5 Series B Preferred Shares March 29, 2018 April 1, 2018 March 15, 2018 101 Paid in kind $— 1 Series A Preferred Shares June 29, 2018 July 1, 2018 June 15, 2018 282 Paid in kind $— 5 Series B Preferred Shares June 29, 2018 July 1, 2018 June 15, 2018 102 Paid in kind $— 2 |
Stock Compensation
Stock Compensation | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Compensation | Stock Compensation On August 8, 2017, the Company adopted a stock-based incentive plan (the “FGL Incentive Plan”) that permits the granting of awards in the form of qualified stock options, non-qualified stock options, restricted stock, restricted stock units, stock appreciation rights, unrestricted stock, performance-based awards, dividend equivalents, cash awards and any combination of the foregoing. The Company’s Compensation Committee is authorized to grant up to 15,006 thousand equity awards under the Incentive Plan. At June 30, 2018 , 1,171 thousand equity awards are available for future issuance. FGL Incentive Plan On May 15, 2018 FGL granted 13,835 thousand stock options to certain officers of the Company. The following table summarizes the vesting conditions for these options: Vesting mechanism Vest Dates Number of options subject to these vesting conditions Service Each March 15 from 2019 through 2023; subject to continued service 3,937 Service and return on equity performance March 15 2020, 2021 and 2022 subject to continued service and targeted return on equity 4,949 Service and stock price performance Each March 15 from 2019 through 2023; subject to continued service and target stock price goals being achieved 4,949 The total fair value of the options granted in the six months ended June 30, 2018 was $29 . The fair value of the awards is expensed over the service period, which generally corresponds to the vesting period. At June 30, 2018 , the intrinsic value of stock options outstanding or expected to vest was $0 . At June 30, 2018 , the weighted average remaining contractual term of stock options outstanding or expected to vest was 7 years . At June 30, 2018 there were no options that were exercisable or vested. A summary of the Company’s outstanding stock options as of June 30, 2018 , and related activity during the six months ended June 30, 2018 , is as follows (share amount in thousands): Stock Option Awards Options Weighted Average Exercise Price Stock options outstanding at December 31, 2017 — $ — Granted 13,835 10.00 Exercised — — Forfeited or expired — — Stock options outstanding at June 30, 2018 13,835 10.00 Exercisable at June 30, 2018 — — Vested or projected to vest at June 30, 2018 13,835 10.00 To value the options granted with service and return on equity performance vesting conditions, we used a Black Scholes valuation model. To value the options granted with stock price market performance vesting conditions, we used a Monte Carlo simulation. The following inputs and assumptions were used in the determination of the grant date fair values for each. Black-Scholes Model Monte Carlo Model Serviced based ROE Performance based Stock Price Performance based Source of input/ assumption Weighted average fair value per options granted $2.2 $2.35 $1.77 N/A Risk-free interest rate 2.95% 2.98% 3.02% US Treasury Curve Assumed dividend yield —% —% —% Internal projection Expected option term 5.5 years 6.0 years N/A Internal model Contractual term N/A N/A 7.0 years N/A Volatility 25.00% 25.00% 25.72% Predecessor and peer group experience Early exercise multiple N/A N/A 2.8x Hull White model Cost of equity N/A N/A 10.50% Capital asset pricing model - 20 year risk free rate The Company granted 112 thousand restricted shares to directors in the six months ended June 30, 2018 . These shares vest in equal installments over a period of 1 year. The total fair value of the restricted shares granted in the six months ended June 30, 2018 was $1 . A summary of the Company’s nonvested restricted shares outstanding as of June 30, 2018 , and related activity during the six months ended , is as follows (share amount in thousands): Restricted Stock Awards Shares Weighted Average Grant Date Fair Value Nonvested restricted shares outstanding at December 31, 2017 — $ — Granted 112 10.01 Vested — — Forfeited — — Nonvested restricted shares outstanding at June 30, 2018 112 10.01 Management Incentive Plan On May 22, 2018, the Company granted 367 thousand phantom-units to members of management under a management incentive plan (the "Management Incentive Plan"). The phantom units are settled in cash, and therefore the Management Incentive Plan is classified as a liability plan. The value of this plan is classified within "Other liabilities" on the unaudited Condensed Consolidated Balance Sheets and is adjusted each period, with a corresponding adjustment to “Acquisition and operating expenses, net of deferrals”, to reflect changes in the Company’s stock price. The total fair value of the restricted shares granted in the six months ended June 30, 2018 was $3 . One half of the phantom-units vest in three equal installments on each March 15 th from 2019 to 2021, subject to awardees continued service with the Company. The other half begin vesting on March 15th 2020 and cliff vest on March 15, 2021 based on continued service and attainment of a performance metric: return on equity. At June 30, 2018, the liability for phantom units of $0 was based on the number of units granted, the elapsed portion of the service period and the fair value of the Company’s common stock on that date which was $8.39 . A summary of the Management Incentive Plan nonvested phantom units outstanding as of June 30, 2018 , and related activity during the six months ended , is as follows (share amount in thousands): Phantom units Shares Weighted Average Grant Date Fair Value Phantom units outstanding at December 31, 2017 — $ — Granted 367 8.96 Vested — — Forfeited or expired — — Phantom units outstanding at June 30, 2018 367 8.96 The Company recognized total stock compensation expense related to the FGL Incentive Plan and Management Incentive Plan is as follows: Three months ended Six months ended June 30, 2018 June 30, 2018 FGL Incentive Plan Stock options $ 1 $ 1 Restricted shares — — 1 1 Management Incentive Plan Phantom units — — — — Total stock compensation expense 1 1 Related tax benefit — — Net stock compensation expense $ 1 $ 1 The stock compensation expense is included in "Acquisition and operating expenses, net of deferrals" in the unaudited Condensed Consolidated Statements of Operations . Total compensation expense related to the FGL Incentive Plan and Management Incentive Plan not yet recognized as of June 30, 2018 and the weighted-average period over which this expense will be recognized are as follows: Unrecognized Compensation Weighted Average Recognition FGL Incentive Plan Stock options $ 28 4 Restricted shares 1 1 29 Management Incentive Plan Phantom units 3 3 3 Total unrecognized stock compensation expense $ 32 4 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company (“FGL Holdings, Cayman”) is a Cayman-domiciled corporation that has operations in Bermuda and the U.S. Neither the Cayman Islands nor Bermuda impose a corporate income tax. The Company’s U.S. non-life subsidiaries file a consolidated non-life U.S. Federal income tax return. For tax years prior to December 1, 2017, the non-life members were included in former parent company HRG’s consolidated U.S. Federal income tax return. The income tax liabilities of the Company as former members of the consolidated HRG return were calculated using the separate return method as prescribed in ASC 740. The Company’s US life insurance subsidiaries file a separate life consolidated U.S. Federal income tax return. The life insurance companies will be eligible to join in a consolidated filing with the U.S. non-life companies in 2022. The Company’s Bermuda insurance subsidiary, F&G Re Ltd., is party to a ModCo reinsurance agreement with its US Life sister company, FGL Insurance. The Tax Cut and Jobs Act (“TCJA”) enacted on December 22 2017, contained a Base-Erosion and Anti-Abuse Tax (“BEAT”). The BEAT provisions apply a minimum tax ( 5% in 2018) to certain reinsurance payments settled between FGL Insurance and F&G Re Ltd.. Absent clarifying guidance, the current language in the Act suggests that the tax is applied without regard to deduction or offset under a typical ModCo reinsurance agreement (i.e. a “Gross application”). Without clarifying guidance from Regulatory authorities in regards to allowing for a “Net application” in the calculation of BEAT, the Company will make an election under IRC Code Section 953(d) for the 2018 tax year, which will result in F&G Re Ltd being treated as if it were a US Tax Payer. The effect of the election would be retroactive to the beginning of the Tax calendar year. The current period financial statements reflect an assumed 953(d) election with regard to F&G Re Ltd. As a result of the election, which would occur in the event that clarifying language allowing a "net application" is not determined, an opening balance sheet deferred tax liability was set up resulting in a discrete expense being recorded in the first quarter of 2018. The provision for income taxes represents federal income taxes. The effective tax rate for the three and six months ended June 30, 2018 was 29% and 37% , respectively. The effective tax rate for the three and six months ended June 30, 2017 was 33% and 35% , respectively. The effective tax rate on pre-tax income for the current six months ended June 30, 2018 differs from the U.S Federal statutory rate for 2018 of 21% primarily due to the impact of F&G Re Ltd. making an election to be a US taxpayer. As a result of the election, an opening balance sheet deferred tax liability was set up resulting in a discrete expense being recorded in the first quarter. The effective tax rate on pre-tax income for the current three months ended June 30, 2018 differs from the U.S. Federal statutory rate for 2018 of 21% primarily due to the negative impact of losses in zero tax jurisdictions and a valuation allowance placed against a portion of the income tax benefit associated with unrealized losses recorded in the income statement. The effective tax rate on pre-tax income for the three months ended June 30, 2017 differed from the U.S Federal statutory rate for 2017 of 35% primarily due to the impact of favorable permanent adjustments. The TCJA amended many provisions of the Internal Revenue Code that effect on the Company. The SEC’s Staff Accounting Bulletin No. 118 (“SAB 118”) provides guidance on accounting for the effects of U.S. tax reform in circumstances in which an exact calculation cannot be made, but for which a reasonable estimate can be determined. As internal systems are updated and additional guidance becomes available, the estimate will be updated in accordance with instruction outlined in the standard and within the measurement period, which is not to extend beyond one year from the enactment date. The only provisional amount utilized in the preparation of the Company’s financial statements was tax reserves. As of the reporting date, the Company has not yet been able to update its reserving system for the impact of the TCJA. A reasonable estimate, prepared by the Company's Actuarial department, was calculated at December 31, 2017 and refined in the current period. The refinement had no impact on the Company’s ETR as the book\tax difference on tax reserves is a timing difference. No other provisions of the U.S. tax reform had a significant impact on our 2018 income tax provisions. The Company maintains a valuation allowance against most of the deferred tax assets of its non-life insurance company subsidiaries, FSRC, and the unrealized capital losses on F&G Re Ltd.. The Company has also placed a partial valuation allowance on its unrealized capital losses on the US life insurance subsidiaries. The non-life insurance company subsidiaries have a history of losses and insufficient sources of future income that would allow for recognition of all of their deferred tax assets. FSRC is in a cumulative loss position and does not have a sufficient track record of earnings to recognize any portion of its deferred tax assets. F&G Re Ltd. does not have a source of capital gain income needed to recognize its unrealized loss deferred tax assets. The Company’s US life insurance subsidiaries have sources of capital gain income, but not enough to cover all of its unrealized loss deferred tax assets. All other deferred tax assets are more likely than not to be realized based on expectations as to our future taxable income and considering all other available evidence, both positive and negative. The valuation allowance is reviewed quarterly and will be maintained until there is sufficient positive evidence to support a release. At each reporting date, management considers new evidence, both positive and negative, that could impact the future realization of deferred tax assets. Management will consider a release of the valuation allowance once there is sufficient positive evidence that it is more likely than not that the deferred tax assets will be realized. Any release of the valuation allowance will be recorded as a tax benefit increasing net income or other comprehensive income. As of June 30, 2018, the Company had a partial valuation allowance of $83 against its gross deferred tax assets of $369 . The valuation allowance is an offset to most of the non-life company deferred tax assets, FSRC deferred tax assets, and F&G Re Ltd. and US Life Insurance Company deferred tax assets on unrealized capital losses that are considered more likely than not to be unrecoverable due to insufficient sources of future income. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments The Company has unfunded investment commitments as of June 30, 2018 based upon the timing of when investments are executed compared to when the actual investments are funded, as some investments require that funding occur over a period of months or years. A summary of unfunded commitments by invested asset class are included below: June 30, 2018 Asset Type Other invested assets $ 655 Equity securities 33 Fixed maturity securities, available-for-sale 45 Other assets 10 Total $ 743 Lease Commitments The Company leases office space under non-cancelable operating leases that expire in May 2021. Rent expense and minimum rental commitments under non-cancelable leases are immaterial. Contingencies Regulatory and Litigation Matters The Company is involved in various pending or threatened legal proceedings, including purported class actions, arising in the ordinary course of business. In some instances, these proceedings include claims for unspecified or substantial punitive damages and similar types of relief in addition to amounts for alleged contractual liability or requests for equitable relief. In the opinion of the Company's management and in light of existing insurance and other potential indemnification, reinsurance and established accruals, such litigation is not expected to have a material adverse effect on the Company's financial position, although it is possible that the results of operations and cash flows could be materially affected by an unfavorable outcome in any one period. The Company is assessed amounts by state guaranty funds to cover losses to policyholders of insolvent or rehabilitated insurance companies. Those mandatory assessments may be partially recovered through a reduction in future premium taxes in certain states. At June 30, 2018 , FGL has accrued $ 2 for guaranty fund assessments that is expected to be offset by estimated future premium tax deductions of $ 2 . The Company has received inquiries from a number of state regulatory authorities regarding its use of the U.S. Social Security Administration’s Death Master File (the "Death Master File") and compliance with state claims practices regulation. Legislation requiring insurance companies to use the Death Master File to identify potential claims has been enacted in a number of states. As a result of these legislative and regulatory developments, the Company uses the Death Master File and other publicly available databases to identify persons potentially entitled to benefits under life insurance policies, annuities and retained asset accounts. In addition, the Company has received audit and examination notices from several state agencies responsible for escheatment and unclaimed property regulation in those states and in some cases has challenged the audits including litigation against the Controller for the State of California which is subject to a stay and separate litigation against the Treasurer for the State of Illinois. The Company believes its current accrual will cover the reasonably estimated liability arising out of these developments, however costs that cannot be reasonably estimated as of the date of this filing are possible as a result of ongoing regulatory developments and other future requirements related to these matters. On June 30, 2017, a putative class action complaint was filed against FGL Insurance, FGL, and FS Holdco II Ltd in the United States District Court for the District of Maryland, captioned Brokerage Insurance Partners v. Fidelity & Guaranty Life Insurance Company, Fidelity & Guaranty Life, FS Holdco II Ltd, and John Doe, No. 17-cv-1815. The complaint alleges that FGL Insurance breached the terms of its agency agreement with Brokerage Insurance Partners (“BIP”) and other agents by changing certain compensation terms. The complaint asserts, among other causes of action, breach of contract, defamation, tortious interference with contract, negligent misrepresentation, and violation of the Racketeer Influenced and Corrupt Organizations Act (“RICO”). The complaint seeks to certify a class composed of all persons who entered into an agreement with FGL Insurance to sell life insurance and who sold at least one life insurance policy between January 1, 2015 and January 1, 2017. The complaint seeks unspecified compensatory, consequential, and punitive damages in an amount not presently determinable, among other forms of relief. On September 1, 2017, FGL Insurance filed a counterclaim against BIP and John and Jane Does 1-10, asserting, among other causes of action, breach of contract, fraud, civil conspiracy and violations of RICO. On September 22, 2017, Plaintiff filed an Amended Complaint, and on October 16, 2017, FGL Insurance filed an Amended Counterclaim against BIP, Agent Does 1-10, and Other Person Does 1-10. The parties also filed cross-Motions to Dismiss in Part, which are pending before the Court. As of the date of this report, the Company does not have sufficient information to determine whether it has exposure to any losses that would be either probable or reasonably estimable. |
Reinsurance
Reinsurance | 6 Months Ended |
Jun. 30, 2018 | |
Reinsurance Disclosures [Abstract] | |
Reinsurance | Reinsurance The Company reinsures portions of its policy risks with other insurance companies. The use of indemnity reinsurance does not discharge an insurer from liability on the insurance ceded. The insurer is required to pay in full the amount of its insurance liability regardless of whether it is entitled to or able to receive payment from the reinsurer. The portion of risks exceeding the Company's retention limit is reinsured. The Company primarily seeks reinsurance coverage in order to limit its exposure to mortality losses and enhance capital management. The Company follows reinsurance accounting when there is adequate risk transfer. Otherwise, the deposit method of accounting is followed. The Company also assumes policy risks from other insurance companies. The effect of reinsurance on net premiums earned and net benefits incurred (benefits incurred and reserve changes) for the three and six months ended June 30, 2018 , and the Predecessor three and six months ended June 30, 2017 were as follows: Three months ended Six months ended June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Predecessor Predecessor Net Premiums Earned Net Benefits Incurred Net Premiums Earned Net Benefits Incurred Net Premiums Earned Net Benefits Incurred Net Premiums Earned Net Benefits Incurred Direct 58 308 59 296 118 370 118 639 Assumed — (5 ) — — — (26 ) — — Ceded (43 ) (54 ) (47 ) (61 ) (85 ) (113 ) (103 ) (136 ) Net 15 249 12 235 33 231 15 503 Amounts payable or recoverable for reinsurance on paid and unpaid claims are not subject to periodic or maximum limits. The Company did not write off any significant reinsurance balances during the six months ended June 30, 2018 or the Predecessor six months ended June 30, 2017 . The Company did not commute any ceded reinsurance during the six months ended June 30, 2018 or the Predecessor six months ended June 30, 2017 . Effective January 1, 2017, FGL Insurance entered into an indemnity reinsurance agreement with Hannover Re, a third party reinsurer, to reinsure an inforce block of its FIA and fixed deferred annuity contracts with GMWB and Guaranteed Minimum Death Benefit (“GMDB”) guarantees. The effects of this agreement are not accounted for as reinsurance as it does not satisfy the risk transfer requirements for GAAP, since it is not “reasonably possible” that the reinsurer may realize significant loss from assuming the insurance risk. In accordance with the terms of this agreement, FGL Insurance cedes 70% net retention of guarantee payments in excess of account value for GMWB and GMDB guarantees. Effective July 1, 2017, FGL Insurance extended this agreement to include new business issued during 2017. Effective January 1, 2018 FGL Insurance extended this agreement to include new business issued during 2018, and extended the recapture period from 8 to 12 years. FGL Insurance incurred risk charge fees of $3 , and $5 during the three and six months ended June 30, 2018 , respectively, in relation to this reinsurance agreement. No policies issued by the Company have been reinsured with any foreign company, which is controlled, either directly or indirectly, by a party not primarily engaged in the business of insurance. The Company has not entered into any reinsurance agreements in which the reinsurer may unilaterally cancel any reinsurance for reasons other than non-payment of premiums or other similar credit issues. FSRC FSRC, an affiliate of FGL Insurance, has entered into various reinsurance agreements on a funds withheld basis, meaning that funds are withheld by the ceding company from the coinsurance premium owed to FSRC as collateral for FSRC's payment obligations. Accordingly, the collateral assets remain under the ultimate ownership of the ceding company. FSRC manages the assets supporting reserves in accordance with the internal investment policy of the ceding companies and applicable law. FSRC has five reinsurance treaties with unaffiliated parties. At June 30, 2018 , FSRC had $769 of funds withheld receivables and $737 of insurance reserves related to these reinsurance treaties. See a description of FSRC’s accounting policy for its assumed reinsurance contracts in "Note 2. Significant Accounting Policies and Practices" within the Company's 2017 Form 10-K. The Company adopted ASU 2016-01 effective January 1, 2018, which requires FSRC to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. The adoption of this new accounting guidance had a $1 and $(2) impact on pre-tax net income, or $0.00 and $(0.01) per common share, for the three and six months ended June 30, 2018 , respectively. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Affiliated Investments The Company entered into investment management agreements with Blackstone ISG-I Advisors LLC ("BISGA"), a wholly-owned subsidiary of The Blackstone Group LP ("Blackstone"), and certain subsidiaries of the Company on December 1, 2017. The Company paid $23 to BISGA upon the close of the merger for services rendered related to the transaction and BISGA will forego approximately 30% of the first thirteen months’ management fee to which it is entitled under the investment management agreement. As of June 30, 2018 , the Company has a net liability of $9 for the services consumed under this investment management agreement, partially offset by fees received and expense reimbursements from BISGA. The Company holds certain fixed income security interests, limited partnerships and bank loans issued by portfolio companies that are affiliates of Blackstone Tactical Opportunities, an affiliate of Blackstone Tactical Opportunities LR Associates-B (Cayman) Ltd. (the “Blackstone Fixed Income Securities”) both on a direct and indirect basis. Indirect investments include an investment made in an affiliates’ asset backed fund while direct investments are an investment in affiliates' equity or debt securities. As of June 30, 2018 and December 31, 2017, the Company held $298 and $188 in affiliated investments, respectively. For the three months ended June 30, 2018 the Company made investment trades in affiliated investments. In addition, as of June 30, 2018 , the Company had commitments to invest in 8 other affiliated investments. The unfunded commitments relating to these affiliated investments at June 30, 2018 is $503 . The Company had no gross realized gains or realized impairment losses on related party investments during the three and six months ended June 30, 2018 . The Company had $0 and $2 gross realized losses, inclusive of impairment losses on related party investments during the Predecessor three and six months ended June 30, 2017 , respectively. FSRC (Predecessor) FGL Insurance reinsures certain liabilities and obligations to FSRC. For the three and six months ended ended June 30, 2017 , FGL Insurance ceded $0 and and $1 of premium revenue and $11 and $25 of benefits and other changes is policy reserves, respectively, to FSRC. There are no ceded operating results related to the FGL Insurance and FSRC reinsurance agreement reported in the unaudited Condensed Consolidated Statement of Operations for the three and six months ended ended June 30, 2018 as such amounts are eliminated on consolidation. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share (share amounts in thousands): Three months ended Six months ended June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Predecessor Predecessor Net Income $ 20 $ 32 $ 72 $ 54 Less Preferred stock dividend 7 — 14 — Net income available to common shares 13 32 58 54 Weighted-average common shares outstanding - basic 214,370 58,335 214,370 58,331 Dilutive effect of unvested restricted stock & PRSU 9 37 6 29 Dilutive effect of stock options — 73 — 54 Weighted-average shares outstanding - diluted 214,379 58,445 214,376 58,414 Net income per common share: Basic $ 0.06 $ 0.54 $ 0.27 $ 0.92 Diluted $ 0.06 $ 0.54 $ 0.27 $ 0.92 The number of shares of common stock outstanding used in calculating the weighted average thereof reflects the actual number of the Successor and Predecessor shares of common stock outstanding, excluding unvested restricted stock and shares held in treasury. The calculation of diluted earnings per share for the three and six months ended June 30, 2018 excludes the incremental effect of 1 million weighted average common stock warrants outstanding due to their anti-dilutive effect. This calculation also excludes the potential dilutive effect of the 384 thousand preferred stock shares outstanding as of June 30, 2018 as the contingency that would allow for the preferred shares to be converted to common shares has not yet been met. The calculation of diluted earnings per share for the three and six months ended June 30, 2018 excludes the incremental effect related to certain outstanding stock options and restricted shares due to their anti-dilutive effect. The number of weighted average equivalent shares excluded is 680 thousand and 292 thousand shares for the three and six months ended June 30, 2018, respectively. The calculation of diluted earnings per share for the Predecessor three and six months ended June 30, 2017 excludes the incremental effect related to certain outstanding stock options and restricted shares due to their anti-dilutive effect. The number of weighted average equivalent shares excluded in the Predecessor three and six months ended June 30, 2017 are 0 thousand and 1 thousand shares. The settlement terms of the PRSUs granted in 2017 by the Predecessor required cash settlement upon vesting as opposed to common equity settlement. As a result, these awards were liability classified and were excluded from EPS calculations. |
Insurance Subsidiary Financial
Insurance Subsidiary Financial Information and Regulatory Matters | 6 Months Ended |
Jun. 30, 2018 | |
Insurance [Abstract] | |
