Document And Entity Information
Document And Entity Information | May 22, 2023 |
Document Type | 8-K |
Document Period End Date | May 22, 2023 |
Entity Registrant Name | Lincoln National Corporation |
Entity Incorporation, State or Country Code | IN |
Entity File Number | 1-6028 |
Entity Tax Identification Number | 35-1140070 |
Entity Address, Address Line One | 150 N. Radnor Chester Road |
Entity Address, City or Town | Radnor |
Entity Address, State or Province | PA |
Entity Address, Postal Zip Code | 19087 |
City Area Code | 484 |
Local Phone Number | 583-1400 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000059558 |
Amendment Flag | false |
Common Stock [Member] | |
Title of 12(b) Security | Common Stock |
Trading Symbol | LNC |
Security Exchange Name | NYSE |
Depositary Shares [Member] | |
Title of 12(b) Security | Depositary Shares, each representing a 1/1000th interest in a share of 9.000% Non-Cumulative Preferred Stock, Series D |
Trading Symbol | LNC PRD |
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Investments: | ||||
Fixed maturity available-for-sale securities, at fair value (amortized cost: 2022 - $111,707; 2021 - $105,142; allowance for credit losses: 2022 - $22; 2021 - $19) | $ 99,736 | $ 118,711 | ||
Trading securities | 3,498 | 4,460 | ||
Equity securities | 427 | 375 | ||
Mortgage loans on real estate, net of allowance for credit losses (portion at fair value: 2022 - $487; 2021 - $739) | 18,301 | 17,991 | ||
Policy loans | 2,359 | 2,364 | ||
Derivative investments | 3,594 | 5,697 | ||
Other investments | 3,739 | 4,288 | ||
Total investments | 131,654 | 153,886 | ||
Cash and invested cash | 3,343 | 2,612 | $ 1,708 | $ 2,563 |
Deferred acquisition costs, value of business acquired and deferred sales inducements | 12,235 | 11,896 | ||
Reinsurance recoverables, net of allowance for credit losses | 19,443 | 22,386 | ||
Market risk benefit assets | 2,807 | 1,888 | ||
Accrued investment income | 1,253 | 1,189 | ||
Goodwill | 1,144 | 1,778 | 1,778 | |
Other assets | 18,802 | 16,532 | ||
Separate account assets | 143,536 | 182,583 | ||
Total assets | 334,217 | 394,750 | ||
Liabilities | ||||
Policyholder account balances | 114,435 | 110,227 | ||
Future contract benefits | 38,826 | 41,425 | ||
Market risk benefit liabilities | 2,078 | 4,399 | ||
Deferred Front End Loads | 5,052 | 4,225 | ||
Payables for collateral on investments | 6,712 | 8,946 | ||
Short-term debt | 500 | 300 | ||
Long-term debt | 5,955 | 6,325 | ||
Other liabilities | 12,021 | 16,405 | ||
Separate account liabilities | 143,536 | 182,583 | ||
Total liabilities | 329,115 | 374,835 | ||
Contingencies and Commitments (See Note 18 | ||||
Stockholders' Equity | ||||
Common stock - 800,000,000 shares authorized; 169,220,511 and 177,193,515 shares issued and outstanding as of December 31, 2022, and December 31, 2021, respectively | 4,544 | 4,735 | ||
Retained earnings | 5,924 | 5,196 | ||
Accumulated other comprehensive income (loss) | (6,352) | 9,984 | ||
Total stockholders' equity | 5,102 | 19,915 | $ 22,699 | |
Total liabilities and stockholders' equity | 334,217 | $ 394,750 | ||
Series C Preferred Stock [Member] | ||||
Stockholders' Equity | ||||
Preferred stock - 10,000,000 shares authorized | 493 | |||
Series D Preferred Stock [Member] | ||||
Stockholders' Equity | ||||
Preferred stock - 10,000,000 shares authorized | $ 493 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Available-for-sale securities, at fair value: | ||
Fixed maturity securities (amortized cost) | $ 111,707 | $ 105,142 |
Fixed maturity, ACL | 22 | 19 |
Mortgage loans on real estate, fair value | $ 487 | $ 739 |
Stockholders' Equity | ||
Preferred stock - shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock - shares issued (in shares) | 40,000 | |
Preferred stock - shares outstanding (in shares) | 40,000 | |
Common stock - shares authorized (in shares) | 800,000,000 | 800,000,000 |
Common stock - shares issued (in shares) | 169,220,511 | 177,193,515 |
Common stock - shares outstanding (in shares) | 169,220,511 | 177,193,515 |
Series C Preferred Stock [Member] | ||
Stockholders' Equity | ||
Preferred stock - shares authorized (in shares) | 20,000 | |
Preferred stock - shares issued (in shares) | 20,000 | |
Preferred stock - shares outstanding (in shares) | 20,000 | |
Series D Preferred Stock [Member] | ||
Stockholders' Equity | ||
Preferred stock - shares authorized (in shares) | 20,000 | |
Preferred stock - shares issued (in shares) | 20,000 | |
Preferred stock - shares outstanding (in shares) | 20,000 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues | |||||||
Insurance premiums | $ 6,087 | $ 5,617 | $ 5,372 | ||||
Fee income | 5,603 | 6,039 | 6,371 | ||||
Net investment income | 5,515 | 6,111 | 5,510 | ||||
Realized gain (loss) | 840 | (867) | (513) | ||||
Amortization of deferred gain on business sold through reinsurance | 42 | 38 | 41 | ||||
Other revenues | 723 | 777 | 658 | ||||
Total revenues | $ 3,841 | $ 4,672 | $ 5,577 | $ 4,720 | 18,810 | 17,715 | 17,439 |
Expenses | |||||||
Benefits | 8,479 | 8,503 | 8,677 | ||||
Interest credited | 2,877 | 2,929 | 2,923 | ||||
Market risk benefit (gain) loss | (3,246) | (3,753) | |||||
Policyholder liability remeasurement (gain) loss | 2,766 | (183) | |||||
Commissions and other expenses | 5,125 | 5,219 | 5,064 | ||||
Interest and debt expense | 283 | 270 | 284 | ||||
Spark program expense | 167 | 87 | 68 | ||||
Impairment of intangibles | 634 | ||||||
Total expenses | 2,856 | 6,798 | 4,545 | 2,885 | 17,085 | 13,072 | 17,016 |
Income (loss) before taxes | 1,725 | 4,643 | 423 | ||||
Federal income tax expense (benefit) | 367 | 865 | (76) | ||||
Net income (loss) | $ 812 | $ (1,775) | $ 840 | $ 1,482 | 1,358 | 3,778 | 499 |
Unrealized investment gain (loss) | (18,059) | (3,287) | 3,192 | ||||
Market risk benefit gain (loss) | (210) | (923) | |||||
Policyholder liability remeasurement gain (loss) | 2,012 | 591 | |||||
Foreign currency translation adjustment | (20) | (2) | 5 | ||||
Funded status of employee benefit plans | (59) | 47 | 61 | ||||
Total other comprehensive income (loss), net of tax | (16,336) | (3,574) | 3,258 | ||||
Comprehensive income (loss) | $ (14,978) | $ 204 | $ 3,757 | ||||
Net Income (Loss) Per Common Share | |||||||
Basic (in dollars per share) | $ 4.80 | $ (10.46) | $ 4.91 | $ 8.50 | $ 7.93 | $ 20.17 | $ 2.58 |
Diluted (in dollars per share) | $ 4.73 | $ (10.47) | $ 4.83 | $ 8.39 | 7.78 | 19.96 | 2.56 |
Cash Dividends Declared Per Common Share | $ 1.80 | $ 1.71 | $ 1.62 |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders' Equity - USD ($) $ in Millions | Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Accumulated Other Comprehensive Income (Loss) [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Preferred Stock [Member] Series C Preferred Stock [Member] | Preferred Stock [Member] Series D Preferred Stock [Member] | Preferred Stock [Member] | Common Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
Balance at Dec. 31, 2019 | $ (203) | $ 5,162 | $ 8,854 | $ 5,673 | ||||||
Stock compensation/issued for benefit plans | 48 | |||||||||
Net income (loss) | 499 | $ 499 | ||||||||
Retirement of common stock/cancellation of shares | (128) | (147) | ||||||||
Common stock dividends declared | (317) | |||||||||
Total other comprehensive income (loss), net of tax | 3,258 | 3,258 | ||||||||
Balance at Dec. 31, 2020 | (6,273) | $ 4,627 | 5,082 | 8,686 | 8,931 | 22,699 | ||||
Stock compensation/issued for benefit plans | 85 | |||||||||
Net income (loss) | 1,891 | $ 1,891 | 3,778 | 3,778 | ||||||
Retirement of common stock/cancellation of shares | (432) | (673) | ||||||||
Common stock dividends declared | (322) | |||||||||
Total other comprehensive income (loss), net of tax | (1,084) | (1,084) | (3,574) | (3,574) | ||||||
Balance at Dec. 31, 2021 | (4,382) | 3,543 | (839) | 4,735 | 5,196 | 9,984 | 19,915 | |||
Issuance of preferred stock | $ 493 | $ 493 | ||||||||
Stock compensation/issued for benefit plans | 40 | |||||||||
Net income (loss) | 3,599 | 3,599 | 1,358 | 1,358 | ||||||
Retirement of common stock/cancellation of shares | (231) | (319) | ||||||||
Common stock dividends declared | (311) | |||||||||
Total other comprehensive income (loss), net of tax | (2,227) | (2,227) | (16,336) | (16,336) | ||||||
Balance at Dec. 31, 2022 | $ (783) | $ 1,316 | $ 533 | $ 986 | $ 4,544 | $ 5,924 | $ (6,352) | $ 5,102 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Flows from Operating Activities | |||
Net income (loss) | $ 1,358 | $ 3,778 | $ 499 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Realized (gain) loss | (840) | 867 | 513 |
Market risk benefit (gain) loss | (3,246) | (3,753) | |
Sales and maturities (purchases) of trading securities, net | 300 | (87) | 266 |
Amortization of deferred gain on business sold through reinsurance | (42) | (38) | (41) |
Impairment of intangibles | 634 | ||
Change in: | |||
Deferred acquisition costs, value of business acquired, deferred sales inducements and deferred front-end loads deferrals and interest, net of amortization | 488 | 475 | 48 |
Accrued investment income | (67) | 16 | (84) |
Insurance liabilities and reinsurance-related balances | 4,419 | (2,337) | (699) |
Accrued expenses | (91) | 399 | (18) |
Federal income tax accruals | 421 | 864 | (98) |
Other | 275 | (401) | 148 |
Net cash provided by (used in) operating activities | 3,609 | (217) | 534 |
Cash Flows from Investing Activities | |||
Purchases of available-for-sale securities and equity securities | (14,813) | (16,915) | (16,761) |
Sales of available-for-sale securities and equity securities | 2,297 | 2,268 | 1,426 |
Maturities of available-for-sale securities | 5,453 | 9,621 | 5,354 |
Purchases of alternative investments | (664) | (757) | (396) |
Sales and repayments of alternative investments | 446 | 377 | 171 |
Issuance of mortgage loans on real estate | (2,507) | (3,079) | (1,800) |
Repayment and maturities of mortgage loans on real estate | 2,255 | 1,881 | 1,154 |
Repayment (issuance) of policy loans, net | 5 | 62 | 50 |
Net change in collateral on investments, derivatives and related settlements | (4,070) | 3,261 | 1,474 |
Other | (48) | (303) | (153) |
Net cash provided by (used in) investing activities | (11,646) | (3,584) | (9,481) |
Cash Flows from Financing Activities | |||
Payment of long-term debt, including current maturities | (300) | (1,096) | |
Issuance of long-term debt, net of issuance costs | 296 | 1,289 | |
Payment related to modification or early extinguishment of debt | (8) | (13) | |
Payments of sale leaseback transactions | 70 | 59 | 47 |
Proceeds from certain financing arrangements | 186 | 159 | 109 |
Deposits of fixed account values, including the fixed portion of variable | 16,203 | 13,426 | 14,034 |
Withdrawals of fixed account values, including the fixed portion of variable | (7,674) | (7,174) | (6,113) |
Transfers from (to) separate accounts, net | 19 | (175) | 528 |
Common stock issued for benefit plans | (16) | 20 | (7) |
Issuance of preferred stock, net of issuance costs | 986 | ||
Repurchase of common stock | (550) | (1,105) | (275) |
Dividends paid to common stockholders | (310) | (319) | (311) |
Other | (2) | (60) | (6) |
Net cash provided by (used in) financing activities | 8,768 | 4,705 | 8,092 |
Net increase (decrease) in cash, invested cash and restricted cash | 731 | 904 | (855) |
Cash, invested cash and restricted cash as of beginning-of-year | 2,612 | 1,708 | 2,563 |
Cash, invested cash and restricted cash as of end-of-period | $ 3,343 | $ 2,612 | $ 1,708 |
Nature of Operations, Basis of
Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies [Abstract] | |
Nature of Operations and Basis of Presentation | 1. N ature of Operations, Basis of Presentation and Summary of Significant Accounting Policies Nature of Operations Lincoln National Corporation and its subsidiaries (“LNC” or the “Company,” which also may be referred to as “we,” “our” or “us”) operate multiple insurance businesses through four business segments: Life Insurance, Annuities, Group Protection and Retirement Plan Services. In addition, we include financial data for operations that are not directly related to our business segments in Other Operations. The collective group of businesses uses “Lincoln Financial Group” as its marketing identity. Through our business segments, we sell a wide range of wealth protection, accumulation, group protection and retirement income products and solutions. These products primarily include universal life insurance (“UL”), variable universal life insurance (“VUL”), linked-benefit UL and VUL, indexed universal life insurance (“IUL”), term life insurance, fixed and indexed annuities, variable annuities, group life, disability and dental and employer-sponsored retirement plans and services. For more information on our segments and the products and solutions we provide, see Note 20. Basis of Presentation The accompanying consolidated financial statements are prepared in accordance with United States of America generally accepted accounting principles (“GAAP”). Certain GAAP policies, which significantly affect the determination of financial condition, results of operations and cash flows, are summarized below. On January 1, 2023, we adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts and related amendments (“ASU 2018-12”) with a transition date of January 1, 2021. ASU 2018-12 updated accounting and reporting requirements for long-duration contracts and certain investment contracts issued by insurance entities. We adopted ASU 2018-12 under the modified retrospective approach, except for market risk benefits (“MRBs”), which applied the full retrospective approach. Our consolidated financial statements are presented under the new guidance for reporting periods beginning January 1, 2021. Certain amounts reported in prior periods’ consolidated financial statements have been reclassified to conform to the presentation adopted in the current period. We present disaggregated disclosures in the Notes below for long-duration insurance balances, applying the level of aggregation by reportable segment as follows: Reportable Segment Level of Aggregation Life Insurance Traditional Life UL and Other Annuities Variable Annuities Fixed Annuities Payout Annuities Group Protection Group Protection Retirement Plan Services Retirement Plan Services The fixed annuities level of aggregation represents deferred fixed annuities. We have excluded amounts reported in Other Operations from our disaggregated disclosures that are attributable to the indemnity reinsurance agreements with Protective Life Insurance Company (“Protective”) and Swiss Re Life & Health America, Inc (“Swiss Re”) as these contracts are fully reinsured, run-off institutional pension business in the form of group annuity and the results of certain disability income business and not reflected in the results of the reportable segments listed above. Restatement of Previously Issued Consolidated Financial Statements Restatement Background Previously, we had entered into a block reinsurance agreement with Resolution Life to reinsure approximately $ 9.4 billion of in-force executive benefit and universal life reserves. A portion of the transaction was structured as coinsurance, and we paid as consideration investments with a book value of approximately $ 4.6 billion and a fair value of approximately $ 5.2 billion as of October 1, 2021, triggering a realized gain of $ 635 million. This contributed to a total deferred gain of $ 797 million. At the time of the transaction, we concluded that the $ 635 million realized gain would be deferred and amortized into income over the benefit period of the reinsurance treaty. The Company’s management has concluded that a gain or loss amount pertaining to the transfer of investments to the assuming company in a coinsurance transaction should be recorded as a realized gain or loss at the time of the transfer. As a result, it was determined that the $ 635 million deferred gain pertaining to the sale of investments should have been recognized immediately in the fourth quarter of 2021 when the investments were transferred to Resolution Life. This misstatement is described in more detail in “Description of Misstatements – Misstatement Associated with the Coinsurance Reinsurance Transaction” below. As part of the restatement, we also recorded adjustments to correct for previously identified other immaterial misstatements in the impacted periods that are described in more detail in “Description of Misstatements – Other Immaterial Misstatements” below. Accordingly, we restated the consolidated financial statements for the years ended December 31, 2022 and December 31, 2021, in accordance with Accounting Standards Codification (“ASC”) Topic 250, Accounting Changes and Error Corrections prior to the adoption of ASU 2018-12. The categories of misstatements and their impact on the previously issued consolidated financial statements are described in more detail below. Description of Misstatements Misstatement Associated with the Coinsurance Reinsurance Transaction We recorded adjustments to recognize the realized gain related to the transaction through net income in 2021 instead of deferring and amortizing this gain into net income. These adjustments, which are discussed below, are reflected in the restatement tables below. For the year ended December 31, 2021, the correction of the misstatement resulted in a $ 635 million increase to realized gain (loss), an $ 8 million decrease to amortization of deferred gain on business sold through reinsurance, a $ 4 million increase to commissions and other expenses related to state income taxes associated with the realized gain and a $ 131 million increase to federal income tax expense on our Consolidated Statements of Comprehensive Income (Loss). Additionally, the correction of the misstatement resulted in a $ 492 million decrease to other liabilities and a $ 492 million increase to retained earnings on our Consolidated Balance Sheets as of December 31, 2021. For the year ended December 31, 2022, the correction of the misstatement resulted in a $ 32 million decrease to amortization of deferred gain on business sold through reinsurance on our Consolidated Statements of Comprehensive Income (Loss). Additionally, the correction of the misstatement resulted in a $ 467 million increase to retained earnings on our Consolidated Balance Sheets as of December 31, 2022. Other Immaterial Misstatements As part of the restatement, we made corrections to previously identified errors that the Company determined to be immaterial, both individually and in the aggregate (the “Other Adjustments”) for the years ended December 31, 2022, and December 31, 2021. The Other Adjustments resulted in an increase of $ 12 million to income (loss) before taxes and a decrease of $ 12 million to income (loss) before taxes for the years ended December 31, 2022, and December 31, 2021, respectively. The Other Adjustments included adjustments and reclassifications on our Consolidated Balance Sheets as of December 31, 2022, and December 31, 2021, that had no impact on stockholders’ equity. We reclassified derivative investments that resulted in a decrease to derivative investments of $ 142 million, a decrease to other assets of $ 70 million and a decrease to other liabilities of $ 212 million as of December 31, 2022. We reclassified derivative investments that resulted in a decrease to other assets of $ 760 million, an increase to derivative investments of $ 260 million and a decrease to other liabilities of $ 500 million as of December 31, 2021. The combined impacts of the correction of the misstatement associated with the coinsurance reinsurance transaction and the Other Adjustments are reflected in the “restatement impacts” column of the restatement tables below. Impacts to our Consolidated Financial Statements Related to the Restatement of Previously Issued Consolidated Financial Statements and the Adoption of ASU 2018-12 The following tables present the amounts previously reported, restatement impacts, amounts as restated prior to the adoption of ASU 2018-12, adoption of new accounting standard impacts and as adjusted amounts reported on the Consolidated Balance Sheets as of December 31, 2022, and December 31, 2021, and the Consolidated Statements of Comprehensive Income (Loss), the Consolidated Statements of Stockholders’ Equity and the Consolidated Statements of Cash Flows for the years ended December 31, 2022, and December 31, 2021. The amounts shown in the “As Previously Reported” column for the years ended December 31, 2022, and December 31, 2021, were derived from our Annual Report on Form 10-K for the year ended December 31, 2022, filed on February 16, 2023. The amounts shown in the “As Restated” column for the years ended December 31, 2022, and December 31, 2021, were derived from our Annual Report on Form 10-K/A for the year ended December 31, 2022, filed on March 30, 2023. LINCOLN NATIONAL CORPORATION CONSOLIDATED BALANCE SHEETS (in millions, except share data) As of December 31, 2022 Adoption As of New Previously Restatement As Accounting As Reported Impacts Restated Standard Adjusted ASSETS Investments: Fixed maturity available-for-sale securities, at fair value (amortized cost: 2022 - $ 111,707 ; allowance for credit losses: 2022 - $ 22 ) $ 99,736 $ - $ 99,736 $ - $ 99,736 Trading securities 3,498 - 3,498 - 3,498 Equity securities 427 - 427 - 427 Mortgage loans on real estate, net of allowance for credit losses (portion at fair value: 2022 - $ 487 ) 18,301 - 18,301 - 18,301 Policy loans 2,359 - 2,359 - 2,359 Derivative investments 3,736 ( 142 ) 3,594 - 3,594 Other investments 3,739 - 3,739 - 3,739 Total investments 131,796 ( 142 ) 131,654 - 131,654 Cash and invested cash 3,343 - 3,343 - 3,343 Deferred acquisition costs, value of business acquired and deferred sales inducements (1) 13,803 - 13,803 ( 1,568 ) 12,235 Reinsurance recoverables, net of allowance for credit losses 19,882 - 19,882 ( 439 ) 19,443 Market risk benefit assets - - - 2,807 2,807 Accrued investment income 1,253 - 1,253 - 1,253 Goodwill 1,144 - 1,144 - 1,144 Other assets (1) 20,680 ( 187 ) 20,493 ( 1,691 ) 18,802 Separate account assets 143,536 - 143,536 - 143,536 Total assets $ 335,437 $ ( 329 ) $ 335,108 $ ( 891 ) $ 334,217 (1) Certain amounts have been reclassified to conform to the presentation adopted in the current period. LINCOLN NATIONAL CORPORATION CONSOLIDATED BALANCE SHEETS (CONTINUED) (in millions, except share data) As of December 31, 2022 Adoption As of New Previously Restatement As Accounting As Reported Impacts Restated Standard Adjusted LIABILITIES AND STOCKHOLDERS’ EQUITY Liabilities Policyholder account balances (1) $ 114,435 $ - $ 114,435 $ - $ 114,435 Future contract benefits (1) 41,756 - 41,756 ( 2,930 ) 38,826 Market risk benefit liabilities - - - 2,078 2,078 Deferred front-end loads (1) 5,669 - 5,669 ( 617 ) 5,052 Payables for collateral on investments 6,712 - 6,712 - 6,712 Short-term debt 500 - 500 - 500 Long-term debt 5,955 - 5,955 - 5,955 Other liabilities (1) 12,773 ( 797 ) 11,976 45 12,021 Separate account liabilities 143,536 - 143,536 - 143,536 Total liabilities 331,336 ( 797 ) 330,539 ( 1,424 ) 329,115 Contingencies and Commitments (See Note 18) Stockholders’ Equity Preferred stock – 10,000,000 shares authorized: Series C preferred stock – 20,000 shares authorized, issued and outstanding as of December 31, 2022 493 - 493 - 493 Series D preferred stock – 20,000 shares authorized, issued and outstanding as of December 31, 2022 493 - 493 - 493 Common stock – 800,000,000 shares authorized; 169,220,511 shares issued and outstanding as of December 31, 2022 4,544 - 4,544 - 4,544 Retained earnings 6,239 468 6,707 ( 783 ) 5,924 Accumulated other comprehensive income (loss) ( 7,668 ) - ( 7,668 ) 1,316 ( 6,352 ) Total stockholders’ equity 4,101 468 4,569 533 5,102 Total liabilities and stockholders’ equity $ 335,437 $ ( 329 ) $ 335,108 $ ( 891 ) $ 334,217 (1) Certain amounts have been reclassified to conform to the presentation adopted in the current period. LINCOLN NATIONAL CORPORATION CONSOLIDATED BALANCE SHEETS (in millions, except share data) As of December 31, 2021 Adoption As of New Previously Restatement As Accounting As Reported Impacts Restated Standard Adjusted ASSETS Investments: Fixed maturity available-for-sale securities, at fair value (amortized cost: 2021 - $ 105,142 ; allowance for credit losses: 2021 - $ 19 ) $ 118,746 $ ( 35 ) $ 118,711 $ - $ 118,711 Trading securities 4,482 ( 22 ) 4,460 - 4,460 Equity securities 318 57 375 - 375 Mortgage loans on real estate, net of allowance for credit losses (portion at fair value: 2021 - $ 739 ) 17,991 - 17,991 - 17,991 Policy loans 2,364 - 2,364 - 2,364 Derivative investments 5,437 260 5,697 - 5,697 Other investments 4,292 ( 4 ) 4,288 - 4,288 Total investments 153,630 256 153,886 - 153,886 Cash and invested cash 2,612 - 2,612 - 2,612 Deferred acquisition costs, value of business acquired and deferred sales inducements (1) 6,284 2 6,286 5,610 11,896 Reinsurance recoverables, net of allowance for credit losses 20,295 - 20,295 2,091 22,386 Market risk benefit assets - - - 1,888 1,888 Accrued investment income 1,189 - 1,189 - 1,189 Goodwill 1,778 - 1,778 - 1,778 Other assets (1) 18,930 ( 614 ) 18,316 ( 1,784 ) 16,532 Separate account assets 182,583 - 182,583 - 182,583 Total assets $ 387,301 $ ( 356 ) $ 386,945 $ 7,805 $ 394,750 LIABILITIES AND STOCKHOLDERS’ EQUITY Liabilities Policyholder account balances (1) $ 110,219 $ 8 $ 110,227 $ - $ 110,227 Future contract benefits (1) 40,687 - 40,687 738 41,425 Market risk benefit liabilities - - - 4,399 4,399 Deferred front-end loads (1) 415 - 415 3,810 4,225 Payables for collateral on investments 8,946 - 8,946 - 8,946 Short-term debt 300 - 300 - 300 Long-term debt 6,325 - 6,325 - 6,325 Other liabilities (1) 17,554 ( 846 ) 16,708 ( 303 ) 16,405 Separate account liabilities 182,583 - 182,583 - 182,583 Total liabilities 367,029 ( 838 ) 366,191 8,644 374,835 Contingencies and Commitments (See Note 18) Stockholders’ Equity Preferred stock – 10,000,000 shares authorized - - - - - Common stock – 800,000,000 shares authorized; 177,193,515 shares issued and outstanding as of December 31, 2021 4,735 - 4,735 - 4,735 Retained earnings 9,096 482 9,578 ( 4,382 ) 5,196 Accumulated other comprehensive income (loss) 6,441 - 6,441 3,543 9,984 Total stockholders’ equity 20,272 482 20,754 ( 839 ) 19,915 Total liabilities and stockholders’ equity $ 387,301 $ ( 356 ) $ 386,945 $ 7,805 $ 394,750 (1) Certain amounts have been reclassified to conform to the presentation adopted in the current period. LINCOLN NATIONAL CORPORATION CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (in millions, except per share data) For the Year Ended December 31, 2022 Adoption As of New Previously Restatement As Accounting As Reported Impacts Restated Standard Adjusted Revenues Insurance premiums $ 6,087 $ - $ 6,087 $ - $ 6,087 Fee income 6,054 - 6,054 ( 451 ) 5,603 Net investment income 5,511 4 5,515 - 5,515 Realized gain (loss) 336 9 345 495 840 Amortization of deferred gain on business sold through reinsurance 74 ( 32 ) 42 - 42 Other revenues 722 1 723 - 723 Total revenues 18,784 ( 18 ) 18,766 44 18,810 Expenses Benefits 12,546 - 12,546 ( 4,067 ) 8,479 Interest credited 2,870 - 2,870 7 2,877 Market risk benefit (gain) loss - - - ( 3,246 ) ( 3,246 ) Policyholder liability remeasurement (gain) loss - - - 2,766 2,766 Commissions and other expenses 5,095 1 5,096 29 5,125 Interest and debt expense 283 - 283 - 283 Spark program expense 167 - 167 - 167 Impairment of intangibles 634 - 634 - 634 Total expenses 21,595 1 21,596 ( 4,511 ) 17,085 Income (loss) before taxes ( 2,811 ) ( 19 ) ( 2,830 ) 4,555 1,725 Federal income tax expense (benefit) ( 584 ) ( 5 ) ( 589 ) 956 367 Net income (loss) ( 2,227 ) ( 14 ) ( 2,241 ) 3,599 1,358 Other comprehensive income (loss), net of tax: Unrealized investment gains (losses) ( 14,030 ) - ( 14,030 ) ( 4,029 ) ( 18,059 ) Market risk benefit non-performance risk gain (loss) - - - ( 210 ) ( 210 ) Policyholder liability discount rate remeasurement gain (loss) - - - 2,012 2,012 Foreign currency translation adjustment ( 20 ) - ( 20 ) - ( 20 ) Funded status of employee benefit plans ( 59 ) - ( 59 ) - ( 59 ) Total other comprehensive income (loss), net of tax of tax ( 14,109 ) - ( 14,109 ) ( 2,227 ) ( 16,336 ) Comprehensive income (loss) $ ( 16,336 ) $ ( 14 ) $ ( 16,350 ) $ 1,372 $ ( 14,978 ) Net Income (Loss) Per Common Share Basic $ ( 13.02 ) $ ( 0.09 ) $ ( 13.11 ) $ 21.04 $ 7.93 Diluted $ ( 13.10 ) $ ( 0.09 ) $ ( 13.19 ) $ 20.97 $ 7.78 Cash Dividends Declared Per Common Share $ 1.80 $ - $ 1.80 $ - $ 1.80 LINCOLN NATIONAL CORPORATION CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (in millions, except per share data) For the Year Ended December 31, 2021 Adoption As of New Previously Restatement As Accounting As Reported Impacts Restated Standard Adjusted Revenues Insurance premiums $ 5,617 $ - $ 5,617 $ - $ 5,617 Fee income 6,887 18 6,905 ( 866 ) 6,039 Net investment income 6,115 ( 4 ) 6,111 - 6,111 Realized gain (loss) ( 212 ) 626 414 ( 1,281 ) ( 867 ) Amortization of deferred gain on business sold through reinsurance 46 ( 8 ) 38 - 38 Other revenues 777 - 777 - 777 Total revenues 19,230 632 19,862 ( 2,147 ) 17,715 Expenses Benefits 8,529 - 8,529 ( 26 ) 8,503 Interest credited 2,915 18 2,933 ( 4 ) 2,929 Market risk benefit (gain) loss - - - ( 3,753 ) ( 3,753 ) Policyholder liability remeasurement (gain) loss - - - ( 183 ) ( 183 ) Commissions and other expenses 5,791 3 5,794 ( 575 ) 5,219 Interest and debt expense 270 - 270 - 270 Spark program expense 87 - 87 - 87 Total expenses 17,592 21 17,613 ( 4,541 ) 13,072 Income (loss) before taxes 1,638 611 2,249 2,394 4,643 Federal income tax expense (benefit) 233 129 362 503 865 Net income (loss) 1,405 482 1,887 1,891 3,778 Other comprehensive income (loss), net of tax: Unrealized investment gains (losses) ( 2,535 ) - ( 2,535 ) ( 752 ) ( 3,287 ) Market risk benefit non-performance risk gain (loss) - - - ( 923 ) ( 923 ) Policyholder liability discount rate remeasurement gain (loss) - - - 591 591 Foreign currency translation adjustment ( 2 ) - ( 2 ) - ( 2 ) Funded status of employee benefit plans 47 - 47 - 47 Total other comprehensive income (loss), net of tax ( 2,490 ) - ( 2,490 ) ( 1,084 ) ( 3,574 ) Comprehensive income (loss) $ ( 1,085 ) $ 482 $ ( 603 ) $ 807 $ 204 Net Income (Loss) Per Common Share Basic $ 7.50 $ 2.57 $ 10.07 $ 10.10 $ 20.17 Diluted $ 7.43 $ 2.55 $ 9.98 $ 9.98 $ 19.96 Cash Dividends Declared Per Common Share $ 1.71 $ - $ 1.71 $ - $ 1.71 LINCOLN NATIONAL CORPORATION CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (in millions) For the Year Ended December 31, 2022 Adoption As of New Previously Restatement As Accounting As Reported Impacts Restated Standard Adjusted Preferred Stock Balance as of beginning-of-year $ - $ - $ - $ - $ - Issuance of Series C preferred stock 493 - 493 - 493 Issuance of Series D preferred stock 493 - 493 - 493 Balance as of end-of-year 986 - 986 - 986 Common Stock Balance as of beginning-of-year 4,735 - 4,735 - 4,735 Stock compensation/issued for benefit plans 40 - 40 - 40 Retirement of common stock/cancellation of shares ( 231 ) - ( 231 ) - ( 231 ) Balance as of end-of-year 4,544 - 4,544 - 4,544 Retained Earnings Balance as of beginning-of-year 9,096 482 9,578 ( 4,382 ) 5,196 Net income (loss) ( 2,227 ) ( 14 ) ( 2,241 ) 3,599 1,358 Retirement of common stock ( 319 ) - ( 319 ) - ( 319 ) Common stock dividends declared ( 311 ) - ( 311 ) - ( 311 ) Balance as of end-of-year 6,239 468 6,707 ( 783 ) 5,924 Accumulated Other Comprehensive Income (Loss) Balance as of beginning-of-year 6,441 - 6,441 3,543 9,984 Other comprehensive income (loss), net of tax ( 14,109 ) - ( 14,109 ) ( 2,227 ) ( 16,336 ) Balance as of end-of-year ( 7,668 ) - ( 7,668 ) 1,316 ( 6,352 ) Total stockholders’ equity as of end-of-year $ 4,101 $ 468 $ 4,569 $ 533 $ 5,102 LINCOLN NATIONAL CORPORATION CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (in millions) For the Year Ended December 31, 2021 Adoption As of New Previously Restatement As Accounting As Reported Impacts Restated Standard Adjusted Common Stock Balance as of beginning-of-year $ 5,082 $ - $ 5,082 $ - $ 5,082 Stock compensation/issued for benefit plans 85 - 85 - 85 Retirement of common stock/cancellation of shares ( 432 ) - ( 432 ) - ( 432 ) Balance as of end-of-year 4,735 - 4,735 - 4,735 Retained Earnings Balance as of beginning-of-year 8,686 - 8,686 - 8,686 Cumulative effect from adoption of new accounting standards - - - ( 6,273 ) ( 6,273 ) Net income (loss) 1,405 482 1,887 1,891 3,778 Retirement of common stock ( 673 ) - ( 673 ) - ( 673 ) Common stock dividends declared ( 322 ) - ( 322 ) - ( 322 ) Balance as of end-of-year 9,096 482 9,578 ( 4,382 ) 5,196 Accumulated Other Comprehensive Income (Loss) Balance as of beginning-of-year 8,931 - 8,931 - 8,931 Cumulative effect from adoption of new accounting standards - - - 4,627 4,627 Other comprehensive income (loss), net of tax ( 2,490 ) - ( 2,490 ) ( 1,084 ) ( 3,574 ) Balance as of end-of-year 6,441 - 6,441 3,543 9,984 Total stockholders’ equity as of end-of-year $ 20,272 $ 482 $ 20,754 $ ( 839 ) $ 19,915 LINCOLN NATIONAL CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) For the Year Ended December 31, 2022 Adoption As of New Previously Restatement As Accounting As Reported Impacts Restated Standard Adjusted Cash Flows from Operating Activities Net income (loss) $ ( 2,227 ) $ ( 14 ) $ ( 2,241 ) $ 3,599 $ 1,358 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Realized (gain) loss ( 336 ) ( 9 ) ( 345 ) ( 495 ) ( 840 ) Market risk benefit (gain) loss - - - ( 3,246 ) ( 3,246 ) Sales and maturities (purchases) of trading securities, net 300 - 300 - 300 Amortization of deferred gain on business sold through reinsurance ( 74 ) 32 ( 42 ) - ( 42 ) Impairment of intangibles 634 - 634 - 634 Change in: Deferred acquisition costs, value of business acquired, deferred sales inducements and deferred front-end loads 115 3 118 370 488 Accrued investment income ( 67 ) - ( 67 ) - ( 67 ) Insurance liabilities and reinsurance-related balances (1) 5,628 2 5,630 ( 1,211 ) 4,419 Accrued expenses ( 89 ) - ( 89 ) ( 2 ) ( 91 ) Federal income tax accruals ( 530 ) ( 5 ) ( 535 ) 956 421 Other (1) 252 ( 6 ) 246 29 275 Net cash provided by (used in) operating activities (1) 3,606 3 3,609 - 3,609 Cash Flows from Investing Activities Purchases of available-for-sale securities and equity securities ( 14,813 ) - ( 14,813 ) - ( 14,813 ) Sales of available-for-sale securities and equity securities 2,297 - 2,297 - 2,297 Maturities of available-for-sale securities 5,453 - 5,453 - 5,453 Purchases of alternative investments ( 664 ) - ( 664 ) - ( 664 ) Sales and repayments of alternative investments 446 - 446 - 446 Issuance of mortgage loans on real estate ( 2,503 ) ( 4 ) ( 2,507 ) - ( 2,507 ) Repayment and maturities of mortgage loans on real estate 2,255 - 2,255 - 2,255 Repayment (issuance) of policy loans, net 5 - 5 - 5 Net change in collateral on investments, derivatives and related settlements ( 4,071 ) 1 ( 4,070 ) - ( 4,070 ) Other ( 48 ) - ( 48 ) - ( 48 ) Net cash provided by (used in) investing activities ( 11,643 ) ( 3 ) ( 11,646 ) - ( 11,646 ) (1) Certain amounts have been reclassified to conform to the presentation adopted in the current period. LINCOLN NATIONAL CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED) (in millions) For the Year Ended December 31, 2022 Adoption As of New Previously Restatement As Accounting As Reported Impacts Restated Standard Adjusted Cash Flows from Financing Activities Payment of long-term debt, including current maturities ( 300 ) - ( 300 ) - ( 300 ) Issuance of long-term debt, net of issuance costs 296 - 296 - 296 Payment related to sale-leaseback transactions ( 70 ) - ( 70 ) - ( 70 ) Proceeds from certain financing arrangements 186 - 186 - 186 Deposits of fixed account balances (1) 16,203 - 16,203 - 16,203 Withdrawals of fixed account balances (1) ( 7,674 ) - ( 7,674 ) - ( 7,674 ) Transfers from (to) separate accounts, net (1) 19 - 19 - 19 Common stock issued for benefit plans ( 16 ) - ( 16 ) - ( 16 ) Issuance of preferred stock, net of issuance costs 986 - 986 - 986 Repurchase of common stock ( 550 ) - ( 550 ) - ( 550 ) Dividends paid to common stockholders ( 310 ) - ( 310 ) - ( 310 ) Other ( 2 ) - ( 2 ) - ( 2 ) Net cash provided by (used in) financing activities (1) 8,768 - 8,768 - 8,768 Net increase (decrease) in cash, invested cash and restricted cash 731 - 731 - 731 Cash, invested cash and restricted cash as of beginning-of- year 2,612 - 2,612 - 2,612 Cash, invested cash and restricted cash as of end-of-year $ 3,343 $ - $ 3,343 $ - $ 3,343 (1) Certain amounts have been reclassified to conform to the presentation adopted in the current period. LINCOLN NATIONAL CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) For the Year Ended December 31, 2021 Adoption As of New Previously Restatement As Accounting As Reported Impacts Restated Standard Adjusted Cash Flows from Operating Activities Net income (loss) $ 1,405 $ 482 $ 1,887 $ 1,891 $ 3,778 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Realized (gain) loss 212 ( 626 ) ( 414 ) 1,281 867 Market risk benefit (gain) loss - - - ( 3,753 ) ( 3,753 ) Sales and maturities (purchases) of trading securities, net ( 108 ) 21 ( 87 ) - ( 87 ) Amortization of deferred gain on business sold through reinsurance ( 46 ) 8 ( 38 ) - ( 38 ) Change in: Deferred acquisition costs, value of business acquired, deferred sales inducements and deferred front-end loads 315 ( 3 ) 312 163 475 Accrued investment income 16 - 16 - 16 Insurance liabilities and reinsurance-related balances (1) ( 2,232 ) ( 1 ) ( 2,233 ) ( 104 ) ( 2,337 ) Accrued expenses 389 3 392 7 399 Federal income tax accruals 232 129 361 503 864 Other (1) ( 417 ) 4 ( 413 ) 12 ( 401 ) Net cash provided by (used in) operating activities (1) ( 234 ) 17 ( 217 ) - ( 217 ) Cash Flows from Investing Activities Purchases of available-for-sale securities and equity securities ( 16,893 ) ( 22 ) ( 16,915 ) - ( 16,915 ) Sales of available-for-sale securities and equity securities 2,268 - 2,268 - 2,268 Maturities of available-for-sale securities 9,621 - 9,621 - 9,621 Purchases of alternative investments ( 757 ) - ( 757 ) - ( 757 ) Sales and repayments of alternative investments 377 - 377 - 377 Issuance of mortgage loans on real estate ( 3,084 ) 5 ( 3,079 ) - ( 3,079 ) Repayment and maturities of mortgage loans on real estate 1,881 - 1,881 - 1,881 Repayment (issuance) of policy loans, net 62 - 62 - 62 Net change in collateral on investments, derivatives and related settlements 3,261 - 3,261 - 3,261 Other ( 303 ) - ( 303 ) - ( 303 ) Net cash provided by (used in) investing activities ( 3,567 ) ( 17 ) ( 3,584 ) - ( 3,584 ) (1) Certain amounts have been reclassified to conform to the presentation adopted in the current period. LINCOLN NATIONAL CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED) (in millions) For the Year Ended December 31, 2021 Adoption As of New Previously Restatement As Accounting As Reported Impacts Restated Standard Adjusted Cash Flows from Financing Activities Payment related to modification or early extinguishment of debt ( 8 ) - ( 8 ) - ( 8 ) Payment related to sale-leaseback transactions ( 59 ) - ( 59 ) - ( 59 ) Proceeds from certain financing arrangements 159 - 159 - 159 Deposits of fixed account balances (1) 13,422 4 13,426 - 13,426 Withdrawals of fixed account balances (1) ( 7,227 ) 53 ( 7,174 ) - ( 7,174 ) Transfers from (to) separate accounts, net (1) ( 118 ) ( 57 ) ( 175 ) - ( 175 ) Common stock issued for benefit plans 20 - 20 - 20 Repurchase of common stock ( 1,105 ) - ( 1,105 ) - ( 1,105 ) Dividends paid to common stockholders ( 319 ) - ( 319 ) - ( 319 ) Other ( 60 ) - ( 60 ) - ( 60 ) Net cash provided by (used in) financing activities (1) 4,705 - 4,705 - 4,705 Net increase (decrease) in cash, invested cash and restricted cash 904 - 904 - 904 Cash, invested cash and restricted cash as of beginning-of- year 1,708 - 1,708 - 1,708 Cash, invested cash and restricted cash as of end-of-year $ 2,612 $ - $ 2,612 $ - $ 2,612 (1) Certain amounts have been reclassified to conform to the presentation adopted in the current period. Summary of Significant Accounting Policies Principles of Consolidation The accompanying consolidated financial statements include the accounts of LNC and all other entities in which we have a controlling financial interest and any variable interest entities (“VIEs”) in which we are the primary beneficiary. We use the equity method of accounting to recognize all of our investments in limited liability partnerships. All material inter-company accounts and transactions have been eliminated in consolidation. Our involvement with VIEs is primarily to invest in assets that allow us to gain exposure to a broadly diversified portfolio of asset classes. A VIE is an entity that does not have sufficient equity to finance its own activities without additional financial support or where investors lack certain characteristics of a controlling financial interest. We assess our contractual, ownership or other interests in a VIE to determine if our interest participates in the variability the VIE was designed to absorb and pass onto variable interest holders. We perform an ongoing qualitative assessment of our variable interests in VIEs to determine whether we have a controlling financial interest and would therefore be considered the primary beneficiary of the VIE. If we determine we are the primary beneficiary of a VIE, we consolidate the assets and liabilities of the VIE in the consolidated financial statements. Accounting Estimates and Assumptions The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions affecting the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses for the reporting period. In applying these estimates and assumptions, management makes subjective and complex judgments that frequently require assumptions about matters that are uncertain and inherently subject to change, including matters related to or impacted by the COVID-19 pandemic. Actual results could differ from these estimates and assumptions. Included among the material (or potentially material) reported amounts and disclosures that require use of estimates are: fair value of certain financial assets, derivatives, allowances for credit losses, deferred acquisition costs (“DAC”), value of business acquired (“VOBA”), DSI, goodwill and other intangibles, market risk benefits (“MRBs”), future contract benefits, DFEL , pension plans, stock-based incentive compensation, income taxes including the recoverability of our deferred tax assets, and the potential effects of resolving litigated matters. Business Combinations We use the acquisition method of accounting for all business combination transactions, and accordingly, recognize the fair values of assets acquired, liabilities assumed and any noncontrolling interests in the consolidated financial statements. The allocation of fair values may be subject to adjustment after the initial allocation for up to a one-year period as more information becomes available relative to the fair values as of the acquisition date. The consolidated financial statements include the results of operations of any acquired company since the acquisition date. Fair Value Measurement Our measurement of fair value is based on assumptions used by market participants in pricing the asset or liability, which may include inherent risk, restrictions on the sale or use of an asset or non-performance risk, which would include our own credit risk. Our estimate of an exchange price is the price in an orderly transaction between market participants to sell the asset or transfer the liability (“exit price”) in the principal market, or the most advantageous market in the absence |
New Accounting Standards
New Accounting Standards | 12 Months Ended |
Dec. 31, 2022 | |
New Accounting Standards [Abstract] | |
New Accounting Standards | 2. New Ac counting Standards The following table provides a description of our adoption of new Accounting Standards Updates (“ASUs”) issued by the FASB and the impact of the adoption on the consolidated financial statements. ASUs not listed below were assessed and determined to be either not applicable or insignificant in presentation or amount. Standard Description Effective Date Effect on Financial Statements or Other Significant Matters ASU 2020-04, Reference Rate Reform (Topic 848) and related amendments The amendments in this update provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions impacted by reference rate reform. If certain criteria are met, an entity will not be required to remeasure or reassess contracts impacted by reference rate reform. Additionally, changes to the critical terms of a hedging relationship affected by reference rate reform will not require entities to de-designate the relationship if certain requirements are met. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2024, with certain exceptions. The amendments are effective for contract modifications made between March 12, 2020, and December 31, 2024. March 12, 2020 through December 31, 2024 This standard may be elected and applied prospectively as reference rate reform unfolds. We have elected practical expedients to maintain hedge accounting for certain derivatives. We will continue to evaluate our options under this guidance as our reference rate reform adoption process continues. This ASU has not had a material impact to our consolidated financial condition and results of operations, but we will continue to evaluate those impacts as our transition progresses. ASU 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts and related amendments See Note 3 for information about ASU 2018-12. January 1, 2023 We adopted this ASU effective January 1, 2023, with a transition date of January 1, 2021, using a modified retrospective approach, except for market risk benefits for which we applied a full retrospective transition approach. See Note 3 for transition disclosures related to the adoption of this ASU. |
Adoption of ASU 2018-12
Adoption of ASU 2018-12 | 12 Months Ended |
Dec. 31, 2022 | |
Adoption of ASU 2018-12 [Abstract] | |
