Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2019 | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | TALCOTT RESOLUTION LIFE INSURANCE COMPANY |
Entity Central Index Key | 0000045947 |
Document Type | POS AM |
Amendment Flag | false |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
Entity Small Business | false |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
May 31, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | |
Revenues | ||||
Fee income and other | $ 381 | $ 502 | $ 821 | $ 906 |
Earned premiums | 42 | 31 | 42 | 105 |
Net investment income (loss): | ||||
Net Investment Income | 520 | 509 | 924 | 1,281 |
Net realized capital gains (losses): | ||||
Total other-than-temporary impairment (“OTTI”) losses | 0 | (8) | (4) | (16) |
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Portion in Other Comprehensive Loss, before Tax, Including Portion Attributable to Noncontrolling Interest | 0 | 1 | 0 | 2 |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Available-for-sale Securities | 0 | (7) | (4) | (14) |
Other net realized capital gains (losses) | (107) | 149 | (271) | (46) |
Realized Investment Gains (Losses) | (107) | 142 | (275) | (60) |
Recognition of Deferred Revenue | 0 | 38 | 59 | 0 |
Total revenues | 836 | 1,222 | 1,571 | 2,232 |
Benefits, losses and expenses | ||||
Benefits, losses and loss adjustment expenses | 534 | 415 | 760 | 1,406 |
Amortization of deferred policy acquisition costs (DAC) and value of business acquired (VOBA) | (16) | (98) | (25) | (48) |
Insurance operating costs and other expenses | (183) | (235) | (423) | (400) |
Amortization of Intangible Assets | 0 | 4 | 5 | 0 |
Dividends to policyholders | 2 | 2 | 5 | 2 |
Total benefits, losses and expenses | 735 | 754 | 1,168 | 1,856 |
Income before income taxes | 101 | 468 | 403 | 376 |
Income Tax Expense (Benefit) | 7 | 59 | 44 | 422 |
Net Income (Loss) Attributable to Parent | $ 94 | $ 409 | $ 359 | $ (46) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
May 31, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | |
Net Income (Loss) Attributable to Parent | $ 94 | $ 409 | $ 359 | $ (46) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (447) | (171) | 888 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (353) | 238 | 1,247 | 255 |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (430) | (173) | 890 | 329 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (18) | 0 | 0 | (28) |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 1 | 2 | (2) | 0 |
AOCI Attributable to Parent [Member] | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | $ (447) | $ (171) | $ 888 | $ 301 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Investments: | ||
Fixed maturities, available-for-sale, at fair value (amortized cost: December 31, 2018 Successor Company - $14,035; December 31, 2017 Predecessor Company - $20,914) | $ 13,988 | $ 13,839 |
Fair Value, Option, Fixed Maturity Securities | 6 | 12 |
Marketable Securities | 45 | 116 |
Mortgage loans (net of valuation allowances: December 31, 2018 Successor Company - $5; December 31, 2017 Predecessor Company - $0) | 2,241 | 2,100 |
Policy loans, at outstanding balance | 1,467 | 1,441 |
Alternative Investment | 939 | 894 |
Other investments | 34 | 201 |
Short-term investments | 550 | 844 |
Total investments | 19,270 | 19,447 |
Cash | 128 | 221 |
Premiums receivable and agents’ balances, net | 12 | 12 |
Reinsurance recoverables | 28,824 | 29,564 |
Deferred income taxes, net | 681 | 969 |
Intangible Assets, Net (Excluding Goodwill) | 46 | 51 |
Other Assets | 481 | 352 |
Separate Account Assets | 104,575 | 98,814 |
Total assets | 154,713 | 150,146 |
Liabilities | ||
Reserve for future policy benefits | 18,465 | 18,323 |
Other policyholder funds and benefits payable | 27,161 | 28,584 |
Other Liabilities | 1,960 | 2,420 |
Separate account liabilities | 104,575 | 98,814 |
Total liabilities | 152,161 | 148,141 |
Commitments and Contingencies | ||
Stockholder’s Equity | ||
Common stock—1,000 shares authorized, issued and outstanding, par value $5,690 | 6 | 6 |
Additional paid-in capital | 1,761 | 1,761 |
Accumulated other comprehensive (loss) income, net of tax | 717 | (171) |
Retained earnings | 68 | 409 |
Stockholders' Equity Attributable to Parent | 2,552 | 2,005 |
Total liabilities and stockholder’s equity | $ 154,713 | $ 150,146 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale, Amortized Cost | $ 13,020 | $ 14,035 |
Common Stock, Shares Authorized | 1,000 | 1,000 |
Common Stock, Shares, Issued | 1,000 | 1,000 |
Common Stock, Shares, Outstanding | 1,000 | 1,000 |
Common Stock, Par or Stated Value Per Share | $ 5,690 | $ 5,690 |
Commercial Loan [Member] | ||
Allowance for Loan and Lease Losses, Real Estate | $ 0 | $ 5 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] |
Stockholders' Equity Attributable to Parent | $ 7,821 | $ 6 | $ 4,935 | $ 722 | $ 2,158 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 301 | ||||
Adjustments to Additional Paid in Capital, Dividends in Excess of Retained Earnings | (1,396) | (1,396) | |||
Net Income (Loss) Attributable to Parent | (46) | (46) | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | 182 | (182) | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | 1,205 | 1,930 | |||
Stockholders' Equity Attributable to Parent | 6,680 | 6 | 3,539 | 1,023 | 2,112 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (447) | (447) | |||
Adjustments to Additional Paid in Capital, Dividends in Excess of Retained Earnings | (619) | (619) | |||
Adjustment to APIC, Contribution from Parent | 102 | 102 | |||
Net Income (Loss) Attributable to Parent | 94 | 94 | |||
Stockholders' Equity Attributable to Parent | 5,810 | 6 | 3,022 | 758 | 2,024 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (171) | (171) | |||
Net Income (Loss) Attributable to Parent | 409 | 409 | |||
Stockholders' Equity Attributable to Parent | 2,005 | 6 | 1,761 | (171) | 409 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 888 | 888 | |||
Dividends | 700 | 700 | |||
Net Income (Loss) Attributable to Parent | 359 | 359 | |||
Stockholders' Equity Attributable to Parent | $ 2,552 | $ 6 | $ 1,761 | $ 717 | $ 68 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
May 31, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | |
Operating Activities | ||||
Net Income (Loss) Attributable to Parent | $ 94 | $ 409 | $ 359 | $ (46) |
Adjustments to reconcile net income to net cash provided by operating activities | ||||
Realized Gain (Loss) on Marketable Securities, Cost Method Investments, and Other Investments | 107 | (142) | 275 | 60 |
Recognition of Deferred Revenue | 0 | (38) | (59) | 0 |
Amortization of deferred policy acquisition costs | (16) | (98) | 25 | (48) |
Additions to deferred policy acquisition costs and present value of future profits | (1) | 0 | 0 | (2) |
Depreciation and amortization (accretion), net | (1) | 31 | 51 | 31 |
Other Operating Activities, Cash Flow Statement | 131 | 63 | 205 | 143 |
Change in reinsurance recoverables | (2) | (990) | (272) | 4 |
Change in accrued and deferred income taxes | 274 | 29 | 51 | (5) |
Increase (Decrease) in Deferred Income Taxes and Income Taxes Payable, Net of Income Taxes Receivable, Tax Cuts and Jobs Act of 2017 | 0 | 0 | 0 | 396 |
Change in reserve for future policy benefits and unpaid losses and loss adjustment expenses and unearned premiums | 45 | (503) | 141 | 387 |
Increase (Decrease) in Other Operating Assets and Liabilities, Net | (60) | 302 | (169) | (219) |
Net Cash Provided by (Used in) Operating Activities | 603 | (741) | 557 | 797 |
Proceeds from the sale/maturity/prepayment of: | ||||
Fixed maturities, available-for-sale | 4,397 | 3,303 | 3,498 | 10,315 |
Proceeds From Sale and Maturity of Fair Value, Option, Fixed Maturity Securties | 5 | 15 | 6 | 50 |
Equity securities, available-for-sale | 0 | 0 | 0 | 203 |
Proceeds from Sale and Maturity and Prepayment of Fair Value, Equity Securities | 49 | 68 | 213 | 0 |
Mortgage loans | 116 | 101 | 257 | 396 |
Proceeds from Limited Partnership Investments | 188 | 83 | 134 | 113 |
Payments for the purchase of: | ||||
Fixed maturities and short-term investments, available-for-sale | (2,447) | (3,024) | (2,589) | (8,713) |
Equity securities, available-for-sale | 0 | 0 | 0 | (199) |
Payments to Acquire Equity Securities, Fair Value Option | (25) | (10) | (5) | 0 |
Mortgage loans | (86) | (323) | (413) | (469) |
Payments to Acquire Limited Partnership Interests | (80) | (97) | (156) | (235) |
Proceeds From Sale of Repurchase Agreements | 19 | |||
Payment to Acquire Repurchase Agreements | 0 | 22 | 0 | |
Net payments for derivatives | (200) | (303) | (272) | (283) |
Net increase (decrease) in policy loans | (26) | 18 | (26) | 12 |
Payments to Acquire Property, Plant, and Equipment | 0 | 0 | (18) | |
Proceeds from Sale of Property, Plant, and Equipment | 44 | |||
Payments for (Proceeds from) Short-term Investments | (1,494) | 1,770 | 288 | 251 |
Other investing activities, net | 22 | 1 | 2 | 43 |
Net cash provided by investing activities | 463 | 1,580 | 956 | 1,466 |
Financing Activities | ||||
Withdrawals and other deductions from investment and universal life-type contracts | 1,782 | 1,959 | 2,168 | 4,549 |
Withdrawals and other deductions from investment and universal life-type contracts | 9,206 | 10,173 | 11,074 | 13,749 |
Net transfers from separate accounts related to investment and universal life-type contracts | 6,999 | 7,360 | 8,202 | 7,969 |
Net increase (decrease) in securities loaned or sold under agreements to repurchase | (406) | (11) | (204) | 360 |
Return of capital to parent | (517) | 0 | (700) | (1,396) |
Net repayments at maturity or settlement of consumer notes | (8) | 0 | 0 | (13) |
Net cash used for financing activities | (1,356) | (865) | (1,608) | (2,280) |
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | 0 | 2 | 0 |
Cash, Period Increase (Decrease) | (290) | (26) | (93) | (17) |
Cash — beginning of year | 537 | 247 | 221 | 554 |
Cash — end of year | 247 | 221 | 128 | 537 |
Supplemental Cash Flow Information [Abstract] | ||||
Income Taxes Paid, Net | $ 271 | $ 17 | $ 25 | $ 57 |
Basis of Presentation and Accou
Basis of Presentation and Accounting Policies Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 1 . Basis of Presentation and Significant Accounting Policies Basis of Presentation Talcott Resolution Life Insurance Company, formerly Hartford Life Insurance Company, (together with its subsidiaries, “TL,” “Company,” “we” or “our”) is a provider of insurance and investment products in the United States (“U.S.”) and is a wholly-owned subsidiary of Talcott Resolution Life, Inc., a Delaware corporation ("TLI"). Hopmeadow Holdings LP (“Hopmeadow Holdings", or "HHLP ”) is the ultimate parent of the Company. The Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which differ materially from the accounting practices prescribed by various insurance regulatory authorities. On May 31, 2018 the Company's indirect parent, Hartford Holding, Inc. ("HHI") completed the sale of the Company's parent to a group of investors led by Cornell Capital LLC, Atlas Merchant Capital LLC, TRB Advisors LP, Global Atlantic Financial Group ("Global Atlantic"), Pine Brook and J. Safra Group. Although Talcott Resolution Life Insurance Company is no longer affiliated with The Hartford Financial Services Group, Inc. ("The Hartford") or any of its subsidiaries, The Hartford retained a 9.7 percent ownership interest in HHLP ("Talcott Resolution Sale Transaction"). In conjunction with the sale, the Company entered into a transition services agreement with The Hartford for a period up to three years to provide general ledger, cash management, and information technology infrastructure services. Many of the transition services have been exited with the exception of the information technology infrastructure services. In March, 2019, a five year administrative services agreement was entered into for investment accounting services which replaced the services previously provided under the transition services agreement. HHLP’s May 31, 2018 acquisition of TLI was accounted for by HHLP using business combination accounting. Under this method, the purchase price paid by the investor group was assigned to the identifiable assets acquired and liabilities assumed as of the acquisition date based on their fair value. The Company elected to apply "pushdown" accounting by applying the guidance permitted under Accounting Standards Codification (“ASC”) Topic 805 Business Combinations . By the application of pushdown accounting, the Company’s assets, liabilities and equity were accordingly adjusted to fair value on May 31, 2018 which generated both intangible assets and Value of Business Acquired (“VOBA”). Determining the fair value of certain assets acquired and liabilities assumed is judgmental in nature and often involves the use of significant estimates and assumptions. Due to the application of pushdown accounting, TL’s financial statements and footnote disclosures are presented in two distinct periods to indicate the application of two different bases of accounting. The periods prior to June 1, 2018 are identified herein as “Predecessor,” while the periods subsequent to HHLP’s acquisition of TLI are identified as “Successor.” As a result of the change in the basis of accounting from historical GAAP to reflect HHLP’s purchase cost, the financial statements for the Predecessor period are not comparable to the Successor periods. On June 1, 2018, TL executed reinsurance agreements to reinsure certain fixed immediate and deferred annuity contracts, variable payout separate account annuity contracts, standard mortality structured settlements, and period certain structured settlement annuity contracts ("Commonwealth Annuity Reinsurance Agreement") to Commonwealth Annuity and Life Insurance Company ("Commonwealth"), a subsidiary of Global Atlantic which is a member of the acquiring investment group. TL reinsured an 85% quota share, except 75% for standard mortality structured settlements, in exchange for a $357 ceding commission that was fixed based on reinsuring approximately $9.3 billion of reserves as of December 31, 2016, plus annuitizations through closing and annuitizations from market value adjusted annuities post-close. The reinsurance agreement was executed after the Talcott Resolution Sale Transaction, and as such, the accounting for the agreement was recorded after the TL balance sheet was adjusted to fair value in purchase and pushdown accounting. A deferred gain net of amortization of $933 is recorded in Other liabilities on the Consolidated Balance Sheet related to this reinsurance agreement and will be amortized over the life of the underlying policies reinsured. Consolidation The Consolidated Financial Statements include the accounts of TL and entities the Company directly or indirectly has a controlling financial interest in which the Company is required to consolidate. Entities in which TL has significant influence over the operating and financing decisions but is not required to consolidate are reported using the equity method. All intercompany transactions and balances between TL and its subsidiaries have been eliminated. Use of Estimates The preparation of financial statements, in conformity with U.S. GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure 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 materially from those estimates. The most significant estimates include those used in determining estimated gross profits used in the valuation and amortization of assets (including VOBA) and liabilities associated with variable annuity and other universal life-type contracts; evaluation of other-than-temporary impairments on available-for-sale securities and valuation allowances on mortgage loans; living benefits required to be fair valued; valuation of investments and derivative instruments; valuation allowance on deferred tax assets; amortization of the deferred gain on reinsurance; and contingencies relating to corporate litigation and regulatory matters. Certain of these estimates are particularly sensitive to market conditions, and deterioration and/or volatility in the worldwide debt or equity markets could have a material impact on the Consolidated Financial Statements. Reclassifications Certain reclassifications have been made to prior year financial information to conform to the current year presentation. Pushdown Accounting (Successor Company) The table below shows the main balance sheet line items impacted in pushdown accounting as of the date of the Talcott Resolution Sale Transaction. Cash and invested assets $ 27,038 VOBA 805 Deferred income taxes 998 Intangible assets 55 Reinsurance recoverable and other assets 22,615 Separate account assets 110,773 Total assets 162,284 Reserves for future policy benefits 18,057 Other policyholder funds and benefits payable 29,560 Other liabilities 2,127 Separate account liabilities 110,773 Total liabilities 160,517 Equity 1,767 Total liabilities and stockholder's equity $ 162,284 Intangible Assets Intangible assets with definite lives are amortized over the estimated useful life of the asset. Amortizing intangible assets primarily consist of internally developed software amortized over a period not to exceed five years. Intangible assets with indefinite lives, primarily insurance licenses, are not amortized but are reviewed annually in the Company's impairment analysis. They will be tested for impairment more frequently if events or circumstances indicate the fair value of the indefinitely lived intangibles is less than the carrying value. Investments In pushdown accounting, the acquired investments are recorded at fair value through adjustments to additional paid in capital at the acquisition date. Value of Business Acquired/Additional Reserves In conjunction with the acquisition of TLI, a portion of the purchase price was allocated to the right to receive future gross profits from cash flows and earnings of the Company's insurance and investment contracts as of the date of the transaction. This intangible asset is called VOBA and is based on the actuarially estimated present value of future cash flows from the Company's insurance and investment contracts in-force as of the date of the transaction. The estimated fair value calculation of VOBA is based on certain assumptions, including mortality, persistency, expenses, interest rates, and other factors that the Company expects to experience in future years. Actual experience on the acquired contracts may vary from these projections and the recovery of VOBA is dependent upon the future profitability of the related business. The Company amortizes VOBA over estimated gross profits and it is reviewed for recoverability quarterly. Consistent with the acquisition being recorded at fair value, deferred acquisition costs which do not represent future cash flows are eliminated in pushdown accounting. The fair value of certain acquired obligations of the Company exceeded the book value of assumed in-force policy liabilities resulting in additional reserve liabilities. In pushdown accounting these liabilities were increased to fair value, which is presented separately from VOBA as additional insurance liability in Reserves for future policy benefits and Other policyholder funds and benefits payable. The additional liability is amortized to income over the policy or other relevant time period. Adoption of New Accounting Standards Reclassification of Effect of Tax Rate Change from AOCI to Retained Earnings In February 2018, the FASB issued new accounting guidance for the effect on deferred tax assets and liabilities related to items recorded in accumulated other comprehensive income ("AOCI") resulting from legislated tax reform enacted on December 22, 2017. The tax reform reduced the federal tax rate applied to the Company’s deferred tax balances from 35% to 21% on enactment. Under U.S. GAAP, the Company recorded the total effect of the change in enacted tax rates on deferred tax balances as a charge to income tax expense within net income, including the change in deferred tax balances related to components of AOCI. The new accounting guidance permitted the Company to reclassify the “stranded” tax effects out of AOCI and into retained earnings that resulted from recording the tax effects of unrealized investment gains at a 35% tax rate because the 14 point reduction in tax rate was recognized in net income instead of other comprehensive income. On January 1, 2018, the Company (Predecessor Company) adopted the new guidance and recorded a reclassification of $193 which increased AOCI and reduced retained earnings. Financial Instruments - Recognition and Measurement On January 1, 2018, the Company (Predecessor Company) adopted updated guidance issued by the FASB for the recognition and measurement of financial instruments through a cumulative effect adjustment to the opening balances of retained earnings and AOCI. The new guidance requires investments in equity securities to be measured at fair value with any changes in valuation reported in net income except for investments that are consolidated or are accounted for under the equity method of accounting. The new guidance also requires a deferred tax asset resulting from net unrealized losses on available-for-sale fixed maturities that are recognized in AOCI to be evaluated for recoverability in combination with the Company’s other deferred tax assets. Under prior guidance, the Company reported equity securities, available for sale ("AFS"), at fair value with changes in fair value reported in other comprehensive income. As of January 1, 2018, the Company (Predecessor Company) reclassified from AOCI to retained earnings net unrealized gains of $11 , after tax, related to equity securities having a fair value of $154 . Beginning in 2018, the Company reports equity securities at fair value with changes in fair value reported in net realized capital gains and losses. Revenue Recognition On January 1, 2018, the Company (Predecessor Company) adopted the FASB’s updated guidance for recognizing revenue from contracts with customers, which excludes insurance contracts and financial instruments. Revenue subject to the guidance is recognized when, or as, goods or services are transferred to customers in an amount that reflects the consideration that an entity is expected to receive in exchange for those goods or services. The updated guidance is consistent with previous guidance for the Company’s transactions and did not have an effect on the Company’s financial position, cash flows or net income. Revenue from customers for other than insurance and investment contracts was $84 for the year ended December 31, 2019 (Successor Company), $54 for the period of June 1, 2018 to December 31, 2018 (Successor Company), $40 for the period of January 1, 2018 to May 31, 2018 (Predecessor Company) and $58 for the year ended December 31, 2017 (Predecessor Company). The Company earns revenues from these contracts primarily for administrative and distribution services fees from offering certain fund families as investment options in its variable annuity products. Fees are primarily based on the average daily net asset values of the funds and are recorded in the period in which the services are provided and collected monthly. Fluctuations in domestic and international markets and related investment performance, volume and mix of sales and redemptions of the funds, and other changes to the composition of assets under management are all factors that ultimately have a direct effect on fee income earned. Hedging Activities The FASB issued updated guidance on hedge accounting. The updates allow hedge accounting for new types of interest rate hedges of financial instruments and simplify documentation requirements to qualify for hedge accounting. In addition, any gain or loss from hedge ineffectiveness will be reported in the same income statement line with the effective hedge results and the hedged transaction. For cash flow hedges, the ineffectiveness will be recognized in earnings only when the hedged transaction affects earnings; otherwise, the ineffectiveness gains or losses will remain in AOCI. Under current accounting, total hedge ineffectiveness is reported separately in realized gains and losses apart from the hedged transaction. The updated guidance is effective January 1, 2019 through a cumulative effect adjustment that will reclassify cumulative ineffectiveness on open cash flow hedges from retained earnings to AOCI. As a result of pushdown accounting, derivative instruments that qualified for hedge accounting were recorded at fair value through adjustments to additional paid in capital at the acquisition date. As of December 31, 2018 (Successor Company), the Company had no derivative instruments that qualify for hedge accounting, therefore there was no impact on the Company's financial statements upon adoption. Changes to the Disclosure Requirements for Fair Value Measurement On August 28, 2018 the FASB issued Accounting Standards Update ("ASU") 2018-13 which removes, modifies and adds certain disclosure requirements related to fair value measurements in ASC 820, Fair Value Measurements . As permitted by the guidance, the Company early adopted amendments in this guidance effective December 31, 2019. The adoption of ASU 2018-13 did not have a material impact on the Company's consolidated financial statements. Future Adoption of New Accounting Standards Financial Instruments - Credit Losses In June 2016 the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments, which updated guidance for recognition and measurement of credit losses on certain financial instruments, including reinsurance recoverables. Since its release, certain targeted improvements and transition relief amendments have been made to ASU 2016-13 and have been published in ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2019-10, and ASU 2019-11. Collectively, the new guidance is effective for the Company on January 1, 2020. This guidance will replace the “incurred loss” approach with an “expected loss” model for recognizing credit losses for instruments carried at other than fair value, which will initially result in the recognition of greater allowances for losses. The allowance will be an estimate of credit losses expected over the life of financial instruments, such as mortgage loans, reinsurance recoverables and receivables. The measurement of the expected credit loss estimate will be based on historical loss data, current conditions, and reasonable and supportable forecasts. Credit losses on fixed maturities available-for-sale carried at fair value will continue to be measured similar to previous guidance for other-than-temporary impairments ("OTTI"); however, the losses will be recognized through an allowance and no longer as an adjustment to the cost basis. Recoveries of OTTI will be recognized as reversals of valuation allowances recognized through net realized capital gains and losses and no longer accreted as net investment income through an adjustment to the investment yield. The Company will adopt the updated guidance January 1, 2020 on a modified retrospective basis, through a cumulative-effect adjustment to retained earnings for the change in the allowance for credit losses for financial instruments carried at other than fair value. For fixed maturities available-for-sale, this guidance will be applied prospectively. While the Company is in the process of finalizing the effect on its consolidated financial statements, we currently estimate the cumulative impact of the adoption will not materially impact the Company's financial position or results of operations. Targeted Improvements to the Accounting for Long Duration Contracts The FASB issued ASU 2018-12 on August 15, 2018 which impacts the existing recognition, measurement, presentation and disclosure requirements for certain long duration contracts issued by an insurance company. The guidance is intended to improve the timeliness of recognizing changes in the liability for future policy benefits by requiring annual or more frequent updates of insurance assumptions and modifying the rate used to discount future cash flows. Cash flows under the new guidance are required to be discounted using an upper-medium grade fixed income instrument yield. The discount rate is required to be updated at each reporting date, with the effect of discount rate changes on the liability recorded in OCI. This is a change from current GAAP which utilizes assumptions, including discount rate, "locked in" at policy issuance and until such time significant changes in experience or assumptions may require the Company to establish premium deficiency reserves. When this occurs, premium deficiency reserves are recognized by unlocking reserve assumptions to eliminate a reserve deficiency under current GAAP. Further, the guidance seeks to improve the accounting for certain market-based options or guarantees associated with account balance contracts and improve the effectiveness of the required disclosures. These market risk benefit features are required to be measured at fair value with changes in fair value recorded in net income with the exception of changes in the fair value attributable to a change in the instrument's credit risk, which are required to be recognized in OCI. Additionally, this ASU requires new disclosures including liability rollforwards and information about significant inputs, judgments, assumptions, and methods used in the measurement. This ASU, as amended, is effective January 1, 2022 with early adoption permitted. The Company has started its implementation efforts and is currently reviewing its policies, processes, and applicable systems to assess the impact this standard will have on its operations and financial results. While it is not possible to reasonably estimate the expected impact of adoption at this time, given the nature and extent of the required changes to a significant portion of the Company’s operations, adoption is expected to have a material impact on our consolidated financial statements and related disclosures. This guidance represents a significant change from existing GAAP; however, it does not change the underlying economics of the business or its related cash flows. The Company has not yet determined the timing of its adoption. Significant Accounting Policies The Company’s significant accounting policies are as follows: Segment Information The Company has no reportable segments and is comprised of annuity, institutional and private-placement life insurance businesses. The Company's determination that it has no reportable segments is based on the fact that the Company's chief operating decision maker reviews the Company's financial performance at a consolidated level. Revenue Recognition For investment and universal life-type contracts, the amounts collected from policyholders are considered deposits and are not included in revenue. Fee income for variable annuity and other universal life-type contracts consists of policy charges for policy administration, cost of insurance charges and surrender charges assessed against policyholders’ account balances and are recognized in the period in which services are provided. For the Company’s traditional life products, premiums are recognized as revenue when due from policyholders. Income Taxes The Company recognizes taxes payable or refundable for the current year and deferred taxes for the tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years the temporary differences are expected to reverse. A deferred tax provision is recorded for the tax effects of differences between the Company's current taxable income and its income before tax under generally accepted accounting principles in the Consolidated Statements of Operations. For deferred tax assets, the Company records a valuation allowance that is adequate to reduce the total deferred tax asset to an amount that will more likely than not be realized. Investments Overview The Company’s investments in fixed maturities include bonds, structured securities, redeemable preferred stock and commercial paper. Most of these investments are classified as AFS and are carried at fair value. The after-tax difference between fair value and cost or amortized cost is reflected in stockholder's equity as a component of AOCI, after adjustments for the effect of deducting certain life and annuity deferred policy acquisition costs (Predecessor Company), VOBA (Successor Company) and reserve adjustments. Effective January 1, 2018, equity securities are now measured at fair value with any changes in valuation reported in net income. For further information, see Financial Instruments - Recognition and Measurement discussion above. Fixed maturities for which the Company elected the fair value option are classified as FVO, generally certain securities that contain embedded credit derivatives, and are carried at fair value with changes in value recorded in realized capital gains and losses. Policy loans are carried at outstanding balance. Mortgage loans are recorded at the outstanding principal balance adjusted for amortization of premiums or discounts and net of valuation allowances. Short-term investments are carried at amortized cost, which approximates fair value. Limited partnerships and other alternative investments are reported at their carrying value and are primarily accounted for under the equity method with the Company’s share of earnings included in net investment income. Recognition of income related to limited partnerships and other alternative investments is delayed due to the availability of the related financial information, as private equity and other funds are generally on a three-month delay and hedge funds on a one-month delay. Accordingly, income for the year ended December 31, 2019 (Successor Company), the period of June 1, 2018 to December 31, 2018 (Successor Company), the period of January 1, 2018 to May 31, 2018 (Predecessor Company) and the year ended December 31, 2017 (Predecessor Company) may not include the full impact of current year changes in valuation of the underlying assets and liabilities of the funds, which are generally obtained from the limited partnerships and other alternative investments’ general partners. Other investments primarily consist of derivative instruments which are carried at fair value. Net Realized Capital Gains and Losses Net realized capital gains and losses from investment sales are reported as a component of revenues and are determined on a specific identification basis. Net realized capital gains and losses also result from fair value changes in fixed maturities, FVO, equity securities and derivatives contracts (both free-standing and embedded) that do not qualify, or are not designated, as a hedge for accounting purposes. Impairments and mortgage loan valuation allowances are recognized as net realized capital losses in accordance with the Company’s impairment and mortgage loan valuation allowance policies as discussed in Note 3 - Investments of Notes to Consolidated Financial Statements. Foreign currency transaction remeasurements are also included in net realized capital gains and losses. Net Investment Income Interest income from fixed maturities and mortgage loans is recognized when earned on the constant effective yield method based on estimated timing of cash flows. The amortization of premium and accretion of discount for fixed maturities also takes into consideration call and maturity dates that produce the lowest yield. For securitized financial assets subject to prepayment risk, yields are recalculated and adjusted periodically to reflect historical and/or estimated future prepayments using the retrospective method; however, if these investments are impaired and for certain other asset-backed securities, any yield adjustments are made using the prospective method. Prepayment fees and make-whole payments on fixed maturities and mortgage loans are recorded in net investment income when earned. For equity securities, dividends are recognized as investment income on the ex-dividend date. Limited partnerships and other alternative investments primarily use the equity method of accounting to recognize the Company’s share of earnings. For impaired debt securities, the Company accretes the new cost basis to the estimated future cash flows over the expected remaining life of the security by prospectively adjusting the security’s yield, if necessary. The Company’s non-income producing investments were not material for the year ended December 31, 2019 , (Successor Company), the period of June 1, 2018 to December 31, 2018 (Successor Company), the period of January 1, 2018 to May 31, 2018 (Predecessor Company) and the year ended December 31, 2017 (Predecessor Company). Derivative Instruments Overview The Company utilizes a variety of over-the-counter ("OTC") transactions cleared through central clearing houses ("OTC-cleared") and exchange traded derivative instruments as part of its overall risk management strategy as well as to enter into replication transactions. The types of instruments may include swaps, caps, floors, forwards, futures and options to achieve one of four Company-approved objectives: • to hedge risk arising from interest rate, equity market, commodity market, credit spread and issuer default, price or currency exchange rate risk or volatility; • to manage liquidity; • to control transaction costs; • to enter into synthetic replication transactions. Interest rate and credit default swaps involve the periodic exchange of cash flows with other parties, at specified intervals, calculated using agreed upon rates or other financial variables and notional principal amounts. Generally, little to no cash or principal payments are exchanged at the inception of the contract. Typically, at the time a swap is entered into, the cash flow streams exchanged by the counterparties are equal in value. Interest rate cap and floor contracts entitle the purchaser to receive from the issuer at specified dates, the amount, if any, by which a specified market rate exceeds the cap strike interest rate or falls below the floor strike interest rate, applied to a notional principal amount. A premium payment determined at inception is made by the purchaser of the contract and no principal payments are exchanged. Forward contracts are customized commitments that specify a rate of interest or currency exchange rate to be paid or received on an obligation beginning on a future start date and are typically settled in cash. Financial futures are standardized commitments to either purchase or sell designated financial instruments, at a future date, for a specified price and may be settled in cash or through delivery of the underlying instrument. Futures contracts trade on organized exchanges. Margin requirements for futures are met by pledging securities or cash, and changes in the futures’ contract values are settled daily in cash. Option contracts grant the purchaser, for a premium payment, the right to either purchase from or sell to the issuer a financial instrument at a specified price, within a specified period or on a stated date. The contracts may reference commodities, which grant the purchaser the right to either purchase from or sell to the issuer commodities at a specified price, within a specified period or on a stated date. Option contracts are typically settled in cash. Foreign currency swaps exchange an initial principal amount in two currencies, agreeing to re-exchange the currencies at a future date, at an agreed upon exchange rate. There may also be a periodic exchange of payments at specified intervals calculated using the agreed upon rates and exchanged principal amounts. The Company’s derivative transactions conducted in insurance company subsidiaries are used in strategies permitted under the derivative use plans required by the State of Connecticut and the State of New York insurance departments. Accounting and Financial Statement Presentation of Derivative Instruments and Hedging Activities Derivative instruments are recognized on the Consolidated Balance Sheets at fair value and are reported in Other Investments and Other Liabilities. For balance sheet presentation purposes, the Company has elected to offset the fair value amounts, income accruals, and related cash collateral receivables and payables of OTC derivative instruments executed in a legal entity and with the same counterparty or under a master netting agreement, which provides the Company with the legal right of offset. The Company clears certain interest rate swap and credit default swap derivative transactions through central clearing houses. OTC-cleared derivatives require initial collateral at the inception of the trade in the form of cash or highly liquid securities, such as U.S. Treasuries and government agency investments. Central clearing houses also require additional cash as variation margin based on daily market value movements. For information on collateral, see the derivative collateral arrangements section in Note 4 - Derivative Instruments of Notes to Consolidated Financial Statements. In addition, OTC-cleared transactions include price alignment amounts either received or paid on the variation margin, which are reflected in realized capital gains and losses or, if characterized as interest, in net investment income. On the date the derivative contract is entered into, the Company designates the derivative as (1) a hedge of the variability in cash flows of a forecasted transaction or of amounts to be received or paid related to a recognized asset or liability (“cash flow” hedge), (2) a hedge of a net investment in a foreign operation (“net investment” hedge) or (3) held for other investment and/or risk management purposes, which primarily involve managing asset or liability related risks and do not qualify for hedge accounting. Cash Flow Hedges - Changes in the fair value of a derivative that is designated and qualifies as a cash flow hedge, including foreign-currency cash flow hedges, are recorded in AOCI and are reclassified into earnings when the variability of the cash flow of the hedged item impacts earnings. Gains and losses on |
Fair Value Measurements Level 1
Fair Value Measurements Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | The Company carries certain financial assets and liabilities at estimated fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants. Our fair value framework includes a hierarchy that gives the highest priority to the use of quoted prices in active markets, followed by the use of market observable inputs, followed by the use of unobservable inputs. The fair value hierarchy levels are as follows: Level 1 Fair values based primarily on unadjusted quoted prices for identical assets, or liabilities, in active markets that the Company has the ability to access at the measurement date. Level 2 Fair values primarily based on observable inputs, other than quoted prices included in Level 1, or based on prices for similar assets and liabilities. Level 3 Fair values derived when one or more of the significant inputs are unobservable (including assumptions about risk). With little or no observable market, the determination of fair values uses considerable judgment and represents the Company’s best estimate of an amount that could be realized in a market exchange for the asset or liability. Also included are securities that are traded within illiquid markets and/or priced by independent brokers. The Company will classify the financial asset or liability by level based upon the lowest level input that is significant to the determination of the fair value. In most cases, both observable inputs (e.g., changes in interest rates) and unobservable inputs (e.g., changes in risk assumptions) are used to determine fair values that the Company has classified within Level 3. Successor Company Assets and (Liabilities) Carried at Fair Value by Hierarchy Level as of December 31, 2019 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Accounted for at Fair Value on a Recurring Basis Fixed maturities, AFS Asset backed securities ("ABS") $ 295 $ — $ 282 $ 13 Collateralized loan obligations ("CLOs") 1,150 — 1,092 58 Commercial mortgage-backed securities ("CMBS") 1,391 — 1,354 37 Corporate 8,121 — 7,734 387 Foreign government/government agencies 409 — 409 — Municipal 761 — 761 — Residential mortgage-backed securities ("RMBS") 868 — 621 247 U.S. Treasuries 993 — 993 — Total fixed maturities 13,988 — 13,246 742 Fixed maturities, FVO 6 — 6 — Equity securities, at fair value 45 11 1 33 Derivative assets GMWB hedging instruments 23 — — 23 Macro hedge program 49 — — 49 Total derivative assets [1] 72 — — 72 Short-term investments 550 330 214 6 Reinsurance recoverable for GMWB 17 — — 17 Separate account assets [2] 101,698 63,850 37,825 23 Total assets accounted for at fair value on a recurring basis $ 116,376 $ 64,191 $ 51,292 $ 893 Liabilities Accounted for at Fair Value on a Recurring Basis Other policyholder funds and benefits payable GMWB embedded derivative $ 5 $ — $ — $ 5 Total other policyholder funds and benefits payable 5 — — 5 Derivative liabilities Credit derivatives (1 ) — (1 ) — Foreign exchange derivatives (7 ) — (7 ) — Interest rate derivatives (39 ) — (37 ) (2 ) GMWB hedging instruments 50 — 35 15 Macro hedge program (163 ) — (1 ) (162 ) Total derivative liabilities [3] (160 ) — (11 ) (149 ) Modified coinsurance reinsurance contracts (43 ) — (43 ) — Total liabilities accounted for at fair value on a recurring basis $ (198 ) $ — $ (54 ) $ (144 ) Successor Company Assets and (Liabilities) Carried at Fair Value by Hierarchy Level as of December 31, 2018 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Accounted for at Fair Value on a Recurring Basis Fixed maturities, AFS Asset backed securities ("ABS") $ 516 $ — $ 514 $ 2 Collateralized loan obligations ("CLOs") 963 — 886 77 Commercial mortgage-backed securities ("CMBS") 1,407 — 1,366 41 Corporate 7,678 — 7,351 327 Foreign government/government agencies 377 — 377 — Municipal 734 — 734 — Residential mortgage-backed securities ("RMBS") 1,033 — 590 443 U.S. Treasuries 1,131 322 809 — Total fixed maturities 13,839 322 12,627 890 Fixed maturities, FVO 12 — 12 — Equity securities, at fair value 116 54 16 46 Derivative assets Interest rate derivatives 36 — 36 — GMWB hedging instruments 44 — 8 36 Macro hedge program 132 — — 132 Total derivative assets [1] 212 — 44 168 Short-term investments 844 464 380 — Reinsurance recoverable for GMWB 40 — — 40 Modified coinsurance reinsurance contracts 12 — 12 — Separate account assets [2] 94,724 59,361 35,323 40 Total assets accounted for at fair value on a recurring basis $ 109,799 $ 60,201 $ 48,414 $ 1,184 Liabilities Accounted for at Fair Value on a Recurring Basis Other policyholder funds and benefits payable GMWB embedded derivative $ (80 ) $ — $ — $ (80 ) Total other policyholder funds and benefits payable (80 ) — — (80 ) Derivative liabilities Credit derivatives 2 — 2 — Foreign exchange derivatives (91 ) — (91 ) — Interest rate derivatives (137 ) — (110 ) (27 ) GMWB hedging instruments 27 — 18 9 Macro hedge program 115 — — 115 Total derivative liabilities [3] (84 ) — (181 ) 97 Total liabilities accounted for at fair value on a recurring basis $ (164 ) $ — $ (181 ) $ 17 [1] Includes derivative instruments in a net positive fair value position after consideration of the accrued interest and impact of collateral posting requirements which may be imposed by agreements and applicable law. See footnote 3 to this table for derivative liabilities. [2] Approximately $2.4 billion and $3.6 billion of investment sales receivable, as of December 31, 2019 and 2018 (Successor Company), respectively, are excluded from this disclosure requirement because they are trade receivables in the ordinary course of business where the carrying amount approximates fair value. Included in the total fair value amount are $461 and $468 of investments, as of December 31, 2019 and 2018 (Successor Company), respectively, for which the fair value is estimated using the net asset value per unit as a practical expedient which are excluded from the disclosure requirement to classify amounts in the fair value hierarchy. [3] Includes derivative instruments in a net negative fair value position (derivative liability) after consideration of the accrued interest and impact of collateral posting requirements which may be imposed by agreements and applicable law. Fixed Maturities, Equity Securities, Short-term Investments, and Free-standing Derivatives Valuation Techniques The Company generally determines fair values using valuation techniques that use prices, rates, and other relevant information evident from market transactions involving identical or similar instruments. Valuation techniques also include, where appropriate, estimates of future cash flows that are converted into a single discounted amount using current market expectations. The Company uses a "waterfall" approach comprised of the following pricing sources and techniques, which are listed in priority order: • Quoted prices, unadjusted, for identical assets or liabilities in active markets, which are classified as Level 1. • Prices from third-party pricing services, which primarily utilize a combination of techniques. These services utilize recently reported trades of identical, similar, or benchmark securities making adjustments for market observable inputs available through the reporting date. If there are no recently reported trades, they may use a discounted cash flow technique to develop a price using expected cash flows based upon the anticipated future performance of the underlying collateral discounted at an estimated market rate. Both techniques develop prices that consider the time value of future cash flows and provide a margin for risk, including liquidity and credit risk. Most prices provided by third-party pricing services are classified as Level 2 because the inputs used in pricing the securities are observable. However, some securities that are less liquid or trade less actively are classified as Level 3. Additionally, certain long-dated securities, such as municipal securities and bank loans, include benchmark interest rate or credit spread assumptions that are not observable in the marketplace and are thus classified as Level 3. • Internal matrix pricing, which is a valuation process internally developed for private placement securities for which the Company is unable to obtain a price from a third-party pricing service. Internal pricing matrices determine credit spreads that, when combined with risk-free rates, are applied to contractual cash flows to develop a price. The Company develops credit spreads using market based data for public securities adjusted for credit spread differentials between public and private securities, which are obtained from a survey of multiple private placement brokers. The market-based reference credit spread considers the issuer’s financial strength and term to maturity, using an independent public security index and trade information, while the credit spread differential considers the non-public nature of the security. Securities priced using internal matrix pricing are classified as Level 2 because the inputs are observable or can be corroborated with observable data. • Independent broker quotes, which are typically non-binding use inputs that can be difficult to corroborate with observable market based data. Brokers may use present value techniques using assumptions specific to the security types, or they may use recent transactions of similar securities. Due to the lack of transparency in the process that brokers use to develop prices, valuations that are based on independent broker quotes are classified as Level 3. The fair value of free-standing derivative instruments is determined primarily using a discounted cash flow model or option model technique and incorporates counterparty credit risk. In some cases, quoted market prices for exchange-traded and over the counter ("OTC") cleared derivatives may be used and in other cases independent broker quotes may be used. The pricing valuation models primarily use inputs that are observable in the market or can be corroborated by observable market data. The valuation of certain derivatives may include significant inputs that are unobservable, such as volatility levels, and reflect the Company’s view of what other market participants would use when pricing such instruments. Unobservable market data is used in the valuation of customized derivatives that are used to hedge certain GMWB variable annuity riders. See the section “GMWB Embedded, Customized, and Reinsurance Derivatives” below for further discussion of the valuation model used to value these customized derivatives. Valuation Inputs Quoted prices for identical assets in active markets are considered Level 1 and consist of on-the-run U.S. Treasuries, money market funds, exchange-traded equity securities, open-ended mutual funds, short-term investments, and exchange traded futures and option contracts. Valuation Inputs Used in Level 2 and 3 Measurements for Securities and Freestanding Derivatives Level 2 Level 3 Fixed Maturity Investments Structured securities (includes ABS, CLOs, CMBS and RMBS) • Benchmark yields and spreads • Independent broker quotes Corporates • Benchmark yields and spreads • Independent broker quotes U.S Treasuries, Municipals, and Foreign government/government agencies • Benchmark yields and spreads • Credit spreads beyond observable curve Equity Securities • Quoted prices in markets that are not active • For privately traded equity securities, internal discounted cash flow models utilizing earnings multiples or other cash flow assumptions that are not observable Short-term Investments • Benchmark yields and spreads • Independent broker quotes Derivatives Credit derivatives • Swap yield curve Not applicable Equity derivatives • Equity index levels • Independent broker quotes Foreign exchange derivatives • Swap yield curve Not applicable Interest rate derivatives • Swap yield curve • Independent broker quotes Significant Unobservable Inputs for Level 3 - Securities As of December 31, 2019 (Successor Company) Assets Accounted for at Fair Value on a Recurring Basis Fair Value Predominant Valuation Technique Significant Unobservable Input Minimum Maximum Weighted Average [1] Impact of Increase in Input on Fair Value [2] CLOs [3] $ 58 Discounted cash flows Spread 113bps 246bps 243bps Decrease CMBS [3] 37 Discounted cash flows Spread (encompasses 9bps 1,832bps 266bps Decrease Corporate [4] 309 Discounted cash flows Spread 93bps 823bps 236bps Decrease RMBS [3] 247 Discounted cash flows Spread [6] 5bps 233bps 82bps Decrease Constant prepayment rate [6] —% 13% 6% Decrease [5] Constant default rate [6] 2% 5% 3% Decrease Loss severity [6] —% 100% 70% Decrease As of December 31, 2018 (Successor Company) Assets accounted for at Fair Value on a Recurring Basis Fair Value Predominant Valuation Technique Significant Unobservable Input Minimum Maximum Weighted Average [1] Impact of Increase in Input on Fair Value [2] CMBS [3] $ 1 Discounted cash flows Spread (encompasses 9bps 1,816bps 278bps Decrease Corporate [4] 144 Discounted cash flows Spread 145bps 1,145bps 400bps Decrease RMBS [3] 426 Discounted cash flows Spread [6] 31bps 346bps 92bps Decrease Constant prepayment rate [6] —% 13% 6% Decrease [5] Constant default rate [6] 2% 8% 3% Decrease Loss severity [6] —% 100% 58% Decrease [1] The weighted average is determined based on the fair value of the securities. [2] Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table. [3] Excludes securities for which the Company bases fair value on broker quotations. [4] Excludes securities for which the Company bases fair value on broker quotations; however, included are broker-priced lower-rated private placement securities for which the Company receives spread and yield information to corroborate the fair value. [5] Decrease for above market rate coupons and increase for below market rate coupons. [6] Generally, a change in the assumption used for the constant default rate would have been accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumption used for constant prepayment rate and would have resulted in wider spreads. The tables below exclude certain securities for which fair values are predominately based on independent broker quotes. Significant Unobservable Inputs for Level 3 - Freestanding Derivatives As of December 31, 2019 (Successor Company) Fair Value Predominant Valuation Technique Significant Unobservable Input Minimum Maximum Weighted Average [1] Impact of Increase in Input on Fair Value [2] Interest rate derivatives Interest rate swaps $ (2 ) Discounted cash flows Swap curve beyond 30 years 2% 2% 2% Decrease GMWB hedging instruments Customized swaps 35 Discounted cash flows Equity volatility 11% 23% 17% Increase Interest rate swaption 3 Option model Interest rate volatility 2% 2% 2% Increase Macro hedge program [3] Equity options (111 ) Option model Equity volatility 11% 35% 22% Increase Interest rate swaption (3 ) Option model Interest rate volatility 2% 2% 2% Increase As of December 31, 2018 (Successor Company) Fair Value Predominant Valuation Technique Significant Unobservable Input Minimum Maximum Weighted Average [1] Impact of Increase in Input on Fair Value [2] Interest rate derivatives Interest rate swaps $ (27 ) Discounted cash flows Swap curve beyond 30 years 3% 3% —% Decrease GMWB hedging instruments Equity variance swaps (26 ) Option model Equity volatility 22% 22% —% Increase Equity options (1 ) Option model Equity volatility 30% 32% —% Increase Customized swaps 71 Discounted cash flows Equity volatility 18% 30% —% Increase Interest rate swaption 1 Option model Interest rate volatility 3% 3% —% Increase Macro hedge program [3] Equity options 250 Option model Equity volatility 17% 30% —% Increase [1] The weighted average is determined based on the fair value of the securities. [2] Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table. Changes are based on long positions, unless otherwise noted. Changes in fair value will be inversely impacted for short positions. [3] Excludes derivatives for which the Company bases fair value on broker quotations. GMWB Embedded, Customized and Reinsurance Derivatives GMWB Embedded Derivatives The Company formerly offered certain variable annuity products with GMWB riders that provide the policyholder with a guaranteed remaining balance ("GRB") which is generally equal to premiums less withdrawals. If the policyholder’s account value is reduced to a specified level through a combination of market declines and withdrawals but the GRB still has value, the Company is obligated to continue to make annuity payments to the policyholder until the GRB is exhausted. When payments of the GRB are not life-contingent, the GMWB represents an embedded derivative carried at fair value reported in other policyholder funds and benefits payable on the Consolidated Balance Sheets with changes in fair value reported in net realized capital gains and losses. Free-standing Customized Derivatives The Company holds free-standing customized derivative contracts to provide protection from certain capital markets risks for the remaining term of specified blocks of non-reinsured GMWB riders. These customized derivatives are based on policyholder behavior assumptions specified at the inception of the derivative contracts. The Company retains the risk for differences between assumed and actual policyholder behavior and between the performance of the actively managed funds underlying the separate accounts and their respective indices. These derivatives are reported on the Consolidated Balance Sheets within other investments or other liabilities, as appropriate, after considering the impact of master netting agreements. GMWB Reinsurance Derivative The Company has reinsurance arrangements in place to transfer a portion of its risk of loss due to GMWB. These arrangements are recognized as derivatives carried at fair value and reported in reinsurance recoverables on the Consolidated Balance Sheets. Changes in the fair value of the reinsurance agreements are reported in net realized capital gains and losses. Valuation Techniques Fair values for GMWB embedded derivatives, free-standing customized derivatives and reinsurance derivatives are classified as Level 3 in the fair value hierarchy and are calculated using internally developed models that utilize significant unobservable inputs because active, observable markets do not exist for these items. In valuing the GMWB embedded derivative, the Company attributes to the derivative a portion of the expected fees to be collected over the expected life of the contract from the contract holder equal to the present value of future GMWB claims. The excess of fees collected from the contract holder in the current period over the portion of fees attributed to the embedded derivative in the current period are associated with the host variable annuity contract and reported in fee income. Valuation Inputs The fair value for each of the non-life contingent GMWBs, the free-standing customized derivatives and the GMWB reinsurance derivative is calculated as an aggregation of the following components: Best Estimate Claim Payments; Credit Standing Adjustment; and Margins. The Company believes the aggregation of these components results in an amount that a market participant in an active liquid market would require, if such a market existed, to assume the risks associated with the guaranteed minimum benefits and the related reinsurance and customized derivatives. Each component described in the following discussion is unobservable in the marketplace and requires subjectivity by the Company in determining its value. Best Estimate Claim Payments The Best Estimate Claim Payments are calculated based on actuarial and capital market assumptions related to projected cash flows, including the present value of benefits and related contract charges, over the lives of the contracts, incorporating unobservable inputs including expectations concerning policyholder behavior. Credit Standing Adjustment The credit standing adjustment is an estimate of the adjustment to the fair value that market participants would require in determining fair value to reflect the risk that GMWB benefit obligations or the GMWB reinsurance recoverables will not be fulfilled. The Company incorporates a blend of estimates of peer company and reinsurer bond spreads and credit default spreads from capital markets, adjusted for market recoverability. Margins The behavior risk margin adds a margin that market participants would require, in determining fair value, for the risk that the Company’s assumptions about policyholder behavior could differ from actual experience. The behavior risk margin is calculated by taking the difference between adverse policyholder behavior assumptions and best estimate assumptions. Valuation Inputs Used in Levels 2 and 3 Measurements for GMWB Embedded, Customized and Reinsurance Derivatives Level 2 Level 3 • Risk-free rates as represented by the Eurodollar futures, LIBOR deposits and swap rates to derive forward curve rates • Correlations of 10 years of observed historical returns across underlying well-known market indices • Correlations of historical index returns compared to separate account fund returns • Equity index levels • Market implied equity volatility assumptions • Withdrawal rates • Reset elections Significant Unobservable Inputs for Level 3 GMWB Embedded Customized and Reinsurance Derivatives As of December 31, 2019 (Successor Company) Unobservable Inputs (Minimum) Unobservable Inputs (Maximum) Weighted Impact of Increase in Input Withdrawal Utilization [2] 19% 100% 69% Increase Withdrawal Rates [3] —% 7% 6% Increase Lapse Rates [4] —% 61% 6% Decrease [8] Reset Elections [5] —% 100% 11% Increase Equity Volatility [6] 10% 25% 19% Increase Credit standing adjustment [7] 0.07% 0.26% 0.17% Decrease As of December 31, 2018 (Successor Company) Unobservable Inputs (Minimum) Unobservable Inputs (Maximum) Weighted Average Impact of Increase in Input Withdrawal Utilization [2] 15% 100% —% Increase Withdrawal Rates [3] —% 8% —% Increase Lapse Rates [4] 1% 40% —% Decrease [8] Reset Elections [5] 20% 45% —% Increase Equity Volatility [6] 17% 30% —% Increase Credit standing adjustment [7] 0.04% 0.28% —% Decrease [1] Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table. [2] Range represents assumed cumulative percentages of policyholders taking withdrawals. [3] Range represents assumed cumulative annual amount withdrawn by policyholders. [4] Range represents assumed annual percentages of full surrender of the underlying variable annuity contracts across all policy durations for in force business. [5] Range represents assumed percentages of policyholders that would elect to reset their guaranteed benefit base. [6] Range represents implied market volatilities for equity indices based on multiple pricing sources. [7] Range represents Company credit spreads, adjusted for market recoverability. [8] The impact may be an increase for some contracts, particularly those with out of the money guarantees. Separate Account Assets Separate account assets are primarily invested in mutual funds. Other separate account assets include fixed maturities, limited partnerships, equity securities, short-term investments and derivatives that are valued in the same manner, and using the same pricing sources and inputs, as those investments held by the Company. For limited partnerships in which fair value represents the separate account’s share of the NAV, 49% and 51% were subject to significant liquidation restrictions as of December 31, 2019 (Successor Company) and December 31, 2018 (Successor Company), respectively. Total limited partnerships that do not allow any form of redemption were 0% as of December 31, 2019 and 2018 (Successor Company), respectively. Separate account assets classified as Level 3 primarily include long-dated bank loans, subprime RMBS and commercial mortgage loans. Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs The Company uses derivative instruments to manage the risk associated with certain assets and liabilities. However, the derivative instrument may not be classified with the same fair value hierarchy level as the associated asset or liability. Therefore, the realized and unrealized gains and losses on derivatives reported in the Level 3 roll-forward may be offset by realized and unrealized gains and losses of the associated assets and liabilities in other line items of the financial statements. The following table presents a reconciliation of the beginning and ending balances for fair value measurements for the year ended December 31, 2019 (Successor Company), for which the Company had used significant unobservable inputs (Level 3): Fair Value Roll-forwards for Financial Instruments Classified as Level 3 Total Realized/Unrealized Gains (Losses) Fair Value as of January 1, 2019 Included in Net Income [1] [2] [6] Included in OCI [3] Purchases Settlements Sales Transfers into Level 3 [4] Transfers out of Level 3 [4] Fair Value as of December 31, 2019 Assets Fixed maturities, AFS ABS $ 2 $ — $ — $ 13 $ — $ — $ — $ (2 ) $ 13 CLOs 77 — — 155 (91 ) (5 ) — (78 ) 58 CMBS 41 — 2 53 (1 ) — — (58 ) 37 Corporate 327 (3 ) 16 41 (15 ) (106 ) 138 (11 ) 387 RMBS 443 — 1 — (75 ) (105 ) — (17 ) 247 Total fixed maturities, AFS 890 (3 ) 19 262 (182 ) (216 ) 138 (166 ) 742 Equity securities, at fair value 46 (4 ) — 2 (1 ) (10 ) — — 33 Freestanding derivatives Equity — (1 ) — 1 — — — — — GMWB hedging instruments 45 (35 ) — — 28 — — — 38 Total freestanding derivatives [5] 45 (36 ) — 1 28 — — — 38 Reinsurance recoverable for GMWB 40 (34 ) — — 11 — — — 17 Separate accounts 40 — — 82 — (14 ) 12 (97 ) 23 Short-term investments — — — 6 — — — — 6 Total assets $ 1,061 $ (77 ) $ 19 $ 353 $ (144 ) $ (240 ) $ 150 $ (263 ) $ 859 (Liabilities) Freestanding derivatives Interest rate (27 ) (6 ) — — 31 — — — (2 ) Macro hedge program 247 (359 ) — (1 ) — — — — (113 ) Total freestanding derivatives [5] 220 (365 ) — (1 ) 31 — — — (115 ) Other policyholder funds and benefits payable Guaranteed withdrawal benefits (80 ) 134 — — (49 ) — — — 5 Total other policyholder funds and benefits payable (80 ) 134 — — (49 ) — — — 5 Total liabilities $ 140 $ (231 ) $ — $ (1 ) $ (18 ) $ — $ — $ — $ (110 ) The following table presents a reconciliation of the beginning and ending balances for fair value measurements for the period of June 1, 2018 to December 31, 2018 (Successor Company), for which the Company had used significant unobservable inputs (Level 3): Fair Value Roll-forwards for Financial Instruments Classified as Level 3 Total Realized/Unrealized Gains (Losses) Fair Value as of June 1, 2018 Included in Net Income [1] [2] [6] Included in OCI [3] Purchases Settlements Sales Transfers into Level 3 [4] Transfers out of Level 3 [4] Fair Value as of December 31, 2018 Assets Fixed maturities, AFS ABS $ 12 $ — $ — $ 20 $ (1 ) $ (4 ) $ 1 $ (26 ) $ 2 CLOs 65 — (1 ) 142 (3 ) (7 ) — (119 ) 77 CMBS 17 — — 42 (1 ) (1 ) — (16 ) 41 Corporate 451 (6 ) (7 ) 17 (2 ) (33 ) 6 (99 ) 327 Municipal 24 — — — — (12 ) — (12 ) — RMBS 617 — (1 ) 38 (71 ) (117 ) — (23 ) 443 Total fixed maturities, AFS 1,186 (6 ) (9 ) 259 (78 ) (174 ) 7 (295 ) 890 Equity securities, at fair value 42 1 — 4 — (1 ) — — 46 Freestanding derivatives Interest rate (27 ) — — — — — — — (27 ) GMWB hedging instruments 17 28 — — — — — — 45 Macro hedge program (5 ) 156 — 41 55 — — — 247 Total freestanding derivatives [5] (15 ) 184 — 41 55 — — — 265 Reinsurance recoverable for GMWB 22 10 — — 8 — — — 40 Separate accounts 55 — — 45 — (7 ) 6 (59 ) 40 Total assets $ 1,290 $ 189 $ (9 ) $ 349 $ (15 ) $ (182 ) $ 13 $ (354 ) $ 1,281 (Liabilities) Other policyholder funds and benefits payable Guaranteed withdrawal benefits (21 ) (25 ) — — (34 ) — — — (80 ) Total other policyholder funds and benefits payable (21 ) (25 ) — — (34 ) — — — (80 ) Total liabilities $ (21 ) $ (25 ) $ — $ — $ (34 ) $ — $ — $ — $ (80 ) The following table presents a reconciliation of the beginning and ending balances for fair value measurements for the period of January 1, 2018 to May 31, 2018 (Predecessor Company), for which the Company had used significant unobservable inputs (Level 3): Fair Value Roll-forwards for Financial Instruments Classified as Level 3 Total Realized/Unrealized Gains (Losses) Fair Value as of January 1, 2018 Included in Net Income [1] [2] [6] Included in OCI [3] Purchases Settlements Sales Transfers into Level 3 [4] Transfers out of Level 3 [4] Fair Value as of May 31, 2018 Assets Fixed maturities, AFS ABS $ 13 $ — $ — $ 6 $ (1 ) $ — $ 1 $ (7 ) $ 12 CLOs 73 — — 5 — (3 ) — (10 ) 65 CMBS 26 — — 7 (1 ) (15 ) — — 17 Corporate 443 2 (23 ) 47 (16 ) (46 ) 64 (20 ) 451 Foreign govt./govt. agencies 1 — — — (1 ) — — — — Municipal 38 — (1 ) — — — — (13 ) 24 RMBS 692 — (3 ) 35 (78 ) (24 ) — (5 ) 617 Total fixed maturities, AFS 1,286 2 (27 ) 100 (97 ) (88 ) 65 (55 ) 1,186 Equity securities, at fair value 46 10 — — — (14 ) — — 42 Freestanding derivatives Interest rate (29 ) 2 — — — — — — (27 ) GMWB hedging instruments 34 (15 ) — — — (2 ) — — 17 Macro hedge program 23 (28 ) — — — — — — (5 ) Total freestanding derivatives [5] 28 (41 ) — — — (2 ) — — (15 ) Reinsurance recoverable for GMWB 36 (19 ) — — 5 — — — 22 Separate accounts 185 — — 34 — (164 ) 22 (22 ) 55 Total assets $ 1,581 $ (48 ) $ (27 ) $ 134 $ (92 ) $ (268 ) $ 87 $ (77 ) $ 1,290 (Liabilities) Other policyholder funds and benefits payable Guaranteed withdrawal benefits (75 ) 82 — — (28 ) — — — (21 ) Total other policyholder funds and benefits payable (75 ) 82 — — (28 ) — — — (21 ) Total liabilities $ (75 ) $ 82 $ — $ — $ (28 ) $ — $ — $ — $ (21 ) [1] The Company classifies realized and unrealized gains (losses) on GMWB reinsurance derivatives and GMWB embedded derivatives as unrealized gains (losses) for purposes of disclosure in this table because it is impracticable to track on a contract-by-contract basis the realized gains (losses) for these derivatives and embedded derivatives. [2] Amounts in these columns are generally reported in net realized capital gains (losses). The realized/unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on net income for the Company. All amounts are before income taxes and amortization. [3] All amounts are before income taxes and amortization. [4] Transfers in and/or (out) of Level 3 are primarily attributable to the availability of market observable information and the re-evaluation of the observability of pricing inputs. [5] Derivative instruments are reported in this table on a net basis for asset (liability) positions and reported on the Consolidated Balance Sheets in other investments and other liabilities. [6] Includes both market and non-market impacts in deriving realized and unrealized gains (losses). Changes in Unrealized Gains (Losses) included in Net Income for Financial Instruments Classified as Level 3 Still Held at End of Period [1] [2] Successor Company Predecessor Company For the Year Ended December 31, 2019 June 1, 2018 to December 31, 2018 January 1, 2018 to May 31, 2018 Assets Fixed maturities, AFS Corporate $ (4 ) $ (6 ) $ 2 Total fixed maturities, AFS (4 ) (6 ) 2 Equity securities, at fair value (2 ) — — Freestanding derivatives Equity (1 ) — — Interest rate (6 ) 1 (5 ) GMWB hedging instruments (35 ) 28 (17 ) Macro hedge program (359 ) 252 (26 ) Total freestanding derivatives (401 ) 281 (48 ) Reinsurance recoverable for GMWB (34 ) 10 (19 ) Total assets $ (441 ) $ 285 $ (65 ) (Liabilities) Other policyholder funds and benefits payable Guaranteed withdrawal benefits $ 134 $ (25 ) $ 82 Total other policyholder funds and benefits payable 134 (25 ) 82 Total liabilities $ 134 $ (25 ) $ 82 [1] All amounts presented are reported in net realized capital gains (losses). The realized/unrealized gains (losses) included in net income for separate account assets are offset by an equal a |
Investment Holding Level 1 (Not
Investment Holding Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Investments [Abstract] | |
Investment Holdings [Text Block] | Net Investment Income Successor Company Predecessor Company (Before tax) For the Year Ended December 31, 2019 June 1, 2018 to December 31, 2018 January 1, 2018 to May 31, 2018 For the Year Ended December 31, 2017 Fixed maturities [1] $ 586 $ 343 $ 395 $ 995 Equity securities 6 9 4 9 Mortgage loans 92 49 54 124 Policy loans 84 48 32 79 Limited partnerships and other alternative investments 161 67 41 75 Other investments [2] 19 11 13 54 Investment expenses (24 ) (18 ) (19 ) (55 ) Total net investment income $ 924 $ 509 $ 520 $ 1,281 [1] Includes net investment income on short-term investments. [2] Includes income from derivatives that qualify for hedge accounting and hedge fixed maturities. Net Realized Capital Gains (Losses) Successor Company Predecessor Company (Before tax) For the Year Ended December 31, 2019 June 1, 2018 to December 31, 2018 January 1, 2018 to May 31, 2018 For the Year Ended December 31, 2017 Gross gains on sales $ 67 $ 12 $ 49 $ 226 Gross losses on sales (18 ) (38 ) (112 ) (58 ) Equity securities [1] 2 (21 ) 2 — Net other-than-temporary impairment ("OTTI") losses recognized in earnings (4 ) (7 ) — (14 ) Valuation allowances on mortgage loans — (5 ) — 2 Results of variable annuity hedge program GMWB derivatives, net 53 12 12 48 Macro hedge program (418 ) 153 (36 ) (260 ) Total results of variable annuity hedge program (365 ) 165 (24 ) (212 ) Transactional foreign currency revaluation (4 ) 9 (6 ) (1 ) Non-qualifying foreign currency derivatives (4 ) (10 ) 7 (5 ) Other, net [2] 51 37 (23 ) 2 Net realized capital gains (losses) $ (275 ) $ 142 $ (107 ) $ (60 ) [1] Effective January 1, 2018, with adoption of new accounting standards for equity securities, include all changes in fair value and trading gains and losses for equity securities at fair value. [2] Includes gains (losses) on non-qualifying derivatives, excluding foreign currency derivatives, of $54 for the year ended December 31, 2019 (Successor Company), $35 for the period of June 1, 2018 to December 31, 2018 (Successor Company), $(10) for the period of January 1, 2018 to May 31, 2018 (Predecessor Company), and $0 for the year ended December 31, 2017 (Predecessor Company). Sales of AFS Securities Successor Company Predecessor Company For the Year Ended December 31, 2019 June 1, 2018 to December 31, 2018 January 1, 2018 to May 31, 2018 For the Year Ended December 31, 2017 Fixed maturities, AFS Sale proceeds $ 2,541 $ 2,523 $ 3,523 $ 7,979 Gross gains 67 12 45 211 Gross losses (16 ) (37 ) (47 ) (56 ) Equity securities, AFS Sale proceeds $ 203 Gross gains 13 Gross losses (1 ) Sales of AFS securities in 2019 were primarily a result of duration and liquidity management, as well as tactical changes to the portfolio as a result of changing market conditions. The net unrealized gain (loss) on equity securities included in net realized capital gains (losses) related to equity securities still held as of December 31, 2019 (Successor Company), was $(2) for the year ended December 31, 2019 (Successor Company), $(14) for the period of June 1, 2018 to December 31, 2018 (Successor Company), and $(3) for the period of January 1, 2018 to May 31, 2018 (Predecessor Company). Prior to January 1, 2018, changes in net unrealized gains (losses) were included in AOCI. Recognition and Presentation of Other-Than-Temporary Impairments The Company will record an OTTI for fixed maturities if the Company intends to sell or it is more likely than not that the Company will be required to sell the security before a recovery in value. A corresponding charge is recorded in net realized capital losses equal to the difference between the fair value and amortized cost basis of the security. The Company will also record an OTTI for those fixed maturities for which the Company does not expect to recover the entire amortized cost basis. For these securities, the excess of the amortized cost basis over its fair value is separated into the portion representing a credit OTTI, which is recorded in net realized capital losses, and the remaining non-credit amount, which is recorded in OCI. The credit OTTI amount is the excess of its amortized cost basis over the Company’s best estimate of discounted expected future cash flows. The non-credit amount is the excess of the best estimate of the discounted expected future cash flows over the fair value. The Company’s best estimate of discounted expected future cash flows becomes the new cost basis and accretes prospectively into net investment income over the estimated remaining life of the security. The Company’s best estimate of expected future cash flows is a quantitative and qualitative process that incorporates information received from third-party sources along with certain internal assumptions regarding the future performance. The Company's considerations include, but are not limited to (a) changes in the financial condition of the issuer and the underlying collateral, (b) whether the issuer is current on contractually obligated interest and principal payments, (c) credit ratings, (d) payment structure of the security and (e) the extent to which the fair value has been less than the amortized cost of the security. For non-structured securities, assumptions include, but are not limited to, economic and industry-specific trends and fundamentals, security-specific developments, industry earnings multiples and the issuer’s ability to restructure and execute asset sales. For structured securities, assumptions include, but are not limited to, various performance indicators such as historical and projected default and recovery rates, credit ratings, current and projected delinquency rates, loan-to-value ("LTV") ratios, average cumulative collateral loss rates that vary by vintage year, prepayment speeds, and property value declines. These assumptions require the use of significant management judgment and include the probability of issuer default and estimates regarding timing and amount of expected recoveries which may include estimating the underlying collateral value. Prior to January 1, 2018, the Company recorded an OTTI for certain equity securities with debt-like characteristics if the Company intended to sell or it was more likely than not that the Company was required to sell the security before a recovery in value as well as for those equity securities for which the Company did not expect to recover the entire amortized cost basis. The Company also recorded an OTTI for equity securities where the decline in the fair value was deemed to be other-than-temporary. For further discussion of these policies, see Recognition and Presentation of Other-Than-Temporary Impairments within Note 3 - Investments of Notes to Consolidated Financial Statements included in the Company’s 2017 Form 10-K Annual Report (Predecessor Company). Impairments in Earnings by Type Successor Company Predecessor Company For the Year Ended December 31, 2019 June 1, 2018 to December 31, 2018 January 1, 2018 to May 31, 2018 For the Year Ended December 31, 2017 Intent-to-sell impairments $ — $ 1 $ — $ — Credit impairments 4 6 — $ 14 Impairments on equity securities — — — — Total impairments $ 4 $ 7 $ — $ 14 Cumulative Credit Impairments Successor Company Predecessor Company (Before tax) For the Year Ended December 31, 2019 June 1, 2018 to December 31, 2018 January 1, 2018 to May 31, 2018 For the Year Ended December 31, 2017 Balance as of beginning of period $ (6 ) $ — $ (88 ) $ (170 ) Additions for credit impairments recognized on [1]: Securities not previously impaired $ (4 ) (6 ) — (1 ) Securities previously impaired — — — (13 ) Reductions for credit impairments previously recognized on: Securities that matured or were sold during the period $ 6 — 17 82 Securities due to an increase in expected cash flows — — 1 14 Balance as of end of period $ (4 ) $ (6 ) $ (70 ) $ (88 ) [1] These additions are included in the net OTTI losses recognized in earnings on the Consolidated Statements of Operations. Available-for-Sale Securities AFS Securities by Type Successor Company December 31, 2019 December 31, 2018 Cost or Amortized Cost [1] Gross Unrealized Gains Gross Unrealized Losses Fair Value Non-Credit OTTI [2] Cost or Amortized Cost [1] Gross Unrealized Gains Gross Unrealized Losses Fair Value Non-Credit OTTI [2] ABS $ 291 $ 4 $ — $ 295 $ — $ 514 $ 2 $ — $ 516 $ — CLOs 1,150 6 (6 ) 1,150 — 971 5 (13 ) 963 — CMBS 1,331 65 (3 ) 1,391 — 1,409 8 (7 ) 1,407 — Corporate 7,403 696 (7 ) 8,121 — 7,860 19 (236 ) 7,678 (1 ) Foreign govt./govt. agencies 382 30 (1 ) 409 — 383 3 (6 ) 377 — Municipal 705 56 — 761 — 738 5 (10 ) 734 — RMBS 853 16 (1 ) 868 — 1,034 3 (4 ) 1,033 — U.S. Treasuries 905 88 — 993 — 1,126 8 (3 ) 1,131 — Total fixed maturities, AFS $ 13,020 $ 961 $ (18 ) $ 13,988 $ — $ 14,035 $ 53 $ (279 ) $ 13,839 $ (1 ) [1] The cost or amortized cost of assets that support modified coinsurance reinsurance contracts were not adjusted as part of the application of pushdown accounting. As a result, gross unrealized gains (losses) only include subsequent changes in value recorded in AOCI beginning June 1, 2018. Prior changes in value have been recorded in additional paid-in capital. [2] Represents the amount of cumulative non-credit OTTI losses recognized in OCI on securities that also had credit impairments. These losses are included in gross unrealized losses as of December 31, 2019 and 2018 (Successor Company). Fixed maturities, AFS, by Contractual Maturity Year Successor Company December 31, 2019 December 31, 2018 Contractual Maturity Amortized Fair Amortized Fair One year or less $ 295 $ 300 $ 481 $ 479 Over one year through five years 1,260 1,297 1,508 1,501 Over five years through ten years 1,824 1,951 1,807 1,783 Over ten years 6,016 6,736 6,311 6,157 Subtotal 9,395 10,284 10,107 9,920 Mortgage-backed and asset-backed securities 3,625 3,704 3,928 3,919 Total fixed maturities, AFS $ 13,020 $ 13,988 $ 14,035 $ 13,839 Estimated maturities may differ from contractual maturities due to security call or prepayment provisions. Due to the potential for variability in payment speeds (i.e. prepayments or extensions), mortgage-backed and asset-backed securities are not categorized by contractual maturity. Concentration of Credit Risk The Company aims to maintain a diversified investment portfolio including issuer, sector and geographic stratification, where applicable, and has established certain exposure limits, diversification standards and review procedures to mitigate credit risk. The Company had no investment exposure to any credit concentration risk of a single issuer greater than 10% of the Company's stockholder's equity , other than the U.S. government and certain U.S. government agencies as of December 31, 2019 or 2018 (Successor Company). As of December 31, 2019 (Successor Company), other than U.S. government and certain U.S. government agencies, the Company’s three largest exposures by issuer were the IBM Corporation , Walt Disney Company , and the Microsoft Corporation , which each comprised less than 1% of total invested assets. As of December 31, 2018 (Successor Company), other than U.S. government and certain U.S. government agencies, the Company’s three largest exposures by issuer were CVS Health Corporation , Microsoft Corporation , and HSBC Holdings PLC , which each comprised less than 1% of total invested assets. The Company’s three largest exposures by sector as of December 31, 2019 (Successor Company), were utilities, CMBS, and financial services which comprised approximately 7% , 7% and 7% , respectively, of total invested assets. The Company’s three largest exposures by sector as of December 31, 2018 (Successor Company) were utilities , financial services , and CMBS which comprised approximately 8% , 7% , and 7% , respectively, of total invested assets. Unrealized Losses on AFS Securities Unrealized Loss Aging for AFS Securities by Type and Length of Time as of December 31, 2019 Successor Company Less Than 12 Months 12 Months or More Total Amortized Cost [1] Fair Value Unrealized Losses Amortized Cost [1] Fair Value Unrealized Losses Amortized Cost [1] Fair Value Unrealized Losses ABS $ 51 $ 51 $ — $ 14 $ 14 $ — $ 65 $ 65 $ — CLOs 189 188 (1 ) 647 642 (5 ) 836 830 (6 ) CMBS 95 93 (2 ) 10 9 (1 ) 105 102 (3 ) Corporate 147 144 (3 ) 180 176 (4 ) 327 320 (7 ) Foreign govt./govt. agencies 5 5 — 31 30 (1 ) 36 35 (1 ) Municipal 51 51 — — — — 51 51 — RMBS 80 80 — 88 87 (1 ) 168 167 (1 ) U.S. Treasuries 13 13 — — — — 13 13 — Total fixed maturities, AFS in an unrealized loss position $ 631 $ 625 $ (6 ) $ 970 $ 958 $ (12 ) $ 1,601 $ 1,583 $ (18 ) Unrealized Loss Aging for AFS Securities by Type and Length of Time as of December 31, 2018 Successor Company Less Than 12 Months 12 Months or More Total Amortized Cost [1] Fair Value Unrealized Losses Amortized Cost [1] Fair Value Unrealized Losses Amortized Cost [1] Fair Value Unrealized Losses ABS $ 179 $ 179 $ — $ — $ — $ — $ 179 $ 179 $ — CLOs 887 874 (13 ) — — — 887 874 (13 ) CMBS 762 754 (7 ) — — — 762 754 (7 ) Corporate 6,748 6,549 (236 ) — — — 6,748 6,549 (236 ) Foreign govt./govt. agencies 218 212 (6 ) — — — 218 212 (6 ) Municipal 490 480 (10 ) — — — 490 480 (10 ) RMBS 727 723 (4 ) — — — 727 723 (4 ) U.S. Treasuries 619 616 (3 ) — — — 619 616 (3 ) Total fixed maturities, AFS in an unrealized loss position $ 10,630 $ 10,387 $ (279 ) $ — $ — $ — $ 10,630 $ 10,387 $ (279 ) [1] The cost or amortized cost of assets that support modified coinsurance reinsurance contracts were not adjusted as part of the application of pushdown accounting. As a result, gross unrealized gains (losses) only include subsequent changes in value recorded in AOCI beginning June 1, 2018. Prior changes in value have been recorded in additional paid-in capital. As of December 31, 2019 (Successor Company), AFS securities in an unrealized loss position consisted of 356 securities, primarily in the corporate and CLO sectors, which were depressed primarily due widening of credit spreads since the securities were purchased. As of December 31, 2019 (Successor Company), 98% of these securities were depressed less than 20% of cost or amortized cost. The decrease in unrealized losses during 2019 was primarily attributable to lower interest rates and tighter credit spreads . The Company neither has an intention to sell nor does it expect to be required to sell the securities outlined in the preceding discussion. Mortgage Loans Mortgage Loan Valuation Allowances Mortgage loans are considered to be impaired when management estimates that, based upon current information and events, it is probable that the Company will be unable to collect amounts due according to the contractual terms of the loan agreement. The Company reviews mortgage loans on a quarterly basis to identify potential credit losses. Among other factors, management reviews current and projected macroeconomic trends, such as unemployment rates, and property-specific factors such as rental rates, occupancy levels, LTV ratios and debt service coverage ratios (“DSCR”). In addition, the Company considers historical, current and projected delinquency rates and property values. Estimates of collectibility require the use of significant management judgment and include the probability and timing of borrower default and loss severity estimates. In addition, cash flow projections may change based upon new information about the borrower's ability to pay and/or the value of underlying collateral such as changes in projected property value estimates. For mortgage loans that are deemed impaired, a valuation allowance is established for the difference between the carrying amount and estimated value. The mortgage loan's estimated value is most frequently the Company's share of the fair value of the collateral but may also be the Company’s share of either (a) the present value of the expected future cash flows discounted at the loan’s effective interest rate or (b) the loan’s observable market price. A valuation allowance may be recorded for an individual loan or for a group of loans that have an LTV ratio of 90% or greater, a low DSCR or have other lower credit quality characteristics. Changes in valuation allowances are recorded in net realized capital gains and losses. Interest income on impaired loans is accrued to the extent it is deemed collectible and the borrowers continue to make payments under the original or restructured loan terms. The Company stops accruing interest income on loans when it is probable that the Company will not receive interest and principal payments according to the contractual terms of the loan agreement. The Company resumes accruing interest income when it determines that sufficient collateral exists to satisfy the full amount of the loan principal and interest payments and when it is probable cash will be received in the foreseeable future. Interest income on defaulted loans is recognized when received. As of December 31, 2019 (Successor Company), commercial mortgage loans had an amortized cost and carrying value of $2.2 billion , with no valuation allowance. As of December 31, 2018 (Successor Company), commercial mortgage loans had an amortized cost and carrying value of $2.1 billion , with a valuation allowance of $(5) . Amortized cost represents carrying value prior to valuation allowances, if any. As of December 31, 2019 (Successor Company) there were no mortgage loans that had a valuation allowance. As of December 31, 2018 (Successor Company), the carrying value of mortgage loans that had a valuation allowance was $23 . There were no mortgage loans held-for-sale as of December 31, 2019 or December 31, 2018 (Successor Company). As of December 31, 2019 (Successor Company), the Company had no mortgage loans that have had extensions or restructurings other than what is allowable under the original terms of the contract. Valuation Allowance Activity Successor Company Predecessor Company For the Year Ended December 31, 2019 June 1, 2018 to December 31, 2018 January 1, 2018 to May 31, 2018 For the Year Ended December 31, 2017 Balance as of January 1 $ (5 ) $ — $ — $ (19 ) Reversals/(Additions) — (6 ) — (1 ) Deductions 5 1 — 20 Balance as of December 31 $ — $ (5 ) $ — $ — The weighted-average LTV ratio of the Company’s commercial mortgage loan portfolio was 51% as of December 31, 2019 (Successor Company), while the weighted-average LTV ratio at origination of these loans was 62% . LTV ratios compare the loan amount to the value of the underlying property collateralizing the loan. The loan collateral values are updated no less than annually through reviews of the underlying properties. Factors considered in estimating property values include, among other things, actual and expected property cash flows, geographic market data and the ratio of the property's net operating income to its value. DSCR compares a property’s net operating income to the borrower’s principal and interest payments. As of December 31, 2019 and 2018 (Successor Company), the Company held no delinquent commercial mortgages loan past due by 90 days or more. Commercial Mortgage Loans Credit Quality Successor Company December 31, 2019 December 31, 2018 Loan-to-value Carrying Value Avg. Debt-Service Coverage Ratio Carrying Value Avg. Debt-Service Coverage Ratio 65% - 80% 269 1.74x 340 1.78x Less than 65% 1,972 2.44x 1,760 2.48x Total mortgage loans $ 2,241 2.36x $ 2,100 2.36x Mortgage Loans by Region Successor Company December 31, 2019 December 31, 2018 Carrying Value Percent of Total Carrying Value Percent of Total East North Central $ 67 3.0 % $ 56 2.7 % East South Central 19 0.9 % 19 0.9 % Middle Atlantic 204 9.1 % 131 6.2 % Mountain 75 3.3 % 51 2.4 % New England 85 3.8 % 79 3.7 % Pacific 646 28.8 % 684 32.6 % South Atlantic 510 22.8 % 457 21.8 % West South Central 209 9.3 % 226 10.8 % Other [1] 426 19.0 % 397 18.9 % Total mortgage loans $ 2,241 100 % $ 2,100 100 % [1] Primarily represents loans collateralized by multiple properties in various regions. Mortgage Loans by Property Type Successor Company December 31, 2019 December 31, 2018 Carrying Value Percent of Total Carrying Value Percent of Total Commercial Industrial $ 603 26.9 % $ 580 27.6 % Lodging 24 1.1 % 24 1.1 % Multifamily 576 25.7 % 518 24.7 % Office 471 21.0 % 478 22.8 % Retail 398 17.8 % 286 13.6 % Single Family 120 5.3 % 86 4.1 % Other 49 2.2 % 128 6.1 % Total mortgage loans $ 2,241 100 % $ 2,100 100 % Variable Interest Entities The Company is engaged with various special purpose entities and other entities that are deemed to be variable interest entities ("VIEs") primarily as an investor through normal investment activities. A VIE is an entity that either has investors that lack certain essential characteristics of a controlling financial interest, such as simple majority kick-out rights, or lacks sufficient funds to finance its own activities without financial support provided by other entities. The Company performs ongoing qualitative assessments of its VIEs to determine whether the Company has a controlling financial interest in the VIE and therefore is the primary beneficiary. The Company is deemed to have a controlling financial interest when it has both the ability to direct the activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE. Based on the Company’s assessment, if it determines it is the primary beneficiary, the Company consolidates the VIE on the Company’s Consolidated Financial Statements. As of December 31, 2019 and 2018 (Successor Company), the Company did not hold any VIEs for which it was the primary beneficiary. Non-Consolidated VIEs The Company, through normal investment activities, makes passive investments in limited partnerships and other alternative investments. For these non-consolidated VIEs, the Company has determined it is not the primary beneficiary as it has no ability to direct activities that could significantly affect the economic performance of the investments. The Company’s maximum exposure to loss as of December 31, 2019 and 2018 (Successor Company) is limited to the total carrying value of $914 and $849 , respectively, which are included in limited partnerships and other alternative investments on the Company's Consolidated Balance Sheets. As of December 31, 2019 and 2018 (Successor Company), the Company had outstanding commitments totaling $474 and $474 , respectively, whereby the Company is committed to fund these investments and may be called by the partnership during the commitment period to fund the purchase of new investments and partnership expenses. These investments are generally of a passive nature in that the Company does not take an active role in management. In addition, the Company also makes passive investments in structured securities issued by VIEs for which the Company is not the manager. These investments are included in ABS, CLOs, CMBS and RMBS in the Available-for-Sale Securities table and fixed maturities, FVO, on the Company’s Consolidated Balance Sheets. The Company has not provided financial or other support with respect to these investments other than its original investment. For these investments, the Company determined it is not the primary beneficiary due to the relative size of the Company’s investment in comparison to the principal amount of the structured securities issued by the VIEs, the level of credit subordination which reduces the Company’s obligation to absorb losses or right to receive benefits and the Company’s inability to direct the activities that most significantly impact the economic performance of the VIEs. The Company’s maximum exposure to loss on these investments is limited to the amount of the Company’s investment. Securities Lending, Repurchase Agreements and Other Collateral Transactions The Company enters into securities financing transactions as a way to earn additional income or manage liquidity, primarily through securities lending and repurchase agreements. Securities Lending Under a securities lending program, the Company lends certain fixed maturities within the corporate, foreign government/government agencies, and municipal sectors as well as equity securities to qualifying third-party borrowers in return for collateral in the form of cash or securities. For domestic and non-domestic loaned securities, respectively, borrowers provide collateral of 102% and 105% of the fair value of the securities lent at the time of the loan. Borrowers will return the securities to the Company for cash or securities collateral at maturity dates generally of 90 days or less. Security collateral on deposit from counterparties in connection with securities lending transactions may not be sold or re-pledged, except in the event of default by the counterparty, and is not reflected on the Company’s Consolidated Balance Sheets. Additional collateral is obtained if the fair value of the collateral falls below 100% of the fair value of the loaned securities. The agreements provide the counterparty the right to sell or re-pledge the securities loaned. If cash, rather than securities, is received as collateral, the cash is typically invested in short-term investments or fixed maturities and is reported as an asset on the Company's Consolidated Balance Sheets. Income associated with securities lending transactions is reported as a component of net investment income on the Company’s Consolidated Statements of Operations. Repurchase Agreements From time to time, the Company enters into repurchase agreements to manage liquidity or to earn incremental income. A repurchase agreement is a transaction in which one party (transferor) agrees to sell securities to another party (transferee) in return for cash (or securities), with a simultaneous agreement to repurchase the same securities at a specified price at a later date. These transactions generally have a contractual maturity of ninety days or less. Repurchase agreements include master netting provisions that provide both counterparties the right to offset claims and apply securities held by them with respect to their obligations in the event of a default. Although the Company has the contractual right to offset claims, the Company's current positions do not meet the specific conditions for net presentation. Under repurchase agreements, the Company transfers collateral of U.S. government and government agency securities and receives cash. For repurchase agreements, the Company obtains cash in an amount equal to at least 95% of the fair value of the securities transferred. The agreements require additional collateral to be transferred when necessary and provide the counterparty the right to sell or re-pledge the securities transferred. The cash received from the repurchase program is typically invested in short-term investments or fixed maturities and is reported as an asset on the Company's Consolidated Balance Sheets. The Company accounts for the repurchase agreements as collateralized borrowings. The securities transferred under repurchase agreements are included in fixed maturities, AFS with the obligation to repurchase those securities recorded in other liabilities on the Company's Consolidated Balance Sheets. From time to time, the Company enters into reverse repurchase agreements where the Company purchases securities and simultaneously agrees to resell the same or substantially the same securities. The agreements require additional collateral to be transferred to the Company when necessary and the Company has the right to sell or re-pledge the securities received. The Company accounts for reverse repurchase agreements as collateralized financing. The receivable for reverse repurchase agreements is included within short-term investments on the Company's Consolidated Balance Sheets. Securities Lending and Repurchase Agreements Successor Company December 31, 2019 December 31, 2018 Fair Value Fair Value Securities Lending Transactions: Gross amount of securities on loan $ — $ 277 Gross amount of associated liability for collateral received [1] $ — $ 284 Repurchase agreements: Gross amount of recognized liabilities for repurchase agreements $ 269 $ 186 Gross amount of collateral pledged related to repurchase agreements [2] $ 273 $ 190 Gross amount of recognized receivables for reverse repurchase agreements [3] $ 10 $ 25 [1] Cash collateral received is reinvested in fixed maturities, AFS and short term investments which are included on the Consolidated Balance Sheets. Amount includes additional securities collateral received of $0 and $1 which are excluded from the Company's Consolidated Balance Sheets as of December 31, 2019 and 2018 (Successor Company), respectively. [2] Collateral pledged is included within fixed maturities, AFS and short-term investments on the Company's Consolidated Balance Sheets. [3] Collateral received is included within short-term investments on the Company's Consolidated Balance Sheets. Other Collateral Transactions The Company is required by law to deposit securities with government agencies in certain states in which it conducts business. As of December 31, 2019 and 2018 (Successor Company), the fair value of securities on deposit was $24 and $23 , respectively. For disclosure of collateral in support of derivative transactions, refer to the Derivative Collateral Arrangements section of Note 4 - Derivative Instruments . Equity Method Investments The majority of the Company's investments in limited partnerships and other alternative investments, including hedge funds, mortgage and real estate funds, and private equity and other funds (collectively, “limited partnerships”), are accounted for under the equity method of accounting. The Company recognized total equity method income of $161 for the period ended December 31, 2019 , $67 for the period June 1, 2018 to December 31, 2018 (Successor Company), $41 for the period January 1, 2018 to May 31, 2018 (Predecessor Company), and $75 for the period ended December 31, 2017 (Predecessor Company). Equity method income is reported in net investment income. The Company’s maximum exposure to loss as of December 31, 2019 (Successor Company) is limited to the total carrying value of $939 . In addition, the Company has outstanding commitments totaling approximately $476 , to fund limited partnership and other alternative investments as of December 31, 2019 (Successor Company). The Company’s investments in limited partnerships are generally of a passive nature in that the Company does not take an active role in the management of the limited partnerships. In 2019 , aggregate investment income (losses) from limited partnerships and other alternative investments exceeded 10% of the Company’s pre-tax consolidated net income. Accordingly, the Company is disclosing aggregated summarized financial data for the Company’s limited partnership investments. This aggregated summarized financial data does not represent the Company’s proportionate share of limited partnership assets or earnings. Aggregate total assets of the limited partnerships in which the Company invested totaled $140.4 billion and $132.7 billion as of December 31, 2019 and 2018 (Successor Company), respectively. Aggregate total liabilities of the limited partnerships in which the Company invested totaled $25.5 billion and $28.6 billion as of December 31, 2019 and 2018 (Successor Company), respectively. Aggregate net investment income (loss) of the limited partnerships in which the Company invested totaled $405 , $653 and $1.8 billion for the years ended December 31, 2019 (Successor Company), 2018 (Successor Company) and 2017 (Predecessor Company), respectively. Aggregate net income excluding net investment income of the limited partnerships in which the Company invested totaled $10.2 billion , $8.9 billion , and $8.1 billion for the years ended December 31, 2019 (Successor Company), 2018 (Successor Company) and 2017 (Predecessor Company), respectively. As of, and for the year ended, December 31, 2019 (Successor Company), the aggregated summarized financial data reflects the latest available financial information. |
Derivative Instruments Level 1
Derivative Instruments Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Derivative Instruments The Company utilizes a variety of OTC, OTC-cleared and exchange traded derivative instruments as a part of its overall risk management strategy as well as to enter into replication transactions. Derivative instruments are used to manage risk associated with interest rate, equity market, credit spread, issuer default, price, and currency exchange rate risk or volatility. Replication transactions are used as an economical means to synthetically replicate the characteristics and performance of assets that are permissible investments under the Company’s investment policies. The Company also may enter into and has previously issued financial instruments and products that either are accounted for as free-standing derivatives, such as certain reinsurance contracts, or as embedded derivative instruments, such as certain GMWB riders included with certain variable annuity products. Strategies that Qualify for Hedge Accounting Some of the Company's derivatives satisfy hedge accounting requirements as outlined in Note 1 of these financial statements. Typically, these hedging instruments include interest rate swaps and, to a lesser extent, foreign currency swaps where the terms or expected cash flows of the hedged item closely match the terms of the swap. The interest rate swaps are typically used to manage interest rate duration of certain fixed maturity securities or liability contracts. As a result of pushdown accounting, derivative instruments that previously qualified for hedge accounting were de-designated and recorded at fair value through adjustments to additional paid in capital at the acquisition date. The hedge strategies by hedge accounting designation include: Cash Flow Hedges Interest rate swaps are predominantly used to manage portfolio duration and better match cash receipts from assets with cash disbursements required to fund liabilities. These derivatives primarily convert interest receipts on floating-rate fixed maturity securities to fixed rates. Foreign currency swaps are used to convert foreign currency-denominated cash flows related to certain investment receipts and liability payments to U.S. dollars in order to reduce cash flow fluctuations due to changes in currency rates. Non-qualifying Strategies Derivative relationships that do not qualify for hedge accounting (“non-qualifying strategies”) primarily include the hedge program for the Company's variable annuity products as well as the hedging and replication strategies that utilize credit default swaps. In addition, hedges of interest rate, foreign currency and equity risk of certain fixed maturities, equities and liabilities do not qualify for hedge accounting. The non-qualifying strategies include: Interest Rate Swaps, Swaptions, and Futures The Company uses interest rate swaps, swaptions, and futures to manage interest rate duration between assets and liabilities in certain investment portfolios. In addition, the Company enters into interest rate swaps to terminate existing swaps, thereby offsetting the changes in value of the original swap. As of both December 31, 2019 and 2018 (Successor Company), the notional amount of interest rate swaps in offsetting relationships was $1.3 billion and $1.5 billion , respectively. Foreign Currency Swaps and Forwards The Company enters into foreign currency swaps to convert the foreign currency exposures of certain foreign currency-denominated fixed maturity investments to U.S. dollars. The Company also enters into foreign currency forwards to hedge non-U.S. dollar denominated cash. Fixed Payout Annuity Hedge The Company previously had obligations for certain yen denominated fixed payout annuities under an assumed reinsurance contract. The Company had in place swap contracts to hedge the currency and yen interest rate exposure between the U.S. dollar denominated assets and the yen denominated fixed liability reinsurance payments. The last swap matured on October 31, 2019. Credit Contracts Credit default swaps are used to purchase credit protection on an individual entity or referenced index to economically hedge against default risk and credit-related changes in the value of fixed maturity securities. Credit default swaps are also used to assume credit risk related to an individual entity or referenced index as a part of replication transactions. These contracts require the Company to pay or receive a periodic fee in exchange for compensation from the counterparty should the referenced security issuers experience a credit event, as defined in the contract. In addition, the Company enters into credit default swaps to terminate existing credit default swaps, thereby offsetting the changes in value of the original swap going forward. Equity Index Swaps and Options The Company enters into equity index options to hedge the impact of a decline in the equity markets on the investment portfolio. GMWB Derivatives, net The Company formerly offered certain variable annuity products with GMWB riders. The GMWB product is a bifurcated embedded derivative (“GMWB product derivatives”) that has a notional value equal to the GRB. The Company uses reinsurance contracts to transfer a portion of its risk of loss due to GMWB. The reinsurance contracts covering GMWB (“GMWB reinsurance contracts”) are accounted for as free-standing derivatives with a notional amount equal to the GRB reinsured. The Company utilizes derivatives (“GMWB hedging instruments”) as part of a dynamic hedging program designed to hedge a portion of the capital market risk exposures of the non-reinsured GMWB riders. The GMWB hedging instruments hedge changes in interest rates, equity market levels, and equity volatility. These derivatives include customized swaps, interest rate swaps and futures, and equity swaps, options and futures, on certain indices including the S&P 500 index, EAFE index and NASDAQ index. The Company retains the risk for differences between assumed and actual policyholder behavior and between the performance of the actively managed funds underlying the separate accounts and their respective indices. GMWB Hedging Instruments Successor Company Notional Amount Fair Value December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 Customized swaps $ 3,938 $ 3,877 $ 34 $ 71 Equity swaps, options, and futures 855 776 (2 ) (25 ) Interest rate swaps and futures 2,189 3,140 41 25 Total $ 6,982 $ 7,793 $ 73 $ 71 Macro Hedge Program The Company utilizes equity swaps, options, and futures as well as interest rate swaps to provide protection against the statutory tail scenario risk to the Company's statutory surplus arising from higher GMWB and guaranteed minimum death benefits ("GMDB") claims as well as lower variable annuity fee revenue. These derivatives cover some of the residual risks not otherwise covered by the dynamic hedging program. Modified Coinsurance Reinsurance Contracts As of December 31, 2019 and 2018 (Successor Company), the Company had approximately $819 and $798 , respectively, of invested assets supporting other policyholder funds and benefits payable reinsured under a modified coinsurance arrangement in connection with the sale of the Individual Life business, which was structured as a reinsurance transaction. The assets are primarily held in a trust established by the Company. The Company pays or receives cash quarterly to settle the operating results of the reinsured business, including the investment results. As a result of this modified coinsurance arrangement, the Company has an embedded derivative that transfers to the reinsurer certain unrealized changes in fair value of investments subject to interest rate and credit risk. The notional amount of the embedded derivative reinsurance contracts are the invested assets which are carried at fair value and support the reinsured reserves. Derivative Balance Sheet Classification For reporting purposes, the Company has elected to offset within assets or liabilities based upon the net of the fair value amounts, income accruals, and related cash collateral receivables and payables of OTC derivative instruments executed in a legal entity and with the same counterparty under a master netting agreement, which provides the Company with the legal right of offset. The following fair value amounts do not include income accruals or related cash collateral receivables and payables, which are netted with derivative fair value amounts to determine balance sheet presentation. Derivatives in the Company’s separate accounts, where the associated gains and losses accrue directly to policyholders are not included in the table below. The Company’s derivative instruments are held for risk management purposes, unless otherwise noted in the following table. The notional amount of derivative contracts represents the basis upon which pay or receive amounts are calculated and is presented in the table to quantify the volume of the Company’s derivative activity. Notional amounts are not necessarily reflective of credit risk. The following tables exclude investments that contain an embedded credit derivative for which the Company has elected the fair value option. For further discussion, see the Fair Value Option section of Note 2 - Fair Value Measurements in Notes to Consolidated Financial Statements. Successor Company Net Derivatives Asset Derivatives Liability Derivatives Notional Amount Fair Value Fair Value Fair Value Hedge Designation/ Derivative Type Dec 31, 2019 Dec 31, 2018 Dec 31, 2019 Dec 31, 2018 Dec 31, 2019 Dec 31, 2018 Dec 31, 2019 Dec 31, 2018 Cash flow hedges Foreign currency swaps $ 10 $ — $ — $ — $ — $ — $ — $ — Total cash flow hedges 10 — — — — — — — Non-qualifying strategies Interest rate contracts Interest rate swaps and futures 3,082 3,152 (39 ) (101 ) 11 38 (50 ) (139 ) Foreign exchange contracts Foreign currency swaps and forwards 225 225 (7 ) (9 ) 9 7 (16 ) (16 ) Fixed payout annuity hedge — 270 — (82 ) — — — (82 ) Credit contracts Credit derivatives that purchase credit protection 40 45 (1 ) (1 ) — — (1 ) (1 ) Credit derivatives that assume credit risk [1] — 372 — 3 — 3 — — Credit derivatives in offsetting positions — 43 — — — 5 — (5 ) Equity contracts Equity index swaps and options 2,000 — — — — — — — Variable annuity hedge program GMWB product derivatives [2] 8,717 9,957 5 (80 ) 23 — (18 ) (80 ) GMWB reinsurance contracts 1,869 2,115 17 40 17 40 — — GMWB hedging instruments 6,982 7,793 73 71 89 114 (16 ) (43 ) Macro hedge program 19,879 10,765 (114 ) 247 98 288 (212 ) (41 ) Other Modified coinsurance reinsurance contracts 819 798 (43 ) 12 — 12 (43 ) — Total non-qualifying strategies 43,613 35,535 (109 ) 100 247 507 (356 ) (407 ) Total cash flow hedges and non-qualifying strategies $ 43,623 $ 35,535 $ (109 ) $ 100 $ 247 $ 507 $ (356 ) $ (407 ) Balance Sheet Location Fixed maturities, available-for-sale $ 43 $ 41 $ — $ — $ — $ — $ — $ — Other investments 5,779 11,000 72 212 83 248 (11 ) (36 ) Other liabilities 26,396 11,623 (160 ) (84 ) 124 207 (284 ) (291 ) Reinsurance recoverables 2,688 2,914 (26 ) 52 17 52 (43 ) — Other policyholder funds and benefits payable 8,717 9,957 5 (80 ) 23 — (18 ) (80 ) Total derivatives $ 43,623 $ 35,535 $ (109 ) $ 100 $ 247 $ 507 $ (356 ) $ (407 ) [1] The derivative instruments related to this strategy are held for other investment purposes. [2] These derivatives are embedded within liabilities and are not held for risk management purposes. Offsetting of Derivative Assets/Liabilities The following tables present the gross fair value amounts, the amounts offset, and net position of derivative instruments eligible for offset on the Company's Consolidated Balance Sheets. Amounts offset include fair value amounts, income accruals and related cash collateral receivables and payables associated with derivative instruments that are traded under a common master netting agreement, as described in the preceding discussion. Also included in the tables are financial collateral receivables and payables, which are contractually permitted to be offset upon an event of default, although are disallowed for offsetting under U.S. GAAP. Offsetting Derivative Assets and Liabilities (Successor Company) (i) (ii) (iii) = (i) - (ii) (v) = (iii) - (iv) Net Amounts Presented on the Statement of Financial Position Collateral Disallowed for Offset on the Statement of Financial Position Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset on the Statement of Financial Position Derivative Assets [1] (Liabilities) [2] Accrued Interest and Cash Collateral (Received) [3] Pledged [2] Financial Collateral (Received) Pledged [4] Net Amount As of December 31, 2019 Other investments $ 207 $ 187 $ 72 $ (52 ) $ 8 $ 12 Other liabilities (295 ) (91 ) (160 ) (44 ) (204 ) — As of December 31, 2018 Other investments $ 455 $ 352 $ 212 $ (109 ) $ 65 $ 38 Other liabilities (327 ) (147 ) (84 ) (96 ) (178 ) (2 ) [1] Included in other invested assets on the Company's Consolidated Balance Sheets. [2] Included in other liabilities on the Company's Consolidated Balance Sheets and is limited to the net derivative receivable associated with each counterparty. [3] Included in other investments on the Company's Consolidated Balance Sheets and is limited to the net derivative payable associated with each counterparty. [4] Excludes collateral associated with exchange-traded derivative instruments. Cash Flow Hedges For derivative instruments that are designated and qualify as cash flow hedges, the gain or loss on the derivative is reported as a component of OCI and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness. Derivatives in Cash Flow Hedging Relationships Gain (Loss) Recognized in OCI Successor Company Predecessor Company For the Year Ended December 31, 2019 June 1, 2018 to December 31, 2018 January 1, 2018 to May 31, 2018 For the Year Ended December 31, 2017 Interest rate swaps $ — $ — $ (17 ) $ (13 ) Foreign currency swaps — — — 4 Total $ — $ — $ (17 ) $ (9 ) Derivatives in Cash Flow Hedging Relationships (Successor Company) Gain or (Loss) Reclassified from AOCI into Income For the Year Ended December 31, 2019 June 1, 2018 to December 31, 2018 Net Capital Net Investment Income Net Capital Net Investment Income Interest rate swaps — — — — Foreign currency swaps — — — — Total $ — $ — $ — $ — Derivatives in Cash Flow Hedging Relationships (Predecessor Company) Gain or (Loss) Reclassified from AOCI into Income January 1, 2018 to May 31, 2018 For the Year Ended December 31, 2017 Net Capital Net Investment Income Net Capital Net Investment Income Interest rate swaps — 8 (1 ) 26 Foreign currency swaps (2 ) — 11 — Total $ (2 ) $ 8 $ 10 $ 26 Total Amounts Presented on the Consolidated Statement of Operations $ (107 ) $ 520 $ (60 ) $ 1,281 For all periods presented, the Company had no net reclassifications from AOCI to earnings resulting from the discontinuance of cash-flow hedges due to forecasted transactions that were no longer probable of occurring. Non-qualifying Strategies For non-qualifying strategies, including embedded derivatives that are required to be bifurcated from their host contracts and accounted for as derivatives, the gain or loss on the derivative is recognized currently in earnings within net realized capital gains (losses). Non-qualifying Strategies Gain (Loss) Recognized within Net Realized Capital Gains (Losses) Successor Company Predecessor Company For the Year Ended December 31, 2019 June 1, 2018 to December 31, 2018 January 1, 2018 to May 31, 2018 For the Year Ended December 31, 2017 Variable annuity hedge program GMWB product derivatives $ 134 $ (25 ) $ 82 $ 231 GMWB reinsurance contracts (13 ) 1 (25 ) (49 ) GMWB hedging instruments (68 ) 36 (45 ) (134 ) Macro hedge program (418 ) 153 (36 ) (260 ) Total variable annuity hedge program (365 ) 165 (24 ) (212 ) Foreign exchange contracts Foreign currency swaps and forwards — 2 (3 ) (9 ) Fixed payout annuity hedge (4 ) (15 ) 10 4 Total foreign exchange contracts (4 ) (13 ) 7 (5 ) Other non-qualifying derivatives Interest rate contracts Interest rate swaps, swaptions, and futures 103 23 (40 ) 4 Credit contracts Credit derivatives that purchase credit protection — — 1 (12 ) Credit derivatives that assume credit risk 7 (1 ) (3 ) 18 Equity contracts Equity index swaps and options (1 ) — — 3 Other Modified coinsurance reinsurance contracts (55 ) 13 32 (13 ) Total other non-qualifying derivatives 54 35 (10 ) — Total [1] $ (315 ) $ 187 $ (27 ) $ (217 ) [1] Excludes investments that contain an embedded credit derivative for which the Company has elected the fair value option. For further discussion, see the Fair Value Option section in Note 2 - Fair Value Measurements of Notes to the Consolidated Financial Statements. Credit Risk Assumed through Credit Derivatives The Company enters into credit default swaps that assume credit risk of a single entity or referenced index in order to synthetically replicate investment transactions that are permissible under the Company's investment policies. The Company will receive periodic payments based on an agreed upon rate and notional amount and will only make a payment if there is a credit event. A credit event payment will typically be equal to the notional value of the swap contract less the value of the referenced security issuer’s debt obligation after the occurrence of the credit event. A credit event is generally defined as a default on contractually obligated interest or principal payments or bankruptcy of the referenced entity. The credit default swaps in which the Company assumes credit risk primarily reference investment grade single corporate issuers and baskets, which include standard diversified portfolios of corporate and CMBS issuers. The diversified portfolios of corporate issuers are established within sector concentration limits and may be divided into tranches that possess different credit ratings. As of December 31, 2019 (Successor Company), the Company did not hold any credit derivatives that assume credit risk. As of December 31, 2018 (Successor Company) Underlying Referenced Credit Obligation(s) [1] Credit Derivative Type by Derivative Risk Exposure Notional Amount [2] Fair Value Weighted Average Years to Maturity Type Average Credit Rating Offsetting Notional Amount [3] Offsetting Fair Value [3] Single name credit default swaps Investment grade risk exposure $ 80 $ 1 4 years Corporate Credit/ Foreign Gov. A $ — $ — Basket credit default swaps [4] Investment grade risk exposure 202 1 5 years Corporate Credit BBB+ — — Below investment grade risk exposure 80 2 5 years Corporate Credit B+ — — Investment grade risk exposure 12 (1 ) 5 years CMBS Credit A- 2 — Below investment grade risk exposure 19 (5 ) Less than 1 Year CMBS Credit B- 19 5 Total [5] $ 393 $ (2 ) $ 21 $ 5 [1] The average credit ratings are based on availability and are generally the midpoint of the available ratings among Moody’s, S&P, and Fitch. If no rating is available from a rating agency, then an internally developed rating is used. [2] Notional amount is equal to the maximum potential future loss amount. These derivatives are governed by agreements and applicable law which include collateral posting requirements. There is no additional specific collateral related to these contracts or recourse provisions included in the contracts to offset losses. [3] The Company has entered into offsetting credit default swaps to terminate certain existing credit default swaps, thereby offsetting the future changes in value of, or losses paid related to, the original swap. [4] Comprised of swaps of standard market indices of diversified portfolios of corporate and CMBS issuers referenced through credit default swaps. These swaps are subsequently valued based upon the observable standard market index. [5] Excludes investments that contain an embedded credit derivative for which the Company has elected the fair value option. For further discussion, see the Fair Value Option section in Note 2 - Fair Value Measurements of Notes to the Consolidated Financial Statements. Derivative Collateral Arrangements The Company enters into various collateral arrangements in connection with its derivative instruments, which require both the pledging and accepting of collateral. As of December 31, 2019 and 2018 (Successor Company), the Company pledged cash collateral with a fair value of $10 and $2 , respectively, associated with derivative instruments. The collateral receivable has been recorded in other assets or other liabilities on the Company's Consolidated Balance Sheets, as determined by the Company's election to offset on the balance sheet. As of December 31, 2019 and 2018 (Successor Company), the Company also pledged securities collateral associated with derivative instruments with a fair value of $214 and $191 , respectively, which have been included in fixed maturities on the Consolidated Balance Sheets. The counterparties generally have the right to sell or re-pledge these securities. In addition, as of December 31, 2019 and 2018 (Successor Company), the Company has pledged initial margin of securities related to OTC-cleared and exchange traded derivatives with a fair value of $165 and $85 , respectively. As of December 31, 2019 and 2018 (Successor Company), the Company accepted cash collateral associated with derivative instruments of $188 and $402 , respectively, which was invested and recorded on the Consolidated Balance Sheets in fixed maturities and short-term investments with corresponding amounts recorded in other investments or other liabilities as determined by the Company's election to offset on the balance sheet. The Company also accepted securities collateral as of December 31, 2019 and 2018 (Successor Company) with a fair value of $9 and $76 , respectively, all of which the Company has the right to sell or repledge. As of December 31, 2019 (Successor Company), the Company has not repledged securities and did not sell any securities. The non-cash collateral accepted was held in separate custodial accounts and was not included on the Company's Consolidated Balance Sheets. |