Insurance Subsidiary Financial Information and Regulatory Matters | Insurance Subsidiary Financial Information and Regulatory Matters The Company’s U.S. insurance subsidiaries file financial statements with state insurance regulatory authorities and the National Association of Insurance Commissioners (“NAIC”) that are prepared in accordance with Statutory Accounting Principles (“SAP”) prescribed or permitted by such authorities, which may vary materially from GAAP. Prescribed SAP includes the Accounting Practices and Procedures Manual of the NAIC as well as state laws, regulations and administrative rules. Permitted SAP encompasses all accounting practices not so prescribed. The principal differences between SAP financial statements and financial statements prepared in accordance with GAAP are that SAP financial statements do not reflect DAC and VOBA, some bond portfolios may be carried at amortized cost, assets and liabilities are presented net of reinsurance, contractholder liabilities are generally valued using more conservative assumptions and certain assets are non-admitted. Accordingly, SAP operating results and SAP capital and surplus may differ substantially from amounts reported in the GAAP basis financial statements for comparable items. The FSR Companies (Cayman and Bermuda) and F&G Re Ltd. (Bermuda) file financial statements with their respective regulators that are based on U.S. GAAP. FGL Insurance’s statutory carrying value of Raven Re reflects the effect of permitted practices Raven Re received to treat the available amount of a letter of credit as an admitted asset which increased Raven Re’s statutory capital and surplus by $ 110 and $110 at June 30, 2018 and December 31, 2017 , respectively. Raven Re is also permitted to follow Iowa prescribed statutory accounting practice for its reserves on reinsurance assumed from FGL Insurance which increased Raven Re’s statutory capital and surplus by $ 4 and $5 at June 30, 2018 and December 31, 2017 , respectively. Without such permitted statutory accounting practices Raven Re’s statutory capital and (deficit) surplus would be $ (11) and $(18) as of June 30, 2018 and December 31, 2017 , respectively, and its risk-based capital would fall below the minimum regulatory requirements. The letter of credit facility is collateralized by NAIC 1 rated debt securities. If the permitted practice was revoked, the letter of credit could be replaced by the collateral assets with Nomura’s consent. FGL Insurance’s statutory carrying value of Raven Re at June 30, 2018 and December 31, 2017 was $ 103 and $97 , respectively. On November 1, 2013, FGL Insurance re-domesticated from Maryland to Iowa. After re-domestication, FGL Insurance elected to apply Iowa-prescribed accounting practices that permit Iowa-domiciled insurers to report equity call options used to economically hedge FIA index credits at amortized cost for statutory accounting purposes and to calculate FIA statutory reserves such that index credit returns will be included in the reserve only after crediting to the annuity contract. This resulted in a $ (30) and $54 (decrease)/increase to statutory capital and surplus at June 30, 2018 and December 31, 2017 , respectively. The prescribed and permitted statutory accounting practices have no impact on the Company’s Condensed Consolidated Financial Statements which are prepared in accordance with GAAP. As of June 30, 2017 , FGL NY Insurance did not follow any prescribed or permitted statutory accounting practices that differ from the NAIC's statutory accounting practices. On May 14, 2018, Fidelity & Guaranty Life Holdings, Inc. ("FGLH") made a dividend payment of $27 to FGL US Holdings, Inc. ("FGL US Holdings"). On June 28, 2018, FGL US Holdings issued a $65 intercompany note to F&G Life Re Ltd (F&G Life Re); and subsequently approves a $65 capital contribution to its wholly owned subsidiary, FGLH. On June 28, 2018, FGLH made a capital contribution for $125 to FGL Insurance. |
Significant Accounting Polici25
Significant Accounting Policies and Practices (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and all other entities in which the Company has a controlling financial interest and any variable interest entities ("VIEs") in which we are the primary beneficiary. All intercompany accounts and transactions have been eliminated in consolidation. |
VIE | We are involved in certain entities that are considered VIEs as defined under GAAP. Our involvement with VIEs is primarily to invest in assets that allow us to gain exposure to a broadly diversified portfolio of asset classes. A VIE is an entity that does not have sufficient equity to finance its own activities without additional financial support or where investors lack certain characteristics of a controlling financial interest. We assess our relationships to determine if we have the ability to direct the activities, or otherwise exert control, to evaluate if we are the primary beneficiary of the VIE. If we determine we are the primary beneficiary of a VIE, we consolidate the assets and liabilities of the VIE in our condensed consolidated financial statements . The Company has determined that we are not the primary beneficiary of a VIE as of June 30, 2018 . See "Note 4. Investments" to the Company’s condensed consolidated financial statements for additional information on the Company’s investments in unconsolidated VIEs. |
Adoption of New Accounting Pronouncements | Adoption of New Accounting Pronouncements Revenue from Contracts with Customers In May 2014, the Financial Accounting Standards Board (FASB) issued new guidance on revenue recognition (ASU 2014-09, Revenue from Contracts with Customers (Topic 606) ), effective for fiscal years beginning after December 15, 2016 and interim periods within those years. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606) - Deferral of the Effective Date , which defers the effective date of ASU 2014-09 by one year. The FASB also issued the following ASUs which clarify the guidance in ASU 2014-09: • ASU 2016-08 - Revenue from Contracts with Customers (Topic 606) - Principal versus Agent Considerations (Reporting Revenue Gross versus Net) issued in March 2016 • ASU 2016-10 - Revenue from Contracts with Customers (Topic 606) - Identifying Performance Obligations and Licensing issued in April 2016 • ASU 2016-11 - Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815) - Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting issued in May 2016 • ASU 2016-12 - Revenue from Contracts with Customers (Topic 606) - Narrow-Scope Improvements and Practical Expedients issued in May 2016 The guidance in ASU 2014-09 and the related ASUs supersedes the revenue recognition requirements in Topic 605, Revenue Recognition , and most industry-specific guidance unless the contracts are within the scope of other standards (for example, financial instruments, insurance contracts or lease contracts). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance establishes a five-step process to achieve this core principle. The Company adopted these standards effective January 1, 2018. The adoption of these standards has had an insignificant impact on its consolidated financial statements as the Company’s primary sources of revenue, insurance contracts and financial instruments, are excluded from the scope of these standards. Statement of Cash Flows Classification of Certain Cash Receipts and Cash Payments In August 2016, the FASB issued new guidance (ASU 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments) , effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Notable amendments in this update will change the classification of certain cash receipts and cash payments in the Statement of Cash Flows in the following ways: • cash payments for debt prepayment or debt extinguishment costs will be classified as cash outflows for financing activities • the settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing should be classified as follows: the portion of the cash payment attributable to the accreted interest related to the debt discount as cash outflows for operating activities, and the portion of the cash payment attributable to the principal as cash outflows for financing activities • a reporting entity must make an accounting policy election to classify distributions received from equity method investees using either: ◦ the cumulative earnings approach, which considers distributions received as returns on the investment and are classified as cash inflows from operating activities (with an exception when cumulative distributions received less distributions received in prior periods that were classified as returns of investment exceeds cumulative equity in earnings, in which case the current period distribution up to this excess amount will be considered a return of investment and classified as cash inflows from investing activities); or ◦ the nature of the distribution approach, which classifies distributions received based on the nature of the activity or activities of the investee that generated the distribution (would be considered either a return on investment and classified as cash inflows from operating activities or a return of investment and classified as cash inflows from investing activities) • in the absence of specific GAAP guidance, an entity should classify cash receipts and payments that have aspects of more than one class of cash flows by determining and appropriately classifying each separately identifiable source or use within the cash receipts and cash payments on the basis of the underlying cash flows. If cash receipts and payments have aspects of more than one class of cash flows and cannot be separated by source or use, the activity that is likely to be the predominant source or use of cash flows for the item will determine the classification. The amendments in this ASU were adopted by the Company effective January 1, 2018, as required. The Company has elected to use the nature of distribution approach to classify distributions received from equity method investees. The amendments in the update should be applied using a retrospective transition method to each period presented (except where impracticable to apply retrospectively; those specific amendments would be applied prospectively as of the earliest date practicable). The adoption of this standard had an insignificant impact on the Company's Condensed Consolidated Statements of Cash Flows. Income Taxes - Intra-Entity Transfers of Assets Other Than Inventory In October 2016, the FASB issued new guidance (ASU 2016-16, Income Taxes (Topic 740), Intra-Entity Transfers of Assets Other Than Inventory) , effective for fiscal years beginning after December 15, 2017 including interim periods within those fiscal years. Under this update: • an entity should recognize current and deferred income taxes for an intra-entity transfer of an asset other than inventory at the time of the transfer • the entity will no longer delay recognition of the income tax consequences of these types of intra-entity asset transfers until the asset has been sold to an outside party, as is practiced under current guidance The amendments in this ASU were adopted by the Company effective January 1, 2018, as required. The Company does not have any intra-entity asset transfers, therefore this new accounting guidance is not expected to impact the Company's consolidated financial statements. Presentation of Changes in Restricted Cash on the Cash Flow Statement In November 2016, the FASB issued amended guidance regarding the presentation of changes in restricted cash on the cash flow statement (ASU 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash ), effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. The ASU requires amounts generally described as changes in restricted cash and restricted cash equivalents to be included with cash and cash equivalents on the statement of cash flows. The amendments in this ASU were adopted effective January 1, 2018, as required. The adoption of this guidance had an insignificant impact on the Company's Condensed Consolidated Statements of Cash Flows. Scope of Modification Accounting for Stock Compensation In May 2017, the FASB issued new guidance on the scope of modification accounting for stock compensation (ASU 2017-09, Compensation-Stock Compensation (Topic 718), Scope of Modification Accounting) , effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. ASU 2017-09 may be early adopted. The ASU provides guidance on which changes to the terms or conditions of a share-based payment award would require an entity to apply modification accounting in Topic 718, Stock Compensation . Under the new guidance, an entity would account for the effects of a modification, immediately before the original award is modified, unless the fair value of the modified award is the same as the fair value of the original award, the vesting conditions of the modified award are the same as the vesting conditions of the original award, and the classification of the modified award (equity instrument or liability instrument) is the same as the classification of the original award. The amendments in this update should be applied prospectively to an award modified on or after the adoption date. The Company adopted the amendments in this ASU effective January 1, 2018 as required. The adoption of this guidance did not have an impact on the Company's condensed consolidated financial statements. Amendments to Recognition and Measurement of Financial Assets and Financial Liabilities In March 2018, February 2018 and January 2016, the FASB issued amended guidance on the measurement of financial assets and financial liabilities (ASU 2018-04 , Investments-Debt Securities (Topic 320) and Regulated Operations (Topic 980) - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 117 and SEC Release No. 33-9273; ASU 2018-03, Technical Corrections and Improvements to Financial Instruments-Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities; and ASU 2016-01, Financial Instruments- Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities, respectively), effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Notable amendments in these updates: • require all equity securities (other than equity investments accounted for under the equity method of accounting or requiring the consolidation of the investee) to be measured at fair value with changes in fair value recognized through net income. Equity securities that do not have readily determinable fair values may be measured at cost minus impairment • require qualitative assessment for impairment of equity investments without readily determinable fair values at each reporting period and, if the qualitative assessment indicates that impairment exists, to measure the investment at fair value • eliminate the requirement to disclose the methods and significant assumptions used to estimate fair value (which is currently required to be disclosed, for financial instruments measured at amortized cost on the balance sheet) • require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments The amendments in these ASUs should be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption, and the amendments related to equity securities without readily determinable fair values should be applied prospectively to equity investments that exist as of the date of adoption. The Company adopted ASUs 2016-01, 2018-03, and 2018-04 effective January 1, 2018, with a cumulative-effect adjustment to decrease retained earnings and increase AOCI by $4 . Future Accounting Pronouncements Accounting pronouncements that will impact the Company in future periods have been disclosed in the Company's 2017 Form 10-K. There have not been any additional accounting pronouncements expected to impact the Company. Reclassifications and Retrospective Adjustments Certain prior year amounts have been reclassified or combined to conform to the current year presentation. These reclassifications and combinations had no effect on previously reported results of operations. Revision to Previously Issued Financial Statements During the quarter ended June 30, 2018, the Company identified an immaterial error related to the classification of certain securities as debt or equity under ASC 320, “Investments - Debt and Equity Securities.” The Company reviewed the impact of this error on the prior periods in accordance with Securities and Exchange Commission (“SEC”) Staff Accounting Bulletin No. 99, “Materiality,” and determined the error was not material to the prior periods. The Company has recorded an immaterial correction to the Condensed Consolidated Balance Sheet as of December 31, 2017 by decreasing fixed maturity securities, available for sale by $627 and increasing equity securities, at fair value by a corresponding amount. Effective January 1, 2018, the Company adopted guidance under ASU 2016-01 which among other things, requires that the change in fair value of equity securities be reported in income rather than as a direct adjustment to AOCI. As a result, the Company also recorded an immaterial $9 out of period adjustment in the Condensed Consolidated Statement of Operations for the three months ended June 30, 2018 to recognize the Q1 change in fair value associated with the proper classification of equity securities with a corresponding increase in AOCI. |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments Classified by Contractual Maturity Date [Table Text Block] | The amortized cost and fair value of fixed maturity available-for-sale securities by contractual maturities, as applicable, are shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or pre-pay obligations. June 30, 2018 Amortized Cost Fair Value Corporates, Non-structured Hybrids, Municipal and Government securities: Due in one year or less $ 170 $ 170 Due after one year through five years 1,071 1,055 Due after five years through ten years 2,545 2,466 Due after ten years 11,184 10,586 Subtotal 14,970 14,277 Other securities which provide for periodic payments: Asset-backed securities 3,158 3,144 Commercial mortgage-backed securities 1,257 1,241 Structured hybrids 320 309 Residential mortgage-backed securities 1,356 1,355 Subtotal 6,091 6,049 Total fixed maturity available-for-sale securities $ 21,061 $ 20,326 |
Consolidated Investments | The Company's equity securities investments are carried at fair value with unrealized gains and losses included in net income. The Company’s consolidated investments at June 30, 2018 and December 31, 2017 are summarized as follows: June 30, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Carrying Value Available-for sale securities Asset-backed securities $ 3,158 $ 7 $ (21 ) $ 3,144 $ 3,144 Commercial mortgage-backed securities 1,257 2 (18 ) 1,241 1,241 Corporates 12,467 12 (639 ) 11,840 11,840 Hybrids 956 1 (40 ) 917 917 Municipals 1,562 4 (33 ) 1,533 1,533 Residential mortgage-backed securities 1,356 10 (11 ) 1,355 1,355 U.S. Government 141 — (1 ) 140 140 Foreign Governments 164 — (8 ) 156 156 Total available-for-sale securities 21,061 36 (771 ) 20,326 20,326 Equity securities 1,378 2 (36 ) 1,344 1,344 Derivative investments 334 34 (56 ) 312 312 Commercial mortgage loans 525 — — 522 525 Other invested assets 353 — — 349 353 Total investments $ 23,651 $ 72 $ (863 ) $ 22,853 $ 22,860 December 31, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Carrying Value Available-for sale securities Asset-backed securities $ 3,061 $ 7 $ (3 ) $ 3,065 $ 3,065 Commercial mortgage-backed securities 956 1 (1 ) 956 956 Corporates 12,467 122 (19 ) 12,570 12,570 Equities 1,392 3 (7 ) 1,388 1,388 Hybrids 1,066 4 (3 ) 1,067 1,067 Municipals 1,736 12 (1 ) 1,747 1,747 Residential mortgage-backed securities 1,279 1 (3 ) 1,277 1,277 U.S. Government 84 — — 84 84 Foreign Governments 198 — (1 ) 197 197 Total available-for-sale securities 22,239 150 (38 ) 22,351 22,351 Derivative investments 459 36 (3 ) 492 492 Short term investments 25 — — 25 25 Commercial mortgage loans 548 — — 549 548 Other invested assets 188 — — 186 188 Total investments $ 23,459 $ 186 $ (41 ) $ 23,603 $ 23,604 |
Fair Value and Gross Unrealized Losses of Available-for-Sale-Securities | The fair value and gross unrealized losses of available-for-sale securities, aggregated by investment category and duration of fair value below amortized cost, were as follows: June 30, 2018 Less than 12 months 12 months or longer Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Available-for-sale securities Asset-backed securities $ 2,182 $ (21 ) $ — $ — $ 2,182 $ (21 ) Commercial mortgage-backed securities 908 (18 ) — — 908 (18 ) Corporates 11,104 (639 ) — — 11,104 (639 ) Hybrids 830 (40 ) — — 830 (40 ) Municipals 1,273 (33 ) — — 1,273 (33 ) Residential mortgage-backed securities 841 (11 ) — — 841 (11 ) U.S. Government 140 (1 ) — — 140 (1 ) Foreign Government 149 (8 ) — — 149 (8 ) Total available-for-sale securities $ 17,427 $ (771 ) $ — $ — $ 17,427 $ (771 ) Total number of available-for-sale securities in an unrealized loss position less than twelve months 2,055 Total number of available-for-sale securities in an unrealized loss position twelve months or longer 0 Total number of available-for-sale securities in an unrealized loss position 2,055 December 31, 2017 Less than 12 months 12 months or longer Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Available-for-sale securities Asset-backed securities $ 1,944 $ (3 ) $ — $ — $ 1,944 $ (3 ) Commercial mortgage-backed securities 478 (1 ) — — 478 (1 ) Corporates 3,814 (19 ) — — 3,814 (19 ) Equities 798 (7 ) — — 798 (7 ) Hybrids 266 (3 ) — — 266 (3 ) Municipals 285 (1 ) — — 285 (1 ) Residential mortgage-backed securities 939 (3 ) — — 939 (3 ) U.S. Government 74 — — — 74 — Foreign Government 140 (1 ) — — 140 (1 ) Total available-for-sale securities $ 8,738 $ (38 ) $ — $ — $ 8,738 $ (38 ) Total number of available-for-sale securities in an unrealized loss position less than twelve months 1,224 Total number of available-for-sale securities in an unrealized loss position twelve months or longer 0 Total number of available-for-sale securities in an unrealized loss position 1,224 |
Reconciliation of Other-than-Temporary Impairment on Fixed Maturity | The following table breaks out the credit impairment loss type, the associated amortized cost and fair value of the investments at the balance sheet date and non-credit losses in relation to fixed maturity securities and other invested assets held by the Company for the three and six months ended June 30, 2018 and 2017 (Predecessor): Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 Predecessor Predecessor Credit impairment losses in operations $ — $ — $ (2 ) $ (21 ) Change-of-intent losses in operations — — — — Amortized cost — 13 — 13 Fair value — 13 — 13 Non-credit losses in other comprehensive income for investments which experienced OTTI — — — — The following table provides a reconciliation of the beginning and ending balances of the credit loss portion of OTTI on fixed maturity available-for-sale securities held by the Company for the three and six months ended June 30, 2018 and 2017 (Predecessor), for which a portion of the OTTI was recognized in AOCI: Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 Predecessor Predecessor Beginning balance $ — $ 3 $ — $ 3 Increases attributable to credit losses on securities: OTTI was previously recognized — — — — OTTI was not previously recognized — — — — Ending balance $ — $ 3 $ — $ 3 Details of OTTI that were recognized in "Net income (loss)" and included in net realized gains on securities were as follows: Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 Predecessor Predecessor OTTI Recognized in Net Income (Loss) Asset-backed securities $ — $ (1 ) $ — $ (1 ) Corporates — — (2 ) (20 ) Other invested assets — 1 — — Total $ — $ — $ (2 ) $ (21 ) |
Schedule of Accounts, Notes, Loans and Financing Receivable | The Company believes that the LTV ratio is an indicator of the principal recovery risk for loans that default. June 30, 2018 December 31, 2017 Gross balance commercial mortgage loans $ 525 $ 548 Allowance for loan loss — — Net balance commercial mortgage loans $ 525 $ 548 The distribution of CMLs, gross of valuation allowances, by property type and geographic region is reflected in the following tables: June 30, 2018 December 31, 2017 Gross Carrying Value % of Total Gross Carrying Value % of Total Property Type: Hotel 22 4 % 22 4 % Industrial - General 45 9 % 46 9 % Industrial - Warehouse 21 4 % 38 6 % Multifamily 69 13 % 70 13 % Office 156 30 % 158 29 % Retail 212 40 % 214 39 % Total commercial mortgage loans, gross of valuation allowance $ 525 100 % $ 548 100 % Allowance for loan loss — — — % Total commercial mortgage loans $ 525 100 % $ 548 100 % U.S. Region: East North Central $ 111 21 % $ 108 20 % East South Central 20 4 % 20 4 % Middle Atlantic 85 16 % 85 15 % Mountain 66 13 % 67 12 % New England 14 3 % 14 3 % Pacific 133 25 % 135 25 % South Atlantic 58 11 % 65 12 % West North Central 13 2 % 13 2 % West South Central 25 5 % 41 7 % Total commercial mortgage loans, gross of valuation allowance $ 525 100 % $ 548 100 % Allowance for loan loss — — — % Total commercial mortgage loans $ 525 100 % $ 548 100 % |
Schedule of Investment in Mortgage Loans by Loan to Value and Debt Service Coverage Ratios | The following table presents the recorded investment in CMLs by LTV and DSC ratio categories and estimated fair value by the indicated loan-to-value ratios at June 30, 2018 and December 31, 2017 : Debt-Service Coverage Ratios Total Amount % of Total Estimated Fair Value % of Total >1.25 1.00 - 1.25 <1.00 N/A(a) June 30, 2018 LTV Ratios: Less than 50% $ 274 $ — $ — $ — $ 274 52 % $ 272 52 % 50% to 60% 233 6 — — 239 46 % 238 46 % 60% to 75% 12 — — — 12 2 % 12 2 % Commercial mortgage loans $ 519 $ 6 $ — $ — $ 525 100 % $ 522 100 % December 31, 2017 LTV Ratios: Less than 50% $ 293 $ — $ — $ — $ 293 54 % $ 294 54 % 50% to 60% 236 7 — — 243 44 % 243 44 % 60% to 75% 12 — — — 12 2 % 12 2 % Commercial mortgage loans $ 541 $ 7 $ — $ — $ 548 100 % $ 549 100 % |
Derivative Financial Instrume27
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The carrying amounts of derivative instruments, including derivative instruments embedded in FIA contracts, is as follows: June 30, 2018 December 31, 2017 Assets: Derivative investments: Call options $ 294 $ 477 Futures contracts 1 — FSRC derivative contracts 17 15 Other invested assets: Other derivatives and embedded derivatives 16 17 $ 328 $ 509 Liabilities: Contractholder funds: FIA embedded derivative $ 2,491 $ 2,387 Other liabilities: Preferred shares reimbursement feature embedded derivative 24 23 $ 2,515 $ 2,410 |
FGL's Exposure to Credit Loss on Call Options Held | Information regarding the Company’s exposure to credit loss on the call options it holds is presented in the following table: June 30, 2018 Counterparty Credit Rating (Fitch/Moody's/S&P) (a) Notional Fair Value Collateral Net Credit Risk Merrill Lynch A+/*/A+ $ 3,037 $ 80 $ 38 $ 42 Deutsche Bank A-/A3/BBB+ 1,548 39 40 (1 ) Morgan Stanley */A1/A+ 1,666 36 38 (2 ) Barclay's Bank A*+/A2/A 1,745 67 50 17 Canadian Imperial Bank of Commerce AA-/Aa3/A+ 2,728 73 73 — Wells Fargo A+/A2/A- 567 16 16 — Total $ 11,291 $ 311 $ 255 $ 56 December 31, 2017 Counterparty Credit Rating Notional Fair Value Collateral Net Credit Risk Merrill Lynch A/*/A+ $ 2,780 $ 150 $ 118 $ 32 Deutsche Bank A-/A3/A- 1,345 51 55 (4 ) Morgan Stanley */A1/A+ 1,555 92 101 (9 ) Barclay's Bank A*+/A1/A 2,090 103 95 8 Canadian Imperial Bank of Commerce AA-/Aa3/A+ 2,807 96 98 (2 ) Total $ 10,577 $ 492 $ 467 $ 25 (a) An * represents credit ratings that were not available. |
Derivative Instruments, Gain (Loss) [Table Text Block] | The change in fair value of derivative instruments included in the accompanying Condensed Consolidated Statements of Operations is as follows: Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 Predecessor Predecessor Revenues: Net investment gains (losses): Call options $ 51 $ 81 $ (69 ) $ 186 Futures contracts 2 1 — 5 FSRC derivative contracts 4 — 2 — Other derivatives and embedded derivatives — 1 — 2 Reinsurance related embedded derivatives (a) (13 ) (9 ) (34 ) (20 ) Total net investment gains (losses) $ 44 $ 74 $ (101 ) $ 173 Benefits and other changes in policy reserves: FIA embedded derivatives $ 158 $ 80 $ 104 $ 192 Acquisition and operating expenses, net of deferrals: Preferred shares reimbursement feature embedded derivative (b) $ — $ — $ (1 ) $ — (a) Change in fair value of reinsurance related embedded derivatives in the successor period is due to FSRC unaffiliated third party business and the predecessor periods activity is due to the FGL and FSRC reinsurance treaty. (b) Only applicable to Successor periods. |