Adoption of ASU 2018-12 | 3. Adoption of ASU 2018-12 On January 1, 2023, we adopted ASU 2018-12 with a transition date of January 1, 2021. ASU 2018-12 updated accounting and reporting requirements for long-duration contracts and certain investment contracts issued by insurance entities. We adopted ASU 2018-12 under the modified retrospective approach, except for MRBs, which applied the full retrospective approach. Our consolidated financial statements are presented under the new guidance for reporting periods beginning January 1, 2021. Under ASU 2018-12, we include actual historical cash flows along with best estimate future cash flows to derive the net premium ratio when calculating the LFPB associated with our traditional and limited-payment long-duration contracts. We review and update, if necessary, assumptions used to measure future cash flows included in the net premium ratio at least annually. Historical cash flows included in the net premium ratio are updated for actual experience quarterly and as assumptions are updated. Changes in the measurement of our LFPB result from updates to cash flow assumptions and actual experience, which impacts are reported within policyholder remeasurement gain (loss) on our Consolidated Statements of Comprehensive Income (Loss). We use an upper-medium grade (low credit risk) fixed-income instrument yield (single-A) discount rate when calculating the LFPB. This discount rate is updated quarterly at each reporting date with the impact recognized in OCI. ASU 2018-12 also eliminated loss recognition testing, premium deficiency testing and the provision for adverse deviation for LFPB. ASU 2018-12 introduced the category of MRBs, which are contracts or contract features that provide protection to the policyholder from other-than-nominal capital market risk and expose us to other-than-nominal capital market risk upon the occurrence of a specific event or circumstance, such as death, annuitization or periodic withdrawal. MRBs are required to be measured at fair value, with periodic changes in fair value reported within MRB gain (loss) on our Consolidated Statements of Comprehensive Income (Loss), except for periodic changes to instrument-specific credit risk related to direct policies, which are recognized in OCI. Changes in the fair value of ceded MRB assets and liabilities are also reported within MRB gain (loss) on our Consolidated Statements of Comprehensive Income (Loss). ASU 2018-12 simplified the amortization model for DAC and DAC-like intangible balances, including VOBA, DSI and DFEL. Historically these balances were amortized in proportion to premium or over expected gross profits. They are now amortized on a constant-level basis over the expected term of the contract. Loss recognition testing and impairment testing are no longer applicable for DAC. ASU 2018-12 requires disaggregated rollforwards of the beginning of year to the end of the reporting period balances. We also disclose information about inputs, judgments, assumptions, methods, changes during the period and the effect of these changes on the measurement of applicable balances. In determining the appropriate level of aggregation, we considered our reportable segments, nature and risk characteristics of our products and level of aggregation we used in disclosures presented outside the financial statements. The following table presents the cumulative effect adjustments (in millions), after-tax and shown as increase (decrease), to the components of stockholders’ equity due to the adoption of ASU 2018-12 as of January 1, 2021, by primary accounting topic: Total Retained Stockholders’ Earnings AOCI Equity Shadow impacts: DAC, VOBA, DSI and DFEL $ - $ 2,271 $ 2,271 Additional liabilities for other insurance benefits - 1,197 1,197 LFPB and Other (1) ( 187 ) ( 1,715 ) ( 1,902 ) MRBs (2) ( 6,086 ) 2,874 ( 3,212 ) Total $ ( 6,273 ) $ 4,627 $ ( 1,646 ) (1) Includes impacts to reserves and ceded reserves reported within future contract benefits and reinsurance recoverables, respectively on the Consolidated Balance Sheets, excluding shadow impacts on additional liabilities for other insurance benefits. (2) Includes impacts related to MRB assets and MRB liabilities reported on the Consolidated Balance Sheets, and ceded MRBs reported within other assets on the Consolidated Balance Sheets. The following table summarizes the effect of the adoption of ASU 2018-12 as of January 1, 2021, (in millions) on the Consolidated Balance Sheets: Total Retained Stockholders’ Earnings AOCI Equity DAC, VOBA and DSI $ - $ 6,079 $ 6,079 Reinsurance recoverables 607 2,431 3,038 Other assets (1) 242 - 242 Future contract benefits ( 844 ) ( 3,088 ) ( 3,932 ) MRBs, net ( 7,956 ) 3,656 ( 4,300 ) DFEL - ( 3,190 ) ( 3,190 ) Other liabilities (2) 1,678 ( 1,261 ) 417 Total $ ( 6,273 ) $ 4,627 $ ( 1,646 ) (1) Consists primarily of ceded MRB adjustments. (2) Consists of state and federal tax adjustments. The following table summarizes the changes in DAC, VOBA and DSI, pre-tax, (in millions) due to the adoption of ASU 2018-12 and reconciles this balance to the Consolidated Balance Sheets: Impact from Balance Removal of Balance Pre-Adoption Shadow Post-Adoption December 31, Balances January 1, 2020 from AOCI 2021 DAC Traditional Life $ 1,082 $ - $ 1,082 UL and Other 394 5,031 5,425 Variable Annuities 3,518 52 3,570 Fixed Annuities 264 215 479 Group Protection 187 - 187 Retirement Plan Services 120 112 232 Total DAC 5,565 5,410 10,975 VOBA Traditional Life 67 - 67 UL and Other 180 630 810 Fixed Annuities - 23 23 Total VOBA 247 653 900 DSI (1) UL and Other 35 - 35 Variable Annuities 148 2 150 Fixed Annuities 17 13 30 Retirement Plan Services 13 1 14 Total DSI 213 16 229 Total DAC, VOBA and DSI $ 6,025 $ 6,079 $ 12,104 (1) Pre-adoption DSI balance was previously reported in other assets on the Consolidated Balance Sheets. The following table summarizes the changes in DFEL, pre-tax, (in millions) due to the adoption of ASU 2018-12 and reconciles this balance to the Consolidated Balance Sheets: Impact from Balance Removal of Balance Pre-Adoption Shadow Post-Adoption December 31, Balances January 1, 2020 from AOCI 2021 DFEL (1) UL and Other $ 113 $ 3,185 $ 3,298 Variable Annuities 288 5 293 Total DFEL $ 401 $ 3,190 $ 3,591 (1) Pre-adoption DFEL balance was previously reported in other contract holder funds on the Consolidated Balance Sheets. The following table summarizes the changes in future contract benefits, pre-tax, (in millions) due to the adoption of ASU 2018-12 and reconciles this balance to the Consolidated Balance Sheets: Impact from Single-A Balance Removal of Discount Cumulative Balance Pre-Adoption Shadow Rate Effect to Post-Adoption December 31, Balances Measurement Retained January 1, 2020 (1) from AOCI in AOCI Earnings 2021 LFPB Traditional Life $ 3,483 $ - $ 943 $ - $ 4,426 Payout Annuities 2,314 ( 105 ) 415 44 2,668 Liability for Future Claims Group Protection 5,422 - 517 - 5,939 Additional Liabilities for Other Insurance Benefits UL and Other 13,649 ( 1,515 ) - 174 12,308 Other Operations (2) 10,463 ( 80 ) 2,913 626 13,922 Other (3) 3,565 - - - 3,565 Total future contract benefits $ 38,896 $ ( 1,700 ) $ 4,788 $ 844 $ 42,828 (1) Balance pre-adoption excludes features that meet the definition of an MRB upon transition, including features that were previously accounted for as an additional liability. Also, balance pre-adoption reflects certain reclassifications of non-life contingent account balances from future contract benefits to policyholder account balances within the Consolidated Balance Sheets. (2) Represents future contract benefits reported in Other Operations primarily attributable to the indemnity reinsurance agreements with Protective ($ 6.3 billion and $ 7.4 billion as of December 31, 2020, and January 1, 2021, respectively) and Swiss Re ($ 2.0 billion and $ 3.5 billion as of December 31, 2020, and January 1, 2021, respectively). Includes LFPB and additional liabilities balances. (3) Represents other miscellaneous reserves outside the scope of ASU 2018-12. The following table summarizes the changes in reinsurance recoverables, pre-tax, (in millions) due to the adoption of ASU 2018-12 and reconciles this balance to the Consolidated Balance Sheets: Single-A Balance Discount Cumulative Balance Pre-Adoption Rate Effect to Post-Adoption December 31, Measurement Retained January 1, 2020 (1) in AOCI Earnings 2021 Reinsured LFPB Traditional Life $ 755 $ 151 $ - $ 906 Payout Annuities 2 - - 2 Reinsured Liability for Future Claims Group Protection 148 14 - 162 Reinsured Additional Liabilities for Other Insurance Benefits UL and Other 335 - ( 3 ) 332 Reinsured Other Operations (2) 14,320 2,266 610 17,196 Reinsured Other (3) 790 - - 790 Total reinsurance recoverables $ 16,350 $ 2,431 $ 607 $ 19,388 (1) Balance pre-adoption excludes features that meet the definition of a ceded MRB upon transition, including features that were previously accounted for as reinsured additional liabilities. (2) Represents reinsurance recoverables reported in Other Operations primarily attributable to the indemnity reinsurance agreements with Protective ($ 12.0 billion and $ 13.2 billion as of December 31, 2020, and January 1, 2021, respectively) and Swiss Re ($ 1.3 billion and $ 2.6 billion as of December 31, 2020, and January 1, 2021, respectively). Includes reinsured LFPB and reinsured additional liabilities balances. (3) Represents other miscellaneous reinsurance recoverables outside the scope of ASU 2018-12. The following table summarizes the changes in the net liability position of MRBs, pre-tax, (in millions) due to the adoption of ASU 2018-12 and reconciles this balance to the Consolidated Balance Sheets: Balance Cumulative Cumulative Balance Pre-Adoption Effect of Effect to Post-Adoption December 31, Credit Risk Retained January 1, 2020 (1) to AOCI Earnings 2021 MRBs, Net Variable Annuities $ 831 $ ( 3,592 ) $ 7,968 $ 5,207 Fixed Annuities 192 ( 52 ) ( 22 ) 118 Retirement Plan Services 11 ( 12 ) 10 9 Total MRBs, net $ 1,034 $ ( 3,656 ) $ 7,956 $ 5,334 (1) Balance pre-adoption includes all features that meet the definition of an MRB upon transition, including features that were previously accounted for as additional liabilities or embedded derivatives. The following table summarizes the changes in the net asset position of ceded MRBs, pre-tax, (in millions) due to the adoption of ASU 2018-12, reported in other assets on the Consolidated Balance Sheets: Balance Cumulative Balance Pre-Adoption Effect to Post-Adoption December 31, Retained January 1, 2020 (1) Earnings 2021 Ceded MRBs, Net Variable Annuities $ 215 $ 121 $ 336 Total ceded MRBs, net $ 215 $ 121 $ 336 (1) Balance pre-adoption includes all features that meet the definition of a ceded MRB upon transition, including features that were previously accounted for as reinsured additional liabilities or embedded derivatives. The following summarizes the effect of the adoption of ASU 2018-12 (in millions) on certain financial statement line items within the previously reported Consolidated Balance Sheets: As of December 31, 2022 As of December 31, 2021 Adoption Adoption As of New As of New Previously Accounting As Previously Accounting As Reported (1) Standard Adjusted Reported (1) Standard Adjusted Deferred acquisition costs, value of business acquired and deferred sales inducements (2) $ 13,803 $ ( 1,568 ) $ 12,235 $ 6,286 $ 5,610 $ 11,896 Reinsurance recoverables, net of allowance for credit losses 19,882 ( 439 ) 19,443 20,295 2,091 22,386 Market risk benefit assets - 2,807 2,807 - 1,888 1,888 Other assets (2) 20,493 ( 1,691 ) 18,802 18,316 ( 1,784 ) 16,532 Total assets 335,108 ( 891 ) 334,217 386,945 7,805 394,750 Future contract benefits (2) 41,756 ( 2,930 ) 38,826 40,687 738 41,425 Market risk benefit liabilities - 2,078 2,078 - 4,399 4,399 Deferred front-end loads (2) 5,669 ( 617 ) 5,052 415 3,810 4,225 Other liabilities (2) 11,976 45 12,021 16,708 ( 303 ) 16,405 Total liabilities 330,539 ( 1,424 ) 329,115 366,191 8,644 374,835 Retained earnings 6,707 ( 783 ) 5,924 9,578 ( 4,382 ) 5,196 Accumulated other comprehensive income (loss) ( 7,668 ) 1,316 ( 6,352 ) 6,441 3,543 9,984 Total stockholders’ equity 4,569 533 5,102 20,754 ( 839 ) 19,915 (1) The amounts as previously reported were derived from our Annual Report on Form 10-K/A for the year ended December 31, 2022, filed on March 30, 2023, and disclosed in “Impacts to our Consolidated Financial Statements Related to the Restatement of Previously Issued Consolidated Financial Statements and the Adoption of ASU 2018-12” in Note 1. (2) Certain amounts have been reclassified to conform to the presentation adopted in the current period. The following summarizes the effect of the adoption of ASU 2018-12 (in millions, except per share data) on certain financial statement line items within the previously reported Consolidated Statements of Comprehensive Income (Loss): For the Year Ended December 31, 2022 For the Year Ended December 31, 2021 Adoption Adoption As of New As of New Previously Accounting As Previously Accounting As Reported (1) Standard Adjusted Reported (1) Standard Adjusted Fee income $ 6,054 $ ( 451 ) $ 5,603 $ 6,905 $ ( 866 ) $ 6,039 Realized gain (loss) 345 495 840 414 ( 1,281 ) ( 867 ) Total revenues 18,766 44 18,810 19,862 ( 2,147 ) 17,715 Benefits 12,546 ( 4,067 ) 8,479 8,529 ( 26 ) 8,503 Interest credited 2,870 7 2,877 2,933 ( 4 ) 2,929 Market risk benefit (gain) loss - ( 3,246 ) ( 3,246 ) - ( 3,753 ) ( 3,753 ) Policyholder liability remeasurement (gain) loss - 2,766 2,766 - ( 183 ) ( 183 ) Commissions and other expenses 5,096 29 5,125 5,794 ( 575 ) 5,219 Total expenses 21,596 ( 4,511 ) 17,085 17,613 ( 4,541 ) 13,072 Income (loss) before taxes ( 2,830 ) 4,555 1,725 2,249 2,394 4,643 Federal income tax expense (benefit) ( 589 ) 956 367 362 503 865 Net income (loss) ( 2,241 ) 3,599 1,358 1,887 1,891 3,778 Other comprehensive income (loss), net of tax: Unrealized investment gain (loss) ( 14,030 ) ( 4,029 ) ( 18,059 ) ( 2,535 ) ( 752 ) ( 3,287 ) Market risk benefit non-performance risk gain (loss) - ( 210 ) ( 210 ) - ( 923 ) ( 923 ) Policyholder liability discount rate remeasurement gain (loss) - 2,012 2,012 - 591 591 Total other comprehensive income (loss), net of tax ( 14,109 ) ( 2,227 ) ( 16,336 ) ( 2,490 ) ( 1,084 ) ( 3,574 ) Comprehensive income (loss) ( 16,350 ) 1,372 ( 14,978 ) ( 603 ) 807 204 Net income (loss) per common share: Basic ( 13.11 ) 21.04 7.93 10.07 10.10 20.17 Diluted ( 13.19 ) 20.97 7.78 9.98 9.98 19.96 (1) The amounts as previously reported were derived from our Annual Report on Form 10-K/A for the year ended December 31, 2022, filed on March 30, 2023, and disclosed in “Impacts to our Consolidated Financial Statements Related to the Restatement of Previously Issued Consolidated Financial Statements and the Adoption of ASU 2018-12” in Note 1. The following summarizes the effect of the adoption of ASU 2018-12 (in millions) on certain financial statement line items within the previously reported Consolidated Statements of Stockholders’ Equity: For the Year Ended December 31, 2022 For the Year Ended December 31, 2021 Adoption Adoption As of New As of New Previously Accounting As Previously Accounting As Reported (1) Standard Adjusted Reported (1) Standard Adjusted Retained earnings balance as of beginning-of-year $ 9,578 $ ( 4,382 ) $ 5,196 $ 8,686 $ - $ 8,686 Cumulative effect from adoption of new accounting standards - - - - ( 6,273 ) ( 6,273 ) Net income (loss) ( 2,241 ) 3,599 1,358 1,887 1,891 3,778 Retained earnings balance as of end-of-year 6,707 ( 783 ) 5,924 9,578 ( 4,382 ) 5,196 Accumulated other comprehensive income (loss) balance as of beginning-of-year 6,441 3,543 9,984 8,931 - 8,931 Cumulative effect from adoption of new accounting standards - - - - 4,627 4,627 Other comprehensive income (loss), net of tax ( 14,109 ) ( 2,227 ) ( 16,336 ) ( 2,490 ) ( 1,084 ) ( 3,574 ) Accumulated other comprehensive income (loss) balance as of end-of-year ( 7,668 ) 1,316 ( 6,352 ) 6,441 3,543 9,984 Total stockholders’ equity as of end-of-year 4,569 533 5,102 20,754 ( 839 ) 19,915 (1) The amounts as previously reported were derived from our Annual Report on Form 10-K/A for the year ended December 31, 2022, filed on March 30, 2023, and disclosed in “Impacts to our Consolidated Financial Statements Related to the Restatement of Previously Issued Consolidated Financial Statements and the Adoption of ASU 2018-12” in Note 1. Th e following summarizes the effect of the adoption of ASU 2018-12 (in millions) on certain financial statement line items within the previously reported Consolidated Statements of Cash Flows: For the Year Ended December 31, 2022 Adoption As of New Previously Accounting As Reported (1) Standard Adjusted Net income (loss) $ ( 2,241 ) $ 3,599 $ 1,358 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Realized (gain) loss ( 345 ) ( 495 ) ( 840 ) Market risk benefit (gain) loss - ( 3,246 ) ( 3,246 ) Change in: Deferred acquisition costs, value of business acquired, deferred sales inducements and deferred front-end loads 118 370 488 Insurance liabilities and reinsurance-related balances (2) 5,630 ( 1,211 ) 4,419 Accrued expenses ( 89 ) ( 2 ) ( 91 ) Federal income tax accruals ( 535 ) 956 421 Other (2) 246 29 275 (1) The amounts as previously reported were derived from our Annual Report on Form 10-K/A for the year ended December 31, 2022, filed on March 30, 2023, and disclosed in “Impacts to our Consolidated Financial Statements Related to the Restatement of Previously Issued Consolidated Financial Statements and the Adoption of ASU 2018-12” in Note 1. (2) Certain amounts have been reclassified to conform to the presentation adopted in the current period. (3) The following summarizes the effect of the adoption of ASU 2018-12 (in millions) on certain financial statement line items within the previously reported Consolidated Statements of Cash Flows: For the Year Ended December 31, 2021 Adoption As of New Previously Accounting As Reported (1) Standard Adjusted Net income (loss) $ 1,887 $ 1,891 $ 3,778 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Realized (gain) loss ( 414 ) 1,281 867 Market risk benefit (gain) loss - ( 3,753 ) ( 3,753 ) Change in: Deferred acquisition costs, value of business acquired, deferred sales inducements and deferred front-end loads 312 163 475 Insurance liabilities and reinsurance-related balances (2) ( 2,233 ) ( 104 ) ( 2,337 ) Accrued expenses 392 7 399 Federal income tax accruals 361 503 864 Other (2) ( 413 ) 12 ( 401 ) (1) The amounts as previously reported were derived from our Annual Report on Form 10-K/A for the year ended December 31, 2022, filed on March 30, 2023, and disclosed in “Impacts to our Consolidated Fina ncial Statements Related to the Restatement of Previously Issued Consolidated Financial Statements and the Adoption of ASU 2018-12” in Note 1. (2) Certain amounts have been reclassified to conform to the presentation adopted in the current period. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2022 | |
Investments [Abstract] | |
Investments | 4. Invest ments Fixed Maturity AFS Securities The amortized cost, gross unrealized gains and losses, allowance for credit losses and fair value of fixed maturity AFS securities (in millions) were as follows: As of December 31, 2022 Allowance Amortized Gross Unrealized for Credit Fair Cost Gains Losses Losses Value Fixed maturity AFS securities: Corporate bonds $ 89,249 $ 787 $ 11,004 $ 9 $ 79,023 U.S. government bonds 405 5 31 - 379 State and municipal bonds 5,410 172 512 - 5,070 Foreign government bonds 348 17 47 - 318 RMBS 2,216 22 222 7 2,009 CMBS 1,917 3 246 - 1,674 ABS 11,797 38 926 5 10,904 Hybrid and redeemable preferred securities 365 25 30 1 359 Total fixed maturity AFS securities $ 111,707 $ 1,069 $ 13,018 $ 22 $ 99,736 As of December 31, 2021 Allowance Amortized Gross Unrealized for Credit Fair Cost Gains Losses Losses Value Fixed maturity AFS securities: Corporate bonds $ 86,373 $ 12,113 $ 349 $ 17 $ 98,120 U.S. government bonds 375 60 2 - 433 State and municipal bonds 5,322 1,311 12 - 6,621 Foreign government bonds 373 64 5 - 432 RMBS 2,334 196 4 1 2,525 CMBS 1,552 61 14 - 1,599 ABS 8,439 127 54 - 8,512 Hybrid and redeemable preferred securities 374 107 11 1 469 Total fixed maturity AFS securities $ 105,142 $ 14,039 $ 451 $ 19 $ 118,711 The amortized cost and fair value of fixed maturity AFS securities by contractual maturities (in millions) as of December 31, 2022, were as follows: Amortized Fair Cost Value Due in one year or less $ 3,386 $ 3,352 Due after one year through five years 17,659 16,816 Due after five years through ten years 18,568 16,736 Due after ten years 56,164 48,245 Subtotal 95,777 85,149 Structured securities (RMBS, CMBS, ABS) 15,930 14,587 Total fixed maturity AFS securities $ 111,707 $ 99,736 Actual maturities may differ from contractual maturities because issuers may have the right to call or pre-pay obligations. The fair value and gross unrealized losses of fixed maturity AFS securities (dollars in millions) for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows: As of December 31, 2022 Less Than or Equal Greater Than to Twelve Months Twelve Months Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (1) Fixed maturity AFS securities: Corporate bonds $ 59,929 $ 9,049 $ 7,094 $ 1,955 $ 67,023 $ 11,004 U.S. government bonds 261 25 27 6 288 31 State and municipal bonds 1,958 440 237 72 2,195 512 Foreign government bonds 130 19 58 28 188 47 RMBS 1,490 179 193 43 1,683 222 CMBS 1,224 156 320 90 1,544 246 ABS 6,715 552 3,326 374 10,041 926 Hybrid and redeemable preferred securities 63 5 97 25 160 30 Total fixed maturity AFS securities $ 71,770 $ 10,425 $ 11,352 $ 2,593 $ 83,122 $ 13,018 Total number of fixed maturity AFS securities in an unrealized loss position 8,175 As of December 31, 2021 Less Than or Equal Greater Than to Twelve Months Twelve Months Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (1) Fixed maturity AFS securities: Corporate bonds $ 10,796 $ 234 $ 1,567 $ 115 $ 12,363 $ 349 U.S. government bonds 6 - 26 2 32 2 State and municipal bonds 522 11 24 1 546 12 Foreign government bonds 61 3 56 2 117 5 RMBS 262 3 22 1 284 4 CMBS 446 12 37 2 483 14 ABS 4,646 49 165 5 4,811 54 Hybrid and redeemable preferred securities 47 1 76 10 123 11 Total fixed maturity AFS securities $ 16,786 $ 313 $ 1,973 $ 138 $ 18,759 $ 451 Total number of fixed maturity AFS securities in an unrealized loss position 2,597 (1) As of December 31, 2022 and 2021, we recognized $ 6 million and $ 8 million of gross unrealized losses, respectively, in OCI for fixed maturity AFS securities for which an allowance for credit losses has been recorded. The fair value, gross unrealized losses (in millions) and number of fixed maturity AFS securities where the fair value had declined and remained below amortized cost by greater than 20% were as follows: As of December 31, 2022 Gross Number Fair Unrealized of Value Losses Securities (1) Less than six months $ 11,351 $ 3,659 1,500 Six months or greater, but less than nine months 4,411 2,226 650 Nine months or greater, but less than twelve months 447 302 74 Twelve months or greater 2 1 15 Total $ 16,211 $ 6,188 2,239 As of December 31, 2021 Gross Number Fair Unrealized of Value Losses Securities (1) Less than six months $ 12 $ 3 6 Twelve months or greater 58 8 24 Total $ 70 $ 11 30 (1) We may reflect a security in more than one aging category based on various purchase dates. Our gross unrealized losses on fixed maturity AFS securities increased by $ 12.6 billion for the year ended December 31, 2022. As discussed further below, we believe the unrealized loss position as of December 31, 2022, did not require an impairment recognized in earnings as (i) we did not intend to sell these fixed maturity AFS securities; (ii) it is not more likely than not that we will be required to sell the fixed maturity AFS securities before recovery of their amortized cost basis; and (iii) the difference in the fair value compared to the amortized cost was due to factors other than credit loss. Based upon this evaluation as of December 31, 2022, management believes we have the ability to generate adequate amounts of cash from our normal operations (e.g., insurance premiums, fee income and investment income) to meet cash requirements with a prudent margin of safety without requiring the sale of our impaired securities. As of December 31, 2022, the unrealized losses associated with our corporate bond, U.S. government bond, state and municipal bond and foreign government bond securities were attributable primarily to rising interest rates and widening credit spreads since purchase. We performed a detailed analysis of the financial performance of the underlying issuers and determined that we expected to recover the entire amortized cost of each impaired security. Credit ratings express opinions about the credit quality of a security. Securities rated investment grade (those rated BBB- or higher by S&P Global Ratings (“S&P”) or Baa3 or higher by Moody’s Investors Service (“Moody’s”)) are generally considered by the rating agencies and market participants to be low credit risk. As of December 31, 2022 and 2021, 96 % of the fair value of our corporate bond portfolio was rated investment grade. As of December 31, 2022 and 2021, the portion of our corporate bond portfolio rated below investment grade had an amortized cost of $ 3.7 billion, and a fair value of $ 3.5 billion and $ 3.8 billion, respectively. Based upon the analysis discussed above, we believe that as of December 31, 2022 and 2021, we would have recovered the amortized cost of each corporate bond. As of December 31, 2022, the unrealized losses associated with our MBS and ABS were attributable primarily to rising interest rates and widening credit spreads since purchase. We assessed for credit impairment using a cash flow model that incorporates key assumptions including default rates, severities and prepayment rates. We estimated losses for a security by forecasting the underlying loans in each transaction. The forecasted loan performance was used to project cash flows to the various tranches in the structure, as applicable. Our forecasted cash flows also considered, as applicable, independent industry analyst reports and forecasts and other independent market data. Based upon our assessment of the expected credit losses of the security given the performance of the underlying collateral compared to our subordination or other credit enhancement, we expected to recover the entire amortized cost of each impaired security. As of December 31, 2022, the unrealized losses associated with our hybrid and redeemable preferred securities were attributable primarily to wider credit spreads caused by illiquidity in the market and subordination within the capital structure, as well as credit risk of underlying issuers. For our hybrid and redeemable preferred securities, we evaluated the financial performance of the underlying issuers based upon credit performance and investment ratings and determined that we expected to recover the entire amortized cost of each impaired security. Credit Loss Impairment on Fixed Maturity AFS Securities We regularly review our fixed maturity AFS securities for declines in fair value that we determine to be impairment-related, including those attributable to credit risk factors that may require an allowance for credit losses. See Note 1 for a discussion regarding our accounting policy relating to the allowance for credit losses on our fixed maturity AFS securities. Changes in the allowance for credit losses on fixed maturity AFS securities (in millions), aggregated by investment category, were as follows: For the Year Ended December 31, 2022 Corporate Bonds RMBS Other Total Balance as of beginning-of-year $ 17 $ 1 $ 1 $ 19 Additions from purchases of PCD debt securities (1) - - - - Additions for securities for which credit losses were not previously recognized 4 3 1 8 Additions (reductions) for securities for which credit losses were previously recognized 2 3 4 9 Reductions for securities disposed ( 2 ) - - ( 2 ) Reductions for securities charged-off ( 12 ) - - ( 12 ) Balance as of end-of-year (2) $ 9 $ 7 $ 6 $ 22 For the Year Ended December 31, 2021 Corporate Bonds RMBS Other Total Balance as of beginning-of-year $ 12 $ 1 $ - $ 13 Additions from purchases of PCD debt securities (1) - - - - Additions for securities for which credit losses were not previously recognized 8 - 1 9 Additions (reductions) for securities for which credit losses were previously recognized 5 - - 5 Reductions for securities disposed ( 2 ) - - ( 2 ) Reductions for securities charged-off ( 6 ) - - ( 6 ) Balance as of end-of-year (2) $ 17 $ 1 $ 1 $ 19 For the Year Ended December 31, 2020 Corporate Bonds RMBS Other Total Balance as of beginning-of-year $ - $ - $ - $ - Additions from purchases of PCD debt securities (1) - - - - Additions for securities for which credit losses were not previously recognized 43 1 1 45 Additions (reductions) for securities for which credit losses were previously recognized ( 1 ) - ( 1 ) ( 2 ) Reductions for securities disposed ( 17 ) - - ( 17 ) Reductions for securities charged-off ( 13 ) - - ( 13 ) Balance as of end-of-year (2) $ 12 $ 1 $ - $ 13 (1) Represents purchased credit-deteriorated (“PCD”) fixed maturity AFS securities. (2) As of December 31, 2022, 2021 and 2020, accrued investment income on fixed maturity AFS securities totaled $ 1.1 billion, $ 972 million and $ 1.0 billion, respectively, and was excluded from the estimate of credit losses. Trading Securities Trading securities at fair value (in millions) consisted of the following: As of December 31, 2022 2021 Fixed maturity securities: Corporate bonds $ 2,248 $ 2,734 U.S. government bonds - 32 State and municipal bonds 21 27 Foreign government bonds 49 73 RMBS 99 95 CMBS 137 137 ABS 919 1,338 Hybrid and redeemable preferred securities 25 24 Total trading securities $ 3,498 $ 4,460 The portion of the market adjustment for trading gains and losses recognized in realized gain (loss) that relate to trading securities still held as of December 31, 2022, 2021 and 2020, was $( 632 ) million, $( 51 ) million and $ 118 million, respectively. Mortgage Loans on Real Estate The following provides the current and past due composition of our mortgage loans on real estate (in millions): As of December 31, 2022 As of December 31, 2021 Commercial Residential Total Commercial Residential Total Current $ 17,003 $ 1,315 $ 18,318 $ 17,167 $ 837 $ 18,004 30 to 59 days past due 19 23 42 15 21 36 60 to 89 days past due - 6 6 - 5 5 90 or more days past due - 33 33 - 29 29 Allowance for credit losses ( 84 ) ( 15 ) ( 99 ) ( 79 ) ( 17 ) ( 96 ) Unamortized premium (discount) ( 8 ) 36 28 ( 11 ) 27 16 Mark-to-market gains (losses) (1) ( 27 ) - ( 27 ) ( 3 ) - ( 3 ) Total carrying value $ 16,903 $ 1,398 $ 18,301 $ 17,089 $ 902 $ 17,991 (1) Represents the mark-to-market on certain mortgage loans on real estate for which we have elected the fair value option. See Note 15 for additional information. Our commercial mortgage loan portfolio had the largest concentrations in California, which accounted for 27 % and 26 % of commercial mortgage loans on real estate as of December 31, 2022 and 2021, respectively, and Texas, which accounted for 9 % of commercial mortgage loans on real estate as of December 31, 2022 and 2021. As of December 31, 2022, our residential mortgage loan portfolio had the largest concentrations in California and New Jersey, which accounted for 17 % and 12 % of residential mortgage loans on real estate, respectively. As of December 31, 2021, our residential mortgage loan portfolio had the largest concentrations in California and Florida, which accounted for 22 % and 14 % of residential mortgage loans on real estate, respectively. As of December 31, 2022 and 2021, we had 73 and 65 residential mortgage loans, respectively, that were either delinquent or in foreclosure. As of December 31, 2022 and 2021, we had 49 and 34 residential mortgage loans in foreclosure, respectively, with an aggregate carrying value of $ 21 million and $ 15 million, respectively. As of December 31, 2022 and 2021, there were two and four specifically identified impaired commercial mortgage loans, respectively, with an aggregate carrying value of less than $ 1 million and $ 1 million, respectively. As of December 31, 2022 and 2021, there were 37 and 50 specifically identified impaired residential mortgage loans, respectively, with an aggregate carrying value of $ 16 million and $ 22 million, respectively. Additional information related to impaired mortgage loans on real estate (in millions) was as follows: For the Years Ended December 31, 2022 2021 2020 Average aggregate carrying value for impaired mortgage loans on real estate $ 16 $ 32 $ 21 Interest income recognized on impaired mortgage loans on real estate - - - Interest income collected on impaired mortgage loans on real estate - - - The amortized cost of mortgage loans on real estate on nonaccrual status (in millions) was as follows: As of December 31, 2022 As of December 31, 2021 Nonaccrual Nonaccrual with no with no Allowance Allowance for Credit for Credit Losses Nonaccrual Losses Nonaccrual Commercial mortgage loans on real estate $ - $ - $ - $ - Residential mortgage loans on real estate - 34 - 30 Total $ - $ 34 $ - $ 30 We use loan-to-value and debt-service coverage ratios as credit quality indicators for our commercial mortgage loans on real estate. The amortized cost of commercial mortgage loans on real estate (dollars in millions) by year of origination and credit quality indicator was as follows: As of December 31, 2022 Debt- Debt- Debt- Service Service Service Less Coverage 65% Coverage Greater Coverage than 65% Ratio to 75% Ratio than 75% Ratio Total Origination Year 2022 $ 1,769 2.06 $ 105 1.50 $ 2 1.45 $ 1,876 2021 2,354 3.05 72 1.53 - - 2,426 2020 1,289 3.00 17 1.58 - - 1,306 2019 2,685 2.18 81 1.50 29 1.58 2,795 2018 2,225 2.17 71 1.62 - - 2,296 2017 and prior 6,184 2.44 131 1.75 - - 6,315 Total $ 16,506 $ 477 $ 31 $ 17,014 As of December 31, 2021 Debt- Debt- Debt- Service Service Service Less Coverage 65% Coverage Greater Coverage than 65% Ratio to 75% Ratio than 75% Ratio Total Origination Year 2021 $ 2,384 3.04 $ 136 1.74 $ - - $ 2,520 2020 1,358 3.03 144 2.06 - - 1,502 2019 2,917 2.15 188 1.42 - - 3,105 2018 2,274 2.13 172 1.59 15 1.02 2,461 2017 1,655 2.33 149 1.74 27 0.83 1,831 2016 and prior 5,554 2.41 171 1.76 27 1.08 5,752 Total $ 16,142 $ 960 $ 69 $ 17,171 We use loan performance status as the primary credit quality indicator for our residential mortgage loans on real estate. The amortized cost of residential mortgage loans on real estate (in millions) by year of origination and credit quality indicator was as follows: As of December 31, 2022 Performing Nonperforming Total Origination Year 2022 $ 578 $ 5 $ 583 2021 527 6 533 2020 90 3 93 2019 119 18 137 2018 65 2 67 2017 and prior - - - Total $ 1,379 $ 34 $ 1,413 As of December 31, 2021 Performing Nonperforming Total Origination Year 2021 $ 467 $ 2 $ 469 2020 129 2 131 2019 189 21 210 2018 104 5 109 2017 - - - 2016 and prior - - - Total $ 889 $ 30 $ 919 Credit Losses on Mortgage Loans on Real Estate In connection with our recognition of an allowance for credit losses for mortgage loans on real estate, we perform a quantitative analysis using a probability of default/loss given default/exposure at default approach to estimate expected credit losses in our mortgage loan portfolio as well as unfunded commitments related to commercial mortgage loans, exclusive of certain mortgage loans held at fair value. See Note 1 for a discussion regarding our accounting policy relating to the allowance for credit losses on our mortgage loans on real estate. Changes in the allowance for credit losses on mortgage loans on real estate (in millions) were as follows: For the Year Ended December 31, 2022 Commercial Residential Total Balance as of beginning-of-year $ 79 $ 17 $ 96 Additions (reductions) from provision for credit loss expense (1) 5 ( 2 ) 3 Additions from purchases of PCD mortgage loans on real estate - - - Balance as of end-of-year (2) $ 84 $ 15 $ 99 For the Year Ended December 31, 2021 Commercial Residential Total Balance as of beginning-of-year $ 187 $ 17 $ 204 Additions (reductions) from provision for credit loss expense (1) ( 108 ) - ( 108 ) Additions from purchases of PCD mortgage loans on real estate - - - Balance as of end-of-year (2) $ 79 $ 17 $ 96 For the Year Ended December 31, 2020 Commercial Residential Total Balance as of beginning-of-year $ - $ 2 $ 2 Impact of adopting new accounting standard 62 26 88 Additions (reductions) from provision for credit loss expense (1) 125 ( 11 ) 114 Additions from purchases of PCD mortgage loans on real estate - - - Balance as of end-of-year (2) $ 187 $ 17 $ 204 (1) We did not recognize any credit loss benefit (expense) related to unfunded commitments for mortgage loans on real estate for the year ended December 31, 2022. We recognized $ 4 million and $( 2 ) million of credit loss benefit (expense) related to unfunded commitments for mortgage loans on real estate for the years ended December 31, 2021 and 2020, respectively. (2) Accrued investment income on mortgage loans on real estate totaled $ 51 million, $ 49 million and $ 49 million as of December 31, 2022, 2021 and 2020, respectively, and was excluded from the estimate of credit losses. Alternative Investments As of December 31, 2022 and 2021, alternative investments included investments in 337 and 311 different partnerships, respectively, and represented approximately 2 % of total investments. Net Investment Income The major categories of net investment income (in millions) on the Consolidated Statements of Comprehensive Income (Loss) were as follows: For the Years Ended December 31, 2022 2021 2020 Fixed maturity AFS securities $ 4,469 $ 4,351 $ 4,334 Trading securities 182 167 202 Equity securities 11 3 3 Mortgage loans on real estate 689 680 677 Policy loans 101 115 125 Cash and invested cash 13 - 12 Commercial mortgage loan prepayment and bond make-whole premiums 105 199 82 Alternative investments 66 679 197 Consent fees 8 10 7 Other investments 79 64 46 Investment income 5,723 6,268 5,685 Investment expense ( 208 ) ( 157 ) ( 175 ) Net investment income $ 5,515 $ 6,111 $ 5,510 Impairments on Fixed Maturity AFS Securities Details underlying credit loss benefit (expense) incurred as a result of impairments that were recognized in net income (loss) and included in realized gain (loss) on fixed maturity AFS securities (in millions) were as follows: For the Years Ended December 31, 2022 2021 2020 Credit Loss Benefit (Expense) Fixed maturity AFS securities: Corporate bonds $ ( 5 ) $ ( 10 ) $ ( 25 ) RMBS ( 6 ) - ( 1 ) ABS ( 4 ) - - Hybrid and redeemable preferred securities - ( 1 ) - Gross credit loss benefit (expense) ( 15 ) ( 11 ) ( 26 ) Associated amortization of DAC, VOBA, DSI and DFEL - - 1 Net credit loss benefit (expense) $ ( 15 ) $ ( 11 ) $ ( 25 ) Payables for Collateral on Investments The carrying value of the payables for collateral on investments included on the Consolidated Balance Sheets and the fair value of the related investments or collateral (in millions) consisted of the following: As of December 31, 2022 As of December 31, 2021 Carrying Fair Carrying Fair Value Value Value Value Collateral payable for derivative investments (1) $ 3,284 $ 3,284 $ 5,575 $ 5,575 Securities pledged under securities lending agreements (2) 298 287 241 235 Investments pledged for FHLBI (3) 3,130 3,925 3,130 4,876 Total payables for collateral on investments $ 6,712 $ 7,496 $ 8,946 $ 10,686 (1) We obtain collateral based upon contractual provisions with our counterparties. These agreements take into consideration the counterparties’ credit rating as compared to ours, the fair value of the derivative investments and specified thresholds that if exceeded result in the receipt of cash that is typically invested in cash and invested cash. This also includes interest payable on collateral. See Note 6 for additional information. (2) Our pledged securities under securities lending agreements are included in fixed maturity AFS securities on the Consolidated Balance Sheets. We generally obtain collateral in an amount equal to 102 % and 105 % of the fair value of the domestic and foreign securities, respectively. We value collateral daily and obtain additional collateral when deemed appropriate. The cash received in our securities lending program is typically invested in cash and invested cash or fixed maturity AFS securities. (3) Our pledged investments for FHLBI are included in fixed maturity AFS securities and mortgage loans on real estate on the Consolidated Balance Sheets. The collateral requirements are generally 105 % to 115 % of the fair value for fixed maturity AFS securities and 155 % to 175 % of the fair value for mortgage loans on real estate. The cash received in these transactions is primarily invested in cash and invested cash or fixed maturity AFS securities. We have repurchase agreements through which we can obtain liquidity by pledging securities. The collateral requirements are generally 80 % to 95 % of the fair value of the securities, and our agreements with third parties contain contractual provisions to allow for additional collateral to be obtained when necessary. The cash received in our repurchase program is typically invested in fixed maturity AFS securities. As of December 31, 2022 and 2021, we were not participating in any open repurchase agreements. Increase (decrease) in payables for collateral on investments (in millions) consisted of the following: For the Years Ended December 31, 2022 2021 2020 Collateral payable for derivative investments $ ( 2,291 ) $ 2,599 $ 1,588 Securities pledged under securities lending agreements 57 125 2 Investments pledged for FHLBI - - ( 450 ) Total increase (decrease) in payables for collateral on investments $ ( 2,234 ) $ 2,724 $ 1,140 We have elected not to offset our securities lending transactions in the consolidated financial statements. The remaining contractual maturities of securities lending transactions accounted for as secured borrowings (in millions) were as follows: As of December 31, 2022 Overnight and Continuous Up to 30 Days 30 - 90 Days Greater Than 90 Days Total Securities Lending Corporate bonds $ 288 $ - $ - $ - $ 288 Foreign government bonds 2 - - - 2 Equity securities 8 - - - 8 Total gross secured borrowings $ 298 $ - $ - $ - $ 298 As of December 31, 2021 Overnight and Continuous Up to 30 Days 30 - 90 Days Greater Than 90 Days Total Securities Lending Corporate bonds $ 239 $ - $ - $ - $ 239 Foreign government bonds 1 - - - 1 Equity securities 1 - - - 1 Total gross secured borrowings $ 241 $ - $ - $ - $ 241 We accept collateral in the form of securities in connection with repurchase agreements. In instances where we are permitted to sell or re-pledge the securities received, we report the fair value of the collateral received and a related obligation to return the collateral in the consolidated financial statements. In addition, we receive securities in connection with securities borrowing agreements that we are permitted to sell or re-pledge. As of December 31, 2022, the fair value of all collateral received that we are permitted to sell or re-pledge was $ 25 million, and we had re-pledged all of this collateral to cover initial margin and over-the-counter collateral requirements on certain derivative investments. Investment Commitments As of December 31, 2022, our investment commitments were $ 2.4 billion, which included $ 1.9 billion of LPs, $ 310 million of private placement securities and $ 226 million of mortgage loans on real estate. Concentrations of Financial Instruments As of December 31, 2022 and 2021, our most significant investments in one issuer were our investments in securities issued by the Federal National Mortgage Association with a fair value of $ 745 million and $ 926 million, respectively, or 1 % of total investments, and our investments in securities issued by the Federal Home Loan Mortgage Corporation with a fair value of $ 720 million and $ 953 million, respectively, or 1 % of total investments. These concentrations include fixed maturity AFS, trading and equity securities. As of December 31, 2022 and 2021, our most significant investments in one industry were our investments in securities in the financial services industry with a fair value of $ 16.6 billion and $ 19.2 billion, respectively, or 13 % and 12 %, respectively, of total investments, and our investments in securities in the consumer non-cyclical industry with a fair value of $ 15.1 billion and $ 19.6 billion, respectively, or 11 % and 13 %, respectively, of total investments. These concentrations include fixed maturity AFS, trading and equity securities. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2022 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | 5. Variable I nterest Entities Consolidated VIEs Reinsurance-Related Notes We are the sole equity owner of Lincoln Financial Limited Liability Company I (“LFLLCI”), which we formed in July 2013. The activities of LFLLCI relate solely to our captive reinsurance subsidiary, the Lincoln Reinsurance Company of Vermont V (“LRCVV”), and are primarily to acquire, hold and issue notes with LRCVV as well as pay and collect interest on the notes. LFLLCI holds a surplus note issued by LRCVV that had an outstanding principal balance of $ 568 million as of December 31, 2022. LFLLCI issued a long-term note to LRCVV that has a principal balance that moves concurrently with any variability in the face amount of the surplus note LFLLCI received from LRCVV. We concluded that LFLLCI is a VIE and that LNC is the primary beneficiary as we have the power to direct the most significant activities affecting the performance of LFLLCI. Asset information (dollars in millions) for the consolidated VIEs included on the Consolidated Balance Sheets was as follows: As of December 31, 2022 As of December 31, 2021 Number Number of Notional Carrying of Notional Carrying Instruments Amounts Value Instruments Amounts Value Assets Total return swap 1 $ 568 $ - 1 $ 594 $ - There were no gains or losses for consolidated VIEs recognized on the Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2022 and 2021. Unconsolidated VIEs Reinsurance-Related Notes Effective September 30, 2014, we entered into a transaction with a non-affiliated VIE whose primary activities are to acquire, hold and issue notes and loans, pay and collect interest on the notes and loans, and enter into derivative instruments. We issued a long-term senior note to the non-affiliated VIE in exchange for a corporate bond AFS security of like principal and duration that was assigned to one of our subsidiaries. The outstanding principal balance of this long-term senior note was $ 1.0 billion as of December 31, 2022, and it is variable in nature; moving concurrently with any variability in the face amount of the corporate bond AFS security up to a maximum amount of $ 1.1 billion. We have concluded that we are not the primary beneficiary of the non-affiliated VIE because we do not have power over the activities that most significantly affect its economic performance. In addition, the terms of the senior note provide us with a set-off right with the corporate bond AFS security we purchased from the VIE; therefore, neither appears on the Consolidated Balance Sheets. The VIE has entered into a total return swap with an unaffiliated third party that supports any necessary principal funding of the corporate bond AFS security required by our subsidiaries while the security is outstanding. Effective October 1, 2017, our captive reinsurance subsidiary, the Lincoln Reinsurance Company of Vermont VI, restructured the $ 275 million, long-term surplus note which was originally issued to a non-affiliated VIE in October 2015 in exchange for two corporate bond AFS securities of like principal and duration. The activities of the VIE are primarily to acquire, hold and issue notes and loans and to pay and collect interest on the notes and loans. The outstanding principal balance of the long-term surplus note is variable in nature; moving concurrently with any variability in the face amount of the corporate bond AFS securities. We have concluded that we are not the primary beneficiary of the non-affiliated VIE because we do not have power over the activities that most significantly affect its economic performance. As of December 31, 2022, the principal balance of the long-term surplus note was zero and we do no t currently have any exposure to this VIE. Effective November 1, 2019, we entered into a transaction with a non-affiliated VIE whose primary activities are to acquire, hold and issue notes, as well as pay and collect interest on the notes. We issued a long-term senior note to the non-affiliated VIE in exchange for a corporate bond AFS security of like principal and duration that was assigned to one of our subsidiaries. The outstanding principal balance of this long-term senior note was $ 391 million as of December 31, 2022, and it is variable in nature, moving concurrently with any variability in the face amount of the corporate bond AFS security up to a maximum amount of $ 500 million. We have concluded that we are not the primary beneficiary of the non-affiliated VIE due to our lack of power over the activities that most significantly affect its economic performance as well as the extent of our obligation to absorb its losses. In addition, the terms of the senior note provide us with a set-off right with the corporate bond AFS security we purchased from the VIE; therefore, neither appears on the Consolidated Balance Sheets. Effective September 30, 2021, we entered into a transaction with a non-affiliated VIE whose primary activities are to acquire, hold and issue notes, as well as pay and collect interest on the notes. We issued a long-term senior note to the non-affiliated VIE in exchange for a corporate bond AFS security of like principal and duration that was assigned to one of our subsidiaries. The outstanding principal balance of this long-term senior note was $ 400 million as of December 31, 2022, and it is variable in nature, moving concurrently with any variability in the face amount of the corporate bond AFS security up to a maximum amount of $ 400 million. We have concluded that we are not the primary beneficiary of the non-affiliated VIE due to our lack of power over the activities that most significantly affect its economic performance as well as the extent of our obligation to absorb its losses. In addition, the terms of the senior note provide us with a set-off right with the corporate bond AFS security we purchased from the VIE; therefore, neither appears on the Consolidated Balance Sheets. Effective December 31, 2022, we entered into a transaction with a non-affiliated VIE whose primary activities are to acquire, hold and issue notes, as well as pay and collect interest on the notes. We issued a long-term note to the non-affiliated VIE in exchange for a corporate bond AFS security of like principal and duration that was assigned to one of our subsidiaries. The outstanding principal balance of this long-term note was $ 500 million as of December 31, 2022, and it is variable in nature, moving concurrently with any variability in the face amount of the corporate bond AFS security up to a maximum amount of $ 500 million. We have concluded that we are not the primary beneficiary of the non-affiliated VIE due to our lack of power over the activities that most significantly affect its economic performance as well as the extent of our obligation to absorb its losses. In addition, the terms of the note provide us with a set-off right with the corporate bond AFS security we received from the VIE; therefore, neither appears on the Consolidated Balance Sheets. Structured Securities Through our investment activities, we make passive investments in structured securities issued by VIEs for which we are not the manager. These structured securities include our ABS, RMBS and CMBS. We have not provided financial or other support with respect to these VIEs other than our original investment. We have determined that we are not the primary beneficiary of these VIEs due to the relative size of our investment in comparison to the principal amount of the structured securities issued by the VIEs and the level of credit subordination that reduces our obligation to absorb losses or right to receive benefits. Our maximum exposure to loss on these structured securities is limited to the amortized cost for these investments. We recognize our variable interest in these VIEs at fair value on the Consolidated Balance Sheets. For information about these structured securities, see Note 6. Limited Partnerships and Limited Liability Companies We invest in certain LPs and limited liability companies (“LLCs”) that we have concluded are VIEs. Our exposure to loss is limited to the capital we invest in the LPs and LLCs. We do not hold any substantive kick-out or participation rights in the LPs and LLCs, and we do not receive any performance fees or decision maker fees from the LPs and LLCs. Based on our analysis of the LPs and LLCs, we are not the primary beneficiary of the VIEs as we do not have the power to direct the most significant activities of the LPs and LLCs. The carrying amounts of our investments in the LPs and LLCs are recognized in other investments on the Consolidated Balance Sheets and were $ 3.1 billion and $ 2.9 billion as of December 31, 2022 and 2021, respectively. |
DAC, VOBA, DSI and DFEL
DAC, VOBA, DSI and DFEL | 12 Months Ended |