Reinsurance Level 1 (Notes)
Reinsurance Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Reinsurance Disclosures [Abstract] | |
Reinsurance | The Company cedes insurance to unaffiliated insurers to enable the Company to manage capital and risk exposure. Such arrangements do not relieve the Company of its primary liability to policyholders. Failure of reinsurers to honor their obligations could result in losses to the Company. The Company regularly monitors the financial condition and ratings of its reinsurers and structures agreements to provide collateral funds where necessary. Reinsurance Recoverables Reinsurance recoverables include balances due from reinsurance companies and are presented net of an allowance for uncollectible reinsurance. Reinsurance recoverables include an estimate of the amount of policyholder benefits that may be ceded under the terms of the reinsurance agreements. Amounts recoverable from reinsurers are estimated in a manner consistent with assumptions used for the underlying policy benefits. Accordingly, the Company’s estimate of reinsurance recoverables is subject to similar risks and uncertainties as the estimate of the gross reserve for future policy benefits. Reinsurance Recoverables Successor Company As of December 31, 2019 As of December 31, 2018 Reserve for future policy benefits and other policyholder funds and benefits payable Sold businesses (MassMutual and Prudential) $ 19,534 $ 19,354 Commonwealth 8,147 8,969 Other reinsurers 1,143 1,241 Gross reinsurance recoverables $ 28,824 $ 29,564 As of December 31, 2019 (Successor Company), the Company has reinsurance recoverables from Commonwealth, Massachusetts Mutual Life Insurance Company ("MassMutual") and Prudential Financial, Inc. ("Prudential") of approximately $8.1 billion , $8.0 billion and $11.5 billion , respectively. As of December 31, 2018 (Successor Company), the Company had reinsurance recoverables from Commonwealth, MassMutual and Prudential of $9.0 billion , $8.1 billion and $11.3 billion , respectively. The Company's obligations to its direct policyholders that have been reinsured to Commonwealth, MassMutual and Prudential are primarily secured by invested assets held in trust. No allowance for uncollectible reinsurance is required as of December 31, 2019 (Successor Company) and December 31, 2018 (Successor Company). The allowance for uncollectible reinsurance reflects management’s best estimate of reinsurance cessions that may be uncollectible in the future due to reinsurers’ unwillingness or inability to pay. The Company analyzes the overall credit quality of the Company’s reinsurers. Based on this analysis, the Company may adjust the allowance for uncollectible reinsurance or charge off reinsurer balances that are determined to be uncollectible. Where its contracts permit, the Company secures future claim obligations with various forms of collateral, including irrevocable letters of credit, secured trusts and funds held accounts. Although management has determined that no allowance is required at this time, the Company closely monitors the financial condition, ratings and current market information of all its counterparty reinsurers. Insurance Revenues Successor Company Predecessor Company For the Year Ended December 31, 2019 June 1, 2018 to December 31, 2018 January 1, 2018 to May 31, 2018 For the Year Ended December 31, 2017 Gross earned premiums, fee income and other $ 2,375 $ 1,439 $ 1,059 $ 2,434 Reinsurance assumed 115 66 48 116 Reinsurance ceded (1,627 ) (972 ) (684 ) (1,539 ) Net earned premiums, fee income and other $ 863 $ 533 $ 423 $ 1,011 The cost of reinsurance related to long-duration contracts is accounted for over the life of the underlying reinsured policies using assumptions consistent with those used to account for the underlying policies. Insurance recoveries on ceded reinsurance agreements, which reduce death and other benefits, were $1.4 billion for the years ended December 31, 2019 (Successor Company), $731 for the period of June 1, 2018 to December 31, 2018 (Successor Company), $546 for the period of January 1, 2018 to May 31, 2018 (Predecessor Company) and $1.2 billion for the year ended December 31, 2017 (Predecessor Company), respectively. In addition, the Company has reinsured a portion of the risk associated with U.S. variable annuities and the associated GMDB and GMWB riders. |
Deferred Policy Acquisition Cos
Deferred Policy Acquisition Costs Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Policy Acquisition Costs and Present Value of Future Profits [Abstract] | |
Deferred Policy Acquisition Costs [Text Block] | Changes in the DAC Balance [1] Successor Company Predecessor Company For the Year Ended December 31, 2019 June 1, 2018 to December 31, 2018 January 1, 2018 to May 31, 2018 For the Year Ended December 31, 2017 Balance, beginning of period $ — $ — $ 405 $ 463 Deferred costs — — 1 2 Amortization — DAC — — (13 ) (51 ) Amortization — Unlock benefit (charge), pre-tax — — (3 ) 3 Adjustments to unrealized gains and losses on securities AFS and other — — 31 (12 ) Balance, end of period $ — $ — $ 421 $ 405 Changes in the DAC Balance [1] Successor Company Predecessor Company For the Year Ended December 31, 2019 June 1, 2018 to December 31, 2018 January 1, 2018 to May 31, 2018 For the Year Ended December 31, 2017 Balance, beginning of period $ — $ — $ 405 $ 463 Deferred costs — — 1 2 Amortization — DAC — — (13 ) (51 ) Amortization — Unlock benefit (charge), pre-tax — — (3 ) 3 Adjustments to unrealized gains and losses on securities AFS and other — — 31 (12 ) Balance, end of period $ — $ — $ 421 $ 405 [1] Effective with the application of pushdown accounting on May 31, 2018, the Company eliminated its DAC balance through a pushdown accounting adjustment. Please see Note 1 , Basis of Presentation and Significant Accounting Policies of Notes to Consolidated Financial Statements for further discussion of pushdown accounting. Changes in the VOBA Balance [1] Successor Company Predecessor Company For the Year Ended December 31, 2019 June 1, 2018 to December 31, 2018 January 1, 2018 to May 31, 2018 For the Year Ended December 31, 2017 Balance, beginning of period $ 716 $ 805 $ — $ — Amortization — VOBA [2] 25 (80 ) — — Amortization — Unlock benefit (charge), pre-tax — (19 ) — — Adjustments to unrealized gains and losses on securities AFS and other (45 ) 10 — — Balance, end of period $ 696 $ 716 $ — $ — [1] Effective with the application of pushdown accounting on May 31, 2018, the Company established its VOBA balance through a pushdown accounting adjustment. Please see Note 1 , Basis of Presentation and Significant Accounting Policies of Notes to Consolidated Financial Statements for further discussion of pushdown accounting. [2] Macro hedge losses more than offset actual gross profits ("AGPs"), generating negative amortization. Expected Amortization of VOBA Successor Company Years Expected Amortization 2020 $ 42 2021 $ 52 2022 $ 45 2023 $ 41 2024 $ 37 |
Reserve for Future Policy Benef
Reserve for Future Policy Benefits and Separate Account Liabilities Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Insurance Loss Reserves [Abstract] | |
Liability for Future Policy Benefits and Unpaid Claims Disclosure [Text Block] | Changes in Reserves for Future Policy Benefits Successor Company Universal Life-Type Contracts GMDB/GMWB [1] Universal Life Secondary Guarantees Traditional Annuity and Other Contracts [2] Total Future Policy Benefits Liability balance as of January 1, 2019 $ 462 $ 3,276 $ 14,585 $ 18,323 Incurred [3] 78 419 566 1,063 Paid (90 ) (4 ) (827 ) (921 ) Liability balance as of December 31, 2019 $ 450 $ 3,691 $ 14,324 $ 18,465 Reinsurance recoverable asset as of January 1, 2019 $ 284 $ 3,276 $ 4,972 $ 8,532 Incurred [3] 57 419 163 639 Paid (72 ) (4 ) (292 ) (368 ) Reinsurance recoverable asset as of December 31, 2019 $ 269 $ 3,691 $ 4,843 $ 8,803 Successor Company Universal Life-Type Contracts GMDB/GMWB [1] Universal Life Secondary Guarantees Traditional Annuity and Other Contracts [2] Total Future Policy Benefits Liability balance as of June 1, 2018 [4] $ 471 $ 3,057 $ 14,529 $ 18,057 Incurred [3] 48 250 566 864 Paid (57 ) (31 ) (510 ) (598 ) Liability balance as of December 31, 2018 $ 462 $ 3,276 $ 14,585 $ 18,323 Reinsurance recoverable asset as of June 1, 2018 [4] $ 294 $ 3,057 $ 1,964 $ 5,315 Incurred [3] 36 250 3,192 3,478 Paid (46 ) (31 ) (184 ) (261 ) Reinsurance recoverable asset as of December 31, 2018 $ 284 $ 3,276 $ 4,972 $ 8,532 Predecessor Company Universal Life-Type Contracts GMDB/GMWB [1] Universal Life Secondary Guarantees Traditional Annuity and Other Contracts [2] Total Future Policy Benefits Liability balance as of January 1, 2018 $ 873 $ 2,940 $ 10,669 $ 14,482 Incurred [3] 56 117 229 402 Paid (45 ) — (326 ) (371 ) Change in unrealized investment gains and losses — — (205 ) (205 ) Liability balance as of May 31, 2018 $ 884 $ 3,057 $ 10,367 $ 14,308 Reinsurance recoverable asset, as of January 1, 2018 $ 464 $ 2,940 $ 1,742 $ 5,146 Incurred [3] 36 117 (25 ) 128 Paid (37 ) — (24 ) (61 ) Reinsurance recoverable asset, as of May 31, 2018 $ 463 $ 3,057 $ 1,693 $ 5,213 [1] These liability balances include all GMDB benefits, plus the life-contingent portion of GMWB benefits in excess of the return of the GRB. GMWB benefits up to the GRB are embedded derivatives held at fair value and are excluded from these balances. [2] Represents life-contingent reserves for which the company is subject to insurance and investment risk. [3] Includes the portion of assessments established as additions to reserves as well as changes in estimates affecting the reserves. [4] For additional information regarding the June 1, 2018 valuations and a discussion of pushdown accounting, please see Note 1 - Basis of Presentation and Significant Accounting Policies of Notes to Consolidated Financial Statements. Account Value by GMDB/GMWB Type as of December 31, 2019 (Successor Company) Account Value (“AV”) [9] Net amount at Risk (“NAR”) [10] Retained Net Amount at Risk (“RNAR”) [10] Weighted Average Attained Age of Annuitant MAV [1] MAV only $ 12,269 $ 1,657 $ 246 73 With 5% rollup [2] 917 91 29 74 With earnings protection benefit rider (“EPB”) [3] 3,109 521 79 73 With 5% rollup & EPB 431 100 23 75 Total MAV 16,726 2,369 377 Asset protection benefit ("APB") [4] 8,247 56 37 71 Lifetime income benefit ("LIB") – death benefit [5] 368 3 3 73 Reset [6] (5-7 years) 2,329 7 6 71 Return of premium ("ROP") /other [7] 5,695 51 49 73 Variable annuity without GMDB [8] 2,252 — — 70 Subtotal variable annuity [11] $ 35,617 $ 2,486 $ 472 73 Less: general account value 3,184 Subtotal variable annuity separate account liabilities 32,433 Separate account liabilities - other 72,142 Total separate account liabilities $ 104,575 [1] MAV GMDB is the greatest of current AV, net premiums paid and the highest AV on any anniversary before age 80 years (adjusted for withdrawals). [2] Rollup GMDB is the greatest of the MAV, current AV, net premium paid and premiums (adjusted for withdrawals) accumulated at generally 5% simple interest up to the earlier of age 80 years or 100% of adjusted premiums. [3] EPB GMDB is the greatest of the MAV, current AV, or contract value plus a percentage of the contract’s growth. The contract’s growth is AV less premiums net of withdrawals, subject to a cap of 200% of premiums net withdrawals. [4] APB GMDB is the greater of current AV or MAV, not to exceed current AV plus 25% times the greater of net premiums and MAV (each adjusted for premiums in the past 12 months ). [5] LIB GMDB is the greatest of current AV; net premiums paid; or, for certain contracts, a benefit amount generally based on market performance that ratchets over time. [6] Reset GMDB is the greatest of current AV, net premiums paid and the most recent five to seven year anniversary AV before age 80 years (adjusted for withdrawals). [7] ROP GMDB is the greater of current AV and net premiums paid. [8] Includes account value for contracts that had a GMDB at issue but no longer have a GMDB due to certain elections made by policyholders or their beneficiaries. [9] AV includes the contract holder’s investment in the separate account and the general account. [10] NAR is defined as the guaranteed minimum death benefit in excess of the current AV. RNAR represents NAR reduced for reinsurance. NAR and RNAR are highly sensitive to equity market movements and increase when equity markets decline. [11] Some variable annuity contracts with GMDB also have a life-contingent GMWB that may provide for benefits in excess of the return of the GRB. Such contracts included in this amount have $5.1 billion of total account value and weighted average attained age of 74 years . There is no NAR or retained NAR related to these contracts. Account Balance Breakdown of Variable Separate Account Investments for Contracts with Guarantees Successor Company Asset Type December 31, 2019 December 31, 2018 Equity securities (including mutual funds) $ 31,114 $ 28,953 Cash and cash equivalents [1] 1,319 1,286 Total [2] $ 32,433 $ 30,239 [1] Represents an allocation of the portfolio holdings. [2] Includes $2.3 billion and $1.8 billion of account value as of December 31, 2019 and 2018 (Successor Company) for contracts that had a GMDB at issue but no longer have a GMDB due to certain elections made by policyholders or their beneficiaries. As of December 31, 2019 and 2018 (Successor Company), approximately 21% and 20% , respectively, of the equity securities (including mutual funds), in the preceding table were funds invested in fixed income securities and approximately 79% and 80% , respectively, were funds invested in equity securities. For further information on guaranteed living benefits that are accounted for at fair value, such as GMWB, see Note 2 - Fair Value Measurements of Notes to Consolidated Financial Statements. |
Other Intangible Assets Level 1
Other Intangible Assets Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | Other Intangible Assets (Successor Company) As of December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Expected Life Amortizing intangible assets [1] $ 29 $ 9 $ 20 5 Total indefinite lived intangible assets [2] 26 — 26 — Total other intangible assets $ 55 $ 9 $ 46 5 [1] Consist of internally developed software [2] Consist of state insurance licenses There have been no additions, renewals or extension since December 31, 2018 (Successor Company). Expected Pre-tax Amortization Expense (Successor Company) Years Expected Future Amortization Expense 2020 $ 6 2021 $ 6 2022 $ 6 2023 $ 2 2024 $ — |
Debt Level 1 (Notes)
Debt Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Collateralized Advances The Company is a member of the Federal Home Loan Bank of Boston (“FHLBB”). Membership allows the Company access to collateralized advances, which may be used to support various spread-based business and enhance liquidity management. FHLBB membership requires the Company to own member stock and advances require the purchase of activity stock. The amount of advances that can be taken are dependent on the asset types pledged to secure the advances. The Connecticut Insurance Department ("CTDOI") will permit the Company to pledge up to approximately $1 billion in qualifying assets to secure FHLBB advances for 2020 . The pledge limit is recalculated annually based on statutory admitted assets and capital and surplus. The Company would need to seek the prior approval of the CTDOI in order to exceed these limits. As of December 31, 2019 , the Company had no advances outstanding under the FHLBB facility. |
Income Tax Level 1 (Notes)
Income Tax Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Tax | The provision (benefit) for income taxes consists of the following: Successor Company Predecessor Company Income Tax Expense (Benefit) For the Year Ended December 31, 2019 June 1, 2018 to December 31, 2018 January 1, 2018 to May 31, 2018 For the Year Ended December 31, 2017 Current - U.S. Federal $ (8 ) $ (15 ) $ 1 $ 4 Deferred - U.S. Federal 52 74 6 418 Total income tax expense $ 44 $ 59 $ 7 $ 422 Deferred tax assets and liabilities on the consolidated balance sheets represent the tax consequences of differences between the financial reporting and tax basis of assets and liabilities. Components of Deferred Tax Assets (Liabilities) Successor Company As of December 31, 2019 2018 Deferred Tax Assets Tax basis deferred policy acquisition costs $ 60 $ 40 Unearned premium reserve and other underwriting related reserves 4 4 VOBA and reserves 557 538 Net operating loss carryover 166 206 Employee benefits 4 4 Foreign tax credit carryover 13 6 Net unrealized loss on investments — 48 Deferred reinsurance gain 210 224 Other 15 12 Total deferred tax assets 1,029 1,082 Deferred Tax Liabilities Investment related items (150 ) (113 ) Net unrealized gain on investments (198 ) — Total deferred tax liabilities (348 ) (113 ) Net deferred tax assets $ 681 $ 969 The federal audits for the Company have been completed through 2013 and the Company is not currently under examination for any open years. The statute of limitations is closed through the 2015 tax year with the exception of NOL carryforwards utilized in open tax years. Management believes that adequate provision has been made on the consolidated financial statements for any potential adjustments that may result from tax examinations and other tax-related matters for all open tax years. For periods ending December 31, 2019 and 2018 (Successor Company), the Company had no reserves for uncertain tax positions. At December 31, 2019 and 2018 (Successor Company), there was no unrecognized tax benefit that if recognized would affect the effective tax rate and that is reasonably possible of significantly increasing or decreasing within the next 12 months. The Company classifies interest and penalties (if applicable) as income tax expense on the consolidated financial statements. The Company recognized no interest expense for the year ended December 31, 2019 (Successor Company), the period of June 1, 2018 to December 31, 2018 (Successor Company), the period of January 1, 2018 to May 31, 2018 (Predecessor Company) and for the year ended December 31, 2017 (Predecessor Company). The Company had no interest payable as of December 31, 2019 and 2018 (Successor Company). The Company does not believe it would be subject to any penalties in any open tax years and, therefore, has not recorded any accrual for penalties. The application of purchase and pushdown accounting resulted in market value adjustments to the Company’s assets and liabilities, which resulted in a corresponding increase in the Company’s deferred tax asset. For further information, see Note 1 - Basis of Presentation and Significant Accounting Policies of Notes to Consolidated Financial Statements. The Company believes it is more likely than not that all deferred tax assets will be fully realized. In assessing the need for a valuation allowance, management considered future taxable temporary difference reversals, future taxable income exclusive of reversing temporary differences and carryovers, taxable income in open carry back years and other tax planning strategies. From time to time, tax planning strategies could include holding a portion of debt securities with market value losses until recovery, making investments which have specific tax characteristics and business considerations such as asset-liability matching. Net deferred income taxes include the future tax benefits associated with the net operating loss carryover and foreign tax credit carryover as follows: Net Operating Loss Carryover As of December 31, 2019 and 2018 (Successor Company), the net deferred tax asset included the expected tax benefit attributable to net operating losses of $790 and $982 , respectively. The totals include U.S. losses that were generated prior to 2017 of $437 and $596 , respectively. The losses are subject to limits on the period for which they can be carried forward. If not utilized, these losses will expire from 2027 - 2030 . Utilization of these loss carryovers is dependent upon the generation of sufficient future taxable income. The December 31, 2019 and 2018 (Successor Company) totals include U.S. losses of $353 and $386 , respectively, primarily due to the Commonwealth Annuity Reinsurance Agreement. These losses do not expire, but their utilization in any carryforward year is limited to 80% of taxable income in that year. Given the continued decline of the U.S. fixed and variable annuity business, the exposure to taxable losses is significantly lessened, and given the Company's expected future earnings, the Company believes sufficient taxable income will be generated in the future to utilize its net operating loss carryover. Although the Company believes there will be sufficient future taxable income to fully recover the remainder of the loss carryover, the Company's estimate of the likely realization may change over time. Foreign Tax Credit Carryover As of December 31, 2019 and 2018 (Successor Company), the net deferred tax asset included the expected tax benefit attributable to foreign tax credit carryovers of $13 and $6 respectively. A reconciliation of the tax provision at the U.S. Federal statutory rate to the provision (benefit) for income taxes is as follows: Successor Company Predecessor Company For the Year Ended December 31, 2019 June 1, 2018 to December 31, 2018 January 1, 2018 to May 31, 2018 For the Year Ended December 31, 2017 Tax provision at the U.S. federal statutory rate $ 86 $ 98 $ 21 $ 132 Dividends received deduction ("DRD") (34 ) (37 ) (12 ) (102 ) Foreign related investments (7 ) (4 ) (3 ) (7 ) Tax reform — — (2 ) 396 Other (1 ) 2 3 3 Provision for income taxes $ 44 $ 59 $ 7 $ 422 The separate account DRD is estimated for the current year using information from the most recent return, adjusted for current year equity market performance and other appropriate factors, including estimated levels of corporate dividend payments and level of policy owner equity account balances. The actual current year DRD can vary from estimates based on, but not limited to, changes in eligible dividends received in the mutual funds, amounts of distributions from these mutual funds and the Company’s taxable income before the DRD. The Company evaluates its DRD computations on a quarterly basis. |
Commitments and Contingencies L
Commitments and Contingencies Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Contingencies Relating to Corporate Litigation and Regulatory Matters Management evaluates each contingent matter separately. A loss is recorded if probable and reasonably estimable. Management establishes reserves for these contingencies at its “best estimate,” or, if no one number within the range of possible losses is more probable than any other, the Company records an estimated liability at the low end of the range of losses. Litigation The Company is involved in claims litigation arising in the ordinary course of business with respect to life and annuity contracts. The Company accounts for such activity through the establishment of reserves for future policy benefits. Management expects that the ultimate liability, if any, with respect to such ordinary-course claims litigation, after consideration of provisions made for potential losses and costs of defense, will not be material to the consolidated financial condition, results of operations or cash flows of the Company. The Company is also involved in other kinds of legal actions, some of which assert claims for substantial amounts. Such actions have alleged, for example, bad faith in the handling of insurance claims and improper sales practices in connection with the sale of insurance and investment products. Some of these actions also seek punitive damages. Management expects that the ultimate liability, if any, with respect to such lawsuits, after consideration of provisions made for estimated losses, will not be material to the consolidated financial condition of the Company. Nonetheless, given the large or indeterminate amounts sought in certain of these actions, and the inherent unpredictability of litigation, it is possible that an adverse outcome in certain matters could, from time to time, have a material adverse effect on the Company’s consolidated financial condition, results of operations or cash flows in particular quarterly or annual periods. Lease Commitments The rent paid to Hartford Fire Insurance Company ("Hartford Fire") for operating leases was $2 for the year ended December 31, 2019 (Successor Company), $1 for the period of June 1, 2018 to December 31, 2018 (Successor Company), $1 for the period of January 1, 2018 to May 31, 2018 (Predecessor Company) and $2 for the year ended December 31, 2017 (Predecessor Company). Future Minimum Lease Payments (Successor Company) 2020 $ 2 2021 1 2022 1 2023 1 2024 1 Thereafter — Total minimum lease payments $ 6 Unfunded Commitments As of December 31, 2019 (Successor Company), the Company has outstanding commitments totaling $594 , of which $476 is committed to fund limited partnership and other alternative investments, which may be called by the partnership during the commitment period to fund the purchase of new investments and partnership expenses. Additionally, $27 of the outstanding commitments are related to various funding obligations associated with private debt and equity securities. The remaining outstanding commitments of $91 relate to mortgage loans. Of the $594 in total outstanding commitments, $28 are related to mortgage loan commitments which the Company can cancel unconditionally. Guaranty Fund and Other Insurance-related Assessments In all states, insurers licensed to transact certain classes of insurance are required to become members of a guaranty fund. In most states, in the event of the insolvency of an insurer writing any such class of insurance in the state, members of the funds are assessed to pay certain claims of the insolvent insurer. A particular state’s fund assesses its members based on their respective written premiums in the state for the classes of insurance in which the insolvent insurer was engaged. Assessments are generally limited for any year to one or two percent of premiums written per year depending on the state. Liabilities for guaranty funds and other insurance-related assessments are accrued when an assessment is probable, when it can be reasonably estimated, and when the event obligating the Company to pay an imposed or probable assessment has occurred. Liabilities for guaranty funds and other insurance-related assessments are not discounted and are included as part of other liabilities on the Consolidated Balance Sheets. As of December 31, 2019 and 2018 (Successor Company) the liability balance was $8 . As of December 31, 2019 and 2018 (Successor Company) amounts related to premium tax offsets of $2 and $4 , respectively, were included in other assets. Derivative Commitments Certain of the Company’s derivative agreements contain provisions that are tied to the financial strength ratings, as set by nationally recognized statistical agencies or risked based capital ("RBC") tests, of the individual legal entity that entered into the derivative agreement. If the legal entity’s financial strength were to fall below certain ratings, the counterparties to the derivative agreements could demand immediate and ongoing full collateralization and in certain instances enable the counterparties to terminate the agreements and demand immediate settlement of all outstanding derivative positions traded under each impacted bilateral agreement. The settlement amount is determined by netting the derivative positions transacted under each agreement. If the termination rights were to be exercised by the counterparties, it could impact the legal entity’s ability to conduct hedging activities by increasing the associated costs and decreasing the willingness of counterparties to transact with the legal entity. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that are in a net liability position as of December 31, 2019 (Successor Company) is $211 . Of this $211 , the legal entities have posted collateral of $216 , which is inclusive of initial margin requirements in the normal course of business. In addition, the Company has posted collateral of $22 associated with a customized GMWB derivative. These collateral amounts could change as derivative market values change, as a result of changes in our hedging activities or to the extent changes in contractual terms are negotiated. The nature of the collateral that we post, when required, would be primarily in the form of U.S. Treasury bills, U.S. Treasury notes and government agency securities. |
Transactions with Affiliates Le
Transactions with Affiliates Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Parent Company Transactions (Successor Company) As of December 31, 2019 and 2018, the Company had no direct employees as we are managed by TLI, the Company's parent, pursuant to an Intercompany Services and Cost Allocation Agreement effective as of June 1, 2018 (the “Management Agreement”) between the Company, TLI and other Company affiliates. Pursuant to the Management Agreement, the parties provide a variety of operating services to each other to conduct their day to day business, including employee compensation and management services. Expenses incurred by TLI in providing these services are reimbursed by the Company based on TLI’s actual cost incurred. For information related to capital contributions to the parent company, see the Dividends section of Note 13 - Statutory Results of Notes to Consolidated Financial Statements. Parent Company Transactions (Predecessor Company) Prior to the sale of the Company, substantially all general insurance expenses related to the Company are initially paid by The Hartford. Expenses were allocated to the Company using specific identification if available, or other applicable methods, that would include a blend of revenue, expense and capital. Reinsurance Ceded to Affiliates (Predecessor Company) The Company maintained a reinsurance agreement with Hartford Life and Accident Insurance Company ("HLA") whereby the Company ceded both group life and group accident and health risk business. Under this agreement, the Company ceded group life premiums of $9 and $27 for the period of January 1, 2018 to May 31, 2018 (Predecessor Company) and the year ended December 31, 2017 (Predecessor Company), respectively. The Company also ceded accident and health premiums of $25 and $70 for the period of January 1, 2018 to May 31, 2018 (Predecessor Company) and the year ended December 31, 2017 (Predecessor Company), respectively. |
Statutory Results Level 1 (Note
Statutory Results Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Insurance [Abstract] | |
Insurance Disclosure [Text Block] | The domestic insurance subsidiaries of the Company prepare their statutory financial statements in conformity with statutory accounting practices prescribed or permitted by the applicable state insurance department which vary materially from U.S. GAAP. Prescribed statutory accounting practices include publications of the National Association of Insurance Commissioners (“NAIC”), as well as state laws, regulations and general administrative rules. The differences between statutory financial statements and financial statements prepared in accordance with U.S. GAAP vary between domestic and foreign jurisdictions. The principal differences are that statutory financial statements do not reflect deferred policy acquisition and value of business acquired costs and limit deferred income taxes, predominately use interest rate and mortality assumptions prescribed by the NAIC for life benefit reserves, generally carry bonds at amortized cost and present reinsurance assets and liabilities net of reinsurance. For reporting purposes, statutory capital and surplus is referred to collectively as "statutory capital". Statutory Net Income (Loss) Successor Company Predecessor Company For the Year Ended December 31, 2019 June 1, 2018 to December 31, 2018 January 1, 2018 to May 31, 2018 For the Year Ended December 31, 2017 Combined statutory net income (loss) $ 488 $ (126 ) $ 181 $ 369 Statutory Capital Successor Company As of December 31, 2019 2018 Statutory capital [1] $ 3,194 $ 3,713 [1] The Company relies upon a prescribed practice allowed by Connecticut state laws that allow the Company to receive a reinsurance reserve credit for reinsurance treaties that provide for a limited right of unilateral cancellation by the reinsurer. The benefit from this prescribed practice was approximately $37 and $135 as of December 31, 2019 and 2018 (Successor Company), respectively. Statutory accounting practices do not consolidate the net income (loss) of subsidiaries that report under U.S. GAAP. The combined statutory net income (loss) above represents the total statutory net income (loss) of the Company, and its other insurance subsidiaries. Regulatory Capital Requirements The Company's U.S. insurance companies' states of domicile impose risk-based capital (“RBC”) requirements. The requirements provide a means of measuring the minimum amount of statutory capital appropriate for an insurance company to support its overall business operations based on its size and risk profile. Regulatory compliance is determined by a ratio of a company's total adjusted capital (“TAC”) to its authorized control level RBC (“ACL RBC”). Companies below specific trigger points or ratios are classified within certain levels, each of which requires specified corrective action. The minimum level of TAC before corrective action commences (“Company Action Level”) is two times the ACL RBC. The adequacy of a company's capital is determined by the ratio of a company's TAC to its Company Action Level, known as the "RBC ratio". The Company and all of its operating insurance subsidiaries had RBC ratios in excess of the minimum levels required by the applicable insurance regulations. The RBC ratios for the Company and its principal life insurance operating subsidiaries were all in excess of 300% of their Company Action Levels as of December 31, 2019 (Successor Company) and 2018 (Successor Company). The reporting of RBC ratios is not intended for the purpose of ranking any insurance company, or for use in connection with any marketing, advertising or promotional activities. Dividends Dividends to the Company from its insurance subsidiaries and dividends from the Company to its parent are restricted by insurance regulation. The payment of dividends by Connecticut-domiciled insurers is limited under the insurance holding company laws of Connecticut. These laws require notice to and approval by the state insurance commissioner for the declaration or payment of any dividend, which, together with other dividends or distributions made within the preceding twelve months, exceeds the greater of (i) 10% of the insurer’s policyholder surplus as of December 31 of the preceding year or (ii) net income (or net gain from operations, if such company is a life insurance company) for the twelve-month period ending on the thirty-first day of December last preceding, in each case determined under statutory insurance accounting principles. In addition, if any dividend of a domiciled insurer exceeds the insurer’s earned surplus or certain other thresholds as calculated under applicable state insurance law, the dividend requires the prior approval of the domestic regulator. In addition to statutory limitations on paying dividends, the Company also takes other items into consideration when determining dividends from subsidiaries. These considerations include, but are not limited to, expected earnings and capitalization of the subsidiary, regulatory capital requirements and liquidity requirements of the individual operating company. As a condition of the sale, Talcott Resolution Life Insurance Company and its affiliates are required to gain pre-approval from the state insurance commissioner for any dividends, regardless of size, through May 31, 2020. On September 16, 2019, TL received a $250 dividend from its subsidiary Talcott Resolution Life and Annuity Insurance Company ("TLA"). On the same date, TL subsequently declared and paid a $700 dividend to its parent, Talcott Resolution Life, Inc. ("TLI"). After September 16, 2020, the Company is permitted to pay up to a maximum of $319 in dividends and the Company's subsidiaries are permitted to pay up to a maximum of $410 in dividends without prior approval from the state insurance commissioner. Prior to the close of the Talcott Resolution Sale Transaction, the Hartford Life Insurance Company (Predecessor Company) paid approximately $619 in dividends to its parent and subsequently to The Hartford. TL, formerly known as Hartford Life Insurance Company, contributed $309 and TLA, formerly known as Hartford Life and Annuity Insurance Company, contributed $308 including other intercompany transactions net settled between TL and The Hartford prior to closing. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | Changes in AOCI, Net of Tax for the Year Ended December 31, 2019 (Successor Company) Changes in Net Unrealized Gain on Securities Net Gain on Cash Flow Hedging Instruments Foreign Currency Translation Adjustments AOCI, net of tax Beginning balance $ (173 ) $ — $ 2 $ (171 ) OCI before reclassifications 927 — (2 ) 925 Amounts reclassified from AOCI (37 ) — — (37 ) OCI, net of tax 890 — (2 ) 888 Ending balance $ 717 $ — $ — $ 717 Changes in AOCI, Net of Tax for the Period of June 1, 2018 to December 31, 2018 (Successor Company) Changes in Net Unrealized Gain on Securities Net Gain on Cash Flow Hedging Instruments Foreign Currency Translation Adjustments AOCI, net of tax Beginning balance $ — $ — $ — $ — OCI before reclassifications (198 ) — 2 (196 ) Amounts reclassified from AOCI 25 — — 25 OCI, net of tax (173 ) — 2 (171 ) Ending balance $ (173 ) $ — $ 2 $ (171 ) Changes in AOCI, Net of Tax for the Period of January 1, 2018 to May 31, 2018 (Predecessor Company) Changes in Net Unrealized Gain on Securities Net Gain on Cash Flow Hedging Instruments Foreign Currency Translation Adjustments AOCI, net of tax Beginning balance $ 1,022 $ 4 $ (3 ) $ 1,023 Cumulative effect of accounting changes, net of tax [1] 182 — — 182 Adjusted balance, beginning of period 1,204 4 (3 ) 1,205 OCI before reclassifications (432 ) (13 ) 1 (444 ) Amounts reclassified from AOCI 2 (5 ) — (3 ) OCI, net of tax (430 ) (18 ) 1 (447 ) Ending balance $ 774 $ (14 ) $ (2 ) $ 758 [1] Includes reclassification to retained earnings of $193 of stranded tax effects and $11 of net unrealized gains, after tax, related to equity securities. Refer to Note 1 - Basis of Presentation and Significant Accounting Policies for further information. Changes in AOCI, Net of Tax for the Year Ended December 31, 2017 (Predecessor Company) Changes in Net Unrealized Gain on Securities Net Gain on Cash Flow Hedging Instruments Foreign Currency Translation Adjustments AOCI, net of tax Beginning balance $ 693 $ 32 $ (3 ) $ 722 OCI before reclassifications 428 (5 ) — 423 Amounts reclassified from AOCI (99 ) (23 ) — (122 ) OCI, net of tax 329 (28 ) — 301 Ending balance $ 1,022 $ 4 $ (3 ) $ 1,023 Reclassification from AOCI Successor Company Predecessor Company For the Year Ended December 31, 2019 June 1, 2018 to December 31, 2018 January 1, 2018 to May 31, 2018 For the Year Ended December 31, 2017 Affected Line Item on the Consolidated Statement of Operations Net Unrealized Gain on Securities Available-for-sale securities $ 47 $ (32 ) $ (2 ) $ 153 Net realized capital gains (losses) 47 (32 ) (2 ) 153 Income before income taxes 10 (7 ) — 54 Income tax expense $ 37 $ (25 ) $ (2 ) $ 99 Net income (loss) Net Gains on Cash-Flow Hedging Instruments Interest rate swaps $ — $ — $ — $ (1 ) Net realized capital gains (losses) Interest rate swaps — — 8 26 Net investment income Foreign currency swaps — — (2 ) 11 Net realized capital gains (losses) — — 6 36 Income before income taxes — — 1 13 Income tax expense $ — $ — $ 5 $ 23 Net income (loss) Total amounts reclassified from AOCI $ 37 $ (25 ) $ 3 $ 122 Net income (loss) |
Schedule IV - Schedule of Reins
Schedule IV - Schedule of Reinsurance Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract] | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Text Block] | Successor Company As of December 31, 2019 Type of Investment Cost Fair Value Amount at Which Shown on Balance Sheet Fixed Maturities Bonds and notes U.S. government and government agencies and authorities (guaranteed and sponsored) $ 1,494 $ 1,602 $ 1,602 States, municipalities and political subdivisions 705 761 761 Foreign governments 382 409 409 Public utilities 1,370 1,472 1,472 All other corporate bonds 6,033 6,649 6,649 All other mortgage-backed and asset-backed securities 3,036 3,095 3,095 Total fixed maturities, available-for-sale 13,020 13,988 13,988 Fixed maturities, at fair value using fair value option 6 6 6 Total fixed maturities 13,026 13,994 13,994 Equity Securities Common stocks Industrial, miscellaneous and all other 31 31 31 Non-redeemable preferred stocks 14 14 14 Total equity securities, at fair value 45 45 45 Mortgage loans 2,241 2,331 2,241 Policy loans 1,467 1,467 1,467 Futures, options and miscellaneous 369 20 20 Real estate acquired in satisfaction of debt 14 14 14 Short-term investments 550 550 550 Investments in partnerships and trusts 939 939 Total investments $ 18,651 $ 19,270 Gross Amount Ceded to Other Companies Assumed From Other Companies Net Amount Percentage of Amount Assumed to Net For the Year Ended December 31, 2019 (Successor Company) Life insurance in force $ 249,728 $ 181,779 $ 378 $ 68,327 1 % Insurance revenues Life insurance and annuities $ 2,350 $ 1,602 $ 115 $ 863 13 % Accident and health insurance 25 25 — — — % Total insurance revenues $ 2,375 $ 1,627 $ 115 $ 863 13 % For the Period of June 1, 2018 to December 31, 2018 (Successor Company) Life insurance in force $ 259,930 $ 191,858 $ 487 $ 68,559 1 % Insurance revenues Life insurance and annuities $ 1,404 $ 937 $ 66 $ 533 12 % Accident and health insurance 35 35 — — — % Total insurance revenues $ 1,439 $ 972 $ 66 $ 533 12 % For the Period of January 1, 2018 to May 31, 2018 (Predecessor Company) Life insurance in force $ 266,190 $ 197,736 $ 515 $ 68,969 1 % Insurance revenues Life insurance and annuities $ 1,033 $ 658 $ 48 $ 423 11 % Accident and health insurance 26 26 — — — % Total insurance revenues $ 1,059 $ 684 $ 48 $ 423 11 % For the Year Ended December 31, 2017 (Predecessor Company) Life insurance in force $ 271,213 $ 202,003 $ 526 $ 69,736 1 % Insurance revenues Life insurance and annuities $ 2,361 $ 1,466 $ 116 $ 1,011 11 % Accident and health insurance 73 73 — — — % Total insurance revenues $ 2,434 $ 1,539 $ 116 $ 1,011 11 % |
Schedule V - Valuation and Qual
Schedule V - Valuation and Qualifying Accounts Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Successor Company Balance January 1, Charged to Costs and Expenses Write-offs/Payments/Other Balance December 31, 2019 Valuation allowance on mortgage loans $ 5 $ — $ (5 ) $ — Balance Charged to Costs and Expenses Write-offs/Payments/Other Balance December 31, 2018 Valuation allowance on mortgage loans $ — $ 6 $ (1 ) $ 5 Predecessor Company Balance Charged to Costs and Expenses Write-offs/Payments/Other Balance May 31, 2018 Valuation allowance on mortgage loans $ — $ — $ — $ — Balance January 1, Charged to Costs and Expenses Write-offs/Payments/Other Balance December 31, 2017 Valuation allowance on mortgage loans $ 19 $ 1 $ (20 ) $ — |
Basis of Presentation and Acc_2
Basis of Presentation and Accounting Policies Level 2 (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation Talcott Resolution Life Insurance Company, formerly Hartford Life Insurance Company, (together with its subsidiaries, “TL,” “Company,” “we” or “our”) is a provider of insurance and investment products in the United States (“U.S.”) and is a wholly-owned subsidiary of Talcott Resolution Life, Inc., a Delaware corporation ("TLI"). Hopmeadow Holdings LP (“Hopmeadow Holdings", or "HHLP ”) is the ultimate parent of the Company. The Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which differ materially from the accounting practices prescribed by various insurance regulatory authorities. On May 31, 2018 the Company's indirect parent, Hartford Holding, Inc. ("HHI") completed the sale of the Company's parent to a group of investors led by Cornell Capital LLC, Atlas Merchant Capital LLC, TRB Advisors LP, Global Atlantic Financial Group ("Global Atlantic"), Pine Brook and J. Safra Group. Although Talcott Resolution Life Insurance Company is no longer affiliated with The Hartford Financial Services Group, Inc. ("The Hartford") or any of its subsidiaries, The Hartford retained a 9.7 percent ownership interest in HHLP ("Talcott Resolution Sale Transaction"). In conjunction with the sale, the Company entered into a transition services agreement with The Hartford for a period up to three years to provide general ledger, cash management, and information technology infrastructure services. Many of the transition services have been exited with the exception of the information technology infrastructure services. In March, 2019, a five year administrative services agreement was entered into for investment accounting services which replaced the services previously provided under the transition services agreement. HHLP’s May 31, 2018 acquisition of TLI was accounted for by HHLP using business combination accounting. Under this method, the purchase price paid by the investor group was assigned to the identifiable assets acquired and liabilities assumed as of the acquisition date based on their fair value. The Company elected to apply "pushdown" accounting by applying the guidance permitted under Accounting Standards Codification (“ASC”) Topic 805 Business Combinations . By the application of pushdown accounting, the Company’s assets, liabilities and equity were accordingly adjusted to fair value on May 31, 2018 which generated both intangible assets and Value of Business Acquired (“VOBA”). Determining the fair value of certain assets acquired and liabilities assumed is judgmental in nature and often involves the use of significant estimates and assumptions. Due to the application of pushdown accounting, TL’s financial statements and footnote disclosures are presented in two distinct periods to indicate the application of two different bases of accounting. The periods prior to June 1, 2018 are identified herein as “Predecessor,” while the periods subsequent to HHLP’s acquisition of TLI are identified as “Successor.” As a result of the change in the basis of accounting from historical GAAP to reflect HHLP’s purchase cost, the financial statements for the Predecessor period are not comparable to the Successor periods. |
Pushdown Accounting [Policy Text Block] | HHLP’s May 31, 2018 acquisition of TLI was accounted for by HHLP using business combination accounting. Under this method, the purchase price paid by the investor group was assigned to the identifiable assets acquired and liabilities assumed as of the acquisition date based on their fair value. The Company elected to apply "pushdown" accounting by applying the guidance permitted under Accounting Standards Codification (“ASC”) Topic 805 Business Combinations . By the application of pushdown accounting, the Company’s assets, liabilities and equity were accordingly adjusted to fair value on May 31, 2018 which generated both intangible assets and Value of Business Acquired (“VOBA”). Determining the fair value of certain assets acquired and liabilities assumed is judgmental in nature and often involves the use of significant estimates and assumptions. Due to the application of pushdown accounting, TL’s financial statements and footnote disclosures are presented in two distinct periods to indicate the application of two different bases of accounting. The periods prior to June 1, 2018 are identified herein as “Predecessor,” while the periods subsequent to HHLP’s acquisition of TLI are identified as “Successor.” As a result of the change in the basis of accounting from historical GAAP to reflect HHLP’s purchase cost, the financial statements for the Predecessor period are not comparable to the Successor periods. |
Consolidation | Consolidation The Consolidated Financial Statements include the accounts of TL and entities the Company directly or indirectly has a controlling financial interest in which the Company is required to consolidate. Entities in which TL has significant influence over the operating and financing decisions but is not required to consolidate are reported using the equity method. All intercompany transactions and balances between TL and its subsidiaries have been eliminated. |
Use of Estimates | Use of Estimates The preparation of financial statements, in conformity with U.S. GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure 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 materially from those estimates. The most significant estimates include those used in determining estimated gross profits used in the valuation and amortization of assets (including VOBA) and liabilities associated with variable annuity and other universal life-type contracts; evaluation of other-than-temporary impairments on available-for-sale securities and valuation allowances on mortgage loans; living benefits required to be fair valued; valuation of investments and derivative instruments; valuation allowance on deferred tax assets; amortization of the deferred gain on reinsurance; and contingencies relating to corporate litigation and regulatory matters. Certain of these estimates are particularly sensitive to market conditions, and deterioration and/or volatility in the worldwide debt or equity markets could have a material impact on the Consolidated Financial Statements. |
Reclassification | Reclassifications Certain reclassifications have been made to prior year financial information to conform to the current year presentation. |