Fair Value of Financial Instr28
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Carrying at Fair Value on Recurring Basis | The carrying amounts and estimated fair values of the Company’s financial instruments for which the disclosure of fair values is required, including financial assets and liabilities measured and carried at fair value on a recurring basis, with the exception of investment contracts, related party loans, portions of other invested assets and debt which are disclosed later within this footnote, was summarized according to the hierarchy previously described, as follows: June 30, 2018 Level 1 Level 2 Level 3 Fair Value Carrying Amount Assets Cash and cash equivalents $ 1,710 $ — $ — $ 1,710 $ 1,710 Fixed maturity securities, available-for-sale: Asset-backed securities — 2,814 330 3,144 3,144 Commercial mortgage-backed securities — 1,181 60 1,241 1,241 Corporates — 10,650 1,190 11,840 11,840 Hybrids 247 660 10 917 917 Municipals — 1,496 37 1,533 1,533 Residential mortgage-backed securities — 1,113 242 1,355 1,355 U.S. Government 113 27 — 140 140 Foreign Governments — 140 16 156 156 Equity securities 494 804 3 1,301 1,301 Derivative investments 1 311 — 312 312 Other invested assets — — 67 67 67 Funds withheld for reinsurance receivables, at fair value 84 662 6 752 752 Total financial assets at fair value $ 2,649 $ 19,858 $ 1,961 $ 24,468 $ 24,468 Liabilities Derivatives: FIA embedded derivatives, included in contractholder funds — — 2,491 2,491 2,491 Preferred shares reimbursement feature embedded derivative — — 24 24 24 Fair value of future policy benefits (FSRC) — — 737 737 737 Total financial liabilities at fair value $ — $ — $ 3,252 $ 3,252 $ 3,252 December 31, 2017 Level 1 Level 2 Level 3 Fair Value Carrying Amount Assets Cash and cash equivalents $ 1,215 $ — $ — $ 1,215 $ 1,215 Fixed maturity securities, available-for-sale: Asset-backed securities — 2,653 412 3,065 3,065 Commercial mortgage-backed securities — 907 49 956 956 Corporates — 11,401 1,169 12,570 12,570 Hybrids 253 804 10 1,067 1,067 Municipals — 1,709 38 1,747 1,747 Residential mortgage-backed securities — 1,211 66 1,277 1,277 U.S. Government 52 32 — 84 84 Foreign Governments — 180 17 197 197 Equity securities 404 937 3 1,344 1,344 Derivative investments — 492 — 492 492 Short term investments 25 — — 25 25 Other invested assets — — 17 17 17 Funds withheld for reinsurance receivables, at fair value 88 648 4 740 740 Total financial assets at fair value $ 2,037 $ 20,974 $ 1,785 $ 24,796 $ 24,796 Liabilities Derivatives: FIA embedded derivatives, included in contractholder funds $ — $ — $ 2,387 $ 2,387 $ 2,387 Preferred shares reimbursement feature embedded derivative — — 23 23 23 Fair value of future policy benefits (FSRC) — — 728 728 728 Total financial liabilities at fair value $ — $ — $ 3,138 $ 3,138 $ 3,138 The following tables provide the carrying value and estimated fair value of our financial instruments that are carried on the Condensed Consolidated Balance Sheets at amounts other than fair value, summarized according to the fair value hierarchy previously described. June 30, 2018 Level 1 Level 2 Level 3 Total Estimated Fair Value Carrying Amount Assets FHLB common stock, included in other invested assets $ — $ 49 $ — $ 49 $ 49 Commercial mortgage loans — — 522 522 525 Policy loans, included in other invested assets — — 15 15 19 Funds withheld for reinsurance receivables, at fair value — — 17 17 17 Total $ — $ 49 $ 554 $ 603 $ 610 Liabilities Investment contracts, included in contractholder funds $ — $ — $ 17,408 $ 17,408 $ 20,083 Debt — 537 — 537 540 Total $ — $ 537 $ 17,408 $ 17,945 $ 20,623 December 31, 2017 Level 1 Level 2 Level 3 Total Estimated Fair Value Carrying Amount Assets Commercial mortgage loans $ — $ — $ 549 $ 549 $ 548 Policy loans, included in other invested assets — — 15 15 17 Funds withheld for reinsurance receivables, at fair value — — 16 16 16 Total $ — $ — $ 580 $ 580 $ 581 Liabilities Investment contracts, included in contractholder funds $ — $ — $ 16,659 $ 16,659 $ 19,457 Debt — 307 105 412 412 Total $ — $ 307 $ 16,764 $ 17,071 $ 19,869 |
Schedule of Unobservable Inputs Used for Level Three Fair Value Measurements of Financial Instruments on Recurring Basis | Quantitative information regarding significant unobservable inputs used for recurring Level 3 fair value measurements of financial instruments carried at fair value as of June 30, 2018 and December 31, 2017 , are as follows: Fair Value at Valuation Technique Unobservable Input(s) Range (Weighted average) June 30, 2018 June 30, 2018 Assets Asset-backed securities $ 324 Broker-quoted Offered quotes 96.98% - 102.50% Asset-backed securities 6 Third-Party Valuation Offered quotes 0.00% - 100.00% Commercial mortgage-backed securities 35 Broker-quoted Offered quotes 80.13% - 104.14% Commercial mortgage-backed securities 25 Matrix Pricing Quoted prices 117.80% - 117.80% Corporates 679 Broker-quoted Offered quotes 72.06% - 105.50% Corporates 511 Matrix Pricing Quoted prices 93.94% - 111.19% Hybrids 10 Matrix Pricing Quoted prices 95.86% - 95.86% Municipals 37 Broker-quoted Offered quotes 110.60% - 110.60% Residential mortgage-backed securities 63 Broker-quoted Offered quotes 92.28% - 101.38% Residential mortgage-backed securities 179 Matrix Pricing Quoted prices 100.00% - 101.71% Foreign Governments 16 Broker-quoted Offered quotes 102.38% - 104.09% Equity securities (Salus preferred equity) 3 Income-Approach Yield 6.29% Other invested assets: Available-for-sale embedded derivative (AnchorPath) 17 Black Scholes model Market value of AnchorPath fund 100.00% Affiliated Bank Loans 50 Yield-method Blended rates 7.00% - 9.00% Funds withheld for reinsurance receivables at fair value 5 Matrix pricing Calculated prices 100.00% Funds withheld for reinsurance receivables at fair value 1 Loan recovery value Recovery rate 26.00% Total $ 1,961 Liabilities Future policy benefits (FSRC) $ 737 Discounted cash flow Non-Performance risk spread 0.32% - 0.64% Risk margin to reflect uncertainty 0.50% - 0.62% Derivatives: FIA embedded derivatives included in contractholder funds 2,491 Discounted cash flow Market value of option 0.00% - 31.67% SWAP rates 2.89% - 2.93% Mortality multiplier 80.00% - 80.00% Surrender rates 0.50% - 75.00% Partial withdrawals 1.00% - 2.50% Non-performance spread 0.25% - 0.25% Option cost 0.10% - 17.33% Preferred shares reimbursement feature embedded derivative 24 Black Derman Toy model Credit Spread 4.74% Yield Volatility 20.00% Total liabilities at fair value $ 3,252 Fair Value at Range (Weighted average) December 31, 2017 Valuation Technique Unobservable Input(s) December 31, 2017 Assets Asset-backed securities $ 412 Broker-quoted Offered quotes 98.00% - 102.56% Commercial mortgage-backed securities 49 Broker-quoted Offered quotes 99.50% - 122.78% Corporates 763 Broker-quoted Offered quotes 73.55% - 109.63% (99.66%) Corporates 406 Matrix Pricing Quoted prices 67.72% - 115.04% Hybrids 10 Broker-quoted Offered quotes 96.89% - 96.89% Municipals 38 Broker-quoted Offered quotes 111.84% - 111.84% Residential mortgage-backed securities 66 Broker-quoted Offered quotes 93.25% - 102.25% Foreign Governments 17 Broker-quotes Offered quotes 104.16% - 106.28% Equity securities available-for-sale (Salus preferred equity) 3 Income-Approach Yield 5.00% Other invested assets: Available-for-sale embedded derivative (AnchorPath) 17 Black Scholes model Market value of AnchorPath fund 100.00% Funds withheld for reinsurance receivables at fair value 3 Matrix pricing Calculated prices 100.00% Funds withheld for reinsurance receivables at fair value 1 Loan recovery value Recovery rate 26.00% Total $ 1,785 Liabilities Future policy benefits (FSRC) $ 728 Discounted cash flow Non-Performance risk spread 0.27% Risk margin to reflect uncertainty 0.54% Derivatives: FIA embedded derivatives, included in contractholder funds 2,387 Discounted cash flow Market value of option 0.00% - 29.93% SWAP rates 2.24% - 2.40% Mortality multiplier 80.00% - 80.00% Surrender rates 0.50% - 75.00% Partial withdrawals 2.00% - 3.50% Non-performance spread 0.25% - 0.25% Option cost 0.06% - 17.33% Preferred shares reimbursement feature embedded derivative $ 23 Black Derman Toy model Credit Spread 4.13% Yield Volatility 20% Total liabilities at fair value $ 3,138 |
Changes in Fair Value of Financial Instruments - Assets | The following tables summarize changes to the Company’s financial instruments carried at fair value and classified within Level 3 of the fair value hierarchy for the three and six months ended June 30, 2018 and 2017 , respectively. This summary excludes any impact of amortization of VOBA and DAC. The gains and losses below may include changes in fair value due in part to observable inputs that are a component of the valuation methodology. Three months ended June 30, 2018 Balance at Beginning Total Gains (Losses) Purchases Sales Settlements Net transfer In (Out) of Balance at End of Included in Included in Assets Fixed maturity securities available-for-sale: Asset-backed securities $ 301 $ — $ — $ 152 $ — $ (1 ) $ (122 ) $ 330 Commercial mortgage-backed securities 42 — (1 ) 12 — — 7 60 Corporates 1,216 — (8 ) 99 — (69 ) (48 ) 1,190 Hybrids 10 — — — — — — 10 Municipals 37 — — — — — — 37 Residential mortgage-backed securities 65 — 2 179 — (4 ) — 242 Foreign Governments 16 — — — — — — 16 Equity securities 4 — (1 ) — — — — 3 Other invested assets: Available-for-sale embedded derivative 17 — — — — — — 17 Affiliated Bank Loans — — — 50 — — — 50 Funds withheld for reinsurance receivables at fair value 6 — — — — — — 6 Total assets at Level 3 fair value $ 1,714 $ — $ (8 ) $ 492 $ — $ (74 ) $ (163 ) $ 1,961 Liabilities FIA embedded derivatives, included in contractholder funds $ 2,333 $ 158 $ — $ — $ — $ — $ — $ 2,491 Future policy benefits (FSRC) 712 1 — — — 24 — 737 Preferred shares reimbursement feature embedded derivative 24 — — — — — — 24 Total liabilities at Level 3 fair value $ 3,069 $ 159 $ — $ — $ — $ 24 $ — $ 3,252 (a) The net transfers out of Level 3 during the three months ended June 30, 2018 were exclusively to Level 2. Three months ended June 30, 2017 Predecessor Balance at Beginning Total Gains (Losses) Purchases Sales Settlements Net transfer In (Out) of Balance at End of Included in Included in Assets Fixed maturity securities available-for-sale: Asset-backed securities $ 170 $ (1 ) $ 1 $ 67 $ — $ (8 ) $ (25 ) $ 204 Commercial mortgage-backed securities 78 — 1 — — (1 ) 6 84 Corporates 1,090 — 6 5 — (6 ) (39 ) 1,056 Hybrids 10 — — — — — — 10 Municipals 38 — — — — — — 38 Residential mortgage-backed securities 14 — 1 — — — — 15 Foreign Governments 16 — 1 — — — — 17 Equity securities available-for-sale 1 — — — — — — 1 Other invested assets: Available-for-sale embedded derivative 14 1 — — — — — 15 Loan participations — — 1 — — (1 ) — — Total assets at Level 3 fair value $ 1,431 $ — $ 11 $ 72 $ — $ (16 ) $ (58 ) $ 1,440 Liabilities FIA embedded derivatives, included in contractholder funds $ 2,362 $ 80 $ — $ — $ — $ — $ — $ 2,442 Total liabilities at Level 3 fair value $ 2,362 $ 80 $ — $ — $ — $ — $ — $ 2,442 (a) The net transfers out of Level 3 during the Predecessor three months ended June 30, 2017 were exclusively to Level 2. |
Changes in Fair Value of Financial Instruments - Liabilities | The following tables summarize changes to the Company’s financial instruments carried at fair value and classified within Level 3 of the fair value hierarchy for the three and six months ended June 30, 2018 and 2017 , respectively. This summary excludes any impact of amortization of VOBA and DAC. The gains and losses below may include changes in fair value due in part to observable inputs that are a component of the valuation methodology. Three months ended June 30, 2018 Balance at Beginning Total Gains (Losses) Purchases Sales Settlements Net transfer In (Out) of Balance at End of Included in Included in Assets Fixed maturity securities available-for-sale: Asset-backed securities $ 301 $ — $ — $ 152 $ — $ (1 ) $ (122 ) $ 330 Commercial mortgage-backed securities 42 — (1 ) 12 — — 7 60 Corporates 1,216 — (8 ) 99 — (69 ) (48 ) 1,190 Hybrids 10 — — — — — — 10 Municipals 37 — — — — — — 37 Residential mortgage-backed securities 65 — 2 179 — (4 ) — 242 Foreign Governments 16 — — — — — — 16 Equity securities 4 — (1 ) — — — — 3 Other invested assets: Available-for-sale embedded derivative 17 — — — — — — 17 Affiliated Bank Loans — — — 50 — — — 50 Funds withheld for reinsurance receivables at fair value 6 — — — — — — 6 Total assets at Level 3 fair value $ 1,714 $ — $ (8 ) $ 492 $ — $ (74 ) $ (163 ) $ 1,961 Liabilities FIA embedded derivatives, included in contractholder funds $ 2,333 $ 158 $ — $ — $ — $ — $ — $ 2,491 Future policy benefits (FSRC) 712 1 — — — 24 — 737 Preferred shares reimbursement feature embedded derivative 24 — — — — — — 24 Total liabilities at Level 3 fair value $ 3,069 $ 159 $ — $ — $ — $ 24 $ — $ 3,252 (a) The net transfers out of Level 3 during the three months ended June 30, 2018 were exclusively to Level 2. Three months ended June 30, 2017 Predecessor Balance at Beginning Total Gains (Losses) Purchases Sales Settlements Net transfer In (Out) of Balance at End of Included in Included in Assets Fixed maturity securities available-for-sale: Asset-backed securities $ 170 $ (1 ) $ 1 $ 67 $ — $ (8 ) $ (25 ) $ 204 Commercial mortgage-backed securities 78 — 1 — — (1 ) 6 84 Corporates 1,090 — 6 5 — (6 ) (39 ) 1,056 Hybrids 10 — — — — — — 10 Municipals 38 — — — — — — 38 Residential mortgage-backed securities 14 — 1 — — — — 15 Foreign Governments 16 — 1 — — — — 17 Equity securities available-for-sale 1 — — — — — — 1 Other invested assets: Available-for-sale embedded derivative 14 1 — — — — — 15 Loan participations — — 1 — — (1 ) — — Total assets at Level 3 fair value $ 1,431 $ — $ 11 $ 72 $ — $ (16 ) $ (58 ) $ 1,440 Liabilities FIA embedded derivatives, included in contractholder funds $ 2,362 $ 80 $ — $ — $ — $ — $ — $ 2,442 Total liabilities at Level 3 fair value $ 2,362 $ 80 $ — $ — $ — $ — $ — $ 2,442 (a) The net transfers out of Level 3 during the Predecessor three months ended June 30, 2017 were exclusively to Level 2. |
Schedule of Net Asset Value | The following table includes assets that have not been classified in the fair value hierarchy as the fair value of these investments are measured using the net asset value per share practical expedient. For further discussion about this adoption see “Note 2. Significant Accounting Policies” to the Company's 2017 Form 10-K. Carrying Value After Measurement June 30, 2018 December 31, 2017 Equity securities $ 43 $ 44 Limited partnership investment, included in other invested assets 218 154 |
Gross Transfers Into and Out of Certain Fair Value Levels by Asset Class | The Company’s assessment resulted in gross transfers into and gross transfers out of certain fair value levels by asset class for the three and six months ended June 30, 2018 and 2017 , are as follows: Transfers Between Fair Value Levels Level 1 Level 2 Level 3 In Out In Out In Out Three months ended June 30, 2018 Asset-backed securities $ — $ — $ 122 $ — $ — $ 122 Commercial mortgage-backed securities — — 1 8 8 1 Corporates — — 51 3 3 51 Hybrids 5 — — 5 — — Equity securities available-for-sale 25 — — 25 — — Total transfers $ 30 $ — $ 174 $ 41 $ 11 $ 174 Predecessor Three months ended June 30, 2017 Asset-backed securities $ — $ — $ 25 $ — $ — $ 25 Commercial mortgage-backed securities — — — 6 6 — Corporates — — 40 1 1 40 Total transfers $ — $ — $ 65 $ 7 $ 7 $ 65 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Acquired Indefinite-lived Intangible Assets | |
Schedule of Acquired Finite-Lived Intangible Assets | |
Information Regarding Intangible Assets, VOBA and DAC | A summary of the changes in the carrying amounts of the Company's intangible assets,VOBA, DAC and DSI are as follows: VOBA DAC DSI Total Balance at December 31, 2017 $ 827 $ 19 $ 10 $ 856 Deferrals — 134 60 194 Amortization (40 ) (2 ) (3 ) (45 ) Interest 10 1 — 11 Unlocking 1 — — 1 Adjustment for net unrealized investment (gains) losses 61 3 3 67 Balance at June 30, 2018 $ 859 $ 155 $ 70 $ 1,084 Predecessor VOBA DAC DSI Total Balance at December 31, 2016 $ 118 $ 1,024 $ 86 $ 1,228 Deferrals — 145 22 167 Unlocking 7 (1 ) (3 ) 3 Interest 6 21 2 29 Amortization (23 ) (83 ) (10 ) (116 ) Adjustment for net unrealized investment (gains) losses (108 ) (106 ) — (214 ) Balance at June 30, 2017 $ — $ 1,000 $ 97 $ 1,097 Amortization of VOBA, DAC, DSI, and UREV is based on the historical, current and future expected gross margins or profits recognized, including investment gains and losses. The interest accrual rate utilized to calculate the accretion of interest on VOBA ranged from 0.05% to 4.01% . The adjustment for unrealized net investment losses (gains) represents the amount of VOBA, DAC, DSI, and UREV that would have been amortized if such unrealized gains and losses had been recognized. This is referred to as the “shadow adjustments” as the additional amortization is reflected in AOCI rather than the Consolidated Statement of Operations. As of June 30, 2018, and June 30, 2017, the VOBA balances included cumulative adjustments for net unrealized investment losses (gains) of $43 and $(148) , respectively, and the DAC balances included cumulative adjustments for net unrealized investment losses of $2 and $(99) , respectively. As of June 30, 2018, the DSI balance included net unrealized investment losses of $3 . |
Estimated Amortization Expense for VOBA in Future Fiscal Periods | Estimated amortization expense for VOBA in future fiscal periods is as follows: Estimated Amortization Expense Fiscal Year 2018 31 2019 76 2020 85 2021 81 2022 73 Thereafter 468 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The interest expense and amortization of debt issuance costs of the Company's debt for the three and six months ended June 30, 2018 and 2017 , respectively, were as follows: Three months ended Six months ended June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Predecessor Predecessor Interest Expense Amortization Interest Expense Amortization Interest Expense Amortization Interest Expense Amortization Debt 8 — 5 — 13 — 9 — Revolving credit facility 1 — 1 — 2 — 2 1 Gain on extinguishment of debt (2 ) — — — (2 ) — — — |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Dividends Declared | The Company declared the following dividends to its preferred shareholders during the three and six months ended June 30, 2018 : Type of Preferred Share Date Declared Date Paid Date Shareholders of record Shares outstanding at date of record (in thousands) Method of Payment Total cash paid Total shares paid in kind (in thousands) Series A Preferred Shares March 29, 2018 April 1, 2018 March 15, 2018 277 Paid in kind $— 5 Series B Preferred Shares March 29, 2018 April 1, 2018 March 15, 2018 101 Paid in kind $— 1 Series A Preferred Shares June 29, 2018 July 1, 2018 June 15, 2018 282 Paid in kind $— 5 Series B Preferred Shares June 29, 2018 July 1, 2018 June 15, 2018 102 Paid in kind $— 2 The Company did not declare a cash dividend to its common shareholders during the three and six months ended June 30, 2018 . The Predecessor declared the following cash dividends to its common shareholders during the three and six months ended June 30, 2017 : Date Declared Date Paid Date Shareholders of record Shareholders of record (in thousands) Cash Dividend declared (per share) Total cash paid February 2, 2017 March 6, 2017 February 21, 2017 58,308 $0.065 $4 May 1, 2017 June 5, 2017 May 22, 2017 58,315 $0.065 $4 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Unfunded Commitments | summary of unfunded commitments by invested asset class are included below: June 30, 2018 Asset Type Other invested assets $ 655 Equity securities 33 Fixed maturity securities, available-for-sale 45 Other assets 10 Total $ 743 |
Reinsurance (Tables)
Reinsurance (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Reinsurance Disclosures [Abstract] | |
Effect of Reinsurance on Premiums Earned, Benefits Incurred and Reserve Changes | The effect of reinsurance on net premiums earned and net benefits incurred (benefits incurred and reserve changes) for the three and six months ended June 30, 2018 , and the Predecessor three and six months ended June 30, 2017 were as follows: Three months ended Six months ended June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Predecessor Predecessor Net Premiums Earned Net Benefits Incurred Net Premiums Earned Net Benefits Incurred Net Premiums Earned Net Benefits Incurred Net Premiums Earned Net Benefits Incurred Direct 58 308 59 296 118 370 118 639 Assumed — (5 ) — — — (26 ) — — Ceded (43 ) (54 ) (47 ) (61 ) (85 ) (113 ) (103 ) (136 ) Net 15 249 12 235 33 231 15 503 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Summary of Basic and Diluted EPS | The following table sets forth the computation of basic and diluted earnings per share (share amounts in thousands): Three months ended Six months ended June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Predecessor Predecessor Net Income $ 20 $ 32 $ 72 $ 54 Less Preferred stock dividend 7 — 14 — Net income available to common shares 13 32 58 54 Weighted-average common shares outstanding - basic 214,370 58,335 214,370 58,331 Dilutive effect of unvested restricted stock & PRSU 9 37 6 29 Dilutive effect of stock options — 73 — 54 Weighted-average shares outstanding - diluted 214,379 58,445 214,376 58,414 Net income per common share: Basic $ 0.06 $ 0.54 $ 0.27 $ 0.92 Diluted $ 0.06 $ 0.54 $ 0.27 $ 0.92 |
Basis of Presentation and Nat35
Basis of Presentation and Nature of Business - Narrative (Details) - USD ($) | Nov. 30, 2017 | Jun. 30, 2018 | Dec. 31, 2017 | May 24, 2017 |
Effects of Reinsurance [Line Items] | ||||
Debt Assumed Through Acquisition | $ 405 | |||
Goodwill | $ 476,000,000 | $ 476,000,000 | ||
FGL | ||||
Effects of Reinsurance [Line Items] | ||||
Acquisition share price (in USD per share) | $ 31.10 | |||
Business Combination, Consideration Transferred | 2,000,000,000 | |||
Front Street Re Ltd | ||||
Effects of Reinsurance [Line Items] | ||||
Business Combination, Consideration Transferred | $ 0 |
Significant Accounting Polici36
Significant Accounting Policies and Practices (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Jun. 30, 2018 | Jun. 30, 2018 |
Accounting Policies [Abstract] | |||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 4 | ||
Immaterial Error Correction | 627 | 9 |
Significant Risks and Uncerta37
Significant Risks and Uncertainties - Narrative (Details) $ in Millions | Jun. 30, 2018USD ($)issuer | Dec. 31, 2017USD ($)issuer |
Concentration Risk [Line Items] | ||
Exposure of FGL's invested assets | 31.00% | |
Number of issuers in investment | issuer | 111 | |
Wilton Reassurance Company | ||
Concentration Risk [Line Items] | ||
Net amount recoverable | $ 1,558 | |
All Financial Instruments | ||
Concentration Risk [Line Items] | ||
FGL's investment securities in the banking industry | $ 2,381 | |
Exposure of FGL's invested assets | 10.00% | |
Single Issuer | ||
Concentration Risk [Line Items] | ||
FGL's investment securities in the banking industry | $ 118 | |
Exposure of FGL's invested assets | 1.00% | |
Banking Industry | All Financial Instruments | ||
Concentration Risk [Line Items] | ||
Investment securities held by subsidiaries subject to specialized industry accounting principles, amortized cost | $ 2,477 | |
Predecessor | ||
Concentration Risk [Line Items] | ||
Exposure of FGL's invested assets | 10.00% | 10.00% |
Number of issuers in investment | issuer | 0 | 0 |
Predecessor | All Financial Instruments | ||
Concentration Risk [Line Items] | ||
FGL's investment securities in the banking industry | $ 2,851 | |
Exposure of FGL's invested assets | 12.00% | |
Predecessor | Single Issuer | ||
Concentration Risk [Line Items] | ||
FGL's investment securities in the banking industry | $ 155 | |
Exposure of FGL's invested assets | 1.00% | |
Predecessor | Banking Industry | All Financial Instruments | ||
Concentration Risk [Line Items] | ||
Investment securities held by subsidiaries subject to specialized industry accounting principles, amortized cost | $ 2,850 |
Investments - Credit Impairment
Investments - Credit Impairment Loss Type (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Schedule of Investments [Line Items] | ||||
Other Than Temporary Impairment Credit Losses Recognized In Earnings Additions Including Credit Impairments | $ 0 | $ 0 | $ 2 | $ 21 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Change in Status | 0 | 0 | 0 | 0 |
Amortized cost | 21,061 | 21,061 | ||
Available-for-sale Securities | 20,326 | 20,326 | ||
Other than temporary impairment, non-credit losses recognized in OCI | 0 | 0 | 0 | 0 |
Asset Backed Securities and Corporate Securities [Member] | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost | 0 | 13 | 0 | 13 |
Available-for-sale Securities | $ 0 | $ 13 | $ 0 | $ 13 |
Investments - Available-for-Sa
Investments - Available-for-Sale Securities Table (Details) $ in Millions | Jun. 30, 2018USD ($)Security | Dec. 31, 2017USD ($)Security |
Available-for sale securities | ||
Amortized cost | $ 21,061 | |
Gross Unrealized Gains | 36 | |
Gross Unrealized Losses | (771) | |
Fair Value | 20,326 | |
Carrying Value | 20,326 | |
Investments, Cost or Amortized Cost | 23,651 | |
Investments, Accumulated Gross Unrealized Gain, before Tax | 72 | |
Investments, Accumulated Gross Unrealized Loss, before Tax | 863 | |
Investments, Fair Value Disclosure | 22,853 | |
Equity Securities, Amortized Cost Basis | 1,378 | |
Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 2 | |
Equity Securities, Accumulated Gross Unrealized Loss, before tax | 36 | |
Equity Securities, Fair Value | 1,344 | |
Equity Securities, Carrying Value | 1,344 | |
Derivative investments | ||
Amortized Cost | 334 | |
Gross Unrealized Gains | 34 | |
Gross Unrealized Losses | (56) | |
Fair Value | 312 | |
Carrying Value | 312 | $ 492 |
Commercial mortgage loans | ||
Loans and Leases Receivable, Net Amount | 525 | 548 |
Total investments | ||
Available-for-sale securities, Gross Unrealized Losses, Less than 12 months | (771) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 17,427 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (771) | |
Total number of available-for-sale securities in an unrealized loss position less than twelve months | Security | 2,055 | |
Total number of available-for-sale securities in an unrealized loss position twelve months or longer | Security | 0 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | Security | 2,055 | |
Investments | $ 22,860 | 23,604 |
Asset-backed securities | ||
Available-for sale securities | ||
Amortized cost | 3,158 | |
Gross Unrealized Gains | 7 | |
Gross Unrealized Losses | (21) | |
Fair Value | 3,144 | |
Carrying Value | 3,144 | |
Total investments | ||
Available-for-sale securities, Gross Unrealized Losses, Less than 12 months | (21) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 2,182 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (21) | |
Commercial mortgage-backed securities | ||
Available-for sale securities | ||
Amortized cost | 1,257 | |
Gross Unrealized Gains | 2 | |
Gross Unrealized Losses | (18) | |
Fair Value | 1,241 | |
Carrying Value | 1,241 | |
Total investments | ||
Available-for-sale securities, Gross Unrealized Losses, Less than 12 months | (18) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 908 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (18) | |
Corporates | ||
Available-for sale securities | ||
Amortized cost | 12,467 | |
Gross Unrealized Gains | 12 | |
Gross Unrealized Losses | (639) | |
Fair Value | 11,840 | |
Carrying Value | 11,840 | |
Total investments | ||
Available-for-sale securities, Gross Unrealized Losses, Less than 12 months | (639) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 11,104 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (639) | |
Hybrids | ||
Available-for sale securities | ||
Amortized cost | 956 | |
Gross Unrealized Gains | 1 | |
Gross Unrealized Losses | (40) | |
Fair Value | 917 | |
Carrying Value | 917 | |
Total investments | ||
Available-for-sale securities, Gross Unrealized Losses, Less than 12 months | (40) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 830 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (40) | |
Municipals | ||
Available-for sale securities | ||
Amortized cost | 1,562 | |
Gross Unrealized Gains | 4 | |
Gross Unrealized Losses | (33) | |
Fair Value | 1,533 | |
Carrying Value | 1,533 | |
Residential mortgage-backed securities | ||
Available-for sale securities | ||
Amortized cost | 1,356 | |
Gross Unrealized Gains | 10 | |
Gross Unrealized Losses | (11) | |
Fair Value | 1,355 | |