Dec. 31, 2022 | |
DAC, VOBA, DSI and DFEL [Abstract] | |
DAC, VOBA, DSI and DFEL | 7. DAC, VO BA, DSI and DFEL The following table reconciles DAC, VOBA and DSI (in millions) to the Consolidated Balance Sheets: As of December 31, 2022 2021 DAC, VOBA and DSI Traditional Life $ 1,383 $ 1,254 UL and Other 6,100 5,902 Variable Annuities 3,879 3,856 Fixed Annuities 479 495 Group Protection 141 140 Retirement Plan Services 253 249 Total DAC, VOBA and DSI $ 12,235 $ 11,896 The following table reconciles DFEL (in millions) to the Consolidated Balance Sheets: As of December 31, 2022 2021 DFEL UL and Other $ 4,766 $ 3,934 Variable Annuities 286 291 Total DFEL $ 5,052 $ 4,225 The following tables summarize the changes in DAC (in millions): For the Year Ended December 31, 2022 Retirement Traditional UL and Variable Fixed Group Plan Life Other Annuities Annuities Protection Services Balance as of beginning-of-year $ 1,195 $ 5,360 $ 3,717 $ 448 $ 140 $ 235 Deferrals 266 539 391 60 98 20 Amortization ( 128 ) ( 294 ) ( 357 ) ( 69 ) ( 97 ) ( 19 ) Balance as of end-of-year $ 1,333 $ 5,605 $ 3,751 $ 439 $ 141 $ 236 For the Year Ended December 31, 2021 Retirement Traditional UL and Variable Fixed Group Plan Life Other Annuities Annuities Protection Services Balance as of beginning-of-year $ 1,082 $ 5,425 $ 3,570 $ 479 $ 187 $ 232 Business acquired (sold) through reinsurance - ( 294 ) - - - - Deferrals 220 523 487 29 91 22 Amortization ( 107 ) ( 294 ) ( 340 ) ( 60 ) ( 138 ) ( 19 ) Balance as of end-of-year $ 1,195 $ 5,360 $ 3,717 $ 448 $ 140 $ 235 DAC amortization expense of $ 964 million, $ 958 million and $ 1.1 billion was recorded in commissions and other expenses on the Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2022, 2021 and 2020, respectively. The following tables summarize the changes in VOBA (in millions): For the Year Ended December 31, 2022 Traditional UL and Fixed Life Other Annuities Balance as of beginning-of-year $ 59 $ 511 $ 20 Deferrals - 2 - Amortization ( 9 ) ( 48 ) ( 3 ) Balance as of end-of-year $ 50 $ 465 $ 17 For the Year Ended December 31, 2021 Traditional UL and Fixed Life Other Annuities Balance as of beginning-of-year $ 67 $ 810 $ 23 Business acquired (sold) through reinsurance - ( 234 ) - Deferrals 1 - - Amortization ( 9 ) ( 65 ) ( 3 ) Balance as of end-of-year $ 59 $ 511 $ 20 VOBA amortization expense of $60 million, $ 77 million and $ 266 million was recorded in commissions and other expenses on the Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2022, 2021 and 2020, respectively. No additions or write-offs were recorded for each respective year. Estimated future amortization of VOBA (in millions), as of December 31, 2022, was as follows: 2023 $ 45 2024 41 2025 38 2026 35 2027 30 The following tables summarize the changes in DSI (in millions): For the Year Ended December 31, 2022 Retirement UL and Variable Fixed Plan Other Annuities Annuities Services Balance as of beginning-of-year $ 31 $ 139 $ 27 $ 14 Deferrals 1 1 - 4 Amortization ( 2 ) ( 12 ) ( 4 ) ( 1 ) Balance as of end-of-year $ 30 $ 128 $ 23 $ 17 For the Year Ended December 31, 2021 Retirement UL and Variable Fixed Plan Other Annuities Annuities Services Balance as of beginning-of-year $ 35 $ 150 $ 30 $ 14 Deferrals 1 3 - 1 Amortization ( 5 ) ( 14 ) ( 3 ) ( 1 ) Balance as of end-of-year $ 31 $ 139 $ 27 $ 14 DSI amortization expense of $ 19 million, $ 23 million and $ 21 million was recorded in interest credited on the Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2022, 2021 and 2020, respectively. The following tables summarize the changes in DFEL (in millions): For the Year Ended For the Year Ended December 31, 2022 December 31, 2021 UL and Variable UL and Variable Other Annuities Other Annuities Balance as of beginning-of-year $ 3,934 $ 291 $ 3,298 $ 293 Business acquired (sold) through reinsurance - - ( 161 ) - Deferrals 1,061 23 988 27 Amortization ( 229 ) ( 28 ) ( 191 ) ( 29 ) Balance as of end-of-year $ 4,766 $ 286 $ 3,934 $ 291 DFEL amortization of $ 257 million, $ 220 million and $ 815 million was recorded in fee income on the Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2022, 2021 and 2020, respectively. |
Reinsurance
Reinsurance | 12 Months Ended |
Dec. 31, 2022 | |
Reinsurance [Abstract] | |
Reinsurance | 8. Reins urance The following summarizes reinsurance amounts (in millions) recorded on the Consolidated Statements of Comprehensive Income (Loss), excluding amounts attributable to the indemnity reinsurance agreements with Protective and Swiss Re: For the Years Ended December 31, 2022 2021 2020 Direct insurance premiums and fee income $ 13,607 $ 13,415 $ 13,304 Reinsurance assumed 98 94 95 Reinsurance ceded ( 2,015 ) ( 1,853 ) ( 1,656 ) Total insurance premiums and fee income $ 11,690 $ 11,656 $ 11,743 Direct insurance benefits $ 10,345 $ 10,592 $ 10,630 Reinsurance recoveries ( 1,866 ) ( 2,089 ) ( 1,953 ) Total benefits $ 8,479 $ 8,503 $ 8,677 Direct market risk benefit (gain) loss $ ( 3,517 ) $ ( 4,011 ) $ - Reinsurance ceded 271 258 ) - Total market risk benefit (gain) loss $ ( 3,246 ) $ ( 3,753 ) $ - Direct policyholder liability remeasurement (gain) loss $ 3,294 $ ( 162 ) $ - Reinsurance ceded ( 528 ) ( 21 ) - Total policyholder liability remeasurement (gain) loss $ 2,766 $ ( 183 ) $ - Our insurance companies cede insurance to other companies. The portion of our life insurance and annuity risks exceeding each of our insurance companies’ retention limit is reinsured with other insurers. We seek reinsurance coverage to limit our exposure to mortality losses and to enhance our capital management. Reinsurance does not discharge us from our primary obligation to contract holders for losses incurred under the policies we issue. We evaluate each reinsurance agreement to determine whether the agreement provides indemnification against loss or liability. As of December 31, 2022, the policy for our reinsurance program was to retain up to $ 20 million on a single insured life. As the amount we retain varies by policy, we reinsured 21 % of the mortality risk on newly issued life insurance contracts in 2022. Reinsurance Exposures We focus on obtaining reinsurance from a diverse group of reinsurers, and we monitor concentration as well as financial strength ratings of our reinsurers. Our amounts recoverable from reinsurers represent receivables from and reserves ceded to reinsurers. The amounts recoverable from reinsurers were $ 19.4 billion and $ 22.4 billion as of December 31, 2022 and 2021, respectively. Protective represents our largest reinsurance exposure following the sale of the individual life and individual and group annuity business acquired from Liberty Life Assurance Company of Boston in 2018, which resulted in amounts recoverable from Protective of $ 9.4 billion and $ 11.5 billion as of December 31, 2022 and 2021, respectively. Protective has funded trusts, of which the balance in the trusts changes as a result of ongoing reinsurance activity, to support the business ceded, which totaled $ 11.5 billion and $ 14.0 billion as of December 31, 2022 and 2021, respectively. Effective October 1, 2021, we entered into a reinsurance agreement with Resolution Life to reinsure liabilities under a block of in-force executive benefit and universal life policies. The agreement is structured as coinsurance for the general account reserves and modified coinsurance for the separate account reserves. Amounts recoverable from Resolution Life were $ 4.7 billion as of December 31, 2022 and 2021. Resolution Life has funded trusts, the balances of which change as a result of ongoing reinsurance activity to support the business ceded, that totaled $ 4.1 billion as of December 31, 2022 and 2021. We recognized a realized gain of $635 million in the fourth quarter of 2021 for the coinsurance portion of the transaction upon the transfer of a portfolio of assets to Resolution Life. Some portions of our annuity business have been reinsured on a modified coinsurance basis with other companies. In a modified coinsurance agreement, we as the ceding company retain the reserves, as well as the assets backing those reserves, and the reinsurer shares proportionally in all financial terms of the reinsured policies based on their respective percentage of the risk. Effective October 1, 2018, we entered into one such modified coinsurance agreement with Athene to reinsure fixed annuity products, which resulted in a deposit asset of $ 3.8 billion and $ 5.0 billion as of December 31, 2022 and 2021, respectively, within other assets on the Consolidated Balance Sheets. We held assets in support of reserves associated with the Athene transaction in a modified coinsurance investment portfolio, which consisted of the following (in millions): As of December 31, 2022 2021 Fixed maturity AFS securities $ 474 $ 744 Trading securities 2,644 3,399 Equity securities 60 54 Mortgage loans on real estate 487 739 Derivative investments 39 93 Other investments 42 227 Cash and invested cash 26 110 Accrued investment income 35 33 Other assets 2 5 Total $ 3,809 $ 5,404 The portfolio was supported by $ 105 million of over-collateralization and a $ 117 million letter of credit as of December 31, 2022. Additionally, we recorded a deferred gain on business sold through reinsurance related to the transaction with Athene and amortized $ 25 million, $ 26 million and $ 29 million of the gain during 2022, 2021 and 2020, respectively. See “Realized Gain (Loss)” in Note 21 for information on reinsurance-related embedded derivatives. Our reinsurance operations were acquired by Swiss Re in December 2001 through a series of indemnity reinsurance transactions. As such, Swiss Re reinsured certain liabilities and obligations under the indemnity reinsurance agreements. As we are not relieved of our liability to the ceding companies for this business, the liabilities and obligations associated with the reinsured policies remain on the Consolidated Balance Sheets with a corresponding reinsurance recoverable from Swiss Re, which totaled $ 1.6 billion and $2.2 billion as of December 31, 2022 and 2021, respectively. Swiss Re has funded a trust, with a balance of $ 710 million and $ 1.0 billion as of December 31, 2022 and 2021, respectively, to support this business. In addition to various remedies that we would have in the event of a default by Swiss Re, we continue to hold assets in support of certain of the transferred reserves. These assets consist of those reported as trading securities and certain mortgage loans. Credit Losses on Reinsurance-Related Assets In connection with our recognition of an allowance for credit losses for reinsurance-related assets, we perform a quantitative analysis using a probability of loss approach to estimate expected credit losses for reinsurance recoverables, inclusive of similar assets recognized using the deposit method of accounting. Our allowance for credit losses was $ 317 million and $ 205 million as of December 31, 2022 and 2021, respectively. The increase was attributable to updates to policyholder behavior assumptions that impacted ceded reserves. |
Goodwill and Specifically Ident
Goodwill and Specifically Identifiable Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Specifically Identifiable Intangible Assets [Abstract] | |
Goodwill and Specifically Identifiable Intangible Assets | 9. Goodwill and S pecifically Identifiable Intangible Assets The changes in the carrying amount of goodwill (in millions) by reportable segment were as follows: For the Year Ended December 31, 2022 Gross Accumulated Net Goodwill Impairment Goodwill Net as of as of as of Goodwill Beginning- Beginning- Beginning- as of End- of-Year of-Year of-Year Impairment of-Year Life Insurance $ 2,188 $ ( 1,554 ) $ 634 $ ( 634 ) $ - Annuities 1,040 ( 600 ) 440 - 440 Group Protection 684 - 684 - 684 Retirement Plan Services 20 - 20 - 20 Total goodwill $ 3,932 $ ( 2,154 ) $ 1,778 $ ( 634 ) $ 1,144 For the Year Ended December 31, 2021 Gross Accumulated Net Goodwill Impairment Goodwill Net as of as of as of Goodwill Beginning- Beginning- Beginning- as of End- of-Year of-Year of-Year Impairment of-Year Life Insurance $ 2,188 $ ( 1,554 ) $ 634 $ - $ 634 Annuities 1,040 ( 600 ) 440 - 440 Group Protection 684 - 684 - 684 Retirement Plan Services 20 - 20 - 20 Total goodwill $ 3,932 $ ( 2,154 ) $ 1,778 $ - $ 1,778 The fair values of our reporting units (Level 3 fair value estimates) are comprised of the value of in-force (i.e., existing) business and the value of new business. Specifically, new business is representative of cash flows and profitability associated with policies or contracts we expect to issue in the future, reflecting our forecasts of future sales volume and product mix over a 10 -year period. To determine the values of in-force and new business, we use a discounted cash flows technique that applies a discount rate reflecting the market expected, weighted-average rate of return adjusted for the risk factors associated with operations to the projected future cash flows for each reporting unit. As a result of the capital market environment during the third quarter of 2022, including (i) declining equity markets and (ii) the impact of rising interest rates on our discount rate assumption, we accelerated our quantitative goodwill impairment test for our Life Insurance reporting unit as we concluded that there were indicators of impairment. Based on this quantitative test, which included updating our best estimate assumptions therein, we incurred an impairment during the third quarter of 2022 of the Life Insurance reporting unit goodwill of $ 634 million, which represented a write-off of the entire balance of goodwill for the reporting unit. As of October 1, 2022, we performed our annual quantitative goodwill impairment test for our other reporting units, and, as of such date, the fair value was in excess of the carrying value for each of the Annuities, Group Protection and Retirement Plan Services reporting units. As of October 1, 2021, we performed our annual quantitative goodwill impairment test for all of our reporting units, and, as of such date, the fair value was in excess of each reporting unit’s carrying value. The gross carrying amounts and accumulated amortization (in millions) for each major specifically identifiable intangible asset class by reportable segment were as follows: As of December 31, 2022 As of December 31, 2021 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization Life Insurance: Sales force $ 100 $ 67 $ 100 $ 63 Group Protection: VOCRA 576 115 576 85 VODA 31 10 31 7 Retirement Plan Services: Mutual fund contract rights (1) 5 - 5 - Total $ 712 $ 192 $ 712 $ 155 (1) No amortization recorded as the intangible asset has indefinite life. Future estimated amortization of specifically identifiable intangible assets (in millions) as of December 31, 2022, was as follows: 2023 $ 37 2024 37 2025 37 2026 37 2027 37 Thereafter 330 |
MRBs
MRBs | 12 Months Ended |
Dec. 31, 2022 | |
MRBs [Abstract] | |
MRBs | 10. M RBs The following table reconciles MRBs (in millions) to MRB assets and MRB liabilities on the Consolidated Balance Sheets: As of December 31, 2022 As of December 31, 2021 Net Net (Assets) (Assets) Assets Liabilities Liabilities Assets Liabilities Liabilities Variable Annuities $ 2,666 $ 2,004 $ ( 662 ) $ 1,784 $ 4,182 $ 2,398 Fixed Annuities 117 72 ( 45 ) 91 205 114 Retirement Plan Services 24 2 ( 22 ) 13 12 ( 1 ) Total MRBs $ 2,807 $ 2,078 $ ( 729 ) $ 1,888 $ 4,399 $ 2,511 The following table summarizes the balances of and changes in net MRB (assets) liabilities (in millions): As of or For the Year Ended As of or For the Year Ended December 31, 2022 December 31, 2021 Retirement Retirement Variable Fixed Plan Variable Fixed Plan Annuities Annuities Services Annuities Annuities Services Balance as of beginning-of-year $ 2,398 $ 114 $ ( 1 ) $ 5,207 $ 118 $ 9 Balance as of beginning-of-year, before the effect of changes in non-performance risk 4,823 158 12 8,799 170 21 Issuances 12 - ( 3 ) 29 - 1 Attributed fees collected 1,571 32 6 1,667 32 5 Benefit payments ( 63 ) - - ( 24 ) - - Effect of changes in interest rates ( 9,346 ) ( 232 ) ( 55 ) ( 2,935 ) ( 57 ) ( 8 ) Effect of changes in equity markets 4,293 12 18 ( 2,837 ) ( 5 ) ( 12 ) Effect of changes in equity index volatility ( 225 ) 14 ( 1 ) ( 6 ) ( 2 ) ( 1 ) In-force updates and other changes in MRBs (1) 661 10 3 ( 134 ) 8 5 Effect of changes in future expected policyholder behavior ( 158 ) 1 - 293 12 1 Effect of changes in other future expected assumptions (2) ( 57 ) - - ( 29 ) - - Balance as of end-of-year, before the effect of changes in non-performance risk 1,511 ( 5 ) ( 20 ) 4,823 158 12 Effect of cumulative changes in non-performance risk ( 2,173 ) ( 40 ) ( 2 ) ( 2,425 ) ( 44 ) ( 13 ) Balance as of end-of-year ( 662 ) ( 45 ) ( 22 ) 2,398 114 ( 1 ) Less: ceded MRB assets (liabilities) ( 193 ) - - 78 - - Balance as of end-of-year, net of reinsurance $ ( 469 ) $ ( 45 ) $ ( 22 ) $ 2,320 $ 114 $ ( 1 ) Weighted-average age of policyholders (years) 71 68 63 71 67 62 Net amount at risk (3) 7,974 171 15 906 122 3 (1) Consists primarily of changes in MRB assets and liabilities related to differences between separate account fund performance and modeled indices and other changes such as actual to expected policyholder behavior. (2) Consists primarily of the update of fund mapping, volatility and other capital market assumptions. (3) Net amount at risk (“NAR”) is the current guaranteed minimum benefit in excess of the current account balance as of the balance sheet date. For GLBs, the guaranteed minimum benefit is calculated based on the present value of GLB payments. Our variable annuity products may offer more than one type of guaranteed benefit rider to a policyholder. In instances where more than one guaranteed benefit feature exists in a contract, the guaranteed benefit rider that provides the highest NAR is used in the calculation. For the year ended December 31, 2022, Variable Annuities had a favorable impact from updates to policyholder benefit utilization behavior and fund mapping and volatility assumptions. For the year ended December 31, 2021, Variable Annuities had an unfavorable impact from updates to policyholder benefit utilization behavior assumptions, partially offset by favorable updates to fund mapping and volatility assumptions. For the years ended December 31, 2022 and 2021, Fixed Annuities and Retirement Plan Services did not have any significant assumption updates. See “MRBs” in Note 1 and Note 15 for details related to our fair value judgments, assumptions, inputs and valuation methodology. |
Separate Accounts
Separate Accounts | 12 Months Ended |
Dec. 31, 2022 | |
Separate Accounts [Abstract] | |
Separate Account | 11. Sepa rate Accounts The following table presents the fair value of separate account assets (in millions) reported on the Consolidated Balance Sheets by major investment category: As of December 31, 2022 2021 Mutual funds and collective investment trusts $ 142,892 $ 181,766 Exchange-traded funds 258 432 Fixed maturity AFS securities 169 207 Cash and invested cash 98 54 Other investments 119 124 Total $ 143,536 $ 182,583 The following table reconciles separate account liabilities (in millions) to the Consolidated Balance Sheets: As of December 31, 2022 2021 UL and Other $ 20,920 $ 24,785 Variable Annuities 105,573 136,665 Retirement Plan Services 16,996 21,068 Other Operations (1) 47 65 Total separate account liabilities $ 143,536 $ 182,583 (1) Represents separate account liabilities reported in Other Operations primarily attributable to the indemnity reinsurance agreements with Protective ($ 42 million and $ 62 million as of December 31, 2022 and December 31, 2021, respectively) that are excluded from the following tables. The following table summarizes the balances of and changes in separate account liabilities (in millions): As of or For the Year Ended As of or For the Year Ended December 31, 2022 December 31, 2021 Retirement Retirement UL and Variable Plan UL and Variable Plan Other Annuities Services Other Annuities Services Balance as of beginning-of-year $ 24,785 $ 136,665 $ 21,068 $ 20,952 $ 128,121 $ 18,809 Gross deposits 1,900 3,371 2,378 1,786 5,220 2,294 Withdrawals ( 454 ) ( 9,238 ) ( 2,378 ) ( 441 ) ( 11,499 ) ( 2,970 ) Policyholder assessments ( 938 ) ( 2,603 ) ( 164 ) ( 865 ) ( 2,836 ) ( 185 ) Change in market performance ( 4,371 ) ( 23,194 ) ( 3,710 ) 3,470 16,990 3,245 Net transfers from (to) general account ( 2 ) 572 ( 198 ) ( 117 ) 669 ( 125 ) Balance as of end-of-year $ 20,920 $ 105,573 $ 16,996 $ 24,785 $ 136,665 $ 21,068 Cash surrender value $ 18,666 $ 103,987 $ 16,982 $ 22,614 $ 134,896 $ 21,049 |
Policyholder Account Balances
Policyholder Account Balances | 12 Months Ended |
Dec. 31, 2022 | |
Policyholder Account Balance [Abstract] | |
Policyholder Account Balance | 12. Policyholder Account Balances The following table reconciles policyholder account balances (in millions) to the Consolidated Balance Sheets: As of December 31, 2022 2021 UL and Other $ 37,694 $ 38,200 Variable Annuities 22,184 19,148 Fixed Annuities 23,365 22,552 Retirement Plan Services 25,138 23,579 Other (1) 6,054 6,748 Total policyholder account balances $ 114,435 $ 110,227 (1) Represents policyholder account balances reported primarily in Other Operations attributable to the indemnity reinsurance agreements with Protective ($ 5.7 billion and $ 6.3 billion as of December 31, 2022 and December 31, 2021, respectively) that are excluded from the following tables. The following table summarizes the balances and changes in policyholder account balances (in millions): As of or For the Year Ended December 31, 2022 Retirement UL and Variable Fixed Plan Other Annuities Annuities Services Balance as of beginning-of-year $ 38,200 $ 19,148 $ 22,552 $ 23,579 Gross deposits 3,921 5,178 3,284 4,012 Withdrawals ( 1,244 ) ( 417 ) ( 2,514 ) ( 3,579 ) Policyholder assessments ( 4,496 ) ( 2 ) ( 51 ) ( 13 ) Net transfers from (to) separate account 2 ( 492 ) - 510 Interest credited 1,494 287 532 629 Change in fair value of embedded derivative instruments ( 183 ) ( 1,518 ) ( 438 ) - Balance as of end-of-year $ 37,694 $ 22,184 $ 23,365 $ 25,138 Weighted-average crediting rate 3.9 % 1.4 % 2.4 % 2.6 % Net amount at risk (1)(2) $ 304,348 $ 7,974 $ 171 $ 15 Cash surrender value 34,210 21,147 22,529 25,133 As of or For the Year Ended December 31, 2021 Retirement UL and Variable Fixed Plan Other Annuities Annuities Services Balance as of beginning-of-year $ 38,185 $ 12,145 $ 23,168 $ 22,916 Gross deposits 3,942 5,496 1,023 3,121 Withdrawals ( 1,210 ) ( 310 ) ( 2,381 ) ( 3,474 ) Policyholder assessments ( 4,457 ) ( 2 ) ( 84 ) ( 14 ) Net transfers from (to) separate account 117 ( 587 ) - 414 Interest credited 1,501 209 508 616 Change in fair value of embedded derivative instruments 122 2,197 318 - Balance as of end-of-year $ 38,200 $ 19,148 $ 22,552 $ 23,579 Weighted-average crediting rate 3.9 % 1.3 % 2.2 % 2.7 % Net amount at risk (1)(2) $ 299,591 $ 906 $ 122 $ 3 Cash surrender value 34,393 18,300 21,744 23,573 (1) NAR is the current guaranteed minimum benefit in excess of the current account balance as of the balance sheet date. For GLBs, the guaranteed minimum benefit is calculated based on the present value of GLB payments. Our variable annuity products may offer more than one type of guaranteed benefit rider to a policyholder. In instances where more than one guaranteed benefit rider exists in a contract, the guaranteed benefit rider that provides the highest NAR is used in the calculation. (2) Calculation is based on total account balances and includes both policyholder account balances and separate account balances. The following table presents policyholder account balances (in millions) by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between the interest being credited to policyholders and the respective guaranteed contract minimums: As of December 31, 2022 Greater 1-50 Basis 51-100 101-150 Than 150 At Basis Basis Basis Basis Range of Guaranteed Guaranteed Points Points Points Points Minimum Crediting Rate Minimum Above Above Above Above Total UL and Other Up to 1.00 % $ 318 $ - $ 194 $ 29 $ 292 $ 833 1.01 % - 2.00 % 558 - - - 3,282 3,840 2.01 % - 3.00 % 7,218 156 - - - 7,374 3.01 % - 4.00 % 16,282 - 1 - - 16,283 4.01 % and above 3,824 - - - - 3,824 Other (1) - - - - - 5,540 Total $ 28,200 $ 156 $ 195 $ 29 $ 3,574 $ 37,694 Variable Annuities Up to 1.00 % $ - $ - $ - $ - $ - $ - 1.01 % - 2.00 % 4 - - 8 - 12 2.01 % - 3.00 % 658 - - - - 658 3.01 % - 4.00 % 1,545 - - - - 1,545 4.01 % and above 11 - - - - 11 Other (1) - - - - - 19,958 Total $ 2,218 $ - $ - $ 8 $ - $ 22,184 Fixed Annuities Up to 1.00 % $ 891 $ 497 $ 589 $ 563 $ 1,329 $ 3,869 1.01 % - 2.00 % 544 144 179 492 1,057 2,416 2.01 % - 3.00 % 1,973 5 1 - - 1,979 3.01 % - 4.00 % 1,353 - - - - 1,353 4.01 % and above 193 - - - - 193 Other (1) - - - - - 13,555 Total $ 4,954 $ 646 $ 769 $ 1,055 $ 2,386 $ 23,365 Retirement Plan Services Up to 1.00 % $ 961 $ 1,001 $ 4,304 $ 1,703 $ 1,908 $ 9,877 1.01 % - 2.00 % 1,774 2,197 982 462 - 5,415 2.01 % - 3.00 % 2,711 1 - - - 2,712 3.01 % - 4.00 % 5,622 1 - - - 5,623 4.01 % and above 1,511 - - - - 1,511 Total $ 12,579 $ 3,200 $ 5,286 $ 2,165 $ 1,908 $ 25,138 As of December 31, 2021 Greater 1-50 Basis 51-100 101-150 Than 150 At Basis Basis Basis Basis Range of Guaranteed Guaranteed Points Points Points Points Minimum Crediting Rate Minimum Above Above Above Above Total UL and Other Up to 1.00 % $ 331 $ - $ 569 $ 30 $ 227 $ 1,157 1.01 % - 2.00 % 531 - - - 3,362 3,893 2.01 % - 3.00 % 7,280 157 - - - 7,437 3.01 % - 4.00 % 16,662 - 1 - - 16,663 4.01 % and above 3,832 - - - - 3,832 Other (1) - - - - - 5,218 Total $ 28,636 $ 157 $ 570 $ 30 $ 3,589 $ 38,200 Variable Annuities Up to 1.00 % $ - $ - $ - $ - $ - $ - 1.01 % - 2.00 % 5 - - 9 - 14 2.01 % - 3.00 % 687 - - - - 687 3.01 % - 4.00 % 1,576 - - - - 1,576 4.01 % and above 12 - - - - 12 Other (1) - - - - - 16,859 Total $ 2,280 $ - $ - $ 9 $ - $ 19,148 Fixed Annuities Up to 1.00 % $ 656 $ 710 $ 869 $ 921 $ 568 $ 3,724 1.01 % - 2.00 % 594 32 156 469 1,026 2,277 2.01 % - 3.00 % 2,214 17 12 6 - 2,249 3.01 % - 4.00 % 1,220 - - - - 1,220 4.01 % and above 200 - - - - 200 Other (1) - - - - - 12,882 Total $ 4,884 $ 759 $ 1,037 $ 1,396 $ 1,594 $ 22,552 Retirement Plan Services Up to 1.00 % $ 1,054 $ 2,613 $ 1,683 $ 813 $ 1,929 $ 8,092 1.01 % - 2.00 % 2,736 1,031 795 465 - 5,027 2.01 % - 3.00 % 2,891 1 - - - 2,892 3.01 % - 4.00 % 5,927 1 - - - 5,928 4.01 % and above 1,640 - - - - 1,640 Total $ 14,248 $ 3,646 $ 2,478 $ 1,278 $ 1,929 $ 23,579 (1) Consists of indexed account balances that include the fair value of embedded derivative instruments, payout annuity account balances, short-term dollar cost averaging annuities business and policy loans. |
Future Contract Benefits
Future Contract Benefits | 12 Months Ended |
Dec. 31, 2022 | |
Future Contract Benefits [Abstract] | |
Future Contract Benefits | 13. Future C ontract Benefits The following table reconciles future contract benefits (in millions) to the Consolidated Balance Sheets: As of December 31, 2022 2021 Traditional Life (1) $ 3,509 $ 4,150 Payout Annuities (1) 2,004 2,512 Group Protection (2) 5,462 5,936 UL and Other (3) 14,818 12,556 Other Operations (4) 9,782 12,746 Other (5) 3,251 3,525 Total future contract benefits $ 38,826 $ 41,425 (1) See “LFPB” below for further information. (2) See “Liability for Future Claims” below for further information. (3) See “Additional Liabilities for Other Insurance Benefits” below for further information. (4) Represents future contract benefits reported in Other Operations primarily attributable to the indemnity reinsurance agreements with Protective ($ 5.4 billion and $ 6.9 billion as of December 31, 2022, and December 31, 2021, respectively) and Swiss Re ($ 2.3 billion and $ 3.1 billion as of December 31, 2022, and December 31, 2021, respectively) that are excluded from the following tables. (5) Represents other miscellaneous reserves outside the scope of ASU 2018-12 that are excluded from the following tables. LFPB The following table summarizes the balances of and changes in the present values of expected net premiums and LFPB (in millions, except years): As of or For the Year Ended As of or For the Year Ended December 31, 2022 December 31, 2021 Traditional Payout Traditional Payout Life Annuities Life Annuities Present Value of Expected Net Premiums Balance as of beginning-of-year $ 6,858 $ - $ 6,086 $ - Beginning balance of original discount rate 5,975 - 4,849 - Effect of changes in cash flow assumptions ( 484 ) - ( 89 ) - Effect of actual variances from expected experience 50 - 277 - Adjusted balance as of beginning-of-year 5,541 - 5,037 - Issuances 1,656 - 1,379 - Interest accrual 222 - 228 - Net premiums collected ( 765 ) - ( 647 ) - Flooring impact of LFPB ( 9 ) - ( 22 ) - Ending balance at original discount rate 6,645 - 5,975 - Effect of cumulative changes in discount rate assumptions ( 582 ) - 883 - Balance as of end-of-year $ 6,063 $ - $ 6,858 $ - Present Value of Expected LFPB Balance as of beginning-of-year $ 11,008 $ 2,512 $ 10,512 $ 2,668 Beginning balance of original discount rate (1) 9,447 2,246 8,332 2,253 Effect of changes in cash flow assumptions ( 415 ) - ( 95 ) - Effect of actual variances from expected experience 69 3 295 ( 3 ) Adjusted balance as of beginning-of-year 9,101 2,249 8,532 2,250 Issuances 1,655 122 1,379 96 Interest accrual 356 84 362 84 Benefit payments ( 755 ) ( 188 ) ( 826 ) ( 184 ) Ending balance at original discount rate (1) 10,357 2,267 9,447 2,246 Effect of cumulative changes in discount rate assumptions ( 785 ) ( 263 ) 1,561 266 Balance as of end-of-year $ 9,572 $ 2,004 $ 11,008 $ 2,512 Net balance as of end-of-year $ 3,509 $ 2,004 $ 4,150 $ 2,512 Less: reinsurance recoverables 532 3 688 3 Net balance as of end-of-year, net of reinsurance $ 2,977 $ 2,001 $ 3,462 $ 2,509 Weighted-average duration of future policyholder benefit liability (years) 10 9 11 11 (1) Includes DPL within Payout Annuities of $ 38 million, $ 22 million and $ 5 million as of December 31, 2022, December 31, 2021 and January 1, 2021, respectively. For the year ended December 31, 2022, Traditional Life had updates to the mortality and lapse assumptions resulting in lower projected premiums and benefits, and a corresponding increase in reserves. Payout Annuities did not have any significant assumption updates. For the year ended December 31, 2021, Traditional Life and Payout Annuities did not have any significant assumption updates or have any significantly different actual experience compared to expected. The following table summarizes the discounted and undiscounted expected future gross premiums and expected future benefit payments (in millions): As of December 31, 2022 As of December 31, 2021 Undiscounted Discounted Undiscounted Discounted Traditional Life Expected future gross premiums $ 13,945 $ 9,475 $ 14,658 $ 11,624 Expected future benefit payments 13,640 9,572 13,025 11,008 Payout Annuities Expected future gross premiums - - - - Expected future benefit payments 3,472 2,004 3,467 2,512 The following table summarizes the gross premiums and interest accretion (in millions) recognized in insurance premiums and benefits, respectively, on the Consolidated Statements of Comprehensive Income (Loss): For the Years Ended December 31, 2022 2021 Traditional Life Gross premiums $ 1,211 $ 1,103 Interest accretion 134 134 Payout Annuities Gross premiums 133 95 Interest accretion 84 84 The following table summarizes the weighted-average interest rates: For the Years Ended December 31, 2022 2021 Traditional Life Interest accretion rate 5.1 % 5.3 % Current discount rate 5.1 % 2.3 % Payout Annuities Interest accretion rate 3.9 % 3.8 % Current discount rate 5.3 % 2.7 % Liability for Future Claims The following table summarizes the balances of and changes in liability for future claims (in millions, except years): Group Protection As of or For the Year Ended December 31, 2022 2021 Balance as of beginning-of-year $ 5,936 $ 5,939 Beginning balance of original discount rate 5,674 5,422 Effect of changes in cash flow assumptions 15 ( 31 ) Effect of actual variances from expected experience ( 117 ) ( 133 ) Adjusted beginning-of-year balance 5,572 5,258 New incidence 1,777 1,597 Interest 141 145 Benefit payments ( 1,431 ) ( 1,326 ) Ending balance at original discount rate 6,059 5,674 Effect of cumulative changes in discount rate assumptions ( 597 ) 262 Balance as of end-of-year 5,462 5,936 Less: reinsurance recoverables 127 150 Balance as of end-of-year, net of reinsurance $ 5,335 $ 5,786 Weighted-average duration of liability for future claims (years) 4 5 For the year ended December 31, 2022, we had an unfavorable impact from updates to the long-term disability incidence and severity assumptions, partially offset by favorable impacts from updates to the life waiver termination rate assumptions. For the year ended December 31, 2021, we had a favorable impact from updates to long-term disability termination rate assumptions. For the years ended December 31, 2022 and 2021, we experienced more favorable claim terminations than assumed. The following table summarizes the discounted and undiscounted expected future benefit payments (in millions): As of December 31, 2022 As of December 31, 2021 Undiscounted Discounted Undiscounted Discounted Group Protection Expected future benefit payments $ 7,063 $ 6,059 $ 6,663 $ 5,674 The following table summarizes the gross premiums and interest accretion (in millions) recognized in insurance premiums and benefits, respectively, on the Consolidated Statements of Comprehensive Income (Loss): For the Years Ended December 31, 2022 2021 Group Protection Gross premiums $ 3,393 $ 3,145 Interest accretion 141 145 The following table summarizes the weighted-average interest rates: For the Years Ended December 31, 2022 2021 Group Protection Interest accretion rate 2.8 % 3.0 % Current discount rate 5.1 % 2.2 % Additional Liabilities for Other Insurance Benefits The following table summarizes the balances of and changes in additional liabilities for other insurance benefits (in millions, except years): UL and Other As of or For the Year Ended December 31, 2022 2021 Balance as of beginning-of-year $ 12,556 $ 12,308 Balance as of beginning-of-year, excluding shadow balance in AOCI 11,443 10,375 Effect of changes in cash flow assumptions 3,108 ( 115 ) Effect of actual variances from expected experience 195 107 Adjusted beginning-of-year balance 14,746 10,367 Issuances 7 2 Interest accrual 626 498 Net assessments collected 972 956 Benefit payments ( 628 ) ( 380 ) Balance as of end-of-year, excluding shadow balance in AOCI 15,723 11,443 Balance as of end-of-year 14,818 12,556 Less: reinsurance recoverables 856 368 Balance as of end-of-year, net of reinsurance $ 13,962 $ 12,188 Weighted-average duration of additional liabilities for other insurance benefits (years) 17 18 For the year ended December 31, 2022, we had an unfavorable impact primarily from updates to policyholder lapse behavior assumptions related to UL products with secondary guarantees in the amount of $ 1.9 billion, net of reinsurance, after-tax, and to a lesser extent mortality and morbidity assumptions. We had unfavorable actual mortality experience compared to expected due to ongoing effects of the COVID-19 pandemic. For the year ended December 31, 2021, we had a favorable impact from updates to investment strategy. We had unfavorable actual experience compared to expected driven by the one-time indirect impact of the updated DFEL amortization pattern due to the adoption of ASU 2018-12. The following table summarizes the gross assessments and interest accretion (in millions) recognized in insurance premiums and benefits, respectively, on the Consolidated Statements of Comprehensive Income (Loss): For the Years Ended December 31, 2022 2021 UL and Other Gross assessments $ 2,818 $ 3,150 Interest accretion 626 498 The following table summarizes the weighted-average interest rates: For the Years Ended December 31, 2022 2021 UL and Other Interest accretion rate 5.0 % 5.0 % |
Short-Term and Long-Term Debt
Short-Term and Long-Term Debt | 12 Months Ended |
Dec. 31, 2022 | |
Short-Term and Long-Term Debt [Abstract] | |
Short-Term and Long-Term Debt | 14. Short-Term and Long -Term Debt Details underlying short-term and long-term debt (in millions) were as follows: As of December 31, 2022 2021 Short-Term Debt Current maturities of long-term debt $ 500 $ 300 Total short-term debt $ 500 $ 300 Long-Term Debt, Excluding Current Portion Senior notes: 4.00 % notes, due 2023 (1) $ - $ 500 3.35 % notes, due 2025 (1) 300 300 3.625 % notes, due 2026 (1) 400 400 3.80 % notes, due 2028 (1) 500 500 3.05 % notes, due 2030 (1) 500 500 3.40 % notes, due 2031 (1) 500 500 3.40 % notes, due 2032 (1) 300 - 6.15 % notes, due 2036 (1) 243 243 6.30 % notes, due 2037 (1)(2) 375 375 7.00 % notes, due 2040 (1)(2) 500 500 4.35 % notes, due 2048 (1) 450 450 4.375 % notes, due 2050 (1) 300 300 Total senior notes 4,368 4,568 Term loan due 2024 (3) 250 250 Subordinated notes: LIBOR + 236 bps, due 2066 (4) 562 562 LIBOR + 204 bps, due 2067 (4) 433 433 Total subordinated notes 995 995 Capital securities: LIBOR + 236 bps, due 2066 (4) 160 160 LIBOR + 204 bps, due 2067 (4) 58 58 Total capital securities 218 218 Unamortized premiums (discounts) ( 6 ) ( 6 ) Unamortized debt issuance costs ( 34 ) ( 35 ) Unamortized adjustments from discontinued hedges 341 356 Fair value hedge on interest rate swap agreements ( 177 ) ( 21 ) Total long-term debt $ 5,955 $ 6,325 (1) We have the option to repurchase the outstanding notes by paying the greater of 100 % of the principal amount of the notes to be redeemed or the make-whole amount (as defined in each note agreement), plus in each case any accrued and unpaid interest as of the date of redemption. (2) Categorized as operating debt for leverage ratio calculations as the proceeds were primarily used as a long-term structured solution to reduce the strain on increasing statutory reserves associated with secondary guarantee UL and term policies. (3) The term loan bears interest at LIBOR plus an applicable margin. The applicable margin changed from 87.5 basis points to 112.5 basis points on November 3, 2022. (4) To hedge the variability in rates, we purchased interest rate swaps to lock in a fixed rate of approximately 5 % over the remaining terms of the subordinated notes and capital securities . Details underlying the recognition of a gain (loss) on the modification or early extinguishment of debt (in millions) reported within interest expense on the Consolidated Statements of Comprehensive Income (Loss) were as follows: For the Years Ended December 31, 2022 2021 2020 Principal balance outstanding prior to modification or payoff (1) $ - $ 995 $ 796 Unamortized debt issuance costs and discounts - - ( 2 ) Amount exchanged or paid to modify or retire debt - ( 1,003 ) ( 809 ) Gain (loss) on modification or early extinguishment of debt, pre-tax $ - $ ( 8 ) $ ( 15 ) (1) During 2021, we completed the exchange of a portion of our outstanding capital securities for newly issued subordinated notes. In connection with the exchange offer, we solicited and received the requisite number of consents to amend the indentures governing the remaining outstanding capital securities to eliminate various terms and conditions and other provisions, including the covenant that required us to make interest payments in accordance with an alternative coupon satisfaction mechanism upon the occurrence of certain trigger events. During 2020, we redeemed our $ 296 million outstanding principal amount of 4.85 % senior notes due 2021 and repaid our $ 500 million LIBOR + 150 bps term loan due 2022. Future principal payments due on long-term debt (in millions) as of December 31, 2022, were as follows: 2023 $ 500 2024 250 2025 300 2026 400 2027 - Thereafter 4,881 Total $ 6,331 For our long-term debt outstanding, unsecured senior debt, which consists of senior notes and a term loan, ranks highest in priority, followed by subordinated notes and then capital securities. Facility Agreement for Senior Notes Issuance During August 2020, LNC entered into a 10 -year facility agreement (the “facility agreement”) with a Delaware trust in connection with the sale by the trust of $ 500 million of pre-capitalized trust securities in a private placement pursuant to Rule 144A of the Securities Act of 1933, as amended. The trust invested the proceeds from the sale of the trust securities in a portfolio of principal and interest strips of U.S. Treasury securities. The facility agreement provides LNC the right to issue and sell to the trust, on one or more occasions, up to an aggregate principal amount outstanding at any one time of $ 500 million of LNC’s 2.330 % senior notes due August 15, 2030 (“ 2.330 % senior notes”) in exchange for a corresponding amount of U.S. Treasury securities held by the trust. The 2.330 % senior notes will not be issued unless and until the issuance right is exercised. In return, LNC pays a semi-annual facility fee to the trust at a rate of 1.691 % per year (applied to the unexercised portion of the maximum amount of senior notes that LNC could issue and sell to the trust), and LNC reimburses the trust for its expenses. The issuance right will be exercised automatically in full upon our failure to make certain payments to the trust, such as paying the facility fee or reimbursing the trust for its expenses, if the failure to pay is not cured within 30 days, or upon certain bankruptcy events involving LNC. We are also required to exercise the issuance right in full if our consolidated stockholders’ equity (excluding AOCI) falls below a minimum threshold (which was $ 2.75 billion as of December 31, 2022, and is subject to adjustment from time to time in certain cases) and upon certain other events described in the facility agreement. Prior to any involuntary exercise of the issuance right, LNC has the right to repurchase any or all of the 2.330 % senior notes then held by the trust in exchange for U.S. Treasury securities. LNC may redeem any outstanding 2.330 % senior notes, in whole or in part, prior to their maturity. Prior to May 15, 2030, the redemption price will equal the greater of par or a make-whole redemption price. After May 15, 2030, any outstanding 2.330 % senior notes may be redeemed at par. Credit Facilities Credit facilities, which allow for borrowing or issuances of letters of credit (“LOCs”), (in millions) were as follows: As of December 31, 2022 Expiration Maximum LOCs Date Available Issued Credit Facilities Five-year revolving credit facility June 19, 2026 $ 2,500 $ 1,641 LOC facility (1) August 26, 2031 979 948 LOC facility (1) October 1, 2031 891 891 Total $ 4,370 $ 3,480 (1) Our wholly-owned subsidiaries entered into irrevocable LOC facility agreements with third-party lenders supporting inter-company reinsurance agreements. During June 2021, we entered into an amended and restated credit agreement with a syndicate of banks, which amended and restated our existing five-year revolving credit facility agreement. The credit facility, which is unsecured, allows for the issuance of LOCs and borrowing of up to $ 2.5 billion and has a commitment termination date of June 19, 2026. The LOCs under the credit facility are used primarily to satisfy reserve credit requirements of (i) our domestic insurance companies for which reserve credit is provided by our affiliated reinsurance companies and (ii) certain ceding companies of our legacy reinsurance business. The credit facility agreement, as currently in effect, contains: Customary terms and conditions, including covenants restricting our ability to incur liens, merge or consolidate with another entity where we are not the surviving entity and dispose of all or substantially all of our assets; Financial covenants including maintenance of a minimum consolidated net worth equal to the sum of $ 10.0 billion plus 50 % of the aggregate net proceeds of equity issuances received by us after December 1, 2022, all as more fully set forth in the agreement; and a debt-to-capital ratio as defined in accordance with the agreement not to exceed 0.35 to 1.00 ; A cap on secured non-operating indebtedness and non-operating indebtedness of our subsidiaries equal to 7.5 % of total capitalization, as defined in accordance with the agreement; and Customary events of default, subject to certain materiality thresholds and grace periods for certain of those events of default. Upon an event of default, the credit facility agreement, as currently in effect, provides that, among other things, the commitments may be terminated and the loans then outstanding may be declared due and payable. As of December 31, 2022, we were in compliance with all such covenants. Our LOC facility agreements each contain customary terms and conditions, including early termination fees, covenants restricting the ability of the subsidiaries to incur liens, merge or consolidate with another entity and dispose of all or substantially all of their assets. Upon an event of early termination, the agreements require the immediate payment of all or a portion of the present value of the future LOC fees that would have otherwise been paid. Further, the agreements contain customary events of default, subject to certain materiality thresholds and grace periods for certain of those events of default. The events of default include payment defaults, covenant defaults, material inaccuracies in representations and warranties, bankruptcy and liquidation proceedings and other customary defaults. Upon an event of default, the agreements provide that, among other things, obligations to issue, amend or increase the amount of any LOC shall be terminated and any obligations shall become immediately due and payable. As of December 31, 2022, we were in compliance with all such covenants. Shelf Registration We currently have an effective shelf registration statement, which allows us to issue, in unlimited amounts, securities, including debt securities, preferred stock, common stock, warrants, stock purchase contracts, stock purchase units and depository shares. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value of Financial Instruments | 15. Fair Value of Finan cial Instruments The carrying values and estimated fair values of our financial instruments (in millions) were as follows: As of December 31, 2022 As of December 31, 2021 Carrying Fair Carrying Fair Value Value Value Value Assets Fixed maturity AFS securities $ 99,736 $ 99,736 $ 118,711 $ 118,711 Trading securities 3,498 3,498 4,460 4,460 Equity securities 427 427 375 375 Mortgage loans on real estate 18,301 16,553 17,991 18,700 Derivative investments 3,594 3,594 5,697 5,697 Other investments 3,739 3,739 4,279 4,279 Cash and invested cash 3,343 3,343 2,612 2,612 MRB assets 2,807 2,807 1,888 1,888 Other assets: Ceded MRBs 12 12 95 95 Reinsurance-related embedded derivatives 416 416 - - Indexed annuity ceded embedded derivatives 525 525 528 528 Separate account assets 143,536 143,536 182,583 182,583 Liabilities Policyholder account balances: Account balances of certain investment contracts ( 43,578 ) ( 34,274 ) ( 41,199 ) ( 47,870 ) Indexed annuity and IUL contracts embedded derivatives ( 4,783 ) ( 4,783 ) ( 6,131 ) ( 6,131 ) MRB liabilities ( 2,078 ) ( 2,078 ) ( 4,399 ) ( 4,399 ) Short-term debt ( 500 ) ( 496 ) ( 300 ) ( 302 ) Long-term debt ( 5,955 ) ( 5,005 ) ( 6,325 ) ( 6,707 ) Other liabilities: Ceded MRBs ( 205 ) ( 205 ) ( 17 ) ( 17 ) Reinsurance-related embedded derivatives - - ( 206 ) ( 206 ) Derivative liabilities ( 210 ) ( 210 ) ( 709 ) ( 709 ) Remaining guaranteed interest and similar contracts ( 574 ) ( 574 ) ( 594 ) ( 594 ) Valuation Methodologies and Associated Inputs for Financial Instruments Not Carried at Fair Value The following discussion outlines the methodologies and assumptions used to determine the fair value of our financial instruments not carried at fair value on the Consolidated Balance Sheets. Considerable judgment is required to develop these assumptions used to measure fair value. Accordingly, the estimates shown are not necessarily indicative of the amounts that would be realized in a one-time, current market exchange of all of our financial instruments. Mortgage Loans on Real Estate The fair value of mortgage loans on real estate, excluding mortgage loans accounted for using the fair value option, is established using a discounted cash flow method based on credit rating, maturity and future income. The ratings for mortgages in good standing are based on property type, location, market conditions, occupancy, debt-service coverage, loan-to-value, quality of tenancy, borrower and payment record. The fair value for impaired mortgage loans is based on the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s market price or the fair value of the collateral if the loan is collateral dependent. The inputs used to measure the fair value of our mortgage loans on real estate, excluding mortgage loans accounted for using the fair value option, are classified as Level 2 within the fair value hierarchy. Other Investments The carrying value of our assets classified as other investments, excluding short-term investments, approximates fair value. Other investments includes primarily LPs and other privately held investments that are accounted for using the equity method of accounting and the carrying value is based on our proportional share of the net assets of the LPs. Other investments also includes FHLB stock carried at cost and periodically evaluated for impairment based on ultimate recovery of par value. The inputs used to measure the fair value of our LPs, other privately held investments and FHLB stock are classified as Level 3 within the fair value hierarchy. The remaining assets in other investments include cash collateral receivables and securities that are not LPs or other privately held investments. The inputs used to measure the fair value of these assets are classified as Level 2 within the fair value hierarchy. Separate Account Assets Separate account assets are primarily carried at fair value. A portion of our separate account assets includes LPs, which are accounted for using the equity method of accounting. The carrying value is based on our proportional share of the net assets of the LPs and approximates fair value. The inputs used to measure the fair value of the separate account asset LPs are classified as Level 3 within the fair value hierarchy. Policyholder Account Balances Policyholder account balances include account balances of certain investment contracts. The fair value of the account balances of certain investment contracts is based on their approximate surrender value as of the balance sheet date. The inputs used to measure the fair value of these policyholder account balances are classified as Level 3 within the fair value hierarchy. Other Liabilities Other liabilities include remaining guaranteed interest and similar contracts. The fair value for the remaining guaranteed interest and similar contracts is estimated using discounted cash flow calculations as of the balance sheet date. These calculations are based on interest rates currently offered on similar contracts with maturities that are consistent with those remaining for the contracts being valued. As of December 31, 2022 and 2021, the remaining guaranteed interest and similar contracts carrying value approximated fair value. The inputs used to measure the fair value of these other liabilities are classified as Level 3 within the fair value hierarchy. Short-Term and Long-Term Debt The fair value of short-term and long-term debt is based on quoted market prices. The inputs used to measure the fair value of our short-term and long-term debt are classified as Level 2 within the fair value hierarchy. Fair Value Option Mortgage loans on real estate, net of allowance for credit losses, as reported on the Consolidated Balance Sheets, includes mortgage loans on real estate for which the fair value option was elected. The fair value option allows us to elect fair value as an alternative measurement for mortgage loans not otherwise reported at fair value. We have made these elections for certain mortgage loans associated with modified coinsurance agreements to help mitigate the inconsistency in earnings that would otherwise result from the use of embedded derivatives included with these loans. Changes in fair value are reflected in realized gain (loss) on the Consolidated Statement of Comprehensive Income (Loss). Changes in fair value due to instrument-specific credit risk are estimated using changes in credit spreads and quality ratings for the period reported. Mortgage loans on real estate for which the fair value option was elected are valued using third-party pricing services. We have procedures in place to review the valuations each quarter to ensure they are reasonable, including utilizing a separate third party to reperform the valuation for a selection of mortgage loans on an annual basis. Due to lack of observable inputs, mortgage loans electing the fair value option are classified as Level 3 within the fair value hierarchy. The fair value and aggregate contractual principal for mortgage loans on real estate where the fair value option was elected (in millions) were as follows: As of December 31, 2022 2021 Fair value $ 487 $ 739 Aggregate contractual principal 514 742 As of December 31, 2022 and 2021, no loans for which the fair value option was elected were in non-accrual status, and none were more than 90 days past due and still accruing interest. Financial Instruments Carried at Fair Value We did no t have any assets or liabilities measured at fair value on a nonrecurring basis as of December 31, 2022 or 2021. The following summarizes our financial instruments carried at fair value (in millions) on a recurring basis by the fair value hierarchy levels: As of December 31, 2022 Quoted Prices in Active Markets for Significant Significant Identical Observable Unobservable Total Assets Inputs Inputs Fair (Level 1) (Level 2) (Level 3) Value Assets Investments: Fixed maturity AFS securities: Corporate bonds $ - $ 76,728 $ 2,295 $ 79,023 U.S. government bonds 359 20 - 379 State and municipal bonds - 5,035 35 5,070 Foreign government bonds - 318 - 318 RMBS - 2,008 1 2,009 CMBS - 1,674 - 1,674 ABS - 9,787 1,117 10,904 Hybrid and redeemable preferred securities 41 269 49 359 Trading securities - 2,917 581 3,498 Equity securities - 274 153 427 Mortgage loans on real estate - - 487 487 Derivative investments (1) - 6,048 605 6,653 Other investments – short-term investments - 75 - 75 Cash and invested cash - 3,343 - 3,343 MRB assets - - 2,807 2,807 Other assets: Ceded MRBs - - 12 12 Reinsurance-related embedded derivatives - 416 - 416 Indexed annuity ceded embedded derivatives - - 525 525 Separate account assets 412 143,124 - 143,536 Total assets $ 812 $ 252,036 $ 8,667 $ 261,515 Liabilities Policyholder account balances – indexed annuity and IUL contracts embedded derivatives $ - $ - $ ( 4,783 ) $ ( 4,783 ) MRB liabilities - - ( 2,078 ) ( 2,078 ) Other liabilities: Ceded MRBs - - ( 205 ) ( 205 ) Derivative liabilities (1) - ( 2,666 ) ( 603 ) ( 3,269 ) Total liabilities $ - $ ( 2,666 ) $ ( 7,669 ) $ ( 10,335 ) As of December 31, 2021 Quoted Prices in Active Markets for Significant Significant Identical Observable Unobservable Total Assets Inputs Inputs Fair (Level 1) (Level 2) (Level 3) Value Assets Investments: Fixed maturity AFS securities: Corporate bonds $ - $ 92,400 $ 5,720 $ 98,120 U.S. government bonds 428 5 - 433 State and municipal bonds - 6,621 - 6,621 Foreign government bonds - 391 41 432 RMBS - 2,521 4 2,525 CMBS - 1,599 - 1,599 ABS - 7,642 870 8,512 Hybrid and redeemable preferred securities 54 322 93 469 Trading securities 32 3,600 828 4,460 Equity securities 7 273 95 375 Mortgage loans on real estate - - 739 739 Derivative investments (1) - 9,626 149 9,775 Other investments – short-term investments - 154 - 154 Cash and invested cash - 2,612 - 2,612 MRB assets - - 1,888 1,888 Other assets: - Ceded MRBs - - 95 95 Indexed annuity ceded embedded derivatives - - 528 528 Separate account assets 646 181,929 - 182,575 Total assets $ 1,167 $ 309,695 $ 11,050 $ 321,912 Liabilities Policyholder account balances – indexed annuity and IUL contracts embedded derivatives $ - $ - $ ( 6,131 ) $ ( 6,131 ) MRB liabilities - - ( 4,399 ) ( 4,399 ) Other liabilities: Ceded MRBs - - ( 17 ) ( 17 ) Reinsurance-related embedded derivatives - ( 206 ) - ( 206 ) Derivative liabilities (1) - ( 4,659 ) ( 128 ) ( 4,787 ) Total liabilities $ - $ ( 4,865 ) $ ( 10,675 ) $ ( 15,540 ) (1) Derivative investment assets and liabilities are presented within the fair value hierarchy on a gross basis by derivative type and not on a master netting basis by counterparty. The following summarizes changes to our financial instruments carried at fair value (in millions) and classified within Level 3 of the fair value hierarchy. The gains and losses below may include changes in fair value due in part to observable inputs that are a component of the valuation methodology. The summary schedule excludes changes to MRB assets and MRB liabilities as these balances are rolled forward in Note 10. For the Year Ended December 31, 2022 Gains Issuances, Transfers Items (Losses) Sales, Into or Included in Maturities, Out Beginning in OCI Settlements, of Ending Fair Net and Calls, Level 3, Fair Value Income Other (1) Net Net Value Investments: (2) Fixed maturity AFS securities: Corporate bonds $ 5,720 $ 1 $ ( 1,550 ) $ 796 $ ( 2,672 ) $ 2,295 State and municipal bonds - - ( 1 ) - 36 35 Foreign government bonds 41 - ( 6 ) ( 30 ) ( 5 ) - RMBS 4 - 1 21 ( 25 ) 1 CMBS - - - 17 ( 17 ) - ABS 870 - ( 113 ) 676 ( 316 ) 1,117 Hybrid and redeemable preferred securities 93 ( 6 ) ( 22 ) ( 12 ) ( 4 ) 49 Trading securities 828 ( 80 ) - ( 152 ) ( 15 ) 581 Equity securities 95 54 - 19 ( 15 ) 153 Mortgage loans on real estate 739 ( 20 ) ( 5 ) ( 227 ) - 487 Derivative investments 21 2 ( 6 ) - ( 15 ) 2 Other assets: Ceded MRBs (3) 95 ( 83 ) - - - 12 Indexed annuity ceded embedded derivatives (4) 528 ( 215 ) - 212 - 525 Policyholder account balances – indexed annuity and IUL contracts embedded derivatives (4) ( 6,131 ) 1,975 - ( 627 ) - ( 4,783 ) Other liabilities – ceded MRBs (3) ( 17 ) ( 188 ) - - - ( 205 ) Total, net $ 2,886 $ 1,440 $ ( 1,702 ) $ 693 $ ( 3,048 ) $ 269 For the Year Ended December 31, 2021 Gains Issuances, Transfers Items (Losses) Sales, Into or Included in Maturities, Out Beginning in OCI Settlements, of Ending Fair Net and Calls, Level 3, Fair Value Income Other (1) Net Net Value Investments: (2) Fixed maturity AFS securities: Corporate bonds $ 5,121 $ 4 $ ( 182 ) $ 748 $ 29 $ 5,720 U.S. government bonds 5 - - ( 5 ) - - Foreign government bonds 74 - ( 11 ) 80 ( 102 ) 41 RMBS 2 ( 1 ) - 3 - 4 CMBS - - - 8 ( 8 ) - ABS 570 1 ( 9 ) 602 ( 294 ) 870 Hybrid and redeemable preferred securities 104 - 27 ( 38 ) - 93 Trading securities 644 ( 3 ) - 210 ( 23 ) 828 Equity securities 59 39 - ( 3 ) - 95 Mortgage loans on real estate 832 11 5 ( 109 ) - 739 Derivative investments 1,542 1,255 ( 3 ) ( 139 ) ( 2,634 ) 21 Other assets: Ceded MRBs (3) 336 ( 241 ) - - - 95 Indexed annuity ceded embedded derivatives (4) 550 87 - ( 109 ) - 528 Policyholder account balances – indexed annuity and IUL contracts embedded derivatives (4) ( 3,594 ) ( 2,709 ) - 172 - ( 6,131 ) Other liabilities – ceded MRBs (3) - ( 17 ) - - - ( 17 ) Total, net $ 6,245 $ ( 1,574 ) $ ( 173 ) $ 1,420 $ ( 3,032 ) $ 2,886 For the Year Ended December 31, 2020 Gains Issuances, Transfers Items (Losses) Sales, Into or Included in Maturities, Out Beginning in OCI Settlements, of Ending Fair Net and Calls, Level 3, Fair Value Income Other (1) Net Net Value Investments: (2) Fixed maturity AFS securities: Corporate bonds $ 4,281 $ ( 8 ) $ 284 $ 464 $ 100 $ 5,121 U.S. government bonds 5 - - - - 5 Foreign government bonds 90 1 3 ( 20 ) - 74 RMBS 11 - - - ( 9 ) 2 CMBS 1 ( 1 ) - - - - ABS 268 - 7 496 ( 201 ) 570 Hybrid and redeemable preferred securities 78 - ( 2 ) 10 18 104 Trading securities 666 11 - ( 32 ) ( 1 ) 644 Equity securities 30 4 - 20 5 59 Mortgage loans on real estate - ( 1 ) ( 10 ) 56 787 832 Derivative investments 868 986 267 ( 363 ) ( 216 ) 1,542 Other assets: (4) GLB direct embedded derivatives 450 - - - - 450 GLB ceded embedded derivatives 60 22 - - - 82 Indexed annuity ceded embedded derivatives 927 538 - ( 915 ) - 550 Future contract benefits – indexed annuity and IUL contracts embedded derivatives (4) ( 2,585 ) ( 1,009 ) - - - ( 3,594 ) Other liabilities – GLB ceded embedded derivatives (4) ( 9 ) 9 - - - - Total, net $ 5,141 $ 552 $ 549 $ ( 284 ) $ 483 $ 6,441 (1) The changes in fair value of the interest rate swaps are offset by an adjustment to derivative investments (see Note 6). (2) Amortization and accretion of premiums and discounts are included in net investment income on the Consolidated Statements of Comprehensive Income (Loss). Gains (losses) from sales, maturities, settlements and calls and credit loss expense are included in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss). (3) Gains (losses) from the changes in fair value are included in market risk benefit gain (loss) on the Consolidated Statements of Comprehensive Income (Loss). (4) Gains (losses) from the changes in fair value are included in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss). The following provides the components of the items included in issuances, sales, maturities, settlements and calls, net, (in millions) as reported above: For the Year Ended December 31, 2022 Issuances Sales Maturities Settlements Calls Total Investments: Fixed maturity AFS securities: Corporate bonds $ 1,263 $ ( 100 ) $ ( 82 ) $ ( 235 ) $ ( 50 ) $ 796 Foreign government bonds - - ( 30 ) - - ( 30 ) RMBS 21 - - - - 21 CMBS 17 - - - - 17 ABS 918 - - ( 235 ) ( 7 ) 676 Hybrid and redeemable preferred securities - - - - ( 12 ) ( 12 ) Trading securities 287 ( 229 ) - ( 210 ) - ( 152 ) Equity securities 28 ( 9 ) - - - 19 Mortgage loans on real estate 15 - - ( 242 ) - ( 227 ) Other assets – indexed annuity ceded embedded derivatives 124 - - 88 - 212 Policyholder account balances – indexed annuity and IUL contracts embedded derivatives ( 710 ) - - 83 - ( 627 ) Total, net $ 1,963 $ ( 338 ) $ ( 112 ) $ ( 751 ) $ ( 69 ) $ 693 For the Year Ended December 31, 2021 Issuances Sales Maturities Settlements Calls Total Investments: Fixed maturity AFS securities: Corporate bonds $ 1,408 $ ( 33 ) $ ( 109 ) $ ( 488 ) $ ( 30 ) $ 748 U.S. government bonds - - ( 5 ) - - ( 5 ) Foreign government bonds 80 - - - - 80 RMBS 3 - - - - 3 CMBS 8 - - - - 8 ABS 835 - - ( 233 ) - 602 Hybrid and redeemable preferred securities 12 ( 20 ) - - ( 30 ) ( 38 ) Trading securities 383 ( 24 ) - ( 149 ) - 210 Equity securities 7 ( 10 ) - - - ( 3 ) Mortgage loans on real estate 96 ( 101 ) ( 26 ) ( 78 ) - ( 109 ) Derivative investments 174 ( 124 ) ( 189 ) - - ( 139 ) Other assets – indexed annuity ceded embedded derivatives 55 - - ( 164 ) - ( 109 ) Policyholder account balances – indexed annuity and IUL contracts embedded derivatives ( 400 ) - - 572 - 172 Total, net $ 2,661 $ ( 312 ) $ ( 329 ) $ ( 540 ) $ ( 60 ) $ 1,420 For the Year Ended December 31, 2020 Issuances Sales Maturities Settlements Calls Total Investments: Fixed maturity AFS securities: Corporate bonds $ 1,126 $ ( 250 ) $ ( 43 ) $ ( 237 ) $ ( 132 ) $ 464 Foreign government bonds - - ( 20 ) - - ( 20 ) ABS 572 - - ( 76 ) - 496 Hybrid and redeemable preferred securities 14 ( 4 ) - - - 10 Trading securities 300 ( 126 ) ( 40 ) ( 166 ) - ( 32 ) Equity securities 22 ( 2 ) - - - 20 Mortgage loans on real estate 71 ( 15 ) - - - 56 Derivative investments 520 ( 412 ) ( 471 ) - - ( 363 ) Other assets – indexed annuity ceded embedded derivatives 25 - - ( 940 ) - ( 915 ) Future contract benefits – indexed annuity and IUL contracts embedded derivatives ( 284 ) - - 284 - - Total, net $ 2,366 $ ( 809 ) $ ( 574 ) $ ( 1,135 ) $ ( 132 ) $ ( 284 ) The following summarizes changes in unrealized gains (losses) included in net income related to financial instruments carried at fair value classified within Level 3 that we still held (in millions): For the Years Ended December 31, 2022 2021 2020 Trading securities (1) $ ( 81 ) $ 4 $ - Equity securities (1) 56 43 - Mortgage loans on real estate (1) ( 20 ) 12 - Derivative investments (1) 2 1,051 536 GLB embedded derivatives (1) - - 671 MRBs (2) 3,183 3,729 - Embedded derivatives – indexed annuity and IUL contracts (1) ( 95 ) 44 634 Total, net $ 3,045 $ 4,883 $ 1,841 (1) Included in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss). (2) Included in market risk benefit gain (loss) on the Consolidated Statements of Comprehensive Income (Loss). The following summarizes changes in unrealized gains (losses) included in OCI, net of tax, related to financial instruments carried at fair value classified within Level 3 that we still held (in millions): For the Years Ended December 31, 2022 2021 2020 Fixed maturity AFS securities: Corporate bonds $ ( 1,562 ) $ ( 183 ) $ 58 State and municipal bonds ( 1 ) - - Foreign government bonds ( 7 ) ( 10 ) 4 ABS ( 116 ) ( 9 ) 5 Hybrid and redeemable preferred securities ( 22 ) 27 ( 3 ) Mortgage loans on real estate ( 5 ) 4 - Total, net $ ( 1,713 ) $ ( 171 ) $ 64 The following provides the components of the transfers into and out of Level 3 (in millions) as reported above: For the Year Ended December 31, 2022 Transfers Transfers Into Out of Level 3 Level 3 Total Investments: Fixed maturity AFS securities: Corporate bonds $ 296 $ ( 2,968 ) $ ( 2,672 ) State and municipal bonds 36 - 36 Foreign government bonds - ( 5 ) ( 5 ) RMBS - ( 25 ) ( 25 ) CMBS - ( 17 ) ( 17 ) ABS 16 ( 332 ) ( 316 ) Hybrid and redeemable preferred securities - ( 4 ) ( 4 ) Trading securities 4 ( 19 ) ( 15 ) Equity securities - ( 15 ) ( 15 ) Derivative investments - ( 15 ) ( 15 ) Total, net $ 352 $ ( 3,400 ) $ ( 3,048 ) For the Year Ended December 31, 2021 Transfers Transfers Into Out of Level 3 Level 3 Total Investments: Fixed maturity AFS securities: Corporate bonds $ 163 $ ( 134 ) $ 29 Foreign government bonds - ( 102 ) ( 102 ) CMBS - ( 8 ) ( 8 ) ABS 36 ( 330 ) ( 294 ) Trading securities 14 ( 37 ) ( 23 ) Derivative investments 24 ( 2,658 ) ( 2,634 ) Total, net $ 237 $ ( 3,269 ) $ ( 3,032 ) For the Year Ended December 31, 2020 Transfers Transfers Into Out of Level 3 Level 3 Total Investments: Fixed maturity AFS securities: Corporate bonds $ 343 $ ( 243 ) $ 100 U.S. government bonds 5 ( 5 ) - RMBS 1 ( 10 ) ( 9 ) ABS 20 ( 221 ) ( 201 ) Hybrid and redeemable preferred securities 18 - 18 Trading securities 33 ( 34 ) ( 1 ) Equity securities 5 - 5 Mortgage loans on real estate 787 - 787 Derivative investments - ( 216 ) ( 216 ) Total, net $ 1,212 $ ( 729 ) $ 483 Transfers into and out of Level 3 are generally the result of observable market information on financial instruments no longer being available or becoming available to our pricing vendors. For the years ended December 31, 2022, 2021 and 2020, transfers in and out of Level 3 were attributable primarily to the financial instruments’ observable market information no longer being available or becoming available. In 2022, transfers out of Level 3 included corporate bonds and ABS for which we changed valuation techniques. This change in valuation technique was primarily from a change to a third-party-provided pricing model that did not use significant unobservable inputs. In 2021, transfers out of Level 3 included derivative instruments for which we changed valuation techniques. This change in valuation technique was primarily from unobservable inputs in counterparty models to a mathematical model provided by a third party. These updated valuation techniques are considered industry standard and provide us with greater visibility into the economic valuation inputs. The following summarizes the fair value (in millions), valuation techniques and significant unobservable inputs of the Level 3 fair value measurements as of December 31, 2022: Weighted Average Fair Valuation Significant Assumption or Input Value Technique Unobservable Inputs Input Ranges Range (1) Assets Investments: Fixed maturity AFS and trading securities: Corporate bonds $ 204 Discounted cash flow Liquidity/duration adjustment (2) ( 0.2 ) % - 4.2 % 2.1 % State and municipal bonds 35 Discounted cash flow Liquidity/duration adjustment (2) 1.2 % - 2.4 % 2.3 % ABS 15 Discounted cash flow Liquidity/duration adjustment (2) 1.4 % - 1.4 % 1.4 % Hybrid and redeemable preferred securities 3 Discounted cash flow Liquidity/duration adjustment (2) 1.5 % - 1.5 % 1.5 % Equity securities 4 Discounted cash flow Liquidity/duration adjustment (2) 4.5 % - 4.5 % 4.5 % MRB assets 2,807 Other assets – ceded MRBs 12 Discounted cash flow Lapse (3) 1 % - 30 % (10) Utilization of GLB withdrawals (4) 85 % - 100 % 94 % Claims utilization factor (5) 60 % - 100 % (10) Premiums utilization factor (5) 80 % - 115 % (10) Non-performance risk (6) 0.35 % - 2.41 % 1.73 % Mortality (7) (9) (10) Volatility (8) 1 % - 28 % 14.47 % Other assets – indexed annuity ceded embedded derivatives 525 Discounted cash flow Lapse (3) 0 % - 9 % (10) Mortality (7) (9) (10) Liabilities Policyholder account balances – indexed annuity contracts embedded derivatives $ ( 4,845 ) Discounted cash flow Lapse (3) 0 % - 9 % (10) Mortality (7) (9) (10) MRB liabilities ( 2,078 ) Other liabilities – ceded MRBs ( 205 ) Discounted cash flow Lapse (3) 1 % - 30 % (10) Utilization of GLB withdrawals (4) 85 % - 100 % 94 % Claims utilization factor (5) 60 % - 100 % (10) Premiums utilization factor (5) 80 % - 115 % (10) Non-performance risk (6) 0.35 % - 2.41 % 1.73 % Mortality (7) (9) (10) Volatility (8) 1 % - 28 % 14.47 % The following summarizes the fair value (in millions), valuation techniques and significant unobservable inputs of the Level 3 fair value measurements as of December 31, 2021: Weighted Average Fair Valuation Significant Assumption or Input Value Technique Unobservable Inputs Input Ranges Range (1) Assets Investments: Fixed maturity AFS and trading securities: Corporate bonds $ 3,736 Discounted cash flow Liquidity/duration adjustment (2) 0.1 % - 4.9 % 1.5 % Foreign government bonds 41 Discounted cash flow Liquidity/duration adjustment (2) 1.3 % - 8.0 % 6.0 % Hybrid and redeemable preferred securities 7 Discounted cash flow Liquidity/duration adjustment (2) 1.7 % - 1.7 % 1.7 % Equity securities 21 Discounted cash flow Liquidity/duration adjustment (2) 4.5 % - 6.7 % 6.1 % MRB assets 1,888 Other assets – ceded MRBs 95 Discounted cash flow Lapse (3) 1 % - 30 % (10) Utilization of GLB withdrawals (4) 85 % - 100 % 94 % Claims utilization factor (5) 60 % - 100 % (10) Premiums utilization factor (5) 80 % - 115 % (10) Non-performance risk (6) 0.07 % - 1.27 % 0.86 % Mortality (7) (9) (10) Volatility (8) 1 % - 28 % 14.59 % Other assets – indexed annuity ceded embedded derivatives 528 Discounted cash flow Lapse (3) 0 % - 9 % (10) Mortality (7) (9) (10) Liabilities Policyholder account balances – indexed annuity contracts embedded derivatives $ ( 6,062 ) Discounted cash flow Lapse (3) 0 % - 9 % (10) Mortality (7) (9) (10) MRB liabilities ( 4,399 ) Other liabilities – ceded MRBs ( 17 ) Discounted cash flow Lapse (3) 1 % - 30 % (10) Utilization of GLB withdrawals (4) 85 % - 100 % 94 % Claims utilization factor (5) 60 % - 100 % (10) Premiums utilization factor (5) 80 % - 115 % (10) Non-performance risk (6) 0.07 % - 1.27 % 0.86 % Mortality (7) (9) (10) Volatility (8) 1 % - 28 % 14.59 % (1) Unobservable inputs were weighted by the relative fair value of the instruments, unless otherwise noted. (2) The liquidity/duration adjustment input represents an estimated market participant composite of adjustments attributable to liquidity premiums, expected durations, structures and credit quality that would be applied to the market observable information of an investment. (3) The lapse input represents the estimated probability of a contract surrendering during a year, and thereby forgoing any future benefits. The range for indexed annuity contracts represents the lapses during the surrender charge period. (4) The utilization of GLB withdrawals input represents the estimated percentage of policyholders that utilize the GLB withdrawal riders. (5) The utilization factors are applied to the present value of claims or premiums, as appropriate, in the MRB calculation to estimate the impact of inefficient GLB withdrawal behavior, including taking less than or more than the maximum GLB withdrawal. (6) The non-performance risk input represents the estimated additional credit spread that market participants would apply to the market observable discount rate when pricing a contract. The non-performance risk input was weighted by the absolute value of the sensitivity of the reserve to the non-performance risk assumption. (7) The mortality input represents the estimated probability of when an individual belonging to a particular group, categorized according to age or some other factor such as gender, will die. (8) The volatility input represents overall volatilities assumed for the underlying variable annuity funds, which include a mixture of equity and fixed-income assets. Volatility assumptions vary by fund due to the benchmarking of different indices. The volatility input was weighted by the relative account value assigned to each index. (9) The mortality is based on a combination of company and industry experience, adjusted for improvement factors. (10) A weighted average input range is not a meaningful measurement for lapse, utilization factors or mortality. From the table above, we have excluded Level 3 fair value measurements obtained from independent, third-party pricing sources. We do not develop the significant inputs used to measure the fair value of these assets and liabilities, and the information regarding the significant inputs is not readily available to us. Independent broker-quoted fair values are non-binding quotes developed by market makers or broker-dealers obtained from third-party sources recognized as market participants. The fair value of a broker-quoted asset or liability is based solely on the receipt of an updated quote from a single market maker or a broker-dealer recognized as a market participant as we do not adjust broker quotes when used as the fair value measurement for an asset or liability. Significant increases or decreases in any of the quotes received from a third-party broker-dealer may result in a significantly higher or lower fair value measurement. Changes in any of the significant inputs presented in the table above would have resulted in a significant change in the fair value measurement of the asset or liability as follows: Investments – An increase in the liquidity/duration adjustment input would have resulted in a decrease in the fair value measurement. Indexed annuity contracts embedded derivatives – For direct embedded derivatives, an increase in the lapse or mortality inputs would have resulted in a decrease in the fair value measurement. MRBs – Assuming our market risk benefits are in a liability position: an increase in our lapse, non-performance risk or mortality inputs would have resulted in a decrease in the fair value measurement except for policies with GDB riders only and an increase in mortality would have resulted in an increase in the fair value measurement. For each category discussed above, the unobservable inputs are not inter-related; therefore, a directional change in one input would not have affected the other inputs. As part of our ongoing valuation process, we assess the reasonableness of our valuation techniques or models and make adjustments as necessary. For more information, see Note 1. |
Retirement and Deferred Compens
Retirement and Deferred Compensation Plans | 12 Months Ended |
Dec. 31, 2022 | |
Retirement and Deferred Compensation Plans [Abstract] | |
Retirement and Deferred Compensation Plans | 16. Retirement and Deferre d Compensation Plans Defined Benefit Pension and Other Postretirement Benefit Plans We maintain U.S. defined benefit pension plans in which certain U.S. employees and agents are participants, and a U.K. plan we retained after the sale of the Lincoln UK business. Our defined benefit pension plans are closed to new entrants and existing participants do not accrue any additional benefits. We comply with the minimum funding requirements in both the U.S. and the U.K. In accordance with such practice, we were not required to make contributions for the years ended December 31, 2022 and 2021. We do not expect to be required to make any contributions to these pension plans in 2023. We sponsor other postretirement benefit plans that provide health care and life insurance to certain retired employees and agents. Total net periodic cost (recovery) for these plans was $( 41 ) million, $( 41 ) million and $( 11 ) million during 2022, 2021 and 2020, respectively, which was reported within commissions and other expenses on the Consolidated Statements of Comprehensive Income (Loss). In 2023, we expect the plans to make benefit payments of approximately $ 100 million. Information (in millions) with respect to these plans was as follows: As of or For the Years Ended December 31, 2022 2021 2022 2021 Other Postretirement Pension Plans Benefit Plans Fair value of plan assets $ 1,126 $ 1,667 $ 71 $ 67 Projected benefit obligation 1,126 1,595 44 79 Funded status $ - $ 72 $ 27 $ ( 12 ) Amounts Recognized on the Consolidated Balance Sheets Other assets $ 91 $ 182 $ 27 $ - Other liabilities ( 91 ) ( 110 ) - ( 12 ) Net amount recognized $ - $ 72 $ 27 $ ( 12 ) Weighted-Average Assumptions Benefit obligations: Weighted-average discount rate 5.49 % 2.76 % 5.70 % 3.10 % Net periodic benefit cost: Weighted-average discount rate 2.81 % 2.61 % 3.73 % 2.96 % Expected return on plan assets 5.67 % 6.13 % 6.50 % 6.50 % The weighted average discount rate was determined based on a corporate yield curve as of December 31, 2022, and projected benefit obligation cash flows. The expected return on plan assets was determined based on historical and expected future returns of the various asset categories, using the plans’ target plan allocation. We reevaluate these assumptions each plan year. The following summarizes our fair value measurements of our benefit plans’ assets (in millions) on a recurring basis by asset category: As of December 31, 2022 2021 Fixed maturity securities: Corporate bonds $ 292 $ 452 U.S. government bonds 196 228 Foreign government bonds 128 191 State and municipal bonds 22 28 Limited partnerships and common and preferred stock 353 527 Bulk annuity insurance policy 89 150 Cash and invested cash 46 91 Other investments 71 67 Total $ 1,197 $ 1,734 Defined Contribution Plans We sponsor tax-qualified defined contribution plans for eligible employees and agents. We administer these plans in accordance with the plan documents and various limitations under section 401(a) of the Internal Revenue Code of 1986. For the years ended December 31, 2022, 2021 and 2020, expenses for these plans were $ 102 million, $ 107 million and $ 100 million, respectively. Deferred Compensation Plans We sponsor non-qualified, unfunded, deferred compensation plans for certain current and former employees, agents and non-employee directors. The results of certain notional investment options within some of the plans are hedged by total return swaps. Our expenses increase or decrease in direct proportion to the change in market value of the participants’ investment options. Participants of certain plans are able to select our stock as a notional investment option; however, it is not hedged by the total return swaps and is a primary source of expense volatility related to these plans. For the years ended December 31, 2022, 2021 and 2020, expenses for these plans were $( 4 ) million, $ 32 million and $ 35 million, respectively. For further discussion of total return swaps related to our deferred compensation plans, see Note 6. Information (in millions) with respect to these plans was as follows: As of December 31, 2022 2021 Total liabilities (1) $ 686 $ 841 Investments dedicated to fund liabilities (2) 206 254 (1) Reported in other liabilities on the Consolidated Balance Sheets. (2) Reported in other assets on the Consolidated Balance Sheets. |
Stock-Based Incentive Compensat
Stock-Based Incentive Compensation Plans | 12 Months Ended |
Dec. 31, 2022 | |
Stock-Based Incentive Compensation Plans [Abstract] | |
Stock-Based Incentive Compensation Plans | 17. Stock-Based Incentive Compensation Plans We sponsor stock-based incentive compensation plans for our employees and directors and for the employees and agents of our subsidiaries that provide for the issuance of stock options, performance shares and restricted stock units (“RSUs”), among other types of awards. We issue new shares to satisfy option exercises and vested performance shares and RSUs. Total compensation expense (in millions) by award type for our stock-based incentive compensation plans was as follows: For the Years Ended December 31, 2022 2021 2020 Stock options $ 6 $ 8 $ 10 Performance shares 10 18 5 RSUs 35 35 36 Total $ 51 $ 61 $ 51 Recognized tax benefit $ 11 $ 13 $ 11 Total unrecognized compensation expense (in millions) and expected weighted-average life (in years) by award type for our stock-based incentive compensation plans was as follows: For the Years Ended December 31, 2022 2021 2020 Weighted- Weighted- Weighted- Average Average Average Expense Period Expense Period Expense Period Stock options $ 11 0.8 $ 8 0.7 $ 8 0.7 Performance shares 19 1.2 14 1.2 14 1.3 RSUs 55 1.4 43 1.4 37 1.2 Total unrecognized stock-based incentive compensation expense $ 85 $ 65 $ 59 Stock Options The option price assumptions used for our stock option awards were as follows: For the Years Ended December 31, 2022 2021 2020 Weighted-average fair value per option granted $ 18.13 $ 17.26 $ 12.25 Weighted-average assumptions: Dividend yield 3.2 % 3.0 % 3.0 % Expected volatility 44.4 % 45.0 % 30.1 % Risk-free interest rate (1) 1.9 - 3.8 % 0.6 - 1.0 % 0.3 - 1.4 % Expected life (in years) 5.8 5.8 5.8 (1) Risk-free interest rate expressed as a range and not a weighted average. The fair value of options is determined using a Black-Scholes options valuation model with the assumptions disclosed in the table above. The dividend yield is based on the expected dividend rate during the expected life of the option. Expected volatility is based on the implied volatility of exchange-traded securities and the historical volatility of the LNC stock price. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of the grant. The expected life of the options granted represents the weighted-average period of time from the grant date to the date of exercise, expiration or cancellation based upon historical behavior. Generally, stock options have a maximum contractual term of ten years and vest ratably over a three-year period based solely on a service condition. Information with respect to our incentive plans involving stock options with service conditions (aggregate intrinsic value shown in millions) was as follows: Weighted- Weighted- Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Term Value Outstanding as of December 31, 2021 3,011,536 $ 59.23 Granted 593,609 55.10 Exercised ( 38,374 ) 54.76 Forfeited or expired ( 170,232 ) 63.19 Outstanding as of December 31, 2022 3,396,539 $ 58.36 6.09 $ - Vested or expected to vest as of December 31, 2022 (1) 3,238,301 $ 58.49 5.97 $ - Exercisable as of December 31, 2022 2,476,028 $ 59.47 5.05 $ - (1) Includes estimated forfeitures. The total fair value of stock options with service conditions that vested during the years ended December 31, 2022, 2021 and 2020 was $ 8 million, $ 8 million and $ 8 million, respectively. The total intrinsic value of such options exercised during the years ended December 31, 2022, 2021 and 2020, was $ 1 million, $ 15 million and $ 3 million, respectively. We award to certain agents stock options that have a maximum contractual term of five years and generally vest ratably over a two-year period depending on the satisfaction of the performance conditions. Information with respect to our incentive plans involving stock options with performance conditions (aggregate intrinsic value shown in millions) was as follows: Weighted- Weighted- Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Term Value Outstanding as of December 31, 2021 166,278 $ 58.88 Granted 33,435 60.58 Exercised ( 29,931 ) 63.59 Forfeited or expired ( 48,385 ) 60.49 Outstanding as of December 31, 2022 121,397 $ 57.55 2.36 $ - Vested or expected to vest as of December 31, 2022 (1) 114,310 $ 57.34 2.26 $ - Exercisable as of December 31, 2022 97,773 $ 56.72 1.99 $ - (1) Includes estimated forfeitures. The total fair value of stock options with performance conditions that vested during the years ended December 31, 2022, 2021 and 2020, was $ 1 million, less than $ 1 million and less than $ 1 million, respectively. The total intrinsic value of such options exercised during the years ended December 31, 2022, 2021 and 2020, was less than $ 1 million, $ 1 million and less than $ 1 million, respectively. Performance Shares LNC performance shares vest, if at all, after the conclusion of the three-year performance period and certification of performance results by the Compensation Committee, and, generally, on the third anniversary of the grant date. Depending on the achievement level of performance measures pre-determined by the Compensation Committee for the three-year performance period, payouts could range from 0% to 200% of the target award for performance shares granted prior to 2021, 0% to 240% of the target award for performance shares granted in 2021 and 0% to 232% of the target award for performance shares granted in 2022. Dividend equivalents accrue with respect to unvested performance shares when and as cash dividends are paid on the Company’s common stock and vest if and to the extent that the underlying performance shares vest. Performance share information in the table below includes dividend equivalents credited on unvested performance share awards at target. Information with respect to our performance shares was as follows: Weighted- Average Grant-Date Shares Fair Value Outstanding as of December 31, 2021 (1) 630,670 $ 63.16 Granted 374,128 69.37 Vested ( 185,194 ) 66.89 Forfeited ( 72,756 ) 69.97 Performance adjustment (2) 20,580 66.89 Outstanding as of December 31, 2022 (1) 767,428 $ 64.61 (1) Represents target award amounts. (2) Represents the difference between the target shares granted and the actual shares vested based upon the achievement level of performance measures. RSUs LNC RSUs generally cliff vest on the third anniversary of the grant date, based solely on a service condition. Dividend equivalents accrue with respect to unvested RSUs when and as cash dividends are paid on the Company’s common stock and vest if and when the underlying RSUs vest. RSU information in the table below includes dividend equivalents credited on unvested RSU awards. Information with respect to our RSUs was as follows: Weighted- Average Grant-Date Shares Fair Value Outstanding as of December 31, 2021 1,870,556 $ 59.78 Granted 938,181 65.53 Vested ( 713,247 ) 62.53 Forfeited ( 156,341 ) 62.27 Outstanding as of December 31, 2022 1,939,149 $ 61.26 |
Contingencies And Commitments
Contingencies And Commitments | 12 Months Ended |
Dec. 31, 2022 | |
Contingencies And Commitments [Abstract] | |
Contingencies And Commitments | 18. Contin gencies and Commitments Contingencies Reinsurance Disputes Certain reinsurers have sought rate increases on certain yearly renewable term agreements. We are disputing the requested rate increases under these agreements. We may initiate legal proceedings, as necessary, under these agreements in order to protect our contractual rights. Additionally, reinsurers have initiated, and may in the future initiate, legal proceedings against us. While this may impact the Life Insurance segment, we believe it is unlikely the outcome of these disputes would have a material impact on the consolidated financial statements. For more information about reinsurance, see Note 8. Regulatory and Litigation Matters Regulatory bodies, such as state insurance departments, the SEC, Financial Industry Regulatory Authority and other regulatory bodies regularly make inquiries and conduct examinations or investigations concerning our compliance with, among other things, insurance laws, securities laws, laws governing the activities of broker-dealers, registered investment advisers and unclaimed property laws. LNC is involved in various pending or threatened legal or regulatory proceedings, including purported class actions, arising from the conduct of business both in the ordinary course and otherwise. In some of the matters, very large and/or indeterminate amounts, including punitive and treble damages, are sought. Modern pleading practice in the U.S. permits considerable variation in the assertion of monetary damages or other relief. Jurisdictions may permit claimants not to specify the monetary damages sought or may permit claimants to state only that the amount sought is sufficient to invoke the jurisdiction of the trial court. In addition, jurisdictions may permit plaintiffs to allege monetary damages in amounts well exceeding verdicts obtained in the jurisdiction for similar matters. This variability in pleadings, together with the actual experiences of LNC in litigating or resolving through settlement numerous claims over an extended period of time, demonstrates to management that the monetary relief which may be specified in a lawsuit or claim bears little relevance to its merits or disposition value. Due to the unpredictable nature of litigation, the outcome of a litigation matter and the amount or range of potential loss at particular points in time is normally difficult to ascertain. Uncertainties can include how fact finders will evaluate documentary evidence and the credibility and effectiveness of witness testimony, and how trial and appellate courts will apply the law in the context of the pleadings or evidence presented, whether by motion practice, or at trial or on appeal. Disposition valuations are also subject to the uncertainty of how opposing parties and their counsel will themselves view the relevant evidence and applicable law. We establish liabilities for litigation and regulatory loss contingencies when information related to the loss contingencies shows both that it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. It is possible that some matters could require us to pay damages or make other expenditures or establish accruals in amounts that could not be estimated as of December 31, 2022. For some matters, the Company is able to estimate a reasonably possible range of loss. For such matters in which a loss is probable, an accrual has been made. For such matters where a loss is believed to be reasonably possible, but not probable, no accrual has been made. Accordingly, the estimate contained in this paragraph reflects two types of matters. For some matters included within this estimate, an accrual has been made, but there is a reasonable possibility that an exposure exists in excess of the amount accrued. In these cases, the estimate reflects the reasonably possible range of loss in excess of the accrued amount. For other matters included within this estimation, no accrual has been made because a loss, while potentially estimable, is believed to be reasonably possible but not probable. In these cases, the estimate reflects the reasonably possible loss or range of loss. As of December 31, 2022, we estimate the aggregate range of reasonably possible losses, including amounts in excess of amounts accrued for these matters as of such date, to be up to approximately $ 190 million, after-tax. Any estimate is not an indication of expected loss, if any, or of the Company’s maximum possible loss exposure on such matters. For other matters, we are not currently able to estimate the reasonably possible loss or range of loss. We are often unable to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support an assessment of the range of possible loss, such as quantification of a damage demand from plaintiffs, discovery from other parties and investigation of factual allegations, rulings by the court on motions or appeals, analysis by experts and the progress of settlement negotiations. On a quarterly and annual basis, we review relevant information with respect to litigation contingencies and update our accruals, disclosures and estimates of reasonably possible losses or ranges of loss based on such reviews. Among other matters, we are presently engaged in litigation, including relating to cost of insurance rates (“Cost of Insurance and Other Litigation”), as described below. No accrual has been made for some of these matters. Although a loss is believed to be reasonably possible for these matters, for some of these matters, we are not able to estimate a reasonably possible amount or range of potential liability. An adverse outcome in one or more of these matters may have a material impact on the consolidated financial statements, but, based on information currently known, management does not believe those cases are likely to have such an impact. Cost of Insurance and Other Litigation Cost of Insurance Litigation Glover v. Connecticut General Life Insurance Company and The Lincoln National Life Insurance Company , filed in the U.S. District Court for the District of Connecticut, No. 3:16-cv-00827, is a putative class action that was served on LNL on June 8, 2016. Plaintiff is the owner of a universal life insurance policy who alleges that LNL charged more for non-guaranteed cost of insurance than permitted by the policy. Plaintiff seeks to represent all universal life and variable universal life policyholders who owned policies containing non-guaranteed cost of insurance provisions that are similar to those of Plaintiff’s policy and seeks damages on behalf of all such policyholders. On January 11, 2019, the court dismissed Plaintiff’s complaint in its entirety. In response, Plaintiff filed a motion for leave to amend the complaint, which we have opposed. EFG Bank AG, Cayman Branch, et al. v. The Lincoln National Life Insurance Company , pending in the U.S. District Court for the Eastern District of Pennsylvania, No. 2:17-cv-02592, is a civil action filed on February 1, 2017. Plaintiffs own universal life insurance policies originally issued by Jefferson-Pilot (now LNL). Plaintiffs allege that LNL breached the terms of policyholders’ contracts when it increased non-guaranteed cost of insurance rates beginning in 2016. We are vigorously defending this matter. In re: Lincoln National COI Litigation , pending in the U.S. District Court for the Eastern District of Pennsylvania, Case No. 2:16-cv-06605-GJP, is a consolidated litigation matter related to multiple putative class action cases that were consolidated by an order dated March 20, 2017. Plaintiffs purport to own certain universal life insurance policies originally issued by Jefferson-Pilot (now LNL). Among other things, plaintiffs allege that LNL and LNC breached the terms of policyholders’ contracts by increasing non-guaranteed cost of insurance rates beginning in 2016. Plaintiffs sought to represent classes of policyowners and sought damages on their behalf. On August 9, 2022, the court denied plaintiffs’ motion for class certification. The parties participated in a mediation on December 13, 2022, and subsequently reached a settlement. On January 26, 2023, the parties informed the presiding judge of a class settlement in this action, subject to final documentation and court approval. The parties requested an extension of the current case schedule and indicated that plaintiffs anticipate filing a motion for preliminary approval of the class settlement on or before March 24, 2023. The terms of the provisional class settlement remain confidential. In re: Lincoln National 2017 COI Rate Litigation , pending in the U.S. District Court for the Eastern District of Pennsylvania, Case No. 2:17-cv-04150, is a consolidated litigation matter related to multiple putative class action cases that were consolidated by an order dated March 28, 2018. Plaintiffs purport to own certain universal life insurance policies originally issued by Jefferson-Pilot (now LNL). Among other things, plaintiffs allege that LNL and LNC breached the terms of policyholders’ contracts by increasing non-guaranteed cost of insurance rates beginning in 2017. Plaintiffs sought to represent classes of policyholders and sought damages on their behalf. On August 9, 2022, the court denied plaintiffs’ motion for class certification. The parties participated in a mediation on December 13, 2022, and subsequently reached a settlement. On January 26, 2023, the parties informed the presiding judge of a class settlement in this action, subject to final documentation and court approval. The parties requested an extension of the current case schedule and indicated that plaintiffs anticipate filing a motion for preliminary approval of the class settlement on or before March 24, 2023. The terms of the provisional class settlement remain confidential. Iwanski v. First Penn-Pacific Life Insurance Company (“FPP”), No. 2:18-cv-01573 filed in the U.S. District Court for the Eastern District of Pennsylvania is a putative class action that was filed on April 13, 2018. Plaintiff alleges that defendant FPP breached the terms of his life insurance policy by deducting non-guaranteed cost of insurance charges in excess of what is permitted by the policies. Plaintiff seeks to represent all owners of universal life insurance policies issued by FPP containing non-guaranteed cost of insurance provisions that are similar to those of Plaintiff’s policy and seeks damages on their behalf. Breach of contract is the only cause of action asserted. We are vigorously defending this matter. TVPX ARS INC., as Securities Intermediary for Consolidated Wealth Management, LTD. v. The Lincoln National Life Insurance Company , filed in the U.S. District Court for the Eastern District of Pennsylvania, No. 2:18-cv-02989, is a putative class action that was filed on July 17, 2018. Plaintiff alleges that LNL charged more for non-guaranteed cost of insurance than permitted by the policy. Plaintiff seeks to represent all universal life and variable universal life policyholders who own policies issued by LNL or its predecessors containing non-guaranteed cost of insurance provisions that are similar to those of Plaintiff’s policy and seeks damages on behalf of all such policyholders. We are vigorously defending this matter. LSH Co. and Wells Fargo Bank, National Association, as securities intermediary for LSH Co. v. Lincoln National Corporation and The Lincoln National Life Insurance Company , pending in the U.S. District Court for the Eastern District of Pennsylvania, No. 2:18-cv-05529, is a civil action filed on December 21, 2018. Plaintiffs own universal life insurance policies originally issued by Jefferson-Pilot (now LNL). Plaintiffs allege that LNL breached the terms of policyholders’ contracts when it increased non-guaranteed cost of insurance rates in 2016 and 2017. We are vigorously defending this matter. Vida Longevity Fund, LP v. Lincoln Life & Annuity Company of New York , pending in the U.S. District Court for the Southern District of New York, No. 1:19-cv-06004, is a putative class action that was filed on June 27, 2019. Plaintiff alleges that Lincoln Life & Annuity Company of New York (“LLANY”) charged more for non-guaranteed cost of insurance than was permitted by the policies. On March 31, 2022, the court issued an order granting plaintiff’s motion for class certification and certified a class of all current or former owners of six universal life insurance products issued by LLANY that were assessed a cost of insurance charge any time on or after June 27, 2013. Plaintiff seeks damages on behalf of the class. We are vigorously defending this matter. Angus v. The Lincoln National Life Insurance Company , pending in the U.S. District Court for the Eastern District of Pennsylvania, No. 2:22-cv-01878, is a putative class action filed on May 13, 2022. Plaintiff alleges that defendant LNL breached the terms of her life insurance policy by deducting non-guaranteed cost of insurance charges in excess of what is permitted by the policies. Plaintiff seeks to represent all owners of universal life insurance policies issued or insured by LNL or its predecessors containing non-guaranteed cost of insurance provisions that are similar to those of plaintiff’s policy and seeks damages on their behalf. Breach of contract is the only cause of action asserted. On August 26, 2022, LNL filed a motion to dismiss. We are vigorously defending this matter. Other Litigation Andrew Nitkewicz v. Lincoln Life & Annuity Company of New York, pending in the U.S. District Court for the Southern District of New York, No. 1:20-cv-06805, is a putative class action that was filed on August 24, 2020. Plaintiff Andrew Nitkewicz, as trustee of the Joan C. Lupe Trust, seeks to represent all current and former owners of universal life (including variable universal life) policies who own or owned policies issued by LLANY and its predecessors in interest that were in force at any time on or after June 27, 2013, and for which planned annual, semi-annual, or quarterly premiums were paid for any period beyond the end of the policy month of the insured’s death. Plaintiff alleges LLANY failed to refund unearned premium in violation of New York Insurance Law Section 3203(a)(2) in connection with the payment of death benefit claims for certain insurance policies. Plaintiff seeks compensatory damages and pre-judgment interest on behalf of the various classes and sub-class. On July 2, 2021, the court granted, with prejudice, LLANY’s November 2020 motion to dismiss this matter. Plaintiff filed a notice of appeal on July 28, 2021, and on September 26, 2022, the U.S. Court of Appeals for the Second Circuit reserved its decision and certified a question to the New York Court of Appeals. On October 20, 2022, the New York Court of Appeals accepted the question, and has set a briefing schedule. Commitments Leases As of December 31, 2022 and 2021, we had operating lease ROU assets of $ 140 million and $ 147 million, respectively, and associated lease liabilities of $ 152 million and $ 157 million, respectively. The weighted-average discount rate was 3.3 % and 2.6 %, respectively, and the weighted-average remaining lease term was five years as of December 31, 2022 and 2021. Operating lease expense for the years ended December 31, 2022, 2021 and 2020, was $ 45 million, $ 49 million and $ 50 million, respectively, and reported in commissions and other expenses on the Consolidated Statements of Comprehensive Income (Loss). As of December 31, 2022 and 2021, we had finance lease assets of $ 14 million and $ 37 million, respectively, and associated finance lease liabilities of $ 106 million and $ 175 million, respectively. The accumulated amortization associated with the finance lease assets was $ 458 million and $ 436 million as of December 31, 2022 and 2021, respectively. These assets will continue to be amortized on a straight-line basis over the assets’ remaining lives. The weighted-average discount rate was 2.9 % and 1.4 %, respectively, and the weighted-average remaining lease term was one year as of December 31, 2022 and 2021. Finance lease expense (in millions) was as follows: For the Years Ended December 31, 2022 2021 2020 Amortization of finance lease assets (1) $ 23 $ 38 $ 53 Interest on finance lease liabilities (2) 4 3 6 Total $ 27 $ 41 $ 59 (1) Amortization of finance lease assets is reported in commissions and other expenses on the Consolidated Statements of Comprehensive Income (Loss). (2) Interest on finance lease liabilities is reported in interest and debt expense on the Consolidated Statements of Comprehensive Income (Loss). The table below presents cash flow information (in millions) related to leases: For the Years Ended December 31, 2022 2021 2020 Supplemental Cash Flow Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 47 $ 47 $ 54 Financing cash flows from finance leases 74 62 53 Supplemental Non-Cash Information ROU assets obtained in exchange for new lease obligations: Operating leases $ 23 $ 8 $ 10 Our future minimum lease payments (in millions) under non-cancellable leases as of December 31, 2022, were as follows: Operating Finance Leases Leases 2023 $ 44 $ 82 2024 42 18 2025 38 7 2026 34 4 2027 18 - Thereafter 15 - Total future minimum lease payments 191 111 Less: Amount representing interest 39 5 Present value of minimum lease payments $ 152 $ 106 As of December 31, 2022, we had no leases that had not yet commenced. Certain Financing Arrangements We periodically enter into sale-leaseback arrangements that do not meet the criteria of a sale for accounting purposes. As such, we account for these transactions as financing arrangements. As of December 31, 2022 and 2021, we had $ 558 million and $ 375 million, respectively, of financing obligations reported within other liabilities on the Consolidated Balance Sheets. Future payments due on certain financing arrangements (in millions) as of December 31, 2022, were as follows: 2023 $ 43 2024 95 2025 127 2026 175 2027 191 Thereafter - Total future minimum lease payments 631 Less: Amount representing interest 73 Present value of minimum lease payments $ 558 Vulnerability from Concentrations As of December 31, 2022, we did not have a concentration of: business transactions with a particular customer or lender; sources of supply of labor or services used in the business; or a market or geographic area in which business is conducted that makes us vulnerable to an event that is at least reasonably possible to occur in the near term and which could cause a severe impact to our financial condition. For information on our investment and reinsurance concentrations, see Notes 4 and 8, respectively. Other Contingency Matters State guaranty funds assess insurance companies to cover losses to contract holders of insolvent or rehabilitated companies. Mandatory assessments may be partially recovered through a reduction in future premium taxes in some states. We have accrued for expected assessments and the related reductions in future state premium taxes, which net to assessments (recoveries) of $( 2 ) million and $( 6 ) million as of December 31, 2022 and 2021, respectively. |