New Accounting Pronouncements, Policy [Policy Text Block] | Adoption of New Accounting Standards Reclassification of Effect of Tax Rate Change from AOCI to Retained Earnings In February 2018, the FASB issued new accounting guidance for the effect on deferred tax assets and liabilities related to items recorded in accumulated other comprehensive income ("AOCI") resulting from legislated tax reform enacted on December 22, 2017. The tax reform reduced the federal tax rate applied to the Company’s deferred tax balances from 35% to 21% on enactment. Under U.S. GAAP, the Company recorded the total effect of the change in enacted tax rates on deferred tax balances as a charge to income tax expense within net income, including the change in deferred tax balances related to components of AOCI. The new accounting guidance permitted the Company to reclassify the “stranded” tax effects out of AOCI and into retained earnings that resulted from recording the tax effects of unrealized investment gains at a 35% tax rate because the 14 point reduction in tax rate was recognized in net income instead of other comprehensive income. On January 1, 2018, the Company (Predecessor Company) adopted the new guidance and recorded a reclassification of $193 which increased AOCI and reduced retained earnings. Financial Instruments - Recognition and Measurement On January 1, 2018, the Company (Predecessor Company) adopted updated guidance issued by the FASB for the recognition and measurement of financial instruments through a cumulative effect adjustment to the opening balances of retained earnings and AOCI. The new guidance requires investments in equity securities to be measured at fair value with any changes in valuation reported in net income except for investments that are consolidated or are accounted for under the equity method of accounting. The new guidance also requires a deferred tax asset resulting from net unrealized losses on available-for-sale fixed maturities that are recognized in AOCI to be evaluated for recoverability in combination with the Company’s other deferred tax assets. Under prior guidance, the Company reported equity securities, available for sale ("AFS"), at fair value with changes in fair value reported in other comprehensive income. As of January 1, 2018, the Company (Predecessor Company) reclassified from AOCI to retained earnings net unrealized gains of $11 , after tax, related to equity securities having a fair value of $154 . Beginning in 2018, the Company reports equity securities at fair value with changes in fair value reported in net realized capital gains and losses. Revenue Recognition On January 1, 2018, the Company (Predecessor Company) adopted the FASB’s updated guidance for recognizing revenue from contracts with customers, which excludes insurance contracts and financial instruments. Revenue subject to the guidance is recognized when, or as, goods or services are transferred to customers in an amount that reflects the consideration that an entity is expected to receive in exchange for those goods or services. The updated guidance is consistent with previous guidance for the Company’s transactions and did not have an effect on the Company’s financial position, cash flows or net income. Revenue from customers for other than insurance and investment contracts was $84 for the year ended December 31, 2019 (Successor Company), $54 for the period of June 1, 2018 to December 31, 2018 (Successor Company), $40 for the period of January 1, 2018 to May 31, 2018 (Predecessor Company) and $58 for the year ended December 31, 2017 (Predecessor Company). The Company earns revenues from these contracts primarily for administrative and distribution services fees from offering certain fund families as investment options in its variable annuity products. Fees are primarily based on the average daily net asset values of the funds and are recorded in the period in which the services are provided and collected monthly. Fluctuations in domestic and international markets and related investment performance, volume and mix of sales and redemptions of the funds, and other changes to the composition of assets under management are all factors that ultimately have a direct effect on fee income earned. Hedging Activities The FASB issued updated guidance on hedge accounting. The updates allow hedge accounting for new types of interest rate hedges of financial instruments and simplify documentation requirements to qualify for hedge accounting. In addition, any gain or loss from hedge ineffectiveness will be reported in the same income statement line with the effective hedge results and the hedged transaction. For cash flow hedges, the ineffectiveness will be recognized in earnings only when the hedged transaction affects earnings; otherwise, the ineffectiveness gains or losses will remain in AOCI. Under current accounting, total hedge ineffectiveness is reported separately in realized gains and losses apart from the hedged transaction. The updated guidance is effective January 1, 2019 through a cumulative effect adjustment that will reclassify cumulative ineffectiveness on open cash flow hedges from retained earnings to AOCI. As a result of pushdown accounting, derivative instruments that qualified for hedge accounting were recorded at fair value through adjustments to additional paid in capital at the acquisition date. As of December 31, 2018 (Successor Company), the Company had no derivative instruments that qualify for hedge accounting, therefore there was no impact on the Company's financial statements upon adoption. Changes to the Disclosure Requirements for Fair Value Measurement On August 28, 2018 the FASB issued Accounting Standards Update ("ASU") 2018-13 which removes, modifies and adds certain disclosure requirements related to fair value measurements in ASC 820, Fair Value Measurements . As permitted by the guidance, the Company early adopted amendments in this guidance effective December 31, 2019. The adoption of ASU 2018-13 did not have a material impact on the Company's consolidated financial statements. Future Adoption of New Accounting Standards Financial Instruments - Credit Losses In June 2016 the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments, which updated guidance for recognition and measurement of credit losses on certain financial instruments, including reinsurance recoverables. Since its release, certain targeted improvements and transition relief amendments have been made to ASU 2016-13 and have been published in ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2019-10, and ASU 2019-11. Collectively, the new guidance is effective for the Company on January 1, 2020. This guidance will replace the “incurred loss” approach with an “expected loss” model for recognizing credit losses for instruments carried at other than fair value, which will initially result in the recognition of greater allowances for losses. The allowance will be an estimate of credit losses expected over the life of financial instruments, such as mortgage loans, reinsurance recoverables and receivables. The measurement of the expected credit loss estimate will be based on historical loss data, current conditions, and reasonable and supportable forecasts. Credit losses on fixed maturities available-for-sale carried at fair value will continue to be measured similar to previous guidance for other-than-temporary impairments ("OTTI"); however, the losses will be recognized through an allowance and no longer as an adjustment to the cost basis. Recoveries of OTTI will be recognized as reversals of valuation allowances recognized through net realized capital gains and losses and no longer accreted as net investment income through an adjustment to the investment yield. The Company will adopt the updated guidance January 1, 2020 on a modified retrospective basis, through a cumulative-effect adjustment to retained earnings for the change in the allowance for credit losses for financial instruments carried at other than fair value. For fixed maturities available-for-sale, this guidance will be applied prospectively. While the Company is in the process of finalizing the effect on its consolidated financial statements, we currently estimate the cumulative impact of the adoption will not materially impact the Company's financial position or results of operations. Targeted Improvements to the Accounting for Long Duration Contracts The FASB issued ASU 2018-12 on August 15, 2018 which impacts the existing recognition, measurement, presentation and disclosure requirements for certain long duration contracts issued by an insurance company. The guidance is intended to improve the timeliness of recognizing changes in the liability for future policy benefits by requiring annual or more frequent updates of insurance assumptions and modifying the rate used to discount future cash flows. Cash flows under the new guidance are required to be discounted using an upper-medium grade fixed income instrument yield. The discount rate is required to be updated at each reporting date, with the effect of discount rate changes on the liability recorded in OCI. This is a change from current GAAP which utilizes assumptions, including discount rate, "locked in" at policy issuance and until such time significant changes in experience or assumptions may require the Company to establish premium deficiency reserves. When this occurs, premium deficiency reserves are recognized by unlocking reserve assumptions to eliminate a reserve deficiency under current GAAP. Further, the guidance seeks to improve the accounting for certain market-based options or guarantees associated with account balance contracts and improve the effectiveness of the required disclosures. These market risk benefit features are required to be measured at fair value with changes in fair value recorded in net income with the exception of changes in the fair value attributable to a change in the instrument's credit risk, which are required to be recognized in OCI. Additionally, this ASU requires new disclosures including liability rollforwards and information about significant inputs, judgments, assumptions, and methods used in the measurement. This ASU, as amended, is effective January 1, 2022 with early adoption permitted. The Company has started its implementation efforts and is currently reviewing its policies, processes, and applicable systems to assess the impact this standard will have on its operations and financial results. While it is not possible to reasonably estimate the expected impact of adoption at this time, given the nature and extent of the required changes to a significant portion of the Company’s operations, adoption is expected to have a material impact on our consolidated financial statements and related disclosures. This guidance represents a significant change from existing GAAP; however, it does not change the underlying economics of the business or its related cash flows. The Company has not yet determined the timing of its adoption. |
Segment Information | Segment Information The Company has no reportable segments and is comprised of annuity, institutional and private-placement life insurance businesses. The Company's determination that it has no reportable segments is based on the fact that the Company's chief operating decision maker reviews the Company's financial performance at a consolidated level. |
Revenue Recognition | Revenue Recognition For investment and universal life-type contracts, the amounts collected from policyholders are considered deposits and are not included in revenue. Fee income for variable annuity and other universal life-type contracts consists of policy charges for policy administration, cost of insurance charges and surrender charges assessed against policyholders’ account balances and are recognized in the period in which services are provided. For the Company’s traditional life products, premiums are recognized as revenue when due from policyholders. |
Income Taxes | Income Taxes The Company recognizes taxes payable or refundable for the current year and deferred taxes for the tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years the temporary differences are expected to reverse. A deferred tax provision is recorded for the tax effects of differences between the Company's current taxable income and its income before tax under generally accepted accounting principles in the Consolidated Statements of Operations. For deferred tax assets, the Company records a valuation allowance that is adequate to reduce the total deferred tax asset to an amount that will more likely than not be realized. |
Investments | Investments Overview The Company’s investments in fixed maturities include bonds, structured securities, redeemable preferred stock and commercial paper. Most of these investments are classified as AFS and are carried at fair value. The after-tax difference between fair value and cost or amortized cost is reflected in stockholder's equity as a component of AOCI, after adjustments for the effect of deducting certain life and annuity deferred policy acquisition costs (Predecessor Company), VOBA (Successor Company) and reserve adjustments. Effective January 1, 2018, equity securities are now measured at fair value with any changes in valuation reported in net income. For further information, see Financial Instruments - Recognition and Measurement discussion above. Fixed maturities for which the Company elected the fair value option are classified as FVO, generally certain securities that contain embedded credit derivatives, and are carried at fair value with changes in value recorded in realized capital gains and losses. Policy loans are carried at outstanding balance. Mortgage loans are recorded at the outstanding principal balance adjusted for amortization of premiums or discounts and net of valuation allowances. Short-term investments are carried at amortized cost, which approximates fair value. Limited partnerships and other alternative investments are reported at their carrying value and are primarily accounted for under the equity method with the Company’s share of earnings included in net investment income. Recognition of income related to limited partnerships and other alternative investments is delayed due to the availability of the related financial information, as private equity and other funds are generally on a three-month delay and hedge funds on a one-month delay. Accordingly, income for the year ended December 31, 2019 (Successor Company), the period of June 1, 2018 to December 31, 2018 (Successor Company), the period of January 1, 2018 to May 31, 2018 (Predecessor Company) and the year ended December 31, 2017 (Predecessor Company) may not include the full impact of current year changes in valuation of the underlying assets and liabilities of the funds, which are generally obtained from the limited partnerships and other alternative investments’ general partners. Other investments primarily consist of derivative instruments which are carried at fair value. Net Realized Capital Gains and Losses Net realized capital gains and losses from investment sales are reported as a component of revenues and are determined on a specific identification basis. Net realized capital gains and losses also result from fair value changes in fixed maturities, FVO, equity securities and derivatives contracts (both free-standing and embedded) that do not qualify, or are not designated, as a hedge for accounting purposes. Impairments and mortgage loan valuation allowances are recognized as net realized capital losses in accordance with the Company’s impairment and mortgage loan valuation allowance policies as discussed in Note 3 - Investments of Notes to Consolidated Financial Statements. Foreign currency transaction remeasurements are also included in net realized capital gains and losses. Net Investment Income Interest income from fixed maturities and mortgage loans is recognized when earned on the constant effective yield method based on estimated timing of cash flows. The amortization of premium and accretion of discount for fixed maturities also takes into consideration call and maturity dates that produce the lowest yield. For securitized financial assets subject to prepayment risk, yields are recalculated and adjusted periodically to reflect historical and/or estimated future prepayments using the retrospective method; however, if these investments are impaired and for certain other asset-backed securities, any yield adjustments are made using the prospective method. Prepayment fees and make-whole payments on fixed maturities and mortgage loans are recorded in net investment income when earned. For equity securities, dividends are recognized as investment income on the ex-dividend date. Limited partnerships and other alternative investments primarily use the equity method of accounting to recognize the Company’s share of earnings. For impaired debt securities, the Company accretes the new cost basis to the estimated future cash flows over the expected remaining life of the security by prospectively adjusting the security’s yield, if necessary. The Company’s non-income producing investments were not material for the year ended December 31, 2019 , (Successor Company), the period of June 1, 2018 to December 31, 2018 (Successor Company), the period of January 1, 2018 to May 31, 2018 (Predecessor Company) and the year ended December 31, 2017 (Predecessor Company). |
Derivatives | Derivative Instruments Overview The Company utilizes a variety of over-the-counter ("OTC") transactions cleared through central clearing houses ("OTC-cleared") and exchange traded derivative instruments as part of its overall risk management strategy as well as to enter into replication transactions. The types of instruments may include swaps, caps, floors, forwards, futures and options to achieve one of four Company-approved objectives: • to hedge risk arising from interest rate, equity market, commodity market, credit spread and issuer default, price or currency exchange rate risk or volatility; • to manage liquidity; • to control transaction costs; • to enter into synthetic replication transactions. Interest rate and credit default swaps involve the periodic exchange of cash flows with other parties, at specified intervals, calculated using agreed upon rates or other financial variables and notional principal amounts. Generally, little to no cash or principal payments are exchanged at the inception of the contract. Typically, at the time a swap is entered into, the cash flow streams exchanged by the counterparties are equal in value. Interest rate cap and floor contracts entitle the purchaser to receive from the issuer at specified dates, the amount, if any, by which a specified market rate exceeds the cap strike interest rate or falls below the floor strike interest rate, applied to a notional principal amount. A premium payment determined at inception is made by the purchaser of the contract and no principal payments are exchanged. Forward contracts are customized commitments that specify a rate of interest or currency exchange rate to be paid or received on an obligation beginning on a future start date and are typically settled in cash. Financial futures are standardized commitments to either purchase or sell designated financial instruments, at a future date, for a specified price and may be settled in cash or through delivery of the underlying instrument. Futures contracts trade on organized exchanges. Margin requirements for futures are met by pledging securities or cash, and changes in the futures’ contract values are settled daily in cash. Option contracts grant the purchaser, for a premium payment, the right to either purchase from or sell to the issuer a financial instrument at a specified price, within a specified period or on a stated date. The contracts may reference commodities, which grant the purchaser the right to either purchase from or sell to the issuer commodities at a specified price, within a specified period or on a stated date. Option contracts are typically settled in cash. Foreign currency swaps exchange an initial principal amount in two currencies, agreeing to re-exchange the currencies at a future date, at an agreed upon exchange rate. There may also be a periodic exchange of payments at specified intervals calculated using the agreed upon rates and exchanged principal amounts. The Company’s derivative transactions conducted in insurance company subsidiaries are used in strategies permitted under the derivative use plans required by the State of Connecticut and the State of New York insurance departments. Accounting and Financial Statement Presentation of Derivative Instruments and Hedging Activities Derivative instruments are recognized on the Consolidated Balance Sheets at fair value and are reported in Other Investments and Other Liabilities. For balance sheet presentation purposes, the Company has elected to offset the fair value amounts, income accruals, and related cash collateral receivables and payables of OTC derivative instruments executed in a legal entity and with the same counterparty or under a master netting agreement, which provides the Company with the legal right of offset. The Company clears certain interest rate swap and credit default swap derivative transactions through central clearing houses. OTC-cleared derivatives require initial collateral at the inception of the trade in the form of cash or highly liquid securities, such as U.S. Treasuries and government agency investments. Central clearing houses also require additional cash as variation margin based on daily market value movements. For information on collateral, see the derivative collateral arrangements section in Note 4 - Derivative Instruments of Notes to Consolidated Financial Statements. In addition, OTC-cleared transactions include price alignment amounts either received or paid on the variation margin, which are reflected in realized capital gains and losses or, if characterized as interest, in net investment income. On the date the derivative contract is entered into, the Company designates the derivative as (1) a hedge of the variability in cash flows of a forecasted transaction or of amounts to be received or paid related to a recognized asset or liability (“cash flow” hedge), (2) a hedge of a net investment in a foreign operation (“net investment” hedge) or (3) held for other investment and/or risk management purposes, which primarily involve managing asset or liability related risks and do not qualify for hedge accounting. Cash Flow Hedges - Changes in the fair value of a derivative that is designated and qualifies as a cash flow hedge, including foreign-currency cash flow hedges, are recorded in AOCI and are reclassified into earnings when the variability of the cash flow of the hedged item impacts earnings. Gains and losses on derivative contracts that are reclassified from AOCI to current period earnings are included in the line item in the Consolidated Statements of Operations in which the cash flows of the hedged item are recorded. For periods prior to 2019, hedge ineffectiveness was recorded immediately in current period earnings as net realized capital gains and losses. With the January 1, 2019 adoption of the updated FASB hedging guidance, ineffectiveness is recognized in earnings only when the hedged transaction affects earnings; otherwise, the ineffectiveness gains and losses remain in AOCI. Periodic derivative net coupon settlements are recorded in the line item of the Consolidated Statements of Operations in which the cash flows of the hedged item are recorded. Cash flows from cash flow hedges are presented in the same category as the cash flows from the items being hedged on the Consolidated Statements of Cash Flows. Other Investment and/or Risk Management Activities - The Company’s other investment and/or risk management activities primarily relate to strategies used to reduce economic risk or replicate permitted investments and do not receive hedge accounting treatment. Changes in the fair value, including periodic derivative net coupon settlements, of derivative instruments held for other investment and/or risk management purposes are reported in current period earnings as net realized capital gains and losses. Hedge Documentation and Effectiveness Testing To qualify for hedge accounting treatment, a derivative must be highly effective in mitigating the designated changes in fair value or cash flow of the hedged item. At hedge inception, the Company formally documents all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking each hedge transaction. The documentation process includes linking derivatives that are designated as fair value, cash flow, or net investment hedges to specific assets or liabilities on the balance sheet or to specific forecasted transactions and defining the effectiveness testing methods to be used. The Company also formally assesses both at the hedge’s inception and ongoing on a quarterly basis, whether the derivatives that are used in hedging transactions have been and are expected to continue to be highly effective in offsetting changes in fair values, cash flows or net investment in foreign operations of hedged items. Hedge effectiveness is assessed primarily using quantitative methods as well as using qualitative methods. Quantitative methods include regression or other statistical analysis of changes in fair value or cash flows associated with the hedge relationship. Qualitative methods may include comparison of critical terms of the derivative to the hedged item. Discontinuance of Hedge Accounting The Company discontinues hedge accounting prospectively when (1) it is determined that the qualifying criteria are no longer met; (2) the derivative is no longer designated as a hedging instrument; or (3) the derivative expires or is sold, terminated or exercised. When cash flow hedge accounting is discontinued because the Company becomes aware that it is not probable that the forecasted transaction will occur, the derivative continues to be carried on the balance sheet at its fair value, and gains and losses that were accumulated in AOCI are recognized immediately in earnings. In other situations in which hedge accounting is discontinued, including those where the derivative is sold, terminated or exercised, amounts previously deferred in AOCI are reclassified into earnings when earnings are impacted by the hedged item. Embedded Derivatives The Company purchases investments and has previously issued financial products that contain embedded derivative instruments. When it is determined that (1) the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract and (2) a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is bifurcated from the host for measurement purposes. The embedded derivative, which is reported with the host instrument on the Consolidated Balance Sheets, is carried at fair value with changes in fair value reported in net realized capital gains and losses. Credit Risk Credit risk is defined as the risk of financial loss due to uncertainty of an obligor’s or counterparty’s ability or willingness to meet its obligations in accordance with agreed upon terms. Credit exposures are measured using the market value of the derivatives, resulting in amounts owed to the Company by its counterparties or potential payment obligations from the Company to its counterparties. The Company generally requires that OTC derivative contracts, other than certain forward contracts, be governed by International Swaps and Derivatives Association ("ISDA") agreements which are structured by legal entity and by counterparty, and permit right of offset. Some agreements require daily collateral settlement based upon agreed upon thresholds. For purposes of daily derivative collateral maintenance, credit exposures are generally quantified based on the prior business day’s market value and collateral is pledged to and held by, or on behalf of, the Company to the extent the current value of the derivatives exceed the contractual thresholds. For the Company’s domestic derivative programs, the maximum uncollateralized threshold for a derivative counterparty for a single legal entity is $10 . The Company also minimizes the credit risk of derivative instruments by entering into transactions with high quality counterparties primarily rated A or better, which are monitored and evaluated by the Company’s risk management team and reviewed by senior management. OTC-cleared derivatives are governed by clearing house rules. Transactions cleared through a central clearing house reduce risk due to their ability to require daily variation margin and act as an independent valuation source. In addition, the Company monitors counterparty credit exposure on a monthly basis to ensure compliance with Company policies and statutory limitations. Derivative Instruments The Company utilizes a variety of OTC, OTC-cleared and exchange traded derivative instruments as a part of its overall risk management strategy as well as to enter into replication transactions. Derivative instruments are used to manage risk associated with interest rate, equity market, credit spread, issuer default, price, and currency exchange rate risk or volatility. Replication transactions are used as an economical means to synthetically replicate the characteristics and performance of assets that are permissible investments under the Company’s investment policies. The Company also may enter into and has previously issued financial instruments and products that either are accounted for as free-standing derivatives, such as certain reinsurance contracts, or as embedded derivative instruments, such as certain GMWB riders included with certain variable annuity products. |
Cash | Cash Cash represents cash on hand and demand deposits with banks or other financial institutions. |
Reinsurance | Reinsurance The Company cedes insurance to unaffiliated insurers to enable the Company to manage capital and risk exposure. Such arrangements do not relieve the Company of its primary liability to policyholders. Failure of reinsurers to honor their obligations could result in losses to the Company. The Company also assumes reinsurance from other insurers. Reinsurance accounting is followed for ceded and assumed transactions that provide indemnification against loss or liability relating to insurance risk (i.e., risk transfer). To meet risk transfer requirements, a reinsurance agreement must include insurance risk, consisting of underwriting, investment, and timing risk, and a reasonable possibility of a significant loss to the reinsurer. If the ceded and assumed transactions do not meet risk transfer requirements, the Company accounts for these transactions as financing transactions. Premiums, benefits, losses and loss adjustment expenses reflect the net effects of ceded and assumed reinsurance transactions. Included in other assets are prepaid reinsurance premiums, which represent the portion of premiums ceded to reinsurers applicable to the unexpired terms of the reinsurance agreements. Included in reinsurance recoverables are balances due from reinsurance companies for paid and unpaid losses and loss adjustment expenses and are presented net of any necessary allowance for uncollectible reinsurance. The Company reinsures certain of its risks to other reinsurers under yearly renewable term, coinsurance, and modified coinsurance arrangements, and variations thereof. The cost of reinsurance related to long-duration contracts is accounted for over the life of the underlying reinsured policies using assumptions consistent with those used to account for the underlying policies. The Company evaluates the financial condition of its reinsurers and concentrations of credit risk. Reinsurance is placed with reinsurers that meet strict financial criteria established by the Company. |
Deferred Policy Acquisition Costs and Present Value of Future Profits | Deferred Policy Acquisition Costs (Predecessor Company)/Value of Business Acquired (Successor Company) Deferred policy acquisition costs ("DAC") represent costs that are directly related to the acquisition of new and renewal insurance contracts and incremental direct costs of contract acquisition that are incurred in transactions with either independent third parties or employees. Such costs primarily include commissions, premium taxes, costs of policy issuance and underwriting, and certain other expenses that are directly related to successfully issued contracts. As a result of the Talcott Resolution Sale Transaction being recorded at fair value, DAC which does not represent future cash flows, was eliminated in pushdown accounting. VOBA represents the estimated value assigned to the right to receive future gross profits from cash flows and earnings of acquired insurance and investment contracts as of the date of the transaction. It is based on the actuarially estimated present value of future cash flows from the acquired insurance and investment contracts in-force as of the date of the transaction. The estimated fair value calculation of VOBA is based on certain assumptions, including mortality, persistency, expenses, interest rates, and other factors that the Company expects to experience in future years. Actual experience on the acquired contracts may vary from these projections and the recovery of VOBA is dependent upon the future profitability of the related business. The Company amortizes VOBA over estimated gross profits and it is reviewed for recoverability quarterly. For universal life-type contracts (including variable annuities), the DAC asset is amortized over the estimated life of the contracts acquired in proportion to the present value of estimated gross profits ("EGPs"). The Company also uses the present value EGPs to determine reserves for universal life type contracts (including variable annuities) with death or other insurance benefits such as guaranteed minimum death, life-contingent guaranteed minimum withdrawal and universal life insurance secondary guarantee benefits. These benefits are accounted for and collectively referred to as death and other insurance benefit reserves and are held in addition to the account value liability representing policyholder funds. For most life insurance product contracts, including variable annuities, the Company estimates gross profits over 20 years as EGPs emerging subsequent to that time frame are immaterial. Future gross profits are projected over the estimated lives of the underlying contracts, based on future account value projections for variable annuity products. The projection of future account values requires the use of certain assumptions including: separate account returns; separate account fund mix; fees assessed against the contract holder’s account balance; f ull and partial surrender rates; interest credited; mortality; and annuitization rates. Changes in these assumptions and changes to other assumptions such as expenses and hedging costs cause EGPs to fluctuate, which impacts earnings. The Company determines EGPs using a set of stochastic reversion to mean ("RTM") separate account return projections which is an estimation technique commonly used by insurance entities to project future separate account returns. Through this estimation technique, the Company’s VOBA model is adjusted to reflect actual market returns at the end of each quarter. Through a consideration of recent market returns, the Company will unlock ("Unlock"), or adjust, projected returns over a future period so that the account value returns to the long-term expected rate of return, providing that those projected returns do not exceed certain caps. This Unlock for future separate account returns is determined each quarter. |
Reserves for Future Policy Benefits and Unpaid Losses and Loss Adjustment | Reserve for Future Policy Benefits Reserve for Future Policy Benefits on Universal Life-type Contracts Certain contracts classified as universal life-type include death and other insurance benefit features including guaranteed minimum death benefit ("GMDB") and the life-contingent portion of guaranteed minimum withdrawal benefit ("GMWB") riders offered with variable annuity contracts, as well as secondary guarantee benefits offered with universal life insurance contracts. Universal life insurance secondary guarantee benefits ensure that the policy will not terminate, and will continue to provide a death benefit, even if there is insufficient policy value to cover the monthly deductions and charges. GMDB riders on variable annuities provide a death benefit during the accumulation phase that is generally equal to the greater of (a) the contract value at death or (b) premium payments less any prior withdrawals and may include adjustments that increase the benefit, such as for maximum anniversary value ("MAV"). For the Company's products with life-contingent GMWB riders, the withdrawal benefit can exceed the guaranteed remaining balance ("GRB"), which is generally equal to premiums less withdrawals. In addition to recording an account value liability that represents policyholder funds, the Company records a death and other insurance benefit liability for GMDBs, the life-contingent portion of GMWBs and the universal life insurance secondary guarantees. This death and other insurance benefit liability is reported in reserve for future policy benefits on the Company’s Consolidated Balance Sheets. Changes in the death and other insurance benefit reserves are recorded in benefits, losses and loss adjustment expenses on the Company’s Consolidated Statements of Operations. The death and other insurance benefit liability is determined by estimating the expected present value of the benefits in excess of the policyholder’s expected account value in proportion to the present value of total expected assessments and investment margin. Total expected assessments are the aggregate of all contract charges, including those for administration, mortality, expense, and surrender. The liability is accrued as actual assessments are earned. The expected present value of benefits and assessments are generally derived from a set of stochastic scenarios that have been calibrated to our RTM separate account returns and assumptions including market rates of return, volatility, discount rates, lapse rates and mortality experience. Consistent with the Company’s policy on the Unlock, the Company regularly evaluates estimates used and adjusts the liability, with a related charge or credit to benefits, losses and loss adjustment expenses. For further information on the Unlock, see the Deferred Policy Acquisition Costs (Predecessor Company)/Value of Business Acquired (Successor Company) accounting policy section within this footnote. The Company reinsures a portion of its in-force GMDB, GMWB, and all of its universal life insurance secondary guarantees. Net reinsurance costs are recognized ratably over the accumulation period based on total expected assessments. Reserve for Future Policy Benefits on Traditional Annuity and Other Contracts Traditional annuities recorded within the reserve for future policy benefits primarily include life-contingent contracts in the payout phase such as structured settlements and terminal funding agreements. Other contracts within the reserve for policyholder benefits include whole life and guaranteed term life insurance contracts. The reserve for future policy benefits is calculated using standard actuarial methods considering the present value of future benefits and related expenses to be paid less the present value of the portion of future premiums required using assumptions “locked in” at the time the policies were issued, including discount rate, withdrawal, mortality and expense assumptions deemed appropriate at the issue date. Future policy benefits are computed at amounts that, with additions from any estimated premiums to be received and with interest on such reserves compounded annually at assumed rates, are expected to be sufficient to meet the Company’s policy obligations at their maturities or in the event of an insured’s death. While assumptions are locked in upon issuance of new contracts and annuitizations of existing contracts, significant changes in experience or assumptions may require the Company to establish premium deficiency reserves. Premium deficiency reserves, if any, are established based on current assumptions without considering a provision for adverse deviation. Changes in or deviations from the assumptions used can significantly affect the Company’s reserve levels and results from operations. The Company uses reinsurance for a portion of its fixed and payout annuity businesses. |
Other Policyholder Funds and Benefits Payable | Other Policyholder Funds and Benefits Payable Other policyholder funds and benefits payable primarily include the non-variable account values associated with variable annuity and other universal life-type contracts, investment contracts, the non-life contingent portion of GMWBs that are accounted for as embedded derivatives at fair value as well as other policyholder account balances associated with our life insurance businesses. Investment contracts are non-life contingent and include institutional and governmental deposits, structured settlements and fixed annuities. The liability for investment contracts is equal to the balance that accrues to the benefit of the contract holder as of the financial statement date, which includes the accumulation of deposits plus credited interest, less withdrawals, payments and assessments through the financial statement date. For discussion of fair value of GMWBs that represent embedded derivatives, see Note 2 - Fair Value Measurements of Notes to Consolidated Financial Statements. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Valuation Techniques The Company generally determines fair values using valuation techniques that use prices, rates, and other relevant information evident from market transactions involving identical or similar instruments. Valuation techniques also include, where appropriate, estimates of future cash flows that are converted into a single discounted amount using current market expectations. The Company uses a "waterfall" approach comprised of the following pricing sources and techniques, which are listed in priority order: • Quoted prices, unadjusted, for identical assets or liabilities in active markets, which are classified as Level 1. • Prices from third-party pricing services, which primarily utilize a combination of techniques. These services utilize recently reported trades of identical, similar, or benchmark securities making adjustments for market observable inputs available through the reporting date. If there are no recently reported trades, they may use a discounted cash flow technique to develop a price using expected cash flows based upon the anticipated future performance of the underlying collateral discounted at an estimated market rate. Both techniques develop prices that consider the time value of future cash flows and provide a margin for risk, including liquidity and credit risk. Most prices provided by third-party pricing services are classified as Level 2 because the inputs used in pricing the securities are observable. However, some securities that are less liquid or trade less actively are classified as Level 3. Additionally, certain long-dated securities, such as municipal securities and bank loans, include benchmark interest rate or credit spread assumptions that are not observable in the marketplace and are thus classified as Level 3. • Internal matrix pricing, which is a valuation process internally developed for private placement securities for which the Company is unable to obtain a price from a third-party pricing service. Internal pricing matrices determine credit spreads that, when combined with risk-free rates, are applied to contractual cash flows to develop a price. The Company develops credit spreads using market based data for public securities adjusted for credit spread differentials between public and private securities, which are obtained from a survey of multiple private placement brokers. The market-based reference credit spread considers the issuer’s financial strength and term to maturity, using an independent public security index and trade information, while the credit spread differential considers the non-public nature of the security. Securities priced using internal matrix pricing are classified as Level 2 because the inputs are observable or can be corroborated with observable data. • Independent broker quotes, which are typically non-binding use inputs that can be difficult to corroborate with observable market based data. Brokers may use present value techniques using assumptions specific to the security types, or they may use recent transactions of similar securities. Due to the lack of transparency in the process that brokers use to develop prices, valuations that are based on independent broker quotes are classified as Level 3. The fair value of free-standing derivative instruments is determined primarily using a discounted cash flow model or option model technique and incorporates counterparty credit risk. In some cases, quoted market prices for exchange-traded and over the counter ("OTC") cleared derivatives may be used and in other cases independent broker quotes may be used. The pricing valuation models primarily use inputs that are observable in the market or can be corroborated by observable market data. The valuation of certain derivatives may include significant inputs that are unobservable, such as volatility levels, and reflect the Company’s view of what other market participants would use when pricing such instruments. Unobservable market data is used in the valuation of customized derivatives that are used to hedge certain GMWB variable annuity riders. See the section “GMWB Embedded, Customized, and Reinsurance Derivatives” below for further discussion of the valuation model used to value these customized derivatives. Valuation Inputs Quoted prices for identical assets in active markets are considered Level 1 and consist of on-the-run U.S. Treasuries, money market funds, exchange-traded equity securities, open-ended mutual funds, short-term investments, and exchange traded futures and option contracts. Valuation Inputs Used in Level 2 and 3 Measurements for Securities and Freestanding Derivatives Level 2 Level 3 Fixed Maturity Investments Structured securities (includes ABS, CLOs, CMBS and RMBS) • Benchmark yields and spreads • Independent broker quotes Corporates • Benchmark yields and spreads • Independent broker quotes U.S Treasuries, Municipals, and Foreign government/government agencies • Benchmark yields and spreads • Credit spreads beyond observable curve Equity Securities • Quoted prices in markets that are not active • For privately traded equity securities, internal discounted cash flow models utilizing earnings multiples or other cash flow assumptions that are not observable Short-term Investments • Benchmark yields and spreads • Independent broker quotes Derivatives Credit derivatives • Swap yield curve Not applicable Equity derivatives • Equity index levels • Independent broker quotes Foreign exchange derivatives • Swap yield curve Not applicable Interest rate derivatives • Swap yield curve • Independent broker quotes The Company carries certain financial assets and liabilities at estimated fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants. Our fair value framework includes a hierarchy that gives the highest priority to the use of quoted prices in active markets, followed by the use of market observable inputs, followed by the use of unobservable inputs. The fair value hierarchy levels are as follows: Level 1 Fair values based primarily on unadjusted quoted prices for identical assets, or liabilities, in active markets that the Company has the ability to access at the measurement date. Level 2 Fair values primarily based on observable inputs, other than quoted prices included in Level 1, or based on prices for similar assets and liabilities. Level 3 Fair values derived when one or more of the significant inputs are unobservable (including assumptions about risk). With little or no observable market, the determination of fair values uses considerable judgment and represents the Company’s best estimate of an amount that could be realized in a market exchange for the asset or liability. Also included are securities that are traded within illiquid markets and/or priced by independent brokers. The Company will classify the financial asset or liability by level based upon the lowest level input that is significant to the determination of the fair value. In most cases, both observable inputs (e.g., changes in interest rates) and unobservable inputs (e.g., changes in risk assumptions) are used to determine fair values that the Company has classified within Level 3. GMWB Embedded Derivatives The Company formerly offered certain variable annuity products with GMWB riders that provide the policyholder with a guaranteed remaining balance ("GRB") which is generally equal to premiums less withdrawals. If the policyholder’s account value is reduced to a specified level through a combination of market declines and withdrawals but the GRB still has value, the Company is obligated to continue to make annuity payments to the policyholder until the GRB is exhausted. When payments of the GRB are not life-contingent, the GMWB represents an embedded derivative carried at fair value reported in other policyholder funds and benefits payable on the Consolidated Balance Sheets with changes in fair value reported in net realized capital gains and losses. Free-standing Customized Derivatives The Company holds free-standing customized derivative contracts to provide protection from certain capital markets risks for the remaining term of specified blocks of non-reinsured GMWB riders. These customized derivatives are based on policyholder behavior assumptions specified at the inception of the derivative contracts. The Company retains the risk for differences between assumed and actual policyholder behavior and between the performance of the actively managed funds underlying the separate accounts and their respective indices. These derivatives are reported on the Consolidated Balance Sheets within other investments or other liabilities, as appropriate, after considering the impact of master netting agreements. GMWB Reinsurance Derivative The Company has reinsurance arrangements in place to transfer a portion of its risk of loss due to GMWB. These arrangements are recognized as derivatives carried at fair value and reported in reinsurance recoverables on the Consolidated Balance Sheets. Changes in the fair value of the reinsurance agreements are reported in net realized capital gains and losses. Valuation Techniques Fair values for GMWB embedded derivatives, free-standing customized derivatives and reinsurance derivatives are classified as Level 3 in the fair value hierarchy and are calculated using internally developed models that utilize significant unobservable inputs because active, observable markets do not exist for these items. In valuing the GMWB embedded derivative, the Company attributes to the derivative a portion of the expected fees to be collected over the expected life of the contract from the contract holder equal to the present value of future GMWB claims. The excess of fees collected from the contract holder in the current period over the portion of fees attributed to the embedded derivative in the current period are associated with the host variable annuity contract and reported in fee income. Valuation Inputs The fair value for each of the non-life contingent GMWBs, the free-standing customized derivatives and the GMWB reinsurance derivative is calculated as an aggregation of the following components: Best Estimate Claim Payments; Credit Standing Adjustment; and Margins. The Company believes the aggregation of these components results in an amount that a market participant in an active liquid market would require, if such a market existed, to assume the risks associated with the guaranteed minimum benefits and the related reinsurance and customized derivatives. Each component described in the following discussion is unobservable in the marketplace and requires subjectivity by the Company in determining its value. Best Estimate Claim Payments The Best Estimate Claim Payments are calculated based on actuarial and capital market assumptions related to projected cash flows, including the present value of benefits and related contract charges, over the lives of the contracts, incorporating unobservable inputs including expectations concerning policyholder behavior. Credit Standing Adjustment The credit standing adjustment is an estimate of the adjustment to the fair value that market participants would require in determining fair value to reflect the risk that GMWB benefit obligations or the GMWB reinsurance recoverables will not be fulfilled. The Company incorporates a blend of estimates of peer company and reinsurer bond spreads and credit default spreads from capital markets, adjusted for market recoverability. Margins The behavior risk margin adds a margin that market participants would require, in determining fair value, for the risk that the Company’s assumptions about policyholder behavior could differ from actual experience. The behavior risk margin is calculated by taking the difference between adverse policyholder behavior assumptions and best estimate assumptions. Valuation Inputs Used in Levels 2 and 3 Measurements for GMWB Embedded, Customized and Reinsurance Derivatives Level 2 Level 3 • Risk-free rates as represented by the Eurodollar futures, LIBOR deposits and swap rates to derive forward curve rates • Correlations of 10 years of observed historical returns across underlying well-known market indices • Correlations of historical index returns compared to separate account fund returns • Equity index levels • Market implied equity volatility assumptions • Withdrawal rates • Reset elections |
Derivatives, Methods of Accounting, Hedge Documentation [Policy Text Block] | Strategies that Qualify for Hedge Accounting Some of the Company's derivatives satisfy hedge accounting requirements as outlined in Note 1 of these financial statements. Typically, these hedging instruments include interest rate swaps and, to a lesser extent, foreign currency swaps where the terms or expected cash flows of the hedged item closely match the terms of the swap. The interest rate swaps are typically used to manage interest rate duration of certain fixed maturity securities or liability contracts. As a result of pushdown accounting, derivative instruments that previously qualified for hedge accounting were de-designated and recorded at fair value through adjustments to additional paid in capital at the acquisition date. The hedge strategies by hedge accounting designation include: Cash Flow Hedges Interest rate swaps are predominantly used to manage portfolio duration and better match cash receipts from assets with cash disbursements required to fund liabilities. These derivatives primarily convert interest receipts on floating-rate fixed maturity securities to fixed rates. Foreign currency swaps are used to convert foreign currency-denominated cash flows related to certain investment receipts and liability payments to U.S. dollars in order to reduce cash flow fluctuations due to changes in currency rates. Non-qualifying Strategies Derivative relationships that do not qualify for hedge accounting (“non-qualifying strategies”) primarily include the hedge program for the Company's variable annuity products as well as the hedging and replication strategies that utilize credit default swaps. In addition, hedges of interest rate, foreign currency and equity risk of certain fixed maturities, equities and liabilities do not qualify for hedge accounting. |
Commitments and Contingencies, Policy [Policy Text Block] | Management evaluates each contingent matter separately. A loss is recorded if probable and reasonably estimable. Management establishes reserves for these contingencies at its “best estimate,” or, if no one number within the range of possible losses is more probable than any other, the Company records an estimated liability at the low end of the range of losses. |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Intangible assets with definite lives are amortized over the estimated useful life of the asset. Amortizing intangible assets primarily consist of internally developed software amortized over a period not to exceed five years. |
Goodwill and Intangible Assets, Intangible Assets, Indefinite-Lived, Policy [Policy Text Block] | Intangible assets with indefinite lives, primarily insurance licenses, are not amortized but are reviewed annually in the Company's impairment analysis. They will be tested for impairment more frequently if events or circumstances indicate the fair value of the indefinitely lived intangibles is less than the carrying value. |
Intangible Assets Arising from Insurance Contracts Acquired in Business Combination, Policy [Policy Text Block] | This intangible asset is called VOBA and is based on the actuarially estimated present value of future cash flows from the Company's insurance and investment contracts in-force as of the date of the transaction. The estimated fair value calculation of VOBA is based on certain assumptions, including mortality, persistency, expenses, interest rates, and other factors that the Company expects to experience in future years. Actual experience on the acquired contracts may vary from these projections and the recovery of VOBA is dependent upon the future profitability of the related business. The Company amortizes VOBA over estimated gross profits and it is reviewed for recoverability quarterly. |
Separate Account Liabilities [Policy Text Block] | Separate Account Liabilities The Company records the variable account value portion of variable annuities, variable life insurance products and institutional and governmental investment contracts within separate accounts. Separate account assets are reported at fair value and separate account liabilities are reported at amounts consistent with separate account assets. Investment income and gains and losses from those separate account assets accrue directly to the policyholder, who assumes the related investment risk, and are offset by change in the related liability. Changes in the value of separate account assets and separate account liabilities are reported in the same line item on the Consolidated Statements of Operations. The Company earns fee income for investment management, certain administrative services and mortality and expense risks. |
Fair Value Measurements Level 2