Carrying Value | 1,355 | |
U.S. Government | ||
Available-for sale securities | ||
Amortized cost | 141 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (1) | |
Fair Value | 140 | |
Carrying Value | 140 | |
Total investments | ||
Available-for-sale securities, Gross Unrealized Losses, Less than 12 months | (1) | |
Available-for-sale securities, Fair Value, 12 months or longer | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 140 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (1) | |
Foreign Government Debt Securities [Member] | ||
Available-for sale securities | ||
Equity Securities, Amortized Cost Basis | 164 | |
Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | |
Equity Securities, Accumulated Gross Unrealized Loss, before tax | 8 | |
Equity Securities, Fair Value | 156 | |
Equity Securities, Carrying Value | 156 | |
Total investments | ||
Available-for-sale securities, Gross Unrealized Losses, Less than 12 months | (8) | |
Available-for-sale securities, Fair Value, 12 months or longer | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 149 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (8) | |
Other invested assets | ||
Available-for sale securities | ||
Amortized cost | 353 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Fair Value | 349 | |
Carrying Value | 353 | |
Municipals | ||
Total investments | ||
Available-for-sale securities, Gross Unrealized Losses, Less than 12 months | (33) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,273 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (33) | |
Residential mortgage-backed securities | ||
Total investments | ||
Available-for-sale securities, Gross Unrealized Losses, Less than 12 months | (11) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 841 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (11) | |
Commercial Portfolio Segment [Member] | ||
Commercial mortgage loans | ||
Investment, Commercial Mortgage Loans, Amortized Cost | 525 | |
Investments, Commercial Mortgage Loans, Accumulated Gross Unrealized Gain before Tax | 0 | |
Investments, Commercial Mortgage Loans, Accumulated Gross Unrealized Loss before Tax | 0 | |
Investments, Commercial Mortgage Loans, Fair Value Disclosure | 522 | |
Loans and Leases Receivable, Net Amount | $ 525 | |
Predecessor | ||
Available-for sale securities | ||
Amortized cost | 22,239 | |
Gross Unrealized Gains | 150 | |
Gross Unrealized Losses | (38) | |
Fair Value | 22,351 | |
Carrying Value | 22,351 | |
Investments, Cost or Amortized Cost | 23,459 | |
Investments, Accumulated Gross Unrealized Gain, before Tax | 186 | |
Investments, Accumulated Gross Unrealized Loss, before Tax | 41 | |
Investments, Fair Value Disclosure | 23,603 | |
Derivative investments | ||
Amortized Cost | 459 | |
Gross Unrealized Gains | 36 | |
Gross Unrealized Losses | (3) | |
Fair Value | 492 | |
Carrying Value | 492 | |
Total investments | ||
Available-for-sale securities, Gross Unrealized Losses, Less than 12 months | (38) | |
Available-for-sale securities, Fair Value, 12 months or longer | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 8,738 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (38) | |
Total number of available-for-sale securities in an unrealized loss position less than twelve months | Security | 1,224 | |
Total number of available-for-sale securities in an unrealized loss position twelve months or longer | Security | 0 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | Security | 1,224 | |
Investments | $ 23,604 | |
Investments, Short-Term Investments, Amortized Cost | 25 | |
Investments, Short-Term Investments, Accumulated Gross Unrealized Gain Before Tax | 0 | |
Investments, Short-Term Investments, Accumulated Gross Unrealized Loss, Before Tax | 0 | |
Investments, Short-Term Investments, Fair Value Disclosure | 25 | |
Investments, Short-Term Investments, Carrying Value | 25 | |
Predecessor | Asset-backed securities | ||
Available-for sale securities | ||
Amortized cost | 3,061 | |
Gross Unrealized Gains | 7 | |
Gross Unrealized Losses | (3) | |
Fair Value | 3,065 | |
Carrying Value | 3,065 | |
Total investments | ||
Available-for-sale securities, Gross Unrealized Losses, Less than 12 months | (3) | |
Available-for-sale securities, Fair Value, 12 months or longer | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,944 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (3) | |
Predecessor | Commercial mortgage-backed securities | ||
Available-for sale securities | ||
Amortized cost | 956 | |
Gross Unrealized Gains | 1 | |
Gross Unrealized Losses | (1) | |
Fair Value | 956 | |
Carrying Value | 956 | |
Total investments | ||
Available-for-sale securities, Gross Unrealized Losses, Less than 12 months | (1) | |
Available-for-sale securities, Fair Value, 12 months or longer | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 478 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (1) | |
Predecessor | Corporates | ||
Available-for sale securities | ||
Amortized cost | 12,467 | |
Gross Unrealized Gains | 122 | |
Gross Unrealized Losses | (19) | |
Fair Value | 12,570 | |
Carrying Value | 12,570 | |
Total investments | ||
Available-for-sale securities, Gross Unrealized Losses, Less than 12 months | (19) | |
Available-for-sale securities, Fair Value, 12 months or longer | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 3,814 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (19) | |
Predecessor | Equity securities | ||
Available-for sale securities | ||
Amortized cost | 1,392 | |
Gross Unrealized Gains | 3 | |
Gross Unrealized Losses | (7) | |
Fair Value | 1,388 | |
Carrying Value | 1,388 | |
Total investments | ||
Available-for-sale securities, Gross Unrealized Losses, Less than 12 months | (7) | |
Available-for-sale securities, Fair Value, 12 months or longer | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 798 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (7) | |
Predecessor | Hybrids | ||
Available-for sale securities | ||
Amortized cost | 1,066 | |
Gross Unrealized Gains | 4 | |
Gross Unrealized Losses | (3) | |
Fair Value | 1,067 | |
Carrying Value | 1,067 | |
Total investments | ||
Available-for-sale securities, Gross Unrealized Losses, Less than 12 months | (3) | |
Available-for-sale securities, Fair Value, 12 months or longer | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 266 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (3) | |
Predecessor | Municipals | ||
Available-for sale securities | ||
Amortized cost | 1,736 | |
Gross Unrealized Gains | 12 | |
Gross Unrealized Losses | (1) | |
Fair Value | 1,747 | |
Carrying Value | 1,747 | |
Predecessor | Residential mortgage-backed securities | ||
Available-for sale securities | ||
Amortized cost | 1,279 | |
Gross Unrealized Gains | 1 | |
Gross Unrealized Losses | (3) | |
Fair Value | 1,277 | |
Carrying Value | 1,277 | |
Predecessor | U.S. Government | ||
Available-for sale securities | ||
Amortized cost | 84 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Fair Value | 84 | |
Carrying Value | 84 | |
Total investments | ||
Available-for-sale securities, Gross Unrealized Losses, Less than 12 months | 0 | |
Available-for-sale securities, Fair Value, 12 months or longer | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 74 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 0 | |
Predecessor | Foreign Government Debt Securities [Member] | ||
Available-for sale securities | ||
Amortized cost | 198 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (1) | |
Fair Value | 197 | |
Carrying Value | 197 | |
Total investments | ||
Available-for-sale securities, Gross Unrealized Losses, Less than 12 months | (1) | |
Available-for-sale securities, Fair Value, 12 months or longer | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 140 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (1) | |
Predecessor | Other invested assets | ||
Available-for sale securities | ||
Amortized cost | 188 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Fair Value | 186 | |
Carrying Value | 188 | |
Predecessor | Municipals | ||
Total investments | ||
Available-for-sale securities, Gross Unrealized Losses, Less than 12 months | (1) | |
Available-for-sale securities, Fair Value, 12 months or longer | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 285 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (1) | |
Predecessor | Residential mortgage-backed securities | ||
Total investments | ||
Available-for-sale securities, Gross Unrealized Losses, Less than 12 months | (3) | |
Available-for-sale securities, Fair Value, 12 months or longer | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 939 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (3) | |
Predecessor | Commercial Portfolio Segment [Member] | ||
Commercial mortgage loans | ||
Investment, Commercial Mortgage Loans, Amortized Cost | 548 | |
Investments, Commercial Mortgage Loans, Accumulated Gross Unrealized Gain before Tax | 0 | |
Investments, Commercial Mortgage Loans, Accumulated Gross Unrealized Loss before Tax | 0 | |
Investments, Commercial Mortgage Loans, Fair Value Disclosure | 549 | |
Loans and Leases Receivable, Net Amount | $ 548 |
Investments - Amortized Cost a
Investments - Amortized Cost and Fair Value of Fixed Maturity Available-for-Sale Securities (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Due in one year or less, Amortized Cost | $ 170 | |
Due after one year through five years, Amortized Cost | 1,071 | |
Due after five years through ten years, Amortized Cost | 2,545 | |
Due after ten years, Amortized Cost | 11,184 | |
Subtotal, Amortized Cost | 14,970 | |
Other securities which provide for periodic payments, Amortized Cost | 6,091 | |
Total fixed maturity available-for-sale securities, Amortized Cost | 21,061 | $ 20,847 |
Due in one year or less, Fair Value | 170 | |
Due after one year through five years, Fair Value | 1,055 | |
Due after five years through ten years, Fair Value | 2,466 | |
Due after ten years, Fair Value | 10,586 | |
Subtotal, Fair Value | 14,277 | |
Other securities which provide for periodic payments, Fair Value | 6,049 | |
Total fixed maturity available-for-sale securities, Fair Value | 20,326 | |
Asset-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Other securities which provide for periodic payments, Amortized Cost | 3,158 | |
Other securities which provide for periodic payments, Fair Value | 3,144 | |
Commercial mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Other securities which provide for periodic payments, Amortized Cost | 1,257 | |
Other securities which provide for periodic payments, Fair Value | 1,241 | |
Structured hybrids | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Other securities which provide for periodic payments, Amortized Cost | 320 | |
Other securities which provide for periodic payments, Fair Value | 309 | |
Residential mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Other securities which provide for periodic payments, Amortized Cost | 1,356 | |
Other securities which provide for periodic payments, Fair Value | $ 1,355 |
Investments - Fair Value and G
Investments - Fair Value and Gross Unrealized Losses of Available-for-Sale Securities (Details) $ in Millions | Jun. 30, 2018USD ($)Security | Dec. 31, 2017USD ($)Security |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Fair Value, Less than 12 months | $ 17,427 | |
Available-for-sale securities, Gross Unrealized Losses, Less than 12 months | (771) | |
Available-for-sale securities, Fair Value, Total | 17,427 | |
Available-for-sale Securities, Gross Unrealized Losses, Total | $ (771) | |
Total number of available-for-sale securities in an unrealized loss position less than twelve months | Security | 2,055 | |
Total number of available-for-sale securities in an unrealized loss position twelve months or longer | Security | 0 | |
Total number of available-for-sale securities in an unrealized loss position | Security | 2,055 | |
Asset-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Fair Value, Less than 12 months | $ 2,182 | |
Available-for-sale securities, Gross Unrealized Losses, Less than 12 months | (21) | |
Available-for-sale securities, Fair Value, Total | 2,182 | |
Available-for-sale Securities, Gross Unrealized Losses, Total | (21) | |
Commercial mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Fair Value, Less than 12 months | 908 | |
Available-for-sale securities, Gross Unrealized Losses, Less than 12 months | (18) | |
Available-for-sale securities, Fair Value, Total | 908 | |
Available-for-sale Securities, Gross Unrealized Losses, Total | (18) | |
Corporates | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Fair Value, Less than 12 months | 11,104 | |
Available-for-sale securities, Gross Unrealized Losses, Less than 12 months | (639) | |
Available-for-sale securities, Fair Value, Total | 11,104 | |
Available-for-sale Securities, Gross Unrealized Losses, Total | (639) | |
Hybrids | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Fair Value, Less than 12 months | 830 | |
Available-for-sale securities, Gross Unrealized Losses, Less than 12 months | (40) | |
Available-for-sale securities, Fair Value, Total | 830 | |
Available-for-sale Securities, Gross Unrealized Losses, Total | (40) | |
Municipals | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Fair Value, Less than 12 months | 1,273 | |
Available-for-sale securities, Gross Unrealized Losses, Less than 12 months | (33) | |
Available-for-sale securities, Fair Value, Total | 1,273 | |
Available-for-sale Securities, Gross Unrealized Losses, Total | (33) | |
Residential mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Fair Value, Less than 12 months | 841 | |
Available-for-sale securities, Gross Unrealized Losses, Less than 12 months | (11) | |
Available-for-sale Securities, Gross Unrealized Losses, 12 months or longer | 0 | |
Available-for-sale securities, Fair Value, Total | 841 | |
Available-for-sale Securities, Gross Unrealized Losses, Total | (11) | |
U.S. Government | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Fair Value, Less than 12 months | 140 | |
Available-for-sale securities, Gross Unrealized Losses, Less than 12 months | (1) | |
Available-for-sale securities, Fair Value, 12 months or longer | 0 | |
Available-for-sale Securities, Gross Unrealized Losses, 12 months or longer | 0 | |
Available-for-sale securities, Fair Value, Total | 140 | |
Available-for-sale Securities, Gross Unrealized Losses, Total | (1) | |
Foreign Government Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Fair Value, Less than 12 months | 149 | |
Available-for-sale securities, Gross Unrealized Losses, Less than 12 months | (8) | |
Available-for-sale securities, Fair Value, 12 months or longer | 0 | |
Available-for-sale Securities, Gross Unrealized Losses, 12 months or longer | 0 | |
Available-for-sale securities, Fair Value, Total | 149 | |
Available-for-sale Securities, Gross Unrealized Losses, Total | $ (8) | |
Predecessor | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Fair Value, Less than 12 months | $ 8,738 | |
Available-for-sale securities, Gross Unrealized Losses, Less than 12 months | (38) | |
Available-for-sale securities, Fair Value, 12 months or longer | 0 | |
Available-for-sale Securities, Gross Unrealized Losses, 12 months or longer | 0 | |
Available-for-sale securities, Fair Value, Total | 8,738 | |
Available-for-sale Securities, Gross Unrealized Losses, Total | $ (38) | |
Total number of available-for-sale securities in an unrealized loss position less than twelve months | Security | 1,224 | |
Total number of available-for-sale securities in an unrealized loss position twelve months or longer | Security | 0 | |
Total number of available-for-sale securities in an unrealized loss position | Security | 1,224 | |
Predecessor | Asset-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Fair Value, Less than 12 months | $ 1,944 | |
Available-for-sale securities, Gross Unrealized Losses, Less than 12 months | (3) | |
Available-for-sale securities, Fair Value, 12 months or longer | 0 | |
Available-for-sale Securities, Gross Unrealized Losses, 12 months or longer | 0 | |
Available-for-sale securities, Fair Value, Total | 1,944 | |
Available-for-sale Securities, Gross Unrealized Losses, Total | (3) | |
Predecessor | Commercial mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Fair Value, Less than 12 months | 478 | |
Available-for-sale securities, Gross Unrealized Losses, Less than 12 months | (1) | |
Available-for-sale securities, Fair Value, 12 months or longer | 0 | |
Available-for-sale Securities, Gross Unrealized Losses, 12 months or longer | 0 | |
Available-for-sale securities, Fair Value, Total | 478 | |
Available-for-sale Securities, Gross Unrealized Losses, Total | (1) | |
Predecessor | Corporates | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Fair Value, Less than 12 months | 3,814 | |
Available-for-sale securities, Gross Unrealized Losses, Less than 12 months | (19) | |
Available-for-sale securities, Fair Value, 12 months or longer | 0 | |
Available-for-sale Securities, Gross Unrealized Losses, 12 months or longer | 0 | |
Available-for-sale securities, Fair Value, Total | 3,814 | |
Available-for-sale Securities, Gross Unrealized Losses, Total | (19) | |
Predecessor | Equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Fair Value, Less than 12 months | 798 | |
Available-for-sale securities, Gross Unrealized Losses, Less than 12 months | (7) | |
Available-for-sale securities, Fair Value, 12 months or longer | 0 | |
Available-for-sale Securities, Gross Unrealized Losses, 12 months or longer | 0 | |
Available-for-sale securities, Fair Value, Total | 798 | |
Available-for-sale Securities, Gross Unrealized Losses, Total | (7) | |
Predecessor | Hybrids | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Fair Value, Less than 12 months | 266 | |
Available-for-sale securities, Gross Unrealized Losses, Less than 12 months | (3) | |
Available-for-sale securities, Fair Value, 12 months or longer | 0 | |
Available-for-sale Securities, Gross Unrealized Losses, 12 months or longer | 0 | |
Available-for-sale securities, Fair Value, Total | 266 | |
Available-for-sale Securities, Gross Unrealized Losses, Total | (3) | |
Predecessor | Municipals | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Fair Value, Less than 12 months | 285 | |
Available-for-sale securities, Gross Unrealized Losses, Less than 12 months | (1) | |
Available-for-sale securities, Fair Value, 12 months or longer | 0 | |
Available-for-sale Securities, Gross Unrealized Losses, 12 months or longer | 0 | |
Available-for-sale securities, Fair Value, Total | 285 | |
Available-for-sale Securities, Gross Unrealized Losses, Total | (1) | |
Predecessor | Residential mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Fair Value, Less than 12 months | 939 | |
Available-for-sale securities, Gross Unrealized Losses, Less than 12 months | (3) | |
Available-for-sale securities, Fair Value, 12 months or longer | 0 | |
Available-for-sale Securities, Gross Unrealized Losses, 12 months or longer | 0 | |
Available-for-sale securities, Fair Value, Total | 939 | |
Available-for-sale Securities, Gross Unrealized Losses, Total | (3) | |
Predecessor | U.S. Government | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Fair Value, Less than 12 months | 74 | |
Available-for-sale securities, Gross Unrealized Losses, Less than 12 months | 0 | |
Available-for-sale securities, Fair Value, 12 months or longer | 0 | |
Available-for-sale Securities, Gross Unrealized Losses, 12 months or longer | 0 | |
Available-for-sale securities, Fair Value, Total | 74 | |
Available-for-sale Securities, Gross Unrealized Losses, Total | 0 | |
Predecessor | Foreign Government Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Fair Value, Less than 12 months | 140 | |
Available-for-sale securities, Gross Unrealized Losses, Less than 12 months | (1) | |
Available-for-sale securities, Fair Value, 12 months or longer | 0 | |
Available-for-sale Securities, Gross Unrealized Losses, 12 months or longer | 0 | |
Available-for-sale securities, Fair Value, Total | 140 | |
Available-for-sale Securities, Gross Unrealized Losses, Total | $ (1) |
Investments - Reconciliation o
Investments - Reconciliation of Other than Temporary Impairment on Fixed Maturity (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||||
Balance at the beginning of the period | $ 0 | $ 0 | ||
Increases attributable to credit losses on securities: | ||||
OTTI was previously recognized | 0 | 0 | ||
OTTI was not previously recognized | 0 | 0 | ||
Balance at the end of the period | $ 0 | $ 0 | ||
Predecessor | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||||
Balance at the beginning of the period | $ 3 | $ 3 | ||
Increases attributable to credit losses on securities: | ||||
OTTI was previously recognized | 0 | 0 | ||
OTTI was not previously recognized | 0 | 0 | ||
Balance at the end of the period | $ 3 | $ 3 |
Investments - Other-than-Tempo
Investments - Other-than-Temporary Impairments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Schedule of Investments [Line Items] | ||||
Total other-than-temporary impairments | $ 0 | $ (2) | ||
Asset-backed securities | ||||
Schedule of Investments [Line Items] | ||||
Total other-than-temporary impairments | 0 | 0 | ||
Corporates | ||||
Schedule of Investments [Line Items] | ||||
Total other-than-temporary impairments | 0 | (2) | ||
Other invested assets | ||||
Schedule of Investments [Line Items] | ||||
Total other-than-temporary impairments | $ 0 | 0 | ||
Predecessor | ||||
Schedule of Investments [Line Items] | ||||
Total other-than-temporary impairments | $ 0 | $ (2) | $ (21) | |
Predecessor | Asset-backed securities | ||||
Schedule of Investments [Line Items] | ||||
Total other-than-temporary impairments | (1) | (1) | ||
Predecessor | Corporates | ||||
Schedule of Investments [Line Items] | ||||
Total other-than-temporary impairments | 0 | (20) | ||
Predecessor | Other invested assets | ||||
Schedule of Investments [Line Items] | ||||
Total other-than-temporary impairments | $ 1 | $ 0 |
Investments - Schedule of Comm
Investments - Schedule of Commercial Mortgage Loan Investment (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | $ 525 | ||
Commercial mortgage loans, % of total | 100.00% | ||
Loans and Leases Receivable, Net Amount | $ 525 | $ 548 | |
Commercial mortgage loans, current and past due | 0 | ||
Funeral Home | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | $ 22 | ||
Commercial mortgage loans, % of total | 4.00% | ||
Hotel | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | $ 45 | ||
Commercial mortgage loans, % of total | 9.00% | ||
Industrial - General | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | $ 21 | ||
Commercial mortgage loans, % of total | 4.00% | ||
Industrial - Warehouse | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | $ 69 | ||
Commercial mortgage loans, % of total | 13.00% | ||
Multifamily | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | $ 156 | ||
Commercial mortgage loans, % of total | 30.00% | ||
Office | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | $ 212 | ||
Commercial mortgage loans, % of total | 40.00% | ||
Self Storage [Member] | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | $ 525 | $ 548 | |
Commercial mortgage loans, % of total | 100.00% | 100.00% | |
1 to 29 Days Past Due | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans, current and past due | $ 525 | ||
LTV Less Than 50 Percent | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | $ 274 | ||
Commercial mortgage loans, % of total | 52.00% | ||
LTV 50 to 60 Percent | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | $ 239 | ||
Commercial mortgage loans, % of total | 46.00% | ||
LTV 60 to 75 Percent | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | $ 12 | ||
Commercial mortgage loans, % of total | 2.00% | ||
East North Central | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | $ 111 | ||
Commercial mortgage loans, % of total | 21.00% | ||
East South Central | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | $ 20 | ||
Commercial mortgage loans, % of total | 4.00% | ||
Middle Atlantic | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | $ 85 | ||
Commercial mortgage loans, % of total | 16.00% | ||
Mountain | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | $ 66 | ||
Commercial mortgage loans, % of total | 13.00% | ||
New England | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | $ 14 | ||
Commercial mortgage loans, % of total | 3.00% | ||
Pacific | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | $ 133 | ||
Commercial mortgage loans, % of total | 25.00% | ||
South Atlantic | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | $ 58 | ||
Commercial mortgage loans, % of total | 11.00% | ||
West North Central | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | $ 13 | ||
Commercial mortgage loans, % of total | 2.00% | ||
West South Central | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | $ 25 | ||
Commercial mortgage loans, % of total | 5.00% | ||
Greater than 1.25 | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | $ 519 | ||
Greater than 1.25 | LTV Less Than 50 Percent | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | 274 | ||
Greater than 1.25 | LTV 50 to 60 Percent | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | 233 | ||
Greater than 1.25 | LTV 60 to 75 Percent | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | 12 | ||
Greater than 1.00 but less than 1.25 | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | 6 | ||
Greater than 1.00 but less than 1.25 | LTV Less Than 50 Percent | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | 0 | ||
Greater than 1.00 but less than 1.25 | LTV 50 to 60 Percent | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | 6 | ||
Greater than 1.00 but less than 1.25 | LTV 60 to 75 Percent | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | 0 | ||
Less than 1.00 | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | 0 | ||
Less than 1.00 | LTV Less Than 50 Percent | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | 0 | ||
Less than 1.00 | LTV 50 to 60 Percent | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | 0 | ||
Less than 1.00 | LTV 60 to 75 Percent | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | 0 | ||
Ratio Not Available | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | 0 | ||
Ratio Not Available | LTV Less Than 50 Percent | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | 0 | ||
Ratio Not Available | LTV 50 to 60 Percent | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | 0 | ||
Ratio Not Available | LTV 60 to 75 Percent | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | 0 | ||
Fair Value | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | $ 522 | ||
Commercial mortgage loans, % of total | 100.00% | ||
Fair Value | LTV Less Than 50 Percent | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | $ 272 | ||
Commercial mortgage loans, % of total | 52.00% | ||
Fair Value | LTV 50 to 60 Percent | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | $ 238 | ||
Commercial mortgage loans, % of total | 46.00% | ||
Fair Value | LTV 60 to 75 Percent | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | $ 12 | ||
Commercial mortgage loans, % of total | 2.00% | ||
Commercial Portfolio Segment [Member] | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | $ 525 | ||
Commercial mortgage loans, % of total | 100.00% | ||
Allowance for loan loss | $ 0 | $ 0 | |
Loans and Leases Receivable, Net Amount | $ 525 | ||
Predecessor | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | $ 548 | ||
Commercial mortgage loans, % of total | 100.00% | ||
Commercial mortgage loans, current and past due | $ 0 | ||
Predecessor | Funeral Home | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | $ 22 | ||
Commercial mortgage loans, % of total | 4.00% | ||
Predecessor | Hotel | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | $ 46 | ||
Commercial mortgage loans, % of total | 9.00% | ||
Predecessor | Industrial - General | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | $ 38 | ||
Commercial mortgage loans, % of total | 6.00% | ||
Predecessor | Industrial - Warehouse | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | $ 70 | ||
Commercial mortgage loans, % of total | 13.00% | ||
Predecessor | Multifamily | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | $ 158 | ||
Commercial mortgage loans, % of total | 29.00% | ||
Predecessor | Office | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | $ 214 | ||
Commercial mortgage loans, % of total | 39.00% | ||
Predecessor | 1 to 29 Days Past Due | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans, current and past due | $ 548 | ||