Shares and Stockholders' Equity
Shares and Stockholders' Equity | 12 Months Ended |
Dec. 31, 2022 | |
Shares and Stockholders' Equity [Abstract] | |
Shares and Stockholders' Equity | 19. Shares and Stoc kholders’ Equity Preferred Shares Preferred stock authorized, issued and outstanding (number of shares) was as follows: As of December 31, 2022 2021 Shares Authorized Shares Issued Shares Outstanding Shares Authorized Shares Issued Shares Outstanding 9.250% Fixed Rate Reset Non-Cumulative Preferred Stock, Series C 20,000 20,000 20,000 - - - 9.000% Non-Cumulative Preferred Stock, Series D 20,000 20,000 20,000 - - - Not designated 9,960,000 - - 10,000,000 - - Total preferred shares 10,000,000 40,000 40,000 10,000,000 - - In November 2022, we issued 500,000 depositary shares (“Series C Depositary Shares”), each representing a 1/25 th interest in a share of our 9.250 % Fixed Rate Reset Non-Cumulative Preferred Stock, Series C liquidation preference $ 25,000 per share (the “Series C Preferred Stock”) and in the aggregate representing 20,000 shares of Series C Preferred Stock, for aggregate net cash proceeds of $ 493 million. Dividends, if declared, will be payable commencing on March 1, 2023, and will accrue and be payable on the first day of March and September each year, in arrears, at an annual rate of 9.250 % on the liquidation preference of $ 25,000 per share. From, and including March 1, 2028 (the first “reset date”), the annual rate will reset every five years at a rate equal to the five-year treasury rate as of the most recent reset dividend determination date plus 5.318 %. We may, at our option, redeem our Series C Preferred Stock in whole but not in part within 90 days after certain rating agency events, or a regulatory capital event, or in whole or in part, from time to time, during the three-month period prior to each reset date. We may, at our option, redeem the Series C Preferred Stock, (a) in whole but not in part within 90 days after the occurrence of a rating agency event at a redemption price equal to 102 % of the stated amount of a share of Series C Preferred Stock (initially, $ 25,500 per share of Series C Preferred Stock, equivalent to $ 1,020 per Depositary Share), plus an amount equal to any dividends per share that have accrued but not been declared and paid for the then-current dividend period to, but excluding, such redemption date; and (b)(i)in whole but not in part within 90 days after the occurrence of a regulatory capital event, or (ii) in whole or in part, from time to time, during the three-month period prior to March 1, 2028, and during the three-month period prior to each reset date thereafter in each case, at a redemption price equal to the stated amount of a share of Series C Preferred Stock (initially, $ 25,000 per share of Series C Preferred Stock, equivalent to $ 1,000 per Depositary Share), plus an amount equal to any dividends per share that have accrued but not been declared and paid for the then-current dividend period to, but excluding, such redemption date. In November 2022, we issued 20,000,000 depositary shares (“Series D Depositary Shares”), each representing a 1/1000 th interest in a share of our 9.000 % Series D, Non-Cumulative Preferred Stock, liquidation preference $ 25,000 per share (the “Series D Preferred Stock”) and in the aggregate representing 20,000 shares of Series D Preferred Stock, for aggregate net cash proceeds of $ 493 million. Dividends, if declared, will be payable commencing on March 1, 2023, and will accrue and be payable quarterly on the first day of March, June, September, and December each year, in arrears, at an annual rate of 9.000 %. We may, at our option, redeem our Series D Preferred Stock in whole but not in part within 90 days after certain rating agency events, or a regulatory capital event, or in whole or in part, at any time or from time to time, on or after December 1, 2027. We may, at our option, redeem the Series D Preferred Stock, (a) in whole but not in part, at any time prior to December 1, 2027, within 90 days after the occurrence of a rating agency event at a redemption price equal to 102 % of the stated amount of a share of Series D Preferred Stock (initially, $ 25,500 per share of Series D Preferred Stock, equivalent to $ 25.50 per Depositary Share), plus an amount equal to any dividends per share that have accrued but not been declared and paid for the then-current dividend period to, but excluding, such redemption date, and (b)(i) in whole but not in part, at any time prior to December 1, 2027, within 90 days after the occurrence of a regulatory capital event; or (ii) in whole or in part, at any time or from time to time on or after December 1, 2027, in each case, at a redemption price equal to the stated amount of a share of Series D Preferred Stock (initially, $ 25,000 per share of Series D Preferred Stock, equivalent to $ 25.00 per Depositary Share), plus an amount equal to any dividends per share that have accrued but not been declared and paid for the then-current dividend period to, but excluding, such redemption date. The Series C Preferred Stock and the Series D Preferred Stock (together, the “Preferred Stock”) rank equally with each other for liquidation preference. The Preferred Stock is senior to our common stock with respect to the payment of dividends, if declared, and distributions of assets upon any liquidation, dissolution or winding-up of the Company. The ability of the Company to declare or pay dividends on, or purchase, redeem or otherwise acquire, shares of its common stock or any shares of the Company that rank junior to, or on parity with, the Preferred Stock is subject to certain restrictions in the event that we do not declare and pay (or set aside) dividends on the Preferred Stock for the last preceding dividend period. Except as otherwise provided by law, every holder of Preferred Stock will have the right at every shareholders’ meeting to one vote for each share of Preferred Stock held in their name as of the record date for such meeting. In addition, at any time when six or more quarterly dividends, whether or not consecutive, on one or more series of the Preferred Stock is in default, the holders of all preferred stock at the time or times outstanding as to which such default shall exist shall have certain voting rights with respect to the election of additional directors to the Company’s Board of Directors, as provided in the Certificate of Designations for each series of Preferred Stock. Each share of Preferred Stock is perpetual and has no maturity date. The Preferred Stock is not convertible into, or exchangeable for, any other class or series of stock or other securities of the Company or its subsidiaries and is not subject to any mandatory redemption, sinking fund, retirement fund, purchase fund, or other similar provisions. Our Series C and D Preferred Stock are without par value. Common Shares The changes in our common stock (number of shares) were as follows: For the Years Ended December 31, 2022 2021 2020 Common Stock Balance as of beginning-of-year 177,193,515 192,329,691 196,668,532 Stock compensation/issued for benefit plans 692,491 1,106,572 547,209 Retirement/cancellation of shares ( 8,665,495 ) ( 16,242,748 ) ( 4,886,050 ) Balance as of end-of-year 169,220,511 177,193,515 192,329,691 Common Stock as of End-of-Year Basic basis 169,220,511 177,193,515 192,329,691 Diluted basis 170,483,323 179,229,110 193,672,296 Average Common Shares A reconciliation of the denominator (number of shares) in the calculations of basic and diluted earnings (loss) per common share was as follows: For the Years Ended December 31, 2022 2021 2020 Weighted-average shares, as used in basic calculation 171,034,695 187,359,884 193,610,225 Shares to cover non-vested stock 968,005 1,357,245 687,240 Average stock options outstanding during the year 989,123 1,844,117 746,742 options (at average market price for the year) ( 783,232 ) ( 1,419,165 ) ( 576,582 ) Shares repurchasable from measured but unrecognized stock option expense ( 21,006 ) ( 43,314 ) ( 2,445 ) Average deferred compensation shares 512,570 - - Weighted-average shares, as used in diluted calculation (1) 172,700,155 189,098,767 194,465,180 (1) Due to reporting a net loss for the year ended December 31, 2022, basic shares were used in the diluted EPS calculation for this year as the use of diluted shares would have resulted in a lower loss per share . In the event the average market price of LNC common stock exceeds the issue price of stock options and the options have a dilutive effect to our EPS, such options will be shown in the table above. We have participants in our deferred compensation plans who selected LNC stock as the measure for the investment return attributable to all or a portion of their deferral amounts. This obligation is settled in either cash or LNC stock pursuant to the applicable plan document. We exclude deferred units of LNC stock that are antidilutive from our diluted EPS calculation. The mark-to-market adjustment of these deferred units excluded from our diluted EPS calculation was $ 13 million and $( 8 ) million for the years ended December 31, 2022 and 2021, respectively. Our common stock is without par value. AOCI The following summarizes the components and changes in AOCI (in millions): For the Years Ended December 31, 2022 2021 2020 Unrealized Gain (Loss) on Fixed Maturity AFS Securities and Certain Other Investments Balance as of beginning-of-year $ 9,616 $ 9,611 $ 5,983 Cumulative effect from adoption of new accounting standards - 3,584 45 Unrealized holding gains (losses) arising during the year ( 25,552 ) ( 4,673 ) 7,925 Change in foreign currency exchange rate adjustment ( 322 ) ( 142 ) 180 Change in DAC, VOBA, DSI and DFEL - - ( 3,140 ) Change in future contract benefits and policyholder account balances 2,291 893 ( 429 ) Income tax benefit (expense) 5,039 838 ( 970 ) Less: Reclassification adjustment for gains (losses) included in net income (loss) ( 15 ) 626 ( 53 ) Associated amortization of DAC, VOBA, DSI and DFEL - - 32 Income tax benefit (expense) 3 ( 131 ) 4 Balance as of end-of-year $ ( 8,916 ) $ 9,616 $ 9,611 Unrealized OTTI on Fixed Maturity AFS Securities Balance as of beginning-of-year $ - $ - $ 45 Cumulative effect from adoption of new accounting standard - - ( 45 ) Balance as of end-of-year $ - $ - $ - Unrealized Gain (Loss) on Derivative Instruments Balance as of beginning-of-year $ ( 85 ) $ ( 402 ) $ ( 11 ) Cumulative effect from adoption of new accounting standard - 25 - Unrealized holding gains (losses) arising during the year 378 246 ( 257 ) Change in foreign currency exchange rate adjustment 312 152 ( 174 ) Change in DAC, VOBA, DSI and DFEL - - ( 17 ) Income tax benefit (expense) ( 144 ) ( 85 ) 94 Less: Reclassification adjustment for gains (losses) included in net income (loss) 92 26 48 Associated amortization of DAC, VOBA, DSI and DFEL - - ( 1 ) Income tax benefit (expense) ( 19 ) ( 5 ) ( 10 ) Balance as of end-of-year $ 388 $ ( 85 ) $ ( 402 ) Policyholder Liability Discount Rate Remeasurement Gain (Loss) Balance as of beginning-of-year $ ( 1,265 ) $ - $ - Cumulative effect from adoption of new accounting standard - ( 1,856 ) Adjustment arising during the year 2,559 751 - Income tax benefit (expense) ( 547 ) ( 160 ) - Balance as of end-of-year $ 747 $ ( 1,265 ) $ - Market Risk Benefit Non-Performance Risk Gain (Loss) Balance as of beginning-of-year $ 1,951 $ - $ - Cumulative effect from adoption of new accounting standard - 2,874 - Adjustment arising during the year ( 266 ) ( 1,174 ) - Income tax benefit (expense) 56 251 - Balance as of end-of-year $ 1,741 $ 1,951 $ - Foreign Currency Translation Adjustment Balance as of beginning-of-year $ ( 14 ) $ ( 12 ) $ ( 17 ) Foreign currency translation adjustment arising during the year ( 20 ) ( 2 ) 5 Balance as of end-of-year $ ( 34 ) $ ( 14 ) $ ( 12 ) Funded Status of Employee Benefit Plans Balance as of beginning-of-year $ ( 219 ) $ ( 266 ) $ ( 327 ) Adjustment arising during the year ( 74 ) 56 74 Income tax benefit (expense) 15 ( 9 ) ( 13 ) Balance as of end-of-year $ ( 278 ) $ ( 219 ) $ ( 266 ) The following summarizes the reclassifications out of AOCI (in millions) and the associated line item in the Consolidated Statements of Comprehensive Income (Loss): For the Years Ended December 31, 2022 2021 2020 Unrealized Gain (Loss) on Fixed Maturity AFS Securities and Certain Other Investments Gross reclassification $ ( 15 ) $ 626 $ ( 53 ) Realized gain (loss) Associated amortization of DAC, VOBA, DSI and DFEL - - 32 Realized gain (loss) Reclassification before income tax benefit (expense) ( 15 ) 626 ( 21 ) Income (loss) before taxes Income tax benefit (expense) 3 ( 131 ) 4 Federal income tax expense (benefit) Reclassification, net of income tax $ ( 12 ) $ 495 $ ( 17 ) Net income (loss) Unrealized Gain (Loss) on Derivative Instruments Gross reclassifications: Interest rate contracts $ 2 $ 3 $ 2 Net investment income Interest rate contracts ( 11 ) ( 23 ) ( 16 ) Interest and debt expense Foreign currency contracts 62 48 56 Net investment income Foreign currency contracts 39 ( 2 ) 6 Realized gain (loss) Total gross reclassifications 92 26 48 Associated amortization of DAC, Commissions and other VOBA, DSI and DFEL - - ( 1 ) expenses Reclassifications before income tax benefit (expense) 92 26 47 Income (loss) before taxes Income tax benefit (expense) ( 19 ) ( 5 ) ( 10 ) Federal income tax expense (benefit) Reclassifications, net of income tax $ 73 $ 21 $ 37 Net income (loss) |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2022 | |
Segment Information [Abstract] | |
Segment Information | 20. Segm ent Information We provide products and services and report results through our Life Insurance, Annuities, Group Protection and Retirement Plan Services segments. We also have Other Operations, which includes the financial data for operations that are not directly related to the business segments. Our reporting segments reflect the manner by which our chief operating decision makers view and manage the business. The following is a brief description of these segments and Other Operations. The Life Insurance segment focuses on the creation and protection of wealth through life insurance products, including term insurance, both single (including UL, corporate-owned UL and VUL and bank-owned UL and VUL products) and survivorship versions of IUL and VUL products, linked-benefit products (which are UL and VUL with riders providing for long-term care costs), and critical illness and long-term care riders, which can be attached to IUL or VUL policies. The Annuities segment provides tax-deferred investment growth and lifetime income opportunities for its clients by offering variable annuities, fixed (including indexed) annuities and indexed variable annuities. The Group Protection segment offers group non-medical insurance products and services, including short- and long-term disability, statutory disability and paid family medical leave administration and absence management services, term life, dental, vision and accident, critical illness and hospital indemnity benefits and services to the employer marketplace through various forms of employee-paid and employer-paid plans. The Retirement Plan Services segment provides employer-sponsored defined benefit and individual retirement accounts, as well as individual and group variable annuities, group fixed annuities and mutual-fund based programs in the retirement plan marketplace. Other Operations includes investments related to the excess capital in our insurance subsidiaries; benefit plan obligations; the results of certain disability income business; our run-off institutional pension business, the majority of which was sold on a group annuity basis; debt costs; Spark program expense; and other corporate investments. Segment operating revenues and income (loss) from operations are internal measures used by our management and Board of Directors to evaluate and assess the results of our segments. Effective upon the adoption of ASU 2018-12, for the years ended December 31, 2022 and 2021, income (loss) from operations is GAAP net income excluding the after-tax effects of the following items, as applicable: Changes in market risk benefits (“MRBs”), including gains and losses and benefit payments (“MRB-related impacts”); Investment and reinsurance-related realized gain (loss): Changes in the carrying value of mortgage loans on real estate attributable to current expected credit losses (“CECL”) (“changes in CECL reserve for mortgage loans on real estate”); Changes in the carrying value of reinsurance-related assets attributable to CECL (“changes in CECL reserve for reinsurance-related assets”); Changes in the carrying value of fixed maturity AFS securities attributable to the estimation of credit losses (“changes in the credit loss allowance for fixed maturity AFS securities”); and Changes in the fair value of investments, including trading securities, equity securities, certain derivatives, and mortgage loans on real estate electing the fair value option, and of embedded derivatives within certain reinsurance arrangements, as well as sales or disposals of investments (“changes in investments and reinsurance-related embedded derivatives”); Changes in the fair value of the derivative instruments we hold to hedge GLB and GDB riders, net of fee income allocated to support the cost of hedging them (“changes in fair value of GLB and GDB hedge instruments, net of hedge allowance”); Changes in the fair value of the embedded derivative liabilities of our indexed annuity and indexed universal life insurance contracts and the associated index options we hold to hedge them; (“indexed product net derivative results”); Changes in reserves resulting from benefit ratio unlocking on variable universal life insurance products with secondary guarantees (“benefit ratio unlocking”); Income (loss) from the initial adoption of new accounting standards, regulations and policy changes; Income (loss) from reserve changes, net of related amortization, on business sold through reinsurance; Transaction and integration costs related to mergers and acquisitions including the acquisition or divestiture, through reinsurance or other means, of businesses or blocks of business; Gains (losses) on modification or early extinguishment of debt; Losses from the impairment of intangible assets and gains (losses) on other non-financial assets; and Income (loss) from discontinued operations. Operating revenues represent GAAP revenues excluding the pre-tax effects of the following items, as applicable: Investment and reinsurance-related realized gain (loss); Changes in fair value of GLB and GDB hedge instruments, net of hedge allowance; Indexed product net derivative results; Revenue adjustments from the initial adoption of new accounting standards; and Amortization of deferred gains arising from reserve changes on business sold through reinsurance. For the year ended December 31, 2020, income (loss) from operations is GAAP net income excluding the after-tax effects of the following items, as applicable: Realized gains and losses associated with the following (“excluded realized gain (loss)”): Sales or disposals and impairments of financial assets; Changes in the fair value of equity securities; Changes in the fair value of derivatives, embedded derivatives within certain reinsurance arrangements and trading securities (“gain (loss) on the mark-to-market on certain instruments”); Changes in the fair value of the derivatives we own to hedge our GDB riders within our variable annuities; Changes in the fair value of the embedded derivatives of our GLB riders reflected within variable annuity net derivative results accounted for at fair value; Changes in the fair value of the derivatives we own to hedge our GLB riders reflected within variable annuity net derivative results; and Changes in the fair value of the embedded derivative liabilities related to index options we may purchase or sell in the future to hedge contract holder index allocations applicable to future reset periods for our indexed annuity products accounted for at fair value (“indexed annuity forward-starting option”); Changes in reserves resulting from benefit ratio unlocking on our GDB and GLB riders and VUL products with secondary guarantees (“benefit ratio unlocking”); Income (loss) from reserve changes, net of related amortization, on business sold through reinsurance; Gains (losses) on modification or early extinguishment of debt; Losses from the impairment of intangible assets; Income (loss) from discontinued operations; Transaction and integration costs related to mergers and acquisitions including the acquisition or divestiture, through reinsurance or other means, of businesses or blocks of business; and Income (loss) from the initial adoption of new accounting standards, regulations, and policy changes including the net impact from the Tax Cuts and Jobs Act. For the year ended December 31, 2020, operating revenues represent GAAP revenues excluding the pre-tax effects of the following items, as applicable: Excluded realized gain (loss); Revenue adjustments from the initial adoption of new accounting standards; Amortization of DFEL arising from changes in benefit ratio unlocking; and Amortization of deferred gains arising from reserve changes on business sold through reinsurance. The tables below reconcile our segment measures of performance to the GAAP measures presented in the Consolidated Statements of Comprehensive Income (Loss) (in millions): For the Years Ended December 31, 2022 2021 2020 Revenues Operating revenues: Life Insurance $ 6,747 $ 7,387 $ 7,516 Annuities 4,482 4,691 4,455 Group Protection 5,304 4,995 4,793 Retirement Plan Services 1,274 1,322 1,213 Other Operations 156 181 185 Excluded realized gain (loss) - - ( 721 ) Investment and reinsurance-related realized gain (loss) ( 128 ) 834 - Changes in fair value of GLB and GDB hedge instruments, net of hedge allowance 902 ( 1,717 ) - Indexed product net derivative results 73 22 - Amortization of DFEL associated with benefit ratio unlocking - - ( 2 ) Total revenues $ 18,810 $ 17,715 $ 17,439 For the Years Ended December 31, 2022 2021 2020 Net Income (Loss) Income (loss) from operations: Life Insurance $ ( 2,094 ) $ 487 $ ( 34 ) Annuities 1,161 1,337 983 Group Protection 41 ( 164 ) 43 Retirement Plan Services 211 248 168 Other Operations ( 486 ) ( 371 ) ( 295 ) MRB-related impacts, after-tax 2,495 2,938 - Excluded realized gain (loss), after-tax - - ( 570 ) Investment and reinsurance-related realized gain (loss), after-tax ( 101 ) 659 - Changes in fair value of GLB and GDB hedge instruments, net of hedge allowance, after-tax 712 ( 1,356 ) - Indexed product net derivative results, after-tax 58 17 - Benefit ratio unlocking, after-tax ( 5 ) - 194 Impairment of intangibles ( 634 ) - - Net impact from the Tax Cuts and Jobs Act - - 37 Transaction and integration costs related to mergers, acquisitions and divestitures, after-tax - ( 11 ) ( 15 ) Gain (loss) on modification or early extinguishment of debt, after-tax - ( 6 ) ( 12 ) Net income (loss) $ 1,358 $ 3,778 $ 499 Other segment information (in millions) was as follows: For the Years Ended December 31, 2022 2021 2020 Net Investment Income Life Insurance $ 2,587 $ 3,207 $ 2,823 Annuities 1,463 1,400 1,272 Group Protection 334 365 330 Retirement Plan Services 976 991 933 Other Operations 155 148 152 Total net investment income $ 5,515 $ 6,111 $ 5,510 For the Years Ended December 31, 2022 2021 2020 Federal Income Tax Expense (Benefit) Life Insurance $ ( 587 ) $ 110 $ ( 33 ) Annuities 185 255 149 Group Protection 11 ( 44 ) 11 Retirement Plan Services 36 52 24 Other Operations ( 116 ) ( 105 ) ( 82 ) MRB-related impacts 661 781 - Excluded realized gain (loss) - - ( 151 ) Investment and reinsurance-related realized gain (loss) ( 27 ) 175 - Changes in fair value of GLB and GDB hedge instruments, net of hedge allowance 190 ( 360 ) - Indexed product net derivative results 15 5 - Gain (loss) on early extinguishment of debt - ( 2 ) ( 3 ) Benefit ratio unlocking ( 2 ) - 51 Net impact from the Tax Cuts and Jobs Act - - ( 37 ) Transaction and integration costs related to mergers, acquisitions and divestitures - ( 2 ) ( 5 ) Total federal income tax expense (benefit) $ 367 $ 865 $ ( 76 ) As of December 31, 2022 2021 Assets Life Insurance $ 94,407 $ 110,665 Annuities 167,585 201,774 Group Protection 9,768 10,494 Retirement Plan Services 41,847 47,720 Other Operations 20,610 24,097 Total assets $ 334,217 $ 394,750 |
Realized Gain (Loss)
Realized Gain (Loss) | 12 Months Ended |
Dec. 31, 2022 | |
Realized Gain (Loss) [Abstract] | |
Realized Gain (Loss) | 21. Realized Gai n (Loss) Details underlying realized gain (loss) (in millions) reported on the Consolidated Statements of Comprehensive Income (Loss) were as follows: For the Years Ended December 31, 2022 2021 2020 Fixed maturity AFS securities: Gross gains $ 38 $ 663 $ 31 Gross losses ( 53 ) ( 37 ) ( 84 ) Credit loss benefit (expense) (1) ( 15 ) ( 11 ) ( 26 ) Realized gain (loss) on equity securities (2) 15 44 8 Credit loss benefit (expense) on mortgage loans on real estate ( 3 ) 112 ( 117 ) Credit loss benefit (expense) on reinsurance-related assets (3) ( 112 ) 6 - Realized gain (loss) on the mark-to-market on certain instruments (4)(5) 37 63 26 Other gain (loss) on investments ( 42 ) ( 12 ) ( 7 ) Associated amortization of DAC, VOBA, DSI and DFEL and changes in policyholder account balances - - 31 Total realized gain (loss) related to financial instruments and reinsurance-related assets ( 135 ) 828 ( 138 ) Indexed product derivative results: (6) Gross gain (loss) 74 22 37 Associated amortization of DAC, VOBA, DSI and DFEL - - ( 25 ) Variable annuity derivative results: (7) Gross gain (loss) 901 ( 1,717 ) ( 367 ) Associated amortization of DAC, VOBA, DSI and DFEL - - ( 20 ) Total realized gain (loss) $ 840 $ ( 867 ) $ ( 513 ) (1) Includes changes in the allowance for credit losses as well as direct write-downs to amortized cost as a result of negative credit events. (2) Includes mark-to-market adjustments on equity securities still held of $ 10 million, $ 47 million and $ 8 million for the years ended December 31, 2022, 2021 and 2020, respectively. (3) See Note 8 for information on credit losses on reinsurance-related assets. (4) Represents changes in the fair values of certain derivative investments (not including those associated with our variable and indexed annuity and IUL contracts net derivative results), reinsurance-related embedded derivatives, mortgage loans on real estate accounted for under the fair value option and trading securities. See Notes 1 and 8 for information regarding modified coinsurance . (5) Includes gains and losses from fair value changes on mortgage loans on real estate accounted for under the fair value option of $( 24 ) million, $ 3 million and $( 24 ) million for the years ended December 31, 2022, 2021 and 2020, respectively. (6) Represents the change in fair value of the index options that we hold and the change in the fair value of the embedded derivative liabilities of our indexed annuity contracts, IUL contracts and index options we may purchase or sell in the future to hedge policyholder index allocations applicable to future reset periods for our indexed annuity products. (7) Includes the change in the fair value of the derivative instruments we own to support capital needs associated with our GLB and GDB riders and fees allocated to support the cost of purchasing the hedging instruments. |
Commissions and Other Expenses
Commissions and Other Expenses | 12 Months Ended |
Dec. 31, 2022 | |
Commissions And Other Expenses [Abstract] | |
Commissions and Other Expenses | 22. Commissions and O ther Expenses Details underlying commissions and other expenses (in millions) were as follows: For the Years Ended December 31, 2022 2021 2020 Commissions $ 2,189 $ 2,223 $ 2,183 General and administrative expenses 2,240 2,252 2,072 DAC and VOBA deferrals, net of amortization ( 352 ) ( 337 ) ( 156 ) Broker-dealer expenses 536 570 493 Taxes, licenses and fees 339 345 321 Expenses associated with reserve financing and LOCs 108 102 94 Specifically identifiable intangible asset amortization 37 37 37 Other amortization 28 13 - Transaction and integration costs related to mergers, acquisitions and divestitures - 14 20 Total $ 5,125 $ 5,219 $ 5,064 |
Federal Income Taxes
Federal Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Federal Income Taxes [Abstract] | |
Federal Income Taxes | 23. F ederal Income Taxes The federal income tax expense (benefit) on continuing operations (in millions) was as follows: For the Years Ended December 31, 2022 2021 2020 Current $ 3 $ 12 $ ( 61 ) Deferred 364 853 ( 15 ) Federal income tax expense (benefit) $ 367 $ 865 $ ( 76 ) A reconciliation of the effective tax rate differences (in millions) was as follows: For the Years Ended December 31, 2022 2021 2020 Income (loss) before taxes $ 1,725 $ 4,643 $ 423 Federal statutory rate 21 % 21 % 21 % Federal income tax expense (benefit) at federal statutory rate 362 975 89 Effect of: Tax-preferred investment income (1) ( 90 ) ( 88 ) ( 98 ) Tax credits ( 42 ) ( 26 ) ( 39 ) Excess tax benefits from stock-based compensation ( 1 ) - 3 Goodwill impairment 133 - - Tax impact associated with the Tax Cuts and Jobs Act (2) - - ( 37 ) Other items 5 4 6 Federal income tax expense (benefit) $ 367 $ 865 $ ( 76 ) Effective tax rate 21 % 19 % - 18 % (1) Relates primarily to separate account dividends eligible for the dividends-received deduction. (2) In 2020, we recognized a $ 37 million tax benefit attributable to the carry back of a 2020 net operating loss under the provisions of the Coronavirus Aid, Relief, and Economic Security Act, which provides for a five-year carryback period. The federal income tax asset (liability) (in millions) was as follows: As of December 31, 2022 2021 Current $ 83 $ 142 Deferred 1,313 ( 2,678 ) Total federal income tax asset (liability) $ 1,396 $ ( 2,536 ) Significant components of our deferred tax assets and liabilities (in millions) were as follows: As of December 31, 2022 2021 Deferred Tax Assets Insurance liabilities and reinsurance-related balances $ 410 $ 1,338 Reinsurance-related embedded derivative liability - 43 Compensation and benefit plans 172 198 Intangibles 21 24 Net unrealized loss on fixed maturity AFS securities 2,265 - Net unrealized loss on trading securities 70 - Investment activity 273 - Tax credits 101 58 Net operating losses 278 292 MRB-related activity - 485 Other 57 62 Total deferred tax assets $ 3,647 $ 2,500 Deferred Tax Liabilities DAC $ 1,529 $ 1,520 VOBA 213 232 Net unrealized gain on fixed maturity AFS securities - 2,830 Net unrealized gain on trading securities - 65 Investment activity - 325 Reinsurance-related embedded derivative asset 87 - MRB-related activity 134 - Other 371 206 Total deferred tax liabilities $ 2,334 $ 5,178 Net deferred tax asset (liability) $ 1,313 $ ( 2,678 ) As of December 31, 2022, we have $ 101 million of federal income tax credits that can be carried forward to 2030 through 2032. As of December 31, 2022, we have $ 1.3 billion of net operating losses to carry forward to future years. The net operating losses arose in tax years 2018 and 2021, and under the Tax Cuts and Jobs Act changes, have an unlimited carryforward period. As a result, management believes that it is more likely than not that the deferred tax asset associated with the loss carryforwards will be realized. Inclusive of the tax attribute for the net operating losses, although realization is not assured, management believes that it is more likely than not that we will realize the benefits of all our deferred tax assets, and, accordingly, no valuation allowance has been recorded. We are subject to examination by U.S. federal, state, local and non-U.S. income authorities. With few exceptions for limited scope review, we are no longer subject to U.S. federal examinations for years before 2019. In the first quarter of 2021, the Internal Revenue Service commenced an examination of our refund claims for 2014 and 2015 that is anticipated to be completed by the end of 2023. We are currently under examination by several state and local taxing jurisdictions; however, we do not expect these examinations will materially impact us. A reconciliation of the unrecognized tax benefits (in millions) was as follows: For the Years Ended December 31, 2022 2021 Balance as of beginning-of-year $ 53 $ 51 Increases for prior year tax positions 5 2 Settlements for prior year tax positions ( 6 ) - Balance as of end-of-year $ 52 $ 53 As of December 31, 2022 and 2021, $ 52 million and $ 53 million, respectively, of our unrecognized tax benefits presented above, if recognized, would have affected our federal income tax expense (benefit) and our effective tax rate. We anticipate that it is reasonably possible that unrecognized tax benefits associated with separate account dividends-received deduction and tax credits will decrease by $ 8 million by the end of 2023, upon the completion of the examination of our refund claims for 2014 and 2015. We recognize interest and penalties accrued, if any, related to unrecognized tax benefits as a component of tax expense. For the years ended December 31, 2022, 2021 and 2020, we recognized no interest and penalty expense (benefit), and there was no accrued interest and penalty expense related to the unrecognized tax benefits as of December 31, 2022 and 2021. |
Statutory Information and Restr
Statutory Information and Restrictions | 12 Months Ended |
Dec. 31, 2022 | |
Statutory Information and Restrictions [Abstract] | |
Statutory Information and Restrictions | 24. Statutory Infor mation and Restrictions The Company’s domestic life insurance subsidiaries prepare financial statements in accordance with statutory accounting principles (“SAP”) prescribed or permitted by the insurance departments of their states of domicile, which may vary materially from GAAP. Prescribed SAP includes the Accounting Practices and Procedures Manual of the National Association of Insurance Commissioners (“NAIC”) as well as state laws, regulations and administrative rules. Permitted SAP encompasses all accounting practices not so prescribed. The principal differences between statutory financial statements and financial statements prepared in accordance with GAAP are that statutory financial statements do not reflect DAC, some bond portfolios may be carried at amortized cost, assets and liabilities are presented net of reinsurance, contract holder liabilities are generally valued using more conservative assumptions and certain assets are non-admitted. Our insurance subsidiaries are subject to the applicable laws and regulations of their respective states of domicile. Changes in these laws and regulations could change capital levels or capital requirements for our insurance subsidiaries. Statutory capital and surplus, net gain (loss) from operations, after-tax, net income (loss) and dividends to the LNC holding company amounts (in millions) below consist of all or a combination of the following entities: LNL, LLANY, FPP, Lincoln Reinsurance Company of South Carolina, Lincoln Reinsurance Company of Vermont I, Lincoln Reinsurance Company of Vermont III, Lincoln Reinsurance Company of Vermont IV, Lincoln Reinsurance Company of Vermont V, Lincoln Reinsurance Company of Vermont VI and Lincoln Reinsurance Company of Vermont VII. As of December 31, 2022 2021 U.S. capital and surplus $ 8,624 $ 8,773 For the Years Ended December 31, 2022 2021 2020 U.S. net gain (loss) from operations, after-tax $ 1,730 $ ( 1,262 ) $ ( 271 ) U.S. net income (loss) 1,991 ( 547 ) 29 U.S. dividends to LNC holding company 667 1,955 660 State Prescribed and Permitted Practices The states of domicile of the Company’s insurance subsidiaries have adopted certain prescribed or permitted accounting practices that differ from those found in NAIC SAP. These prescribed practices are the calculation of reserves on universal life policies based on the Indiana universal life method as prescribed by the state of Indiana for policies issued before January 1, 2006, the use of a more conservative valuation interest rate on certain annuities prescribed by the states of Indiana and New York. Also, the state of New York prescribes use of the continuous Commissioners’ Annuity Reserve Valuation Method in the calculation of reserves and use of minimum reserve methods and assumptions for variable annuity and individual life insurance contracts that may be more conservative than those required by NAIC SAP. The statutory permitted practices allow accounting for certain derivative assets at amortized cost and allow determining certain indexed annuity and indexed universal life statutory reserve calculations with the assumption that the market value of the related liability call option(s) associated with the current index term is zero. At the conclusion of the index term, credited interest is reflected in the reserve as realized, based on actual index performance. The statutory accounting practices also allow accounting for certain group fixed annuity assets at general account values. The Vermont reinsurance subsidiaries also have certain accounting practices permitted by the state of Vermont that differ from those found in NAIC SAP. One permitted practice involves accounting for the lesser of the face amount of all amounts outstanding under an LOC and the value of the Valuation of Life Insurance Policies Model Regulation (“XXX”) additional statutory reserves as an admitted asset and a form of surplus as of December 31, 2022 and 2021. Another permitted practice involves the acquisition of an LLC note in exchange for a variable value surplus note that is recognized as an admitted asset and a form of surplus as of December 31, 2022 and 2021. Lastly, the state of Vermont has permitted a practice to account for certain excess of loss reinsurance agreements with unaffiliated reinsurers as an asset and form of surplus as of December 31, 2022 and 2021. These permitted practices are related to structures that continue to be allowed in accordance with the grandfathered structures under the provisions of Actuarial Guideline 48 (“AG48”) or are compliant under AG48 requirements. The favorable (unfavorable) effects on statutory surplus compared to NAIC statutory surplus from the use of these prescribed and permitted practices (in millions) were as follows: As of December 31, 2022 2021 State Prescribed Practices Calculation of reserves using the Indiana universal life method $ 3 $ 6 Conservative valuation rate on certain annuities ( 36 ) ( 40 ) Calculation of reserves using continuous CARVM ( 1 ) - Conservative Reg 213 reserves on variable annuity and individual life contracts ( 37 ) ( 27 ) State Permitted Practice Derivative instruments and equity indexed reserves 14 ( 113 ) Assets in group fixed annuity contracts held at general account values 436 - Vermont Subsidiaries Permitted Practices Lesser of LOC and XXX additional reserve as surplus 1,838 1,847 LLC notes and variable value surplus notes 1,547 1,616 Excess of loss reinsurance agreements 549 493 The NAIC has adopted RBC requirements for life insurance companies to evaluate the adequacy of statutory capital and surplus in relation to investment and insurance risks. The requirements provide a means of measuring the minimum amount of statutory surplus appropriate for an insurance company to support its overall business operations based on its size and risk profile. Under RBC requirements, regulatory compliance is determined by the ratio of a company’s total adjusted capital, as defined by the NAIC, to its company action level of RBC (known as the “RBC ratio”), also as defined by the NAIC. The company action level may be triggered if the RBC ratio is between 75 % and 100 %, which would require the insurer to submit a plan to the regulator detailing corrective action it proposes to undertake. As of December 31, 2022, the consolidated RBC ratio for LNC’s statutory insurance companies was in excess of three times the aforementioned company action level RBC. Our insurance subsidiaries are subject to certain insurance department regulatory restrictions as to the transfer of funds and payment of dividends to the holding company. Under Indiana laws and regulations, our Indiana insurance subsidiaries, including our primary insurance subsidiary, LNL, may pay dividends to LNC without prior approval of the Indiana Insurance Commissioner (the “Commissioner”), only from unassigned surplus and must receive prior approval of the Commissioner to pay a dividend if such dividend, along with all other dividends paid within the preceding 12 consecutive months, would exceed the statutory limitation. The current statutory limitation is the greater of 10 % of the insurer’s contract holders’ surplus, as shown on its last annual statement on file with the Commissioner or the insurer’s statutory net gain from operations for the previous 12 months, but in no event to exceed statutory unassigned surplus. Indiana law gives the Commissioner broad discretion to disapprove requests for dividends in excess of these limits. LNL’s subsidiary LLANY, a New York-domiciled insurance company, is bound by similar restrictions under the laws of New York. Under New York law, the applicable statutory limitation on dividends is equal to the lesser of 10 % of surplus to contract holders as of the immediately preceding calendar year or net gain from operations for the immediately preceding calendar year, not including realized capital gains. We expect our direct domestic insurance subsidiaries could pay dividends to LNC of approximately $ 1.7 billion in 2023 without prior approval from the respective Commissioner of Insurance. All payments of principal and interest on surplus notes between LNC and our insurance subsidiaries must be approved by the respective Commissioner of Insurance. |
Supplemental Disclosures of Cas
Supplemental Disclosures of Cash Flow Data | 12 Months Ended |
Dec. 31, 2022 | |
Supplemental Disclosures of Cash Flow Data [Abstract] | |
Supplemental Disclosures of Cash Flow Data | 25 . Supplemental Disclosure s of Cash Flow Data The following summarizes our supplemental cash flow data (in millions): For the Years Ended December 31, 2022 2021 2020 Interest paid $ 269 $ 277 $ 283 Income taxes paid (received) ( 54 ) 1 22 Significant non-cash investing transactions: Equity securities received in exchange of fixed maturity AFS securities - - 19 Significant non-cash financing transactions: Net reduction of fixed maturity AFS securities and accrued investment income in connection with a reinsurance transaction - ( 4,133 ) - |
Quarterly Results of Operations
Quarterly Results of Operations | 12 Months Ended |
Dec. 31, 2022 | |
Quarterly Results of Operations [Abstract] | |