Fair Value Measurements Level 2 (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Valuation Techniques The Company generally determines fair values using valuation techniques that use prices, rates, and other relevant information evident from market transactions involving identical or similar instruments. Valuation techniques also include, where appropriate, estimates of future cash flows that are converted into a single discounted amount using current market expectations. The Company uses a "waterfall" approach comprised of the following pricing sources and techniques, which are listed in priority order: • Quoted prices, unadjusted, for identical assets or liabilities in active markets, which are classified as Level 1. • Prices from third-party pricing services, which primarily utilize a combination of techniques. These services utilize recently reported trades of identical, similar, or benchmark securities making adjustments for market observable inputs available through the reporting date. If there are no recently reported trades, they may use a discounted cash flow technique to develop a price using expected cash flows based upon the anticipated future performance of the underlying collateral discounted at an estimated market rate. Both techniques develop prices that consider the time value of future cash flows and provide a margin for risk, including liquidity and credit risk. Most prices provided by third-party pricing services are classified as Level 2 because the inputs used in pricing the securities are observable. However, some securities that are less liquid or trade less actively are classified as Level 3. Additionally, certain long-dated securities, such as municipal securities and bank loans, include benchmark interest rate or credit spread assumptions that are not observable in the marketplace and are thus classified as Level 3. • Internal matrix pricing, which is a valuation process internally developed for private placement securities for which the Company is unable to obtain a price from a third-party pricing service. Internal pricing matrices determine credit spreads that, when combined with risk-free rates, are applied to contractual cash flows to develop a price. The Company develops credit spreads using market based data for public securities adjusted for credit spread differentials between public and private securities, which are obtained from a survey of multiple private placement brokers. The market-based reference credit spread considers the issuer’s financial strength and term to maturity, using an independent public security index and trade information, while the credit spread differential considers the non-public nature of the security. Securities priced using internal matrix pricing are classified as Level 2 because the inputs are observable or can be corroborated with observable data. • Independent broker quotes, which are typically non-binding use inputs that can be difficult to corroborate with observable market based data. Brokers may use present value techniques using assumptions specific to the security types, or they may use recent transactions of similar securities. Due to the lack of transparency in the process that brokers use to develop prices, valuations that are based on independent broker quotes are classified as Level 3. The fair value of free-standing derivative instruments is determined primarily using a discounted cash flow model or option model technique and incorporates counterparty credit risk. In some cases, quoted market prices for exchange-traded and over the counter ("OTC") cleared derivatives may be used and in other cases independent broker quotes may be used. The pricing valuation models primarily use inputs that are observable in the market or can be corroborated by observable market data. The valuation of certain derivatives may include significant inputs that are unobservable, such as volatility levels, and reflect the Company’s view of what other market participants would use when pricing such instruments. Unobservable market data is used in the valuation of customized derivatives that are used to hedge certain GMWB variable annuity riders. See the section “GMWB Embedded, Customized, and Reinsurance Derivatives” below for further discussion of the valuation model used to value these customized derivatives. Valuation Inputs Quoted prices for identical assets in active markets are considered Level 1 and consist of on-the-run U.S. Treasuries, money market funds, exchange-traded equity securities, open-ended mutual funds, short-term investments, and exchange traded futures and option contracts. Valuation Inputs Used in Level 2 and 3 Measurements for Securities and Freestanding Derivatives Level 2 Level 3 Fixed Maturity Investments Structured securities (includes ABS, CLOs, CMBS and RMBS) • Benchmark yields and spreads • Independent broker quotes Corporates • Benchmark yields and spreads • Independent broker quotes U.S Treasuries, Municipals, and Foreign government/government agencies • Benchmark yields and spreads • Credit spreads beyond observable curve Equity Securities • Quoted prices in markets that are not active • For privately traded equity securities, internal discounted cash flow models utilizing earnings multiples or other cash flow assumptions that are not observable Short-term Investments • Benchmark yields and spreads • Independent broker quotes Derivatives Credit derivatives • Swap yield curve Not applicable Equity derivatives • Equity index levels • Independent broker quotes Foreign exchange derivatives • Swap yield curve Not applicable Interest rate derivatives • Swap yield curve • Independent broker quotes The Company carries certain financial assets and liabilities at estimated fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants. Our fair value framework includes a hierarchy that gives the highest priority to the use of quoted prices in active markets, followed by the use of market observable inputs, followed by the use of unobservable inputs. The fair value hierarchy levels are as follows: Level 1 Fair values based primarily on unadjusted quoted prices for identical assets, or liabilities, in active markets that the Company has the ability to access at the measurement date. Level 2 Fair values primarily based on observable inputs, other than quoted prices included in Level 1, or based on prices for similar assets and liabilities. Level 3 Fair values derived when one or more of the significant inputs are unobservable (including assumptions about risk). With little or no observable market, the determination of fair values uses considerable judgment and represents the Company’s best estimate of an amount that could be realized in a market exchange for the asset or liability. Also included are securities that are traded within illiquid markets and/or priced by independent brokers. The Company will classify the financial asset or liability by level based upon the lowest level input that is significant to the determination of the fair value. In most cases, both observable inputs (e.g., changes in interest rates) and unobservable inputs (e.g., changes in risk assumptions) are used to determine fair values that the Company has classified within Level 3. GMWB Embedded Derivatives The Company formerly offered certain variable annuity products with GMWB riders that provide the policyholder with a guaranteed remaining balance ("GRB") which is generally equal to premiums less withdrawals. If the policyholder’s account value is reduced to a specified level through a combination of market declines and withdrawals but the GRB still has value, the Company is obligated to continue to make annuity payments to the policyholder until the GRB is exhausted. When payments of the GRB are not life-contingent, the GMWB represents an embedded derivative carried at fair value reported in other policyholder funds and benefits payable on the Consolidated Balance Sheets with changes in fair value reported in net realized capital gains and losses. Free-standing Customized Derivatives The Company holds free-standing customized derivative contracts to provide protection from certain capital markets risks for the remaining term of specified blocks of non-reinsured GMWB riders. These customized derivatives are based on policyholder behavior assumptions specified at the inception of the derivative contracts. The Company retains the risk for differences between assumed and actual policyholder behavior and between the performance of the actively managed funds underlying the separate accounts and their respective indices. These derivatives are reported on the Consolidated Balance Sheets within other investments or other liabilities, as appropriate, after considering the impact of master netting agreements. GMWB Reinsurance Derivative The Company has reinsurance arrangements in place to transfer a portion of its risk of loss due to GMWB. These arrangements are recognized as derivatives carried at fair value and reported in reinsurance recoverables on the Consolidated Balance Sheets. Changes in the fair value of the reinsurance agreements are reported in net realized capital gains and losses. Valuation Techniques Fair values for GMWB embedded derivatives, free-standing customized derivatives and reinsurance derivatives are classified as Level 3 in the fair value hierarchy and are calculated using internally developed models that utilize significant unobservable inputs because active, observable markets do not exist for these items. In valuing the GMWB embedded derivative, the Company attributes to the derivative a portion of the expected fees to be collected over the expected life of the contract from the contract holder equal to the present value of future GMWB claims. The excess of fees collected from the contract holder in the current period over the portion of fees attributed to the embedded derivative in the current period are associated with the host variable annuity contract and reported in fee income. Valuation Inputs The fair value for each of the non-life contingent GMWBs, the free-standing customized derivatives and the GMWB reinsurance derivative is calculated as an aggregation of the following components: Best Estimate Claim Payments; Credit Standing Adjustment; and Margins. The Company believes the aggregation of these components results in an amount that a market participant in an active liquid market would require, if such a market existed, to assume the risks associated with the guaranteed minimum benefits and the related reinsurance and customized derivatives. Each component described in the following discussion is unobservable in the marketplace and requires subjectivity by the Company in determining its value. Best Estimate Claim Payments The Best Estimate Claim Payments are calculated based on actuarial and capital market assumptions related to projected cash flows, including the present value of benefits and related contract charges, over the lives of the contracts, incorporating unobservable inputs including expectations concerning policyholder behavior. Credit Standing Adjustment The credit standing adjustment is an estimate of the adjustment to the fair value that market participants would require in determining fair value to reflect the risk that GMWB benefit obligations or the GMWB reinsurance recoverables will not be fulfilled. The Company incorporates a blend of estimates of peer company and reinsurer bond spreads and credit default spreads from capital markets, adjusted for market recoverability. Margins The behavior risk margin adds a margin that market participants would require, in determining fair value, for the risk that the Company’s assumptions about policyholder behavior could differ from actual experience. The behavior risk margin is calculated by taking the difference between adverse policyholder behavior assumptions and best estimate assumptions. Valuation Inputs Used in Levels 2 and 3 Measurements for GMWB Embedded, Customized and Reinsurance Derivatives Level 2 Level 3 • Risk-free rates as represented by the Eurodollar futures, LIBOR deposits and swap rates to derive forward curve rates • Correlations of 10 years of observed historical returns across underlying well-known market indices • Correlations of historical index returns compared to separate account fund returns • Equity index levels • Market implied equity volatility assumptions • Withdrawal rates • Reset elections |
Derivative Instruments Level 2
Derivative Instruments Level 2 (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivative Instruments Overview The Company utilizes a variety of over-the-counter ("OTC") transactions cleared through central clearing houses ("OTC-cleared") and exchange traded derivative instruments as part of its overall risk management strategy as well as to enter into replication transactions. The types of instruments may include swaps, caps, floors, forwards, futures and options to achieve one of four Company-approved objectives: • to hedge risk arising from interest rate, equity market, commodity market, credit spread and issuer default, price or currency exchange rate risk or volatility; • to manage liquidity; • to control transaction costs; • to enter into synthetic replication transactions. Interest rate and credit default swaps involve the periodic exchange of cash flows with other parties, at specified intervals, calculated using agreed upon rates or other financial variables and notional principal amounts. Generally, little to no cash or principal payments are exchanged at the inception of the contract. Typically, at the time a swap is entered into, the cash flow streams exchanged by the counterparties are equal in value. Interest rate cap and floor contracts entitle the purchaser to receive from the issuer at specified dates, the amount, if any, by which a specified market rate exceeds the cap strike interest rate or falls below the floor strike interest rate, applied to a notional principal amount. A premium payment determined at inception is made by the purchaser of the contract and no principal payments are exchanged. Forward contracts are customized commitments that specify a rate of interest or currency exchange rate to be paid or received on an obligation beginning on a future start date and are typically settled in cash. Financial futures are standardized commitments to either purchase or sell designated financial instruments, at a future date, for a specified price and may be settled in cash or through delivery of the underlying instrument. Futures contracts trade on organized exchanges. Margin requirements for futures are met by pledging securities or cash, and changes in the futures’ contract values are settled daily in cash. Option contracts grant the purchaser, for a premium payment, the right to either purchase from or sell to the issuer a financial instrument at a specified price, within a specified period or on a stated date. The contracts may reference commodities, which grant the purchaser the right to either purchase from or sell to the issuer commodities at a specified price, within a specified period or on a stated date. Option contracts are typically settled in cash. Foreign currency swaps exchange an initial principal amount in two currencies, agreeing to re-exchange the currencies at a future date, at an agreed upon exchange rate. There may also be a periodic exchange of payments at specified intervals calculated using the agreed upon rates and exchanged principal amounts. The Company’s derivative transactions conducted in insurance company subsidiaries are used in strategies permitted under the derivative use plans required by the State of Connecticut and the State of New York insurance departments. Accounting and Financial Statement Presentation of Derivative Instruments and Hedging Activities Derivative instruments are recognized on the Consolidated Balance Sheets at fair value and are reported in Other Investments and Other Liabilities. For balance sheet presentation purposes, the Company has elected to offset the fair value amounts, income accruals, and related cash collateral receivables and payables of OTC derivative instruments executed in a legal entity and with the same counterparty or under a master netting agreement, which provides the Company with the legal right of offset. The Company clears certain interest rate swap and credit default swap derivative transactions through central clearing houses. OTC-cleared derivatives require initial collateral at the inception of the trade in the form of cash or highly liquid securities, such as U.S. Treasuries and government agency investments. Central clearing houses also require additional cash as variation margin based on daily market value movements. For information on collateral, see the derivative collateral arrangements section in Note 4 - Derivative Instruments of Notes to Consolidated Financial Statements. In addition, OTC-cleared transactions include price alignment amounts either received or paid on the variation margin, which are reflected in realized capital gains and losses or, if characterized as interest, in net investment income. On the date the derivative contract is entered into, the Company designates the derivative as (1) a hedge of the variability in cash flows of a forecasted transaction or of amounts to be received or paid related to a recognized asset or liability (“cash flow” hedge), (2) a hedge of a net investment in a foreign operation (“net investment” hedge) or (3) held for other investment and/or risk management purposes, which primarily involve managing asset or liability related risks and do not qualify for hedge accounting. Cash Flow Hedges - Changes in the fair value of a derivative that is designated and qualifies as a cash flow hedge, including foreign-currency cash flow hedges, are recorded in AOCI and are reclassified into earnings when the variability of the cash flow of the hedged item impacts earnings. Gains and losses on derivative contracts that are reclassified from AOCI to current period earnings are included in the line item in the Consolidated Statements of Operations in which the cash flows of the hedged item are recorded. For periods prior to 2019, hedge ineffectiveness was recorded immediately in current period earnings as net realized capital gains and losses. With the January 1, 2019 adoption of the updated FASB hedging guidance, ineffectiveness is recognized in earnings only when the hedged transaction affects earnings; otherwise, the ineffectiveness gains and losses remain in AOCI. Periodic derivative net coupon settlements are recorded in the line item of the Consolidated Statements of Operations in which the cash flows of the hedged item are recorded. Cash flows from cash flow hedges are presented in the same category as the cash flows from the items being hedged on the Consolidated Statements of Cash Flows. Other Investment and/or Risk Management Activities - The Company’s other investment and/or risk management activities primarily relate to strategies used to reduce economic risk or replicate permitted investments and do not receive hedge accounting treatment. Changes in the fair value, including periodic derivative net coupon settlements, of derivative instruments held for other investment and/or risk management purposes are reported in current period earnings as net realized capital gains and losses. Hedge Documentation and Effectiveness Testing To qualify for hedge accounting treatment, a derivative must be highly effective in mitigating the designated changes in fair value or cash flow of the hedged item. At hedge inception, the Company formally documents all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking each hedge transaction. The documentation process includes linking derivatives that are designated as fair value, cash flow, or net investment hedges to specific assets or liabilities on the balance sheet or to specific forecasted transactions and defining the effectiveness testing methods to be used. The Company also formally assesses both at the hedge’s inception and ongoing on a quarterly basis, whether the derivatives that are used in hedging transactions have been and are expected to continue to be highly effective in offsetting changes in fair values, cash flows or net investment in foreign operations of hedged items. Hedge effectiveness is assessed primarily using quantitative methods as well as using qualitative methods. Quantitative methods include regression or other statistical analysis of changes in fair value or cash flows associated with the hedge relationship. Qualitative methods may include comparison of critical terms of the derivative to the hedged item. Discontinuance of Hedge Accounting The Company discontinues hedge accounting prospectively when (1) it is determined that the qualifying criteria are no longer met; (2) the derivative is no longer designated as a hedging instrument; or (3) the derivative expires or is sold, terminated or exercised. When cash flow hedge accounting is discontinued because the Company becomes aware that it is not probable that the forecasted transaction will occur, the derivative continues to be carried on the balance sheet at its fair value, and gains and losses that were accumulated in AOCI are recognized immediately in earnings. In other situations in which hedge accounting is discontinued, including those where the derivative is sold, terminated or exercised, amounts previously deferred in AOCI are reclassified into earnings when earnings are impacted by the hedged item. Embedded Derivatives The Company purchases investments and has previously issued financial products that contain embedded derivative instruments. When it is determined that (1) the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract and (2) a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is bifurcated from the host for measurement purposes. The embedded derivative, which is reported with the host instrument on the Consolidated Balance Sheets, is carried at fair value with changes in fair value reported in net realized capital gains and losses. Credit Risk Credit risk is defined as the risk of financial loss due to uncertainty of an obligor’s or counterparty’s ability or willingness to meet its obligations in accordance with agreed upon terms. Credit exposures are measured using the market value of the derivatives, resulting in amounts owed to the Company by its counterparties or potential payment obligations from the Company to its counterparties. The Company generally requires that OTC derivative contracts, other than certain forward contracts, be governed by International Swaps and Derivatives Association ("ISDA") agreements which are structured by legal entity and by counterparty, and permit right of offset. Some agreements require daily collateral settlement based upon agreed upon thresholds. For purposes of daily derivative collateral maintenance, credit exposures are generally quantified based on the prior business day’s market value and collateral is pledged to and held by, or on behalf of, the Company to the extent the current value of the derivatives exceed the contractual thresholds. For the Company’s domestic derivative programs, the maximum uncollateralized threshold for a derivative counterparty for a single legal entity is $10 . The Company also minimizes the credit risk of derivative instruments by entering into transactions with high quality counterparties primarily rated A or better, which are monitored and evaluated by the Company’s risk management team and reviewed by senior management. OTC-cleared derivatives are governed by clearing house rules. Transactions cleared through a central clearing house reduce risk due to their ability to require daily variation margin and act as an independent valuation source. In addition, the Company monitors counterparty credit exposure on a monthly basis to ensure compliance with Company policies and statutory limitations. Derivative Instruments The Company utilizes a variety of OTC, OTC-cleared and exchange traded derivative instruments as a part of its overall risk management strategy as well as to enter into replication transactions. Derivative instruments are used to manage risk associated with interest rate, equity market, credit spread, issuer default, price, and currency exchange rate risk or volatility. Replication transactions are used as an economical means to synthetically replicate the characteristics and performance of assets that are permissible investments under the Company’s investment policies. The Company also may enter into and has previously issued financial instruments and products that either are accounted for as free-standing derivatives, such as certain reinsurance contracts, or as embedded derivative instruments, such as certain GMWB riders included with certain variable annuity products. |
Derivatives, Methods of Accounting, Hedge Documentation [Policy Text Block] | Strategies that Qualify for Hedge Accounting Some of the Company's derivatives satisfy hedge accounting requirements as outlined in Note 1 of these financial statements. Typically, these hedging instruments include interest rate swaps and, to a lesser extent, foreign currency swaps where the terms or expected cash flows of the hedged item closely match the terms of the swap. The interest rate swaps are typically used to manage interest rate duration of certain fixed maturity securities or liability contracts. As a result of pushdown accounting, derivative instruments that previously qualified for hedge accounting were de-designated and recorded at fair value through adjustments to additional paid in capital at the acquisition date. The hedge strategies by hedge accounting designation include: Cash Flow Hedges Interest rate swaps are predominantly used to manage portfolio duration and better match cash receipts from assets with cash disbursements required to fund liabilities. These derivatives primarily convert interest receipts on floating-rate fixed maturity securities to fixed rates. Foreign currency swaps are used to convert foreign currency-denominated cash flows related to certain investment receipts and liability payments to U.S. dollars in order to reduce cash flow fluctuations due to changes in currency rates. Non-qualifying Strategies Derivative relationships that do not qualify for hedge accounting (“non-qualifying strategies”) primarily include the hedge program for the Company's variable annuity products as well as the hedging and replication strategies that utilize credit default swaps. In addition, hedges of interest rate, foreign currency and equity risk of certain fixed maturities, equities and liabilities do not qualify for hedge accounting. |
Commitments and Contingencies_2
Commitments and Contingencies Level 2 (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies, Policy [Policy Text Block] | Management evaluates each contingent matter separately. A loss is recorded if probable and reasonably estimable. Management establishes reserves for these contingencies at its “best estimate,” or, if no one number within the range of possible losses is more probable than any other, the Company records an estimated liability at the low end of the range of losses. |
Fair Value Measurements Level 3
Fair Value Measurements Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Assets and (liabilities) carried at fair value by hierarchy level | Successor Company Assets and (Liabilities) Carried at Fair Value by Hierarchy Level as of December 31, 2019 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Accounted for at Fair Value on a Recurring Basis Fixed maturities, AFS Asset backed securities ("ABS") $ 295 $ — $ 282 $ 13 Collateralized loan obligations ("CLOs") 1,150 — 1,092 58 Commercial mortgage-backed securities ("CMBS") 1,391 — 1,354 37 Corporate 8,121 — 7,734 387 Foreign government/government agencies 409 — 409 — Municipal 761 — 761 — Residential mortgage-backed securities ("RMBS") 868 — 621 247 U.S. Treasuries 993 — 993 — Total fixed maturities 13,988 — 13,246 742 Fixed maturities, FVO 6 — 6 — Equity securities, at fair value 45 11 1 33 Derivative assets GMWB hedging instruments 23 — — 23 Macro hedge program 49 — — 49 Total derivative assets [1] 72 — — 72 Short-term investments 550 330 214 6 Reinsurance recoverable for GMWB 17 — — 17 Separate account assets [2] 101,698 63,850 37,825 23 Total assets accounted for at fair value on a recurring basis $ 116,376 $ 64,191 $ 51,292 $ 893 Liabilities Accounted for at Fair Value on a Recurring Basis Other policyholder funds and benefits payable GMWB embedded derivative $ 5 $ — $ — $ 5 Total other policyholder funds and benefits payable 5 — — 5 Derivative liabilities Credit derivatives (1 ) — (1 ) — Foreign exchange derivatives (7 ) — (7 ) — Interest rate derivatives (39 ) — (37 ) (2 ) GMWB hedging instruments 50 — 35 15 Macro hedge program (163 ) — (1 ) (162 ) Total derivative liabilities [3] (160 ) — (11 ) (149 ) Modified coinsurance reinsurance contracts (43 ) — (43 ) — Total liabilities accounted for at fair value on a recurring basis $ (198 ) $ — $ (54 ) $ (144 ) Successor Company Assets and (Liabilities) Carried at Fair Value by Hierarchy Level as of December 31, 2018 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Accounted for at Fair Value on a Recurring Basis Fixed maturities, AFS Asset backed securities ("ABS") $ 516 $ — $ 514 $ 2 Collateralized loan obligations ("CLOs") 963 — 886 77 Commercial mortgage-backed securities ("CMBS") 1,407 — 1,366 41 Corporate 7,678 — 7,351 327 Foreign government/government agencies 377 — 377 — Municipal 734 — 734 — Residential mortgage-backed securities ("RMBS") 1,033 — 590 443 U.S. Treasuries 1,131 322 809 — Total fixed maturities 13,839 322 12,627 890 Fixed maturities, FVO 12 — 12 — Equity securities, at fair value 116 54 16 46 Derivative assets Interest rate derivatives 36 — 36 — GMWB hedging instruments 44 — 8 36 Macro hedge program 132 — — 132 Total derivative assets [1] 212 — 44 168 Short-term investments 844 464 380 — Reinsurance recoverable for GMWB 40 — — 40 Modified coinsurance reinsurance contracts 12 — 12 — Separate account assets [2] 94,724 59,361 35,323 40 Total assets accounted for at fair value on a recurring basis $ 109,799 $ 60,201 $ 48,414 $ 1,184 Liabilities Accounted for at Fair Value on a Recurring Basis Other policyholder funds and benefits payable GMWB embedded derivative $ (80 ) $ — $ — $ (80 ) Total other policyholder funds and benefits payable (80 ) — — (80 ) Derivative liabilities Credit derivatives 2 — 2 — Foreign exchange derivatives (91 ) — (91 ) — Interest rate derivatives (137 ) — (110 ) (27 ) GMWB hedging instruments 27 — 18 9 Macro hedge program 115 — — 115 Total derivative liabilities [3] (84 ) — (181 ) 97 Total liabilities accounted for at fair value on a recurring basis $ (164 ) $ — $ (181 ) $ 17 [1] Includes derivative instruments in a net positive fair value position after consideration of the accrued interest and impact of collateral posting requirements which may be imposed by agreements and applicable law. See footnote 3 to this table for derivative liabilities. [2] Approximately $2.4 billion and $3.6 billion of investment sales receivable, as of December 31, 2019 and 2018 (Successor Company), respectively, are excluded from this disclosure requirement because they are trade receivables in the ordinary course of business where the carrying amount approximates fair value. Included in the total fair value amount are $461 and $468 of investments, as of December 31, 2019 and 2018 (Successor Company), respectively, for which the fair value is estimated using the net asset value per unit as a practical expedient which are excluded from the disclosure requirement to classify amounts in the fair value hierarchy. [3] Includes derivative instruments in a net negative fair value position (derivative liability) after consideration of the accrued interest and impact of collateral posting requirements which may be imposed by agreements and applicable law. |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Significant Unobservable Inputs for Level 3 - Securities As of December 31, 2019 (Successor Company) Assets Accounted for at Fair Value on a Recurring Basis Fair Value Predominant Valuation Technique Significant Unobservable Input Minimum Maximum Weighted Average [1] Impact of Increase in Input on Fair Value [2] CLOs [3] $ 58 Discounted cash flows Spread 113bps 246bps 243bps Decrease CMBS [3] 37 Discounted cash flows Spread (encompasses 9bps 1,832bps 266bps Decrease Corporate [4] 309 Discounted cash flows Spread 93bps 823bps 236bps Decrease RMBS [3] 247 Discounted cash flows Spread [6] 5bps 233bps 82bps Decrease Constant prepayment rate [6] —% 13% 6% Decrease [5] Constant default rate [6] 2% 5% 3% Decrease Loss severity [6] —% 100% 70% Decrease As of December 31, 2018 (Successor Company) Assets accounted for at Fair Value on a Recurring Basis Fair Value Predominant Valuation Technique Significant Unobservable Input Minimum Maximum Weighted Average [1] Impact of Increase in Input on Fair Value [2] CMBS [3] $ 1 Discounted cash flows Spread (encompasses 9bps 1,816bps 278bps Decrease Corporate [4] 144 Discounted cash flows Spread 145bps 1,145bps 400bps Decrease RMBS [3] 426 Discounted cash flows Spread [6] 31bps 346bps 92bps Decrease Constant prepayment rate [6] —% 13% 6% Decrease [5] Constant default rate [6] 2% 8% 3% Decrease Loss severity [6] —% 100% 58% Decrease [1] The weighted average is determined based on the fair value of the securities. [2] Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table. [3] Excludes securities for which the Company bases fair value on broker quotations. [4] Excludes securities for which the Company bases fair value on broker quotations; however, included are broker-priced lower-rated private placement securities for which the Company receives spread and yield information to corroborate the fair value. [5] Decrease for above market rate coupons and increase for below market rate coupons. [6] Generally, a change in the assumption used for the constant default rate would have been accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumption used for constant prepayment rate and would have resulted in wider spreads. The tables below exclude certain securities for which fair values are predominately based on independent broker quotes. Significant Unobservable Inputs for Level 3 - Freestanding Derivatives As of December 31, 2019 (Successor Company) Fair Value Predominant Valuation Technique Significant Unobservable Input Minimum Maximum Weighted Average [1] Impact of Increase in Input on Fair Value [2] Interest rate derivatives Interest rate swaps $ (2 ) Discounted cash flows Swap curve beyond 30 years 2% 2% 2% Decrease GMWB hedging instruments Customized swaps 35 Discounted cash flows Equity volatility 11% 23% 17% Increase Interest rate swaption 3 Option model Interest rate volatility 2% 2% 2% Increase Macro hedge program [3] Equity options (111 ) Option model Equity volatility 11% 35% 22% Increase Interest rate swaption (3 ) Option model Interest rate volatility 2% 2% 2% Increase As of December 31, 2018 (Successor Company) Fair Value Predominant Valuation Technique Significant Unobservable Input Minimum Maximum Weighted Average [1] Impact of Increase in Input on Fair Value [2] Interest rate derivatives Interest rate swaps $ (27 ) Discounted cash flows Swap curve beyond 30 years 3% 3% —% Decrease GMWB hedging instruments Equity variance swaps (26 ) Option model Equity volatility 22% 22% —% Increase Equity options (1 ) Option model Equity volatility 30% 32% —% Increase Customized swaps 71 Discounted cash flows Equity volatility 18% 30% —% Increase Interest rate swaption 1 Option model Interest rate volatility 3% 3% —% Increase Macro hedge program [3] Equity options 250 Option model Equity volatility 17% 30% —% Increase [1] The weighted average is determined based on the fair value of the securities. [2] Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table. Changes are based on long positions, unless otherwise noted. Changes in fair value will be inversely impacted for short positions. [3] Excludes derivatives for which the Company bases fair value on broker quotations. Significant Unobservable Inputs for Level 3 GMWB Embedded Customized and Reinsurance Derivatives As of December 31, 2019 (Successor Company) Unobservable Inputs (Minimum) Unobservable Inputs (Maximum) Weighted Impact of Increase in Input Withdrawal Utilization [2] 19% 100% 69% Increase Withdrawal Rates [3] —% 7% 6% Increase Lapse Rates [4] —% 61% 6% Decrease [8] Reset Elections [5] —% 100% 11% Increase Equity Volatility [6] 10% 25% 19% Increase Credit standing adjustment [7] 0.07% 0.26% 0.17% Decrease As of December 31, 2018 (Successor Company) Unobservable Inputs (Minimum) Unobservable Inputs (Maximum) Weighted Average Impact of Increase in Input Withdrawal Utilization [2] 15% 100% —% Increase Withdrawal Rates [3] —% 8% —% Increase Lapse Rates [4] 1% 40% —% Decrease [8] Reset Elections [5] 20% 45% —% Increase Equity Volatility [6] 17% 30% —% Increase Credit standing adjustment [7] 0.04% 0.28% —% Decrease |
Roll-forward of Financial Instruments Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) | Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs The Company uses derivative instruments to manage the risk associated with certain assets and liabilities. However, the derivative instrument may not be classified with the same fair value hierarchy level as the associated asset or liability. Therefore, the realized and unrealized gains and losses on derivatives reported in the Level 3 roll-forward may be offset by realized and unrealized gains and losses of the associated assets and liabilities in other line items of the financial statements. The following table presents a reconciliation of the beginning and ending balances for fair value measurements for the year ended December 31, 2019 (Successor Company), for which the Company had used significant unobservable inputs (Level 3): Fair Value Roll-forwards for Financial Instruments Classified as Level 3 Total Realized/Unrealized Gains (Losses) Fair Value as of January 1, 2019 Included in Net Income [1] [2] [6] Included in OCI [3] Purchases Settlements Sales Transfers into Level 3 [4] Transfers out of Level 3 [4] Fair Value as of December 31, 2019 Assets Fixed maturities, AFS ABS $ 2 $ — $ — $ 13 $ — $ — $ — $ (2 ) $ 13 CLOs 77 — — 155 (91 ) (5 ) — (78 ) 58 CMBS 41 — 2 53 (1 ) — — (58 ) 37 Corporate 327 (3 ) 16 41 (15 ) (106 ) 138 (11 ) 387 RMBS 443 — 1 — (75 ) (105 ) — (17 ) 247 Total fixed maturities, AFS 890 (3 ) 19 262 (182 ) (216 ) 138 (166 ) 742 Equity securities, at fair value 46 (4 ) — 2 (1 ) (10 ) — — 33 Freestanding derivatives Equity — (1 ) — 1 — — — — — GMWB hedging instruments 45 (35 ) — — 28 — — — 38 Total freestanding derivatives [5] 45 (36 ) — 1 28 — — — 38 Reinsurance recoverable for GMWB 40 (34 ) — — 11 — — — 17 Separate accounts 40 — — 82 — (14 ) 12 (97 ) 23 Short-term investments — — — 6 — — — — 6 Total assets $ 1,061 $ (77 ) $ 19 $ 353 $ (144 ) $ (240 ) $ 150 $ (263 ) $ 859 (Liabilities) Freestanding derivatives Interest rate (27 ) (6 ) — — 31 — — — (2 ) Macro hedge program 247 (359 ) — (1 ) — — — — (113 ) Total freestanding derivatives [5] 220 (365 ) — (1 ) 31 — — — (115 ) Other policyholder funds and benefits payable Guaranteed withdrawal benefits (80 ) 134 — — (49 ) — — — 5 Total other policyholder funds and benefits payable (80 ) 134 — — (49 ) — — — 5 Total liabilities $ 140 $ (231 ) $ — $ (1 ) $ (18 ) $ — $ — $ — $ (110 ) The following table presents a reconciliation of the beginning and ending balances for fair value measurements for the period of June 1, 2018 to December 31, 2018 (Successor Company), for which the Company had used significant unobservable inputs (Level 3): Fair Value Roll-forwards for Financial Instruments Classified as Level 3 Total Realized/Unrealized Gains (Losses) Fair Value as of June 1, 2018 Included in Net Income [1] [2] [6] Included in OCI [3] Purchases Settlements Sales Transfers into Level 3 [4] Transfers out of Level 3 [4] Fair Value as of December 31, 2018 Assets Fixed maturities, AFS ABS $ 12 $ — $ — $ 20 $ (1 ) $ (4 ) $ 1 $ (26 ) $ 2 CLOs 65 — (1 ) 142 (3 ) (7 ) — (119 ) 77 CMBS 17 — — 42 (1 ) (1 ) — (16 ) 41 Corporate 451 (6 ) (7 ) 17 (2 ) (33 ) 6 (99 ) 327 Municipal 24 — — — — (12 ) — (12 ) — RMBS 617 — (1 ) 38 (71 ) (117 ) — (23 ) 443 Total fixed maturities, AFS 1,186 (6 ) (9 ) 259 (78 ) (174 ) 7 (295 ) 890 Equity securities, at fair value 42 1 — 4 — (1 ) — — 46 Freestanding derivatives Interest rate (27 ) — — — — — — — (27 ) GMWB hedging instruments 17 28 — — — — — — 45 Macro hedge program (5 ) 156 — 41 55 — — — 247 Total freestanding derivatives [5] (15 ) 184 — 41 55 — — — 265 Reinsurance recoverable for GMWB 22 10 — — 8 — — — 40 Separate accounts 55 — — 45 — (7 ) 6 (59 ) 40 Total assets $ 1,290 $ 189 $ (9 ) $ 349 $ (15 ) $ (182 ) $ 13 $ (354 ) $ 1,281 (Liabilities) Other policyholder funds and benefits payable Guaranteed withdrawal benefits (21 ) (25 ) — — (34 ) — — — (80 ) Total other policyholder funds and benefits payable (21 ) (25 ) — — (34 ) — — — (80 ) Total liabilities $ (21 ) $ (25 ) $ — $ — $ (34 ) $ — $ — $ — $ (80 ) The following table presents a reconciliation of the beginning and ending balances for fair value measurements for the period of January 1, 2018 to May 31, 2018 (Predecessor Company), for which the Company had used significant unobservable inputs (Level 3): Fair Value Roll-forwards for Financial Instruments Classified as Level 3 Total Realized/Unrealized Gains (Losses) Fair Value as of January 1, 2018 Included in Net Income [1] [2] [6] Included in OCI [3] Purchases Settlements Sales Transfers into Level 3 [4] Transfers out of Level 3 [4] Fair Value as of May 31, 2018 Assets Fixed maturities, AFS ABS $ 13 $ — $ — $ 6 $ (1 ) $ — $ 1 $ (7 ) $ 12 CLOs 73 — — 5 — (3 ) — (10 ) 65 CMBS 26 — — 7 (1 ) (15 ) — — 17 Corporate 443 2 (23 ) 47 (16 ) (46 ) 64 (20 ) 451 Foreign govt./govt. agencies 1 — — — (1 ) — — — — Municipal 38 — (1 ) — — — — (13 ) 24 RMBS 692 — (3 ) 35 (78 ) (24 ) — (5 ) 617 Total fixed maturities, AFS 1,286 2 (27 ) 100 (97 ) (88 ) 65 (55 ) 1,186 Equity securities, at fair value 46 10 — — — (14 ) — — 42 Freestanding derivatives Interest rate (29 ) 2 — — — — — — (27 ) GMWB hedging instruments 34 (15 ) — — — (2 ) — — 17 Macro hedge program 23 (28 ) — — — — — — (5 ) Total freestanding derivatives [5] 28 (41 ) — — — (2 ) — — (15 ) Reinsurance recoverable for GMWB 36 (19 ) — — 5 — — — 22 Separate accounts 185 — — 34 — (164 ) 22 (22 ) 55 Total assets $ 1,581 $ (48 ) $ (27 ) $ 134 $ (92 ) $ (268 ) $ 87 $ (77 ) $ 1,290 (Liabilities) Other policyholder funds and benefits payable Guaranteed withdrawal benefits (75 ) 82 — — (28 ) — — — (21 ) Total other policyholder funds and benefits payable (75 ) 82 — — (28 ) — — — (21 ) Total liabilities $ (75 ) $ 82 $ — $ — $ (28 ) $ — $ — $ — $ (21 ) [1] The Company classifies realized and unrealized gains (losses) on GMWB reinsurance derivatives and GMWB embedded derivatives as unrealized gains (losses) for purposes of disclosure in this table because it is impracticable to track on a contract-by-contract basis the realized gains (losses) for these derivatives and embedded derivatives. [2] Amounts in these columns are generally reported in net realized capital gains (losses). The realized/unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on net income for the Company. All amounts are before income taxes and amortization. [3] All amounts are before income taxes and amortization. [4] Transfers in and/or (out) of Level 3 are primarily attributable to the availability of market observable information and the re-evaluation of the observability of pricing inputs. [5] Derivative instruments are reported in this table on a net basis for asset (liability) positions and reported on the Consolidated Balance Sheets in other investments and other liabilities. [6] Includes both market and non-market impacts in deriving realized and unrealized gains (losses). Changes in Unrealized Gains (Losses) included in Net Income for Financial Instruments Classified as Level 3 Still Held at End of Period [1] [2] Successor Company Predecessor Company For the Year Ended December 31, 2019 June 1, 2018 to December 31, 2018 January 1, 2018 to May 31, 2018 Assets Fixed maturities, AFS Corporate $ (4 ) $ (6 ) $ 2 Total fixed maturities, AFS (4 ) (6 ) 2 Equity securities, at fair value (2 ) — — Freestanding derivatives Equity (1 ) — — Interest rate (6 ) 1 (5 ) GMWB hedging instruments (35 ) 28 (17 ) Macro hedge program (359 ) 252 (26 ) Total freestanding derivatives (401 ) 281 (48 ) Reinsurance recoverable for GMWB (34 ) 10 (19 ) Total assets $ (441 ) $ 285 $ (65 ) (Liabilities) Other policyholder funds and benefits payable Guaranteed withdrawal benefits $ 134 $ (25 ) $ 82 Total other policyholder funds and benefits payable 134 (25 ) 82 Total liabilities $ 134 $ (25 ) $ 82 [1] All amounts presented are reported in net realized capital gains (losses). The realized/unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on net income for the Company. All amounts are before income taxes and amortization. [2] Amounts presented are for Level 3 only and therefore may not agree to other disclosures included herein. Changes in Unrealized Gains (Losses) included in OCI for Financial Instruments Classified as Level 3 Still Held at End of Period [1] Successor Company For the Year Ended December 31, 2019 Assets Fixed maturities, AFS CMBS 1 Corporate 17 RMBS 1 Total fixed maturities, AFS 19 Total assets $ 19 [1] Changes in unrealized gains (losses) on fixed maturities, AFS are reported in changes in net unrealized gain on securities on the Consolidated Statements of Comprehensive Income. Fair Value Roll-forwards for Financial Instruments Classified as Level 3 Total Realized/Unrealized Gains (Losses) Fair Value as of January 1, 2019 Included in Net Income [1] [2] [6] Included in OCI [3] Purchases Settlements Sales Transfers into Level 3 [4] Transfers out of Level 3 [4] Fair Value as of December 31, 2019 Assets Fixed maturities, AFS ABS $ 2 $ — $ — $ 13 $ — $ — $ — $ (2 ) $ 13 CLOs 77 — — 155 (91 ) (5 ) — (78 ) 58 CMBS 41 — 2 53 (1 ) — — (58 ) 37 Corporate 327 (3 ) 16 41 (15 ) (106 ) 138 (11 ) 387 RMBS 443 — 1 — (75 ) (105 ) — (17 ) 247 Total fixed maturities, AFS 890 (3 ) 19 262 (182 ) (216 ) 138 (166 ) 742 Equity securities, at fair value 46 (4 ) — 2 (1 ) (10 ) — — 33 Freestanding derivatives Equity — (1 ) — 1 — — — — — GMWB hedging instruments 45 (35 ) — — 28 — — — 38 Total freestanding derivatives [5] 45 (36 ) — 1 28 — — — 38 Reinsurance recoverable for GMWB 40 (34 ) — — 11 — — — 17 Separate accounts 40 — — 82 — (14 ) 12 (97 ) 23 Short-term investments — — — 6 — — — — 6 Total assets $ 1,061 $ (77 ) $ 19 $ 353 $ (144 ) $ (240 ) $ 150 $ (263 ) $ 859 (Liabilities) Freestanding derivatives Interest rate (27 ) (6 ) — — 31 — — — (2 ) Macro hedge program 247 (359 ) — (1 ) — — — — (113 ) Total freestanding derivatives [5] 220 (365 ) — (1 ) 31 — — — (115 ) Other policyholder funds and benefits payable Guaranteed withdrawal benefits (80 ) 134 — — (49 ) — — — 5 Total other policyholder funds and benefits payable (80 ) 134 — — (49 ) — — — 5 Total liabilities $ 140 $ (231 ) $ — $ (1 ) $ (18 ) $ — $ — $ — $ (110 ) The following table presents a reconciliation of the beginning and ending balances for fair value measurements for the period of June 1, 2018 to December 31, 2018 (Successor Company), for which the Company had used significant unobservable inputs (Level 3): Fair Value Roll-forwards for Financial Instruments Classified as Level 3 Total Realized/Unrealized Gains (Losses) Fair Value as of June 1, 2018 Included in Net Income [1] [2] [6] Included in OCI [3] Purchases Settlements Sales Transfers into Level 3 [4] Transfers out of Level 3 [4] Fair Value as of December 31, 2018 Assets Fixed maturities, AFS ABS $ 12 $ — $ — $ 20 $ (1 ) $ (4 ) $ 1 $ (26 ) $ 2 CLOs 65 — (1 ) 142 (3 ) (7 ) — (119 ) 77 CMBS 17 — — 42 (1 ) (1 ) — (16 ) 41 Corporate 451 (6 ) (7 ) 17 (2 ) (33 ) 6 (99 ) 327 Municipal 24 — — — — (12 ) — (12 ) — RMBS 617 — (1 ) 38 (71 ) (117 ) — (23 ) 443 Total fixed maturities, AFS 1,186 (6 ) (9 ) 259 (78 ) (174 ) 7 (295 ) 890 Equity securities, at fair value 42 1 — 4 — (1 ) — — 46 Freestanding derivatives Interest rate (27 ) — — — — — — — (27 ) GMWB hedging instruments 17 28 — — — — — — 45 Macro hedge program (5 ) 156 — 41 55 — — — 247 Total freestanding derivatives [5] (15 ) 184 — 41 55 — — — 265 Reinsurance recoverable for GMWB 22 10 — — 8 — — — 40 Separate accounts 55 — — 45 — (7 ) 6 (59 ) 40 Total assets $ 1,290 $ 189 $ (9 ) $ 349 $ (15 ) $ (182 ) $ 13 $ (354 ) $ 1,281 (Liabilities) Other policyholder funds and benefits payable Guaranteed withdrawal benefits (21 ) (25 ) — — (34 ) — — — (80 ) Total other policyholder funds and benefits payable (21 ) (25 ) — — (34 ) — — — (80 ) Total liabilities $ (21 ) $ (25 ) $ — $ — $ (34 ) $ — $ — $ — $ (80 ) The following table presents a reconciliation of the beginning and ending balances for fair value measurements for the period of January 1, 2018 to May 31, 2018 (Predecessor Company), for which the Company had used significant unobservable inputs (Level 3): Fair Value Roll-forwards for Financial Instruments Classified as Level 3 Total Realized/Unrealized Gains (Losses) Fair Value as of January 1, 2018 Included in Net Income [1] [2] [6] Included in OCI [3] Purchases Settlements Sales Transfers into Level 3 [4] Transfers out of Level 3 [4] Fair Value as of May 31, 2018 Assets Fixed maturities, AFS ABS $ 13 $ — $ — $ 6 $ (1 ) $ — $ 1 $ (7 ) $ 12 CLOs 73 — — 5 — (3 ) — (10 ) 65 CMBS 26 — — 7 (1 ) (15 ) — — 17 Corporate 443 2 (23 ) 47 (16 ) (46 ) 64 (20 ) 451 Foreign govt./govt. agencies 1 — — — (1 ) — — — — Municipal 38 — (1 ) — — — — (13 ) 24 RMBS 692 — (3 ) 35 (78 ) (24 ) — (5 ) 617 Total fixed maturities, AFS 1,286 2 (27 ) 100 (97 ) (88 ) 65 (55 ) 1,186 Equity securities, at fair value 46 10 — — — (14 ) — — 42 Freestanding derivatives Interest rate (29 ) 2 — — — — — — (27 ) GMWB hedging instruments 34 (15 ) — — — (2 ) — — 17 Macro hedge program 23 (28 ) — — — — — — (5 ) Total freestanding derivatives [5] 28 (41 ) — — — (2 ) — — (15 ) Reinsurance recoverable for GMWB 36 (19 ) — — 5 — — — 22 Separate accounts 185 — — 34 — (164 ) 22 (22 ) 55 Total assets $ 1,581 $ (48 ) $ (27 ) $ 134 $ (92 ) $ (268 ) $ 87 $ (77 ) $ 1,290 (Liabilities) Other policyholder funds and benefits payable Guaranteed withdrawal benefits (75 ) 82 — — (28 ) — — — (21 ) Total other policyholder funds and benefits payable (75 ) 82 — — (28 ) — — — (21 ) Total liabilities $ (75 ) $ 82 $ — $ — $ (28 ) $ — $ — $ — $ (21 ) [1] The Company classifies realized and unrealized gains (losses) on GMWB reinsurance derivatives and GMWB embedded derivatives as unrealized gains (losses) for purposes of disclosure in this table because it is impracticable to track on a contract-by-contract basis the realized gains (losses) for these derivatives and embedded derivatives. [2] Amounts in these columns are generally reported in net realized capital gains (losses). The realized/unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on net income for the Company. All amounts are before income taxes and amortization. [3] All amounts are before income taxes and amortization. [4] Transfers in and/or (out) of Level 3 are primarily attributable to the availability of market observable information and the re-evaluation of the observability of pricing inputs. [5] Derivative instruments are reported in this table on a net basis for asset (liability) positions and reported on the Consolidated Balance Sheets in other investments and other liabilities. [6] Includes both market and non-market impacts in deriving realized and unrealized gains (losses). |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Option The Company has elected the fair value option for certain RMBS that contain embedded credit derivatives with underlying credit. These securities are included within Fixed Maturities, FVO on the Consolidated Balance Sheets and changes in the fair value of these securities are reported in net realized capital gains and losses. As of December 31, 2019 and 2018 (Successor Company), the fair value of assets and liabilities using the fair value option was $6 and $12 , respectively, within the residential real estate sector. For the year ended December 31, 2019 (Successor Company), the period of June 1, 2018 to December 31, 2018 (Successor Company) and the period of January 1, 2018 to May 31, 2018 (Predecessor Company), there were no realized capital gains (losses) related to the fair value of assets using the fair value option. For the year ended December 31, 2017 (Predecessor Company), the income earned from FVO securities and the changes recorded in net realized capital gains (losses) were $1 , related to equity securities. |
Financial Instruments Not Carried at Fair Value | Financial Assets and Liabilities Not Carried at Fair Value (Successor Company) Fair Value Hierarchy Level Carrying Amount Fair Carrying Amount Fair Value December 31, 2019 December 31, 2018 Assets Policy loans Level 3 $ 1,467 $ 1,467 $ 1,441 $ 1,441 Mortgage loans Level 3 $ 2,241 $ 2,331 $ 2,100 $ 2,125 Liabilities Other policyholder funds and benefits payable [1] Level 3 $ 6,049 $ 5,912 $ 6,186 $ 5,888 Assumed investment contracts [2] Level 3 $ 1 $ 1 $ 185 $ 185 [1] Excludes group accident and health and universal life insurance contracts, including corporate owned life insurance. [2] Included in other liabilities on the Consolidated Balance Sheets. |
Investment Holding Level 3 (Tab
Investment Holding Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments [Abstract] | |
Investment Income [Table Text Block] | Net Investment Income Successor Company Predecessor Company (Before tax) For the Year Ended December 31, 2019 June 1, 2018 to December 31, 2018 January 1, 2018 to May 31, 2018 For the Year Ended December 31, 2017 Fixed maturities [1] $ 586 $ 343 $ 395 $ 995 Equity securities 6 9 4 9 Mortgage loans 92 49 54 124 Policy loans 84 48 32 79 Limited partnerships and other alternative investments 161 67 41 75 Other investments [2] 19 11 13 54 Investment expenses (24 ) (18 ) (19 ) (55 ) Total net investment income $ 924 $ 509 $ 520 $ 1,281 [1] Includes net investment income on short-term investments. [2] Includes income from derivatives that qualify for hedge accounting and hedge fixed maturities. |
Realized Gain (Loss) on Investments [Table Text Block] | Net Realized Capital Gains (Losses) Successor Company Predecessor Company (Before tax) For the Year Ended December 31, 2019 June 1, 2018 to December 31, 2018 January 1, 2018 to May 31, 2018 For the Year Ended December 31, 2017 Gross gains on sales $ 67 $ 12 $ 49 $ 226 Gross losses on sales (18 ) (38 ) (112 ) (58 ) Equity securities [1] 2 (21 ) 2 — Net other-than-temporary impairment ("OTTI") losses recognized in earnings (4 ) (7 ) — (14 ) Valuation allowances on mortgage loans — (5 ) — 2 Results of variable annuity hedge program GMWB derivatives, net 53 12 12 48 Macro hedge program (418 ) 153 (36 ) (260 ) Total results of variable annuity hedge program (365 ) 165 (24 ) (212 ) Transactional foreign currency revaluation (4 ) 9 (6 ) (1 ) Non-qualifying foreign currency derivatives (4 ) (10 ) 7 (5 ) Other, net [2] 51 37 (23 ) 2 Net realized capital gains (losses) $ (275 ) $ 142 $ (107 ) $ (60 ) [1] Effective January 1, 2018, with adoption of new accounting standards for equity securities, include all changes in fair value and trading gains and losses for equity securities at fair value. [2] Includes gains (losses) on non-qualifying derivatives, excluding foreign currency derivatives, of $54 for the year ended December 31, 2019 (Successor Company), $35 for the period of June 1, 2018 to December 31, 2018 (Successor Company), $(10) for the period of January 1, 2018 to May 31, 2018 (Predecessor Company), and $0 for the year ended December 31, 2017 (Predecessor Company). |
Available-for-sale Securities [Table Text Block] | Sales of AFS Securities Successor Company Predecessor Company For the Year Ended December 31, 2019 June 1, 2018 to December 31, 2018 January 1, 2018 to May 31, 2018 For the Year Ended December 31, 2017 Fixed maturities, AFS Sale proceeds $ 2,541 $ 2,523 $ 3,523 $ 7,979 Gross gains 67 12 45 211 Gross losses (16 ) (37 ) (47 ) (56 ) Equity securities, AFS Sale proceeds $ 203 Gross gains 13 Gross losses (1 ) |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block] | Impairments in Earnings by Type Successor Company Predecessor Company For the Year Ended December 31, 2019 June 1, 2018 to December 31, 2018 January 1, 2018 to May 31, 2018 For the Year Ended December 31, 2017 Intent-to-sell impairments $ — $ 1 $ — $ — Credit impairments 4 6 — $ 14 Impairments on equity securities — — — — Total impairments $ 4 $ 7 $ — $ 14 Cumulative Credit Impairments Successor Company Predecessor Company (Before tax) For the Year Ended December 31, 2019 June 1, 2018 to December 31, 2018 January 1, 2018 to May 31, 2018 For the Year Ended December 31, 2017 Balance as of beginning of period $ (6 ) $ — $ (88 ) $ (170 ) Additions for credit impairments recognized on [1]: Securities not previously impaired $ (4 ) (6 ) — (1 ) Securities previously impaired — — — (13 ) Reductions for credit impairments previously recognized on: Securities that matured or were sold during the period $ 6 — 17 82 Securities due to an increase in expected cash flows — — 1 14 Balance as of end of period $ (4 ) $ (6 ) $ (70 ) $ (88 ) [1] These additions are included in the net OTTI losses recognized in earnings on the Consolidated Statements of Operations. |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Available-for-Sale Securities AFS Securities by Type Successor Company December 31, 2019 December 31, 2018 Cost or Amortized Cost [1] Gross Unrealized Gains Gross Unrealized Losses Fair Value Non-Credit OTTI [2] Cost or Amortized Cost [1] Gross Unrealized Gains Gross Unrealized Losses Fair Value Non-Credit OTTI [2] ABS $ 291 $ 4 $ — $ 295 $ — $ 514 $ 2 $ — $ 516 $ — CLOs 1,150 6 (6 ) 1,150 — 971 5 (13 ) 963 — CMBS 1,331 65 (3 ) 1,391 — 1,409 8 (7 ) 1,407 — Corporate 7,403 696 (7 ) 8,121 — 7,860 19 (236 ) 7,678 (1 ) Foreign govt./govt. agencies 382 30 (1 ) 409 — 383 3 (6 ) 377 — Municipal 705 56 — 761 — 738 5 (10 ) 734 — RMBS 853 16 (1 ) 868 — 1,034 3 (4 ) 1,033 — U.S. Treasuries 905 88 — 993 — 1,126 8 (3 ) 1,131 — Total fixed maturities, AFS $ 13,020 $ 961 $ (18 ) $ 13,988 $ — $ 14,035 $ 53 $ (279 ) $ 13,839 $ (1 ) [1] The cost or amortized cost of assets that support modified coinsurance reinsurance contracts were not adjusted as part of the application of pushdown accounting. As a result, gross unrealized gains (losses) only include subsequent changes in value recorded in AOCI beginning June 1, 2018. Prior changes in value have been recorded in additional paid-in capital. [2] Represents the amount of cumulative non-credit OTTI losses recognized in OCI on securities that also had credit impairments. These losses are included in gross unrealized losses as of December 31, 2019 and 2018 (Successor Company). |
Investments Classified by Contractual Maturity Date [Table Text Block] | Fixed maturities, AFS, by Contractual Maturity Year Successor Company December 31, 2019 December 31, 2018 Contractual Maturity Amortized Fair Amortized Fair One year or less $ 295 $ 300 $ 481 $ 479 Over one year through five years 1,260 1,297 1,508 1,501 Over five years through ten years 1,824 1,951 1,807 1,783 Over ten years 6,016 6,736 6,311 6,157 Subtotal 9,395 10,284 10,107 9,920 Mortgage-backed and asset-backed securities 3,625 3,704 3,928 3,919 Total fixed maturities, AFS $ 13,020 $ 13,988 $ 14,035 $ 13,839 |
Schedule of Unrealized Loss on Investments [Table Text Block] | Unrealized Loss Aging for AFS Securities by Type and Length of Time as of December 31, 2019 Successor Company Less Than 12 Months 12 Months or More Total Amortized Cost [1] Fair Value Unrealized Losses Amortized Cost [1] Fair Value Unrealized Losses Amortized Cost [1] Fair Value Unrealized Losses ABS $ 51 $ 51 $ — $ 14 $ 14 $ — $ 65 $ 65 $ — CLOs 189 188 (1 ) 647 642 (5 ) 836 830 (6 ) CMBS 95 93 (2 ) 10 9 (1 ) 105 102 (3 ) Corporate 147 144 (3 ) 180 176 (4 ) 327 320 (7 ) Foreign govt./govt. agencies 5 5 — 31 30 (1 ) 36 35 (1 ) Municipal 51 51 — — — — 51 51 — RMBS 80 80 — 88 87 (1 ) 168 167 (1 ) U.S. Treasuries 13 13 — — — — 13 13 — Total fixed maturities, AFS in an unrealized loss position $ 631 $ 625 $ (6 ) $ 970 $ 958 $ (12 ) $ 1,601 $ 1,583 $ (18 ) Unrealized Loss Aging for AFS Securities by Type and Length of Time as of December 31, 2018 Successor Company Less Than 12 Months 12 Months or More Total Amortized Cost [1] Fair Value Unrealized Losses Amortized Cost [1] Fair Value Unrealized Losses Amortized Cost [1] Fair Value Unrealized Losses ABS $ 179 $ 179 $ — $ — $ — $ — $ 179 $ 179 $ — CLOs 887 874 (13 ) — — — 887 874 (13 ) CMBS 762 754 (7 ) — — — 762 754 (7 ) Corporate 6,748 6,549 (236 ) — — — 6,748 6,549 (236 ) Foreign govt./govt. agencies 218 212 (6 ) — — — 218 212 (6 ) Municipal 490 480 (10 ) — — — 490 480 (10 ) RMBS 727 723 (4 ) — — — 727 723 (4 ) U.S. Treasuries 619 616 (3 ) — — — 619 616 (3 ) Total fixed maturities, AFS in an unrealized loss position $ 10,630 $ 10,387 $ (279 ) $ — $ — $ — $ 10,630 $ 10,387 $ (279 ) |
Schedule of Participating Mortgage Loans [Table Text Block] | Valuation Allowance Activity Successor Company Predecessor Company For the Year Ended December 31, 2019 June 1, 2018 to December 31, 2018 January 1, 2018 to May 31, 2018 For the Year Ended December 31, 2017 Balance as of January 1 $ (5 ) $ — $ — $ (19 ) Reversals/(Additions) — (6 ) — (1 ) Deductions 5 1 — 20 Balance as of December 31 $ — $ (5 ) $ — $ — |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Text Block] | Mortgage Loans Mortgage Loan Valuation Allowances Mortgage loans are considered to be impaired when management estimates that, based upon current information and events, it is probable that the Company will be unable to collect amounts due according to the contractual terms of the loan agreement. The Company reviews mortgage loans on a quarterly basis to identify potential credit losses. Among other factors, management reviews current and projected macroeconomic trends, such as unemployment rates, and property-specific factors such as rental rates, occupancy levels, LTV ratios and debt service coverage ratios (“DSCR”). In addition, the Company considers historical, current and projected delinquency rates and property values. Estimates of collectibility require the use of significant management judgment and include the probability and timing of borrower default and loss severity estimates. In addition, cash flow projections may change based upon new information about the borrower's ability to pay and/or the value of underlying collateral such as changes in projected property value estimates. For mortgage loans that are deemed impaired, a valuation allowance is established for the difference between the carrying amount and estimated value. The mortgage loan's estimated value is most frequently the Company's share of the fair value of the collateral but may also be the Company’s share of either (a) the present value of the expected future cash flows discounted at the loan’s effective interest rate or (b) the loan’s observable market price. A valuation allowance may be recorded for an individual loan or for a group of loans that have an LTV ratio of 90% or greater, a low DSCR or have other lower credit quality characteristics. Changes in valuation allowances are recorded in net realized capital gains and losses. Interest income on impaired loans is accrued to the extent it is deemed collectible and the borrowers continue to make payments under the original or restructured loan terms. The Company stops accruing interest income on loans when it is probable that the Company will not receive interest and principal payments according to the contractual terms of the loan agreement. The Company resumes accruing interest income when it determines that sufficient collateral exists to satisfy the full amount of the loan principal and interest payments and when it is probable cash will be received in the foreseeable future. Interest income on defaulted loans is recognized when received. As of December 31, 2019 (Successor Company), commercial mortgage loans had an amortized cost and carrying value of $2.2 billion , with no valuation allowance. As of December 31, 2018 (Successor Company), commercial mortgage loans had an amortized cost and carrying value of $2.1 billion , with a valuation allowance of $(5) . Amortized cost represents carrying value prior to valuation allowances, if any. As of December 31, 2019 (Successor Company) there were no mortgage loans that had a valuation allowance. As of December 31, 2018 (Successor Company), the carrying value of mortgage loans that had a valuation allowance was $23 . There were no mortgage loans held-for-sale as of December 31, 2019 or December 31, 2018 (Successor Company). As of December 31, 2019 (Successor Company), the Company had no mortgage loans that have had extensions or restructurings other than what is allowable under the original terms of the contract. Commercial Mortgage Loans Credit Quality Successor Company December 31, 2019 December 31, 2018 Loan-to-value Carrying Value Avg. Debt-Service Coverage Ratio Carrying Value Avg. Debt-Service Coverage Ratio 65% - 80% 269 1.74x 340 1.78x Less than 65% 1,972 2.44x 1,760 2.48x Total mortgage loans $ 2,241 2.36x $ 2,100 2.36x Mortgage Loans by Region Successor Company December 31, 2019 December 31, 2018 Carrying Value Percent of Total Carrying Value Percent of Total East North Central $ 67 3.0 % $ 56 2.7 % East South Central 19 0.9 % 19 0.9 % Middle Atlantic 204 9.1 % 131 6.2 % Mountain 75 3.3 % 51 2.4 % New England 85 3.8 % 79 3.7 % Pacific 646 28.8 % 684 32.6 % South Atlantic 510 22.8 % 457 21.8 % West South Central 209 9.3 % 226 10.8 % Other [1] 426 19.0 % 397 18.9 % Total mortgage loans $ 2,241 100 % $ 2,100 100 % [1] Primarily represents loans collateralized by multiple properties in various regions. Mortgage Loans by Property Type Successor Company December 31, 2019 December 31, 2018 Carrying Value Percent of Total Carrying Value Percent of Total Commercial Industrial $ 603 26.9 % $ 580 27.6 % Lodging 24 1.1 % 24 1.1 % Multifamily 576 25.7 % 518 24.7 % Office 471 21.0 % 478 22.8 % Retail 398 17.8 % 286 13.6 % Single Family 120 5.3 % 86 4.1 % Other 49 2.2 % 128 6.1 % Total mortgage loans $ 2,241 100 % $ 2,100 100 % |