Predecessor | LTV Less Than 50 Percent | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | $ 293 | ||
Commercial mortgage loans, % of total | 54.00% | ||
Predecessor | LTV 50 to 60 Percent | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | $ 243 | ||
Commercial mortgage loans, % of total | 44.00% | ||
Predecessor | LTV 60 to 75 Percent | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | $ 12 | ||
Commercial mortgage loans, % of total | 2.00% | ||
Predecessor | East North Central | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | $ 108 | ||
Commercial mortgage loans, % of total | 20.00% | ||
Predecessor | East South Central | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | $ 20 | ||
Commercial mortgage loans, % of total | 4.00% | ||
Predecessor | Middle Atlantic | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | $ 85 | ||
Commercial mortgage loans, % of total | 15.00% | ||
Predecessor | Mountain | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | $ 67 | ||
Commercial mortgage loans, % of total | 12.00% | ||
Predecessor | New England | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | $ 14 | ||
Commercial mortgage loans, % of total | 3.00% | ||
Predecessor | Pacific | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | $ 135 | ||
Commercial mortgage loans, % of total | 25.00% | ||
Predecessor | South Atlantic | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | $ 65 | ||
Commercial mortgage loans, % of total | 12.00% | ||
Predecessor | West North Central | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | $ 13 | ||
Commercial mortgage loans, % of total | 2.00% | ||
Predecessor | West South Central | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | $ 41 | ||
Commercial mortgage loans, % of total | 7.00% | ||
Predecessor | Greater than 1.25 | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | $ 541 | ||
Predecessor | Greater than 1.25 | LTV Less Than 50 Percent | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | 293 | ||
Predecessor | Greater than 1.25 | LTV 50 to 60 Percent | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | 236 | ||
Predecessor | Greater than 1.25 | LTV 60 to 75 Percent | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | 12 | ||
Predecessor | Greater than 1.00 but less than 1.25 | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | 7 | ||
Predecessor | Greater than 1.00 but less than 1.25 | LTV Less Than 50 Percent | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | 0 | ||
Predecessor | Greater than 1.00 but less than 1.25 | LTV 50 to 60 Percent | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | 7 | ||
Predecessor | Greater than 1.00 but less than 1.25 | LTV 60 to 75 Percent | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | 0 | ||
Predecessor | Less than 1.00 | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | 0 | ||
Predecessor | Less than 1.00 | LTV Less Than 50 Percent | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | 0 | ||
Predecessor | Less than 1.00 | LTV 50 to 60 Percent | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | 0 | ||
Predecessor | Less than 1.00 | LTV 60 to 75 Percent | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | 0 | ||
Predecessor | Ratio Not Available | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | 0 | ||
Predecessor | Ratio Not Available | LTV Less Than 50 Percent | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | 0 | ||
Predecessor | Ratio Not Available | LTV 50 to 60 Percent | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | 0 | ||
Predecessor | Ratio Not Available | LTV 60 to 75 Percent | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | 0 | ||
Predecessor | Fair Value | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | $ 549 | ||
Commercial mortgage loans, % of total | 100.00% | ||
Predecessor | Fair Value | LTV Less Than 50 Percent | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | $ 294 | ||
Commercial mortgage loans, % of total | 54.00% | ||
Predecessor | Fair Value | LTV 50 to 60 Percent | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | $ 243 | ||
Commercial mortgage loans, % of total | 44.00% | ||
Predecessor | Fair Value | LTV 60 to 75 Percent | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | $ 12 | ||
Commercial mortgage loans, % of total | 2.00% | ||
Predecessor | Commercial Portfolio Segment [Member] | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loans | $ 548 | ||
Commercial mortgage loans, % of total | 100.00% | ||
Allowance for loan loss | $ 0 | ||
Loans and Leases Receivable, Net Amount | $ 548 |
Investments - Net Investment I
Investments - Net Investment Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Schedule of Investments [Line Items] | ||||
Gross investment income | $ 298 | $ 571 | ||
Investment expense | (16) | (26) | ||
Net investment income | 282 | 545 | ||
Fixed maturity securities, available-for-sale | ||||
Schedule of Investments [Line Items] | ||||
Gross investment income | 248 | 490 | ||
Equity securities | ||||
Schedule of Investments [Line Items] | ||||
Gross investment income | 26 | 36 | ||
Commercial mortgage loans | ||||
Schedule of Investments [Line Items] | ||||
Gross investment income | 5 | 12 | ||
Invested cash and short-term investments | ||||
Schedule of Investments [Line Items] | ||||
Gross investment income | 4 | 7 | ||
Other investments | ||||
Schedule of Investments [Line Items] | ||||
Gross investment income | $ 15 | $ 26 | ||
Predecessor | ||||
Schedule of Investments [Line Items] | ||||
Gross investment income | $ 263 | $ 516 | ||
Investment expense | (6) | (12) | ||
Net investment income | 257 | 504 | ||
Predecessor | Fixed maturity securities, available-for-sale | ||||
Schedule of Investments [Line Items] | ||||
Gross investment income | 242 | 478 | ||
Predecessor | Equity securities | ||||
Schedule of Investments [Line Items] | ||||
Gross investment income | 11 | 21 | ||
Predecessor | Commercial mortgage loans | ||||
Schedule of Investments [Line Items] | ||||
Gross investment income | 6 | 12 | ||
Predecessor | Invested cash and short-term investments | ||||
Schedule of Investments [Line Items] | ||||
Gross investment income | 2 | 2 | ||
Predecessor | Other investments | ||||
Schedule of Investments [Line Items] | ||||
Gross investment income | $ 2 | $ 3 |
Investments - Net Investment G
Investments - Net Investment Gains (Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Gain (Loss) on Investments [Line Items] | ||||
Net realized losses on fixed maturity available-for-sale securities | $ (23) | $ (8) | $ (60) | $ (25) |
Realized gains on equity securities | (23) | 0 | (29) | 0 |
Change in fair value of other derivatives and embedded derivatives | 0 | 1 | 0 | 2 |
Realized losses on other invested assets | 0 | 1 | (3) | 0 |
Realized gains (losses) on certain derivative instruments | (15) | 73 | (4) | 148 |
Unrealized gains (losses) on certain derivative instruments | 72 | 9 | (63) | 43 |
Derivative, Gain (Loss) on Derivative, Net | (13) | (9) | (34) | (20) |
Change In Fair Value Derivatives, Including Other Derivatives | 44 | 73 | (101) | 171 |
Realized gains (losses) on hedging derivatives and reinsurance-related embedded derivatives | 44 | 74 | (101) | 173 |
Net investment gains (losses) | $ (2) | 67 | (193) | 148 |
Predecessor | ||||
Gain (Loss) on Investments [Line Items] | ||||
Net investment gains (losses) | $ 67 | $ (193) | $ 148 |
Investments - Narrative (Detai
Investments - Narrative (Details) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Dec. 31, 2017USD ($)loan | Jun. 30, 2018USD ($)$ / shares | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($)$ / shares | Jun. 30, 2017USD ($) | Sep. 30, 2017loan | Jun. 30, 2015USD ($) | |
Schedule of Available-for-sale Securities [Line Items] | |||||||
Non-income producing investment fair value | $ 0 | $ 0 | |||||
FHLB collateral pledged | 908 | 908 | |||||
Available for sale depressed securities fair value disclosure | 2 | $ 2 | |||||
Percentage of available for sale depressed securities above amortized cost | 20.00% | ||||||
Other than temporary impairment credit losses recognized in earnings, including credit impairments | 0 | $ 0 | $ (2) | $ (21) | |||
Other than temporary impairment credit losses recognized in earnings, reductions, change in status | 0 | 0 | 0 | 0 | |||
Amortized cost | 21,061 | 21,061 | |||||
Fair Value | 20,326 | 20,326 | |||||
Other than temporary impairment, non-credit losses recognized in OCI | 0 | 0 | 0 | 0 | |||
Realized gains (losses) on other invested assets | 0 | 1 | (3) | 0 | |||
Number of delinquent CMLs | loan | 0 | ||||||
Impaired loans, number | loan | 0 | ||||||
Unrealized Gain (Loss) on Investments | (325) | ||||||
Equity securities | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Unrealized Gain (Loss) on Investments | (20) | (27) | |||||
Residential mortgage-backed securities | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Unrealized losses related to non-credit portion of OTTI included in AOCI | 0 | 0 | |||||
Asset Backed Securities and Corporate Securities [Member] | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Amortized cost | 0 | 13 | 0 | 13 | |||
Fair Value | 0 | 13 | 0 | 13 | |||
Residential mortgage-backed securities | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Amortized cost | 1,356 | 1,356 | |||||
Fair Value | 1,355 | 1,355 | |||||
Available-for-sale Securities | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Assets held by insurance regulators | $ 20,301 | $ 20,266 | 20,266 | ||||
Proceeds from available-for-sale investments, sold, matured or repaid: | $ 4,870 | ||||||
Commercial mortgage loans | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Investments, costs or amortized, percentage of total investments | 2.00% | 2.00% | |||||
Loan to value, threshold | 75.00% | ||||||
Equity securities | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Basic Earnings Per Share | $ / shares | $ (0.09) | $ (0.13) | |||||
Total fixed maturities | Available-for-sale Securities | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Proceeds from available-for-sale investments, sold, matured or repaid: | $ 870 | $ 3,648 | |||||
Gain on sale of investments | 0 | 8 | |||||
Loss on sale of investments | (22) | (65) | |||||
Predecessor | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
FHLB collateral pledged | $ 715 | ||||||
Available for sale depressed securities fair value disclosure | 10 | ||||||
Amortized cost | 22,239 | ||||||
Fair Value | 22,351 | ||||||
Unrealized Gain (Loss) on Investments | 176 | (682) | 314 | ||||
Predecessor | Equity securities | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Amortized cost | 1,392 | ||||||
Fair Value | 1,388 | ||||||
Predecessor | Residential mortgage-backed securities | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Unrealized losses related to non-credit portion of OTTI included in AOCI | 0 | ||||||
Predecessor | Residential mortgage-backed securities | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Amortized cost | 1,279 | ||||||
Fair Value | $ 1,277 | ||||||
Predecessor | Available-for-sale Securities | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Proceeds from available-for-sale investments, sold, matured or repaid: | 1,457 | ||||||
Predecessor | Total fixed maturities | Available-for-sale Securities | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Proceeds from available-for-sale investments, sold, matured or repaid: | 169 | 432 | |||||
Gain on sale of investments | 6 | 14 | |||||
Loss on sale of investments | $ (11) | $ (13) | |||||
Commitment to Invest | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Unfunded investment commitment | 743 | 743 | |||||
Crescent Capital BDC Inc. | Commitment to Invest | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Unfunded investment commitment | $ 75 | ||||||
Other Investments | 42 | 42 | |||||
Golub Capital Partners 10, L.P. [Member] | Commitment to Invest | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Unfunded investment commitment | 218 | 218 | |||||
Other Investments | $ 655 | $ 655 |
Investments Impact of Adoption
Investments Impact of Adoption of New Accounting Pronouncement (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net investment gains (losses) | $ (2) | $ 67 | $ (193) | $ 148 |
Unrealized Gain (Loss) on Investments | (325) | |||
Equity securities | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net investment gains (losses) | (23) | (29) | ||
Gain (Loss) on Sale of Securities, Net | (3) | (2) | ||
Unrealized Gain (Loss) on Investments | $ (20) | $ (27) | ||
Equity securities | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Basic Earnings Per Share | $ (0.09) | $ (0.13) |
Derivative Financial Instrume49
Derivative Financial Instruments - Fair Value of Derivative Instruments (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Derivative [Line Items] | ||
Total asset derivatives | $ 328 | |
Total liability derivatives | 2,515 | |
Call options | Derivative Instruments | ||
Derivative [Line Items] | ||
Total asset derivatives | 294 | |
Futures contracts | Derivative Instruments | ||
Derivative [Line Items] | ||
Total asset derivatives | 1 | |
FSRC derivative contracts | Derivative Instruments | ||
Derivative [Line Items] | ||
Total asset derivatives | 17 | |
Other derivatives and embedded derivatives | Other invested assets | ||
Derivative [Line Items] | ||
Total asset derivatives | 16 | |
FIA embedded derivative | Contractholder funds | ||
Derivative [Line Items] | ||
Total liability derivatives | 2,491 | |
Preferred shares reimbursement feature embedded derivative | Other Liabilities [Member] | ||
Derivative [Line Items] | ||
Total liability derivatives | $ 24 | |
Predecessor | ||
Derivative [Line Items] | ||
Total asset derivatives | $ 509 | |
Total liability derivatives | 2,410 | |
Predecessor | Call options | Derivative Instruments | ||
Derivative [Line Items] | ||
Total asset derivatives | 477 | |
Predecessor | Futures contracts | Derivative Instruments | ||
Derivative [Line Items] | ||
Total asset derivatives | 0 | |
Predecessor | FSRC derivative contracts | Derivative Instruments | ||
Derivative [Line Items] | ||
Total asset derivatives | 15 | |
Predecessor | Other derivatives and embedded derivatives | Other invested assets | ||
Derivative [Line Items] | ||
Total asset derivatives | 17 | |
Predecessor | FIA embedded derivative | Contractholder funds | ||
Derivative [Line Items] | ||
Total liability derivatives | 2,387 | |
Predecessor | Preferred shares reimbursement feature embedded derivative | Other Liabilities [Member] | ||
Derivative [Line Items] | ||
Total liability derivatives | $ 23 |
Derivative Financial Instrume50
Derivative Financial Instruments - Schedule of Change in Fair Value of Derivative Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Derivative [Line Items] | ||||
Change in fair value of reinsurance related embedded derivatives | $ (13) | $ (9) | $ (34) | $ (20) |
Change In Fair Value Of Derivatives | 44 | 74 | (101) | 173 |
Call options | Net investment (losses) gains | ||||
Derivative [Line Items] | ||||
Change in fair value of reinsurance related embedded derivatives | 51 | 81 | (69) | 186 |
Futures contracts | Net investment (losses) gains | ||||
Derivative [Line Items] | ||||
Change in fair value of reinsurance related embedded derivatives | 2 | 0 | 5 | |
FSRC derivative contracts | Net investment (losses) gains | ||||
Derivative [Line Items] | ||||
Change in fair value of reinsurance related embedded derivatives | 4 | 0 | 2 | 0 |
Other derivatives and embedded derivatives | Net investment (losses) gains | ||||
Derivative [Line Items] | ||||
Change in fair value of reinsurance related embedded derivatives | 0 | 1 | 0 | 2 |
Reinsurance related embedded derivative | Net investment (losses) gains | ||||
Derivative [Line Items] | ||||
Change in fair value of reinsurance related embedded derivatives | (13) | (9) | (34) | (20) |
Preferred shares reimbursement feature embedded derivative | Net investment (losses) gains | ||||
Derivative [Line Items] | ||||
Change in fair value of reinsurance related embedded derivatives | 0 | 0 | (1) | 0 |
FIA embedded derivative | ||||
Derivative [Line Items] | ||||
Change in fair value of reinsurance related embedded derivatives | $ 158 | 80 | $ 104 | $ 192 |
Predecessor | Futures contracts | Net investment (losses) gains | ||||
Derivative [Line Items] | ||||
Change in fair value of reinsurance related embedded derivatives | $ 1 |
Derivative Financial Instrume51
Derivative Financial Instruments - FGL's Exposure to Credit Loss on Call Options Held (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Jun. 30, 2018 | Sep. 30, 2017 |
Derivatives, Fair Value [Line Items] | |||
Fair Value | $ 328 | ||
Derivatives For Trading And Investment | Not Designated as Hedging Instrument | Call options | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | $ 10,577 | 11,291 | |
Fair Value | 492 | 311 | |
Collateral | 467 | 255 | |
Net Credit Risk | 25 | 56 | |
Derivatives For Trading And Investment | Not Designated as Hedging Instrument | Call options | Merrill Lynch | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | 2,780 | 3,037 | |
Fair Value | 150 | 80 | |
Collateral | 118 | 38 | |
Net Credit Risk | $ 32 | $ 42 | |
Predecessor | |||
Derivatives, Fair Value [Line Items] | |||
Credit Rating (Fitch/Moody's/S&P) (a) | A/*/A+ | ||
Fair Value | $ 509 | ||
Predecessor | Merrill Lynch | |||
Derivatives, Fair Value [Line Items] | |||
Credit Rating (Fitch/Moody's/S&P) (a) | A+/*/A+ | ||
Predecessor | Deutsche Bank | |||
Derivatives, Fair Value [Line Items] | |||
Credit Rating (Fitch/Moody's/S&P) (a) | A-/A3/A- | A-/A3/BBB+ | |
Notional Amount | $ 1,345 | $ 1,548 | |
Fair Value | 51 | 39 | |
Collateral | 55 | 40 | |
Net Credit Risk | $ (4) | $ (1) | |
Predecessor | Morgan Stanley | |||
Derivatives, Fair Value [Line Items] | |||
Credit Rating (Fitch/Moody's/S&P) (a) | */A1/A+ | */A1/A+ | |
Notional Amount | $ 1,555 | $ 1,666 | |
Fair Value | 92 | 36 | |
Collateral | 101 | 38 | |
Net Credit Risk | $ (9) | $ (2) | |
Predecessor | Barclay's Bank | |||
Derivatives, Fair Value [Line Items] | |||
Credit Rating (Fitch/Moody's/S&P) (a) | A*+/A1/A | A*+/A2/A | |
Notional Amount | $ 2,090 | $ 1,745 | |
Fair Value | 103 | 67 | |
Collateral | 95 | 50 | |
Net Credit Risk | $ 8 | $ 17 | |
Predecessor | Canadian Imperial Bank of Commerce [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Credit Rating (Fitch/Moody's/S&P) (a) | AA-/Aa3/A+ | AA-/Aa3/A+ | |
Notional Amount | $ 2,807 | $ 2,728 | |
Fair Value | 96 | 73 | |
Collateral | 98 | 73 | |
Net Credit Risk | (2) | $ 0 | |
Predecessor | Wells Fargo [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Credit Rating (Fitch/Moody's/S&P) (a) | A+/A2/A- | ||
Notional Amount | $ 567 | ||
Fair Value | 16 | ||
Collateral | 16 | ||
Net Credit Risk | $ 0 | ||
Predecessor | Derivatives For Trading And Investment | Not Designated as Hedging Instrument | Call options | |||
Derivatives, Fair Value [Line Items] | |||
Collateral | $ 467 | ||
Net Credit Risk | $ 25 |
Derivative Financial Instrume52
Derivative Financial Instruments - Narrative (Details) $ in Millions | Nov. 30, 2017shares | Jun. 30, 2018USD ($)contract | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($)contract | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jun. 16, 2014USD ($) |
Derivative [Line Items] | |||||||||
Fair Value | $ 328 | ||||||||
Fair value of assets | $ 1,961 | $ 1,714 | $ 1,785 | ||||||
Other derivatives and embedded derivatives | |||||||||
Derivative [Line Items] | |||||||||
Term of contract, term one | 1 year | ||||||||
Term of contract, term two | 2 years | ||||||||
Term of contract, term three | 3 years | ||||||||
Term of contract, term four | 5 years | ||||||||
Futures contracts | |||||||||
Derivative [Line Items] | |||||||||
Number of instruments held | contract | 1,414,000,000 | ||||||||
Other invested assets | Other derivatives and embedded derivatives | |||||||||
Derivative [Line Items] | |||||||||
Fair Value | $ 16 | ||||||||
Derivatives For Trading And Investment | Not Designated as Hedging Instrument | Call options | |||||||||
Derivative [Line Items] | |||||||||
Fair Value | 311 | 492 | |||||||
Derivative notional amount | 11,291 | 10,577 | |||||||
Collateral posted | 255 | 467 | |||||||
Maximum amount of loss due to credit risk | 56 | 25 | |||||||
Cash and Cash Equivalents | Not Designated as Hedging Instrument | Call options | |||||||||
Derivative [Line Items] | |||||||||
Collateral posted | 217 | ||||||||
Other Investments Asset | Other invested assets | |||||||||
Derivative [Line Items] | |||||||||
Fixed maturities securities, available-for-sale, at fair value | 25 | $ 35 | |||||||
Other Investments Asset | Other invested assets | Other derivatives and embedded derivatives | |||||||||
Derivative [Line Items] | |||||||||
Derivative notional amount | $ 11 | ||||||||
Merrill Lynch [Member] | Derivatives For Trading And Investment | Not Designated as Hedging Instrument | Call options | |||||||||
Derivative [Line Items] | |||||||||
Fair Value | 80 | 150 | |||||||
Derivative notional amount | 3,037 | 2,780 | |||||||
Collateral posted | 38 | 118 | |||||||
Maximum amount of loss due to credit risk | 42 | 32 | |||||||
Predecessor | |||||||||
Derivative [Line Items] | |||||||||
Fair Value | $ 509 | ||||||||
Fair value of assets | $ 1,440 | $ 1,431 | $ 1,427 | ||||||
Predecessor | Futures contracts | |||||||||
Derivative [Line Items] | |||||||||
Number of instruments held | contract | 1,754 | ||||||||
Collateral held | $ 7 | $ 8 | |||||||
Predecessor | Other invested assets | Other derivatives and embedded derivatives | |||||||||
Derivative [Line Items] | |||||||||
Fair Value | 17 | ||||||||
Predecessor | Derivatives For Trading And Investment | Not Designated as Hedging Instrument | Call options | |||||||||
Derivative [Line Items] | |||||||||
Collateral posted | 467 | ||||||||
Maximum amount of loss due to credit risk | $ 25 | ||||||||
Predecessor | Cash and Cash Equivalents | Not Designated as Hedging Instrument | Call options | |||||||||
Derivative [Line Items] | |||||||||
Collateral posted | $ 349 | ||||||||
Preferred Stock | |||||||||
Derivative [Line Items] | |||||||||
Preferred Stock, Call Features, Minimum Term | 5 years | ||||||||
Preferred stock dividend rate | 10.00% | ||||||||
Series A Cumulative Preferred Stock [Member] | Preferred Stock | |||||||||
Derivative [Line Items] | |||||||||
Stock Issued During Period, Shares, New Issues | shares | 275,000 | ||||||||
Series B Cumulative Preferred Stock [Member] | Preferred Stock | |||||||||
Derivative [Line Items] | |||||||||
Stock Issued During Period, Shares, New Issues | shares | 100,000 |
Fair Value of Financial Instr53
Fair Value of Financial Instruments - Assets and Liabilities Carrying at Fair Value Measured on a Recurring Basis (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 01, 2017 | Sep. 30, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | $ 159 | $ 86 | ||||||
Available-for-sale Securities | 20,326 | 20,326 | ||||||
Derivative investments | 312 | 312 | $ 492 | |||||
Total financial assets at fair value | 1,961 | 1,961 | 1,785 | |||||
Funds withheld for reinsurance receivables, at fair value | 769 | 769 | 756 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||||
Level 1 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
FHLB Common Stock, Fair Value | 0 | 0 | ||||||
Cash and cash equivalents | 1,710 | 1,710 | ||||||
Equity securities | 494 | 494 | ||||||
Derivative investments | 1 | 1 | ||||||
Other invested assets | 25 | |||||||
Total financial assets at fair value | 2,649 | 2,649 | ||||||
Commercial mortgage loans | 0 | 0 | ||||||
Policy loans, included in other invested assets | 0 | 0 | ||||||
Funds withheld for reinsurance receivables, at fair value | 0 | 0 | 0 | |||||
Total assets carried on balance sheet at amounts other than fair value | 0 | 0 | ||||||
Liabilities Related to Investment Contracts, Fair Value Disclosure | 0 | 0 | ||||||
Total liabilities carried on balance sheet at amounts other than fair value | 0 | 0 | ||||||
Debt Instrument, Fair Value Disclosure | 0 | 0 | ||||||
Level 2 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
FHLB Common Stock, Fair Value | 49 | 49 | ||||||
Cash and cash equivalents | 0 | 0 | ||||||
Equity securities | 804 | 804 | ||||||
Derivative investments | 311 | 311 | ||||||
Other invested assets | 0 | |||||||
Total financial assets at fair value | 19,858 | 19,858 | ||||||
Commercial mortgage loans | 0 | 0 | ||||||
Policy loans, included in other invested assets | 0 | 0 | ||||||
Funds withheld for reinsurance receivables, at fair value | 0 | 0 | 0 | |||||
Total assets carried on balance sheet at amounts other than fair value | 49 | 49 | ||||||
Liabilities Related to Investment Contracts, Fair Value Disclosure | 0 | 0 | ||||||
Total liabilities carried on balance sheet at amounts other than fair value | 537 | 537 | ||||||
Debt Instrument, Fair Value Disclosure | 537 | 537 | ||||||
Level 3 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
FHLB Common Stock, Fair Value | 0 | 0 | ||||||
Cash and cash equivalents | 0 | 0 | ||||||
Equity securities | 3 | 3 | ||||||
Derivative investments | 0 | 0 | ||||||
Other invested assets | 0 | |||||||
Total financial assets at fair value | 1,961 | 1,961 | ||||||
Commercial mortgage loans | 522 | 522 | ||||||
Policy loans, included in other invested assets | 15 | 15 | ||||||
Funds withheld for reinsurance receivables, at fair value | 17 | 17 | 16 | |||||
Total assets carried on balance sheet at amounts other than fair value | 554 | 554 | ||||||
Liabilities Related to Investment Contracts, Fair Value Disclosure | 17,408 | 17,408 | ||||||
Total liabilities carried on balance sheet at amounts other than fair value | 17,408 | 17,408 | ||||||
Debt Instrument, Fair Value Disclosure | 0 | 0 | ||||||
Fair Value | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
FHLB Common Stock, Fair Value | 49 | 49 | ||||||
Cash and cash equivalents | 1,710 | 1,710 | ||||||
Equity securities | 1,301 | 1,301 | ||||||
Derivative investments | 312 | 312 | ||||||
Other invested assets | 25 | |||||||
Total financial assets at fair value | 24,468 | 24,468 | ||||||
Commercial mortgage loans | 522 | 522 | ||||||
Policy loans, included in other invested assets | 15 | 15 | ||||||
Funds withheld for reinsurance receivables, at fair value | 17 | 17 | 16 | |||||
Total assets carried on balance sheet at amounts other than fair value | 603 | 603 | ||||||
Liabilities Related to Investment Contracts, Fair Value Disclosure | 17,408 | 17,408 | ||||||
Total liabilities carried on balance sheet at amounts other than fair value | 17,945 | 17,945 | ||||||
Debt Instrument, Fair Value Disclosure | 537 | 537 | ||||||
Carrying Value | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
FHLB Common Stock, Fair Value | 49 | 49 | ||||||
Cash and cash equivalents | 1,710 | 1,710 | ||||||
Equity securities | 1,301 | 1,301 | ||||||
Derivative investments | 312 | 312 | ||||||
Other invested assets | 25 | |||||||
Total financial assets at fair value | 24,468 | 24,468 | ||||||
Commercial mortgage loans | 525 | 525 | ||||||
Policy loans, included in other invested assets | 19 | 19 | ||||||
Funds withheld for reinsurance receivables, at fair value | 17 | 17 | 16 | |||||
Total assets carried on balance sheet at amounts other than fair value | 610 | 610 | ||||||
Liabilities Related to Investment Contracts, Fair Value Disclosure | 20,083 | 20,083 | ||||||
Total liabilities carried on balance sheet at amounts other than fair value | 20,623 | 20,623 | ||||||
Debt Instrument, Fair Value Disclosure | 540 | 540 | ||||||
Fixed indexed annuities | Level 1 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 0 | 0 | ||||||
Fixed indexed annuities | Level 2 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 0 | 0 | ||||||
Fixed indexed annuities | Level 3 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 3,252 | 3,252 | ||||||
Fixed indexed annuities | Fair Value | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 3,252 | 3,252 | ||||||
Fixed indexed annuities | Carrying Value | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 3,252 | 3,252 | ||||||
Future Contracts [Member] | Level 1 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 0 | 0 | ||||||
Future Contracts [Member] | Level 2 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 0 | 0 | ||||||
Future Contracts [Member] | Level 3 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 2,491 | 2,491 | ||||||
Future Contracts [Member] | Fair Value | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 2,491 | 2,491 | ||||||
Future Contracts [Member] | Carrying Value | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 2,491 | 2,491 | ||||||