Quarterly Results of Operations | 26 . Quarterly Results of Operations (Unaudited) Amounts below reflect the adoption of ASU 2018-12 effective January 1, 2023. See Note 3 for transition disclosures related to the adoption of this ASU. The unaudited quarterly results of operations (in millions, except per share data) were as follows: For the Three Months Ended March 31, June 30, September 30, December 31, 2022 2022 2022 2022 Total revenues $ 4,720 $ 5,577 $ 4,672 $ 3,841 Total expenses 2,885 4,545 6,798 2,856 Net income (loss) 1,482 840 ( 1,775 ) 812 Net income (loss) per common share – basic 8.50 4.91 ( 10.46 ) 4.80 Net income (loss) per common share – diluted 8.39 4.83 ( 10.47 ) 4.73 |
SCHEDULE I - CONSOLIDATED SUMMA
SCHEDULE I - CONSOLIDATED SUMMARY OF INVESTMENTS, OTHER THAN INVESTMENTS IN RELATED PARTIES | 12 Months Ended |
Dec. 31, 2022 | |
Consolidated Summary of Investments, Other than Investments in Related Parties [Abstract] | |
Summary of Investments - Other than Investments in Related Parties Supplemental Schedule | LINCOLN NATIONAL CORPORATION SCHEDULE I – CONSOLIDATED SUMMARY OF INVESTMENTS – OTHER THAN INVESTMENTS IN RELATED PARTIES (in millions) Column A Column B Column C Column D As of December 31, 2022 Fair Carrying Type of Investment Cost Value Value Fixed Maturity Available-For-Sale Securities (1) Bonds: U.S. government bonds $ 405 $ 379 $ 379 Foreign government bonds 348 318 318 State and municipal bonds 5,410 5,070 5,070 Public utilities 14,204 12,493 12,493 All other corporate bonds 75,045 66,530 66,530 Mortgage-backed and asset-backed securities 15,930 14,587 14,587 Hybrid and redeemable preferred securities 365 359 359 Total fixed maturity available-for-sale securities 111,707 99,736 99,736 Equity Securities Common stocks: Banks, trusts and insurance companies 48 47 47 Industrial, miscellaneous and all other 50 146 146 Non-redeemable preferred securities 285 234 234 Total equity securities 383 427 427 Trading securities 3,833 3,498 3,498 Mortgage loans on real estate (2) 18,427 16,553 18,301 Policy loans 2,359 N/A 2,359 Derivative investments 1,869 3,594 3,594 Other investments 3,739 3,739 3,739 Total investments $ 142,317 $ 131,654 (1) For investments deemed to have declines in value that are impairment-related, an allowance for credit losses is recorded to reduce the carrying value to their estimated realizable value. (2) Mortgage loans on real estate are generally carried at unpaid principal balances adjusted for amortization of premiums and accretion of discounts and are net of allowance for credit losses. We carry certain mortgage loans at fair value where the fair value option has been elected. |
SCHEDULE III - CONSOLIDATED SUP
SCHEDULE III - CONSOLIDATED SUPPLEMENTARY INSURANCE INFORMATION | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract] | |
Supplementary Insurance Information | LINCOLN NATIONAL CORPORATION SCHEDULE III – CONDENSED SUPPLEMENTARY INSURANCE INFORMATION (in millions) Column A Column B Column C Column D Column E Column F DAC Future Policyholder and Contract Unearned Account Insurance Segment VOBA Benefits Premiums (1) Balances (2) Premiums As of or For the Year Ended December 31, 2022 Life Insurance $ 7,453 $ 20,953 $ - $ 37,959 $ 1,146 Annuities 4,207 2,005 - 45,549 165 Group Protection 141 6,086 - - 4,768 Retirement Plan Services 236 - - 25,138 - Other Operations - 9,782 - 5,789 8 Total $ 12,037 $ 38,826 $ - $ 114,435 $ 6,087 As of or For the Year Ended December 31, 2021 Life Insurance $ 7,125 $ 19,564 $ - $ 38,475 $ 1,033 Annuities 4,185 2,511 - 41,700 116 Group Protection 140 6,604 - - 4,450 Retirement Plan Services 235 - - 23,579 - Other Operations - 12,746 - 6,473 18 Total $ 11,685 $ 41,425 $ - $ 110,227 $ 5,617 As of or For the Year Ended December 31, 2020 Life Insurance $ 1,723 $ 20,127 $ - $ 39,797 $ 950 Annuities 3,782 4,183 - 35,218 121 Group Protection 187 5,986 - 213 4,280 Retirement Plan Services 120 11 - 22,912 - Other Operations - 10,507 - 7,265 21 Total $ 5,812 $ 40,814 $ - $ 105,405 $ 5,372 (1) Unearned premiums are included in Column C, future contract benefits. (2) Amounts presented as other contract holder funds as of December 31, 2020 have been reclassified to policyholder account balances. LINCOLN NATIONAL CORPORATION SCHEDULE III – CONDENSED SUPPLEMENTARY INSURANCE INFORMATION (Continued) (in millions) Column A Column G Column H Column I Column J Column K Benefits Amortization Net and of DAC Other Investment Interest and Operating Premiums Segment Income Credited VOBA Expenses Written As of or For the Year Ended December 31, 2022 Life Insurance $ 2,587 $ 5,381 $ 478 $ 715 $ - Annuities 1,463 1,204 429 1,587 - Group Protection 334 4,039 97 1,219 - Retirement Plan Services 976 629 18 379 - Other Operations 155 103 - 653 - Total $ 5,515 $ 11,356 $ 1,022 $ 4,553 $ - As of or For the Year Ended December 31, 2021 Life Insurance $ 3,207 $ 5,593 $ 476 $ 739 $ - Annuities 1,400 1,030 403 1,699 - Group Protection 365 4,075 139 1,153 - Retirement Plan Services 991 616 19 387 - Other Operations 148 118 - 561 - Total $ 6,111 $ 11,432 $ 1,037 $ 4,539 $ - As of or For the Year Ended December 31, 2020 Life Insurance $ 2,823 $ 6,077 $ 786 $ 720 $ - Annuities 1,272 1,245 365 1,467 - Group Protection 330 3,505 114 1,120 - Retirement Plan Services 933 617 29 375 - Other Operations 152 156 - 456 - Total $ 5,510 $ 11,600 $ 1,294 $ 4,138 $ - |
SCHEDULE II - CONDENSED FINANCI
SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Of Registrant [Abstract] | |
Condensed financial information of registrant | LINCOLN NATIONAL CORPORATION SCHEDULE II – CONDENSED FINANCIAL INFORMATION OF REGISTRANT BALANCE SHEETS (Parent Company Only) (in millions, except share data) As of December 31, 2022 2021 ASSETS Investments in subsidiaries (1) $ 9,782 $ 24,332 Derivative investments 119 - Other investments 92 761 Cash and invested cash 715 203 Loans and accrued interest to subsidiaries (1) 2,491 3,194 Other assets 101 159 Total assets $ 13,300 $ 28,649 LIABILITIES AND STOCKHOLDERS’ EQUITY Liabilities Common stock dividends payable $ 76 $ 80 Derivative investments liability - 425 Short-term debt 500 300 Long-term debt 6,455 6,325 Loans from subsidiaries (1) 679 1,247 Other liabilities 488 357 Total liabilities 8,198 8,734 Contingencies and Commitments Stockholders’ Equity Preferred stock – 10,000,000 shares authorized: Series C preferred stock – 20,000 shares authorized, issued and outstanding as of December 31, 2022 493 - Series D preferred stock – 20,000 shares authorized, issued and outstanding as of December 31, 2022 493 - Common stock – 800,000,000 shares authorized; 169,220,511 and 177,193,515 shares issued and outstanding as of December 31, 2022, and December 31, 2021, respectively 4,544 4,735 Retained earnings 5,924 5,196 Accumulated other comprehensive income (loss) ( 6,352 ) 9,984 Total stockholders’ equity 5,102 19,915 Total liabilities and stockholders’ equity $ 13,300 $ 28,649 (1) Eliminated in consolidation. LINCOLN NATIONAL CORPORATION SCHEDULE II – CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Continued) STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parent Company Only) (in millions) For the Years Ended December 31, 2022 2021 2020 Revenues Dividends from subsidiaries (1) $ 797 $ 2,060 $ 840 Interest from subsidiaries (1) 159 114 127 Net investment income 3 1 4 Total revenues 959 2,175 971 Expenses Operating and administrative expenses 52 69 50 Interest – subsidiaries (1) 38 10 20 Interest – other 266 263 275 Total expenses 356 342 345 Income (loss) before federal income taxes, equity in income (loss) of subsidiaries 603 1,833 626 Federal income tax expense (benefit) ( 42 ) ( 49 ) ( 45 ) Income (loss) before equity in income (loss) of subsidiaries 645 1,882 671 Equity in income (loss) of subsidiaries 713 1,896 ( 172 ) Net income (loss) 1,358 3,778 499 Other comprehensive income (loss), net of tax: Unrealized investment gain (loss) ( 18,059 ) ( 3,287 ) 3,192 Market risk benefit gain (loss) ( 210 ) ( 923 ) - Policyholder liability remeasurement gain (loss) 2,012 591 - Foreign currency translation adjustment ( 20 ) ( 2 ) 5 Funded status of employee benefit plans ( 59 ) 47 61 Total other comprehensive income (loss), net of tax ( 16,336 ) ( 3,574 ) 3,258 Comprehensive income (loss) $ ( 14,978 ) $ 204 $ 3,757 (1) Eliminated in consolidation. LINCOLN NATIONAL CORPORATION SCHEDULE II – CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Continued) STATEMENTS OF CASH FLOWS (Parent Company Only) (in millions) For the Years Ended December 31, 2022 2021 2020 Net Cash Provided by (Used in) Operating Activities $ 608 $ 1,860 $ 726 Cash Flows from Investing Activities Capital contribution to subsidiaries (1) ( 925 ) ( 65 ) ( 518 ) Net change in collateral on investments, derivatives and related settlements 583 168 ( 303 ) Other ( 5 ) ( 40 ) - Net cash provided by (used in) investing activities ( 347 ) 63 ( 821 ) Cash Flows from Financing Activities Payment of long-term debt, including current maturities ( 300 ) - ( 1,096 ) Issuance of long-term debt, net of issuance costs 296 - 1,289 Payment related to modification or early extinguishment of debt - ( 8 ) ( 13 ) Increase (decrease) in loans from subsidiaries, net (1) ( 563 ) ( 188 ) 565 Increase (decrease) in loans to subsidiaries, net (1) 708 ( 234 ) ( 514 ) Common stock issued for benefit plans ( 16 ) 20 ( 7 ) Issuance of preferred stock, net of issuance costs 986 - - Repurchase of common stock ( 550 ) ( 1,105 ) ( 275 ) Dividends paid to common stockholders ( 310 ) ( 319 ) ( 311 ) Other - - ( 6 ) Net cash provided by (used in) financing activities 251 ( 1,834 ) ( 368 ) Net increase (decrease) in cash, invested cash and restricted cash 512 89 ( 463 ) Cash, invested cash and restricted cash as of beginning-of-year 203 114 577 Cash, invested cash and restricted cash as of end-of-year $ 715 $ 203 $ 114 (1) Eliminated in consolidation. |
SCHEDULE IV - CONSOLIDATED REIN
SCHEDULE IV - CONSOLIDATED REINSURANCE | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract] | |
Reinsurance Supplemental Schedule | LINCOLN NATIONAL CORPORATION SCHEDULE IV – CONSOLIDATED REINSURANCE (in millions) Column A Column B Column C Column D Column E Column F Ceded Assumed Percentage to from of Amount Gross Other Other Net Assumed Description Amount Companies Companies Amount to Net As of or For the Year Ended December 31, 2022 Individual life insurance in-force (1) $ 2,028,279 $ 831,478 $ 6,512 $ 1,203,313 0.5 % Premiums: Life insurance and annuities (2) 10,365 1,981 94 8,477 1.1 % Accident and health insurance 3,242 34 4 3,213 0.1 % Total premiums $ 13,607 $ 2,015 $ 98 $ 11,690 As of or For the Year Ended December 31, 2021 Individual life insurance in-force (1) $ 1,845,479 $ 776,226 $ 7,659 $ 1,076,912 0.7 % Premiums: Life insurance and annuities (2) 10,365 1,816 88 8,637 1.0 % Accident and health insurance 3,050 37 6 3,019 0.2 % Total premiums $ 13,415 $ 1,853 $ 94 $ 11,656 As of or For the Year Ended December 31, 2020 Individual life insurance in-force (1) $ 1,653,625 $ 674,256 $ 7,875 $ 987,244 0.8 % Premiums: Life insurance and annuities (2) 10,474 1,621 88 8,941 1.0 % Accident and health insurance 2,830 35 7 2,802 0.2 % Total premiums $ 13,304 $ 1,656 $ 95 $ 11,743 (1) Includes Group Protection segment and Other Operations in-force amounts. (2) Includes insurance fees on universal life and other interest-sensitive products. |
Nature of Operations, Basis o_2
Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2022 | |
Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies [Abstract] | |
Nature Of Operations | Nature of Operations Lincoln National Corporation and its subsidiaries (“LNC” or the “Company,” which also may be referred to as “we,” “our” or “us”) operate multiple insurance businesses through four business segments: Life Insurance, Annuities, Group Protection and Retirement Plan Services. In addition, we include financial data for operations that are not directly related to our business segments in Other Operations. The collective group of businesses uses “Lincoln Financial Group” as its marketing identity. Through our business segments, we sell a wide range of wealth protection, accumulation, group protection and retirement income products and solutions. These products primarily include universal life insurance (“UL”), variable universal life insurance (“VUL”), linked-benefit UL and VUL, indexed universal life insurance (“IUL”), term life insurance, fixed and indexed annuities, variable annuities, group life, disability and dental and employer-sponsored retirement plans and services. For more information on our segments and the products and solutions we provide, see Note 20. |
Basis Of Presentation | Basis of Presentation The accompanying consolidated financial statements are prepared in accordance with United States of America generally accepted accounting principles (“GAAP”). Certain GAAP policies, which significantly affect the determination of financial condition, results of operations and cash flows, are summarized below. On January 1, 2023, we adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts and related amendments (“ASU 2018-12”) with a transition date of January 1, 2021. ASU 2018-12 updated accounting and reporting requirements for long-duration contracts and certain investment contracts issued by insurance entities. We adopted ASU 2018-12 under the modified retrospective approach, except for market risk benefits (“MRBs”), which applied the full retrospective approach. Our consolidated financial statements are presented under the new guidance for reporting periods beginning January 1, 2021. Certain amounts reported in prior periods’ consolidated financial statements have been reclassified to conform to the presentation adopted in the current period. We present disaggregated disclosures in the Notes below for long-duration insurance balances, applying the level of aggregation by reportable segment as follows: Reportable Segment Level of Aggregation Life Insurance Traditional Life UL and Other Annuities Variable Annuities Fixed Annuities Payout Annuities Group Protection Group Protection Retirement Plan Services Retirement Plan Services The fixed annuities level of aggregation represents deferred fixed annuities. We have excluded amounts reported in Other Operations from our disaggregated disclosures that are attributable to the indemnity reinsurance agreements with Protective Life Insurance Company (“Protective”) and Swiss Re Life & Health America, Inc (“Swiss Re”) as these contracts are fully reinsured, run-off institutional pension business in the form of group annuity and the results of certain disability income business and not reflected in the results of the reportable segments listed above. Restatement of Previously Issued Consolidated Financial Statements Restatement Background Previously, we had entered into a block reinsurance agreement with Resolution Life to reinsure approximately $ 9.4 billion of in-force executive benefit and universal life reserves. A portion of the transaction was structured as coinsurance, and we paid as consideration investments with a book value of approximately $ 4.6 billion and a fair value of approximately $ 5.2 billion as of October 1, 2021, triggering a realized gain of $ 635 million. This contributed to a total deferred gain of $ 797 million. At the time of the transaction, we concluded that the $ 635 million realized gain would be deferred and amortized into income over the benefit period of the reinsurance treaty. The Company’s management has concluded that a gain or loss amount pertaining to the transfer of investments to the assuming company in a coinsurance transaction should be recorded as a realized gain or loss at the time of the transfer. As a result, it was determined that the $ 635 million deferred gain pertaining to the sale of investments should have been recognized immediately in the fourth quarter of 2021 when the investments were transferred to Resolution Life. This misstatement is described in more detail in “Description of Misstatements – Misstatement Associated with the Coinsurance Reinsurance Transaction” below. As part of the restatement, we also recorded adjustments to correct for previously identified other immaterial misstatements in the impacted periods that are described in more detail in “Description of Misstatements – Other Immaterial Misstatements” below. Accordingly, we restated the consolidated financial statements for the years ended December 31, 2022 and December 31, 2021, in accordance with Accounting Standards Codification (“ASC”) Topic 250, Accounting Changes and Error Corrections prior to the adoption of ASU 2018-12. The categories of misstatements and their impact on the previously issued consolidated financial statements are described in more detail below. Description of Misstatements Misstatement Associated with the Coinsurance Reinsurance Transaction We recorded adjustments to recognize the realized gain related to the transaction through net income in 2021 instead of deferring and amortizing this gain into net income. These adjustments, which are discussed below, are reflected in the restatement tables below. For the year ended December 31, 2021, the correction of the misstatement resulted in a $ 635 million increase to realized gain (loss), an $ 8 million decrease to amortization of deferred gain on business sold through reinsurance, a $ 4 million increase to commissions and other expenses related to state income taxes associated with the realized gain and a $ 131 million increase to federal income tax expense on our Consolidated Statements of Comprehensive Income (Loss). Additionally, the correction of the misstatement resulted in a $ 492 million decrease to other liabilities and a $ 492 million increase to retained earnings on our Consolidated Balance Sheets as of December 31, 2021. For the year ended December 31, 2022, the correction of the misstatement resulted in a $ 32 million decrease to amortization of deferred gain on business sold through reinsurance on our Consolidated Statements of Comprehensive Income (Loss). Additionally, the correction of the misstatement resulted in a $ 467 million increase to retained earnings on our Consolidated Balance Sheets as of December 31, 2022. Other Immaterial Misstatements As part of the restatement, we made corrections to previously identified errors that the Company determined to be immaterial, both individually and in the aggregate (the “Other Adjustments”) for the years ended December 31, 2022, and December 31, 2021. The Other Adjustments resulted in an increase of $ 12 million to income (loss) before taxes and a decrease of $ 12 million to income (loss) before taxes for the years ended December 31, 2022, and December 31, 2021, respectively. The Other Adjustments included adjustments and reclassifications on our Consolidated Balance Sheets as of December 31, 2022, and December 31, 2021, that had no impact on stockholders’ equity. We reclassified derivative investments that resulted in a decrease to derivative investments of $ 142 million, a decrease to other assets of $ 70 million and a decrease to other liabilities of $ 212 million as of December 31, 2022. We reclassified derivative investments that resulted in a decrease to other assets of $ 760 million, an increase to derivative investments of $ 260 million and a decrease to other liabilities of $ 500 million as of December 31, 2021. The combined impacts of the correction of the misstatement associated with the coinsurance reinsurance transaction and the Other Adjustments are reflected in the “restatement impacts” column of the restatement tables below. Impacts to our Consolidated Financial Statements Related to the Restatement of Previously Issued Consolidated Financial Statements and the Adoption of ASU 2018-12 The following tables present the amounts previously reported, restatement impacts, amounts as restated prior to the adoption of ASU 2018-12, adoption of new accounting standard impacts and as adjusted amounts reported on the Consolidated Balance Sheets as of December 31, 2022, and December 31, 2021, and the Consolidated Statements of Comprehensive Income (Loss), the Consolidated Statements of Stockholders’ Equity and the Consolidated Statements of Cash Flows for the years ended December 31, 2022, and December 31, 2021. The amounts shown in the “As Previously Reported” column for the years ended December 31, 2022, and December 31, 2021, were derived from our Annual Report on Form 10-K for the year ended December 31, 2022, filed on February 16, 2023. The amounts shown in the “As Restated” column for the years ended December 31, 2022, and December 31, 2021, were derived from our Annual Report on Form 10-K/A for the year ended December 31, 2022, filed on March 30, 2023. |
Principles Of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of LNC and all other entities in which we have a controlling financial interest and any variable interest entities (“VIEs”) in which we are the primary beneficiary. We use the equity method of accounting to recognize all of our investments in limited liability partnerships. All material inter-company accounts and transactions have been eliminated in consolidation. Our involvement with VIEs is primarily to invest in assets that allow us to gain exposure to a broadly diversified portfolio of asset classes. A VIE is an entity that does not have sufficient equity to finance its own activities without additional financial support or where investors lack certain characteristics of a controlling financial interest. We assess our contractual, ownership or other interests in a VIE to determine if our interest participates in the variability the VIE was designed to absorb and pass onto variable interest holders. We perform an ongoing qualitative assessment of our variable interests in VIEs to determine whether we have a controlling financial interest and would therefore be considered the primary beneficiary of the VIE. If we determine we are the primary beneficiary of a VIE, we consolidate the assets and liabilities of the VIE in the consolidated financial statements. |
Accounting Estimates and Assumptions | Accounting Estimates and Assumptions The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions affecting the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses for the reporting period. In applying these estimates and assumptions, management makes subjective and complex judgments that frequently require assumptions about matters that are uncertain and inherently subject to change, including matters related to or impacted by the COVID-19 pandemic. Actual results could differ from these estimates and assumptions. Included among the material (or potentially material) reported amounts and disclosures that require use of estimates are: fair value of certain financial assets, derivatives, allowances for credit losses, deferred acquisition costs (“DAC”), value of business acquired (“VOBA”), DSI, goodwill and other intangibles, market risk benefits (“MRBs”), future contract benefits, DFEL , pension plans, stock-based incentive compensation, income taxes including the recoverability of our deferred tax assets, and the potential effects of resolving litigated matters. |
Business Combinations | Business Combinations We use the acquisition method of accounting for all business combination transactions, and accordingly, recognize the fair values of assets acquired, liabilities assumed and any noncontrolling interests in the consolidated financial statements. The allocation of fair values may be subject to adjustment after the initial allocation for up to a one-year period as more information becomes available relative to the fair values as of the acquisition date. The consolidated financial statements include the results of operations of any acquired company since the acquisition date. |
Fair Value Measurement | Fair Value Measurement Our measurement of fair value is based on assumptions used by market participants in pricing the asset or liability, which may include inherent risk, restrictions on the sale or use of an asset or non-performance risk, which would include our own credit risk. Our estimate of an exchange price is the price in an orderly transaction between market participants to sell the asset or transfer the liability (“exit price”) in the principal market, or the most advantageous market in the absence of a principal market, for that asset or liability, as opposed to the price that would be paid to acquire the asset or receive a liability (“entry price”). Pursuant to the Fair Value Measurements and Disclosures Topic of the FASB Accounting Standards Codification TM (“ASC”), we categorize our financial instruments carried at fair value into a three-level fair value hierarchy, based on the priority of inputs to the respective valuation technique. The three-level hierarchy for fair value measurement is defined as follows: Level 1 – inputs to the valuation methodology are quoted prices available in active markets for identical investments as of the reporting date, except for large holdings subject to “blockage discounts” that are excluded; Level 2 – inputs to the valuation methodology are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value can be determined through the use of models or other valuation methodologies; and Level 3 – inputs to the valuation methodology are unobservable inputs in situations where there is little or no market activity for the asset or liability, and we make estimates and assumptions related to the pricing of the asset or liability, including assumptions regarding risk. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment. When a determination is made to classify an asset or liability within Level 3 of the fair value hierarchy, the determination is based upon the significance of the unobservable inputs to the overall fair value measurement. Because certain securities trade in less liquid or illiquid markets with limited or no pricing information, the determination of fair value for these securities is inherently more difficult. However, Level 3 fair value investments may include, in addition to the unobservable or Level 3 inputs, observable components, which are components that are actively quoted or can be validated to market-based sources. |
Fixed Maturity Available-For-Sale Securities - Fair Valuation Methodologies and Associated Inputs | Fixed Maturity Available-For-Sale Securities – Fair Valuation Methodologies and Associated Inputs Securities classified as available-for-sale (“AFS”) consist of fixed maturity securities and are stated at fair value with unrealized gains and losses included within accumulated other comprehensive income (loss) (“AOCI”). We measure the fair value of our securities classified as fixed maturity AFS based on assumptions used by market participants in pricing the security. The most appropriate valuation methodology is selected based on the specific characteristics of the fixed maturity security, and we consistently apply the valuation methodology to measure the security’s fair value. Our fair value measurement is based on a market approach that utilizes prices and other relevant information generated by market transactions involving identical or comparable securities. Sources of inputs to the market approach primarily include third-party pricing services, independent broker quotations or pricing matrices. We do not adjust prices received from third parties; however, we do analyze the third-party pricing services’ valuation methodologies and related inputs and perform additional evaluation to determine the appropriate level within the fair value hierarchy. The observable and unobservable inputs to our valuation methodologies are based on a set of standard inputs that we generally use to evaluate all of our fixed maturity AFS securities. Observable inputs include benchmark yields, reported trades, broker-dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data. In addition, market indicators, industry and economic events are monitored, and further market data is acquired if certain triggers are met. For certain security types, additional inputs may be used, or some of the inputs described above may not be applicable. For private placement securities, we use pricing matrices that utilize observable pricing inputs of similar public securities and Treasury yields as inputs to the fair value measurement. Depending on the type of security or the daily market activity, standard inputs may be prioritized differently or may not be available for all fixed maturity AFS securities on any given day. For broker-quoted only securities, non-binding quotes from market makers or broker-dealers are obtained from sources recognized as market participants. For securities trading in less liquid or illiquid markets with limited or no pricing information, we use unobservable inputs to measure fair value. The following summarizes our fair valuation methodologies and associated inputs, which are particular to the specified security type and are in addition to the defined standard inputs to our valuation methodologies for all of our fixed maturity AFS securities discussed above: Corporate bonds and U.S. government bonds – We also use Trade Reporting and Compliance Engine TM reported tables for our corporate bonds and vendor trading platform data for our U.S. government bonds. Mortgage- and asset-backed securities (“ABS”) – We also utilize additional inputs, which include new issues data, monthly payment information and monthly collateral performance, including prepayments, severity, delinquencies, step-down features and over collateralization features for each of our mortgage-backed securities (“MBS”), which include collateralized mortgage obligations and mortgage pass through securities backed by residential mortgages (“RMBS”), commercial mortgage-backed securities (“CMBS”) and collateralized loan obligations (“CLOs”). State and municipal bonds – We also use additional inputs that include information from the Municipal Securities Rule Making Board, as well as material event notices, new issue data, issuer financial statements and Municipal Market Data benchmark yields for our state and municipal bonds. Hybrid and redeemable preferred securities – We also utilize additional inputs of exchange prices (underlying and common stock of the same issuer) for our hybrid and redeemable preferred securities. In order to validate the pricing information and broker-dealer quotes, we employ, where possible, procedures that include comparisons with similar observable positions, comparisons with subsequent sales and observations of general market movements for those security classes. We have policies and procedures in place to review the process that is utilized by our third-party pricing service and the output that is provided to us by the pricing service. On a periodic basis, we test the pricing for a sample of securities to evaluate the inputs and assumptions used by the pricing service, and we perform a comparison of the pricing service output to an alternative pricing source. We also evaluate prices provided by our primary pricing service to ensure that they are not stale or unreasonable by reviewing the prices for unusual changes from period to period based on certain parameters or for lack of change from one period to the next. |
Fixed Maturity AFS Securities - Evaluation for Recovery of Amortized Cost | Fixed Maturity AFS Securities – Evaluation for Recovery of Amortized Cost We regularly review our fixed maturity AFS securities (also referred to as “debt securities”) for declines in fair value that we determine to be impairment-related, including those attributable to credit risk factors that may require a credit loss allowance. For our debt securities, we generally consider the following to determine whether our debt securities with unrealized losses are credit impaired: The estimated range and average period until recovery; The estimated range and average holding period to maturity; Remaining payment terms of the security; Current delinquencies and nonperforming assets of underlying collateral; Expected future default rates; Collateral value by vintage, geographic region, industry concentration or property type; Subordination levels or other credit enhancements as of the balance sheet date as compared to origination; and Contractual and regulatory cash obligations. For a debt security, if we intend to sell a security, or it is more likely than not we will be required to sell a debt security before recovery of its amortized cost basis and the fair value of the debt security is below amortized cost, we conclude that an impairment has occurred and the amortized cost is written down to current fair value, with a corresponding charge to realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss). If we do not intend to sell a debt security, or it is not more likely than not we will be required to sell a debt security before recovery of its amortized cost basis but the present value of the cash flows expected to be collected is less than the amortized cost of the debt security (referred to as the credit loss), we conclude that an impairment has occurred, and a credit loss allowance is recorded, with a corresponding charge to realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss). The remainder of the decline to fair value related to factors other than credit loss is recorded in other comprehensive income (“OCI”) to unrealized losses on fixed maturity AFS securities on the Consolidated Statements of Stockholders’ Equity, as this amount is considered a noncredit impairment. When assessing our intent to sell a debt security, or if it is more likely than not we will be required to sell a debt security before recovery of its cost basis, we evaluate facts and circumstances such as, but not limited to, decisions to reposition our security portfolio, sales of securities to meet cash flow needs and sales of securities to capitalize on favorable pricing. Management considers the following as part of the evaluation: The current economic environment and market conditions; Our business strategy and current business plans; The nature and type of security, including expected maturities and exposure to general credit, liquidity, market and interest rate risk; Our analysis of data from financial models and other internal and industry sources to evaluate the current effectiveness of our hedging and overall risk management strategies; The current and expected timing of contractual maturities of our assets and liabilities, expectations of prepayments on investments and expectations for surrenders and withdrawals of life insurance policies and annuity contracts; The capital risk limits approved by management; and Our current financial condition and liquidity demands. In order to determine the amount of the credit loss for a debt security, we calculate the recovery value by performing a discounted cash flow analysis based on the current cash flows and future cash flows we expect to recover. The discount rate is the effective interest rate implicit in the underlying debt security. The effective interest rate is the original yield, or the coupon if the debt security was previously impaired. See the discussion below for additional information on the methodology and significant inputs, by security type, that we use to determine the amount of a credit loss. To determine the recovery period of a debt security, we consider the facts and circumstances surrounding the underlying issuer including, but not limited to, the following: Historical and implied volatility of the security; The extent to which the fair value has been less than amortized cost; Adverse conditions specifically related to the security or to specific conditions in an industry or geographic area; Failure, if any, of the issuer of the security to make scheduled payments; and Recoveries or additional declines in fair value subsequent to the balance sheet date. In periods subsequent to the recognition of a credit loss impairment through a credit loss allowance, we continue to reassess the expected cash flows of the debt security at each subsequent measurement date as necessary. If the measurement of credit loss changes, we recognize a provision for (or reversal of) credit loss expense through realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss), limited by the amount that amortized cost exceeds fair value. Losses are charged against the allowance for credit losses when management believes the uncollectibility of a debt security is confirmed or when either of the criteria regarding intent or requirement to sell is met. Accrued interest on debt securities is written-off when deemed uncollectible. To determine the recovery value of a corporate bond or CLO, we perform additional analysis related to the underlying issuer including, but not limited to, the following: Fundamentals of the issuer to determine what we would recover if they were to file bankruptcy versus the price at which the market is trading; Fundamentals of the industry in which the issuer operates; Earnings multiples for the given industry or sector of an industry that the underlying issuer operates within, divided by the outstanding debt to determine an expected recovery value of the security in the case of a liquidation; Expected cash flows of the issuer (e.g., whether the issuer has cash flows in excess of what is required to fund its operations); Expectations regarding defaults and recovery rates; Changes to the rating of the security by a rating agency; and Additional market information (e.g., if there has been a replacement of the corporate debt security). Each quarter, we review the cash flows for the MBS portfolio, including current credit enhancements and trends in the underlying collateral performance to determine whether or not they are sufficient to provide for the recovery of our amortized cost. To determine recovery value of a MBS, we perform additional analysis related to the underlying issuer including, but not limited to, the following: Discounted cash flow analysis based on the current cash flows and future cash flows we expect to recover; Level of borrower creditworthiness of the home equity loans or residential mortgages that back an RMBS or commercial mortgages that back a CMBS; Susceptibility to fair value fluctuations for changes in the interest rate environment; Susceptibility to reinvestment risks, in cases where market yields are lower than the securities’ book yield earned; Susceptibility to reinvestment risks, in cases where market yields are higher than the book yields earned on a security; Expectations of sale of such a security where market yields are higher than the book yields earned on a security; and Susceptibility to variability of prepayments. When evaluating MBS and mortgage-related ABS, we consider a number of pool-specific factors as well as market level factors when determining whether or not the impairment on the security requires a credit loss allowance. The most important factor is the performance of the underlying collateral in the security and the trends of that performance in the prior periods. We use this information about the collateral to forecast the timing and rate of mortgage loan defaults, including making projections for loans that are already delinquent and for those loans that are currently performing but may become delinquent in the future. Other factors used in this analysis include the credit characteristics of borrowers, geographic distribution of underlying loans and timing of liquidations by state. Once default rates and timing assumptions are determined, we then make assumptions regarding the severity of a default if it were to occur. Factors that impact the severity assumption include expectations for future home price appreciation or depreciation, loan size, first lien versus second lien, existence of loan level private mortgage insurance, type of occupancy and geographic distribution of loans. Once default and severity assumptions are determined for the security in question, cash flows for the underlying collateral are projected including expected defaults and prepayments. These cash flows on the collateral are then translated to cash flows on our tranche based on the cash flow waterfall of the entire capital security structure. If this analysis indicates the entire principal on a particular security will not be returned, the security is reviewed for a credit loss by comparing the expected cash flows to amortized cost. To the extent that the security has already been impaired through a credit loss allowance or was purchased at a discount, such that the amortized cost of the security is less than or equal to the present value of cash flows expected to be collected, no credit loss allowance is required. Otherwise, if the amortized cost of the security is greater than the present value of the cash flows expected to be collected, and the security was not purchased at a discount greater than the expected principal loss, then an impairment through a credit loss allowance is recognized. We further monitor the cash flows of all of our debt securities backed by mortgages on an ongoing basis. We also perform detailed analysis on all of our subprime, Alt-A, non-agency residential MBS and on a significant percentage of our debt securities backed by pools of commercial mortgages. The detailed analysis includes revising projected cash flows by updating the cash flows for actual cash received and applying assumptions with respect to expected defaults, foreclosures and recoveries in the future. These revised projected cash flows are then compared to the amount of credit enhancement (subordination) in the structure to determine whether the amortized cost of the security is recoverable. If it is not recoverable, we record an impairment through a credit loss allowance for the security. |
Trading Securities | Trading Securities Trading securities consist of fixed maturity securities in designated portfolios, some of which support modified coinsurance and coinsurance with funds withheld reinsurance agreements. Investment results for the portfolios that support modified coinsurance and coinsurance with funds withheld reinsurance agreements, including gains and losses from sales, are passed directly to the reinsurers pursuant to contractual terms of the reinsurance agreements. Trading securities are carried at fair value, and changes in fair value and changes in the fair value of embedded derivative liabilities associated with the underlying reinsurance agreements are recorded in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss) as they occur. |
Equity Securities | Equity Securities Equity securities are carried at fair value, and changes in fair value are recorded in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss) as they occur. Equity securities consist primarily of common stock of publicly-traded companies, privately placed securities and mutual fund shares. We measure the fair value of our equity securities based on assumptions used by market participants in pricing the security. The most appropriate valuation methodology is selected based on the specific characteristics of the equity security. Fair values of publicly-traded equity securities are determined using quoted prices in active markets for identical or comparable securities. When quoted prices are not available, we use valuation methodologies most appropriate for the specific asset. Fair values for private placement securities are determined using discounted cash flow, earnings multiple and other valuation models. The fair values of mutual fund shares that transact regularly are based on transaction prices of identical fund shares. |
Mortgage Loans on Real Estate | Mortgage Loans on Real Estate Mortgage loans on real estate consist of commercial and residential mortgage loans and are generally carried at unpaid principal balances adjusted for amortization of premiums and accretion of discounts and are net of allowance for credit losses. We carry certain commercial mortgage loans associated with modified coinsurance agreements at fair value where the fair value option has been elected. Interest income is accrued on the principal balance of the loan based on the loan’s contractual interest rate. Premiums and discounts are amortized using the effective yield method over the life of the loan. Interest income and amortization of premiums and discounts are reported in net investment income on the Consolidated Statements of Comprehensive Income (Loss) along with mortgage loan fees, which are recorded as they are incurred. Our policy for commercial mortgage loans is to report loans that are 60 or more days past due, which equates to two or more payments missed, as delinquent. Our policy for residential mortgage loans is to report loans that are 90 or more days past due, which equates to three or more payments missed, as delinquent. We do not accrue interest on loans 90 days past due, and any interest received on these loans is either applied to the principal or recorded in net investment income on the Consolidated Statements of Comprehensive Income (Loss) when received, depending on the assessment of the collectability of the loan. We resume accruing interest once a loan complies with all of its original terms or restructured terms. Mortgage loans deemed uncollectible are charged against the allowance for credit losses, and subsequent recoveries, if any, are likewise credited to the allowance for credit losses. Accrued interest on mortgage loans is written-off when deemed uncollectible. In connection with our recognition of an allowance for credit losses for mortgage loans on real estate, we perform a quantitative analysis using a probability of default/loss given default/exposure at default approach to estimate expected credit losses in our mortgage loan portfolio as well as unfunded commitments related to commercial mortgage loans, exclusive of certain mortgage loans held at fair value. Our model estimates expected credit losses over the contractual terms of the loans, which are the periods over which we are exposed to credit risk, adjusted for expected prepayments. Credit loss estimates are segmented by commercial mortgage loans, residential mortgage loans, and unfunded commitments related to commercial mortgage loans. The allowance for credit losses for pooled loans of similar risk (i.e., commercial and residential mortgage loans) is estimated using relevant historical credit loss information adjusted for current conditions and reasonable and supportable forecasts of future conditions. Historical credit loss experience provides the basis for the estimation of expected credit losses with adjustments for differences in current loan-specific risk characteristics, such as differences in underwriting standards, portfolio mix, delinquency level, or term lengths as well as adjustments for changes in environmental conditions, such as unemployment rates, property values, or other factors that management deems relevant. We apply probability weights to the positive, base and adverse scenarios we use. For periods beyond our reasonable and supportable forecast, we use implicit mean reversion over the remaining life of the recoverable, meaning our model will inherently revert to the baseline scenario as the baseline is representative of the historical average over a longer period of time. Loans are considered impaired when it is probable that, based upon current information and events, we will be unable to collect all amounts due under the contractual terms of the loan agreement. When we determine that a loan is impaired, a specific credit loss allowance is established for the excess carrying value of the loan over its estimated value. The loan’s estimated value is based on: the present value of expected future cash flows discounted at the loan’s effective interest rate; the loan’s observable market price; or the fair value of the loan’s collateral. Allowance for credit losses are maintained at a level we believe is adequate to absorb current expected lifetime credit losses. Our periodic evaluation of the adequacy of the allowance for credit losses is based on historical loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay (including the timing of future payments), the estimated value of the underlying collateral, composition of the loan portfolio, current economic conditions, reasonable and supportable forecasts about the future and other relevant factors. Mortgage loans on real estate are presented net of the allowance for credit losses on the Consolidated Balance Sheets. Changes in the allowance are reported in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss). Mortgage loans on real estate deemed uncollectible are charged against the allowance for credit losses, and subsequent recoveries, if any, are credited to the allowance for credit losses, limited to the aggregate of amounts previously charged-off and expected to be charged-off. Our commercial loan portfolio is primarily comprised of long-term loans secured by existing commercial real estate. We believe all of the commercial loans in our portfolio share three primary risks: borrower credit worthiness; sustainability of the cash flow of the property; and market risk; therefore, our methods of monitoring and assessing credit risk are consistent for our entire portfolio. For our commercial mortgage loan portfolio, trends in market vacancy and rental rates are incorporated into the analysis that we perform for monitored loans and may contribute to the establishment of (or an increase or decrease in) an allowance for credit losses. In addition, we review each loan individually in our commercial mortgage loan portfolio on an annual basis to identify emerging risks. We focus on properties that experienced a reduction in debt-service coverage or that have significant exposure to tenants with deteriorating credit profiles. Where warranted, we establish or increase a credit loss allowance for a specific loan based upon this analysis. We measure and assess the credit quality of our commercial mortgage loans by using loan-to-value and debt-service coverage ratios. The loan-to-value ratio compares the principal amount of the loan to the fair value at origination of the underlying property collateralizing the loan and is commonly expressed as a percentage. Loan-to-value ratios greater than 100 % indicate that the principal amount is greater than the collateral value. Therefore, all else being equal, a lower loan-to-value ratio generally indicates a higher quality loan. The debt-service coverage ratio compares a property’s net operating income to its debt-service payments. Debt-service coverage ratios of less than 1.0 indicate that property operations do not generate enough income to cover its current debt payments. Therefore, all else being equal, a higher debt-service coverage ratio generally indicates a higher quality loan. These credit quality metrics are monitored and reviewed at least annually. We have off-balance sheet commitments related to commercial mortgage loans. As such, an allowance for credit losses is developed based on the commercial mortgage loan process outlined above, along with an internally developed conversion factor. Our residential loan portfolio is primarily comprised of first lien mortgages secured by existing residential real estate. In contrast to the commercial mortgage loan portfolio, residential mortgage loans are primarily smaller-balance homogenous loans that share similar risk characteristics. Therefore, these pools of loans are collectively evaluated for inherent credit losses. Such evaluations consider numerous factors, including, but not limited to borrower credit scores, collateral values, loss forecasts, geographic location, delinquency rates and economic trends. These evaluations and assessments are revised as conditions change and new information becomes available, including updated forecasts, which can cause the allowance for credit losses to increase or decrease over time as such evaluations are revised. Generally, residential mortgage loan pools exclude loans that are nonperforming, as those loans are evaluated individually using the evaluation framework for specific allowance for credit losses described above. For residential mortgage loans, our primary credit quality indicator is whether the loan is performing or nonperforming. We generally define nonperforming residential mortgage loans as those that are 90 or more days past due and/or in nonaccrual status. There is generally a higher risk of experiencing credit losses when a residential mortgage loan is nonperforming. We monitor and update aging schedules and nonaccrual status on a monthly basis. |