Offsetting Liabilities [Table Text Block] | Securities Lending and Repurchase Agreements Successor Company December 31, 2019 December 31, 2018 Fair Value Fair Value Securities Lending Transactions: Gross amount of securities on loan $ — $ 277 Gross amount of associated liability for collateral received [1] $ — $ 284 Repurchase agreements: Gross amount of recognized liabilities for repurchase agreements $ 269 $ 186 Gross amount of collateral pledged related to repurchase agreements [2] $ 273 $ 190 Gross amount of recognized receivables for reverse repurchase agreements [3] $ 10 $ 25 [1] Cash collateral received is reinvested in fixed maturities, AFS and short term investments which are included on the Consolidated Balance Sheets. Amount includes additional securities collateral received of $0 and $1 which are excluded from the Company's Consolidated Balance Sheets as of December 31, 2019 and 2018 (Successor Company), respectively. [2] Collateral pledged is included within fixed maturities, AFS and short-term investments on the Company's Consolidated Balance Sheets. [3] Collateral received is included within short-term investments on the Company's Consolidated Balance Sheets. Offsetting Derivative Assets and Liabilities (Successor Company) (i) (ii) (iii) = (i) - (ii) (v) = (iii) - (iv) Net Amounts Presented on the Statement of Financial Position Collateral Disallowed for Offset on the Statement of Financial Position Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset on the Statement of Financial Position Derivative Assets [1] (Liabilities) [2] Accrued Interest and Cash Collateral (Received) [3] Pledged [2] Financial Collateral (Received) Pledged [4] Net Amount As of December 31, 2019 Other investments $ 207 $ 187 $ 72 $ (52 ) $ 8 $ 12 Other liabilities (295 ) (91 ) (160 ) (44 ) (204 ) — As of December 31, 2018 Other investments $ 455 $ 352 $ 212 $ (109 ) $ 65 $ 38 Other liabilities (327 ) (147 ) (84 ) (96 ) (178 ) (2 ) [1] Included in other invested assets on the Company's Consolidated Balance Sheets. [2] Included in other liabilities on the Company's Consolidated Balance Sheets and is limited to the net derivative receivable associated with each counterparty. [3] Included in other investments on the Company's Consolidated Balance Sheets and is limited to the net derivative payable associated with each counterparty. [4] Excludes collateral associated with exchange-traded derivative instruments. |
Derivative Instruments Level 3
Derivative Instruments Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments [Table Text Block] | GMWB Hedging Instruments Successor Company Notional Amount Fair Value December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 Customized swaps $ 3,938 $ 3,877 $ 34 $ 71 Equity swaps, options, and futures 855 776 (2 ) (25 ) Interest rate swaps and futures 2,189 3,140 41 25 Total $ 6,982 $ 7,793 $ 73 $ 71 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Successor Company Net Derivatives Asset Derivatives Liability Derivatives Notional Amount Fair Value Fair Value Fair Value Hedge Designation/ Derivative Type Dec 31, 2019 Dec 31, 2018 Dec 31, 2019 Dec 31, 2018 Dec 31, 2019 Dec 31, 2018 Dec 31, 2019 Dec 31, 2018 Cash flow hedges Foreign currency swaps $ 10 $ — $ — $ — $ — $ — $ — $ — Total cash flow hedges 10 — — — — — — — Non-qualifying strategies Interest rate contracts Interest rate swaps and futures 3,082 3,152 (39 ) (101 ) 11 38 (50 ) (139 ) Foreign exchange contracts Foreign currency swaps and forwards 225 225 (7 ) (9 ) 9 7 (16 ) (16 ) Fixed payout annuity hedge — 270 — (82 ) — — — (82 ) Credit contracts Credit derivatives that purchase credit protection 40 45 (1 ) (1 ) — — (1 ) (1 ) Credit derivatives that assume credit risk [1] — 372 — 3 — 3 — — Credit derivatives in offsetting positions — 43 — — — 5 — (5 ) Equity contracts Equity index swaps and options 2,000 — — — — — — — Variable annuity hedge program GMWB product derivatives [2] 8,717 9,957 5 (80 ) 23 — (18 ) (80 ) GMWB reinsurance contracts 1,869 2,115 17 40 17 40 — — GMWB hedging instruments 6,982 7,793 73 71 89 114 (16 ) (43 ) Macro hedge program 19,879 10,765 (114 ) 247 98 288 (212 ) (41 ) Other Modified coinsurance reinsurance contracts 819 798 (43 ) 12 — 12 (43 ) — Total non-qualifying strategies 43,613 35,535 (109 ) 100 247 507 (356 ) (407 ) Total cash flow hedges and non-qualifying strategies $ 43,623 $ 35,535 $ (109 ) $ 100 $ 247 $ 507 $ (356 ) $ (407 ) Balance Sheet Location Fixed maturities, available-for-sale $ 43 $ 41 $ — $ — $ — $ — $ — $ — Other investments 5,779 11,000 72 212 83 248 (11 ) (36 ) Other liabilities 26,396 11,623 (160 ) (84 ) 124 207 (284 ) (291 ) Reinsurance recoverables 2,688 2,914 (26 ) 52 17 52 (43 ) — Other policyholder funds and benefits payable 8,717 9,957 5 (80 ) 23 — (18 ) (80 ) Total derivatives $ 43,623 $ 35,535 $ (109 ) $ 100 $ 247 $ 507 $ (356 ) $ (407 ) [1] The derivative instruments related to this strategy are held for other investment purposes. [2] These derivatives are embedded within liabilities and are not held for risk management purposes. |
Offsetting Assets [Table Text Block] | Offsetting Derivative Assets and Liabilities (Successor Company) (i) (ii) (iii) = (i) - (ii) (v) = (iii) - (iv) Net Amounts Presented on the Statement of Financial Position Collateral Disallowed for Offset on the Statement of Financial Position Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset on the Statement of Financial Position Derivative Assets [1] (Liabilities) [2] Accrued Interest and Cash Collateral (Received) [3] Pledged [2] Financial Collateral (Received) Pledged [4] Net Amount As of December 31, 2019 Other investments $ 207 $ 187 $ 72 $ (52 ) $ 8 $ 12 Other liabilities (295 ) (91 ) (160 ) (44 ) (204 ) — As of December 31, 2018 Other investments $ 455 $ 352 $ 212 $ (109 ) $ 65 $ 38 Other liabilities (327 ) (147 ) (84 ) (96 ) (178 ) (2 ) [1] Included in other invested assets on the Company's Consolidated Balance Sheets. [2] Included in other liabilities on the Company's Consolidated Balance Sheets and is limited to the net derivative receivable associated with each counterparty. [3] Included in other investments on the Company's Consolidated Balance Sheets and is limited to the net derivative payable associated with each counterparty. [4] Excludes collateral associated with exchange-traded derivative instruments. |
Offsetting Liabilities [Table Text Block] | Securities Lending and Repurchase Agreements Successor Company December 31, 2019 December 31, 2018 Fair Value Fair Value Securities Lending Transactions: Gross amount of securities on loan $ — $ 277 Gross amount of associated liability for collateral received [1] $ — $ 284 Repurchase agreements: Gross amount of recognized liabilities for repurchase agreements $ 269 $ 186 Gross amount of collateral pledged related to repurchase agreements [2] $ 273 $ 190 Gross amount of recognized receivables for reverse repurchase agreements [3] $ 10 $ 25 [1] Cash collateral received is reinvested in fixed maturities, AFS and short term investments which are included on the Consolidated Balance Sheets. Amount includes additional securities collateral received of $0 and $1 which are excluded from the Company's Consolidated Balance Sheets as of December 31, 2019 and 2018 (Successor Company), respectively. [2] Collateral pledged is included within fixed maturities, AFS and short-term investments on the Company's Consolidated Balance Sheets. [3] Collateral received is included within short-term investments on the Company's Consolidated Balance Sheets. Offsetting Derivative Assets and Liabilities (Successor Company) (i) (ii) (iii) = (i) - (ii) (v) = (iii) - (iv) Net Amounts Presented on the Statement of Financial Position Collateral Disallowed for Offset on the Statement of Financial Position Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset on the Statement of Financial Position Derivative Assets [1] (Liabilities) [2] Accrued Interest and Cash Collateral (Received) [3] Pledged [2] Financial Collateral (Received) Pledged [4] Net Amount As of December 31, 2019 Other investments $ 207 $ 187 $ 72 $ (52 ) $ 8 $ 12 Other liabilities (295 ) (91 ) (160 ) (44 ) (204 ) — As of December 31, 2018 Other investments $ 455 $ 352 $ 212 $ (109 ) $ 65 $ 38 Other liabilities (327 ) (147 ) (84 ) (96 ) (178 ) (2 ) [1] Included in other invested assets on the Company's Consolidated Balance Sheets. [2] Included in other liabilities on the Company's Consolidated Balance Sheets and is limited to the net derivative receivable associated with each counterparty. [3] Included in other investments on the Company's Consolidated Balance Sheets and is limited to the net derivative payable associated with each counterparty. [4] Excludes collateral associated with exchange-traded derivative instruments. |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | Cash Flow Hedges For derivative instruments that are designated and qualify as cash flow hedges, the gain or loss on the derivative is reported as a component of OCI and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness. Derivatives in Cash Flow Hedging Relationships Gain (Loss) Recognized in OCI Successor Company Predecessor Company For the Year Ended December 31, 2019 June 1, 2018 to December 31, 2018 January 1, 2018 to May 31, 2018 For the Year Ended December 31, 2017 Interest rate swaps $ — $ — $ (17 ) $ (13 ) Foreign currency swaps — — — 4 Total $ — $ — $ (17 ) $ (9 ) Derivatives in Cash Flow Hedging Relationships (Successor Company) Gain or (Loss) Reclassified from AOCI into Income For the Year Ended December 31, 2019 June 1, 2018 to December 31, 2018 Net Capital Net Investment Income Net Capital Net Investment Income Interest rate swaps — — — — Foreign currency swaps — — — — Total $ — $ — $ — $ — |
Derivative Instruments, Gain (Loss) [Table Text Block] | Non-qualifying Strategies For non-qualifying strategies, including embedded derivatives that are required to be bifurcated from their host contracts and accounted for as derivatives, the gain or loss on the derivative is recognized currently in earnings within net realized capital gains (losses). Non-qualifying Strategies Gain (Loss) Recognized within Net Realized Capital Gains (Losses) Successor Company Predecessor Company For the Year Ended December 31, 2019 June 1, 2018 to December 31, 2018 January 1, 2018 to May 31, 2018 For the Year Ended December 31, 2017 Variable annuity hedge program GMWB product derivatives $ 134 $ (25 ) $ 82 $ 231 GMWB reinsurance contracts (13 ) 1 (25 ) (49 ) GMWB hedging instruments (68 ) 36 (45 ) (134 ) Macro hedge program (418 ) 153 (36 ) (260 ) Total variable annuity hedge program (365 ) 165 (24 ) (212 ) Foreign exchange contracts Foreign currency swaps and forwards — 2 (3 ) (9 ) Fixed payout annuity hedge (4 ) (15 ) 10 4 Total foreign exchange contracts (4 ) (13 ) 7 (5 ) Other non-qualifying derivatives Interest rate contracts Interest rate swaps, swaptions, and futures 103 23 (40 ) 4 Credit contracts Credit derivatives that purchase credit protection — — 1 (12 ) Credit derivatives that assume credit risk 7 (1 ) (3 ) 18 Equity contracts Equity index swaps and options (1 ) — — 3 Other Modified coinsurance reinsurance contracts (55 ) 13 32 (13 ) Total other non-qualifying derivatives 54 35 (10 ) — Total [1] $ (315 ) $ 187 $ (27 ) $ (217 ) [1] Excludes investments that contain an embedded credit derivative for which the Company has elected the fair value option. For further discussion, see the Fair Value Option section in Note 2 - Fair Value Measurements of Notes to the Consolidated Financial Statements. |
Disclosure of Credit Derivatives [Table Text Block] | As of December 31, 2018 (Successor Company) Underlying Referenced Credit Obligation(s) [1] Credit Derivative Type by Derivative Risk Exposure Notional Amount [2] Fair Value Weighted Average Years to Maturity Type Average Credit Rating Offsetting Notional Amount [3] Offsetting Fair Value [3] Single name credit default swaps Investment grade risk exposure $ 80 $ 1 4 years Corporate Credit/ Foreign Gov. A $ — $ — Basket credit default swaps [4] Investment grade risk exposure 202 1 5 years Corporate Credit BBB+ — — Below investment grade risk exposure 80 2 5 years Corporate Credit B+ — — Investment grade risk exposure 12 (1 ) 5 years CMBS Credit A- 2 — Below investment grade risk exposure 19 (5 ) Less than 1 Year CMBS Credit B- 19 5 Total [5] $ 393 $ (2 ) $ 21 $ 5 [1] The average credit ratings are based on availability and are generally the midpoint of the available ratings among Moody’s, S&P, and Fitch. If no rating is available from a rating agency, then an internally developed rating is used. [2] Notional amount is equal to the maximum potential future loss amount. These derivatives are governed by agreements and applicable law which include collateral posting requirements. There is no additional specific collateral related to these contracts or recourse provisions included in the contracts to offset losses. [3] The Company has entered into offsetting credit default swaps to terminate certain existing credit default swaps, thereby offsetting the future changes in value of, or losses paid related to, the original swap. [4] Comprised of swaps of standard market indices of diversified portfolios of corporate and CMBS issuers referenced through credit default swaps. These swaps are subsequently valued based upon the observable standard market index. [5] Excludes investments that contain an embedded credit derivative for which the Company has elected the fair value option. For further discussion, see the Fair Value Option section in Note 2 - Fair Value Measurements of Notes to the Consolidated Financial Statements. |
Reinsurance Level 3 (Tables)
Reinsurance Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Reinsurance Disclosures [Abstract] | |
Reinsurance Recoverable [Table Text Block] | Reinsurance Recoverables Successor Company As of December 31, 2019 As of December 31, 2018 Reserve for future policy benefits and other policyholder funds and benefits payable Sold businesses (MassMutual and Prudential) $ 19,534 $ 19,354 Commonwealth 8,147 8,969 Other reinsurers 1,143 1,241 Gross reinsurance recoverables $ 28,824 $ 29,564 |
Life Insurance Fees Earned Premiums and Other [Table Text Block] | Insurance Revenues Successor Company Predecessor Company For the Year Ended December 31, 2019 June 1, 2018 to December 31, 2018 January 1, 2018 to May 31, 2018 For the Year Ended December 31, 2017 Gross earned premiums, fee income and other $ 2,375 $ 1,439 $ 1,059 $ 2,434 Reinsurance assumed 115 66 48 116 Reinsurance ceded (1,627 ) (972 ) (684 ) (1,539 ) Net earned premiums, fee income and other $ 863 $ 533 $ 423 $ 1,011 |
Deferred Policy Acquisition C_2
Deferred Policy Acquisition Costs Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Policy Acquisition Costs and Present Value of Future Profits [Abstract] | |
Present Value of Future Insurance Profits [Table Text Block] | Changes in the VOBA Balance [1] Successor Company Predecessor Company For the Year Ended December 31, 2019 June 1, 2018 to December 31, 2018 January 1, 2018 to May 31, 2018 For the Year Ended December 31, 2017 Balance, beginning of period $ 716 $ 805 $ — $ — Amortization — VOBA [2] 25 (80 ) — — Amortization — Unlock benefit (charge), pre-tax — (19 ) — — Adjustments to unrealized gains and losses on securities AFS and other (45 ) 10 — — Balance, end of period $ 696 $ 716 $ — $ — [1] Effective with the application of pushdown accounting on May 31, 2018, the Company established its VOBA balance through a pushdown accounting adjustment. Please see Note 1 , Basis of Presentation and Significant Accounting Policies of Notes to Consolidated Financial Statements for further discussion of pushdown accounting. [2] Macro hedge losses more than offset actual gross profits ("AGPs"), generating negative amortization. |
Present Value of Future Insurance Profits, Expected Amortization [Table Text Block] | Expected Amortization of VOBA Successor Company Years Expected Amortization 2020 $ 42 2021 $ 52 2022 $ 45 2023 $ 41 2024 $ 37 |
Reserve for Future Policy Ben_2
Reserve for Future Policy Benefits and Separate Account Liabilities Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Insurance Loss Reserves [Abstract] | |
Schedule of Liability for Future Policy Benefits, by Product Segment [Table Text Block] | Changes in Reserves for Future Policy Benefits Successor Company Universal Life-Type Contracts GMDB/GMWB [1] Universal Life Secondary Guarantees Traditional Annuity and Other Contracts [2] Total Future Policy Benefits Liability balance as of January 1, 2019 $ 462 $ 3,276 $ 14,585 $ 18,323 Incurred [3] 78 419 566 1,063 Paid (90 ) (4 ) (827 ) (921 ) Liability balance as of December 31, 2019 $ 450 $ 3,691 $ 14,324 $ 18,465 Reinsurance recoverable asset as of January 1, 2019 $ 284 $ 3,276 $ 4,972 $ 8,532 Incurred [3] 57 419 163 639 Paid (72 ) (4 ) (292 ) (368 ) Reinsurance recoverable asset as of December 31, 2019 $ 269 $ 3,691 $ 4,843 $ 8,803 Successor Company Universal Life-Type Contracts GMDB/GMWB [1] Universal Life Secondary Guarantees Traditional Annuity and Other Contracts [2] Total Future Policy Benefits Liability balance as of June 1, 2018 [4] $ 471 $ 3,057 $ 14,529 $ 18,057 Incurred [3] 48 250 566 864 Paid (57 ) (31 ) (510 ) (598 ) Liability balance as of December 31, 2018 $ 462 $ 3,276 $ 14,585 $ 18,323 Reinsurance recoverable asset as of June 1, 2018 [4] $ 294 $ 3,057 $ 1,964 $ 5,315 Incurred [3] 36 250 3,192 3,478 Paid (46 ) (31 ) (184 ) (261 ) Reinsurance recoverable asset as of December 31, 2018 $ 284 $ 3,276 $ 4,972 $ 8,532 Predecessor Company Universal Life-Type Contracts GMDB/GMWB [1] Universal Life Secondary Guarantees Traditional Annuity and Other Contracts [2] Total Future Policy Benefits Liability balance as of January 1, 2018 $ 873 $ 2,940 $ 10,669 $ 14,482 Incurred [3] 56 117 229 402 Paid (45 ) — (326 ) (371 ) Change in unrealized investment gains and losses — — (205 ) (205 ) Liability balance as of May 31, 2018 $ 884 $ 3,057 $ 10,367 $ 14,308 Reinsurance recoverable asset, as of January 1, 2018 $ 464 $ 2,940 $ 1,742 $ 5,146 Incurred [3] 36 117 (25 ) 128 Paid (37 ) — (24 ) (61 ) Reinsurance recoverable asset, as of May 31, 2018 $ 463 $ 3,057 $ 1,693 $ 5,213 [1] These liability balances include all GMDB benefits, plus the life-contingent portion of GMWB benefits in excess of the return of the GRB. GMWB benefits up to the GRB are embedded derivatives held at fair value and are excluded from these balances. [2] Represents life-contingent reserves for which the company is subject to insurance and investment risk. [3] Includes the portion of assessments established as additions to reserves as well as changes in estimates affecting the reserves. [4] For additional information regarding the June 1, 2018 valuations and a discussion of pushdown accounting, please see Note 1 - Basis of Presentation and Significant Accounting Policies of Notes to Consolidated Financial Statements. |
Schedule of Net Amount of Risk by Product and Guarantee [Table Text Block] | Account Value by GMDB/GMWB Type as of December 31, 2019 (Successor Company) Account Value (“AV”) [9] Net amount at Risk (“NAR”) [10] Retained Net Amount at Risk (“RNAR”) [10] Weighted Average Attained Age of Annuitant MAV [1] MAV only $ 12,269 $ 1,657 $ 246 73 With 5% rollup [2] 917 91 29 74 With earnings protection benefit rider (“EPB”) [3] 3,109 521 79 73 With 5% rollup & EPB 431 100 23 75 Total MAV 16,726 2,369 377 Asset protection benefit ("APB") [4] 8,247 56 37 71 Lifetime income benefit ("LIB") – death benefit [5] 368 3 3 73 Reset [6] (5-7 years) 2,329 7 6 71 Return of premium ("ROP") /other [7] 5,695 51 49 73 Variable annuity without GMDB [8] 2,252 — — 70 Subtotal variable annuity [11] $ 35,617 $ 2,486 $ 472 73 Less: general account value 3,184 Subtotal variable annuity separate account liabilities 32,433 Separate account liabilities - other 72,142 Total separate account liabilities $ 104,575 [1] MAV GMDB is the greatest of current AV, net premiums paid and the highest AV on any anniversary before age 80 years (adjusted for withdrawals). [2] Rollup GMDB is the greatest of the MAV, current AV, net premium paid and premiums (adjusted for withdrawals) accumulated at generally 5% simple interest up to the earlier of age 80 years or 100% of adjusted premiums. [3] EPB GMDB is the greatest of the MAV, current AV, or contract value plus a percentage of the contract’s growth. The contract’s growth is AV less premiums net of withdrawals, subject to a cap of 200% of premiums net withdrawals. [4] APB GMDB is the greater of current AV or MAV, not to exceed current AV plus 25% times the greater of net premiums and MAV (each adjusted for premiums in the past 12 months ). [5] LIB GMDB is the greatest of current AV; net premiums paid; or, for certain contracts, a benefit amount generally based on market performance that ratchets over time. [6] Reset GMDB is the greatest of current AV, net premiums paid and the most recent five to seven year anniversary AV before age 80 years (adjusted for withdrawals). [7] ROP GMDB is the greater of current AV and net premiums paid. [8] Includes account value for contracts that had a GMDB at issue but no longer have a GMDB due to certain elections made by policyholders or their beneficiaries. [9] AV includes the contract holder’s investment in the separate account and the general account. [10] NAR is defined as the guaranteed minimum death benefit in excess of the current AV. RNAR represents NAR reduced for reinsurance. NAR and RNAR are highly sensitive to equity market movements and increase when equity markets decline. [11] Some variable annuity contracts with GMDB also have a life-contingent GMWB that may provide for benefits in excess of the return of the GRB. Such contracts included in this amount have $5.1 billion of total account value and weighted average attained age of 74 years . There is no NAR or retained NAR related to these contracts. |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Table Text Block] | Account Balance Breakdown of Variable Separate Account Investments for Contracts with Guarantees Successor Company Asset Type December 31, 2019 December 31, 2018 Equity securities (including mutual funds) $ 31,114 $ 28,953 Cash and cash equivalents [1] 1,319 1,286 Total [2] $ 32,433 $ 30,239 [1] Represents an allocation of the portfolio holdings. [2] Includes $2.3 billion and $1.8 billion of account value as of December 31, 2019 and 2018 (Successor Company) for contracts that had a GMDB at issue but no longer have a GMDB due to certain elections made by policyholders or their beneficiaries. |
Other Intangible Assets Level 3
Other Intangible Assets Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Other Intangible Assets (Successor Company) As of December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Expected Life Amortizing intangible assets [1] $ 29 $ 9 $ 20 5 Total indefinite lived intangible assets [2] 26 — 26 — Total other intangible assets $ 55 $ 9 $ 46 5 [1] Consist of internally developed software [2] Consist of state insurance licenses |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Expected Pre-tax Amortization Expense (Successor Company) Years Expected Future Amortization Expense 2020 $ 6 2021 $ 6 2022 $ 6 2023 $ 2 2024 $ — |
Income Tax Level 3 (Tables)
Income Tax Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Successor Company Predecessor Company Income Tax Expense (Benefit) For the Year Ended December 31, 2019 June 1, 2018 to December 31, 2018 January 1, 2018 to May 31, 2018 For the Year Ended December 31, 2017 Current - U.S. Federal $ (8 ) $ (15 ) $ 1 $ 4 Deferred - U.S. Federal 52 74 6 418 Total income tax expense $ 44 $ 59 $ 7 $ 422 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Components of Deferred Tax Assets (Liabilities) Successor Company As of December 31, 2019 2018 Deferred Tax Assets Tax basis deferred policy acquisition costs $ 60 $ 40 Unearned premium reserve and other underwriting related reserves 4 4 VOBA and reserves 557 538 Net operating loss carryover 166 206 Employee benefits 4 4 Foreign tax credit carryover 13 6 Net unrealized loss on investments — 48 Deferred reinsurance gain 210 224 Other 15 12 Total deferred tax assets 1,029 1,082 Deferred Tax Liabilities Investment related items (150 ) (113 ) Net unrealized gain on investments (198 ) — Total deferred tax liabilities (348 ) (113 ) Net deferred tax assets $ 681 $ 969 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Successor Company Predecessor Company For the Year Ended December 31, 2019 June 1, 2018 to December 31, 2018 January 1, 2018 to May 31, 2018 For the Year Ended December 31, 2017 Tax provision at the U.S. federal statutory rate $ 86 $ 98 $ 21 $ 132 Dividends received deduction ("DRD") (34 ) (37 ) (12 ) (102 ) Foreign related investments (7 ) (4 ) (3 ) (7 ) Tax reform — — (2 ) 396 Other (1 ) 2 3 3 Provision for income taxes $ 44 $ 59 $ 7 $ 422 |
Commitments and Contingencies_3
Commitments and Contingencies Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future Minimum Lease Payments (Successor Company) 2020 $ 2 2021 1 2022 1 2023 1 2024 1 Thereafter — Total minimum lease payments $ 6 |
Statutory Results Level 3 (Tabl
Statutory Results Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Insurance [Abstract] | |
Statutory Accounting Practices Disclosure [Table Text Block] | The domestic insurance subsidiaries of the Company prepare their statutory financial statements in conformity with statutory accounting practices prescribed or permitted by the applicable state insurance department which vary materially from U.S. GAAP. Prescribed statutory accounting practices include publications of the National Association of Insurance Commissioners (“NAIC”), as well as state laws, regulations and general administrative rules. The differences between statutory financial statements and financial statements prepared in accordance with U.S. GAAP vary between domestic and foreign jurisdictions. The principal differences are that statutory financial statements do not reflect deferred policy acquisition and value of business acquired costs and limit deferred income taxes, predominately use interest rate and mortality assumptions prescribed by the NAIC for life benefit reserves, generally carry bonds at amortized cost and present reinsurance assets and liabilities net of reinsurance. For reporting purposes, statutory capital and surplus is referred to collectively as "statutory capital". Statutory Net Income (Loss) Successor Company Predecessor Company For the Year Ended December 31, 2019 June 1, 2018 to December 31, 2018 January 1, 2018 to May 31, 2018 For the Year Ended December 31, 2017 Combined statutory net income (loss) $ 488 $ (126 ) $ 181 $ 369 Statutory Capital Successor Company As of December 31, 2019 2018 Statutory capital [1] $ 3,194 $ 3,713 [1] The Company relies upon a prescribed practice allowed by Connecticut state laws that allow the Company to receive a reinsurance reserve credit for reinsurance treaties that provide for a limited right of unilateral cancellation by the reinsurer. The benefit from this prescribed practice was approximately $37 and $135 as of December 31, 2019 and 2018 (Successor Company), respectively. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Changes in AOCI, Net of Tax for the Year Ended December 31, 2019 (Successor Company) Changes in Net Unrealized Gain on Securities Net Gain on Cash Flow Hedging Instruments Foreign Currency Translation Adjustments AOCI, net of tax Beginning balance $ (173 ) $ — $ 2 $ (171 ) OCI before reclassifications 927 — (2 ) 925 Amounts reclassified from AOCI (37 ) — — (37 ) OCI, net of tax 890 — (2 ) 888 Ending balance $ 717 $ — $ — $ 717 Changes in AOCI, Net of Tax for the Period of June 1, 2018 to December 31, 2018 (Successor Company) Changes in Net Unrealized Gain on Securities Net Gain on Cash Flow Hedging Instruments Foreign Currency Translation Adjustments AOCI, net of tax Beginning balance $ — $ — $ — $ — OCI before reclassifications (198 ) — 2 (196 ) Amounts reclassified from AOCI 25 — — 25 OCI, net of tax (173 ) — 2 (171 ) Ending balance $ (173 ) $ — $ 2 $ (171 ) Changes in AOCI, Net of Tax for the Period of January 1, 2018 to May 31, 2018 (Predecessor Company) Changes in Net Unrealized Gain on Securities Net Gain on Cash Flow Hedging Instruments Foreign Currency Translation Adjustments AOCI, net of tax Beginning balance $ 1,022 $ 4 $ (3 ) $ 1,023 Cumulative effect of accounting changes, net of tax [1] 182 — — 182 Adjusted balance, beginning of period 1,204 4 (3 ) 1,205 OCI before reclassifications (432 ) (13 ) 1 (444 ) Amounts reclassified from AOCI 2 (5 ) — (3 ) OCI, net of tax (430 ) (18 ) 1 (447 ) Ending balance $ 774 $ (14 ) $ (2 ) $ 758 [1] Includes reclassification to retained earnings of $193 of stranded tax effects and $11 of net unrealized gains, after tax, related to equity securities. Refer to Note 1 - Basis of Presentation and Significant Accounting Policies for further information. Changes in AOCI, Net of Tax for the Year Ended December 31, 2017 (Predecessor Company) Changes in Net Unrealized Gain on Securities Net Gain on Cash Flow Hedging Instruments Foreign Currency Translation Adjustments AOCI, net of tax Beginning balance $ 693 $ 32 $ (3 ) $ 722 OCI before reclassifications 428 (5 ) — 423 Amounts reclassified from AOCI (99 ) (23 ) — (122 ) OCI, net of tax 329 (28 ) — 301 Ending balance $ 1,022 $ 4 $ (3 ) $ 1,023 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Reclassification from AOCI Successor Company Predecessor Company For the Year Ended December 31, 2019 June 1, 2018 to December 31, 2018 January 1, 2018 to May 31, 2018 For the Year Ended December 31, 2017 Affected Line Item on the Consolidated Statement of Operations Net Unrealized Gain on Securities Available-for-sale securities $ 47 $ (32 ) $ (2 ) $ 153 Net realized capital gains (losses) 47 (32 ) (2 ) 153 Income before income taxes 10 (7 ) — 54 Income tax expense $ 37 $ (25 ) $ (2 ) $ 99 Net income (loss) Net Gains on Cash-Flow Hedging Instruments Interest rate swaps $ — $ — $ — $ (1 ) Net realized capital gains (losses) Interest rate swaps — — 8 26 Net investment income Foreign currency swaps — — (2 ) 11 Net realized capital gains (losses) — — 6 36 Income before income taxes — — 1 13 Income tax expense $ — $ — $ 5 $ 23 Net income (loss) Total amounts reclassified from AOCI $ 37 $ (25 ) $ 3 $ 122 Net income (loss) |
Basis of Presentation and Acc_3
Basis of Presentation and Accounting Policies Level 4 (Details) - USD ($) $ in Millions | Jan. 01, 2018 | May 31, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 01, 2018 | Dec. 31, 2016 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Investments and Cash | $ 27,038 | |||||||
Present Value of Future Insurance Profits, Net | $ 0 | $ 716 | $ 696 | $ 716 | $ 0 | 805 | $ 0 | |
Deferred Income Tax Assets, Net | 969 | 681 | 969 | 998 | ||||
Intangible Assets, Net (Excluding Goodwill) | 51 | 46 | 51 | 55 | ||||
Reinsurance Recoverables, Including Reinsurance Premium Paid | 29,564 | 28,824 | 29,564 | 22,615 | ||||
Separate Account Assets | 98,814 | 104,575 | 98,814 | 110,773 | ||||
Total assets | 150,146 | 154,713 | 150,146 | 162,284 | ||||
Reserve for future policy benefits | 18,323 | 18,465 | 18,323 | 18,057 | ||||
Policyholder Funds | 28,584 | 27,161 | 28,584 | 29,560 | ||||
Other Liabilities | 2,420 | 1,960 | 2,420 | 2,127 | ||||
Separate account liabilities | 98,814 | 104,575 | 98,814 | 110,773 | ||||
Liabilities | 148,141 | 152,161 | 148,141 | 160,517 | ||||
Stockholders' Equity Attributable to Parent | 5,810 | 2,005 | 2,552 | 2,005 | 6,680 | 1,767 | 7,821 | |
Liabilities and Equity | 150,146 | 154,713 | 150,146 | 162,284 | ||||
Tax Cuts and Jobs Act of 2017, Reclassification from AOCI to Retained Earnings | 193 | |||||||
Unrealized Loss on Securities | (444) | (196) | 925 | 423 | ||||
Equity securities, AFS | 116 | $ 45 | 116 | |||||
Pushdown Accounting [Policy Text Block] | HHLP’s May 31, 2018 acquisition of TLI was accounted for by HHLP using business combination accounting. Under this method, the purchase price paid by the investor group was assigned to the identifiable assets acquired and liabilities assumed as of the acquisition date based on their fair value. The Company elected to apply "pushdown" accounting by applying the guidance permitted under Accounting Standards Codification (“ASC”) Topic 805 Business Combinations . By the application of pushdown accounting, the Company’s assets, liabilities and equity were accordingly adjusted to fair value on May 31, 2018 which generated both intangible assets and Value of Business Acquired (“VOBA”). Determining the fair value of certain assets acquired and liabilities assumed is judgmental in nature and often involves the use of significant estimates and assumptions. Due to the application of pushdown accounting, TL’s financial statements and footnote disclosures are presented in two distinct periods to indicate the application of two different bases of accounting. The periods prior to June 1, 2018 are identified herein as “Predecessor,” while the periods subsequent to HHLP’s acquisition of TLI are identified as “Successor.” As a result of the change in the basis of accounting from historical GAAP to reflect HHLP’s purchase cost, the financial statements for the Predecessor period are not comparable to the Successor periods. | |||||||
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Stockholders' Equity Attributable to Parent | 774 | (173) | $ 717 | $ (173) | 1,022 | $ 0 | $ 693 | |
Unrealized Loss on Securities | $ 11 | $ (432) | $ (198) | $ 927 | $ 428 |
Fair Value Measurements Level 4
Fair Value Measurements Level 4 Fair Value by Hierarchy (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 01, 2018 | May 31, 2018 | Dec. 31, 2017 |
ABS [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Debt Securities, Available-for-sale | $ 295 | $ 516 | |||
ABS [Member] | Level 1 [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Debt Securities, Available-for-sale | 0 | 0 | |||
ABS [Member] | Level 2 [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Debt Securities, Available-for-sale | 282 | 514 | |||
ABS [Member] | Level 3 [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Debt Securities, Available-for-sale | 13 | 2 | |||
Collateralized Debt Obligations [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Debt Securities, Available-for-sale | 1,150 | 963 | |||
Collateralized Debt Obligations [Member] | Level 1 [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Debt Securities, Available-for-sale | 0 | 0 | |||
Collateralized Debt Obligations [Member] | Level 2 [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Debt Securities, Available-for-sale | 1,092 | 886 | |||
Collateralized Debt Obligations [Member] | Level 3 [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Debt Securities, Available-for-sale | 58 | 77 | |||
Commercial Mortgage Backed Securities [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Debt Securities, Available-for-sale | 1,391 | 1,407 | |||
Commercial Mortgage Backed Securities [Member] | Level 1 [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Debt Securities, Available-for-sale | 0 | 0 | |||
Commercial Mortgage Backed Securities [Member] | Level 2 [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Debt Securities, Available-for-sale | 1,354 | 1,366 | |||
Commercial Mortgage Backed Securities [Member] | Level 3 [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Debt Securities, Available-for-sale | 37 | 41 | |||
Commercial Mortgage Backed Securities [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Debt Securities, Available-for-sale | 37 | 1 | |||
Corporate [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Debt Securities, Available-for-sale | 8,121 | 7,678 | |||
Corporate [Member] | Level 1 [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Debt Securities, Available-for-sale | 0 | 0 | |||
Corporate [Member] | Level 2 [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Debt Securities, Available-for-sale | 7,734 | 7,351 | |||
Corporate [Member] | Level 3 [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Debt Securities, Available-for-sale | 387 | 327 | |||
Corporate [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Debt Securities, Available-for-sale | 309 | 144 | |||
Debt Security, Government, Non-US [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Debt Securities, Available-for-sale | 409 | 377 | |||
Debt Security, Government, Non-US [Member] | Level 1 [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Debt Securities, Available-for-sale | 0 | 0 | |||
Debt Security, Government, Non-US [Member] | Level 2 [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Debt Securities, Available-for-sale | 409 | 377 | |||
Debt Security, Government, Non-US [Member] | Level 3 [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Debt Securities, Available-for-sale | 0 | 0 | |||
US States and Political Subdivisions Debt Securities [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Debt Securities, Available-for-sale | 761 | 734 | |||
US States and Political Subdivisions Debt Securities [Member] | Level 1 [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Debt Securities, Available-for-sale | 0 | 0 | |||
US States and Political Subdivisions Debt Securities [Member] | Level 2 [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Debt Securities, Available-for-sale | 761 | 734 | |||
US States and Political Subdivisions Debt Securities [Member] | Level 3 [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Debt Securities, Available-for-sale | 0 | 0 | |||
Residential Mortgage Backed Securities [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Debt Securities, Available-for-sale | 868 | 1,033 | |||
Fair Value, Option, Fixed Maturity Securities | 6 | ||||
Residential Mortgage Backed Securities [Member] | Level 1 [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Debt Securities, Available-for-sale | 0 | 0 | |||
Residential Mortgage Backed Securities [Member] | Level 2 [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Debt Securities, Available-for-sale | 621 | 590 | |||
Residential Mortgage Backed Securities [Member] | Level 3 [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Debt Securities, Available-for-sale | 247 | 443 | |||
Residential Mortgage Backed Securities [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Debt Securities, Available-for-sale | 247 | 426 | |||
US Treasury Securities [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Debt Securities, Available-for-sale | 993 | 1,131 | |||
US Treasury Securities [Member] | Level 1 [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Debt Securities, Available-for-sale | 0 | 322 | |||
US Treasury Securities [Member] | Level 2 [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Debt Securities, Available-for-sale | 993 | 809 | |||
US Treasury Securities [Member] | Level 3 [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Debt Securities, Available-for-sale | 0 | 0 | |||
Separate Account Assets, at Carrying Value | 2,400 | 3,600 | |||
Debt Securities, Available-for-sale | 13,988 | 13,839 | |||
Fair Value, Option, Fixed Maturity Securities | 6 | 12 | |||
Equity securities, AFS | 45 | 116 | |||
Derivative Asset | 212 | ||||
Short-term investments | 550 | 844 | |||
Reinsurance recoverables | 28,824 | 29,564 | $ 22,615 | ||
Separate Account Assets | 104,575 | 98,814 | 110,773 | ||
Total assets accounted for at fair value on a recurring basis | 116,376 | 109,799 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 859 | 1,281 | 1,290 | $ 1,290 | $ 1,581 |
Liabilities accounted for at fair value on a recurring basis | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 110 | 80 | 21 | 21 | 75 |
Total liabilities accounted for at fair value on a recurring basis | (198) | (164) | |||
Liability [Member] | |||||
Liabilities accounted for at fair value on a recurring basis | |||||
Obligations, Fair Value Disclosure | (5) | (80) | |||
Guaranteed Minimum Withdrawal Benefit [Member] | |||||
Liabilities accounted for at fair value on a recurring basis | |||||
Obligations, Fair Value Disclosure | (5) | (80) | |||
Reported Value Measurement [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Separate Account Assets | 101,698 | 94,724 | |||
Estimate of Fair Value Measurement [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Separate Account Assets | 461 | 468 | |||
Level 1 [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Debt Securities, Available-for-sale | 0 | 322 | |||
Fair Value, Option, Fixed Maturity Securities | 0 | 0 | |||
Equity securities, AFS | 11 | 54 | |||
Short-term investments | 330 | 464 | |||
Total assets accounted for at fair value on a recurring basis | 64,191 | 60,201 | |||
Liabilities accounted for at fair value on a recurring basis | |||||
Total liabilities accounted for at fair value on a recurring basis | 0 | 0 | |||
Level 1 [Member] | Liability [Member] | |||||
Liabilities accounted for at fair value on a recurring basis | |||||
Obligations, Fair Value Disclosure | 0 | 0 | |||
Level 1 [Member] | Guaranteed Minimum Withdrawal Benefit [Member] | |||||
Liabilities accounted for at fair value on a recurring basis | |||||
Obligations, Fair Value Disclosure | 0 | 0 | |||
Level 1 [Member] | Reported Value Measurement [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Separate Account Assets | 63,850 | 59,361 | |||
Level 2 [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Debt Securities, Available-for-sale | 13,246 | 12,627 | |||
Fair Value, Option, Fixed Maturity Securities | 6 | 12 | |||
Equity securities, AFS | 1 | 16 | |||
Derivative Asset | 44 | ||||
Short-term investments | 214 | 380 | |||
Total assets accounted for at fair value on a recurring basis | 51,292 | 48,414 | |||
Liabilities accounted for at fair value on a recurring basis | |||||
Total liabilities accounted for at fair value on a recurring basis | (54) | (181) | |||
Level 2 [Member] | Liability [Member] | |||||
Liabilities accounted for at fair value on a recurring basis | |||||
Obligations, Fair Value Disclosure | 0 | 0 | |||
Level 2 [Member] | Guaranteed Minimum Withdrawal Benefit [Member] | |||||
Liabilities accounted for at fair value on a recurring basis | |||||
Obligations, Fair Value Disclosure | 0 | 0 | |||
Level 2 [Member] | Reported Value Measurement [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Separate Account Assets | 37,825 | 35,323 | |||
Level 3 [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Debt Securities, Available-for-sale | 742 | 890 | |||
Fair Value, Option, Fixed Maturity Securities | 0 | 0 | |||
Equity securities, AFS | 33 | 46 | |||
Derivative Asset | 168 | ||||
Short-term investments | 6 | 0 | |||
Total assets accounted for at fair value on a recurring basis | 893 | 1,184 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 23 | 40 | $ 55 | $ 55 | $ 185 |
Liabilities accounted for at fair value on a recurring basis | |||||
Total liabilities accounted for at fair value on a recurring basis | 144 | 17 | |||
Level 3 [Member] | Liability [Member] | |||||
Liabilities accounted for at fair value on a recurring basis | |||||
Obligations, Fair Value Disclosure | (5) | (80) | |||
Level 3 [Member] | Guaranteed Minimum Withdrawal Benefit [Member] | |||||
Liabilities accounted for at fair value on a recurring basis | |||||
Obligations, Fair Value Disclosure | (80) | ||||
Level 3 [Member] | Reported Value Measurement [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Separate Account Assets | 23 | 40 | |||
Credit Risk Contract [Member] | Other liabilities [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Derivative Assets (Liabilities), at Fair Value, Net | (1) | ||||
Credit Risk Contract [Member] | Fair Value, Measurements, Recurring [Member] | Other liabilities [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Derivative Assets (Liabilities), at Fair Value, Net | 2 | ||||
Credit Risk Contract [Member] | Level 1 [Member] | Other liabilities [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||||
Credit Risk Contract [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Other liabilities [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||||
Credit Risk Contract [Member] | Level 2 [Member] | Other liabilities [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Derivative Assets (Liabilities), at Fair Value, Net | (1) | ||||
Credit Risk Contract [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Other liabilities [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Derivative Assets (Liabilities), at Fair Value, Net | 2 | ||||
Credit Risk Contract [Member] | Level 3 [Member] | Other liabilities [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||||
Credit Risk Contract [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Other liabilities [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||||
Foreign Exchange Contract [Member] | |||||
Liabilities accounted for at fair value on a recurring basis | |||||
Derivative Liability | (7) | (91) | |||
Foreign Exchange Contract [Member] | Level 1 [Member] | |||||
Liabilities accounted for at fair value on a recurring basis | |||||
Derivative Liability | 0 | 0 | |||
Foreign Exchange Contract [Member] | Level 2 [Member] | |||||
Liabilities accounted for at fair value on a recurring basis | |||||
Derivative Liability | (7) | (91) | |||
Foreign Exchange Contract [Member] | Level 3 [Member] | |||||
Liabilities accounted for at fair value on a recurring basis | |||||
Derivative Liability | 0 | 0 | |||
Interest Rate Contract [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Derivative Asset | 36 | ||||
Liabilities accounted for at fair value on a recurring basis | |||||
Derivative Liability | (39) | (137) | |||
Interest Rate Contract [Member] | Level 1 [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Derivative Asset | 0 | ||||
Liabilities accounted for at fair value on a recurring basis | |||||
Derivative Liability | 0 | 0 | |||
Interest Rate Contract [Member] | Level 2 [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Derivative Asset | 36 | ||||
Liabilities accounted for at fair value on a recurring basis | |||||
Derivative Liability | 37 | (110) | |||
Interest Rate Contract [Member] | Level 3 [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Derivative Asset | 0 | ||||
Liabilities accounted for at fair value on a recurring basis | |||||
Derivative Liability | (2) | (27) | |||
US GMWB Hedging Instruments [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Derivative Asset | 23 | 44 | |||
Liabilities accounted for at fair value on a recurring basis | |||||
Derivative Liability | (50) | (27) | |||
US GMWB Hedging Instruments [Member] | Level 1 [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Derivative Asset | 0 | 0 | |||
Liabilities accounted for at fair value on a recurring basis | |||||
Derivative Liability | 0 | 0 | |||
US GMWB Hedging Instruments [Member] | Level 2 [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Derivative Asset | 0 | 8 | |||
Liabilities accounted for at fair value on a recurring basis | |||||
Derivative Liability | (35) | (18) | |||
US GMWB Hedging Instruments [Member] | Level 3 [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Derivative Asset | 23 | 36 | |||
Liabilities accounted for at fair value on a recurring basis | |||||
Derivative Liability | (15) | (9) | |||
Macro Hedge Program [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Derivative Asset | 49 | 132 | |||
Liabilities accounted for at fair value on a recurring basis | |||||
Derivative Liability | 163 | (115) | |||
Macro Hedge Program [Member] | Level 1 [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Derivative Asset | 0 | 0 | |||
Liabilities accounted for at fair value on a recurring basis | |||||
Derivative Liability | 0 | 0 | |||
Macro Hedge Program [Member] | Level 2 [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Derivative Asset | 0 | 0 | |||
Liabilities accounted for at fair value on a recurring basis | |||||
Derivative Liability | 1 | 0 | |||
Macro Hedge Program [Member] | Level 3 [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Derivative Asset | 49 | 132 | |||
Liabilities accounted for at fair value on a recurring basis | |||||
Derivative Liability | 162 | (115) | |||
Derivative Financial Instruments, Assets [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Derivative Asset | 72 | ||||
Derivative Financial Instruments, Assets [Member] | Level 2 [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Derivative Asset | 0 | ||||
Derivative Financial Instruments, Assets [Member] | Level 3 [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Derivative Asset | 72 | ||||
GMWB Reinsurance [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Reinsurance recoverables | 17 | 40 | |||
GMWB Reinsurance [Member] | Level 1 [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Reinsurance recoverables | 0 | 0 | |||
GMWB Reinsurance [Member] | Level 2 [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Reinsurance recoverables | 0 | 0 | |||
GMWB Reinsurance [Member] | Level 3 [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Reinsurance recoverables | 17 | 40 | |||
Coinsurance and Modified Coinsurance Reinsurance Contracts [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Reinsurance Recoverable, Including Reinsurance Premium Paid MODCO | 43 | 12 | |||
Coinsurance and Modified Coinsurance Reinsurance Contracts [Member] | Level 1 [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Reinsurance Recoverable, Including Reinsurance Premium Paid MODCO | 0 | 0 | |||
Coinsurance and Modified Coinsurance Reinsurance Contracts [Member] | Level 2 [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Reinsurance Recoverable, Including Reinsurance Premium Paid MODCO | 43 | 12 | |||
Coinsurance and Modified Coinsurance Reinsurance Contracts [Member] | Level 3 [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Reinsurance Recoverable, Including Reinsurance Premium Paid MODCO | 0 | 0 | |||
Derivative Financial Instruments, Liabilities [Member] | |||||
Liabilities accounted for at fair value on a recurring basis | |||||
Derivative Liability | 160 | 84 | |||
Derivative Financial Instruments, Liabilities [Member] | Level 1 [Member] | |||||
Liabilities accounted for at fair value on a recurring basis | |||||
Derivative Liability | 0 | 0 | |||
Derivative Financial Instruments, Liabilities [Member] | Level 2 [Member] | |||||
Liabilities accounted for at fair value on a recurring basis | |||||
Derivative Liability | 11 | 181 | |||
Derivative Financial Instruments, Liabilities [Member] | Level 3 [Member] | |||||
Liabilities accounted for at fair value on a recurring basis | |||||
Derivative Liability | 149 | (97) | |||
Derivative Financial Instruments, Assets [Member] | Other Investments and Other Liabilities [Member] | |||||
Assets accounted for at fair value on a recurring basis | |||||
Derivative Asset | $ 72 | $ 212 |
Fair Value Measurements Level_2
Fair Value Measurements Level 4 Significant Unobservable Inputs - Securities (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | $ 13,988 | $ 13,839 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 0 | 322 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 13,246 | 12,627 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | $ 742 | $ 890 |
Credit Standing Adjustment [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Measurements, Sensitivity Analysis, Description | Decrease | Decrease |
Credit Standing Adjustment [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Unobservable Input Range | 0.07% | 0.04% |
Credit Standing Adjustment [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Unobservable Input Range | 0.26% | 0.28% |
Credit Standing Adjustment [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Unobservable Input Range | 0.17% | |
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Withdrawal Utilization [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Measurements, Sensitivity Analysis, Description | Increase | Increase |
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Withdrawal Utilization [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Unobservable Input Range | 19.00% | 15.00% |
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Withdrawal Utilization [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Unobservable Input Range | 100.00% | 100.00% |
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Withdrawal Utilization [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Unobservable Input Range | 69.00% | |
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Withdrawal Rates [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Measurements, Sensitivity Analysis, Description | Increase | Increase |
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Withdrawal Rates [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Unobservable Input Range | 0.00% | 0.00% |
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Withdrawal Rates [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Unobservable Input Range | 7.00% | 8.00% |
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Withdrawal Rates [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Unobservable Input Range | 6.00% | |
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Lapse Rates [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Measurements, Sensitivity Analysis, Description | Decrease [8] | Decrease [8] |
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Lapse Rates [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Unobservable Input Range | 0.00% | 1.00% |
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Lapse Rates [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Unobservable Input Range | 61.00% | 40.00% |
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Lapse Rates [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Unobservable Input Range | 6.00% | |
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Reset Elections [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Measurements, Sensitivity Analysis, Description | Increase | Increase |
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Reset Elections [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Unobservable Input Range | 0.00% | 20.00% |
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Reset Elections [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Unobservable Input Range | 100.00% | 45.00% |
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Reset Elections [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Unobservable Input Range | 11.00% | |
Other Contract [Member] | Equity Volatility [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Measurements, Sensitivity Analysis, Description | Increase | Increase |
Other Contract [Member] | Equity Volatility [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Unobservable Input Range | 10.00% | 17.00% |
Other Contract [Member] | Equity Volatility [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Unobservable Input Range | 25.00% | 30.00% |
Other Contract [Member] | Equity Volatility [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Unobservable Input Range | 19.00% | |
Commercial Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | $ 1,391 | $ 1,407 |
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 0 | 0 |
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 1,354 | 1,366 |
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 37 | 41 |
Commercial Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | $ 37 | $ 1 |
Commercial Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Measurement Input, Credit Spread [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Measurements, Sensitivity Analysis, Description | Decrease | Decrease |
Commercial Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Minimum [Member] | Measurement Input, Credit Spread [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.09 | 0.09 |
Commercial Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Maximum [Member] | Measurement Input, Credit Spread [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 18.32 | 18.16 |
Commercial Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Weighted Average [Member] | Measurement Input, Credit Spread [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 2.66 | 2.78 |
Residential Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | $ 868 | $ 1,033 |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 0 | 0 |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 621 | 590 |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 247 | 443 |
Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | $ 247 | $ 426 |
Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Measurement Input, Credit Spread [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Measurements, Sensitivity Analysis, Description | Decrease | Decrease |
Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Measurement Input, Constant Prepayment Rate [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Measurements, Sensitivity Analysis, Description | Decrease [5] | Decrease [5] |
Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Measurement Input, Default Rate [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Measurements, Sensitivity Analysis, Description | Decrease | Decrease |
Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Measurement Input, Loss Severity [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Measurements, Sensitivity Analysis, Description | Decrease | Decrease |
Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Minimum [Member] | Measurement Input, Credit Spread [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.05 | 0.31 |
Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Minimum [Member] | Measurement Input, Constant Prepayment Rate [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0 | 0 |
Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Minimum [Member] | Measurement Input, Default Rate [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.02 | 0.02 |
Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Minimum [Member] | Measurement Input, Loss Severity [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0 | 0 |
Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Maximum [Member] | Measurement Input, Credit Spread [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 2.33 | 3.46 |
Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Maximum [Member] | Measurement Input, Constant Prepayment Rate [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.13 | 0.13 |
Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Maximum [Member] | Measurement Input, Default Rate [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.05 | 0.08 |
Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Maximum [Member] | Measurement Input, Loss Severity [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 1 | 1 |
Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Weighted Average [Member] | Measurement Input, Credit Spread [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.82 | 0.92 |
Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Weighted Average [Member] | Measurement Input, Constant Prepayment Rate [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.06 | 0.06 |
Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Weighted Average [Member] | Measurement Input, Default Rate [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.03 | 0.03 |
Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Weighted Average [Member] | Measurement Input, Loss Severity [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.70 | 0.58 |
US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | $ 761 | $ 734 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 761 | 734 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 0 | 0 |
Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 8,121 | 7,678 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 0 | 0 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 7,734 | 7,351 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 387 | 327 |
Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | $ 309 | $ 144 |
Fair Value Measurements, Sensitivity Analysis, Description | Decrease | Decrease |
Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Minimum [Member] | Measurement Input, Credit Spread [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.93 | 1.45 |
Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Maximum [Member] | Measurement Input, Credit Spread [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 8.23 | 11.45 |
Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Weighted Average [Member] | Measurement Input, Credit Spread [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 2.36 | 4 |
Collateralized Loan Obligations [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | $ 58 | |
Collateralized Loan Obligations [Member] | Fair Value, Measurements, Recurring [Member] | Measurement Input, Credit Spread [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Measurements, Sensitivity Analysis, Description | Decrease | |
Collateralized Loan Obligations [Member] | Fair Value, Measurements, Recurring [Member] | Minimum [Member] | Measurement Input, Credit Spread [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 1.13 | |
Collateralized Loan Obligations [Member] | Fair Value, Measurements, Recurring [Member] | Maximum [Member] | Measurement Input, Credit Spread [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 2.46 | |
Collateralized Loan Obligations [Member] | Fair Value, Measurements, Recurring [Member] | Weighted Average [Member] | Measurement Input, Credit Spread [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 2.43 |
Fair Value Measurements Level_3
Fair Value Measurements Level 4 Significant Unobservable Inputs - Freestanding Derivatives (Details) - Fair Value, Inputs, Level 3 [Member] $ in Millions | 12 Months Ended | |
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Interest Rate Swap [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | $ (2) | $ (27) |
Fair Value Measurements, Sensitivity Analysis, Description | Decrease | |
Variance Swap [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (26) | |
Equity Option [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | $ (111) | 250 |
Swap [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | $ 35 | $ 71 |
Fair Value Measurements, Sensitivity Analysis, Description | Increase | Increase |
Interest Rate Swaption [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | $ (3) | $ 1 |
Interest Rate Swaption [Member] | Hedge Funds [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | $ 3 | |
Interest Rate Swap [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Measurements, Sensitivity Analysis, Description | Decrease | |
Variance Swap [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Measurements, Sensitivity Analysis, Description | Increase | |
Equity Option [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Measurements, Sensitivity Analysis, Description | Increase | |
Equity Option [Member] | Hedge Funds, Equity [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | $ (1) | |
Fair Value Measurements, Valuation Processes, Description | Option model | |
Fair Value Measurements, Sensitivity Analysis, Description | Increase | Increase |
Equity Option [Member] | Minimum [Member] | Hedge Funds, Equity [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 0.30 | |
Equity Option [Member] | Maximum [Member] | Hedge Funds, Equity [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 0.32 | |
Equity Option [Member] | Weighted Average [Member] | Hedge Funds, Equity [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 0 | |
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Withdrawal Utilization [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Measurements, Sensitivity Analysis, Description | Increase | Increase |
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Withdrawal Rates [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Measurements, Sensitivity Analysis, Description | Increase | Increase |
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Lapse Rates [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Measurements, Sensitivity Analysis, Description | Decrease [8] | Decrease [8] |
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Reset Elections [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Measurements, Sensitivity Analysis, Description | Increase | Increase |
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Minimum [Member] | Withdrawal Utilization [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Unobservable Input Range | 19.00% | 15.00% |
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Minimum [Member] | Withdrawal Rates [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Unobservable Input Range | 0.00% | 0.00% |
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Minimum [Member] | Lapse Rates [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Unobservable Input Range | 0.00% | 1.00% |
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Minimum [Member] | Reset Elections [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Unobservable Input Range | 0.00% | 20.00% |
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Maximum [Member] | Withdrawal Utilization [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Unobservable Input Range | 100.00% | 100.00% |
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Maximum [Member] | Withdrawal Rates [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Unobservable Input Range | 7.00% | 8.00% |
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Maximum [Member] | Lapse Rates [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Unobservable Input Range | 61.00% | 40.00% |
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Maximum [Member] | Reset Elections [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Unobservable Input Range | 100.00% | 45.00% |
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Weighted Average [Member] | Withdrawal Utilization [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Unobservable Input Range | 69.00% | |
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Weighted Average [Member] | Withdrawal Rates [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Unobservable Input Range | 6.00% | |
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Weighted Average [Member] | Lapse Rates [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Unobservable Input Range | 6.00% | |
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Weighted Average [Member] | Reset Elections [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Unobservable Input Range | 11.00% | |
Other Contract [Member] | Equity Volatility [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Measurements, Sensitivity Analysis, Description | Increase | Increase |
Other Contract [Member] | Minimum [Member] | Equity Volatility [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Unobservable Input Range | 10.00% | 17.00% |
Other Contract [Member] | Maximum [Member] | Equity Volatility [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Unobservable Input Range | 25.00% | 30.00% |
Other Contract [Member] | Weighted Average [Member] | Equity Volatility [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Unobservable Input Range | 19.00% | |
Measurement Input, Discount Rate [Member] | Interest Rate Swap [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 0.02 | 0.03 |
Measurement Input, Discount Rate [Member] | Interest Rate Swap [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 0.03 | |
Measurement Input, Discount Rate [Member] | Interest Rate Swap [Member] | Weighted Average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 0 | |
Measurement Input, Discount Rate [Member] | Interest Rate Swaption [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Measurements, Sensitivity Analysis, Description | Increase | Increase |
Measurement Input, Discount Rate [Member] | Interest Rate Swaption [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 0.02 | 0.03 |
Measurement Input, Discount Rate [Member] | Interest Rate Swaption [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 0.02 | 0.03 |
Measurement Input, Discount Rate [Member] | Interest Rate Swaption [Member] | Weighted Average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 0.02 | 0 |
Measurement Input, Price Volatility [Member] | Variance Swap [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 0.22 | |
Measurement Input, Price Volatility [Member] | Variance Swap [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 0.22 | |
Measurement Input, Price Volatility [Member] | Variance Swap [Member] | Weighted Average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 0 | |
Measurement Input, Price Volatility [Member] | Equity Option [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 0.11 | 0.17 |
Measurement Input, Price Volatility [Member] | Equity Option [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 0.35 | 0.30 |
Measurement Input, Price Volatility [Member] | Equity Option [Member] | Weighted Average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 0.22 | 0 |
Measurement Input, Price Volatility [Member] | Swap [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 0.11 | 0.18 |
Measurement Input, Price Volatility [Member] | Swap [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 0.23 | 0.30 |
Measurement Input, Price Volatility [Member] | Swap [Member] | Weighted Average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 0.17 | 0 |
Valuation Technique, Discounted Cash Flow [Member] | Interest Rate Swap [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Measurements, Valuation Processes, Description | Discounted cash flows | Discounted cash flows |
Valuation Technique, Discounted Cash Flow [Member] | Swap [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Measurements, Valuation Processes, Description | Discounted cash flows | Discounted cash flows |
Valuation Technique, Option Pricing Model [Member] | Variance Swap [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Measurements, Valuation Processes, Description | Option model | |
Valuation Technique, Option Pricing Model [Member] | Equity Option [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Measurements, Valuation Processes, Description | Option model | Option model |
Valuation Technique, Option Pricing Model [Member] | Interest Rate Swaption [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Measurements, Valuation Processes, Description | Option model | Option model |
Long [Member] | Measurement Input, Discount Rate [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 0.02 | |
Long [Member] | Measurement Input, Discount Rate [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Weighted Average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 0.02 |
Fair Value Measurements Level_4
Fair Value Measurements Level 4 Fair Value Option (Details) - USD ($) $ in Millions | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
May 31, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Fair Value, Option, Fixed Maturity Securities | $ 12 | $ 6 | ||
Residential Mortgage Backed Securities [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Fair Value, Option, Fixed Maturity Securities | 12 | 6 | ||
Residential Mortgage Backed Securities [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Fair Value, Option, Fixed Maturity Securities | 6 | |||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ 0 | $ 0 | $ 0 | |
Equity Securities [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ 1 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurements Level 4 Fair Value Level 3 Roll Forwards (Details) - USD ($) $ in Millions | 5 Months Ended | 7 Months Ended | 12 Months Ended | ||
May 31, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Jun. 01, 2018 | Dec. 31, 2017 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 1,290 | $ 1,281 | $ 859 | $ 1,290 | $ 1,581 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (48) | 189 | (77) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (27) | (9) | 19 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 134 | 349 | 353 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 92 | 15 | 144 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (268) | (182) | (240) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 87 | 13 | 150 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (77) | (354) | (263) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | (21) | (80) | (110) | (21) | (75) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 82 | (25) | (231) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases | (1) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | (28) | (34) | (18) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 82 | (25) | 134 | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (65) | 285 | (441) | ||
Other Comprehensive Income (Loss) [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 19 | ||||
Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 55 | 40 | 23 | 55 | 185 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 34 | 45 | 82 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (164) | (7) | (14) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 22 | 6 | 12 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (22) | 59 | 97 | ||
Fair Value, Inputs, Level 3 [Member] | Derivative [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | (15) | 265 | 38 | (15) | 28 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 41 | (184) | 36 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 0 | (41) | (1) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 0 | 55 | 28 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | 2 | 0 | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | 0 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | 0 | 0 | 0 | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (48) | 281 | (401) | ||
Fair Value, Inputs, Level 3 [Member] | Reinsurance Recoverable Including Reinsurance Premium Paid [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 40 | 17 | 22 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 10 | (34) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 8 | 11 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | |||
Fair Value, Inputs, Level 3 [Member] | Available-for-sale Securities [Member] | Equity Securities [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 42 | 46 | 33 | 42 | 46 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 10 | 1 | (4) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | 4 | 2 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | 0 | 1 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (14) | (1) | (10) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | 0 | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | (2) | |||
Fair Value, Inputs, Level 3 [Member] | Available-for-sale Securities [Member] | Fixed Maturities [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 1,186 | 890 | 742 | 1,186 | 1,286 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 2 | (6) | (3) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 27 | (9) | 19 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 100 | 259 | 262 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 97 | 78 | 182 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (88) | (174) | (216) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 65 | 7 | 138 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (55) | 295 | 166 | ||
Fair Value, Inputs, Level 3 [Member] | Available-for-sale Securities [Member] | Asset-backed Securities [Member] | Fixed Maturities [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 12 | 2 | 13 | 12 | 13 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 6 | 20 | 13 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 1 | 1 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | (4) | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 1 | 1 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 7 | 26 | 2 | ||
Fair Value, Inputs, Level 3 [Member] | Available-for-sale Securities [Member] | Collateralized Debt Obligations [Member] | Fixed Maturities [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 65 | 77 | 58 | 65 | 73 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | (1) | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 5 | 142 | 155 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | 3 | 91 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (3) | (7) | (5) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 10 | 119 | 78 | ||
Fair Value, Inputs, Level 3 [Member] | Available-for-sale Securities [Member] | Commercial Mortgage Backed Securities [Member] | Fixed Maturities [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 17 | 41 | 37 | 17 | 26 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | 2 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 7 | 42 | 53 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 1 | 1 | 1 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (15) | (1) | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 16 | 58 | ||
Fair Value, Inputs, Level 3 [Member] | Available-for-sale Securities [Member] | Corporate Debt Securities [Member] | Fixed Maturities [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 451 | 327 | 387 | 451 | 443 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 2 | (6) | (3) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (23) | (7) | 16 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 47 | 17 | 41 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 16 | 2 | 15 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (46) | (33) | (106) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 64 | 6 | 138 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (20) | 99 | 11 | ||
Fair Value, Inputs, Level 3 [Member] | Available-for-sale Securities [Member] | Debt Security, Government, Non-US [Member] | Fixed Maturities [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 1 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 1 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | ||||
Fair Value, Inputs, Level 3 [Member] | Available-for-sale Securities [Member] | US States and Political Subdivisions Debt Securities [Member] | Fixed Maturities [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 24 | 0 | 24 | 38 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (1) | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (12) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 13 | 12 | |||
Fair Value, Inputs, Level 3 [Member] | Available-for-sale Securities [Member] | Residential Mortgage Backed Securities [Member] | Fixed Maturities [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 617 | 443 | 247 | 617 | 692 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (3) | (1) | 1 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 35 | 38 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 78 | 71 | 75 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (24) | (117) | (105) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 5 | 23 | 17 | ||
Equity Contract [Member] | Fair Value, Inputs, Level 3 [Member] | Derivative [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 0 | 0 | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 1 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | (1) | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 0 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | 0 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | 0 | ||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | (1) | |||
Interest Rate Contract [Member] | Fair Value, Inputs, Level 3 [Member] | Derivative [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | (27) | (27) | (27) | (29) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (2) | 0 | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 0 | 0 | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 0 | 0 | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | 0 | 0 | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | 0 | 0 | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | 0 | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (5) | 1 | (6) | ||
US GMWB Hedging Instruments [Member] | Fair Value, Inputs, Level 3 [Member] | Derivative [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 17 | 45 | 38 | 17 | 34 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 15 | (28) | 35 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 0 | 0 | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 0 | 0 | 28 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | 2 | 0 | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | 0 | 0 | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | 0 | 0 | 0 | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (17) | 28 | (35) | ||
US Macro Hedge Program [Member] | Fair Value, Inputs, Level 3 [Member] | Derivative [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | (5) | 247 | (5) | 23 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 28 | (156) | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 0 | (41) | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 0 | 55 | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | 0 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | 0 | 0 | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | 0 | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (26) | 252 | (359) | ||
Reinsurance Recoverable Including Reinsurance Premium Paid [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 22 | 36 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (19) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 5 | ||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (19) | 10 | (34) | ||
Consolidated Entities [Domain] | Fair Value, Inputs, Level 3 [Member] | Available-for-sale Securities [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 2 | (6) | (4) | ||
Consolidated Entities [Domain] | Fair Value, Inputs, Level 3 [Member] | Available-for-sale Securities [Member] | Corporate Debt Securities [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 2 | (6) | (4) | ||
Assets, Total [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 1,061 | ||||
Assets, Total [Member] | Fair Value, Inputs, Level 3 [Member] | Derivative [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 45 | ||||
Liability [Member] | Fair Value, Inputs, Level 3 [Member] | Derivative [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 220 | (115) | |||
Liability [Member] | Fair Value, Inputs, Level 3 [Member] | Available-for-sale Securities [Member] | Commercial Mortgage Backed Securities [Member] | Fixed Maturities [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (365) | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | (1) | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 31 | ||||
Liability [Member] | Interest Rate Contract [Member] | Fair Value, Inputs, Level 3 [Member] | Derivative [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | (27) | (2) | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 6 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 31 | ||||
Liability [Member] | US Macro Hedge Program [Member] | Fair Value, Inputs, Level 3 [Member] | Derivative [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | $ 247 | (113) | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 359 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | $ 1 | ||||
Separate Accounts [Member] | Hedge Funds [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Redemption Restriction, Percentage | 51.00% | 49.00% | |||
Separate Accounts [Member] | Private Equity Funds [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Redemption Restriction, Percentage | 0.00% | 0.00% | |||
Contract Holder Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 82 | $ (25) | $ 134 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | (28) | (34) | (49) | ||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 82 | (25) | 134 | ||
Liabilities, Total [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | (140) | ||||
Guaranteed Minimum Withdrawal Benefit [Member] | Contract Holder Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 21 | 80 | (5) | 21 | 75 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 82 | (25) | 134 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | (28) | (34) | (49) | ||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 82 | (25) | 134 | ||
Fair Value, Measurements, Recurring [Member] | Contract Holder Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | $ 21 | $ 80 | $ (5) | $ 21 | $ 75 |
Fair Value Measurements Level_5
Fair Value Measurements Level 4 Financial Instruments Classified as Level 3 Still Held at Year End (Details) - USD ($) $ in Millions | 5 Months Ended | 7 Months Ended | 12 Months Ended |
May 31, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | $ (65) | $ 285 | $ (441) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 82 | (25) | 134 |
Fair Value, Inputs, Level 3 [Member] | Contract Holder Funds [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 82 | (25) | 134 |
Fair Value, Inputs, Level 3 [Member] | Contract Holder Funds [Member] | Guaranteed Minimum Withdrawal Benefit [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 82 | (25) | 134 |
Fair Value, Inputs, Level 3 [Member] | Reinsurance Recoverable Including Reinsurance Premium Paid [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (19) | 10 | (34) |
Fair Value, Inputs, Level 3 [Member] | Derivative [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (48) | 281 | (401) |
Fair Value, Inputs, Level 3 [Member] | Derivative [Member] | Equity Contract [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | (1) | |
Fair Value, Inputs, Level 3 [Member] | Derivative [Member] | Interest Rate Contract [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (5) | 1 | (6) |
Fair Value, Inputs, Level 3 [Member] | Derivative [Member] | US GMWB Hedging Instruments [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (17) | 28 | (35) |
Fair Value, Inputs, Level 3 [Member] | Derivative [Member] | US Macro Hedge Program [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | $ (26) | 252 | (359) |
Fair Value, Inputs, Level 3 [Member] | Available-for-sale Securities [Member] | Equity Securities [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | $ 0 | (2) | |
Other Comprehensive Income (Loss) [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 19 | ||
Other Comprehensive Income (Loss) [Member] | Fair Value, Inputs, Level 3 [Member] | Available-for-sale Securities [Member] | Fixed Maturities [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (19) | ||
Other Comprehensive Income (Loss) [Member] | Fair Value, Inputs, Level 3 [Member] | Commercial Mortgage Backed Securities [Member] | Available-for-sale Securities [Member] | Fixed Maturities [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (1) | ||
Other Comprehensive Income (Loss) [Member] | Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | Available-for-sale Securities [Member] | Fixed Maturities [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (17) | ||
Other Comprehensive Income (Loss) [Member] | Fair Value, Inputs, Level 3 [Member] | Residential Mortgage Backed Securities [Member] | Available-for-sale Securities [Member] | Fixed Maturities [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | $ (1) |
Fair Value Measurements Level_6
Fair Value Measurements Level 4 Financial Instruments Not Carried At Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 01, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Assets | $ 154,713 | $ 150,146 | $ 162,284 |
Assets, Fair Value Disclosure | 116,376 | 109,799 | |
Liabilities | 152,161 | 148,141 | $ 160,517 |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Assets, Fair Value Disclosure | 893 | 1,184 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Other Policyholder Funds and Benefits Payable [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Liabilities | 6,049 | 6,186 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Investment Contracts [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Liabilities | 1 | 185 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Policy Loans [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Assets | 1,467 | 1,441 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgages [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Assets | 2,241 | 2,100 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Other Policyholder Funds and Benefits Payable [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Financial Liabilities Fair Value Disclosure | 5,912 | 5,888 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Investment Contracts [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Financial Liabilities Fair Value Disclosure | 1 | 185 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Policy Loans [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Assets, Fair Value Disclosure | 1,467 | 1,441 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgages [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Assets, Fair Value Disclosure | $ 2,331 | $ 2,125 |
Investment Holding Level 4 Inve
Investment Holding Level 4 Investment Income (Details) - USD ($) $ in Millions | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
May 31, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | |
Net Investment Income [Line Items] | ||||
Investment Income, Investment Expense | $ (19) | $ (18) | $ (24) | $ (55) |
Net Investment Income | 520 | 509 | 924 | 1,281 |
Fixed Maturities [Member] | ||||
Net Investment Income [Line Items] | ||||
Gross Investment Income, Operating | 395 | 343 | 586 | 995 |
Equity Securities [Member] | ||||
Net Investment Income [Line Items] | ||||
Gross Investment Income, Operating | 4 | 9 | 6 | 9 |
Mortgages [Member] | ||||
Net Investment Income [Line Items] | ||||
Gross Investment Income, Operating | 54 | 49 | 92 | 124 |
Policy Loans [Member] | ||||
Net Investment Income [Line Items] | ||||
Gross Investment Income, Operating | 32 | 48 | 84 | 79 |
Limited Partnerships and Other Alternative Investments [Member] | ||||
Net Investment Income [Line Items] | ||||
Gross Investment Income, Operating | 41 | 67 | 161 | 75 |
Other Investments [Member] | ||||
Net Investment Income [Line Items] | ||||
Gross Investment Income, Operating | $ 13 | $ 11 | $ 19 | $ 54 |
Investment Holding Level 4 Net
Investment Holding Level 4 Net Realized Capital Gains and Sale of AFS (Details) - USD ($) $ in Millions | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
May 31, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | |
Gain (Loss) on Securities [Line Items] | ||||
Available-for-sale Securities, Gross Realized Gains | $ 49 | $ 12 | $ 67 | $ 226 |
Available-for-sale Securities, Gross Realized Losses | (112) | (38) | (18) | (58) |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | 0 | (7) | (4) | (14) |
Foreign Currency Transaction Gain (Loss), before Tax | (6) | 9 | (4) | (1) |
Realized Investment Gains (Losses) | (107) | 142 | (275) | (60) |
Other net realized capital gains (losses) | (107) | 149 | (271) | (46) |
Proceeds from Sale of Debt Securities, Available-for-sale | 4,397 | 3,303 | 3,498 | 10,315 |
Equity Securities [Member] | ||||
Gain (Loss) on Securities [Line Items] | ||||
Available-for-sale Securities, Gross Realized Gains | 13 | |||
Available-for-sale Securities, Gross Realized Losses | (1) | |||
Proceeds from Sale of Debt Securities, Available-for-sale | 203 | |||
Debt Securities [Member] | ||||
Gain (Loss) on Securities [Line Items] | ||||
Available-for-sale Securities, Gross Realized Gains | 45 | 12 | 67 | 211 |
Available-for-sale Securities, Gross Realized Losses | (47) | (37) | (16) | (56) |
Proceeds from Sale of Debt Securities, Available-for-sale | 3,523 | 2,523 | 2,541 | 7,979 |
Not Designated as Hedging Instrument [Member] | ||||
Gain (Loss) on Securities [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (27) | 187 | (315) | (217) |
Not Designated as Hedging Instrument [Member] | Other Credit Derivatives [Member] | ||||
Gain (Loss) on Securities [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (10) | 35 | 54 | 0 |
Variable Annuity [Member] | ||||
Gain (Loss) on Securities [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (24) | 165 | (365) | (212) |
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | ||||
Gain (Loss) on Securities [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 7 | (10) | (4) | (5) |
Other Investments [Member] | ||||
Gain (Loss) on Securities [Line Items] | ||||
Gain (Loss) on Disposition of Other Financial Assets | (23) | 37 | 51 | 2 |
Equity Securities [Member] | ||||
Gain (Loss) on Securities [Line Items] | ||||
Marketable Securities, Realized Gain (Loss) | 2 | (21) | 2 | 0 |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | 0 | 0 | 0 | 0 |
Net Realized and Unrealized Gain (Loss) on Trading Securities | (3) | (14) | (2) | |
Mortgages [Member] | ||||
Gain (Loss) on Securities [Line Items] | ||||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Increase (Decrease) Adjustment | 0 | 5 | 0 | (2) |
GMWB Derivatives, Net [Member] | ||||
Gain (Loss) on Securities [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 12 | 12 | 53 | 48 |
Macro Hedge Program [Member] | ||||
Gain (Loss) on Securities [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ (36) | $ 153 | $ (418) | $ (260) |
Investment Holding Level 4 Othe
Investment Holding Level 4 Other than Temporary Impairment, Credit Losses Recognized in Earnings (Details) - USD ($) $ in Millions | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
May 31, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Available-for-sale Securities | $ 0 | $ 7 | $ 4 | $ 14 |
Other-than-temporary Impairment Loss, Debt Securities, Held-to-maturity, Recognized in Earnings, before Tax | 0 | 6 | 4 | 14 |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | 0 | 7 | 4 | 14 |
Other than Temporary Impairment Losses, Investments | 0 | 7 | 4 | 14 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held | 88 | 70 | 6 | 170 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, No Previous Impairment | 0 | (6) | (4) | (1) |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, Additional Credit Losses | 0 | 0 | 0 | (13) |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Securities Sold | 17 | 0 | 6 | 82 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Cash Flows | 1 | 0 | 0 | 14 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held | 70 | 6 | 4 | 88 |
Available-for-sale Securities [Member] | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Available-for-sale Securities | $ 0 | $ 1 | $ 0 | $ 0 |
Investment Holding Level 4 Avai
Investment Holding Level 4 Available-for-Sale Securities (Details) | 5 Months Ended | 7 Months Ended | 12 Months Ended | |||
May 31, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2019USD ($)security | Dec. 31, 2017USD ($) | Jun. 01, 2018USD ($) | Dec. 31, 2016USD ($) | |
Debt Securities, Available-for-sale [Line Items] | ||||||
Proceeds from Sale of Debt Securities, Available-for-sale | $ 4,397,000,000 | $ 3,303,000,000 | $ 3,498,000,000 | $ 10,315,000,000 | ||
Debt Securities, Available-for-sale, Amortized Cost | 14,035,000,000 | 13,020,000,000 | ||||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 53,000,000 | 961,000,000 | ||||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (279,000,000) | (18,000,000) | ||||
Debt Securities, Available-for-sale | 13,839,000,000 | 13,988,000,000 | ||||
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | 1,000,000 | 0 | ||||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost | 18,651,000,000 | |||||
Equity securities, AFS | 116,000,000 | 45,000,000 | ||||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, within One Year, Amortized Cost | 481,000,000 | 295,000,000 | ||||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, within One Year, Fair Value | 479,000,000 | 300,000,000 | ||||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Amortized Cost | 1,508,000,000 | 1,260,000,000 | ||||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Fair Value | 1,501,000,000 | 1,297,000,000 | ||||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Amortized Cost | 1,807,000,000 | 1,824,000,000 | ||||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Fair Value | 1,783,000,000 | 1,951,000,000 | ||||
Debt Securities, Available-for-sale, Allocated and Single Maturity Date, Maturity, after 10 Years, Amortized Cost | 6,311,000,000 | 6,016,000,000 | ||||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after 10 Years, Fair Value | 6,157,000,000 | 6,736,000,000 | ||||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost | 10,107,000,000 | 9,395,000,000 | ||||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value | 9,920,000,000 | 10,284,000,000 | ||||
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Amortized Cost | 3,928,000,000 | 3,625,000,000 | ||||
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value | 3,919,000,000 | $ 3,704,000,000 | ||||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | security | 356 | |||||
Percentage of Gross Unrealized Losses Depressed Less than Twenty Percent of Cost or Amortized Cost | 98.00% | |||||
Available-for-sale Securities, Gross Realized Gains | 49,000,000 | 12,000,000 | $ 67,000,000 | 226,000,000 | ||
Available-for-sale Securities, Gross Realized Losses | (112,000,000) | (38,000,000) | $ (18,000,000) | (58,000,000) | ||
Valuation Allowance, Loss Contingency for Loans, LTV Ratio | 90.00% | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 2,100,000,000 | $ 2,241,000,000 | ||||
Asset-backed Securities [Member] | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Debt Securities, Available-for-sale | 516,000,000 | 295,000,000 | ||||
Collateralized Debt Obligations [Member] | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Debt Securities, Available-for-sale | 963,000,000 | 1,150,000,000 | ||||
Commercial Mortgage Backed Securities [Member] | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Debt Securities, Available-for-sale | 1,407,000,000 | 1,391,000,000 | ||||
Corporate Debt Securities [Member] | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Debt Securities, Available-for-sale | 7,678,000,000 | 8,121,000,000 | ||||
Debt Security, Government, Non-US [Member] | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Debt Securities, Available-for-sale | 377,000,000 | 409,000,000 | ||||
US States and Political Subdivisions Debt Securities [Member] | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Debt Securities, Available-for-sale | 734,000,000 | 761,000,000 | ||||
Residential Mortgage Backed Securities [Member] | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Debt Securities, Available-for-sale | 1,033,000,000 | 868,000,000 | ||||
US Treasury Securities [Member] | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Debt Securities, Available-for-sale | 1,131,000,000 | 993,000,000 | ||||
Debt Securities [Member] | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Proceeds from Sale of Debt Securities, Available-for-sale | 3,523,000,000 | 2,523,000,000 | 2,541,000,000 | 7,979,000,000 | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||||||
Available-for-sale Securities, Gross Realized Gains | 45,000,000 | 12,000,000 | 67,000,000 | 211,000,000 | ||
Available-for-sale Securities, Gross Realized Losses | (47,000,000) | (37,000,000) | (16,000,000) | (56,000,000) | ||
Equity Securities [Member] | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Proceeds from Sale of Debt Securities, Available-for-sale | 203,000,000 | |||||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||||||
Available-for-sale Securities, Gross Realized Gains | 13,000,000 | |||||
Available-for-sale Securities, Gross Realized Losses | (1,000,000) | |||||
Asset-backed Securities [Member] | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Debt Securities, Available-for-sale, Amortized Cost | 514,000,000 | 291,000,000 | ||||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 2,000,000 | 4,000,000 | ||||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | ||||
Debt Securities, Available-for-sale | 516,000,000 | 295,000,000 | ||||
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | 0 | 0 | ||||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 179,000,000 | 51,000,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 179,000,000 | 51,000,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 | ||||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 0 | 14,000,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 14,000,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 | ||||
Available For Sale Securities Continuous Unrealized Loss Position Amortized Cost | 179,000,000 | 65,000,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 179,000,000 | 65,000,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 0 | 0 | ||||
Collateralized Debt Obligations [Member] | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Debt Securities, Available-for-sale, Amortized Cost | 971,000,000 | 1,150,000,000 | ||||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 5,000,000 | 6,000,000 | ||||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (13,000,000) | (6,000,000) | ||||
Debt Securities, Available-for-sale | 963,000,000 | 1,150,000,000 | ||||
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | 0 | 0 | ||||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 887,000,000 | 189,000,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 874,000,000 | 188,000,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 13,000,000 | 1,000,000 | ||||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 0 | 647,000,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 642,000,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 5,000,000 | ||||
Available For Sale Securities Continuous Unrealized Loss Position Amortized Cost | 887,000,000 | 836,000,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 874,000,000 | 830,000,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 13,000,000 | 6,000,000 | ||||
Commercial Mortgage Backed Securities [Member] | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Debt Securities, Available-for-sale, Amortized Cost | 1,409,000,000 | 1,331,000,000 | ||||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 8,000,000 | 65,000,000 | ||||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (7,000,000) | (3,000,000) | ||||
Debt Securities, Available-for-sale | 1,407,000,000 | 1,391,000,000 | ||||
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | 0 | 0 | ||||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 762,000,000 | 95,000,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 754,000,000 | 93,000,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 7,000,000 | 2,000,000 | ||||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 0 | 10,000,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 9,000,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 1,000,000 | ||||
Available For Sale Securities Continuous Unrealized Loss Position Amortized Cost | 762,000,000 | 105,000,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 754,000,000 | 102,000,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 7,000,000 | 3,000,000 | ||||
Corporate Debt Securities [Member] | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Debt Securities, Available-for-sale, Amortized Cost | 7,860,000,000 | 7,403,000,000 | ||||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 19,000,000 | 696,000,000 | ||||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (236,000,000) | (7,000,000) | ||||
Debt Securities, Available-for-sale | 7,678,000,000 | 8,121,000,000 | ||||
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | 1,000,000 | 0 | ||||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 6,748,000,000 | 147,000,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 6,549,000,000 | 144,000,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 236,000,000 | 3,000,000 | ||||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 0 | 180,000,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 176,000,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 4,000,000 | ||||
Available For Sale Securities Continuous Unrealized Loss Position Amortized Cost | 6,748,000,000 | 327,000,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 6,549,000,000 | 320,000,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 236,000,000 | 7,000,000 | ||||
Debt Security, Government, Non-US [Member] | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 3,000,000 | 30,000,000 | ||||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (6,000,000) | (1,000,000) | ||||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Fair Value | 377,000,000 | 409,000,000 | ||||
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | 0 | 0 | ||||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost | 383,000,000 | 382,000,000 | ||||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 218,000,000 | 5,000,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 212,000,000 | 5,000,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 6,000,000 | 0 | ||||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 0 | 31,000,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 30,000,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 1,000,000 | ||||
Available For Sale Securities Continuous Unrealized Loss Position Amortized Cost | 218,000,000 | 36,000,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 212,000,000 | 35,000,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 6,000,000 | 1,000,000 | ||||
Municipal Bonds [Member] | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 5,000,000 | 56,000,000 | ||||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (10,000,000) | 0 | ||||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Fair Value | 734,000,000 | 761,000,000 | ||||
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | 0 | 0 | ||||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost | 738,000,000 | 705,000,000 | ||||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 490,000,000 | 51,000,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 480,000,000 | 51,000,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 10,000,000 | 0 | ||||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 0 | 0 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 | ||||
Available For Sale Securities Continuous Unrealized Loss Position Amortized Cost | 490,000,000 | 51,000,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 480,000,000 | 51,000,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 10,000,000 | 0 | ||||
Residential Mortgage Backed Securities [Member] | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Debt Securities, Available-for-sale, Amortized Cost | 1,034,000,000 | 853,000,000 | ||||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 3,000,000 | 16,000,000 | ||||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (4,000,000) | (1,000,000) | ||||
Debt Securities, Available-for-sale | 1,033,000,000 | 868,000,000 | ||||
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | 0 | 0 | ||||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 727,000,000 | 80,000,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 723,000,000 | 80,000,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 4,000,000 | 0 | ||||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 0 | 88,000,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 87,000,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 1,000,000 | ||||
Available For Sale Securities Continuous Unrealized Loss Position Amortized Cost | 727,000,000 | 168,000,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 723,000,000 | 167,000,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 4,000,000 | 1,000,000 | ||||
US Treasury Securities [Member] | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Debt Securities, Available-for-sale, Amortized Cost | 1,126,000,000 | 905,000,000 | ||||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 8,000,000 | 88,000,000 | ||||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (3,000,000) | 0 | ||||
Debt Securities, Available-for-sale | 1,131,000,000 | 993,000,000 | ||||
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | 0 | 0 | ||||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 619,000,000 | 13,000,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 616,000,000 | 13,000,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 3,000,000 | 0 | ||||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 0 | 0 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 | ||||
Available For Sale Securities Continuous Unrealized Loss Position Amortized Cost | 619,000,000 | 13,000,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 616,000,000 | 13,000,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 3,000,000 | 0 | ||||
Debt Securities [Member] | ||||||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 10,630,000,000 | 631,000,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 10,387,000,000 | 625,000,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 279,000,000 | 6,000,000 | ||||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 0 | 970,000,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 958,000,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 12,000,000 | ||||
Available For Sale Securities Continuous Unrealized Loss Position Amortized Cost | 10,630,000,000 | 1,601,000,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 10,387,000,000 | 1,583,000,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 279,000,000 | 18,000,000 | ||||
Commercial Loan [Member] | ||||||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 2,100,000,000 | 2,241,000,000 | ||||
Allowance for Loan and Lease Losses, Real Estate | $ 0 | 5,000,000 | 0 | $ 0 | $ 0 | $ 19,000,000 |
SEC Schedule, 12-09, Allowance, Loan and Lease Loss [Member] | ||||||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 23,000,000 | 0 | ||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||||||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 0 | $ 0 |
Investment Holding Level 4 Conc
Investment Holding Level 4 Concentration of Credit Risk (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Concentration Risk [Line Items] | ||
Fair Value, Concentration of Risk, Investments | $ 0 | $ 0 |
Concentration Risk, Benchmark Description | greater than 10% of the Company's stockholder's equity | greater than 10% of the Company's stockholder's equity |
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 2,241 | $ 2,100 |
Secured Debt, Repurchase Agreements | $ 0 | |
Corporate Debt Securities [Member] | Walt Disney Corporation [Member] | ||
Concentration Risk [Line Items] | ||
Largest Exposure by Issuer, Percent of Invested Assets | 1.00% | |
Corporate Debt Securities [Member] | IBM Corporation [Member] | ||
Concentration Risk [Line Items] | ||
Largest Exposure by Issuer, Percent of Invested Assets | 1.00% | |
Corporate Debt Securities [Member] | CVS Health Corp [Member] | ||
Concentration Risk [Line Items] | ||
Largest Exposure by Issuer, Percent of Invested Assets | 1.00% | |
Corporate Debt Securities [Member] | Microsoft Corporation [Member] | ||
Concentration Risk [Line Items] | ||
Largest Exposure by Issuer, Percent of Invested Assets | 1.00% | 1.00% |
Corporate Debt Securities [Member] | HSBC Holding plc. [Member] | ||
Concentration Risk [Line Items] | ||
Largest Exposure by Issuer, Percent of Invested Assets | 1.00% | |
Financial Services [Member] | Corporate Debt Securities [Member] | ||
Concentration Risk [Line Items] | ||
Largest Exposure by Sector, Percent of Invested Assets | 7.00% | 7.00% |
Public Utility [Member] | Corporate Debt Securities [Member] | ||
Concentration Risk [Line Items] | ||
Largest Exposure by Sector, Percent of Invested Assets | 7.00% | 8.00% |
CMBS [Member] | Corporate Debt Securities [Member] | ||
Concentration Risk [Line Items] | ||
Largest Exposure by Sector, Percent of Invested Assets | 7.00% | 7.00% |
Investment Holding Level 4 Mort
Investment Holding Level 4 Mortgage Loans on Real Estate (Details) | 5 Months Ended | 7 Months Ended | 12 Months Ended | |||
May 31, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2017USD ($) | Jun. 01, 2018USD ($) | Dec. 31, 2016USD ($) | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Valuation Allowance, Loss Contingency for Loans, LTV Ratio | 90.00% | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 2,100,000,000 | $ 2,241,000,000 | ||||
Current Weighted Average Loan to Value Ratio of Commercial Mortgage Loan | 51.00% | |||||
Original Weighted Average Loan to Value Ratio of Commercial Mortgage loan | 62.00% | |||||
Secured Debt, Repurchase Agreements | $ 0 | |||||
Mortgages [Member] | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Investment Owned, Percent of Net Assets | 100.00% | 100.00% | ||||
Industrial Property [Member] | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 580,000,000 | $ 603,000,000 | ||||
Industrial Property [Member] | Mortgages [Member] | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Investment Owned, Percent of Net Assets | 27.60% | 26.90% | ||||
Hotel [Member] | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 24,000,000 | $ 24,000,000 | ||||
Hotel [Member] | Mortgages [Member] | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Investment Owned, Percent of Net Assets | 1.10% | 1.10% | ||||
Multifamily [Member] | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 518,000,000 | $ 576,000,000 | ||||
Multifamily [Member] | Mortgages [Member] | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Investment Owned, Percent of Net Assets | 24.70% | 25.70% | ||||
Office Building [Member] | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 478,000,000 | $ 471,000,000 | ||||
Office Building [Member] | Mortgages [Member] | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Investment Owned, Percent of Net Assets | 22.80% | 21.00% | ||||
Retail Site [Member] | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 286,000,000 | $ 398,000,000 | ||||
Retail Site [Member] | Mortgages [Member] | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Investment Owned, Percent of Net Assets | 13.60% | 17.80% | ||||
Single Family [Member] | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 86,000,000 | $ 120,000,000 | ||||
Single Family [Member] | Mortgages [Member] | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Investment Owned, Percent of Net Assets | 4.10% | 5.30% | ||||
Other Property [Member] | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 128,000,000 | $ 49,000,000 | ||||
Other Property [Member] | Mortgages [Member] | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Investment Owned, Percent of Net Assets | 6.10% | 2.20% | ||||
SEC Schedule, 12-09, Allowance, Loan and Lease Loss [Member] | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 23,000,000 | $ 0 | ||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 0 | 0 | ||||
Commercial Loan [Member] | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Allowance for Loan and Lease Losses, Real Estate | $ 0 | (5,000,000) | 0 | $ 0 | $ 0 | $ (19,000,000) |
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 2,100,000,000 | 2,241,000,000 | ||||
Allowance for Loan and Lease Losses, Period Increase (Decrease) | 0 | (6,000,000) | 0 | (1,000,000) | ||
Allowance for Loan and Lease Losses, Write-offs | $ 0 | $ 1,000,000 | $ 5,000,000 | $ 20,000,000 | ||
Average Debt Service Coverage Ratio | 2.36 | 2.36 | ||||
Commercial Loan [Member] | Mortgages [Member] | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans | $ 15 | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Write-down or Reserve, Amount | 16 | |||||
Commercial Loan [Member] | LTV Between 65 to 80 Percent [Member] | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 340,000,000 | $ 269,000,000 | ||||
Average Debt Service Coverage Ratio | 1.78 | 1.74 | ||||
Commercial Loan [Member] | LTV Less than 65 Percent [Member] | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 1,760,000,000 | $ 1,972,000,000 | ||||
Average Debt Service Coverage Ratio | 2.48 | 2.44 | ||||
Region Others [Member] | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 397,000,000 | $ 426,000,000 | ||||
Region Others [Member] | Mortgages [Member] | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Investment Owned, Percent of Net Assets | 18.90% | 19.00% | ||||
West South Central [Member] | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 226,000,000 | $ 209,000,000 | ||||
West South Central [Member] | Mortgages [Member] | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Investment Owned, Percent of Net Assets | 10.80% | 9.30% | ||||
South Atlantic [Member] | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 457,000,000 | $ 510,000,000 | ||||
South Atlantic [Member] | Mortgages [Member] | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Investment Owned, Percent of Net Assets | 21.80% | 22.80% | ||||
Pacific [Member] | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 684,000,000 | $ 646,000,000 | ||||
Pacific [Member] | Mortgages [Member] | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Investment Owned, Percent of Net Assets | 32.60% | 28.80% | ||||
New England [Member] | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 79,000,000 | $ 85,000,000 | ||||
New England [Member] | Mortgages [Member] | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Investment Owned, Percent of Net Assets | 3.70% | 3.80% | ||||
Mountain [Member] | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 51,000,000 | $ 75,000,000 | ||||
Mountain [Member] | Mortgages [Member] | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Investment Owned, Percent of Net Assets | 2.40% | 3.30% | ||||
Middle Atlantic [Member] | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 131,000,000 | $ 204,000,000 | ||||
Middle Atlantic [Member] | Mortgages [Member] | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Investment Owned, Percent of Net Assets | 6.20% | 9.10% | ||||
East South Central [Member] [Domain] | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 19,000,000 | $ 19,000,000 | ||||
East South Central [Member] [Domain] | Mortgages [Member] | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Investment Owned, Percent of Net Assets | 0.90% | 0.90% | ||||
East North Central [Member] | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 56,000,000 | $ 67,000,000 | ||||
East North Central [Member] | Mortgages [Member] | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Investment Owned, Percent of Net Assets | 2.70% | 3.00% |
Investment Holding Level 4 Vari
Investment Holding Level 4 Variable Interest Entities (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Jun. 01, 2018 | |
Variable Interest Entity [Line Items] | |||
Assets | $ 154,713,000,000 | $ 150,146,000,000 | $ 162,284,000,000 |
Variable Interest Entity, Nonconsolidated, Comparison of Carrying Amount of Assets and Liabilities to Maximum Loss Exposure | $ 914,000,000 | $ 849,000,000 | |
Variable Interest Entity, Commitments by Third Parties, Liquidity and Other Arrangements | 474 | 474 | |
Variable Interest Entity, Primary Beneficiary [Member] | Fixed Income Funds [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | $ 0 |
Investment Holding Level 4 Repu
Investment Holding Level 4 Repurchase Agreements, Dollar Roll Transactions and Other (Details) - USD ($) $ in Millions | 5 Months Ended | 7 Months Ended | 12 Months Ended | |||
May 31, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 01, 2018 | |
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Securities Loaned, Gross | $ 277 | $ 0 | $ 277 | |||
Securities Loaned, Collateral, Obligation to Return | 284 | 0 | 284 | |||
Securities Sold under Agreements to Repurchase, Gross | 186 | 269 | 186 | |||
Securities Sold Under Agreements to Repurchase, Collateral, Obligation to Return | 190 | 273 | 190 | |||
Securities Sold under Agreements to Repurchase, Fair Value of Collateral | 25 | 10 | 25 | |||
Securities Received as Collateral | 76 | 9 | 76 | |||
Interest-bearing Deposit Liabilities, Domestic | 23 | 24 | 23 | |||
Equity Method Investments | $ 939 | |||||
Aggregate Investment Loss Percentage of Company's Pre Tax Consolidated Net Income Minimum | 10.00% | |||||
Assets | 150,146 | $ 154,713 | 150,146 | $ 162,284 | ||
Liabilities | 148,141 | 152,161 | 148,141 | $ 160,517 | ||
Net Investment Income | $ 520 | 509 | 924 | $ 1,281 | ||