Future Policy Benefits [Member] | Level 1 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 0 | 0 | 0 | |||||
Future Policy Benefits [Member] | Level 2 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 0 | 0 | 0 | |||||
Future Policy Benefits [Member] | Level 3 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 737 | 737 | 728 | |||||
Future Policy Benefits [Member] | Fair Value | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 737 | 737 | 728 | |||||
Future Policy Benefits [Member] | Carrying Value | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 737 | 737 | 728 | |||||
Preferred shares reimbursement feature embedded derivative | Level 1 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 0 | 0 | 0 | |||||
Preferred shares reimbursement feature embedded derivative | Level 2 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 0 | 0 | ||||||
Preferred shares reimbursement feature embedded derivative | Level 3 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 24 | 24 | ||||||
Preferred shares reimbursement feature embedded derivative | Fair Value | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 0 | 1 | ||||||
Available-for-sale Securities | 24 | 24 | $ 24 | 23 | $ 23 | |||
Preferred shares reimbursement feature embedded derivative | Carrying Value | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 24 | 24 | ||||||
Asset-backed securities | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 3,144 | 3,144 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||||
Asset-backed securities | Level 1 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 0 | 0 | ||||||
Asset-backed securities | Level 2 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 2,814 | 2,814 | ||||||
Asset-backed securities | Level 3 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 330 | 330 | ||||||
Asset-backed securities | Fair Value | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 3,144 | 3,144 | ||||||
Asset-backed securities | Carrying Value | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 3,144 | 3,144 | ||||||
Commercial mortgage-backed securities | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 1,241 | 1,241 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||||
Commercial mortgage-backed securities | Level 1 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 0 | 0 | ||||||
Commercial mortgage-backed securities | Level 2 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 1,181 | 1,181 | ||||||
Commercial mortgage-backed securities | Level 3 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 60 | 60 | ||||||
Commercial mortgage-backed securities | Fair Value | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 1,241 | 1,241 | ||||||
Commercial mortgage-backed securities | Carrying Value | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 1,241 | 1,241 | ||||||
Corporates | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 11,840 | 11,840 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||||
Corporates | Level 1 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 0 | 0 | ||||||
Corporates | Level 2 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 10,650 | 10,650 | ||||||
Corporates | Level 3 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 1,190 | 1,190 | ||||||
Corporates | Fair Value | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 11,840 | 11,840 | ||||||
Corporates | Carrying Value | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 11,840 | 11,840 | ||||||
Hybrids | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 917 | 917 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||||
Hybrids | Level 1 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 247 | 247 | ||||||
Hybrids | Level 2 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 660 | 660 | ||||||
Hybrids | Level 3 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 10 | 10 | ||||||
Hybrids | Fair Value | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 917 | 917 | ||||||
Hybrids | Carrying Value | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 917 | 917 | ||||||
Municipals | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||||
Municipals | Level 1 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 0 | 0 | ||||||
Municipals | Level 2 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 1,496 | 1,496 | ||||||
Municipals | Level 3 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 37 | 37 | ||||||
Municipals | Fair Value | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 1,533 | 1,533 | ||||||
Municipals | Carrying Value | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 1,533 | 1,533 | ||||||
Residential mortgage-backed securities | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 1,355 | 1,355 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||||
Residential mortgage-backed securities | Level 1 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 0 | 0 | ||||||
Residential mortgage-backed securities | Level 2 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 1,113 | 1,113 | ||||||
Residential mortgage-backed securities | Level 3 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 242 | 242 | ||||||
Residential mortgage-backed securities | Fair Value | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 1,355 | 1,355 | ||||||
Residential mortgage-backed securities | Carrying Value | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 1,355 | 1,355 | ||||||
U.S. Government | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 140 | 140 | ||||||
U.S. Government | Level 1 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 113 | 113 | ||||||
U.S. Government | Level 2 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 27 | 27 | ||||||
U.S. Government | Level 3 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 0 | 0 | ||||||
U.S. Government | Fair Value | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 140 | 140 | ||||||
U.S. Government | Carrying Value | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 140 | 140 | ||||||
Foreign Government Debt Securities [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | (1) | ||||||
Foreign Government Debt Securities [Member] | Level 1 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 0 | 0 | 0 | |||||
Foreign Government Debt Securities [Member] | Level 2 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 140 | 140 | 180 | |||||
Foreign Government Debt Securities [Member] | Level 3 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 16 | 16 | 17 | |||||
Foreign Government Debt Securities [Member] | Fair Value | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 156 | 156 | 197 | |||||
Foreign Government Debt Securities [Member] | Carrying Value | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 156 | 156 | 197 | |||||
Other invested assets | Level 1 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 0 | 0 | ||||||
Other invested assets | Level 2 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 0 | 0 | ||||||
Other invested assets | Level 3 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 67 | 67 | ||||||
Other invested assets | Fair Value | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 67 | 67 | ||||||
Other invested assets | Carrying Value | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 67 | 67 | ||||||
Reinsurance Receivables, Funds Withheld [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||||
Reinsurance Receivables, Funds Withheld [Member] | Level 1 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 84 | 84 | 88 | |||||
Reinsurance Receivables, Funds Withheld [Member] | Level 2 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 662 | 662 | 648 | |||||
Reinsurance Receivables, Funds Withheld [Member] | Level 3 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 6 | 6 | 4 | |||||
Reinsurance Receivables, Funds Withheld [Member] | Fair Value | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 752 | 752 | 740 | |||||
Reinsurance Receivables, Funds Withheld [Member] | Carrying Value | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | $ 752 | $ 752 | 740 | |||||
Predecessor | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | $ 80 | $ 192 | ||||||
Available-for-sale Securities | 22,351 | |||||||
Derivative investments | 492 | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||||
Predecessor | Level 1 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Cash and cash equivalents | 1,215 | |||||||
Equity securities | 404 | |||||||
Derivative investments | 0 | |||||||
Other invested assets | 0 | |||||||
Total financial assets at fair value | 2,037 | |||||||
Commercial mortgage loans | 0 | |||||||
Policy loans, included in other invested assets | 0 | |||||||
Total assets carried on balance sheet at amounts other than fair value | 0 | |||||||
Liabilities Related to Investment Contracts, Fair Value Disclosure | 0 | |||||||
Total liabilities carried on balance sheet at amounts other than fair value | 0 | |||||||
Debt Instrument, Fair Value Disclosure | 0 | |||||||
Financial Liabilities Fair Value Disclosure | 0 | |||||||
Predecessor | Level 2 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Cash and cash equivalents | 0 | |||||||
Equity securities | 937 | |||||||
Derivative investments | 492 | |||||||
Other invested assets | 0 | |||||||
Total financial assets at fair value | 20,974 | |||||||
Commercial mortgage loans | 0 | |||||||
Policy loans, included in other invested assets | 0 | |||||||
Total assets carried on balance sheet at amounts other than fair value | 0 | |||||||
Liabilities Related to Investment Contracts, Fair Value Disclosure | 0 | |||||||
Total liabilities carried on balance sheet at amounts other than fair value | 307 | |||||||
Debt Instrument, Fair Value Disclosure | 307 | |||||||
Financial Liabilities Fair Value Disclosure | 0 | |||||||
Predecessor | Level 3 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Cash and cash equivalents | 0 | |||||||
Equity securities | 3 | |||||||
Derivative investments | 0 | |||||||
Other invested assets | 17 | |||||||
Total financial assets at fair value | 1,785 | |||||||
Commercial mortgage loans | 549 | |||||||
Policy loans, included in other invested assets | 15 | |||||||
Total assets carried on balance sheet at amounts other than fair value | 580 | |||||||
Liabilities Related to Investment Contracts, Fair Value Disclosure | 16,659 | |||||||
Total liabilities carried on balance sheet at amounts other than fair value | 16,764 | |||||||
Debt Instrument, Fair Value Disclosure | 105 | |||||||
Financial Liabilities Fair Value Disclosure | 3,138 | |||||||
Predecessor | Fair Value | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Cash and cash equivalents | 1,215 | |||||||
Equity securities | 1,344 | |||||||
Derivative investments | 492 | |||||||
Other invested assets | 17 | |||||||
Total financial assets at fair value | 24,796 | |||||||
Commercial mortgage loans | 549 | |||||||
Policy loans, included in other invested assets | 15 | |||||||
Total assets carried on balance sheet at amounts other than fair value | 580 | |||||||
Liabilities Related to Investment Contracts, Fair Value Disclosure | 16,659 | |||||||
Total liabilities carried on balance sheet at amounts other than fair value | 17,071 | |||||||
Debt Instrument, Fair Value Disclosure | 412 | |||||||
Financial Liabilities Fair Value Disclosure | 3,138 | |||||||
Predecessor | Carrying Value | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Cash and cash equivalents | 1,215 | |||||||
Equity securities | 1,344 | |||||||
Derivative investments | 492 | |||||||
Other invested assets | 17 | |||||||
Total financial assets at fair value | 24,796 | |||||||
Commercial mortgage loans | 548 | |||||||
Policy loans, included in other invested assets | 17 | |||||||
Total assets carried on balance sheet at amounts other than fair value | 581 | |||||||
Liabilities Related to Investment Contracts, Fair Value Disclosure | 19,457 | |||||||
Total liabilities carried on balance sheet at amounts other than fair value | 19,869 | |||||||
Debt Instrument, Fair Value Disclosure | 412 | |||||||
Financial Liabilities Fair Value Disclosure | 3,138 | |||||||
Predecessor | Fixed indexed annuities | Level 1 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivative Liability | 0 | |||||||
Predecessor | Fixed indexed annuities | Level 2 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivative Liability | 0 | |||||||
Predecessor | Fixed indexed annuities | Level 3 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivative Liability | 2,387 | |||||||
Predecessor | Fixed indexed annuities | Fair Value | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivative Liability | 2,387 | |||||||
Predecessor | Fixed indexed annuities | Carrying Value | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivative Liability | 2,387 | |||||||
Predecessor | Preferred shares reimbursement feature embedded derivative | Level 2 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | $ 0 | |||||||
Predecessor | Preferred shares reimbursement feature embedded derivative | Level 3 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 23 | |||||||
Predecessor | Preferred shares reimbursement feature embedded derivative | Carrying Value | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | $ 23 | |||||||
Predecessor | Asset-backed securities | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 3,065 | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (1) | (1) | ||||||
Predecessor | Asset-backed securities | Level 1 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 0 | |||||||
Predecessor | Asset-backed securities | Level 2 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 2,653 | |||||||
Predecessor | Asset-backed securities | Level 3 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 412 | |||||||
Predecessor | Asset-backed securities | Fair Value | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 3,065 | |||||||
Predecessor | Asset-backed securities | Carrying Value | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 3,065 | |||||||
Predecessor | Commercial mortgage-backed securities | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 956 | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||||
Predecessor | Commercial mortgage-backed securities | Level 1 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 0 | |||||||
Predecessor | Commercial mortgage-backed securities | Level 2 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 907 | |||||||
Predecessor | Commercial mortgage-backed securities | Level 3 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 49 | |||||||
Predecessor | Commercial mortgage-backed securities | Fair Value | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 956 | |||||||
Predecessor | Commercial mortgage-backed securities | Carrying Value | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 956 | |||||||
Predecessor | Corporates | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 12,570 | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||||
Predecessor | Corporates | Level 1 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 0 | |||||||
Predecessor | Corporates | Level 2 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 11,401 | |||||||
Predecessor | Corporates | Level 3 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 1,169 | |||||||
Predecessor | Corporates | Fair Value | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 12,570 | |||||||
Predecessor | Corporates | Carrying Value | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 12,570 | |||||||
Predecessor | Hybrids | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 1,067 | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||||
Predecessor | Hybrids | Level 1 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 253 | |||||||
Predecessor | Hybrids | Level 2 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 804 | |||||||
Predecessor | Hybrids | Level 3 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 10 | |||||||
Predecessor | Hybrids | Fair Value | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 1,067 | |||||||
Predecessor | Hybrids | Carrying Value | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 1,067 | |||||||
Predecessor | Municipals | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||||
Predecessor | Municipals | Level 1 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 0 | |||||||
Predecessor | Municipals | Level 2 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 1,709 | |||||||
Predecessor | Municipals | Level 3 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 38 | |||||||
Predecessor | Municipals | Fair Value | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 1,747 | |||||||
Predecessor | Municipals | Carrying Value | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 1,747 | |||||||
Predecessor | Residential mortgage-backed securities | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 1,277 | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | ||||||
Predecessor | Residential mortgage-backed securities | Level 1 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 0 | |||||||
Predecessor | Residential mortgage-backed securities | Level 2 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 1,211 | |||||||
Predecessor | Residential mortgage-backed securities | Level 3 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 66 | |||||||
Predecessor | Residential mortgage-backed securities | Fair Value | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 1,277 | |||||||
Predecessor | Residential mortgage-backed securities | Carrying Value | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 1,277 | |||||||
Predecessor | U.S. Government | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 84 | |||||||
Predecessor | U.S. Government | Level 1 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 52 | |||||||
Predecessor | U.S. Government | Level 2 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 32 | |||||||
Predecessor | U.S. Government | Level 3 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 0 | |||||||
Predecessor | U.S. Government | Fair Value | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 84 | |||||||
Predecessor | U.S. Government | Carrying Value | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | 84 | |||||||
Predecessor | Foreign Government Debt Securities [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Available-for-sale Securities | $ 197 | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | $ 0 | $ 0 |
Fair Value of Financial Instr54
Fair Value of Financial Instruments - Schedule of Unobservable Inputs Used for Level Three Fair Value Measurements of Financial Instruments on Recurring Basis (Detail) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2016 |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Assets, fair value | $ 1,961,000,000 | $ 1,785,000,000 | |
Future Policy Benefit | 728,000,000 | ||
Loan Recovery Value | 1,000,000 | ||
Residential Mortage Backed securities | 66,000,000 | ||
Liabilities, fair value | 3,252,000,000 | 3,138,000,000 | |
Market Approach | Asset-backed securities | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Assets, fair value | 324,000,000 | ||
Market Approach | Commercial mortgage-backed securities | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Assets, fair value | 35,000,000 | ||
Market Approach | Corporates | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Assets, fair value | 679,000,000 | ||
Market Approach | Municipals | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Assets, fair value | 37,000,000 | ||
Market Approach | Foreign Government Debt Securities [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Assets, fair value | 16,000,000 | 17,000,000 | |
Market Approach | Residential mortgage-backed securities | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Assets, fair value | 63,000,000 | ||
Third Parties [Member] | Asset-backed securities | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Assets, fair value | 6,000,000 | ||
Income Approach Valuation Technique | Hybrids | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Assets, fair value | $ 10,000,000 | ||
Black Scholes Model [Member] | Other invested assets | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Assets, fair value | $ 17,000,000 | ||
Fair value inputs, black scholes model | 100.00% | 100.00% | |
Matrix Pricing Valuation [Member] | Commercial mortgage-backed securities | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Assets, fair value | $ 25,000,000 | ||
Matrix Pricing Valuation [Member] | Corporates | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Assets, fair value | $ 511,000,000 | ||
Matrix Pricing Valuation [Member] | Hybrids | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Assets, fair value | 10,000,000 | ||
Matrix Pricing Valuation [Member] | Residential mortgage-backed securities | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Assets, fair value | $ 179,000,000 | ||
Matrix Pricing Valuation [Member] | Funds withheld for reinsurance liabilities | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair value inputs, black scholes model | 100.00% | 100.00% | |
Loan Recovery Valuation [Member] | Funds withheld for reinsurance liabilities | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair value inputs, black scholes model | 26.00% | 26.00% | |
Fixed indexed annuities | Income Approach Valuation Technique | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Liabilities, fair value | $ 2,491,000,000 | ||
Preferred shares reimbursement feature embedded derivative | Income Approach Valuation Technique | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Liabilities, fair value | 24,000,000 | $ 23,000,000 | |
Credit Spread | $ 0.0474 | $ 0.0413 | |
Yield Volatility | 20.00% | 20.00% | |
Minimum | Market Approach | Asset-backed securities | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair value inputs, quoted prices | 96.98% | 98.00% | |
Minimum | Market Approach | Commercial mortgage-backed securities | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair value inputs, quoted prices | 80.13% | 99.50% | |
Minimum | Market Approach | Corporates | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair value inputs, quoted prices | 72.06% | 73.55% | |
Minimum | Market Approach | Municipals | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair value inputs, quoted prices | 110.60% | 111.84% | |
Minimum | Market Approach | Foreign Government Debt Securities [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair value inputs, quoted prices | 102.38% | 104.16% | |
Minimum | Market Approach | Residential mortgage-backed securities | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair value inputs, quoted prices | 91.86% | 93.25% | |
Minimum | Third Parties [Member] | Asset-backed securities | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair value inputs, quoted prices | 0.00% | ||
Minimum | Black Scholes Model [Member] | Other invested assets | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair value inputs, black scholes model | 7.00% | ||
Minimum | Matrix Pricing Valuation [Member] | Commercial mortgage-backed securities | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value Inputs Matrix Pricing | 117.80% | ||
Minimum | Matrix Pricing Valuation [Member] | Corporates | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value Inputs Matrix Pricing | 93.94% | 67.72% | |
Minimum | Matrix Pricing Valuation [Member] | Hybrids | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair value inputs, quoted prices | 95.86% | 96.89% | |
Minimum | Matrix Pricing Valuation [Member] | Residential mortgage-backed securities | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair value inputs, quoted prices | 100.00% | ||
Minimum | Fixed indexed annuities | Income Approach Valuation Technique | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair value inputs, market value of option | 0.00% | 0.00% | |
Fair value inputs, swap rates | 2.89% | 2.24% | |
Fair value inputs, mortality multiplier | 80.00% | 80.00% | |
Fair value inputs, surrender rates | 0.50% | 0.50% | |
Fair value inputs, non performance spread | 0.25% | 0.25% | |
Fair Value Inputs Option Cost | 0.10% | 0.06% | |
Minimum | Fixed indexed annuities | Partial Withdrawls [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value Inputs Partial Withdrawals | 1.00% | 2.00% | |
Maximum | Market Approach | Asset-backed securities | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair value inputs, quoted prices | 102.50% | 102.56% | |
Maximum | Market Approach | Commercial mortgage-backed securities | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair value inputs, quoted prices | 104.14% | 122.78% | |
Maximum | Market Approach | Corporates | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair value inputs, quoted prices | 105.50% | 109.63% | |
Maximum | Market Approach | Municipals | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair value inputs, quoted prices | 110.60% | 111.84% | |
Maximum | Market Approach | Foreign Government Debt Securities [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair value inputs, quoted prices | 104.09% | 106.28% | |
Maximum | Market Approach | Residential mortgage-backed securities | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair value inputs, quoted prices | 101.38% | 102.25% | |
Maximum | Third Parties [Member] | Asset-backed securities | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair value inputs, quoted prices | 100.00% | ||
Maximum | Black Scholes Model [Member] | Other invested assets | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair value inputs, black scholes model | 9.00% | ||
Maximum | Matrix Pricing Valuation [Member] | Commercial mortgage-backed securities | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value Inputs Matrix Pricing | 117.80% | ||
Maximum | Matrix Pricing Valuation [Member] | Corporates | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value Inputs Matrix Pricing | 111.19% | 115.03% | |
Maximum | Matrix Pricing Valuation [Member] | Hybrids | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair value inputs, quoted prices | 95.86% | 96.89% | |
Maximum | Matrix Pricing Valuation [Member] | Residential mortgage-backed securities | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair value inputs, quoted prices | 101.71% | ||
Maximum | Fixed indexed annuities | Income Approach Valuation Technique | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair value inputs, market value of option | 31.67% | 29.93% | |
Fair value inputs, swap rates | 2.93% | 2.40% | |
Fair value inputs, mortality multiplier | 80.00% | 80.00% | |
Fair value inputs, surrender rates | 75.00% | 75.00% | |
Fair value inputs, non performance spread | 0.25% | 0.25% | |
Fair Value Inputs Option Cost | 17.33% | 17.33% | |
Maximum | Fixed indexed annuities | Partial Withdrawls [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value Inputs Partial Withdrawals | 2.50% | 3.50% | |
Weighted Average | Market Approach | Asset-backed securities | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair value inputs, quoted prices | 99.70% | 100.27% | |
Weighted Average | Market Approach | Commercial mortgage-backed securities | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair value inputs, quoted prices | 94.04% | 114.09% | |
Weighted Average | Market Approach | Corporates | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair value inputs, quoted prices | 97.79% | 99.77% | |
Weighted Average | Market Approach | Municipals | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair value inputs, quoted prices | 110.60% | 111.84% | |
Weighted Average | Market Approach | Foreign Government Debt Securities [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair value inputs, quoted prices | 102.91% | 104.82% | |
Weighted Average | Market Approach | Residential mortgage-backed securities | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair value inputs, quoted prices | 98.47% | 100.11% | |
Weighted Average | Third Parties [Member] | Asset-backed securities | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair value inputs, quoted prices | 11.64% | ||
Weighted Average | Matrix Pricing Valuation [Member] | Commercial mortgage-backed securities | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value Inputs Matrix Pricing | 117.80% | ||
Weighted Average | Matrix Pricing Valuation [Member] | Corporates | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value Inputs Matrix Pricing | 99.73% | 103.72% | |
Weighted Average | Matrix Pricing Valuation [Member] | Hybrids | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair value inputs, quoted prices | 95.86% | 96.89% | |