Policy Loans | Policy Loans Policy loans represent loans we issue to policyholders that use the cash surrender value of their life insurance policy as collateral. Policy loans are carried at unpaid principal balances. |
Derivative Instruments | Derivative Instruments We hedge certain portions of our exposure to interest rate risk, foreign currency exchange risk, equity market risk and credit risk by entering into derivative transactions. Our derivative instruments are recognized as either assets or liabilities on the Consolidated Balance Sheets at estimated fair value. We have master netting agreements with each of our derivative counterparties that allow for the netting of our derivative asset and liability positions by counterparty. W e categorize derivatives into a three-level hierarchy, based on the priority of the inputs to the respective valuation technique as discussed above in “Fair Value Measurement.” The accounting for changes in the estimated fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship, and further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, we designate the hedging instrument based upon the exposure being hedged: as a cash flow hedge or a fair value hedge. For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative instrument is reported as a component of AOCI and reclassified into net income in the same period or periods during which the hedged transaction affects net income. The remaining gain or loss on the derivative instrument in excess of the cumulative change in the present value of designated future cash flows of the hedged item (hedge ineffectiveness), if any, is recognized in net income during the period of change. For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative instrument, as well as the offsetting gain or loss on the hedged item attributable to the hedged risk are recognized in net income during the period of change in estimated fair values. For derivative instruments not designated as hedging instruments, but that are economic hedges, the gain or loss is recognized in net income. We purchase and issue financial instruments and products that contain embedded derivative instruments that are recorded with the associated host contract. When it is determined that the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract, and a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is bifurcated from the host for measurement purposes and reported within other assets or other liabilities on the Consolidated Balance Sheets. The embedded derivative is carried at fair value with changes in fair value recognized in net income during the period of change. We employ several different methods for determining the fair value of our derivative instruments. The fair value of our derivative contracts are measured based on current settlement values, which are based on quoted market prices, industry standard models that are commercially available and broker quotes. These techniques project cash flows of the derivatives using current and implied future market conditions. We calculate the present value of the cash flows to measure the current fair market value of the derivative. |
Other Investments | Other Investments Other investments consist primarily of alternative investments, cash collateral receivables related to our derivative instruments, Federal Home Loan Bank (“FHLB”) common stock and short-term investments. Alternative investments consist primarily of investments in limited partnerships (“LPs”). We account for our investments in LPs using the equity method to determine the carrying value. Recognition of alternative investment income is delayed due to the availability of the related financial statements, which are generally obtained from the partnerships’ general partners. As a result, our private equity investments are generally on a three-month delay and our hedge funds are on a one-month delay. In addition, the impact of audit adjustments related to completion of calendar-year financial statement audits of the investees are typically received during the second quarter of each calendar year. Accordingly, our investment income from alternative investments for any calendar-year period may not include the complete impact of the change in the underlying net assets for the partnership for that calendar-year period. In uncleared derivative transactions, we and the counterparty enter into a credit support annex requiring either party to post collateral, which may be in the form of cash, equal to the net derivative exposure. Cash collateral we have posted to a counterparty is recorded within other investments. Cash collateral a counterparty has posted is recorded within payables for collateral on investments. We also have investments in FHLB common stock, carried at cost, that enable access to the FHLB lending program. For more information on our collateralized financing arrangements, see “Payables for Collateral on Investments” below. Short-term investments consist of securities with original maturities of one year or less, but greater than three months. Securities included in short-term investments are carried at fair value, with valuation methods and inputs consistent with those applied to fixed maturity AFS securities. |
Cash And Invested Cash | Cash and Invested Cash Cash and invested cash is carried at cost and includes all highly liquid debt instruments purchased with an original maturity of three months or less . |
DAC, VOBA, DSI and DFEL | DAC, VOBA, DSI and DFEL Acquisition costs directly related to successful contract acquisitions or renewals of UL, VUL, traditional life insurance, group life and disability insurance, annuities and other investment contracts have been deferred (i.e., DAC). Such acquisition costs are capitalized in the period they are incurred and primarily include commissions, certain bonuses, portion of total compensation and benefits of certain employees involved in the acquisition process and medical and inspection fees. VOBA is an intangible asset that reflects the estimated fair value of in-force contracts in a life insurance company acquisition and represents the portion of the purchase price that is allocated to the value of the right to receive future cash flows from the business in force at the acquisition date. Bonus credits and excess interest for dollar cost averaging contracts are considered DSI and reported in deferred acquisition costs, value of business acquired and deferred sales inducements on the Consolidated Balance Sheets. Contract sales charges that are collected in the early years of an insurance contract are deferred and reported as deferred front-end loads (i.e., DFEL) on the Consolidated Balance Sheets. DAC, VOBA, DSI and DFEL amortization is reported within the following financial statement line items on the Consolidated Statements of Comprehensive Income (Loss): DAC and VOBA – commissions and other expenses DSI – interest credited DFEL – fee income DAC, VOBA, DSI and DFEL are amortized on a constant level basis relative to the insurance in force over the expected term of the related contracts using the groupings and actuarial assumptions that are consistent with those used for calculating the related policyholder liability balances. Actuarial assumptions include, but are not limited to, mortality, morbidity and certain policyholder behaviors such as persistency, which are adjusted for emerging experience and expected trends of the related long-duration insurance contracts and certain investment contracts by each reportable segment. During the third quarter of each year, we conduct our comprehensive review and update these actuarial assumptions. We may update our actuarial assumptions in other quarters as we become aware of information that warrants updating outside of our comprehensive review. These resulting changes are applied prospectively. The following provides a summary of our DAC, VOBA, DSI and DFEL amortization basis and expected amortization period by reportable segment: Reportable Segment Amortization Basis Expected Amortization Period Life Insurance Policy count of policies in force On average 60 years Annuities Total deposits paid to date on policies in force Between 30 to 40 years Group Protection Group certificate contracts in force 4 years Retirement Plan Services Lives in force Between 40 to 50 years We account for modifications of insurance contracts that result in a substantially unchanged contract as a continuation of the replaced contract. We account for modifications of insurance contracts that result in a substantially changed contract as an extinguishment of the replaced contract. For reinsurance transactions where we receive proceeds that represent recovery of our previously incurred acquisition costs, we reduce the applicable unamortized acquisition cost such that net acquisition costs are capitalized and charged to commissions and other expenses. |
Reinsurance | Reinsurance Our insurance subsidiaries enter into reinsurance agreements in the normal course of business to limit our exposure to the risk of loss and to enhance our capital management. In order for a reinsurance agreement to qualify for reinsurance accounting, the agreement must satisfy certain risk transfer conditions that include, among other items, a reasonable possibility of a significant loss for the assuming entity. When we apply reinsurance accounting, premiums, benefits and DAC amortization are reported net of reinsurance ceded, as applicable, on the Consolidated Statements of Comprehensive Income (Loss). Amounts currently recoverable, such as ceded reserves, other than ceded MRBs, are reported in reinsurance recoverables, and amounts currently payable to the reinsurers, such as premiums, are included in other liabilities on the Consolidated Balance Sheets. We use deposit accounting to recognize reinsurance agreements that do not transfer significant insurance risk. This accounting treatment results in amounts paid or received by our insurance subsidiaries to be considered on deposit with the reinsurer and such amounts are reported in other assets and other liabilities, respectively, on the Consolidated Balance Sheets. As amounts are paid or received, consistent with the underlying contracts, deposit assets or liabilities are adjusted. When there is a contractual right of offset, assets and liabilities and revenues and expenses from certain reinsurance contracts that grant statutory surplus relief to our insurance companies are netted on the Consolidated Balance Sheets and Consolidated Statements of Comprehensive Income (Loss), respectively. Reinsurance recoverables are measured and recognized consistent with the liabilities related to the underlying contracts. The interest assumption used for discounting reinsurance recoverables associated with non-participating traditional life insurance contracts and limited payment life-contingent annuity contracts is the upper-medium grade fixed income instrument (“single-A”) interest rate locked-in at the reinsurance contract issuance date. We remeasure reinsurance recoverables associated with non-participating traditional life insurance contracts and limited payment life-contingent annuity contracts with the current single-A interest rate as of the end of each reporting period. Ceded MRBs are accounted for separately from reinsurance recoverables. See “MRBs” below for additional information. 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 and is reported within other assets on the Consolidated Balance Sheets. We estimated an allowance for credit losses for all reinsurance recoverables and related reinsurance deposit assets held by our subsidiaries, other than ceded MRBs. As such, we performed a quantitative analysis using a probability of loss model approach to estimate expected credit losses for reinsurance recoverables, inclusive of similar assets recognized using the deposit method of accounting. The credit loss allowance is a general allowance for pools of receivables with similar risk characteristics segmented by credit risk ratings and receivables assessed on an individual basis that do not share similar risk characteristics where we anticipate a credit loss over the life of reinsurance-related assets, other than ceded MRBs. Our model uses relevant internal or external historical loss information adjusted for current conditions and reasonable and supportable forecasts of future events and conditions in developing our credit loss estimate. We utilized historical credit rating data to form an estimation of probability of default of counterparties by means of a transition matrix that provides the rates of credit migration for credit ratings transitioning to impairment. We updated reinsurer credit ratings during the period to incorporate the most up-to-date information on the current state of the financial stability of our reinsurers. To simulate changes in economic conditions, we used positive, base and adverse scenarios that include varying levels of loss given default assumptions to reflect the impact of changes in severity of losses. We applied probability weights to the positive, base and adverse scenarios. For periods beyond our reasonable and supportable forecasts, we used implicit mean reversion over the remaining life of the recoverable. Additionally, we considered factors that impact our exposure at default that are driven by actuarial expectations around term assumptions rather than being directly driven by market or economic environment. Our model estimates the expected credit losses over the life of the reinsurance asset. Credit loss estimates are segmented based on counterparty credit risk. Our modeling process utilizes counterparty credit ratings, collateral types and amounts, and term and run-off assumptions. For reinsurance recoverables that do not share similar risk characteristics, we assessed on an individual basis to determine a specific credit loss allowance. We estimated expected credit losses over the contractual term of the recoverable, which is the period during which we are exposed to the credit risk. Reinsurance recoverables may not have explicit contractual lives, but are tied to the underlying insurance products; as a result, we estimated the contractual life by utilizing actuarial estimates of the timing of payouts related to those underlying products. Reinsurance agreements often require the reinsurer to collateralize the recoverable with funds in a trust account or with a letter of credit for the benefit of the ceding insurance entity that can reduce the expected credit losses on a given agreement. As such, we review reinsurance collateral by individual agreement to sensitize risk of loss based on level of collateralization. This review is driven by the assumption that non-collateralized reinsurance recoverables would have materially higher losses in times of default. Therefore, reinsurance recoverables are pooled as either fully-collateralized or non-collateralized. Reinsurance recoverables are presented net of the allowance for credit losses on the Consolidated Balance Sheets. Changes in the allowance for credit losses are reported in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss). Reinsurance recoverables deemed uncollectible are charged against the allowance for credit losses, and subsequent recoveries, if any, are credited to the allowance for credit losses, limited to the aggregate of amounts previously charged-off and expected to be charged-off. |
Goodwill | Goodwill We recognize the excess of the purchase price, plus the fair value of any noncontrolling interest in the acquiree, over the fair value of identifiable net assets acquired as goodwill. Goodwill is not amortized, but is reviewed for impairment annually as of October 1 and more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. We perform a quantitative goodwill impairment test where the fair value of the reporting unit is determined and compared to the carrying value of the reporting unit. If the carrying value of the reporting unit is greater than the reporting unit’s fair value, goodwill is impaired and written down to the reporting unit’s fair value; and a charge is reported in impairment of intangibles on the Consolidated Statements of Comprehensive Income (Loss). The results of one goodwill impairment test on one reporting unit cannot subsidize the results of another reporting unit. |
Other Assets and Other Liabilities | Other Assets and Other Liabilities Other assets consist primarily of certain reinsurance assets, net of allowance for credit losses, ceded MRB liabilities, specifically identifiable intangible assets, current taxes and deferred taxes, premiums and fees receivable, property and equipment, balances associated with corporate-owned and bank-owned life insurance, receivables resulting from sales of securities that had not yet settled as of the balance sheet date, operating lease right-of-use (“ROU”) assets, finance lease assets and other receivables and prepaid expenses. Other liabilities consist primarily of certain reinsurance payables, deferred taxes, other policyholder liabilities, pension and other employee benefit liabilities, deferred gain on business sold through reinsurance, derivative instrument liabilities, payables resulting from purchases of securities that had not yet settled as of the balance sheet date, long-term operating lease liabilities, certain financing arrangements, finance lease liabilities, ceded MRB assets and other accrued expenses. The carrying values of specifically identifiable intangible assets are reviewed at least annually for indicators of impairment in value that are related to credit loss or non-credit, including unexpected or adverse changes in the following: the economic or competitive environments in which the company operates; profitability analyses; cash flow analyses; and the fair value of the relevant business operation. If there was an indication of impairment, then the discounted cash flow method would be used to measure the impairment, and the carrying value would be adjusted as necessary and reported in impairment of intangibles on the Consolidated Statements of Comprehensive Income (Loss). Sales force intangibles are attributable to the value of the new business distribution system acquired through business combinations. These assets are amortized on a straight-line basis over their useful life of 25 years. Specifically identifiable intangible assets also includes the value of customer relationships acquired (“VOCRA”) and value of distribution agreements (“VODA”). The carrying values of VOCRA and VODA are amortized using a straight-line basis over their weighted average life of 20 years and 13 years, respectively. See Note 9 for more information regarding specifically identifiable intangible assets. Property and equipment owned for company use is carried at cost less allowances for depreciation. Provisions for depreciation of investment real estate and property and equipment owned for company use are computed principally on the straight-line method over the estimated useful lives of the assets, which include buildings, computer hardware and software and other property and equipment. Certain assets on the Consolidated Balance Sheets are related to finance leases and certain financing arrangements and are depreciated in a manner consistent with our current depreciation policy for owned assets. We periodically review the carrying value of our long-lived assets, including property and equipment, for impairment whenever events or circumstances indicate that the carrying amount of such assets may not be fully recoverable. For long-lived assets to be held and used, impairments are recognized when the carrying amount of a long-lived asset is not recoverable and exceeds its fair value. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. An impairment loss is measured as the amount by which the carrying amount of a long-lived asset exceeds its fair value. Long-lived assets to be disposed of by abandonment or in an exchange for a similar productive long-lived asset are classified as held-for-use until they are disposed. Long-lived assets to be sold are classified as held-for-sale and are no longer depreciated. Certain criteria have to be met in order for the long-lived asset to be classified as held-for-sale, including that a sale is probable and expected to occur within one year. Long-lived assets classified as held-for-sale are recorded at the lower of their carrying amount or fair value less cost to sell. We lease office space and certain equipment under various long-term lease agreements. We determine if an arrangement is a lease at inception. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. Our leases do not provide an implicit rate; therefore, we use our incremental borrowing rate at the commencement date in determining the present value of future payments. The ROU asset is calculated using the lease liability carrying amount, plus or minus prepaid/accrued lease payments, minus the unamortized balance of lease incentives received, plus unamortized initial direct costs. Lease terms used to calculate our lease obligation include options when we are reasonably certain that we will exercise such options. Our lease agreements may contain both lease and non-lease components, which are accounted for separately. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Other liabilities include deferred gains on business sold through reinsurance. Effective October 1, 2021, we entered into a reinsurance agreement with Security Life of Denver Insurance Company (a subsidiary of Resolution Life that we refer to herein as “ Resolution Life”). We are recognizing the gain related to this transaction over the projected life of the policies, or 30 years. Effective January 1, 2020, we entered into a reinsurance agreement with Swiss Re. We are recognizing the gain related to this transaction over the period in which the in-force policies are expected to run off, or 15 years. Effective October 1, 2018, we entered into a reinsurance agreement with Athene Holding Ltd. (“Athene”). We are recognizing the gain related to this transaction over the period in which the majority of account values is expected to run off, or 20 years. See Note 8 for additional information. |
Separate Account Assets and Liabilities | Separate Account Assets and Liabilities Separate accounts represent segregated funds that are maintained to meet specific investment objectives of policyholders who direct the investments and bear the investment risk, except to the extent of minimum guarantees made by the Company with respect to certain accounts. The assets of each account are legally segregated and are not subject to claims that arise out of any other business of the Company. We report separate account assets as a summary total on the Consolidated Balance Sheets based on the fair value of the underlying investments. The underlying investments consist primarily of mutual funds, fixed maturity AFS securities, short-term investments and cash. Investment income and net realized and unrealized gains (losses) of the separate accounts generally accrue directly to the policyholders; therefore, they are not reflected on the Consolidated Statements of Comprehensive Income (Loss), and the Consolidated Statements of Cash Flows do not reflect investment activity of the separate accounts. Asset-based fees and contract administration charges (collectively referred to as “policyholder assessments”) are assessed against the accounts and included within fee income on the Consolidated Statements of Comprehensive Income (Loss). An amount equivalent to the separate account assets is recorded as separate account liabilities, representing the account balance obligated to be returned to the policyholder. |
Future Contract Benefits and Other Contract Holder Funds | Future Contract Benefits Future contract benefits represent liability reserves, including liability for future policy benefits (“LFPB”), liability for future claims reserves and additional liability for other insurance benefits that we have established and carry based on estimates of how much we will need to pay for future benefits and claims. The LFPB associated with non-participating traditional life insurance contracts and limited payment life-contingent annuity contracts is measured using a net premium ratio approach. This approach accrues expected benefits and claims in proportion to the premium revenue recognized. For life-contingent payout annuity contracts with limited premium payments, as premium collection is not the completion of the earnings process, gross premiums in excess of net premiums are deferred. This excess of gross premiums received over the related net premiums is referred to as the deferred profit liability (“DPL”). The DPL is included in the LFPB, and profits are recognized over the life of the contracts. In measuring our LFPB, we establish cohorts, which are groupings of long-duration contracts. Factors that we consider in determining cohorts include, but are not limited to, our contract classification and issue year requirements, product risk characteristics, assumptions and modeling level used in the valuation systems. The net premium ratio is capped at 100 % at the individual cohort level. Expected benefits and claims in excess of premium revenue recognized are expensed immediately. We use actuarial assumptions to best estimate future premium and benefit cash flows (“cash flow assumptions”) as well as the actual historical cash flows received and paid to derive a net premium ratio in measuring the LFPB. These actuarial assumptions include mortality rates, morbidity, policyholder behavior (e.g., persistency) and withdrawals based principally on generally accepted actuarial methods and assumptions. During the third quarter of each year, we conduct our comprehensive review of the cash flow assumptions and projection models used in estimating these liabilities and update these assumptions (excluding the claims settlement expense assumption that is locked in at inception) in the calculation of the net premium ratio. We may also update these assumptions in other quarters as we become aware of information that is indicative of such update. On a quarterly basis, we retrospectively update the net premium ratio for actual experience. The remeasurement of LFPB for both assumption updates and actual experience are reported within policyholder liability remeasurement gain (loss) on the Consolidated Statements of Comprehensive Income (Loss). For all contract cohorts issued after January 1, 2021, interest is accrued on LFPB at the single-A interest rate on the contract cohort inception date. For contract cohorts issued prior to January 1, 2021, interest remains accruing at the original discount rate in effect on the contract cohort inception date due to the modified retrospective transition method. We also remeasure the LFPB using the single-A interest rate as of the end of each reporting period, which is reported within policyholder liability discount rate remeasurement gain (loss) on the Consolidated Statements of Comprehensive Income (Loss). We evaluate the liability for future claims on our long-term life and disability group products. Given the term and renewal features of our product and funding nature of the associated premiums, we have determined that the liability value is generally zero for policies that are not on claim. Therefore, the liability for future claims represents future payments on claims for which a disability event has occurred as of the valuation date. In measuring the liability for future claims, we establish cohorts similar to the process described above and use actuarial assumptions primarily based on claim termination rates, offsets for other insurance including social security and long-term disability incidence and severity assumptions. Cash flow assumptions are subject to the comprehensive review process discussed above. On a quarterly basis, the liability for future claims is updated for actual claims experience. The remeasurement of the liability for future claims for both assumption updates and actual experience are reported within policyholder liability remeasurement gain (loss) on the Consolidated Statements of Comprehensive Income (Loss). We remeasure the liability for future claims using a single-A interest rate as of the end of each reporting period, which is reported within policyholder liability discount rate remeasurement gain (loss) on the Consolidated Statements of Comprehensive Income (Loss). We use the single-A interest rate curve to discount cash flows used to calculate the LFPB and the liability for future claims. This curve is developed using the upper-medium grade (low credit risk) fixed-income instrument yields that are intended to reflect the duration characteristics of the applicable insurance liabilities. We issue UL contracts with separate accounts that may include various types of guaranteed benefits that are not accounted for as MRBs or embedded derivatives. These guaranteed benefits require an additional liability that is calculated by estimating the present value of total expected benefit payments over the life of the contract from inception divided by the present value of total expected assessments over the life of the contract (“benefit ratio”) multiplied by the cumulative assessments recorded from the contract inception through the balance sheet date less the cumulative payments plus interest on the liability. Cash flow assumptions incorporated in a benefit ratio in measuring these additional liabilities for other insurance benefits include mortality rates, morbidity, policyholder behavior (e.g., persistency) and withdrawals based principally on generally accepted actuarial methods and assumptions. During the third quarter of each year, we conduct our comprehensive review of the cash flow assumptions and projection models used in estimating these liabilities and update these assumptions in the calculation of the benefit ratio. We may also update these assumptions in other quarters as we become aware of information that is indicative of such update. On a quarterly basis, we retrospectively update the benefit ratio for actual experience. The remeasurement of additional liability for both assumptions and actual experience are reported within policyholder liability remeasurement gain (loss) on the Consolidated Statements of Comprehensive Income (Loss). As future cash flow assumption and experience updates result in changes in expected benefit payments or assessments, the benefit ratio is recalculated using the updated expected benefit payments and assessments over the life of the contract since inception. The revised benefit ratio is then applied to the liability calculation described above. Premium deficiency testing is performed for interest-sensitive life products periodically using best estimate assumptions as of the testing date to test the adequacy and appropriateness of the established net reserve (i.e., GAAP reserves net of any DSI or VOBA assets). The premium deficiency test is also performed using a discount rate based on the average crediting rate. A premium deficiency exists when the net reserve plus the present value of expected future gross premiums are determined to be insufficient to cover expected future benefits and non-level expenses. The business written or assumed by us includes participating life insurance contracts, under which the policyholder is entitled to share in the earnings of such contracts via receipt of dividends. The dividend scale for participating policies is reviewed annually and may be adjusted to reflect recent experience and future expectations. As of December 31, 2022, 2021 and 2020, participating policies comprised less than 1 % of the face amount of business in force, and dividend expenses were $ 49 million, $ 48 million and $ 53 million for the years ended December 31, 2022, 2021 and 2020, respectively. MRBs MRBs are contracts or contract features that provide protection to the policyholder from other-than-nominal capital market risk and expose us to other-than-nominal capital market risk upon the occurrence of a specific event or circumstance, such as death, annuitization or periodic withdrawal. MRBs do not include the death benefit component of a life insurance contract (i.e., the difference between the account balance and the death benefit amount). All long-duration insurance contracts and certain investment contracts are subject to MRB evaluation. An MRB can be in either an asset or a liability position. Our MRB assets and MRB liabilities are reported at fair value separately on the Consolidated Balance Sheets. We issue variable and fixed annuity contracts that may include various types of guaranteed living benefit (“GLB”) and guaranteed death benefit (“GDB”) riders that we have classified as MRBs. For contracts that contain multiple features that qualify as MRBs, the MRBs are valued on a combined basis using an integrated model. We have entered into reinsurance agreements to cede certain GLB and GDB riders where the reinsurance agreements themselves are accounted for as MRBs or contain MRBs. We therefore record ceded MRB assets and ceded MRB liabilities associated with these reinsurance agreements. Ceded MRB liabilities are included in other assets and ceded MRB assets are included in other liabilities on the Consolidated Balance Sheets. MRBs are valued based on a stochastic projection of risk-neutral scenarios that incorporate a spread reflecting our non-performance risk. Ceded MRBs are valued based on a stochastic projection of risk-neutral scenarios that incorporate a spread reflecting our counterparties’ non-performance risk. The scenario assumptions, at each valuation date, are those we view to be appropriate for a hypothetical market participant and include assumptions for capital markets, policyholder behavior (e.g., policy lapse, rider utilization, etc.) mortality, risk margin and administrative expenses. These assumptions are based on a combination of historical data and actuarial judgments. During the third quarter of each year, we conduct our comprehensive review of the actuarial assumptions and projection models used in estimating these MRBs and update these assumptions on a prospective basis as needed. We may also update these assumptions in other quarters as we become aware of information that is indicative of the need for such an update. The assumptions for our own non-performance risk and our counterparties’ non-performance risk for MRBs and ceded MRBs, respectively, are determined at each valuation date and reflect our and our counterparties’ risks of not fulfilling the obligations of the underlying liability. The spread for the non-performance risk is added to the discount rates used in determining the fair value from the net cash flows. For information on fair value inputs, see Note 15. Policyholder Account Balances Policyholder account balances include the contract value that has accrued to the benefit of the policyholder as of the balance sheet date. The liability for policyholder account balances includes UL and VUL and investment-type annuity products where account balances are equal to deposits plus interest credited less withdrawals, surrender charges, policyholder assessments, as well as amounts representing the fair value of embedded derivative instruments associated with our IUL and indexed annuity products. During the third quarter of each year, we conduct our comprehensive review of the assumptions and projection models used in estimating these embedded derivatives and update assumptions as needed. We may also update these assumptions in other quarters as we become aware of information that is indicative of the need for such an update. |
Short-Term and Long-Term Debt | Short-Term and Long-Term Debt Short-term debt has contractual or expected maturities of one year or less. Long-term debt has contractual or expected maturities greater than one year. |
Payables for Collateral on Investments | Payables for Collateral on Investments When we enter into collateralized financing transactions on our investments, a liability is recorded equal to the cash or non-cash collateral received. This liability is included within payables for collateral on investments on the Consolidated Balance Sheets. Income and expenses associated with these transactions are recorded as investment income and investment expenses within net investment income on the Consolidated Statements of Comprehensive Income (Loss). Changes in payables for collateral on investments are reflected within cash flows from investing activities on the Consolidated Statements of Cash Flows. |
Contingencies and Commitments | Contingencies and Commitments A loss contingency is an existing condition, situation or set of circumstances involving uncertainty as to possible loss that will ultimately be resolved when one or more future events occur or fail to occur. Contingencies arising from environmental remediation costs, regulatory judgments, claims, assessments, guarantees, litigation, recourse reserves, fines, penalties and other sources are recorded when deemed probable and reasonably estimable, based on our best estimate. |
Fee Income | Fee Income Fee income for investment and interest-sensitive life insurance contracts consists of asset-based fees, percent of premium charges, contract administration charges and surrender charges that are assessed against policyholder account balances. Investment products consist primarily of individual and group variable and fixed annuities. Interest-sensitive life insurance products include UL, VUL, linked-benefit UL and VUL and other interest-sensitive life insurance policies. These products include life insurance sold to individuals, corporate-owned life insurance and bank-owned life insurance. The timing of revenue recognition as it relates to fees assessed on investment contracts is determined based on the nature of such fees. Asset-based fees and contract administration charges are assessed on a daily or monthly basis and recognized as revenue as performance obligations are met, over the period underlying customer assets are owned or advisory services are provided. Percent of premium charges are assessed at the time of premium payment and recognized as revenue when assessed and earned. Certain amounts assessed that represent compensation for services to be provided in future periods are reported as unearned revenue and recognized in income over the periods benefited. Surrender charges are recognized upon surrender of a contract by the policyholder in accordance with contractual terms. For investment and interest-sensitive life insurance contracts, the amounts collected from policyholders are considered deposits and are not included in revenue. Wholesaling-related 12b-1 fees received from separate account fund sponsors as compensation for servicing the underlying mutual funds are recorded as revenues based on a contractual percentage of the market value of mutual fund assets over the period shares are owned by customers. Net investment advisory fees related to asset management of certain separate account funds are recorded as revenues based on a contractual percentage of the customer’s managed assets over the period advisory services are provided. Fee income related to 12b-1 fees and net investment advisory fees, reported primarily within our Annuities segment, was $ 743 million, $ 848 million and $ 732 million for the years ended December 31, 2022, 2021 and 2020, respectively. |
Insurance Premiums | Insurance Premiums Insurance premiums consist primarily of group insurance products, traditional life insurance and payout annuities with life contingencies. These insurance premiums are recognized as revenue when due. |
Net Investment Income | Net Investment Income We earn investment income on the underlying general account investments supporting our fixed products less related expenses. Dividends and interest income, recorded in net investment income, are recognized when earned. Amortization of premiums and accretion of discounts on investments in debt securities are reflected in net investment income over the contractual terms of the investments in a manner that produces a constant effective yield. For CLOs and MBS, included in the trading and fixed maturity AFS securities portfolios, we recognize income using a constant effective yield based on anticipated prepayments and the estimated economic life of the securities. When actual prepayments differ significantly from originally anticipated prepayments, the retrospective effective yield is recalculated to reflect actual payments to date and a catch up adjustment is recorded in the current period. In addition, the new effective yield, which reflects anticipated future payments, is used prospectively. Any adjustments resulting from changes in effective yield are reflected in net investment income on the Consolidated Statements of Comprehensive Income (Loss). |
Realized Gain (Loss) | Realized Gain (Loss) Realized gain (loss) includes realized gains and losses from the sale of investments, write-downs for impairments of investments and changes in the allowance for credit losses for financial assets, changes in fair value of mortgage loans on real estate accounted for under the fair value option, changes in fair value of equity securities, certain derivative and embedded derivative gains and losses, gains and losses on the sale of subsidiaries and businesses and net gains and losses on reinsurance-related embedded derivatives and trading securities. Realized gains and losses on the sale of investments are determined using the specific identification method. Realized gain (loss) is reported net of allocations of investment gains and losses to certain policyholders, certain funds withheld on reinsurance arrangements and certain modified coinsurance arrangements for which we have a contractual obligation. |
MRB Gain (Loss) | MRB Gain (Loss) MRB gain (loss) includes the change in fair value of MRB and ceded MRB assets and liabilities. Changes in the fair value of MRB assets and liabilities are recognized in net income (loss), except for the portion attributable to the change in non-performance risk that is recognized in OCI. Changes in the fair value of ceded MRB assets and liabilities, including the changes in our counterparties’ non-performance risks, are recognized in net income (loss). |
Other Revenues | Other Revenues Other revenues consist primarily of fees attributable to broker-dealer services recorded as performance obligations are met, either at the time of sale or over time based on a contractual percentage of customer account values, and proceeds from reinsurance recaptures. The broker-dealer services primarily relate to our retail sales network and consist of commission revenue for the sale of non-affiliated securities recorded on a trade date basis and advisory fee income. Advisory fee income is asset-based revenues recorded as earned based on a contractual percentage of customer account values. Other revenues attributable to broker-dealer services and advisory fee income, reported primarily within our Annuities segment, were $ 584 million, $ 628 million and $ 516 million for the years ended December 31, 2022, 2021 and 2020, respectively. Other revenues earned by our Group Protection segment consist of fees from administrative services performed, which are recognized as performance obligations are met over the terms of the underlying agreements, and were $ 203 million, $ 180 million and $ 177 million for the years ended December 31, 2022, 2021 and 2020, respectively. |
Interest Credited | Interest Credited We credit interest to our policyholder account balances based on the contractual terms supporting our products. |
Benefits | Benefits Benefits for UL and other interest-sensitive life insurance products include benefit claims incurred during the period in excess of contract account balances. Benefits also include the change in reserves for life insurance products with secondary guarantee benefits, annuity products with guaranteed death and living benefits and certain annuities with life contingencies. For traditional life, group life and disability income products, benefits are recognized when incurred in a manner consistent with the related premium recognition policies. |
Spark Program Expense | Policyholder Liability Remeasurement Gain (Loss) Policyholder liability remeasurement gain (loss) recognized in net income (loss) includes remeasurement gains and losses resulting from updates in cash flow assumptions and actual variance from expected experience used in the net premium ratio or benefit ratio calculation for future policy benefits associated with traditional life insurance and limited payment life-contingent annuity products, liabilities for future claims associated with our group products, and additional liabilities for other insurance benefits on certain guaranteed benefits associated with our UL products. Policyholder liability remeasurement gain (loss) recognized in OCI includes any changes resulting from the discount rate remeasurement of future policy benefits associated with traditional life insurance and limited payment life-contingent annuity products and liabilities for future claims associated with our group products as of each reporting period. Spark Program Expense Spark program expense consists primarily of costs related to our Spark Initiative. |
Pensions and Other Post Retirement Benefit Plan | Pension and Other Postretirement Benefit Plans Pursuant to the accounting rules for our obligations to employees and agents under our various pension and other postretirement benefit plans, we are required to make a number of assumptions to estimate related liabilities and expenses. The mortality assumption is based on actual and anticipated plan experience, determined using acceptable actuarial methods. We use assumptions for the weighted-average discount rate and expected return on plan assets to estimate pension expense. The discount rate assumptions are determined using an analysis of current market information and the projected benefit flows associated with these plans. The expected long-term rate of return on plan assets is based on historical and projected future rates of return on the funds invested in the plan. The calculation of our accumulated postretirement benefit obligation also uses an assumption of weighted-average annual rate of increase in the per capita cost of covered benefits, which reflects a health care cost trend rate. |
Stock-Based Compensation | Stock-Based Compensation In general, we expense the fair value of stock awards included in our incentive compensation plans. As of the date our stock awards are approved, the fair value of stock options is determined using a Black-Scholes options valuation methodology, and the fair value of other stock awards is based upon the market value of the stock. The fair value of the awards is expensed over the performance or service period, which generally corresponds to the vesting period, and is recognized as an increase to common stock in stockholders’ equity. We apply an estimated forfeiture rate to our accrual of compensation cost. We classify certain stock awards as liabilities. For these awards, the settlement value is classified as a liability on the Consolidated Balance Sheets, and the liability is marked-to-market through net income at the end of each reporting period. Stock-based compensation expense is reflected in commissions and other expenses on the Consolidated Statements of Comprehensive Income (Loss). |