Net Income (Loss) Attributable to Parent | 94 | 409 | 359 | (46) | ||
Limited Partner [Member] | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Outstanding Commitments to Fund Limited Partnership and Other Alternative Investments | 476 | |||||
Assets | 132,700 | 140,400 | 132,700 | |||
Liabilities | 28,600 | 25,500 | 28,600 | |||
Net Investment Income | 405 | 653 | 1,800 | |||
Net Income (Loss) Attributable to Parent | 10,200 | 8,900 | 8,100 | |||
Excluded from Balance Sheet [Member] | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Securities Received as Collateral | 1 | 0 | $ 1 | |||
Limited Partnerships and Other Alternative Investments [Member] | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Gross Investment Income, Operating | $ 41 | $ 67 | $ 161 | $ 75 |
Derivative Instruments Level 4
Derivative Instruments Level 4 Non-qualifying Strategies for Hedge Accounting (Details) - USD ($) $ in Millions | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
May 31, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Asset, Notional Amount | $ 35,535 | $ 43,623 | ||
Derivative, Fair Value, Net | 100 | (109) | ||
Invested Assets Suppoting Modco | 798 | 819 | ||
Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Asset, Notional Amount | 35,535 | 43,613 | ||
Derivative, Gain (Loss) on Derivative, Net | $ (27) | 187 | (315) | $ (217) |
Derivative, Fair Value, Net | 100 | (109) | ||
Not Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (24) | 165 | (365) | (212) |
Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (40) | 23 | 103 | 4 |
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 7 | (13) | (4) | (5) |
Three Win Related Foreign Currency Swaps [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Asset, Notional Amount | 270 | 0 | ||
Derivative, Fair Value, Net | (82) | 0 | ||
Swap [Member] | GMWB Hedging Instruments [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Asset, Notional Amount | 3,877 | 3,938 | ||
Swap [Member] | Fair Value Hedging [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative, Fair Value, Net | 71 | 34 | ||
Equity Contract [Member] | GMWB Hedging Instruments [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Asset, Notional Amount | 776 | 855 | ||
Equity Contract [Member] | Fair Value Hedging [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative, Fair Value, Net | (25) | (2) | ||
Equity Contract [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Asset, Notional Amount | 0 | 2,000 | ||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | (1) | 3 |
Derivative, Fair Value, Net | 0 | 0 | ||
Interest Rate Swap [Member] | GMWB Hedging Instruments [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Asset, Notional Amount | 3,140 | 2,189 | ||
Interest Rate Swap [Member] | Fair Value Hedging [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative, Fair Value, Net | 25 | 41 | ||
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Asset, Notional Amount | 1,500 | 1,300 | ||
GMWB Hedging Instruments [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Asset, Notional Amount | 7,793 | 6,982 | ||
Derivative, Fair Value, Net | 71 | 73 | ||
GMWB Hedging Instruments [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Asset, Notional Amount | 7,793 | 6,982 | ||
Derivative, Gain (Loss) on Derivative, Net | (45) | 36 | (68) | (134) |
Derivative, Fair Value, Net | 71 | 73 | ||
Macro Hedge Program [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Asset, Notional Amount | 10,765 | 19,879 | ||
Derivative, Gain (Loss) on Derivative, Net | (36) | 153 | (418) | (260) |
Derivative, Fair Value, Net | 247 | (114) | ||
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 7 | (10) | (4) | (5) |
Fixed Annuity Hedging Instruments [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 10 | (15) | (4) | 4 |
GMWB Product Derivatives [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Asset, Notional Amount | 9,957 | 8,717 | ||
Derivative, Gain (Loss) on Derivative, Net | 82 | (25) | 134 | 231 |
Derivative, Fair Value, Net | (80) | 5 | ||
GMWB Reinsurance [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Asset, Notional Amount | 2,115 | 1,869 | ||
Derivative, Gain (Loss) on Derivative, Net | (25) | 1 | (13) | (49) |
Derivative, Fair Value, Net | 40 | 17 | ||
Other Contract [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 32 | 13 | (55) | (13) |
Credit Default Swap, Buying Protection [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 1 | 0 | 0 | (12) |
Credit Default Swap, Selling Protection [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (3) | (1) | 7 | 18 |
Other Credit Derivatives [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (10) | 35 | 54 | 0 |
Currency Swap [Member] | Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ (3) | $ 2 | $ 0 | $ (9) |
Derivative Instruments Level _2
Derivative Instruments Level 4 Derivative Balance Sheet Classification (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Derivative, Fair Value, Net | $ (109) | $ 100 |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 247 | 507 |
Derivative Asset, Notional Amount | 43,623 | 35,535 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | (356) | (407) |
Derivative Asset | 212 | |
Interest Rate Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 36 | |
Derivative Liability | (39) | (137) |
Foreign Exchange Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | (7) | (91) |
Derivative Financial Instruments, Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | 160 | 84 |
GMWB Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Fair Value, Net | 73 | 71 |
Derivative Asset, Notional Amount | 6,982 | 7,793 |
Macro Hedge Program [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 49 | 132 |
Derivative Liability | 163 | (115) |
Fair Value Hedging [Member] | Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Fair Value, Net | 41 | 25 |
Fair Value Hedging [Member] | Equity Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Fair Value, Net | (2) | (25) |
Cash Flow Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Fair Value, Net | 0 | 0 |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Derivative Asset, Notional Amount | 10 | 0 |
Designated as Hedging Instrument [Member] | Currency Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Fair Value, Net | 0 | 0 |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Derivative Asset, Notional Amount | 10 | 0 |
Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Fair Value, Net | (109) | 100 |
Derivative Asset, Fair Value, Gross Asset | 247 | 507 |
Derivative Liability, Fair Value, Gross Liability | (356) | (407) |
Derivative Asset, Notional Amount | 43,613 | 35,535 |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 1,300 | 1,500 |
Not Designated as Hedging Instrument [Member] | Interest Rate Swaps and Futures [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Fair Value, Net | (39) | (101) |
Derivative Asset, Fair Value, Gross Asset | 11 | 38 |
Derivative Liability, Fair Value, Gross Liability | (50) | (139) |
Derivative Asset, Notional Amount | 3,082 | 3,152 |
Not Designated as Hedging Instrument [Member] | Foreign Currency Swaps and Forwards [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Fair Value, Net | (7) | (9) |
Derivative Asset, Fair Value, Gross Asset | 9 | 7 |
Derivative Liability, Fair Value, Gross Liability | (16) | (16) |
Derivative Asset, Notional Amount | 225 | 225 |
Not Designated as Hedging Instrument [Member] | Three Win Related Foreign Currency Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Fair Value, Net | 0 | (82) |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | (82) |
Derivative Asset, Notional Amount | 0 | 270 |
Not Designated as Hedging Instrument [Member] | Credit Default Swap, Buying Protection [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Fair Value, Net | (1) | (1) |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | (1) | (1) |
Derivative Asset, Notional Amount | 40 | 45 |
Not Designated as Hedging Instrument [Member] | Credit Default Swap, Selling Protection [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Fair Value, Net | 0 | 3 |
Derivative Asset, Fair Value, Gross Asset | 0 | 3 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Derivative Asset, Notional Amount | 0 | 372 |
Not Designated as Hedging Instrument [Member] | Credit Derivatives in Offsetting Positions [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Fair Value, Net | 0 | 0 |
Derivative Asset, Fair Value, Gross Asset | 0 | 5 |
Derivative Liability, Fair Value, Gross Liability | 0 | (5) |
Derivative Asset, Notional Amount | 0 | 43 |
Not Designated as Hedging Instrument [Member] | Equity Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Fair Value, Net | 0 | 0 |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Derivative Asset, Notional Amount | 2,000 | 0 |
Not Designated as Hedging Instrument [Member] | GMWB Product Derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Fair Value, Net | 5 | (80) |
Derivative Asset, Fair Value, Gross Asset | 23 | 0 |
Derivative Liability, Fair Value, Gross Liability | (18) | (80) |
Derivative Asset, Notional Amount | 8,717 | 9,957 |
Not Designated as Hedging Instrument [Member] | GMWB Reinsurance [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Fair Value, Net | 17 | 40 |
Derivative Asset, Fair Value, Gross Asset | 17 | 40 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Derivative Asset, Notional Amount | 1,869 | 2,115 |
Not Designated as Hedging Instrument [Member] | GMWB Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Fair Value, Net | 73 | 71 |
Derivative Asset, Fair Value, Gross Asset | 89 | 114 |
Derivative Liability, Fair Value, Gross Liability | (16) | (43) |
Derivative Asset, Notional Amount | 6,982 | 7,793 |
Not Designated as Hedging Instrument [Member] | Macro Hedge Program [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Fair Value, Net | (114) | 247 |
Derivative Asset, Fair Value, Gross Asset | 98 | 288 |
Derivative Liability, Fair Value, Gross Liability | (212) | (41) |
Derivative Asset, Notional Amount | 19,879 | 10,765 |
Not Designated as Hedging Instrument [Member] | Coinsurance and Modified Coinsurance Reinsurance Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Fair Value, Net | (43) | 12 |
Derivative Asset, Fair Value, Gross Asset | 0 | 12 |
Derivative Liability, Fair Value, Gross Liability | (43) | 0 |
Derivative Asset, Notional Amount | 819 | 798 |
Available-for-sale Securities, Debt Securities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Fair Value, Net | 0 | 0 |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Derivative Asset, Notional Amount | 43 | 41 |
Other Policyholder Funds and Benefits Payable [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Fair Value, Net | 5 | (80) |
Derivative Asset, Fair Value, Gross Asset | 23 | 0 |
Derivative Liability, Fair Value, Gross Liability | (18) | (80) |
Derivative Asset, Notional Amount | 8,717 | 9,957 |
Reinsurance Recoverable Including Reinsurance Premium Paid [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Fair Value, Net | (26) | 52 |
Derivative Asset, Fair Value, Gross Asset | 17 | 52 |
Derivative Liability, Fair Value, Gross Liability | (43) | 0 |
Derivative Asset, Notional Amount | 2,688 | 2,914 |
Other Investments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Fair Value, Net | 72 | 212 |
Derivative Asset, Fair Value, Gross Asset | 83 | 248 |
Derivative Liability, Fair Value, Gross Liability | (11) | (36) |
Derivative Asset, Notional Amount | 5,779 | 11,000 |
Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Fair Value, Net | (160) | (84) |
Derivative Asset, Fair Value, Gross Asset | 124 | 207 |
Derivative Liability, Fair Value, Gross Liability | (284) | (291) |
Derivative Asset, Notional Amount | 26,396 | 11,623 |
Derivative Financial Instruments, Liabilities [Member] | Other Investments and Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | (295) | (327) |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 91 | 147 |
Derivative Liability | (160) | (84) |
Derivative, Collateral, Right to Reclaim Cash | 44 | 96 |
Derivative Liability, Fair Value of Collateral | 204 | 178 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | 2 |
Derivative Financial Instruments, Assets [Member] | Other Investments and Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 207 | 455 |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 187 | 352 |
Derivative Asset | 72 | 212 |
Derivative, Collateral, Obligation to Return Cash | (52) | (109) |
Derivative Asset, Fair Value of Collateral | 8 | 65 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | $ 12 | $ 38 |
Derivative Instruments Level _3
Derivative Instruments Level 4 Cash Flow Hedges (Details) - USD ($) | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
May 31, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | $ 0 | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 8,000,000 | $ 0 | $ 26,000,000 | |
Loss on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring | 0 | |||
Gain (Loss) on Investments, Excluding Other than Temporary Impairments | (107,000,000) | 149,000,000 | (271,000,000) | (46,000,000) |
Net Investment Income | 520,000,000 | 509,000,000 | 924,000,000 | 1,281,000,000 |
Realized Investment Gains (Losses) | (107,000,000) | 142,000,000 | (275,000,000) | (60,000,000) |
Cash Flow Hedging [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (17,000,000) | 0 | (9,000,000) | |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (2,000,000) | 0 | 0 | 10,000,000 |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (17,000,000) | (13,000,000) | ||
Currency Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 4,000,000 | |||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Gain (Loss) on Investments [Member] | Currency Swap [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (2,000,000) | 0 | 0 | 11,000,000 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Interest Rate Swap [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Gain (Loss) on Investments, Excluding Other than Temporary Impairments | 0 | 0 | 0 | (1,000,000) |
Net Investment Income | 8,000,000 | 0 | 0 | 26,000,000 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Gain (Loss) on Investments [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | 0 | (1,000,000) |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Gain (Loss) on Investments [Member] | Currency Swap [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (2,000,000) | 0 | 11,000,000 | |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Gain (Loss) on Investments [Member] | Currency Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | |||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Investment Income [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 8,000,000 | 0 | 0 | 26,000,000 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Investment Income [Member] | Currency Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 0 | $ 0 | $ 0 | $ 0 |
Derivative Instruments Level _4
Derivative Instruments Level 4 Credit Risk Assumed through Credit Derivatives (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2019 | |
Credit Derivatives [Line Items] | ||
Derivative Asset, Notional Amount | $ 35,535 | $ 43,623 |
Derivative, Fair Value, Net | 100 | (109) |
Credit Risk Contract [Member] | Basket Credit Default Swaps [Member] | Standard & Poor's, A- Rating [Member] | External Credit Rating, Investment Grade [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative Asset, Notional Amount | 12 | |
Derivative, Fair Value, Net | $ (1) | |
Average Term of Credit Risk Derivatives | 5 years | |
Derivative, Nominal Value, Amount Offset Against Collateral, Net | $ 2 | |
Derivative, Fair Value, Amount Offset Against Collateral, Net | 0 | |
Credit Risk Contract [Member] | Basket Credit Default Swaps [Member] | Standard & Poor's, CCC+ Rating [Member] | External Credit Rating, Non Investment Grade [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative Asset, Notional Amount | 19 | |
Derivative, Fair Value, Net | (5) | |
Derivative, Nominal Value, Amount Offset Against Collateral, Net | 19 | |
Derivative, Fair Value, Amount Offset Against Collateral, Net | 5 | |
Credit Risk Contract [Member] | Basket Credit Default Swaps [Member] | Standard & Poor's, BBB+ Rating [Member] | External Credit Rating, Investment Grade [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative Asset, Notional Amount | 202 | |
Derivative, Fair Value, Net | $ 1 | |
Average Term of Credit Risk Derivatives | 5 years | |
Derivative, Nominal Value, Amount Offset Against Collateral, Net | $ 0 | |
Derivative, Fair Value, Amount Offset Against Collateral, Net | 0 | |
Credit Risk Contract [Member] | Basket Credit Default Swaps [Member] | Standard & Poor's, B+ Rating [Member] | External Credit Rating, Non Investment Grade [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative Asset, Notional Amount | 80 | |
Derivative, Fair Value, Net | $ 2 | |
Average Term of Credit Risk Derivatives | 5 years | |
Derivative, Nominal Value, Amount Offset Against Collateral, Net | $ 0 | |
Derivative, Fair Value, Amount Offset Against Collateral, Net | 0 | |
Credit Risk Contract [Member] | Single Name Credit Default Swaps [Member] | Standard & Poor's, A Rating [Member] | External Credit Rating, Investment Grade [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative Asset, Notional Amount | 80 | |
Derivative, Fair Value, Net | $ 1 | |
Average Term of Credit Risk Derivatives | 4 years | |
Derivative, Nominal Value, Amount Offset Against Collateral, Net | $ 0 | |
Derivative, Fair Value, Amount Offset Against Collateral, Net | 0 | |
Not Designated as Hedging Instrument [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative Asset, Notional Amount | 35,535 | 43,613 |
Derivative, Fair Value, Net | 100 | (109) |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative Asset, Notional Amount | 1,500 | 1,300 |
Not Designated as Hedging Instrument [Member] | Credit Derivatives in Offsetting Positions [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative Asset, Notional Amount | 43 | 0 |
Derivative, Fair Value, Net | $ 0 | $ 0 |
Derivative Instruments Level _5
Derivative Instruments Level 4 Derivative Collateral Arrangements (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | ||
Invested Assets Suppoting Modco | $ 819,000,000 | $ 798,000,000 |
Loss on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring | 0 | |
Security Owned and Pledged as Collateral, Fair Value | 10,000,000 | 2,000,000 |
Margin Deposit Assets | 165,000,000 | 85,000,000 |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 188,000,000 | 402,000,000 |
Securities Received as Collateral | 9,000,000 | 76,000,000 |
Collateral Pledged [Member] | ||
Derivative [Line Items] | ||
Security Owned and Pledged as Collateral, Fair Value | $ 214,000,000 | $ 191,000,000 |
Reinsurance Level 4 Reinsurance
Reinsurance Level 4 Reinsurance Recoverables (Details) - USD ($) $ in Millions | 5 Months Ended | 7 Months Ended | 12 Months Ended | ||
May 31, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | Jun. 01, 2018 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||||
Reinsurance recoverables | $ 29,564 | $ 28,824 | $ 22,615 | ||
Life Insurance Recoveries on Ceded Reinsurance Contracts | $ 546 | 731 | 1,412 | $ 1,150 | |
Retirement Plans and Individual Life Businesses [Member] | Life and Annuity Insurance Product Line [Member] | |||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||||
Reinsurance recoverables | 19,354 | 19,534 | |||
Retirement [Member] | Mass Mutual [Member] | |||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||||
Reinsurance recoverables | 8,100 | 8,000 | |||
Individual Life [Member] | Prudential [Member] | |||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||||
Reinsurance recoverables | 11,300 | 11,500 | |||
Fixed Annuity [Member] | Global Atlantic [Member] | |||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||||
Reinsurance recoverables | 9,000 | 8,100 | |||
Fixed Annuity [Member] | Global Atlantic [Member] | Life and Annuity Insurance Product Line [Member] | |||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||||
Reinsurance recoverables | 8,969 | 8,147 | |||
Continuing Operations [Member] | Life Annuity Accident and Health Insurance Product Line [Member] | |||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||||
Reinsurance recoverables | $ 1,241 | $ 1,143 |
Reinsurance Level 4 Reinsuran_2
Reinsurance Level 4 Reinsurance Revenues (Details) - USD ($) $ in Millions | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
May 31, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||
Life Insurance Recoveries on Ceded Reinsurance Contracts | $ 546 | $ 731 | $ 1,412 | $ 1,150 |
Assumed Premiums Earned | 48 | 66 | 115 | 116 |
Ceded Premiums Earned | (684) | (972) | (1,627) | (1,539) |
Life Annuity Accident and Health Insurance Product Line [Member] | ||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||
Gross Fee Income Earned Premium and Other Life | 1,059 | 1,439 | 2,375 | 2,434 |
Assumed Premiums Earned | 48 | 66 | 115 | 116 |
Ceded Premiums Earned | (684) | (972) | (1,627) | (1,539) |
Net Fee Income Earned Premium and Other Life | $ 423 | $ 533 | $ 863 | $ 1,011 |
Deferred Policy Acquisition C_3
Deferred Policy Acquisition Costs Level 4 (Details) - USD ($) $ in Millions | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
May 31, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | |
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||||
Deferred Policy Acquisition Costs | $ 405 | $ 421 | $ 0 | $ 463 |
Deferred Policy Acquisition Costs, Additions | 1 | 0 | 0 | 2 |
Deferred Policy Acquisition Cost, Amortization Expense, Other | (13) | 0 | 0 | (51) |
Deferred Policy Acquisition Cost, Amortization Expense, Assumption Change | 3 | 0 | 0 | 3 |
Deferred Policy Acquisition Cost, Unrealized Investment Gain (Loss) | 31 | 0 | 0 | (12) |
Deferred Policy Acquisition Costs | 421 | 0 | 0 | 405 |
Movement in Present Value of Future Insurance Profits [Roll Forward] | ||||
Present Value of Future Insurance Profits, Net | 0 | 0 | 716 | 0 |
Present Value of Future Insurance Profits, Amortization Expense | 0 | (80) | 25 | 0 |
Present Value of Future Insurance Profits, Amortization Expense, Assumption Change | 0 | (19) | 0 | 0 |
Present Value of Future Insurance Profits, Unrealized Gain (Loss) on Investment | 0 | 10 | (45) | 0 |
Present Value of Future Insurance Profits, Net | $ 0 | $ 716 | 696 | $ 0 |
Present Value of Future Insurance Profits, Amortization Expense, Next Five Years [Abstract] | ||||
Present Value of Future Insurance Profits, Amortization Expense, Year One | 42 | |||
Present Value of Future Insurance Profits, Amortization Expense, Year Two | 52 | |||
Present Value of Future Insurance Profits, Amortization Expense, Year Three | 45 | |||
Present Value of Future Insurance Profits, Amortization Expense, Year Four | 41 | |||
Present Value of Future Insurance Profits, Amortization Expense, Year Five | $ 37 |
Reserve for Future Policy Ben_3
Reserve for Future Policy Benefits and Separate Account Liabilities Level 4 Changes in Reserve for Future Policy Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | 5 Months Ended | 7 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | May 31, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Jun. 01, 2018 | Dec. 31, 2017 | |
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||||
Liabilities for Guarantees on Long-Duration Contracts, Reinsurance Recoverable | $ 8,803 | $ 5,213 | $ 8,532 | $ 8,803 | $ 5,315 | $ 5,146 |
Liabilities for Guarantees on Long-Duration Contracts, Reinsurance Recoverable, Incurred Benefits, Net | 639 | 128 | 3,478 | |||
Liabilities for Guarantees on Long-Duration Contracts, Reinsurance Recoverables, Payment for Benefits, Net | (368) | (61) | (261) | |||
Liabilities for Guarantees on Long-Duration Contracts, Reinsurance Recoverable | 8,803 | 5,213 | 8,532 | 8,803 | 5,315 | 5,146 |
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross [Roll Forward] | ||||||
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross | 18,465 | 14,308 | 18,323 | 18,465 | 18,057 | 14,482 |
Liabilities for Guarantees on Long-Duration Contracts, Incurred Benefits | 1,063 | 402 | 864 | |||
Liabilities for Guarantees on Long-Duration Contracts, Payment for Benefits | (921) | (371) | (598) | |||
Liabilities for Guarantees on Long-Duration Contracts, Other Liability Adjustments | (205) | |||||
Guaranteed Minimum Death Benefit [Member] | ||||||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||||
Liabilities for Guarantees on Long-Duration Contracts, Reinsurance Recoverable | 269 | 463 | 284 | 269 | 294 | 464 |
Liabilities for Guarantees on Long-Duration Contracts, Reinsurance Recoverable, Incurred Benefits, Net | 36 | 36 | 57 | |||
Liabilities for Guarantees on Long-Duration Contracts, Reinsurance Recoverables, Payment for Benefits, Net | (72) | (37) | (46) | |||
Liabilities for Guarantees on Long-Duration Contracts, Reinsurance Recoverable | 269 | 463 | 284 | 269 | 294 | 464 |
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross [Roll Forward] | ||||||
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross | 450 | 884 | 462 | 450 | 471 | 873 |
Liabilities for Guarantees on Long-Duration Contracts, Incurred Benefits | 78 | 56 | 48 | |||
Liabilities for Guarantees on Long-Duration Contracts, Payment for Benefits | (90) | (45) | (57) | |||
Liabilities for Guarantees on Long-Duration Contracts, Other Liability Adjustments | 0 | |||||
Annuitization Benefit [Member] | ||||||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||||
Liabilities for Guarantees on Long-Duration Contracts, Reinsurance Recoverable | 4,843 | 1,693 | 4,972 | 4,843 | 1,964 | 1,742 |
Liabilities for Guarantees on Long-Duration Contracts, Reinsurance Recoverable, Incurred Benefits, Net | 163 | (25) | 3,192 | |||
Liabilities for Guarantees on Long-Duration Contracts, Reinsurance Recoverables, Payment for Benefits, Net | (292) | (24) | (184) | |||
Liabilities for Guarantees on Long-Duration Contracts, Reinsurance Recoverable | 4,843 | 1,693 | 4,972 | 4,843 | 1,964 | 1,742 |
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross [Roll Forward] | ||||||
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross | 14,324 | 10,367 | 14,585 | 14,324 | 14,529 | 10,669 |
Liabilities for Guarantees on Long-Duration Contracts, Incurred Benefits | 566 | 229 | 566 | |||
Liabilities for Guarantees on Long-Duration Contracts, Payment for Benefits | (827) | (326) | (510) | |||
Liabilities for Guarantees on Long-Duration Contracts, Other Liability Adjustments | (205) | |||||
Universal Life [Member] | Secondary Guarantees [Member] | ||||||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||||
Liabilities for Guarantees on Long-Duration Contracts, Reinsurance Recoverable | 3,691 | 3,057 | 3,276 | 3,691 | 3,057 | 2,940 |
Liabilities for Guarantees on Long-Duration Contracts, Reinsurance Recoverable, Incurred Benefits, Net | 419 | 117 | 250 | |||
Liabilities for Guarantees on Long-Duration Contracts, Reinsurance Recoverables, Payment for Benefits, Net | (4) | (31) | ||||
Liabilities for Guarantees on Long-Duration Contracts, Reinsurance Recoverable | 3,691 | 3,057 | 3,276 | 3,691 | 3,057 | 2,940 |
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross [Roll Forward] | ||||||
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross | 3,691 | 3,057 | 3,276 | $ 3,691 | $ 3,057 | $ 2,940 |
Liabilities for Guarantees on Long-Duration Contracts, Incurred Benefits | 419 | 117 | 250 | |||
Liabilities for Guarantees on Long-Duration Contracts, Payment for Benefits | $ (4) | $ (31) | ||||
Liabilities for Guarantees on Long-Duration Contracts, Other Liability Adjustments | $ 0 |
Reserve for Future Policy Ben_4
Reserve for Future Policy Benefits and Separate Account Liabilities Level 4 Account Value by Type (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Jun. 01, 2018 | |
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, General Account Value | $ 16,726 | ||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 37 | ||
Separate account liabilities | 104,575 | $ 98,814 | $ 110,773 |
Net Amount at Risk by Product and Guarantee, Separate Account Value | 72,142 | ||
Maximum [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | $ 2,369 | ||
Weighted Average [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 73 years | ||
MAV Only [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, General Account Value | $ 12,269 | ||
MAV Only [Member] | Maximum [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | $ 1,657 | ||
MAV Only [Member] | Weighted Average [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 73 years | ||
With Five Percent Rollup [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, General Account Value | $ 917 | ||
With Five Percent Rollup [Member] | Maximum [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | $ 91 | ||
With Five Percent Rollup [Member] | Weighted Average [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 74 years | ||
With Five Percent Rollup and EPB [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, General Account Value | $ 431 | ||
With Five Percent Rollup and EPB [Member] | Maximum [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | $ 100 | ||
With Five Percent Rollup and EPB [Member] | Weighted Average [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 75 years | ||
Reset [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, General Account Value | $ 2,329 | ||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | $ 7 | ||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 71 years | ||
Return of Net Deposit [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, General Account Value | $ 5,695 | ||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | $ 51 | ||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 73 years | ||
Guaranteed Lifetime Withdrawal Benefit [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 70 years | ||
Variable Annuity [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | $ 2,486 | ||
With Earnings Protection Benefit Rider (EPB) [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, General Account Value | 3,109 | ||
With Earnings Protection Benefit Rider (EPB) [Member] | Maximum [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 521 | ||
Asset Protection Benefit ("APB") [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, General Account Value | 8,247 | ||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | $ 56 | ||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 71 years | ||
Lifetime Income Benefit ("LIB") - Death Benefit [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, General Account Value | $ 368 | ||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | $ 3 | ||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 73 years | ||
Guaranteed Minimum Death Benefit [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, General Account Value | $ 3,184 | ||
Separate account liabilities | 32,433 | ||
Guaranteed Minimum Death Benefit [Member] | Deferred Annuitization [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, General Account Value | 2,252 | $ 1,800 | |
Guaranteed Minimum Death Benefit [Member] | Variable Annuity [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, General Account Value | $ 35,617 | ||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 73 years | ||
Annuitization Benefit [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | $ 377 | ||
Annuitization Benefit [Member] | Maximum [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 79 | ||
Annuitization Benefit [Member] | MAV Only [Member] | Maximum [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 246 | ||
Annuitization Benefit [Member] | With Five Percent Rollup [Member] | Maximum [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 29 | ||
Annuitization Benefit [Member] | With Five Percent Rollup and EPB [Member] | Maximum [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 23 | ||
Annuitization Benefit [Member] | Lifetime Income Benefit ("LIB") - Death Benefit [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 3 | ||
Annuitization Benefit [Member] | Reset [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 6 | ||
Annuitization Benefit [Member] | Return of Net Deposit [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 49 | ||
Annuitization Benefit [Member] | Variable Annuity [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 472 | ||
Guaranteed Lifetime Withdrawal Benefit [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, General Account Value | 5,100 | ||
Guaranteed Minimum Withdrawal Benefit [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | $ 0 | ||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 74 years |
Reserve for Future Policy Ben_5
Reserve for Future Policy Benefits and Separate Account Liabilities Level 4 Separate Accounts by Major Category of Investment (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Net Amount at Risk by Product and Guarantee, General Account Value | $ 16,726 | |
Schedule of Fair Value of Separate Accounts by Major Category of Investment, Fair Value | $ 32,433 | $ 30,239 |
Invested in Fixed Income Securities | 21.00% | 20.00% |
Invested in Equity Securities | 79.00% | 80.00% |
Equity Securities [Member] | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment, Fair Value | $ 31,114 | $ 28,953 |
Cash and Cash Equivalents [Member] | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment, Fair Value | 1,319 | 1,286 |
Guaranteed Minimum Death Benefit [Member] | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Net Amount at Risk by Product and Guarantee, General Account Value | 3,184 | |
Deferred Annuitization [Member] | Guaranteed Minimum Death Benefit [Member] | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Net Amount at Risk by Product and Guarantee, General Account Value | $ 2,252 | $ 1,800 |
Other Intangible Assets Level 4
Other Intangible Assets Level 4 - Other Intangible Assets Gross/Net (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Finite-Lived Intangible Assets, Gross | $ 29 |
Finite-Lived Intangible Assets, Accumulated Amortization | 9 |
Finite-Lived Intangible Assets, Net [Abstract] | $ 20 |
Finite-Lived Intangible Asset, Useful Life | 5 years |
Indefinite-lived Intangible Assets (Excluding Goodwill) | $ 26 |
Intangible Assets, Gross (Excluding Goodwill) | 55 |
Other Intangible Assets, Net | $ 46 |
Other Intangible Assets Level_2
Other Intangible Assets Level 4 - Expected Pre-tax Amortization Expense (Details) $ in Millions | Dec. 31, 2019USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 6 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 6 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 6 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 2 |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 0 |
Debt Level 4 (Details)
Debt Level 4 (Details) | Dec. 31, 2019USD ($) |
Debt Disclosure [Abstract] | |
Financial instruments owned and pledged as collateral | $ 1,000,000,000 |
Long-term Federal Home Loan Bank Advances | $ 0 |
Income Tax Level 4 Income tax e
Income Tax Level 4 Income tax expense (benefit) (Details) - USD ($) $ in Millions | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
May 31, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | |
Tax Credit Carryforward [Line Items] | ||||
Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act of 2017, Amount | $ (2) | $ 0 | $ 0 | $ 396 |
Current Federal Tax Expense (Benefit) | 1 | (15) | (8) | 4 |
Deferred Federal Income Tax Expense (Benefit) | 6 | 74 | 52 | 418 |
Income Tax Expense (Benefit) | $ 7 | $ 59 | $ 44 | $ 422 |
Income Tax Level 4 Deferred tax
Income Tax Level 4 Deferred tax assets (liabilities) (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Contingency [Line Items] | ||
Deferred Tax Assets, Deferred Income | $ 210,000,000 | $ 224,000,000 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Policyholder Liabilities | 60,000,000 | 40,000,000 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Loss Reserves | 4,000,000 | 4,000,000 |
Deferred Tax Assets, Deferred Policy Acquisition Costs and Reserves | 557,000,000 | 538,000,000 |
Deferred Tax Assets, Operating Loss Carryforwards | 166,000,000 | 206,000,000 |
Deferred Tax Assets, Tax Credit Carryforwards, Employee Benefits | 4,000,000 | 4,000,000 |
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 13,000,000 | 6,000,000 |
Deferred Tax Assets, Capital Loss Carryforwards | 0 | 48,000,000 |
Deferred Tax Assets, Other | 15,000,000 | 12,000,000 |
Deferred Tax Assets, Gross | 1,029,000,000 | 1,082,000,000 |
Deferred Tax Assets, Net of Valuation Allowance [Abstract] | ||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 790,000,000 | 982,000,000 |
Deferred Tax Liabilities Net Unrealized gains on Investments | $ 198,000,000 | 0 |
Valuation Allowance, Deferred Tax Asset, Explanation of Change | The Company believes it is more likely than not that all deferred tax assets will be fully realized. In assessing the need for a valuation allowance, management considered future taxable temporary difference reversals, future taxable income exclusive of reversing temporary differences and carryovers, taxable income in open carry back years and other tax planning strategies. From time to time, tax planning strategies could include holding a portion of debt securities with market value losses until recovery, making investments which have specific tax characteristics and business considerations such as asset-liability matching. | |
Deferred Tax Liabilities, Deferred Expense, Deferred Policy Acquisition Cost | $ 150,000,000 | 113,000,000 |
Components of Deferred Tax Liabilities [Abstract] | ||
Deferred Tax Liabilities, Net | 348,000,000 | 113,000,000 |
Deferred Tax Assets, Net | 681,000,000 | 969,000,000 |
Commonwealth [Member] | ||
Income Tax Contingency [Line Items] | ||
Deferred Tax Assets, Operating Loss Carryforwards | 353,000,000 | 386 |
Expiring within Tax Years 2027 to 2030 [Member] | ||
Deferred Tax Assets, Net of Valuation Allowance [Abstract] | ||
Expected Tax Benefit Attributable to Net Operating Losses Domestic Near term | $ 437,000,000 | $ 596,000,000 |
Income Tax Level 4 Effective In
Income Tax Level 4 Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
May 31, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | |
Income Tax Contingency [Line Items] | ||||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | $ 6 | $ 13 | ||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ 21 | 98 | 86 | $ 132 |
Effective Income Tax Rate Reconciliation, Deduction, Dividends, Amount | (12) | (37) | (34) | (102) |
Income Tax Reconciliation, Deductions, Foreign Investments | (3) | (4) | (7) | (7) |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 3 | 2 | (1) | 3 |
Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act of 2017, Amount | (2) | 0 | 0 | 396 |
Income Tax Expense (Benefit) | $ 7 | 59 | 44 | $ 422 |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 982 | 790 | ||
Loss Contingency Accrual, Insurance-related Assessment, Premium Tax Offset | 4 | 2 | ||
Guaranty Liabilities | 8 | |||
Deferred Tax Assets, Operating Loss Carryforwards | $ 206 | $ 166 |
Commitments and Contingencies_4
Commitments and Contingencies Level 4 Lease Commitments (Details) - USD ($) $ in Millions | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
May 31, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Operating Leases, Rent Expense | $ 1 | $ 1 | $ 2 | $ 2 |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 2 | |||
Operating Leases, Future Minimum Payments, Due in Two Years | 1 | |||
Operating Leases, Future Minimum Payments, Due in Three Years | 1 | |||
Operating Leases, Future Minimum Payments, Due in Four Years | 1 | |||
Operating Leases, Future Minimum Payments, Due in Five Years | 1 | |||
Operating Leases, Future Minimum Payments, Due Thereafter | 0 | |||
Operating Leases, Future Minimum Payments Due | $ 6 |
Commitments and Contingencies_5
Commitments and Contingencies Level 4 - Unfunded Commitments (Details) $ in Millions | Dec. 31, 2019USD ($) |
Other Commitments [Abstract] | |
Other Commitment | $ 594 |
Commitments to Fund Limited Partnership and Other Alternative Investments | 476 |
Commitment to fund Private placement securities | 27 |
Commitments to Fund Mortgage Loans | $ 91 |
Commitments and Contingencies_6
Commitments and Contingencies Level 4 - Guaranty Fund (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Other Commitment, Fiscal Year Maturity [Abstract] | ||
Minimum Percentage of Premiums Written Per Year to be Considered for Assessment Under Guaranty Fund | $ 0.01 | |
Maximum Percentage of Premiums Written Per Year to be Considered for Assessment Under Guaranty Fund | 0.02 | |
Guaranty Liabilities | 8,000,000 | |
Loss Contingency Accrual, Insurance-related Assessment, Premium Tax Offset | $ 2,000,000 | $ 4,000,000 |
Commitments and Contingencies_7
Commitments and Contingencies Level 4 - Derivative Commitments (Details) $ in Millions | Dec. 31, 2019USD ($) |
Loss Contingencies [Line Items] | |
Derivative, Net Liability Position, Aggregate Fair Value | $ 211 |
Collateral Already Posted, Aggregate Fair Value | 216 |
GMWB Product Derivatives [Member] | |
Loss Contingencies [Line Items] | |
Collateral Already Posted, Aggregate Fair Value | $ 22 |
Transactions with Affiliates _2
Transactions with Affiliates Level 4 Reinsurance Disclosures (Details) - Hartford Life and Accident Insurance Company [Member] - USD ($) $ in Millions | 5 Months Ended | 12 Months Ended |
May 31, 2018 | Dec. 31, 2017 | |
Group Insurance Policies [Member] | ||
Effects of Reinsurance [Line Items] | ||
Ceded Premiums Written | $ 9 | $ 27 |
Accident and Health Insurance Product Line [Member] | ||
Effects of Reinsurance [Line Items] | ||
Ceded Premiums Written | $ 25 | $ 70 |
Statutory Results Level 4 Statu
Statutory Results Level 4 Statutory Results (Details) - USD ($) $ in Millions | 5 Months Ended | 7 Months Ended | 12 Months Ended | ||
May 31, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Insurance [Abstract] | |||||
Statutory Accounting Practices, Statutory Net Income Amount | $ 181 | $ (126) | $ 488 | $ 369 | |
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | $ 3,713 | 3,194 | $ 3,713 | ||
Statutory Accounting Practices, Prescribed Practice, Amount | $ 37 | $ 135 |
Statutory Results Level 4 Regul
Statutory Results Level 4 Regulatory Capital Requirements (Details) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Regulatory Capital Requirements [Abstract] | ||
Statutory Accounting Practices, Risk Based Capital Requirements Compliance Assertion | The Company and all of its operating insurance subsidiaries had RBC ratios in excess of the minimum levels required by the applicable insurance regulations. The RBC ratios for the Company and its principal life insurance operating subsidiaries were all in excess of 300% of their Company Action Levels as of December 31, 2019 (Successor Company) and 2018 (Successor Company). | The Company and all of its operating insurance subsidiaries had RBC ratios in excess of the minimum levels required by the applicable insurance regulations. The RBC ratios for the Company and its principal life insurance operating subsidiaries were all in excess of 300% of their Company Action Levels as of December 31, 2019 and 2018. |
Statutory Results Level 4 Divid
Statutory Results Level 4 Dividends and Capital Contributions (Details) - USD ($) | 5 Months Ended | 12 Months Ended | |
May 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statutory Accounting Practices [Line Items] | |||
Description of Regulatory Capital Requirements under Insurance Regulations | Dividends to the Company from its insurance subsidiaries and dividends from the Company to its parent are restricted by insurance regulation. The payment of dividends by Connecticut-domiciled insurers is limited under the insurance holding company laws of Connecticut. These laws require notice to and approval by the state insurance commissioner for the declaration or payment of any dividend, which, together with other dividends or distributions made within the preceding twelve months, exceeds the greater of (i) 10% of the insurer’s policyholder surplus as of December 31 of the preceding year or (ii) net income (or net gain from operations, if such company is a life insurance company) for the twelve-month period ending on the thirty-first day of December last preceding, in each case determined under statutory insurance accounting principles. In addition, if any dividend of a domiciled insurer exceeds the insurer’s earned surplus or certain other thresholds as calculated under applicable state insurance law, the dividend requires the prior approval of the domestic regulator. In addition to statutory limitations on paying dividends, the Company also takes other items into consideration when determining dividends from subsidiaries. These considerations include, but are not limited to, expected earnings and capitalization of the subsidiary, regulatory capital requirements and liquidity requirements of the individual operating company. As a condition of the sale, Talcott Resolution Life Insurance Company and its affiliates are required to gain pre-approval from the state insurance commissioner for any dividends, regardless of size, through May 31, 2020. | ||
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval | $ 319,000,000 | ||
Statutory Accounting Practices, Risk Based Capital Requirements Compliance Assertion | The Company and all of its operating insurance subsidiaries had RBC ratios in excess of the minimum levels required by the applicable insurance regulations. The RBC ratios for the Company and its principal life insurance operating subsidiaries were all in excess of 300% of their Company Action Levels as of December 31, 2019 (Successor Company) and 2018 (Successor Company). | The Company and all of its operating insurance subsidiaries had RBC ratios in excess of the minimum levels required by the applicable insurance regulations. The RBC ratios for the Company and its principal life insurance operating subsidiaries were all in excess of 300% of their Company Action Levels as of December 31, 2019 and 2018. | |
Talcott Life and Annuity Company (TLA) [Member] | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Accounting Practices, Dividends Paid with Approval of Regulatory Agency | $ 250,000,000 | ||
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval | 410,000,000 | ||
Talcott Resolution Life, Inc (TLI) [Member] | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Accounting Practices, Dividends Paid with Approval of Regulatory Agency | $ 700,000,000 | ||
Hartford Life Insurance Company [Member] | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Accounting Practices, Dividends Paid with Approval of Regulatory Agency | $ 309,000,000 | ||
Hartford Life and Accident Insurance Company [Member] | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Accounting Practices, Extraordinary Dividends Paid with Approval of Regulatory Agency | 308,000,000 | ||
Hartford Life Inc [Member] | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Accounting Practices, Dividends Paid with Approval of Regulatory Agency | $ 619,000,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income Level 4 AOCI Rollforward (Details) - USD ($) $ in Millions | Jan. 01, 2018 | May 31, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 01, 2018 | Dec. 31, 2016 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Stockholders' Equity Attributable to Parent | $ 5,810 | $ 2,005 | $ 2,552 | $ 2,005 | $ 6,680 | $ 1,767 | $ 7,821 | |
OCI, before Reclassifications, Net of Tax, Attributable to Parent | (444) | (196) | 925 | 423 | ||||
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | (122) | |||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (447) | (171) | 888 | |||||
Stockholders' Equity Attributable to Parent | 5,810 | 2,005 | 2,552 | 2,005 | 6,680 | 1,767 | 7,821 | |
Tax Cuts and Jobs Act of 2017, Reclassification from AOCI to Retained Earnings | 193 | |||||||
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 182 | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | 1,204 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Stockholders' Equity Attributable to Parent | 774 | (173) | 717 | (173) | 1,022 | 0 | 693 | |
OCI, before Reclassifications, Net of Tax, Attributable to Parent | $ 11 | (432) | (198) | 927 | 428 | |||
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | (2) | 25 | (37) | (99) | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (430) | (173) | 890 | 329 | ||||
Stockholders' Equity Attributable to Parent | 774 | (173) | 717 | (173) | 1,022 | 0 | 693 | |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 0 | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | 4 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Stockholders' Equity Attributable to Parent | (14) | 0 | 0 | 0 | 4 | 0 | 32 | |
OCI, before Reclassifications, Net of Tax, Attributable to Parent | (13) | 0 | 0 | (5) | ||||
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | 5 | 0 | 0 | (23) | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (18) | 0 | 0 | (28) | ||||
Stockholders' Equity Attributable to Parent | (14) | 0 | 0 | 0 | 4 | 0 | 32 | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 0 | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | (3) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Stockholders' Equity Attributable to Parent | (2) | 2 | 0 | 2 | (3) | 0 | (3) | |
OCI, before Reclassifications, Net of Tax, Attributable to Parent | 1 | 2 | (2) | 0 | ||||
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | 0 | 0 | 0 | 0 | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 1 | 2 | (2) | 0 | ||||
Stockholders' Equity Attributable to Parent | (2) | 2 | 0 | 2 | (3) | 0 | (3) | |
AOCI Attributable to Parent [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 182 | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | 1,205 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Stockholders' Equity Attributable to Parent | 758 | (171) | 717 | (171) | 1,023 | 0 | 722 | |
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | 3 | 25 | 37 | |||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (447) | (171) | 888 | 301 | ||||
Stockholders' Equity Attributable to Parent | $ 758 | $ (171) | $ 717 | $ (171) | $ 1,023 | $ 0 | $ 722 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income Level 4 Reclassification of AOCI (Details) - USD ($) $ in Millions | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
May 31, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other net realized capital gains (losses) | $ (107) | $ 149 | $ (271) | $ (46) |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 101 | 468 | 403 | 376 |
Income Tax Expense (Benefit) | 7 | 59 | 44 | 422 |
Net Income (Loss) Attributable to Parent | 94 | 409 | 359 | (46) |
Net Investment Income | 520 | 509 | 924 | 1,281 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 8 | 0 | 26 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 3 | (25) | 37 | 122 |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other net realized capital gains (losses) | (2) | (32) | 47 | 153 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (2) | (32) | 47 | 153 |
Income Tax Expense (Benefit) | 0 | (7) | 10 | 54 |
Net Income (Loss) Attributable to Parent | (2) | (25) | 37 | 99 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 6 | 0 | 0 | 36 |
Income Tax Expense (Benefit) | 1 | 0 | 0 | 13 |
Net Income (Loss) Attributable to Parent | 5 | 0 | 0 | 23 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Interest Rate Swap [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other net realized capital gains (losses) | 0 | 0 | 0 | (1) |
Net Investment Income | 8 | 0 | 0 | 26 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Gain (Loss) on Investments [Member] | Cash Flow Hedging [Member] | Currency Swap [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (2) | 0 | $ 0 | 11 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Gain (Loss) on Investments [Member] | Cash Flow Hedging [Member] | Currency Swap [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (2) | $ 0 | $ 11 |
Schedule I - Summary of Investm
Schedule I - Summary of Investments - Other Than Investments in Affiliates Level 4 Summary of Investments, Other than Investments in Related Parties (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 01, 2018 |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost | $ 18,651 | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount | 19,270 | ||
Fair Value, Option, Fixed Maturity Securities | 6 | $ 12 | |
Assets | 154,713 | 150,146 | $ 162,284 |
Assets, Fair Value Disclosure | 116,376 | 109,799 | |
US Treasury and Government [Member] | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost | 1,494 | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Fair Value | 1,602 | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount | 1,602 | ||
US States and Political Subdivisions Debt Securities [Member] | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost | 705 | 738 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Fair Value | 761 | 734 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount | 761 | ||
Debt Security, Government, Non-US [Member] | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost | 382 | 383 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Fair Value | 409 | 377 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount | 409 | ||
Public Utility, Bonds [Member] | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost | 1,370 | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Fair Value | 1,472 | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount | 1,472 | ||
Other Corporate Bonds [Member] | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost | 6,033 | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Fair Value | 6,649 | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount | 6,649 | ||
All Other Mortgage Backed and Asset Backed Securities [Member] | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost | 3,036 | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Fair Value | 3,095 | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount | 3,095 | ||
Fixed Income Investments, Available-For-Sale [Member] | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost | 13,020 | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Fair Value | 13,988 | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount | 13,988 | ||
Fixed Income Securities, Fair Value Option [Member] | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost | 6 | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount | 6 | ||
Fixed Maturities [Member] | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost | 13,026 | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Fair Value | 13,994 | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount | 13,994 | ||
Industrial, Miscellaneous, and All Others [Member] | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost | 31 | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Fair Value | 31 | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount | 31 | ||
Nonredeemable Preferred Stock [Member] | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost | 14 | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Fair Value | 14 | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount | 14 | ||
Equity Securities, Investment Summary [Member] | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost | 45 | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Fair Value | 45 | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount | 45 | ||
Mortgages [Member] | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount | 2,241 | ||
Policy Loans [Member] | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount | 1,467 | ||
Futures Options and Miscellaneous [Member] | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost | 369 | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Fair Value | 20 | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount | 20 | ||
Real Estate Acquired in Satisfaction of Debt [Member] | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost | 14 | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Fair Value | 14 | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount | 14 | ||
Short-term Investments [Member] | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost | 550 | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Fair Value | 550 | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount | 550 | ||
Investments in Partnerships and Trusts [Member] | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost | 939 | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount | 939 | ||
Fair Value, Inputs, Level 3 [Member] | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
Fair Value, Option, Fixed Maturity Securities | 0 | 0 | |
Assets, Fair Value Disclosure | 893 | 1,184 | |
Residential Mortgage Backed Securities [Member] | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
Fair Value, Option, Fixed Maturity Securities | 6 | ||
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgages [Member] | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
Assets | 2,241 | 2,100 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Policy Loans [Member] | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
Assets | 1,467 | 1,441 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgages [Member] | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
Assets, Fair Value Disclosure | 2,331 | 2,125 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Policy Loans [Member] | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
Assets, Fair Value Disclosure | $ 1,467 | $ 1,441 |
Schedule IV - Schedule of Rei_2
Schedule IV - Schedule of Reinsurance Level 4 (Details) - USD ($) $ in Millions | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
May 31, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance, Life Insurance in Force, Net [Abstract] | ||||
Direct Premiums, Life Insurance in Force | $ 266,190 | $ 259,930 | $ 249,728 | $ 271,213 |
Ceded Premiums Earned | 197,736 | 191,858 | 181,779 | 202,003 |
Assumed Premiums, Life Insurance in Force | 515 | 487 | 378 | 526 |
Premiums, Net, Life Insurance in Force | $ 68,969 | $ 68,559 | $ 68,327 | $ 69,736 |
Life Insurance in Force Premiums, Percentage Assumed to Net | 1.00% | 1.00% | 1.00% | 1.00% |
Insurance Services Revenue [Abstract] | ||||
Direct Premiums Earned | $ 1,059 | $ 1,439 | $ 2,375 | $ 2,434 |
Ceded Premiums Earned | 684 | 972 | 1,627 | 1,539 |
Assumed Premiums Earned | 48 | 66 | 115 | 116 |
Premiums Earned, Net, Life | $ 423 | $ 533 | $ 863 | $ 1,011 |
SEC Schedule, 12-17, Insurance Companies, Reinsurance, Premium, Percentage Assumed to Net | 11.00% | 12.00% | 13.00% | 11.00% |
Life and Annuity Insurance Product Line [Member] | ||||
Insurance Services Revenue [Abstract] | ||||
Direct Premiums Earned | $ 1,033 | $ 1,404 | $ 2,350 | $ 2,361 |
Ceded Premiums Earned | 658 | 937 | 1,602 | 1,466 |
Assumed Premiums Earned | 48 | 66 | 115 | 116 |
Premiums Earned, Net, Life | $ 423 | $ 533 | $ 863 | $ 1,011 |
SEC Schedule, 12-17, Insurance Companies, Reinsurance, Premium, Percentage Assumed to Net | 11.00% | 12.00% | 13.00% | 11.00% |
Accident and Health Insurance Product Line [Member] | ||||
Insurance Services Revenue [Abstract] | ||||
Direct Premiums Earned | $ 26 | $ 35 | $ 25 | $ 73 |
Ceded Premiums Earned | 26 | 35 | 25 | 73 |
Assumed Premiums Earned | 0 | 0 | 0 | 0 |
Premiums Earned, Net, Life | $ 0 | $ 0 | $ 0 | $ 0 |
SEC Schedule, 12-17, Insurance Companies, Reinsurance, Premium, Percentage Assumed to Net | 0.00% | 0.00% | 0.00% | 0.00% |
Schedule V - Valuation and Qu_2
Schedule V - Valuation and Qualifying Accounts Level 4 (Details) - Valuation allowance on mortgage loans [Member] - USD ($) $ in Millions | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
May 31, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | |
Movement in Valuation allowance and reserves | ||||
Balance, January 1 | $ 0 | $ 0 | $ 5 | $ 19 |
Charged to Costs and Expenses | 0 | 6 | 0 | 1 |
Write-offs/Payments/Other | 0 | (1) | (5) | (20) |
Balance, December 31 | $ 0 | $ 5 | $ 0 | $ 0 |
Uncategorized Items - tl-202004
Label | Element | Value |
Additional Paid-in Capital [Member] | ||
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | $ 1,761,000,000 |
Common Stock [Member] | ||
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | 6,000,000 |
Retained Earnings [Member] | ||
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | $ 0 |