Weighted Average | Matrix Pricing Valuation [Member] | Residential mortgage-backed securities | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair value inputs, quoted prices | 101.14% | ||
Weighted Average | Fixed indexed annuities | Income Approach Valuation Technique | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair value inputs, market value of option | 2.61% | 4.11% | |
Fair value inputs, swap rates | 2.90% | 2.31% | |
Fair value inputs, mortality multiplier | 80.00% | 80.00% | |
Fair value inputs, surrender rates | 6.03% | 6.13% | |
Fair value inputs, non performance spread | 0.25% | 0.25% | |
Fair Value Inputs Option Cost | 2.10% | 1.99% | |
Weighted Average | Fixed indexed annuities | Partial Withdrawls [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value Inputs Partial Withdrawals | 2.00% | 2.75% | |
Insurance Subsidiary | Income Approach Valuation Technique | Equity securities | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Assets, fair value | $ 3,000,000 | ||
Loan Participation - RadioShack (RSH) Corporation [Member] | Market Approach | Other invested assets | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value Input Recovery Rate | 6.29% | 5.00% | |
Predecessor | Market Approach | Asset-backed securities | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Assets, fair value | $ 412,000,000 | ||
Predecessor | Market Approach | Commercial mortgage-backed securities | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Assets, fair value | 49,000,000 | ||
Predecessor | Market Approach | Corporates | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Assets, fair value | 763,000,000 | ||
Predecessor | Market Approach | Municipals | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Assets, fair value | 38,000,000 | ||
Predecessor | Market Approach | Other invested assets | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Reinsurance Receivables, Funds Withheld | $ 3,000,000 | ||
Predecessor | Income Approach Valuation Technique | Corporates | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Assets, fair value | 406,000,000 | ||
Predecessor | Fixed indexed annuities | Income Approach Valuation Technique | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Liabilities, fair value | 2,387,000,000 | ||
Predecessor | Insurance Subsidiary | Market Approach | Equity securities | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Assets, fair value | 3,000,000 | ||
Predecessor | Insurance Subsidiary | Market Approach | Other invested assets | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Assets, fair value | $ 17,000,000 | ||
FSRC [Member] | Minimum | Income Approach Valuation Technique | Future Policy Benefits, Nonperformance Risk Spread [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair value inputs, black scholes model | 0.32% | 0.27% | |
FSRC [Member] | Minimum | Income Approach Valuation Technique | Future Policy Benefits [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Risk Margin To Reflect Uncertainty | 0.50% | 0.54% | |
FSRC [Member] | Maximum | Income Approach Valuation Technique | Future Policy Benefits, Nonperformance Risk Spread [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair value inputs, black scholes model | 0.64% | ||
FSRC [Member] | Maximum | Income Approach Valuation Technique | Future Policy Benefits [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Risk Margin To Reflect Uncertainty | 0.62% | ||
FSRC [Member] | Weighted Average | Income Approach Valuation Technique | Future Policy Benefits, Nonperformance Risk Spread [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair value inputs, black scholes model | 0.43% | ||
FSRC [Member] | Weighted Average | Income Approach Valuation Technique | Future Policy Benefits [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Risk Margin To Reflect Uncertainty | 0.54% |
Fair Value of Financial Instr55
Fair Value of Financial Instruments - Changes to Fair Value of Financial Instruments Level 3 (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 01, 2017 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Available-for-sale Securities | $ 20,326 | $ 20,326 | |||||
Assets, Fair Value Disclosure | 1,961 | 1,961 | $ 1,785 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Balance at Beginning of Period | 1,714 | 1,785 | |||||
Assets, Total Gains (Losses) Included in Earnings | 0 | 0 | |||||
Assets, Total Gains (Losses) Included in AOCI | (8) | (32) | |||||
Assets, Purchases | 492 | 622 | |||||
Assets, Sales | 0 | 0 | |||||
Assets, Settlements | (74) | (120) | |||||
Assets, Net transfer In (Out) of Level 3 | (163) | (294) | |||||
Balance at End of Period | 1,961 | 1,961 | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Balance at Beginning of Period | 3,069 | 3,138 | |||||
Liabilities, Total Gains (Losses) Included in Earnings | 159 | 86 | |||||
Liabilities, Total Gains (Losses) Included in AOCI | 0 | 0 | |||||
Liabilities, Purchases | 0 | 0 | |||||
Liabilities, Sales | 0 | 0 | |||||
Liabilities, Settlements | 24 | 28 | |||||
Liabilities, Net transfer In (Out) of Level 3 | 0 | 0 | |||||
Balance at End of Period | 3,252 | 3,252 | |||||
Liabilities, fair value | 3,252 | 3,252 | 3,138 | ||||
FIA embedded derivatives, included in contractholder funds | |||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Balance at Beginning of Period | 2,333 | 2,387 | |||||
Liabilities, Total Gains (Losses) Included in Earnings | 158 | 104 | |||||
Liabilities, Total Gains (Losses) Included in AOCI | 0 | 0 | |||||
Liabilities, Purchases | 0 | 0 | |||||
Liabilities, Sales | 0 | 0 | |||||
Liabilities, Settlements | 0 | 0 | |||||
Liabilities, Net transfer In (Out) of Level 3 | 0 | 0 | |||||
Balance at End of Period | 2,491 | 2,491 | |||||
Future Policy Benefits [Member] | |||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Balance at Beginning of Period | 712 | 728 | |||||
Liabilities, Total Gains (Losses) Included in Earnings | 1 | (19) | |||||
Liabilities, Total Gains (Losses) Included in AOCI | 0 | 0 | |||||
Liabilities, Purchases | 0 | 0 | |||||
Liabilities, Sales | 0 | 0 | |||||
Liabilities, Settlements | 24 | 28 | |||||
Liabilities, Net transfer In (Out) of Level 3 | 0 | 0 | |||||
Balance at End of Period | 737 | 737 | |||||
Asset-backed securities | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Available-for-sale Securities | 3,144 | 3,144 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Balance at Beginning of Period | 301 | 412 | |||||
Assets, Total Gains (Losses) Included in Earnings | 0 | 0 | |||||
Assets, Total Gains (Losses) Included in AOCI | 0 | (2) | |||||
Assets, Purchases | 152 | 180 | |||||
Assets, Sales | 0 | 0 | |||||
Assets, Settlements | (1) | (7) | |||||
Assets, Net transfer In (Out) of Level 3 | (122) | (253) | |||||
Balance at End of Period | 330 | 330 | |||||
Commercial mortgage-backed securities | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Available-for-sale Securities | 1,241 | 1,241 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Balance at Beginning of Period | 42 | 49 | |||||
Assets, Total Gains (Losses) Included in Earnings | 0 | 0 | |||||
Assets, Total Gains (Losses) Included in AOCI | (1) | (2) | |||||
Assets, Purchases | 12 | 12 | |||||
Assets, Sales | 0 | 0 | |||||
Assets, Settlements | 0 | (6) | |||||
Assets, Net transfer In (Out) of Level 3 | 7 | 7 | |||||
Balance at End of Period | 60 | 60 | |||||
Corporates | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Available-for-sale Securities | 11,840 | 11,840 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Balance at Beginning of Period | 1,216 | 1,169 | |||||
Assets, Total Gains (Losses) Included in Earnings | 0 | 0 | |||||
Assets, Total Gains (Losses) Included in AOCI | (8) | (28) | |||||
Assets, Purchases | 99 | 199 | |||||
Assets, Sales | 0 | 0 | |||||
Assets, Settlements | (69) | (102) | |||||
Assets, Net transfer In (Out) of Level 3 | (48) | (48) | |||||
Balance at End of Period | 1,190 | 1,190 | |||||
Hybrids | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Available-for-sale Securities | 917 | 917 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Balance at Beginning of Period | 10 | 10 | |||||
Assets, Total Gains (Losses) Included in Earnings | 0 | 0 | |||||
Assets, Total Gains (Losses) Included in AOCI | 0 | 0 | |||||
Assets, Purchases | 0 | 0 | |||||
Assets, Sales | 0 | 0 | |||||
Assets, Settlements | 0 | 0 | |||||
Assets, Net transfer In (Out) of Level 3 | 0 | 0 | |||||
Balance at End of Period | 10 | 10 | |||||
Foreign Government Debt Securities [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Balance at Beginning of Period | 16 | 17 | |||||
Assets, Total Gains (Losses) Included in Earnings | 0 | (1) | |||||
Assets, Total Gains (Losses) Included in AOCI | 0 | 0 | |||||
Assets, Purchases | 0 | 0 | |||||
Assets, Sales | 0 | 0 | |||||
Assets, Settlements | 0 | 0 | |||||
Assets, Net transfer In (Out) of Level 3 | 0 | 0 | |||||
Balance at End of Period | 16 | 16 | |||||
Municipals | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Balance at Beginning of Period | 37 | 38 | |||||
Assets, Total Gains (Losses) Included in Earnings | 0 | 0 | |||||
Assets, Total Gains (Losses) Included in AOCI | 0 | (1) | |||||
Assets, Purchases | 0 | 0 | |||||
Assets, Sales | 0 | 0 | |||||
Assets, Settlements | 0 | 0 | |||||
Assets, Net transfer In (Out) of Level 3 | 0 | 0 | |||||
Balance at End of Period | 37 | 37 | |||||
Equity securities | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Balance at Beginning of Period | 4 | 3 | |||||
Assets, Total Gains (Losses) Included in Earnings | 0 | 1 | |||||
Assets, Total Gains (Losses) Included in AOCI | (1) | (1) | |||||
Assets, Purchases | 0 | 0 | |||||
Assets, Sales | 0 | 0 | |||||
Assets, Settlements | 0 | 0 | |||||
Assets, Net transfer In (Out) of Level 3 | 0 | 0 | |||||
Balance at End of Period | 3 | 3 | |||||
Available-for-sale embedded derivative | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Balance at Beginning of Period | 17 | 17 | |||||
Assets, Total Gains (Losses) Included in Earnings | 0 | 0 | |||||
Assets, Total Gains (Losses) Included in AOCI | 0 | 0 | |||||
Assets, Purchases | 0 | 0 | |||||
Assets, Sales | 0 | 0 | |||||
Assets, Settlements | 0 | 0 | |||||
Assets, Net transfer In (Out) of Level 3 | 0 | 0 | |||||
Balance at End of Period | 17 | 17 | |||||
Residential mortgage-backed securities | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Available-for-sale Securities | 1,355 | 1,355 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Balance at Beginning of Period | 65 | 66 | |||||
Assets, Total Gains (Losses) Included in Earnings | 0 | 0 | |||||
Assets, Total Gains (Losses) Included in AOCI | 2 | 2 | |||||
Assets, Purchases | 179 | 179 | |||||
Assets, Sales | 0 | 0 | |||||
Assets, Settlements | 4 | 5 | |||||
Assets, Net transfer In (Out) of Level 3 | 0 | 0 | |||||
Balance at End of Period | 242 | 242 | |||||
Reinsurance Receivables, Funds Withheld [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Balance at Beginning of Period | 6 | 4 | |||||
Assets, Total Gains (Losses) Included in Earnings | 0 | 0 | |||||
Assets, Total Gains (Losses) Included in AOCI | 0 | 0 | |||||
Assets, Purchases | 0 | 2 | |||||
Assets, Sales | 0 | 0 | |||||
Assets, Settlements | 0 | 0 | |||||
Assets, Net transfer In (Out) of Level 3 | 0 | 0 | |||||
Balance at End of Period | 6 | 6 | |||||
Market Approach | Asset-backed securities | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Assets, Fair Value Disclosure | 324 | 324 | |||||
Market Approach | Commercial mortgage-backed securities | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Assets, Fair Value Disclosure | 35 | 35 | |||||
Market Approach | Corporates | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Assets, Fair Value Disclosure | 679 | 679 | |||||
Market Approach | Foreign Government Debt Securities [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Assets, Fair Value Disclosure | 16 | 16 | 17 | ||||
Market Approach | Municipals | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Assets, Fair Value Disclosure | 37 | 37 | |||||
Market Approach | Residential mortgage-backed securities | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Assets, Fair Value Disclosure | 63 | 63 | |||||
Third Parties [Member] | Asset-backed securities | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Assets, Fair Value Disclosure | 6 | 6 | |||||
Matrix Pricing Valuation [Member] | Commercial mortgage-backed securities | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Assets, Fair Value Disclosure | 25 | ||||||
Matrix Pricing Valuation [Member] | Corporates | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Assets, Fair Value Disclosure | 511 | 511 | |||||
Matrix Pricing Valuation [Member] | Hybrids | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Assets, Fair Value Disclosure | 10 | 10 | |||||
Matrix Pricing Valuation [Member] | Residential mortgage-backed securities | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Assets, Fair Value Disclosure | 179 | 179 | |||||
Matrix Pricing Valuation [Member] | Reinsurance Receivables, Funds Withheld [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Assets, Fair Value Disclosure | 5 | 5 | |||||
Loan Recovery Valuation [Member] | Reinsurance Receivables, Funds Withheld [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Assets, Fair Value Disclosure | 1 | 1 | |||||
Income Approach Valuation Technique | Hybrids | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Assets, Fair Value Disclosure | 10 | ||||||
Black Scholes Model [Member] | Other invested assets | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Assets, Fair Value Disclosure | 17 | 17 | |||||
Yield Method Valuation Technique [Member] | Other invested assets | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Assets, Fair Value Disclosure | 50 | 50 | |||||
Affiliated Entity | HGI Energy Note [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Balance at Beginning of Period | 0 | 0 | |||||
Assets, Total Gains (Losses) Included in Earnings | 0 | 0 | |||||
Assets, Total Gains (Losses) Included in AOCI | 0 | 0 | |||||
Assets, Purchases | 50 | 50 | |||||
Assets, Sales | 0 | 0 | |||||
Assets, Settlements | 0 | 0 | |||||
Assets, Net transfer In (Out) of Level 3 | 0 | 0 | |||||
Balance at End of Period | 50 | 50 | |||||
Affiliated Entity | Income Approach Valuation Technique | Equity securities | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Assets, Fair Value Disclosure | 3 | 3 | |||||
Fixed indexed annuities | Income Approach Valuation Technique | |||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Liabilities, fair value | 2,491 | 2,491 | |||||
Preferred shares reimbursement feature embedded derivative | Income Approach Valuation Technique | |||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Liabilities, fair value | 24 | 24 | 23 | ||||
Fair Value | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Assets, Fair Value Disclosure | 24,468 | 24,468 | |||||
Fair Value | Asset-backed securities | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Available-for-sale Securities | 3,144 | 3,144 | |||||
Fair Value | Commercial mortgage-backed securities | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Available-for-sale Securities | 1,241 | 1,241 | |||||
Fair Value | Corporates | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Available-for-sale Securities | 11,840 | 11,840 | |||||
Fair Value | Hybrids | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Available-for-sale Securities | 917 | 917 | |||||
Fair Value | Foreign Government Debt Securities [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Available-for-sale Securities | 156 | 156 | 197 | ||||
Fair Value | Municipals | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Available-for-sale Securities | 1,533 | 1,533 | |||||
Fair Value | Other invested assets | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Available-for-sale Securities | 67 | 67 | |||||
Fair Value | Residential mortgage-backed securities | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Available-for-sale Securities | 1,355 | 1,355 | |||||
Fair Value | Reinsurance Receivables, Funds Withheld [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Available-for-sale Securities | 752 | 752 | 740 | ||||
Fair Value | Fixed indexed annuities | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Available-for-sale Securities | 3,252 | 3,252 | |||||
Fair Value | Preferred shares reimbursement feature embedded derivative | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Available-for-sale Securities | 24 | 24 | $ 24 | 23 | $ 23 | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Liabilities, Total Gains (Losses) Included in Earnings | 0 | 1 | |||||
Liabilities, Total Gains (Losses) Included in AOCI | 0 | 0 | |||||
Liabilities, Purchases | 0 | 0 | |||||
Liabilities, Sales | 0 | 0 | |||||
Liabilities, Settlements | 0 | 0 | |||||
Liabilities, Net transfer In (Out) of Level 3 | 0 | 0 | |||||
Predecessor | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Available-for-sale Securities | 22,351 | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Balance at Beginning of Period | $ 1,431 | $ 1,427 | |||||
Assets, Total Gains (Losses) Included in Earnings | 0 | 0 | |||||
Assets, Total Gains (Losses) Included in AOCI | 11 | 20 | |||||
Assets, Purchases | 72 | 131 | |||||
Assets, Sales | 0 | 0 | |||||
Assets, Settlements | (16) | (63) | |||||
Assets, Net transfer In (Out) of Level 3 | (58) | (75) | |||||
Balance at End of Period | 1,440 | 1,440 | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Balance at Beginning of Period | 2,362 | 2,250 | |||||
Liabilities, Total Gains (Losses) Included in Earnings | 80 | 192 | |||||
Liabilities, Total Gains (Losses) Included in AOCI | 0 | 0 | |||||
Liabilities, Purchases | 0 | 0 | |||||
Liabilities, Sales | 0 | 0 | |||||
Liabilities, Settlements | 0 | 0 | |||||
Liabilities, Net transfer In (Out) of Level 3 | 0 | 0 | |||||
Balance at End of Period | 2,442 | 2,442 | |||||
Predecessor | FIA embedded derivatives, included in contractholder funds | |||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Balance at Beginning of Period | 2,362 | 2,250 | |||||
Liabilities, Total Gains (Losses) Included in Earnings | 80 | 192 | |||||
Liabilities, Total Gains (Losses) Included in AOCI | 0 | 0 | |||||
Liabilities, Purchases | 0 | 0 | |||||
Liabilities, Sales | 0 | 0 | |||||
Liabilities, Settlements | 0 | 0 | |||||
Liabilities, Net transfer In (Out) of Level 3 | 0 | 0 | |||||
Balance at End of Period | 2,442 | 2,442 | |||||
Predecessor | Asset-backed securities | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Available-for-sale Securities | 3,065 | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Balance at Beginning of Period | 170 | 197 | |||||
Assets, Total Gains (Losses) Included in Earnings | (1) | (1) | |||||
Assets, Total Gains (Losses) Included in AOCI | 1 | 3 | |||||
Assets, Purchases | 67 | 66 | |||||
Assets, Sales | 0 | 0 | |||||
Assets, Settlements | (8) | (17) | |||||
Assets, Net transfer In (Out) of Level 3 | (25) | (44) | |||||
Balance at End of Period | 204 | 204 | |||||
Predecessor | Commercial mortgage-backed securities | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Available-for-sale Securities | 956 | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Balance at Beginning of Period | 78 | 85 | |||||
Assets, Total Gains (Losses) Included in Earnings | 0 | 0 | |||||
Assets, Total Gains (Losses) Included in AOCI | 1 | 2 | |||||
Assets, Purchases | 0 | 0 | |||||
Assets, Sales | 0 | 0 | |||||
Assets, Settlements | (1) | (1) | |||||
Assets, Net transfer In (Out) of Level 3 | 6 | (2) | |||||
Balance at End of Period | 84 | 84 | |||||
Predecessor | Corporates | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Available-for-sale Securities | 12,570 | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Balance at Beginning of Period | 1,090 | 1,062 | |||||
Assets, Total Gains (Losses) Included in Earnings | 0 | 0 | |||||
Assets, Total Gains (Losses) Included in AOCI | 6 | 11 | |||||
Assets, Purchases | 5 | 65 | |||||
Assets, Sales | 0 | 0 | |||||
Assets, Settlements | (6) | (39) | |||||
Assets, Net transfer In (Out) of Level 3 | (39) | (43) | |||||
Balance at End of Period | 1,056 | 1,056 | |||||
Predecessor | Hybrids | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Available-for-sale Securities | 1,067 | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Balance at Beginning of Period | 10 | 10 | |||||
Assets, Total Gains (Losses) Included in Earnings | 0 | 0 | |||||
Assets, Total Gains (Losses) Included in AOCI | 0 | 0 | |||||
Assets, Purchases | 0 | 0 | |||||
Assets, Sales | 0 | 0 | |||||
Assets, Settlements | 0 | 0 | |||||
Assets, Net transfer In (Out) of Level 3 | 0 | 0 | |||||
Balance at End of Period | 10 | 10 | |||||
Predecessor | Foreign Government Debt Securities [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Available-for-sale Securities | 197 | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Balance at Beginning of Period | 16 | 16 | |||||
Assets, Total Gains (Losses) Included in Earnings | 0 | 0 | |||||
Assets, Total Gains (Losses) Included in AOCI | 1 | 1 | |||||
Assets, Purchases | 0 | 0 | |||||
Assets, Sales | 0 | 0 | |||||
Assets, Settlements | 0 | 0 | |||||
Assets, Net transfer In (Out) of Level 3 | 0 | 0 | |||||
Balance at End of Period | 17 | 17 | |||||
Predecessor | Municipals | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Balance at Beginning of Period | 38 | 37 | |||||
Assets, Total Gains (Losses) Included in Earnings | 0 | 0 | |||||
Assets, Total Gains (Losses) Included in AOCI | 0 | 1 | |||||
Assets, Purchases | 0 | 0 | |||||
Assets, Sales | 0 | 0 | |||||
Assets, Settlements | 0 | 0 | |||||
Assets, Net transfer In (Out) of Level 3 | 0 | 0 | |||||
Balance at End of Period | 38 | 38 | |||||
Predecessor | Equity securities | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Available-for-sale Securities | 1,388 | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Balance at Beginning of Period | 1 | 1 | |||||
Assets, Total Gains (Losses) Included in Earnings | 0 | 0 | |||||
Assets, Total Gains (Losses) Included in AOCI | 0 | 0 | |||||
Assets, Purchases | 0 | 0 | |||||
Assets, Sales | 0 | 0 | |||||
Assets, Settlements | 0 | 0 | |||||
Assets, Net transfer In (Out) of Level 3 | 0 | 0 | |||||
Balance at End of Period | 1 | 1 | |||||
Predecessor | Available-for-sale embedded derivative | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Balance at Beginning of Period | 14 | 13 | |||||
Assets, Total Gains (Losses) Included in Earnings | 1 | 2 | |||||
Assets, Total Gains (Losses) Included in AOCI | 0 | 0 | |||||
Assets, Purchases | 0 | 0 | |||||
Assets, Sales | 0 | 0 | |||||
Assets, Settlements | 0 | 0 | |||||
Assets, Net transfer In (Out) of Level 3 | 0 | 0 | |||||
Balance at End of Period | 15 | 15 | |||||
Predecessor | Loan participations | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Balance at Beginning of Period | 0 | 6 | |||||
Assets, Total Gains (Losses) Included in Earnings | 0 | (1) | |||||
Assets, Total Gains (Losses) Included in AOCI | 1 | 1 | |||||
Assets, Purchases | 0 | 0 | |||||
Assets, Sales | 0 | 0 | |||||
Assets, Settlements | (1) | (6) | |||||
Assets, Net transfer In (Out) of Level 3 | 0 | 0 | |||||
Balance at End of Period | 0 | 0 | |||||
Predecessor | Residential mortgage-backed securities | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Available-for-sale Securities | 1,277 | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Balance at Beginning of Period | 14 | 0 | |||||
Assets, Total Gains (Losses) Included in Earnings | 0 | 0 | |||||
Assets, Total Gains (Losses) Included in AOCI | 1 | 1 | |||||
Assets, Purchases | 0 | 0 | |||||
Assets, Sales | 0 | 0 | |||||
Assets, Settlements | 0 | 0 | |||||
Assets, Net transfer In (Out) of Level 3 | 0 | 14 | |||||
Balance at End of Period | $ 15 | $ 15 | |||||
Predecessor | Market Approach | Asset-backed securities | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Assets, Fair Value Disclosure | 412 | ||||||
Predecessor | Market Approach | Commercial mortgage-backed securities | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Assets, Fair Value Disclosure | 49 | ||||||
Predecessor | Market Approach | Corporates | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Assets, Fair Value Disclosure | 763 | ||||||
Predecessor | Market Approach | Municipals | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Assets, Fair Value Disclosure | 38 | ||||||
Predecessor | Income Approach Valuation Technique | Corporates | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Assets, Fair Value Disclosure | 406 | ||||||
Predecessor | Affiliated Entity | Market Approach | Equity securities | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Assets, Fair Value Disclosure | 3 | ||||||
Predecessor | Affiliated Entity | Market Approach | Other invested assets | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Assets, Fair Value Disclosure | 17 | ||||||
Predecessor | Fixed indexed annuities | Income Approach Valuation Technique | |||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Liabilities, fair value | 2,387 | ||||||
Predecessor | Fair Value | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Assets, Fair Value Disclosure | 24,796 | ||||||
Predecessor | Fair Value | Asset-backed securities | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Available-for-sale Securities | 3,065 | ||||||
Predecessor | Fair Value | Commercial mortgage-backed securities | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Available-for-sale Securities | 956 | ||||||
Predecessor | Fair Value | Corporates | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Available-for-sale Securities | 12,570 | ||||||
Predecessor | Fair Value | Hybrids | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Available-for-sale Securities | 1,067 | ||||||
Predecessor | Fair Value | Municipals | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Available-for-sale Securities | 1,747 | ||||||
Predecessor | Fair Value | Residential mortgage-backed securities | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Available-for-sale Securities | $ 1,277 | ||||||
FSRC [Member] | Income Approach Valuation Technique | Future Policy Benefits [Member] | |||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Liabilities, fair value | $ 737 | $ 737 |
Fair Value of Financial Instr56
Fair Value of Financial Instruments - NAV (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Private Equity Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Carrying value after measurement | $ 218 | |
Equity securities | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Carrying value after measurement | $ 43 | |
Predecessor | Private Equity Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Carrying value after measurement | $ 154 | |
Predecessor | Equity securities | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Carrying value after measurement | $ 44 |
Fair Value of Financial Instr57
Fair Value of Financial Instruments - Narrative (Detail) $ in Millions | Nov. 30, 2017 | Jun. 30, 2018USD ($)$ / Contract | Jun. 30, 2018USD ($)$ / Contract | Dec. 31, 2017USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | $ 159 | $ 86 | ||
Assets, net transfer in (out) of Level 3 | (163) | (294) | ||
Asset-backed securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, net transfer in (out) of Level 3 | $ (122) | $ (253) | ||
Income Approach Valuation Technique | Other invested assets | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative, strike price | $ / Contract | 0 | 0 | ||
Preferred Stock | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Preferred Stock, Call Features, Minimum Term | 5 years | |||
Preferred Stock, Dividend Rate, Percentage, Less Than Par | 90.00% | |||
Available-for-sale Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets held by insurance regulators | $ 20,266 | $ 20,266 | $ 20,301 | |
FSRC [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Undiscounted Cash flows used in fair value measurement | $ 1,086 | $ 1,086 |
Fair Value of Financial Instr58
Fair Value of Financial Instruments - Gross Transfers Into and Out of Certain Fair Value Levels by Asset Class (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value, Assets, Level 1 Or Level 3 To Level 2 Transfers, Amount | 174 | 65 | 305 | 132 |
Fair Value, Assets, Level 2 To Level 1 Or Level 3 Transfers, Amount | 41 | 7 | 56 | 57 |
Fair Value, Assets, Level 1 Or Level 2 To Level 3 Transfers, Amount | 11 | 7 | 11 | 57 |
Fair Value, Assets, Level 3 To Level 1 Or Level 2 Transfers, Amount | 174 | 65 | 305 | 132 |
Fair Value, Assets, Level 2 Or Level 3 From Level 1 Transfers, Amount | 30 | 0 | 45 | 0 |
Asset-backed securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | 0 | 0 | ||
Fair Value, Assets, Level 1 Or Level 3 To Level 2 Transfers, Amount | 122 | 253 | ||
Fair Value, Assets, Level 2 To Level 1 Or Level 3 Transfers, Amount | 0 | 0 | ||
Fair Value, Assets, Level 1 Or Level 2 To Level 3 Transfers, Amount | 0 | 0 | ||
Fair Value, Assets, Level 3 To Level 1 Or Level 2 Transfers, Amount | 122 | 253 | ||
Fair Value, Assets, Level 2 Or Level 3 From Level 1 Transfers, Amount | 0 | 0 | ||
Asset-backed securities | Predecessor | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | 0 | 0 | ||
Fair Value, Assets, Level 1 Or Level 3 To Level 2 Transfers, Amount | 25 | 80 | ||
Fair Value, Assets, Level 2 To Level 1 Or Level 3 Transfers, Amount | 0 | 36 | ||
Fair Value, Assets, Level 1 Or Level 2 To Level 3 Transfers, Amount | 0 | 36 | ||
Fair Value, Assets, Level 3 To Level 1 Or Level 2 Transfers, Amount | 25 | 80 | ||
Fair Value, Assets, Level 2 Or Level 3 From Level 1 Transfers, Amount | 0 | 0 | ||
Commercial mortgage-backed securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | 0 | 0 | ||
Fair Value, Assets, Level 1 Or Level 3 To Level 2 Transfers, Amount | 1 | 1 | ||
Fair Value, Assets, Level 2 To Level 1 Or Level 3 Transfers, Amount | 8 | 8 | ||
Fair Value, Assets, Level 1 Or Level 2 To Level 3 Transfers, Amount | 8 | 8 | ||
Fair Value, Assets, Level 3 To Level 1 Or Level 2 Transfers, Amount | 1 | 1 | ||
Fair Value, Assets, Level 2 Or Level 3 From Level 1 Transfers, Amount | 0 | 0 | ||
Commercial mortgage-backed securities | Predecessor | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | 0 | 0 | ||
Fair Value, Assets, Level 1 Or Level 3 To Level 2 Transfers, Amount | 0 | 8 | ||
Fair Value, Assets, Level 2 To Level 1 Or Level 3 Transfers, Amount | 6 | 6 | ||
Fair Value, Assets, Level 1 Or Level 2 To Level 3 Transfers, Amount | 6 | 6 | ||
Fair Value, Assets, Level 3 To Level 1 Or Level 2 Transfers, Amount | 0 | 8 | ||
Fair Value, Assets, Level 2 Or Level 3 From Level 1 Transfers, Amount | 0 | 0 | ||
Corporates | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | 0 | 0 | ||
Fair Value, Assets, Level 1 Or Level 3 To Level 2 Transfers, Amount | 51 | 51 | ||
Fair Value, Assets, Level 2 To Level 1 Or Level 3 Transfers, Amount | 3 | 3 | ||
Fair Value, Assets, Level 1 Or Level 2 To Level 3 Transfers, Amount | 3 | 3 | ||
Fair Value, Assets, Level 3 To Level 1 Or Level 2 Transfers, Amount | 51 | 51 | ||
Fair Value, Assets, Level 2 Or Level 3 From Level 1 Transfers, Amount | 0 | 0 | ||
Corporates | Predecessor | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | 0 | 0 | ||
Fair Value, Assets, Level 1 Or Level 3 To Level 2 Transfers, Amount | 40 | 44 | ||
Fair Value, Assets, Level 2 To Level 1 Or Level 3 Transfers, Amount | 1 | 1 | ||
Fair Value, Assets, Level 1 Or Level 2 To Level 3 Transfers, Amount | 1 | 1 | ||
Fair Value, Assets, Level 3 To Level 1 Or Level 2 Transfers, Amount | 40 | 44 | ||
Fair Value, Assets, Level 2 Or Level 3 From Level 1 Transfers, Amount | $ 0 | 0 | ||
Hybrids | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | 0 | 0 | ||
Fair Value, Assets, Level 1 Or Level 3 To Level 2 Transfers, Amount | 0 | 0 | ||
Fair Value, Assets, Level 2 To Level 1 Or Level 3 Transfers, Amount | 5 | 20 | ||
Fair Value, Assets, Level 1 Or Level 2 To Level 3 Transfers, Amount | 0 | 0 | ||
Fair Value, Assets, Level 3 To Level 1 Or Level 2 Transfers, Amount | 0 | 0 | ||
Fair Value, Assets, Level 2 Or Level 3 From Level 1 Transfers, Amount | 5 | 20 | ||
Hybrids | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | 0 | 0 | ||
Fair Value, Assets, Level 1 Or Level 3 To Level 2 Transfers, Amount | 0 | 0 | ||
Fair Value, Assets, Level 2 To Level 1 Or Level 3 Transfers, Amount | 25 | 25 | ||
Fair Value, Assets, Level 1 Or Level 2 To Level 3 Transfers, Amount | 0 | 0 | ||
Fair Value, Assets, Level 3 To Level 1 Or Level 2 Transfers, Amount | 0 | 0 | ||
Fair Value, Assets, Level 2 Or Level 3 From Level 1 Transfers, Amount | $ 25 | $ 25 | ||
Residential mortgage-backed securities | Predecessor | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | 0 | |||
Fair Value, Assets, Level 1 Or Level 3 To Level 2 Transfers, Amount | 0 | |||
Fair Value, Assets, Level 2 To Level 1 Or Level 3 Transfers, Amount | 14 | |||
Fair Value, Assets, Level 1 Or Level 2 To Level 3 Transfers, Amount | 14 | |||
Fair Value, Assets, Level 3 To Level 1 Or Level 2 Transfers, Amount | 0 | |||
Fair Value, Assets, Level 2 Or Level 3 From Level 1 Transfers, Amount | $ 0 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Acquired Intangible Assets (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Carrying amount | $ 1,084 | $ 856 |
Intangible Assets - Summary of
Intangible Assets - Summary of Changes in Carrying Amounts of Intangible Assets Including DAC, VOBA , and DSI (Detail) - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Deferred Sales Inducement Cost, Net | $ 70 | $ 97 | $ 10 | $ 86 |
VOBA | ||||
VOBA at beginning of period | 827 | 118 | ||
Deferrals | 0 | 0 | ||
Amortization | 40 | 7 | ||
Interest | 10 | 6 | ||
Unlocking | 1 | (23) | ||
Adjustment for net unrealized investment (gains) losses | 61 | (108) | ||
VOBA at end of period | 859 | 0 | ||
Deferred Sales Inducement Cost, Unrealized Gain (Loss) on Investment | 3 | 0 | ||
Deferred Sales Inducement Cost, Unlocking Adjustment | 0 | (10) | ||
Deferred Sales Inducement Cost, Amortization Expense, Accrued Interest | 0 | 2 | ||
Deferred Sales Inducement Cost, Amortization Expense | (3) | 3 | ||
Deferred Sales Inducement Cost, Addition | 60 | 22 | ||
DAC | ||||
DAC at beginning of period | 155 | 1,000 | 19 | 1,024 |
Deferrals | 134 | 145 | ||
Amortization | 2 | (1) | ||
Interest | 1 | 21 | ||
Unlocking | 0 | (83) | ||
Adjustment for net unrealized investment (gains) losses | 3 | (106) | ||
DAC at end of period | 155 | 1,000 | 19 | 1,024 |
Total | ||||
Total VOBA and DAC at beginning of period | 1,084 | 1,097 | $ 856 | $ 1,228 |
Deferrals | 194 | 167 | ||
Amortization | 45 | 3 | ||
Unlocking | 1 | (116) | ||
Adjustment for net unrealized investment (gains) losses | 67 | (214) | ||
Interest | $ 11 | $ 29 |
Intangible Assets - Narrative (
Intangible Assets - Narrative (Detail) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | $ 476 | $ 476 | |
Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Value of Business Acquired, Assumption, Interest Rate to Calculate Accretion on Intangible Asset | 0.05% | ||
Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Value of Business Acquired, Assumption, Interest Rate to Calculate Accretion on Intangible Asset | 4.01% | ||
Deferred Sales Inducements [Member] [Domain] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Cumulative Adjustments For Net Unrealized Investment Gains | $ (3) | ||
Voba [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Cumulative Adjustments For Net Unrealized Investment Gains | (43) | $ 148 | |
Dac [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Cumulative Adjustments For Net Unrealized Investment Gains | $ (2) | $ 99 |
Intangible Assets - Estimated A
Intangible Assets - Estimated Amortization Expense for VOBA in Future Fiscal Periods (Detail) | Jun. 30, 2018USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,018 | $ 31 |
2,019 | 76 |
2,020 | 85 |
2,021 | 81 |
2,022 | 73 |
Thereafter | $ 468 |
Debt - Narrative (Detail)
Debt - Narrative (Detail) - USD ($) | Apr. 20, 2018 | Jun. 30, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | Mar. 31, 2013 |
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 550,000,000 | $ 550,000,000 | ||||
Gain on Extinguishment of Debt | 2,000,000 | 2,000,000 | $ 0 | |||
Revolving credit facility | 0 | 0 | $ 105,000,000 | |||
Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Revolving credit facility | $ 135,000,000 | $ 0 | $ 0 | |||
Interest rate if revolver drawn | 0.00% | 0.00% | 4.17% | |||
Remaining borrowing capacity | $ 250,000,000 | $ 250,000,000 | ||||
Predecessor | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt | $ 307,000,000 | |||||
Predecessor | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Revolving credit facility | 105,000,000 | |||||
Remaining borrowing capacity | $ 145,000,000 | |||||
Senior Notes [Member] | Six Point Three Seven Five Percent Senior Notes, Due April 1, 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt | $ 300,000,000 | |||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 6.375% | |||||
Gain on Extinguishment of Debt | 2,000,000 | |||||
Senior Notes [Member] | Five Point Five Percent Senior Notes, Due 2025 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | 550,000,000 | |||||
Long-term Debt | $ 547,000,000 | |||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 5.50% | |||||
Debt Instrument, Unamortized Discount Rate | 99.50% | |||||
Debt Issuance Costs, Net | $ 7,000,000 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Apr. 20, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 550 | $ 550 | ||||
Revolving credit facility | 0 | 0 | $ 105 | |||
Interest expense excluding amortization | 8 | 13 | ||||
Amortization of debt issuance costs | 0 | 0 | ||||
Gain on Extinguishment of Debt | (2) | (2) | $ 0 | |||
Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Revolving credit facility | 0 | 0 | $ 135 | |||
Interest expense excluding amortization | 1 | 2 | ||||
Amortization of debt issuance costs | $ 0 | $ 0 | ||||
Predecessor | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt | 307 | |||||
Interest expense excluding amortization | $ 5 | 9 | ||||
Amortization of debt issuance costs | 0 | 0 | ||||
Predecessor | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Revolving credit facility | $ 105 | |||||
Interest expense excluding amortization | 1 | 2 | ||||
Amortization of debt issuance costs | $ 0 | $ 1 |
Equity - Schedule of Dividends
Equity - Schedule of Dividends (Details) - USD ($) $ / shares in Units, $ in Millions | Jun. 05, 2017 | May 01, 2017 | Mar. 06, 2017 | Feb. 02, 2017 | Jun. 30, 2018 | Dec. 31, 2017 | May 22, 2017 | Feb. 21, 2017 |
Accelerated Share Repurchases [Line Items] | ||||||||
Common stock, shares outstanding (in shares) | 214,370,000 | 214,370,000 | 58,315,000 | 58,308,000 | ||||
Cash dividend per common share (in dollars per share) | $ 0.065 | $ 0.065 | ||||||
Total cash paid | $ 4 | $ 4 |
Equity - Schedule of Dividend66
Equity - Schedule of Dividends Declared (Details) - Preferred Stock shares in Thousands, $ in Thousands | Jul. 01, 2018USD ($)shares | Jun. 15, 2018shares | Apr. 01, 2018USD ($)shares | Mar. 15, 2018shares |
Series A Cumulative Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Number of Shareholders | 282 | 277 | ||
Total cash paid | $ | $ 0 | $ 0 | ||
Total shares paid in kind (in thousands) | 5 | 5 | ||
Series B Cumulative Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Number of Shareholders | 102 | 101 | ||
Total cash paid | $ | $ 0 | $ 0 | ||
Total shares paid in kind (in thousands) | 2 | 1 |
Stock Compensation - Narrative
Stock Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | Jun. 30, 2018 | May 22, 2018 | May 15, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Aug. 08, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,171,000 | 1,171,000 | ||||
2017 Stock Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares authorized for grant (in shares) | 15,006,000 | |||||
FGL Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 13,835,000 | |||||
Equity Option [Member] | FGL Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Options Fair Value At Grant Date | $ 29 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 0 | $ 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 7 years | |||||
Restricted Stock Units (RSUs) [Member] | FGL Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 10.01 | $ 10.01 | $ 0 | |||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Options Fair Value At Grant Date | $ 1 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 112,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 10.01 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 112,000 | 112,000 | 0 | |||
Phantom Share Units (PSUs) [Member] | Management Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 8.96 | $ 8.96 | $ 0 | |||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Options Fair Value At Grant Date | $ 3 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 367,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 8.96 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 367,000 | 367,000 | 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Share-based Liabilities | $ 0 | $ 0 | ||||
Officer [Member] | Equity Option [Member] | FGL Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 13,835,000 | |||||
Director [Member] | Restricted Stock Units (RSUs) [Member] | FGL Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 112,000 | |||||
Management [Member] | Phantom Share Units (PSUs) [Member] | Management Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 367,000 | |||||
FGL Holdings [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share Price | $ 8.39 | $ 8.39 |
Stock Compensation - Schedule o
Stock Compensation - Schedule of Stock Based Compensation Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2018 | Jun. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Related tax benefit | $ 0 | $ 0 |
Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock compensation expense | 1 | 1 |
Phantom Share Units (PSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock compensation expense | 1 | 1 |
Management Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock compensation expense | 0 | 0 |
Management Incentive Plan [Member] | Phantom Share Units (PSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock compensation expense | 0 | 0 |
FGL Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock compensation expense | 1 | 1 |
FGL Incentive Plan [Member] | Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock compensation expense | 1 | 1 |
FGL Incentive Plan [Member] | Restricted shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock compensation expense | $ 0 | $ 0 |
Stock Compensation - Summary of
Stock Compensation - Summary of Unrecognized Stock Compensation Expense (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Expense | $ 32 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 4 years |
FGL Incentive Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Expense | $ 29 |
FGL Incentive Plan [Member] | Stock options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Expense | $ 28 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 4 years |
FGL Incentive Plan [Member] | Restricted shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Expense | $ 1 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year |
Management Incentive Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Expense | $ 3 |
Management Incentive Plan [Member] | Phantom Share Units (PSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Expense | $ 3 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years |
Stock Compensation - Summary 70
Stock Compensation - Summary of Stock Options Outstanding and Related Activity (Details) - $ / shares shares in Thousands | May 15, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
FGL Incentive Plan [Member] | |||
Options (in shares): | |||
Stock options outstanding at beginning of period (in shares) | 0 | ||
Granted (in shares) | 13,835 | ||
Exercised (in shares) | 0 | ||
Forfeited or expired (in shares) | 0 | ||
Stock options outstanding at end (in shares) | 13,835 | ||
Vested and exercisable at end of period (in shares) | 0 | ||
Vested or projected to vest (in shares) | 13,835 | ||
Weighted Average Exercise Price (in dollars per share): | |||
Stock options outstanding at beginning of period (USD per share) | $ 0 | ||
Granted (USD per share) | 10 | ||
Exercised (USD per share) | 0 | ||
Forfeited or expired (USD per share) | 0 | ||
Stock options outstanding at end of period (USD per share) | 10 | ||
Vested and exercisable at end of period (USD per share) | 0 | ||
Vested and projected to vest (in dollars per share) | $ 10 | ||
Equity Option [Member] | Officer [Member] | FGL Incentive Plan [Member] | |||
Options (in shares): | |||
Granted (in shares) | 13,835 | ||
Restricted Stock Units (RSUs) [Member] | FGL Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 112 | 0 | |
Weighted Average Exercise Price (in dollars per share): | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 10.01 | $ 0 | |
Granted (in shares) | 112 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 10.01 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 0 | ||
Phantom Share Units (PSUs) [Member] | Management Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 367 | 0 | |
Weighted Average Exercise Price (in dollars per share): | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 8.96 | $ 0 | |
Granted (in shares) | 367 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 8.96 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 0 | ||
Service Vesting Mechanism [Member] | Equity Option [Member] | FGL Incentive Plan [Member] | |||
Options (in shares): | |||
Granted (in shares) | 3,937 | ||
Weighted Average Exercise Price (in dollars per share): | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0 | ||
Service and Return on Equity Performance Vesting Mechanism [Member] | Equity Option [Member] | FGL Incentive Plan [Member] | |||
Options (in shares): | |||
Granted (in shares) | 4,949 | ||
Weighted Average Exercise Price (in dollars per share): | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0 | ||
Service and Stock Price Performance Vesting Mechanism [Member] | Equity Option [Member] | FGL Incentive Plan [Member] | |||
Options (in shares): | |||
Granted (in shares) | 4,949 | ||
Weighted Average Exercise Price (in dollars per share): | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0 |
Stock Compensation - Assumption
Stock Compensation - Assumptions Used in Determination of Grant Date Fair Values Using Black-Scholes Option Pricing Model (Details) - Equity Option [Member] - FGL Incentive Plan [Member] $ / shares in Thousands | May 15, 2018$ / shares |
Service Vesting Mechanism [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted (USD per share) | $ 0 |
Risk-free interest rate | 0.00% |
Assumed dividend yield | 0.00% |
Expected option term | 5 years 6 months |
Volatility | 0.00% |
Service and Return on Equity Performance Vesting Mechanism [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted (USD per share) | $ 0 |
Risk-free interest rate | 0.00% |
Assumed dividend yield | 0.00% |
Expected option term | 6 years |
Volatility | 0.00% |
Service and Stock Price Performance Vesting Mechanism [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted (USD per share) | $ 0 |
Risk-free interest rate | 0.00% |
Assumed dividend yield | 0.00% |
share-based compensation arrangement by share-based payment award, fair value assumptions, contractual term | 7 years |
Volatility | 0.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Cost of Equity | 10.50% |
Stock Compensation - Summary 72
Stock Compensation - Summary of Restricted Stock and Restricted Stock Units Outstanding and Related Activity (Details) - FGL Incentive Plan [Member] - Restricted shares shares in Thousands | 6 Months Ended |
Jun. 30, 2018$ / sharesshares | |
Shares: | |
Restricted shares outstanding at beginning of period (in shares) | shares | 0 |
Granted (in shares) | shares | 112 |
Vested (in shares) | shares | 0 |
Restricted shares outstanding at end of period (in shares) | shares | 112 |
Weighted Average Grant Date Fair Value (in dollars per share): | |
Average grant date fair value outstanding at beginning of period (USD per share) | $ / shares | $ 0 |
Average grant date fair value, Granted (USD per share) | $ / shares | 10.01 |
Average grant date fair value, Exercised (USD per share) | $ / shares | $ 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | shares | 0 |
Average grant date fair value, Forfeited or Expired (USD per share) | $ / shares | $ 0 |
Average grant date fair value outstanding at end of period (USD per share) | $ / shares | $ 10.01 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Tax Credit Carryforward [Line Items] | ||||
Federal tax rates | 35.00% | 21.00% | ||
Effective tax rate | 26.00% | 36.00% | ||
Valuation allowance | $ 83,000,000 | $ 83,000,000 | ||
Deferred Tax Assets, Gross | $ 369,000,000 | $ 369,000,000 | ||
Predecessor | ||||
Tax Credit Carryforward [Line Items] | ||||
Effective tax rate | 33.00% | 35.00% |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Investment Commitments (Details) - Commitment to Invest $ in Millions | Jun. 30, 2018USD ($) |
Other Commitments [Line Items] | |
Unfunded investment commitment | $ 743 |
Other invested assets | |
Other Commitments [Line Items] | |
Unfunded investment commitment | 655 |
Equity securities | |
Other Commitments [Line Items] | |
Unfunded investment commitment | 33 |
Fixed maturity securities, available-for-sale | |
Other Commitments [Line Items] | |
Unfunded investment commitment | 45 |
Other assets | |
Other Commitments [Line Items] | |
Unfunded investment commitment | $ 10 |
Commitments and Contingencies75
Commitments and Contingencies - Narrative (Details) | Jun. 30, 2018USD ($) |
Loss Contingencies [Line Items] | |
Accrued amount of guaranty fund assessments | $ 2 |
Estimated future premium tax deductions | $ 2 |
Reinsurance - Effect of Reinsur
Reinsurance - Effect of Reinsurance on Premiums Earned, Benefits Incurred and Reserve Changes (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Benefits and Other Changes in Insurance Policy Reserves: | ||||
Net | $ 249 | |||
Traditional life insurance premiums | ||||
Premiums and other considerations: | ||||
Direct | 58 | $ 118 | ||
Assumed | 0 | 0 | ||
Ceded | (43) | (85) | ||
Net | 15 | 33 | ||
Benefits and Other Changes in Insurance Policy Reserves: | ||||
Direct | 308 | 370 | ||
Assumed | (5) | (26) | ||
Ceded | (54) | (113) | ||
Net | $ 249 | 231 | ||
Predecessor | ||||
Benefits and Other Changes in Insurance Policy Reserves: | ||||
Net | $ 235 | $ 231 | $ 503 | |
Predecessor | Traditional life insurance premiums | ||||
Premiums and other considerations: | ||||
Direct | 59 | 118 | ||
Assumed | 0 | 0 | ||
Ceded | (47) | (103) | ||
Net | 12 | 15 | ||
Benefits and Other Changes in Insurance Policy Reserves: | ||||
Direct | 296 | 639 | ||
Assumed | 0 | 0 | ||
Ceded | (61) | (136) | ||
Net | $ 235 | $ 503 |
Reinsurance - Narrative (Detail
Reinsurance - Narrative (Details) | Jan. 02, 2017 | Jun. 30, 2018USD ($)$ / shares | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($)policy$ / shares | Jun. 30, 2017USD ($) | Dec. 31, 2017USD ($) |
Ceded Credit Risk [Line Items] | ||||||
Reinsurance, Loss on Uncollectible Accounts in Period, Amount | $ 0 | $ 0 | $ 0 | $ 0 | ||
Reinsurance Risk Charge Fee | 0 | $ 0 | ||||
Number of policies reinsured by foreign company not engaged in insurance | policy | 0 | |||||
Funds withheld for reinsurance receivables, at fair value | 769,000,000 | $ 769,000,000 | $ 756,000,000 | |||
Life and Annuity Insurance Product Line | ||||||
Ceded Credit Risk [Line Items] | ||||||
Ceded | 0 | $ 0 | 0 | $ 0 | ||
Reinsured risk | 70.00% | |||||
Total funds withheld for receivables with third parties | ||||||
Ceded Credit Risk [Line Items] | ||||||
Funds withheld for reinsurance receivables, at fair value | 737,000,000 | 737,000,000 | ||||
FSRC [Member] | ||||||
Ceded Credit Risk [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | $ 1,000,000 | $ (2,000,000) | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Basic Earnings Per Share | $ / shares | $ 0 | $ (0.01) |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2017USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | |
Related Party Transaction [Line Items] | |||||
Related Party Transactions, Gain (Loss) | $ 0 | $ 0 | $ 2 | ||
Payments for Merger Related Costs | $ 23,000,000 | ||||
Management Fee Forgone | 0.00% | ||||
Management Fee Forgone, Period | 13 years | ||||
Management Fee Payable | $ 9,000,000 | $ 9,000,000 | |||
Related Party Transaction, Asset Carrying Value | $ 188,000,000 | 298,000,000 | 298,000,000 | ||
Subsidiary of Common Parent [Member] | Predecessor | |||||
Related Party Transaction [Line Items] | |||||
Related Party Transaction, Premiums Earned, Net, with Related Party | 0 | 0 | 1,000,000 | ||
Benefits and other changes in policy reserves | $ 11,000,000 | 0 | $ 25,000,000 | ||
Commitment to Invest | |||||
Related Party Transaction [Line Items] | |||||
Unfunded investment commitment | $ 743,000,000 | $ 743,000,000 | |||
Commitment to Invest | Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
Other Commitment, Number of Commitments | 8 | 8 | |||
Unfunded investment commitment | $ 0 | $ 0 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Basic and Diluted EPS (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Net Income | $ 20 | $ 72 | $ 54 | |
Less preferred stock dividend | 7 | 0 | ||
Net Income (Loss) from Continuing Operations Available to Common Shareholders, Basic | $ 13 | $ 58 | $ 54 | |
Weighted-average common shares outstanding - basic (in shares) | 214,370,000 | 214,370,000 | 58,331,000 | |
Dilutive effect of unvested restricted stock and unvested performance restricted stock (in shares) | 9,000 | 6,000 | 29,000 | |
Dilutive effect of stock options (in shares) | 0 | 0 | 54,000 | |
Weighted-average shares outstanding - diluted (in shares) | 214,379,114 | 214,376,000 | 58,414,000 | |
Net income per common share: | ||||
Basic (in USD per share) | $ 0.06 | |||
Diluted (in USD per share) | $ 0.06 | |||
Common Stock Warrants Outstanding | 1,000,000 | 1,000,000 | ||
Preferred Stock | ||||
Net income per common share: | ||||
Antidilutive securities excluded from computation of EPS, less than, amount (shares) | 384,000 | |||
Predecessor | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Net Income | $ 32 | $ 72 | $ 54 | |
Less preferred stock dividend | 0 | $ 14 | $ 0 | |
Net Income (Loss) from Continuing Operations Available to Common Shareholders, Basic | $ 32 | |||
Weighted-average common shares outstanding - basic (in shares) | 58,335,216 | 214,370,000 | 58,330,848 | |
Dilutive effect of unvested restricted stock and unvested performance restricted stock (in shares) | 37,000 | |||
Dilutive effect of stock options (in shares) | 73,000 | |||
Weighted-average shares outstanding - diluted (in shares) | 58,444,618 | 214,376,439 | 58,413,852 | |
Net income per common share: | ||||
Basic (in USD per share) | $ 0.54 | $ 0.27 | $ 0.92 | |
Diluted (in USD per share) | $ 0.54 | $ 0.27 | $ 0.92 | |
Predecessor | Stock Option Awards | ||||
Net income per common share: | ||||
Antidilutive securities excluded from computation of EPS, less than, amount (shares) | 680,000 | 0 | 292,000 | 1,000 |
Insurance Subsidiary Financia80
Insurance Subsidiary Financial Information and Regulatory Matters - Narrative (Details) - USD ($) $ in Millions | Jun. 28, 2018 | May 14, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Statutory Accounting Practices [Line Items] | ||||
Change in statutory capital surplus | $ 110 | |||
Non-permitted statutory accounting practices | (11) | |||
Statutory capital and surplus | 103 | |||
Increase (decrease) in statutory capital surplus | (30) | |||
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries | $ 27 | |||
IOWA | ||||
Statutory Accounting Practices [Line Items] | ||||
Change in statutory capital surplus | $ 4 | |||
Predecessor | ||||
Statutory Accounting Practices [Line Items] | ||||
Change in statutory capital surplus | $ 110 | |||
Non-permitted statutory accounting practices | (18) | |||
Statutory capital and surplus | 97 | |||
Increase (decrease) in statutory capital surplus | 54 | |||
Predecessor | IOWA | ||||
Statutory Accounting Practices [Line Items] | ||||
Change in statutory capital surplus | $ 5 | |||
F&G Life Re Ltd [Member] | ||||
Statutory Accounting Practices [Line Items] | ||||
Notes Issued | $ 65 | |||
FGLH [Member] | ||||
Statutory Accounting Practices [Line Items] | ||||
Proceeds from Contributions from Parent | 65 | |||
FGL Insurance [Member] | ||||
Statutory Accounting Practices [Line Items] | ||||
Proceeds from Contributions from Parent | $ 125 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Jun. 30, 2018 | Apr. 20, 2018 | Dec. 31, 2017 | Mar. 31, 2013 |
Subsequent Event [Line Items] | ||||
Revolving credit facility | $ 0 | $ 105,000,000 | ||
Senior Notes [Member] | Six Point Three Seven Five Percent Senior Notes, Due April 1, 2021 [Member] | ||||
Subsequent Event [Line Items] | ||||
Long-term Debt | $ 300,000,000 | |||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 6.375% | |||
Revolving Credit Facility | ||||
Subsequent Event [Line Items] | ||||
Revolving credit facility | $ 0 | $ 135,000,000 |