Interest and Debt Expense | Interest and Debt Expense Interest expense on our short-term and long-term debt is recognized as due and any associated premiums, discounts and debt issuance costs are amortized (accreted) over the term of the related borrowing utilizing the effective interest method. In addition, gains or losses related to certain derivative instruments associated with debt are recognized in interest and debt expense during the period of the change. |
Income Taxes | Income Taxes We file a U.S. consolidated income tax return that includes all of our eligible subsidiaries. Ineligible subsidiaries file separate individual corporate tax returns. Subsidiaries operating outside of the U.S. are taxed, and income tax expense is recorded, based on applicable foreign statutes. Deferred income taxes are recognized, based on enacted rates, when assets and liabilities have different values for financial statement and tax reporting purposes. A valuation allowance is recorded to the extent required. Considerable judgment and the use of estimates are required in determining whether a valuation allowance is necessary and, if so, the amount of such valuation allowance. In evaluating the need for a valuation allowance, we consider many factors, including: the nature and character of the deferred tax assets and liabilities; taxable income in prior carryback years; future reversals of temporary differences; the length of time carryovers can be utilized; and any tax planning strategies we would employ to avoid a tax benefit from expiring unused. |
Foreign Currency Translation | Foreign Currency Translation The balance sheet accounts and income statement items of foreign subsidiaries, reported in functional currencies other than the U.S. dollar are translated at the current and average exchange rates for the year, respectively. Resulting translation adjustments and other translation adjustments for foreign currency transactions that affect cash flows are reported in AOCI, a component of stockholders’ equity. |
Earnings Per Share | Earnings Per Share Basic earnings per share (“EPS”) is computed by dividing earnings available to common shareholders by the average common shares outstanding. Diluted EPS is computed assuming the conversion or exercise of non-vested stock, stock options and performance share units outstanding during the year. For any period where a net loss is experienced, shares used in the diluted EPS calculation represent basic shares, as the use of diluted shares would result in a lower loss per share. |
Nature of Operations, Basis o_3
Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies [Abstract] | |
Summary of Amortization Basis and Expected Amortization Period by Reportable Segment | Reportable Segment Amortization Basis Expected Amortization Period Life Insurance Policy count of policies in force On average 60 years Annuities Total deposits paid to date on policies in force Between 30 to 40 years Group Protection Group certificate contracts in force 4 years Retirement Plan Services Lives in force Between 40 to 50 years |
Adoption of ASU 2018-12 (Tables
Adoption of ASU 2018-12 (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Adoption of ASU 2018-12 [Abstract] | |
Cumulative Effect Adjustments to Components of Stockholders' Equity | Total Retained Stockholders’ Earnings AOCI Equity Shadow impacts: DAC, VOBA, DSI and DFEL $ - $ 2,271 $ 2,271 Additional liabilities for other insurance benefits - 1,197 1,197 LFPB and Other (1) ( 187 ) ( 1,715 ) ( 1,902 ) MRBs (2) ( 6,086 ) 2,874 ( 3,212 ) Total $ ( 6,273 ) $ 4,627 $ ( 1,646 ) (1) Includes impacts to reserves and ceded reserves reported within future contract benefits and reinsurance recoverables, respectively on the Consolidated Balance Sheets, excluding shadow impacts on additional liabilities for other insurance benefits. (2) Includes impacts related to MRB assets and MRB liabilities reported on the Consolidated Balance Sheets, and ceded MRBs reported within other assets on the Consolidated Balance Sheets. |
Effect of Accounting Adoption to Consolidated Balance Sheets | Total Retained Stockholders’ Earnings AOCI Equity DAC, VOBA and DSI $ - $ 6,079 $ 6,079 Reinsurance recoverables 607 2,431 3,038 Other assets (1) 242 - 242 Future contract benefits ( 844 ) ( 3,088 ) ( 3,932 ) MRBs, net ( 7,956 ) 3,656 ( 4,300 ) DFEL - ( 3,190 ) ( 3,190 ) Other liabilities (2) 1,678 ( 1,261 ) 417 Total $ ( 6,273 ) $ 4,627 $ ( 1,646 ) (1) Consists primarily of ceded MRB adjustments. (2) Consists of state and federal tax adjustments. |
Summary of Changes in DAC, VOBA and DSI | Impact from Balance Removal of Balance Pre-Adoption Shadow Post-Adoption December 31, Balances January 1, 2020 from AOCI 2021 DAC Traditional Life $ 1,082 $ - $ 1,082 UL and Other 394 5,031 5,425 Variable Annuities 3,518 52 3,570 Fixed Annuities 264 215 479 Group Protection 187 - 187 Retirement Plan Services 120 112 232 Total DAC 5,565 5,410 10,975 VOBA Traditional Life 67 - 67 UL and Other 180 630 810 Fixed Annuities - 23 23 Total VOBA 247 653 900 DSI (1) UL and Other 35 - 35 Variable Annuities 148 2 150 Fixed Annuities 17 13 30 Retirement Plan Services 13 1 14 Total DSI 213 16 229 Total DAC, VOBA and DSI $ 6,025 $ 6,079 $ 12,104 (1) Pre-adoption DSI balance was previously reported in other assets on the Consolidated Balance Sheets. |
Summary of Changes in DFEL | Impact from Balance Removal of Balance Pre-Adoption Shadow Post-Adoption December 31, Balances January 1, 2020 from AOCI 2021 DFEL (1) UL and Other $ 113 $ 3,185 $ 3,298 Variable Annuities 288 5 293 Total DFEL $ 401 $ 3,190 $ 3,591 (1) Pre-adoption DFEL balance was previously reported in other contract holder funds on the Consolidated Balance Sheets. |
Summary of Changes in Future Contract Benefits | Impact from Single-A Balance Removal of Discount Cumulative Balance Pre-Adoption Shadow Rate Effect to Post-Adoption December 31, Balances Measurement Retained January 1, 2020 (1) from AOCI in AOCI Earnings 2021 LFPB Traditional Life $ 3,483 $ - $ 943 $ - $ 4,426 Payout Annuities 2,314 ( 105 ) 415 44 2,668 Liability for Future Claims Group Protection 5,422 - 517 - 5,939 Additional Liabilities for Other Insurance Benefits UL and Other 13,649 ( 1,515 ) - 174 12,308 Other Operations (2) 10,463 ( 80 ) 2,913 626 13,922 Other (3) 3,565 - - - 3,565 Total future contract benefits $ 38,896 $ ( 1,700 ) $ 4,788 $ 844 $ 42,828 (1) Balance pre-adoption excludes features that meet the definition of an MRB upon transition, including features that were previously accounted for as an additional liability. Also, balance pre-adoption reflects certain reclassifications of non-life contingent account balances from future contract benefits to policyholder account balances within the Consolidated Balance Sheets. (2) Represents future contract benefits reported in Other Operations primarily attributable to the indemnity reinsurance agreements with Protective ($ 6.3 billion and $ 7.4 billion as of December 31, 2020, and January 1, 2021, respectively) and Swiss Re ($ 2.0 billion and $ 3.5 billion as of December 31, 2020, and January 1, 2021, respectively). Includes LFPB and additional liabilities balances. (3) Represents other miscellaneous reserves outside the scope of ASU 2018-12. |
Summary of Changes in Reinsurance Recoverables | Single-A Balance Discount Cumulative Balance Pre-Adoption Rate Effect to Post-Adoption December 31, Measurement Retained January 1, 2020 (1) in AOCI Earnings 2021 Reinsured LFPB Traditional Life $ 755 $ 151 $ - $ 906 Payout Annuities 2 - - 2 Reinsured Liability for Future Claims Group Protection 148 14 - 162 Reinsured Additional Liabilities for Other Insurance Benefits UL and Other 335 - ( 3 ) 332 Reinsured Other Operations (2) 14,320 2,266 610 17,196 Reinsured Other (3) 790 - - 790 Total reinsurance recoverables $ 16,350 $ 2,431 $ 607 $ 19,388 (1) Balance pre-adoption excludes features that meet the definition of a ceded MRB upon transition, including features that were previously accounted for as reinsured additional liabilities. (2) Represents reinsurance recoverables reported in Other Operations primarily attributable to the indemnity reinsurance agreements with Protective ($ 12.0 billion and $ 13.2 billion as of December 31, 2020, and January 1, 2021, respectively) and Swiss Re ($ 1.3 billion and $ 2.6 billion as of December 31, 2020, and January 1, 2021, respectively). Includes reinsured LFPB and reinsured additional liabilities balances. (3) Represents other miscellaneous reinsurance recoverables outside the scope of ASU 2018-12. |
Summary of Changes in Net Liability Position of MRBs | Balance Cumulative Cumulative Balance Pre-Adoption Effect of Effect to Post-Adoption December 31, Credit Risk Retained January 1, 2020 (1) to AOCI Earnings 2021 MRBs, Net Variable Annuities $ 831 $ ( 3,592 ) $ 7,968 $ 5,207 Fixed Annuities 192 ( 52 ) ( 22 ) 118 Retirement Plan Services 11 ( 12 ) 10 9 Total MRBs, net $ 1,034 $ ( 3,656 ) $ 7,956 $ 5,334 (1) Balance pre-adoption includes all features that meet the definition of an MRB upon transition, including features that were previously accounted for as additional liabilities or embedded derivatives. |
Summary of Changes in Net Asset Position of Ceded MRBs | Balance Cumulative Balance Pre-Adoption Effect to Post-Adoption December 31, Retained January 1, 2020 (1) Earnings 2021 Ceded MRBs, Net Variable Annuities $ 215 $ 121 $ 336 Total ceded MRBs, net $ 215 $ 121 $ 336 (1) Balance pre-adoption includes all features that meet the definition of a ceded MRB upon transition, including features that were previously accounted for as reinsured additional liabilities or embedded derivatives. |
Adoption of New Accounting Standard Effect on Financial Statements | The following summarizes the effect of the adoption of ASU 2018-12 (in millions) on certain financial statement line items within the previously reported Consolidated Balance Sheets: As of December 31, 2022 As of December 31, 2021 Adoption Adoption As of New As of New Previously Accounting As Previously Accounting As Reported (1) Standard Adjusted Reported (1) Standard Adjusted Deferred acquisition costs, value of business acquired and deferred sales inducements (2) $ 13,803 $ ( 1,568 ) $ 12,235 $ 6,286 $ 5,610 $ 11,896 Reinsurance recoverables, net of allowance for credit losses 19,882 ( 439 ) 19,443 20,295 2,091 22,386 Market risk benefit assets - 2,807 2,807 - 1,888 1,888 Other assets (2) 20,493 ( 1,691 ) 18,802 18,316 ( 1,784 ) 16,532 Total assets 335,108 ( 891 ) 334,217 386,945 7,805 394,750 Future contract benefits (2) 41,756 ( 2,930 ) 38,826 40,687 738 41,425 Market risk benefit liabilities - 2,078 2,078 - 4,399 4,399 Deferred front-end loads (2) 5,669 ( 617 ) 5,052 415 3,810 4,225 Other liabilities (2) 11,976 45 12,021 16,708 ( 303 ) 16,405 Total liabilities 330,539 ( 1,424 ) 329,115 366,191 8,644 374,835 Retained earnings 6,707 ( 783 ) 5,924 9,578 ( 4,382 ) 5,196 Accumulated other comprehensive income (loss) ( 7,668 ) 1,316 ( 6,352 ) 6,441 3,543 9,984 Total stockholders’ equity 4,569 533 5,102 20,754 ( 839 ) 19,915 (1) The amounts as previously reported were derived from our Annual Report on Form 10-K/A for the year ended December 31, 2022, filed on March 30, 2023, and disclosed in “Impacts to our Consolidated Financial Statements Related to the Restatement of Previously Issued Consolidated Financial Statements and the Adoption of ASU 2018-12” in Note 1. (2) Certain amounts have been reclassified to conform to the presentation adopted in the current period. The following summarizes the effect of the adoption of ASU 2018-12 (in millions, except per share data) on certain financial statement line items within the previously reported Consolidated Statements of Comprehensive Income (Loss): For the Year Ended December 31, 2022 For the Year Ended December 31, 2021 Adoption Adoption As of New As of New Previously Accounting As Previously Accounting As Reported (1) Standard Adjusted Reported (1) Standard Adjusted Fee income $ 6,054 $ ( 451 ) $ 5,603 $ 6,905 $ ( 866 ) $ 6,039 Realized gain (loss) 345 495 840 414 ( 1,281 ) ( 867 ) Total revenues 18,766 44 18,810 19,862 ( 2,147 ) 17,715 Benefits 12,546 ( 4,067 ) 8,479 8,529 ( 26 ) 8,503 Interest credited 2,870 7 2,877 2,933 ( 4 ) 2,929 Market risk benefit (gain) loss - ( 3,246 ) ( 3,246 ) - ( 3,753 ) ( 3,753 ) Policyholder liability remeasurement (gain) loss - 2,766 2,766 - ( 183 ) ( 183 ) Commissions and other expenses 5,096 29 5,125 5,794 ( 575 ) 5,219 Total expenses 21,596 ( 4,511 ) 17,085 17,613 ( 4,541 ) 13,072 Income (loss) before taxes ( 2,830 ) 4,555 1,725 2,249 2,394 4,643 Federal income tax expense (benefit) ( 589 ) 956 367 362 503 865 Net income (loss) ( 2,241 ) 3,599 1,358 1,887 1,891 3,778 Other comprehensive income (loss), net of tax: Unrealized investment gain (loss) ( 14,030 ) ( 4,029 ) ( 18,059 ) ( 2,535 ) ( 752 ) ( 3,287 ) Market risk benefit non-performance risk gain (loss) - ( 210 ) ( 210 ) - ( 923 ) ( 923 ) Policyholder liability discount rate remeasurement gain (loss) - 2,012 2,012 - 591 591 Total other comprehensive income (loss), net of tax ( 14,109 ) ( 2,227 ) ( 16,336 ) ( 2,490 ) ( 1,084 ) ( 3,574 ) Comprehensive income (loss) ( 16,350 ) 1,372 ( 14,978 ) ( 603 ) 807 204 Net income (loss) per common share: Basic ( 13.11 ) 21.04 7.93 10.07 10.10 20.17 Diluted ( 13.19 ) 20.97 7.78 9.98 9.98 19.96 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Reconciliation Of Available-For-Sale Securities From Cost Basis To Fair Value | As of December 31, 2022 Allowance Amortized Gross Unrealized for Credit Fair Cost Gains Losses Losses Value Fixed maturity AFS securities: Corporate bonds $ 89,249 $ 787 $ 11,004 $ 9 $ 79,023 U.S. government bonds 405 5 31 - 379 State and municipal bonds 5,410 172 512 - 5,070 Foreign government bonds 348 17 47 - 318 RMBS 2,216 22 222 7 2,009 CMBS 1,917 3 246 - 1,674 ABS 11,797 38 926 5 10,904 Hybrid and redeemable preferred securities 365 25 30 1 359 Total fixed maturity AFS securities $ 111,707 $ 1,069 $ 13,018 $ 22 $ 99,736 As of December 31, 2021 Allowance Amortized Gross Unrealized for Credit Fair Cost Gains Losses Losses Value Fixed maturity AFS securities: Corporate bonds $ 86,373 $ 12,113 $ 349 $ 17 $ 98,120 U.S. government bonds 375 60 2 - 433 State and municipal bonds 5,322 1,311 12 - 6,621 Foreign government bonds 373 64 5 - 432 RMBS 2,334 196 4 1 2,525 CMBS 1,552 61 14 - 1,599 ABS 8,439 127 54 - 8,512 Hybrid and redeemable preferred securities 374 107 11 1 469 Total fixed maturity AFS securities $ 105,142 $ 14,039 $ 451 $ 19 $ 118,711 |
Available-For-Sale Securities By Contractual Maturities | Amortized Fair Cost Value Due in one year or less $ 3,386 $ 3,352 Due after one year through five years 17,659 16,816 Due after five years through ten years 18,568 16,736 Due after ten years 56,164 48,245 Subtotal 95,777 85,149 Structured securities (RMBS, CMBS, ABS) 15,930 14,587 Total fixed maturity AFS securities $ 111,707 $ 99,736 |
Fair Value And Gross Unrealized Losses In A Continuous Unrealized Loss Position | As of December 31, 2022 Less Than or Equal Greater Than to Twelve Months Twelve Months Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (1) Fixed maturity AFS securities: Corporate bonds $ 59,929 $ 9,049 $ 7,094 $ 1,955 $ 67,023 $ 11,004 U.S. government bonds 261 25 27 6 288 31 State and municipal bonds 1,958 440 237 72 2,195 512 Foreign government bonds 130 19 58 28 188 47 RMBS 1,490 179 193 43 1,683 222 CMBS 1,224 156 320 90 1,544 246 ABS 6,715 552 3,326 374 10,041 926 Hybrid and redeemable preferred securities 63 5 97 25 160 30 Total fixed maturity AFS securities $ 71,770 $ 10,425 $ 11,352 $ 2,593 $ 83,122 $ 13,018 Total number of fixed maturity AFS securities in an unrealized loss position 8,175 As of December 31, 2021 Less Than or Equal Greater Than to Twelve Months Twelve Months Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (1) Fixed maturity AFS securities: Corporate bonds $ 10,796 $ 234 $ 1,567 $ 115 $ 12,363 $ 349 U.S. government bonds 6 - 26 2 32 2 State and municipal bonds 522 11 24 1 546 12 Foreign government bonds 61 3 56 2 117 5 RMBS 262 3 22 1 284 4 CMBS 446 12 37 2 483 14 ABS 4,646 49 165 5 4,811 54 Hybrid and redeemable preferred securities 47 1 76 10 123 11 Total fixed maturity AFS securities $ 16,786 $ 313 $ 1,973 $ 138 $ 18,759 $ 451 Total number of fixed maturity AFS securities in an unrealized loss position 2,597 (1) As of December 31, 2022 and 2021, we recognized $ 6 million and $ 8 million of gross unrealized losses, respectively, in OCI for fixed maturity AFS securities for which an allowance for credit losses has been recorded. |
Schedule Of Available-For-Sale Securities Whose Value Is Below Amortized Cost | As of December 31, 2022 Gross Number Fair Unrealized of Value Losses Securities (1) Less than six months $ 11,351 $ 3,659 1,500 Six months or greater, but less than nine months 4,411 2,226 650 Nine months or greater, but less than twelve months 447 302 74 Twelve months or greater 2 1 15 Total $ 16,211 $ 6,188 2,239 As of December 31, 2021 Gross Number Fair Unrealized of Value Losses Securities (1) Less than six months $ 12 $ 3 6 Twelve months or greater 58 8 24 Total $ 70 $ 11 30 (1) We may reflect a security in more than one aging category based on various purchase dates. |
Changes In Allowance For Credit Losses On AFS | For the Year Ended December 31, 2022 Corporate Bonds RMBS Other Total Balance as of beginning-of-year $ 17 $ 1 $ 1 $ 19 Additions from purchases of PCD debt securities (1) - - - - Additions for securities for which credit losses were not previously recognized 4 3 1 8 Additions (reductions) for securities for which credit losses were previously recognized 2 3 4 9 Reductions for securities disposed ( 2 ) - - ( 2 ) Reductions for securities charged-off ( 12 ) - - ( 12 ) Balance as of end-of-year (2) $ 9 $ 7 $ 6 $ 22 For the Year Ended December 31, 2021 Corporate Bonds RMBS Other Total Balance as of beginning-of-year $ 12 $ 1 $ - $ 13 Additions from purchases of PCD debt securities (1) - - - - Additions for securities for which credit losses were not previously recognized 8 - 1 9 Additions (reductions) for securities for which credit losses were previously recognized 5 - - 5 Reductions for securities disposed ( 2 ) - - ( 2 ) Reductions for securities charged-off ( 6 ) - - ( 6 ) Balance as of end-of-year (2) $ 17 $ 1 $ 1 $ 19 For the Year Ended December 31, 2020 Corporate Bonds RMBS Other Total Balance as of beginning-of-year $ - $ - $ - $ - Additions from purchases of PCD debt securities (1) - - - - Additions for securities for which credit losses were not previously recognized 43 1 1 45 Additions (reductions) for securities for which credit losses were previously recognized ( 1 ) - ( 1 ) ( 2 ) Reductions for securities disposed ( 17 ) - - ( 17 ) Reductions for securities charged-off ( 13 ) - - ( 13 ) Balance as of end-of-year (2) $ 12 $ 1 $ - $ 13 (1) Represents purchased credit-deteriorated (“PCD”) fixed maturity AFS securities. (2) As of December 31, 2022, 2021 and 2020, accrued investment income on fixed maturity AFS securities totaled $ 1.1 billion, $ 972 million and $ 1.0 billion, respectively, and was excluded from the estimate of credit losses. |
Fair Value Of Trading Securities | As of December 31, 2022 2021 Fixed maturity securities: Corporate bonds $ 2,248 $ 2,734 U.S. government bonds - 32 State and municipal bonds 21 27 Foreign government bonds 49 73 RMBS 99 95 CMBS 137 137 ABS 919 1,338 Hybrid and redeemable preferred securities 25 24 Total trading securities $ 3,498 $ 4,460 |
Composition Of Current And Past Due Mortgage Loans On Real Estate | As of December 31, 2022 As of December 31, 2021 Commercial Residential Total Commercial Residential Total Current $ 17,003 $ 1,315 $ 18,318 $ 17,167 $ 837 $ 18,004 30 to 59 days past due 19 23 42 15 21 36 60 to 89 days past due - 6 6 - 5 5 90 or more days past due - 33 33 - 29 29 Allowance for credit losses ( 84 ) ( 15 ) ( 99 ) ( 79 ) ( 17 ) ( 96 ) Unamortized premium (discount) ( 8 ) 36 28 ( 11 ) 27 16 Mark-to-market gains (losses) (1) ( 27 ) - ( 27 ) ( 3 ) - ( 3 ) Total carrying value $ 16,903 $ 1,398 $ 18,301 $ 17,089 $ 902 $ 17,991 (1) Represents the mark-to-market on certain mortgage loans on real estate for which we have elected the fair value option. See Note 15 for additional information. |
Schedule Of Average Carrying Value Of Impaired Mortgage Loans On Real Estate | For the Years Ended December 31, 2022 2021 2020 Average aggregate carrying value for impaired mortgage loans on real estate $ 16 $ 32 $ 21 Interest income recognized on impaired mortgage loans on real estate - - - Interest income collected on impaired mortgage loans on real estate - - - |
Amortized Cost Of Mortgage Loans On Real Estate On Nonaccrual Status | As of December 31, 2022 As of December 31, 2021 Nonaccrual Nonaccrual with no with no Allowance Allowance for Credit for Credit Losses Nonaccrual Losses Nonaccrual Commercial mortgage loans on real estate $ - $ - $ - $ - Residential mortgage loans on real estate - 34 - 30 Total $ - $ 34 $ - $ 30 |
Changes In Allowance For Credit Losses On Mortgage Loans On Real Estate | For the Year Ended December 31, 2022 Commercial Residential Total Balance as of beginning-of-year $ 79 $ 17 $ 96 Additions (reductions) from provision for credit loss expense (1) 5 ( 2 ) 3 Additions from purchases of PCD mortgage loans on real estate - - - Balance as of end-of-year (2) $ 84 $ 15 $ 99 For the Year Ended December 31, 2021 Commercial Residential Total Balance as of beginning-of-year $ 187 $ 17 $ 204 Additions (reductions) from provision for credit loss expense (1) ( 108 ) - ( 108 ) Additions from purchases of PCD mortgage loans on real estate - - - Balance as of end-of-year (2) $ 79 $ 17 $ 96 For the Year Ended December 31, 2020 Commercial Residential Total Balance as of beginning-of-year $ - $ 2 $ 2 Impact of adopting new accounting standard 62 26 88 Additions (reductions) from provision for credit loss expense (1) 125 ( 11 ) 114 Additions from purchases of PCD mortgage loans on real estate - - - Balance as of end-of-year (2) $ 187 $ 17 $ 204 (1) We did not recognize any credit loss benefit (expense) related to unfunded commitments for mortgage loans on real estate for the year ended December 31, 2022. We recognized $ 4 million and $( 2 ) million of credit loss benefit (expense) related to unfunded commitments for mortgage loans on real estate for the years ended December 31, 2021 and 2020, respectively. (2) Accrued investment income on mortgage loans on real estate totaled $ 51 million, $ 49 million and $ 49 million as of December 31, 2022, 2021 and 2020, respectively, and was excluded from the estimate of credit losses. |
Net Investment Income | For the Years Ended December 31, 2022 2021 2020 Fixed maturity AFS securities $ 4,469 $ 4,351 $ 4,334 Trading securities 182 167 202 Equity securities 11 3 3 Mortgage loans on real estate 689 680 677 Policy loans 101 115 125 Cash and invested cash 13 - 12 Commercial mortgage loan prepayment and bond make-whole premiums 105 199 82 Alternative investments 66 679 197 Consent fees 8 10 7 Other investments 79 64 46 Investment income 5,723 6,268 5,685 Investment expense ( 208 ) ( 157 ) ( 175 ) Net investment income $ 5,515 $ 6,111 $ 5,510 |
Credit Loss Expense Incurred | For the Years Ended December 31, 2022 2021 2020 Credit Loss Benefit (Expense) Fixed maturity AFS securities: Corporate bonds $ ( 5 ) $ ( 10 ) $ ( 25 ) RMBS ( 6 ) - ( 1 ) ABS ( 4 ) - - Hybrid and redeemable preferred securities - ( 1 ) - Gross credit loss benefit (expense) ( 15 ) ( 11 ) ( 26 ) Associated amortization of DAC, VOBA, DSI and DFEL - - 1 Net credit loss benefit (expense) $ ( 15 ) $ ( 11 ) $ ( 25 ) |
Payables For Collateral On Investments | As of December 31, 2022 As of December 31, 2021 Carrying Fair Carrying Fair Value Value Value Value Collateral payable for derivative investments (1) $ 3,284 $ 3,284 $ 5,575 $ 5,575 Securities pledged under securities lending agreements (2) 298 287 241 235 Investments pledged for FHLBI (3) 3,130 3,925 3,130 4,876 Total payables for collateral on investments $ 6,712 $ 7,496 $ 8,946 $ 10,686 (1) We obtain collateral based upon contractual provisions with our counterparties. These agreements take into consideration the counterparties’ credit rating as compared to ours, the fair value of the derivative investments and specified thresholds that if exceeded result in the receipt of cash that is typically invested in cash and invested cash. This also includes interest payable on collateral. See Note 6 for additional information. (2) Our pledged securities under securities lending agreements are included in fixed maturity AFS securities on the Consolidated Balance Sheets. We generally obtain collateral in an amount equal to 102 % and 105 % of the fair value of the domestic and foreign securities, respectively. We value collateral daily and obtain additional collateral when deemed appropriate. The cash received in our securities lending program is typically invested in cash and invested cash or fixed maturity AFS securities. (3) Our pledged investments for FHLBI are included in fixed maturity AFS securities and mortgage loans on real estate on the Consolidated Balance Sheets. The collateral requirements are generally 105 % to 115 % of the fair value for fixed maturity AFS securities and 155 % to 175 % of the fair value for mortgage loans on real estate. The cash received in these transactions is primarily invested in cash and invested cash or fixed maturity AFS securities. |
Schedule Of Increase (Decrease) In Payables For Collateral On Investments | For the Years Ended December 31, 2022 2021 2020 Collateral payable for derivative investments $ ( 2,291 ) $ 2,599 $ 1,588 Securities pledged under securities lending agreements 57 125 2 Investments pledged for FHLBI - - ( 450 ) Total increase (decrease) in payables for collateral on investments $ ( 2,234 ) $ 2,724 $ 1,140 |
Schedule Of Securities Pledged By Contractual Maturity | As of December 31, 2022 Overnight and Continuous Up to 30 Days 30 - 90 Days Greater Than 90 Days Total Securities Lending Corporate bonds $ 288 $ - $ - $ - $ 288 Foreign government bonds 2 - - - 2 Equity securities 8 - - - 8 Total gross secured borrowings $ 298 $ - $ - $ - $ 298 As of December 31, 2021 Overnight and Continuous Up to 30 Days 30 - 90 Days Greater Than 90 Days Total Securities Lending Corporate bonds $ 239 $ - $ - $ - $ 239 Foreign government bonds 1 - - - 1 Equity securities 1 - - - 1 Total gross secured borrowings $ 241 $ - $ - $ - $ 241 |
Commercial [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Credit Quality Indicators For Mortgage Loans | As of December 31, 2022 Debt- Debt- Debt- Service Service Service Less Coverage 65% Coverage Greater Coverage than 65% Ratio to 75% Ratio than 75% Ratio Total Origination Year 2022 $ 1,769 2.06 $ 105 1.50 $ 2 1.45 $ 1,876 2021 2,354 3.05 72 1.53 - - 2,426 2020 1,289 3.00 17 1.58 - - 1,306 2019 2,685 2.18 81 1.50 29 1.58 2,795 2018 2,225 2.17 71 1.62 - - 2,296 2017 and prior 6,184 2.44 131 1.75 - - 6,315 Total $ 16,506 $ 477 $ 31 $ 17,014 As of December 31, 2021 Debt- Debt- Debt- Service Service Service Less Coverage 65% Coverage Greater Coverage than 65% Ratio to 75% Ratio than 75% Ratio Total Origination Year 2021 $ 2,384 3.04 $ 136 1.74 $ - - $ 2,520 2020 1,358 3.03 144 2.06 - - 1,502 2019 2,917 2.15 188 1.42 - - 3,105 2018 2,274 2.13 172 1.59 15 1.02 2,461 2017 1,655 2.33 149 1.74 27 0.83 1,831 2016 and prior 5,554 2.41 171 1.76 27 1.08 5,752 Total $ 16,142 $ 960 $ 69 $ 17,171 |
Residential [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Credit Quality Indicators For Mortgage Loans | As of December 31, 2022 Performing Nonperforming Total Origination Year 2022 $ 578 $ 5 $ 583 2021 527 6 533 2020 90 3 93 2019 119 18 137 2018 65 2 67 2017 and prior - - - Total $ 1,379 $ 34 $ 1,413 As of December 31, 2021 Performing Nonperforming Total Origination Year 2021 $ 467 $ 2 $ 469 2020 129 2 131 2019 189 21 210 2018 104 5 109 2017 - - - 2016 and prior - - - Total $ 889 $ 30 $ 919 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments [Abstract] | |
Outstanding Derivative Instruments With Off-Balance-Sheet Risks | As of December 31, 2022 As of December 31, 2021 Notional Fair Value Notional Fair Value Amounts Asset Liability Amounts Asset Liability Qualifying Hedges Cash flow hedges: Interest rate contracts (1) $ 2,590 $ 123 $ 232 $ 3,222 $ 98 $ 436 Foreign currency contracts (1) 4,383 643 18 3,979 283 51 Total cash flow hedges 6,973 766 250 7,201 381 487 Fair value hedges: Interest rate contracts (1) 1,155 2 44 1,157 - 213 Non-Qualifying Hedges Interest rate contracts (1) 105,977 709 935 82,786 897 176 Foreign currency contracts (1) 395 27 2 487 7 2 Equity market contracts (1) 142,946 5,135 2,035 107,515 8,490 3,909 Commodity contracts (1) 13 14 3 - - - Credit contracts (1) - - - 49 - - Embedded derivatives: Reinsurance-related (2) - 416 - - - 206 Indexed annuity and IUL contracts (2) (3) - 525 4,783 - 528 6,131 Total derivative instruments $ 257,459 $ 7,594 $ 8,052 $ 199,195 $ 10,303 $ 11,124 (1) These asset and liability balances are presented on a gross basis. Amounts are reported in derivative investments and other liabilities on the Consolidated Balance Sheets after the evaluation for right of offset subject to master netting agreements as described in Note 1. (2) Reported in other assets and other liabilities on the Consolidated Balance Sheets. (3) Reported in policyholder account balances on the Consolidated Balance Sheets. |
Maturity Of The Notional Amounts Of Derivative Financial Instruments | Remaining Life as of December 31, 2022 Less Than 1 - 5 6 - 10 11 - 30 Over 30 1 Year Years Years Years Years Total Interest rate contracts (1) $ 31,463 $ 27,958 $ 24,892 $ 21,196 $ 4,213 $ 109,722 Foreign currency contracts (2) 261 730 1,681 2,037 69 4,778 Equity market contracts 95,134 28,952 7,796 9 11,055 142,946 Commodity contracts 13 - - - - 13 Total derivative instruments with notional amounts $ 126,871 $ 57,640 $ 34,369 $ 23,242 $ 15,337 $ 257,459 (1) As of December 31, 2022, the latest maturity date for which we were hedging our exposure to the variability in future cash flows for these instruments was April 20, 2067 . (2) As of December 31, 2022, the latest maturity date for which we were hedging our exposure to the variability in future cash flows for these instruments was June 16, 2061 . |
Cumulative Basis Adjustments For Fair Value Hedges | Cumulative Fair Value Hedging Adjustment Included in the Amortized Cost of the Amortized Cost of the Hedged Hedged Assets / (Liabilities) Assets / (Liabilities) As of As of As of As of December 31, December 31, December 31, December 31, 2022 2021 2022 2021 Line Item in the Consolidated Balance Sheets in which the Hedged Item is Included Fixed maturity AFS securities, at fair value $ 587 $ 764 $ 44 $ 211 Long-term debt (1) ( 698 ) ( 854 ) 177 21 (1) Includes $( 341 ) million and $( 356 ) million of unamortized adjustments from discontinued hedges as of December 31, 2022 and 2021, respectively. |
Change In Our Unrealized Gain On Derivative Instruments In Accumulated OCI | For the Years Ended December 31, 2022 2021 2020 Unrealized Gain (Loss) on Derivative Instruments Balance as of beginning-of-year $ ( 85 ) $ ( 402 ) $ ( 11 ) Cumulative effect from adoption of new accounting standard - 25 - Other comprehensive income (loss): Unrealized holding gains (losses) arising during the period: Cash flow hedges: Interest rate contracts 196 116 ( 350 ) Foreign currency contracts 182 130 93 Change in foreign currency exchange rate adjustment 312 152 ( 174 ) Change in DAC, VOBA, DSI and DFEL - - ( 17 ) Income tax benefit (expense) ( 144 ) ( 85 ) 94 Less: Reclassification adjustment for gains (losses) included in net income (loss): Cash flow hedges: Interest rate contracts (1) 2 3 2 Interest rate contracts (2) ( 11 ) ( 23 ) ( 16 ) Foreign currency contracts (1) 62 48 56 Foreign currency contracts (3) 39 ( 2 ) 6 Associated amortization of DAC, VOBA, DSI and DFEL - - ( 1 ) Income tax benefit (expense) ( 19 ) ( 5 ) ( 10 ) Balance as of end-of-year $ 388 $ ( 85 ) $ ( 402 ) (1) The OCI offset is reported within net investment income on the Consolidated Statements of Comprehensive Income (Loss). (2) The OCI offset is reported within interest and debt expense on the Consolidated Statements of Comprehensive Income (Loss). (3) The OCI offset is reported within realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss). |
Effects Of Qualifying And Non-Qualifying Hedges | Gain (Loss) Recognized in Income For the Year Ended December 31, 2022 Realized Net Interest Gain Investment and Debt (Loss) Income Expense Total Line Items in which the Effects of Fair Value or Cash Flow Hedges are Recorded $ 840 $ 5,515 $ 283 Qualifying Hedges Gain or (loss) on fair value hedging relationships: Interest rate contracts: Hedged items - ( 167 ) 156 Derivatives designated as hedging instruments - 167 ( 156 ) Gain or (loss) on cash flow hedging relationships: Interest rate contracts: Amount of gain or (loss) reclassified from AOCI into income - 2 ( 11 ) Foreign currency contracts: Amount of gain or (loss) reclassified from AOCI into income 39 62 - Non-Qualifying Hedges Interest rate contracts ( 2,113 ) - - Foreign currency contracts 3 - - Equity market contracts ( 2,075 ) - - Commodity contracts 11 Credit contracts ( 4 ) - - Embedded derivatives: Reinsurance-related 622 - - Indexed annuity and IUL contracts 1,760 - - Gain (Loss) Recognized in Income For the Year Ended December 31, 2021 Realized Net Interest Gain Investment and Debt (Loss) Income Expense Total Line Items in which the Effects of Fair Value or Cash Flow Hedges are Recorded $ ( 867 ) $ 6,111 $ 270 Qualifying Hedges Gain or (loss) on fair value hedging relationships: Interest rate contracts: Hedged items - ( 60 ) 46 Derivatives designated as hedging instruments - 60 ( 46 ) Gain or (loss) on cash flow hedging relationships: Interest rate contracts: Amount of gain or (loss) reclassified from AOCI into income - 3 ( 23 ) Foreign currency contracts: Amount of gain or (loss) reclassified from AOCI into income ( 2 ) 48 - Non-Qualifying Hedges Interest rate contracts ( 957 ) - - Foreign currency contracts ( 1 ) - - Equity market contracts 3,354 - - Credit contracts ( 1 ) - - Embedded derivatives: Reinsurance-related 185 - - Indexed annuity and IUL contracts ( 2,622 ) - - Gain (Loss) Recognized in Income For the Year Ended December 31, 2020 Realized Net Interest Gain Investment and Debt (Loss) Income Expense Total Line Items in which the Effects of Fair Value or Cash Flow Hedges are Recorded $ ( 513 ) $ 5,510 $ 284 Qualifying Hedges Gain or (loss) on fair value hedging relationships: Interest rate contracts: Hedged items - 69 136 Derivatives designated as hedging instruments - ( 69 ) ( 136 ) Gain or (loss) on cash flow hedging relationships: Interest rate contracts: Amount of gain or (loss) reclassified from AOCI into income - 2 ( 16 ) Foreign currency contracts: Amount of gain or (loss) reclassified from AOCI into income 6 56 - Non-Qualifying Hedges Interest rate contracts 1,287 - - Foreign currency contracts ( 3 ) - - Equity market contracts 971 - - Credit contracts ( 6 ) - - Embedded derivatives: GLB (1) 32 - - Reinsurance-related ( 65 ) - - Indexed annuity and IUL contracts ( 471 ) - - (1) Prior to the adoption of ASU 2018-12, certain GLB riders had elements of embedded derivatives that were accounted for under the Derivatives and Hedging and the Fair Value Measurements and Disclosures Topics of the FASB ASC. |
Open Credit Default Swap Liabilities | As of December 31, 2022 and 2021, we did not have any exposure related to CDSs for which we are the seller. |
Schedule Of Collateral Amounts With Rights To Reclaim Or Obligation To Return Cash | As of December 31, 2022 As of December 31, 2021 Collateral Collateral Collateral Collateral Posted by Posted by Posted by Posted by S&P Counter- LNC Counter- LNC Credit Party (Held by Party (Held by Rating of (Held by Counter- (Held by Counter- Counterparty LNC) Party) LNC) Party) AA- $ 383 $ ( 6 ) $ 2,346 $ ( 281 ) A+ 1,718 ( 166 ) 2,772 ( 251 ) A 1,172 - 456 ( 189 ) $ 3,273 $ ( 172 ) $ 5,574 $ ( 721 ) |
Schedule Of Offsetting Assets And Liabilities | As of December 31, 2022 Embedded Derivative Derivative Instruments Instruments Total Financial Assets Gross amount of recognized assets $ 6,604 $ 941 $ 7,545 Gross amounts offset ( 3,010 ) - ( 3,010 ) Net amount of assets 3,594 941 4,535 Gross amounts not offset: Cash collateral ( 3,273 ) - ( 3,273 ) Non-cash collateral (1) ( 321 ) - ( 321 ) Net amount $ - $ 941 $ 941 Financial Liabilities Gross amount of recognized liabilities $ 260 $ 4,783 $ 5,043 Gross amounts offset ( 50 ) - ( 50 ) Net amount of liabilities 210 4,783 4,993 Gross amounts not offset: Cash collateral ( 172 ) - ( 172 ) Non-cash collateral (1) ( 38 ) - ( 38 ) Net amount $ - $ 4,783 $ 4,783 (1) Excludes excess non-cash collateral received of $ 1.1 billion and excess non-cash collateral pledged of $ 8 million, as the collateral offset is limited to the net estimated fair value of derivatives after application of netting arrangements. As of December 31, 2021 Embedded Derivative Derivative Instruments Instruments Total Financial Assets Gross amount of recognized assets $ 9,705 $ 528 $ 10,233 Gross amounts offset ( 4,008 ) - ( 4,008 ) Net amount of assets 5,697 528 6,225 Gross amounts not offset: Cash collateral (1) ( 5,574 ) - ( 5,574 ) Non-cash collateral (2) ( 123 ) - ( 123 ) Net amount $ - $ 528 $ 528 Financial Liabilities Gross amount of recognized liabilities $ 779 $ 6,337 $ 7,116 Gross amounts offset ( 70 ) - ( 70 ) Net amount of liabilities 709 6,337 7,046 Gross amounts not offset: Cash collateral (1) ( 709 ) - ( 709 ) Non-cash collateral (2) - - - Net amount $ - $ 6,337 $ 6,337 (1) Excludes excess cash collateral pledged of $ 12 million, as the cash collateral offset is limited to the net estimated fair value of derivatives after application of netting arrangements. (2) Excludes excess non-cash collateral received of $ 409 million, as the collateral offset is limited to the net estimated fair value of derivatives after application of netting arrangements |
DAC, VOBA, DSI and DFEL (Tables
DAC, VOBA, DSI and DFEL (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
DAC, VOBA, DSI and DFEL [Abstract] | |
Reconciliation of DAC, VOBA and DSI | As of December 31, 2022 2021 DAC, VOBA and DSI Traditional Life $ 1,383 $ 1,254 UL and Other 6,100 5,902 Variable Annuities 3,879 3,856 Fixed Annuities 479 495 Group Protection 141 140 Retirement Plan Services 253 249 Total DAC, VOBA and DSI $ 12,235 $ 11,896 |
Reconciliation of DFEL | As of December 31, 2022 2021 DFEL UL and Other $ 4,766 $ 3,934 Variable Annuities 286 291 Total DFEL $ 5,052 $ 4,225 |
DAC | For the Year Ended December 31, 2022 Retirement Traditional UL and Variable Fixed Group Plan Life Other Annuities Annuities Protection Services Balance as of beginning-of-year $ 1,195 $ 5,360 $ 3,717 $ 448 $ 140 $ 235 Deferrals 266 539 391 60 98 20 Amortization ( 128 ) ( 294 ) ( 357 ) ( 69 ) ( 97 ) ( 19 ) Balance as of end-of-year $ 1,333 $ 5,605 $ 3,751 $ 439 $ 141 $ 236 For the Year Ended December 31, 2021 Retirement Traditional UL and Variable Fixed Group Plan Life Other Annuities Annuities Protection Services Balance as of beginning-of-year $ 1,082 $ 5,425 $ 3,570 $ 479 $ 187 $ 232 Business acquired (sold) through reinsurance - ( 294 ) - - - - Deferrals 220 523 487 29 91 22 Amortization ( 107 ) ( 294 ) ( 340 ) ( 60 ) ( 138 ) ( 19 ) Balance as of end-of-year $ 1,195 $ 5,360 $ 3,717 $ 448 $ 140 $ 235 |
VOBA | For the Year Ended December 31, 2022 Traditional UL and Fixed Life Other Annuities Balance as of beginning-of-year $ 59 $ 511 $ 20 Deferrals - 2 - Amortization ( 9 ) ( 48 ) ( 3 ) Balance as of end-of-year $ 50 $ 465 $ 17 For the Year Ended December 31, 2021 Traditional UL and Fixed Life Other Annuities Balance as of beginning-of-year $ 67 $ 810 $ 23 Business acquired (sold) through reinsurance - ( 234 ) - Deferrals 1 - - Amortization ( 9 ) ( 65 ) ( 3 ) Balance as of end-of-year $ 59 $ 511 $ 20 |
Estimated Future Amortization Of VOBA | 2023 $ 45 2024 41 2025 38 2026 35 2027 30 |
DSI | For the Year Ended December 31, 2022 Retirement UL and Variable Fixed Plan Other Annuities Annuities Services Balance as of beginning-of-year $ 31 $ 139 $ 27 $ 14 Deferrals 1 1 - 4 Amortization ( 2 ) ( 12 ) ( 4 ) ( 1 ) Balance as of end-of-year $ 30 $ 128 $ 23 $ 17 For the Year Ended December 31, 2021 Retirement UL and Variable Fixed Plan Other Annuities Annuities Services Balance as of beginning-of-year $ 35 $ 150 $ 30 $ 14 Deferrals 1 3 - 1 Amortization ( 5 ) ( 14 ) ( 3 ) ( 1 ) Balance as of end-of-year $ 31 $ 139 $ 27 $ 14 |
DFEL | For the Year Ended For the Year Ended December 31, 2022 December 31, 2021 UL and Variable UL and Variable Other Annuities Other Annuities Balance as of beginning-of-year $ 3,934 $ 291 $ 3,298 $ 293 Business acquired (sold) through reinsurance - - ( 161 ) - Deferrals 1,061 23 988 27 Amortization ( 229 ) ( 28 ) ( 191 ) ( 29 ) Balance as of end-of-year $ 4,766 $ 286 $ 3,934 $ 291 |
Reinsurance (Tables)
Reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Reinsurance [Abstract] | |
Reinsurance Amounts Recorded on Consolidated Statements of Income (Loss) | For the Years Ended December 31, 2022 2021 2020 Direct insurance premiums and fee income $ 13,607 $ 13,415 $ 13,304 Reinsurance assumed 98 94 95 Reinsurance ceded ( 2,015 ) ( 1,853 ) ( 1,656 ) Total insurance premiums and fee income $ 11,690 $ 11,656 $ 11,743 Direct insurance benefits $ 10,345 $ 10,592 $ 10,630 Reinsurance recoveries ( 1,866 ) ( 2,089 ) ( 1,953 ) Total benefits $ 8,479 $ 8,503 $ 8,677 Direct market risk benefit (gain) loss $ ( 3,517 ) $ ( 4,011 ) $ - Reinsurance ceded 271 258 ) - Total market risk benefit (gain) loss $ ( 3,246 ) $ ( 3,753 ) $ - Direct policyholder liability remeasurement (gain) loss $ 3,294 $ ( 162 ) $ - Reinsurance ceded ( 528 ) ( 21 ) - Total policyholder liability remeasurement (gain) loss $ 2,766 $ ( 183 ) $ - |
Schedule Of Assets In Support Of Reserves | As of December 31, 2022 2021 Fixed maturity AFS securities $ 474 $ 744 Trading securities 2,644 3,399 Equity securities 60 54 Mortgage loans on real estate 487 739 Derivative investments 39 93 Other investments 42 227 Cash and invested cash 26 110 Accrued investment income 35 33 Other assets 2 5 Total $ 3,809 $ 5,404 |
Goodwill and Specifically Ide_2
Goodwill and Specifically Identifiable Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Specifically Identifiable Intangible Assets [Abstract] | |
Changes In Carrying Amount Of Goodwill, By Reportable Segment | For the Year Ended December 31, 2022 Gross Accumulated Net Goodwill Impairment Goodwill Net as of as of as of Goodwill Beginning- Beginning- Beginning- as of End- of-Year of-Year of-Year Impairment of-Year Life Insurance $ 2,188 $ ( 1,554 ) $ 634 $ ( 634 ) $ - Annuities 1,040 ( 600 ) 440 - 440 Group Protection 684 - 684 - 684 Retirement Plan Services 20 - 20 - 20 Total goodwill $ 3,932 $ ( 2,154 ) $ 1,778 $ ( 634 ) $ 1,144 For the Year Ended December 31, 2021 Gross Accumulated Net Goodwill Impairment Goodwill Net as of as of as of Goodwill Beginning- Beginning- Beginning- as of End- of-Year of-Year of-Year Impairment of-Year Life Insurance $ 2,188 $ ( 1,554 ) $ 634 $ - $ 634 Annuities 1,040 ( 600 ) 440 - 440 Group Protection 684 - 684 - 684 Retirement Plan Services 20 - 20 - 20 Total goodwill $ 3,932 $ ( 2,154 ) $ 1,778 $ - $ 1,778 |
Schedule Of Intangible Assets By Reportable Segment | As of December 31, 2022 As of December 31, 2021 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization Life Insurance: Sales force $ 100 $ 67 $ 100 $ 63 Group Protection: VOCRA 576 115 576 85 VODA 31 10 31 7 Retirement Plan Services: Mutual fund contract rights (1) 5 - 5 - Total $ 712 $ 192 $ 712 $ 155 (1) No amortization recorded as the intangible asset has indefinite life. |
Future estimated amortization of specifically identifiable intangible assets | 2023 $ 37 2024 37 2025 37 2026 37 2027 37 Thereafter 330 |
MRBs (Tables)
MRBs (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
MRBs [Abstract] | |
Reconciles of MRBs Assets and Liabilities | As of December 31, 2022 As of December 31, 2021 Net Net (Assets) (Assets) Assets Liabilities Liabilities Assets Liabilities Liabilities Variable Annuities $ 2,666 $ 2,004 $ ( 662 ) $ 1,784 $ 4,182 $ 2,398 Fixed Annuities 117 72 ( 45 ) 91 205 114 Retirement Plan Services 24 2 ( 22 ) 13 12 ( 1 ) Total MRBs $ 2,807 $ 2,078 $ ( 729 ) $ 1,888 $ 4,399 $ 2,511 |
Summary of Balances of Changes in Net MRB (Assets) Liabilities | As of or For the Year Ended As of or For the Year Ended December 31, 2022 December 31, 2021 Retirement Retirement Variable Fixed Plan Variable Fixed Plan Annuities Annuities Services Annuities Annuities Services Balance as of beginning-of-year $ 2,398 $ 114 $ ( 1 ) $ 5,207 $ 118 $ 9 Balance as of beginning-of-year, before the effect of changes in non-performance risk 4,823 158 12 8,799 170 21 Issuances 12 - ( 3 ) 29 - 1 Attributed fees collected 1,571 32 6 1,667 32 5 Benefit payments ( 63 ) - - ( 24 ) - - Effect of changes in interest rates ( 9,346 ) ( 232 ) ( 55 ) ( 2,935 ) ( 57 ) ( 8 ) Effect of changes in equity markets 4,293 12 18 ( 2,837 ) ( 5 ) ( 12 ) Effect of changes in equity index volatility ( 225 ) 14 ( 1 ) ( 6 ) ( 2 ) ( 1 ) In-force updates and other changes in MRBs (1) 661 10 3 ( 134 ) 8 5 Effect of changes in future expected policyholder behavior ( 158 ) 1 - 293 12 1 Effect of changes in other future expected assumptions (2) ( 57 ) - - ( 29 ) - - Balance as of end-of-year, before the effect of changes in non-performance risk 1,511 ( 5 ) ( 20 ) 4,823 158 12 Effect of cumulative changes in non-performance risk ( 2,173 ) ( 40 ) ( 2 ) ( 2,425 ) ( 44 ) ( 13 ) Balance as of end-of-year ( 662 ) ( 45 ) ( 22 ) 2,398 114 ( 1 ) Less: ceded MRB assets (liabilities) ( 193 ) - - 78 - - Balance as of end-of-year, net of reinsurance $ ( 469 ) $ ( 45 ) $ ( 22 ) $ 2,320 $ 114 $ ( 1 ) Weighted-average age of policyholders (years) 71 68 63 71 67 62 Net amount at risk (3) 7,974 171 15 906 122 3 (1) |
Separate Accounts (Tables)
Separate Accounts (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Separate Accounts [Abstract] | |
Schedule of Fair Value of Separate Account Assets | As of December 31, 2022 2021 Mutual funds and collective investment trusts $ 142,892 $ 181,766 Exchange-traded funds 258 432 Fixed maturity AFS securities 169 207 Cash and invested cash 98 54 Other investments 119 124 Total $ 143,536 $ 182,583 |
Schedule of Reconcilation of Separate Account Liabilities | As of December 31, 2022 2021 UL and Other $ 20,920 $ 24,785 Variable Annuities 105,573 136,665 Retirement Plan Services 16,996 21,068 Other Operations (1) 47 65 Total separate account liabilities $ 143,536 $ 182,583 (1) Represents separate account liabilities reported in Other Operations primarily attributable to the indemnity reinsurance agreements with Protective ($ 42 million and $ 62 million as of December 31, 2022 and December 31, 2021, respectively) that are excluded from the following tables. |
Summary of Balances and changes in Separate Account Liabilities | As of or For the Year Ended As of or For the Year Ended December 31, 2022 December 31, 2021 Retirement Retirement UL and Variable Plan UL and Variable Plan Other Annuities Services Other Annuities Services Balance as of beginning-of-year $ 24,785 $ 136,665 $ 21,068 $ 20,952 $ 128,121 $ 18,809 Gross deposits 1,900 3,371 2,378 1,786 5,220 2,294 Withdrawals ( 454 ) ( 9,238 ) ( 2,378 ) ( 441 ) ( 11,499 ) ( 2,970 ) Policyholder assessments ( 938 ) ( 2,603 ) ( 164 ) ( 865 ) ( 2,836 ) ( 185 ) Change in market performance ( 4,371 ) ( 23,194 ) ( 3,710 ) 3,470 16,990 3,245 Net transfers from (to) general account ( 2 ) 572 ( 198 ) ( 117 ) 669 ( 125 ) Balance as of end-of-year $ 20,920 $ 105,573 $ 16,996 $ 24,785 $ 136,665 $ 21,068 Cash surrender value $ 18,666 $ 103,987 $ 16,982 $ 22,614 $ 134,896 $ 21,049 |
Policyholder Account Balances (
Policyholder Account Balances (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Policyholder Account Balance [Abstract] | |
Schedule of Policyholder Account Balances | As of December 31, 2022 2021 UL and Other $ 37,694 $ 38,200 Variable Annuities 22,184 19,148 Fixed Annuities 23,365 22,552 Retirement Plan Services 25,138 23,579 Other (1) 6,054 6,748 Total policyholder account balances $ 114,435 $ 110,227 (1) Represents policyholder account balances reported primarily in Other Operations attributable to the indemnity reinsurance agreements with Protective ($ 5.7 billion and $ 6.3 billion as of December 31, 2022 and December 31, 2021, respectively) that are excluded from the following tables. |
Summary of Balances and Changes in Policyholder Account Balances | As of or For the Year Ended December 31, 2022 Retirement UL and Variable Fixed Plan Other Annuities Annuities Services Balance as of beginning-of-year $ 38,200 $ 19,148 $ 22,552 $ 23,579 Gross deposits 3,921 5,178 3,284 4,012 Withdrawals ( 1,244 ) ( 417 ) ( 2,514 ) ( 3,579 ) Policyholder assessments ( 4,496 ) ( 2 ) ( 51 ) ( 13 ) Net transfers from (to) separate account 2 ( 492 ) - 510 Interest credited 1,494 287 532 629 Change in fair value of embedded derivative instruments ( 183 ) ( 1,518 ) ( 438 ) - Balance as of end-of-year $ 37,694 $ 22,184 $ 23,365 $ 25,138 Weighted-average crediting rate 3.9 % 1.4 % 2.4 % 2.6 % Net amount at risk (1)(2) $ 304,348 $ 7,974 $ 171 $ 15 Cash surrender value 34,210 21,147 22,529 25,133 As of or For the Year Ended December 31, 2021 Retirement UL and Variable Fixed Plan Other Annuities Annuities Services Balance as of beginning-of-year $ 38,185 $ 12,145 $ 23,168 $ 22,916 Gross deposits 3,942 5,496 1,023 3,121 Withdrawals ( 1,210 ) ( 310 ) ( 2,381 ) ( 3,474 ) Policyholder assessments ( 4,457 ) ( 2 ) ( 84 ) ( 14 ) Net transfers from (to) separate account 117 ( 587 ) - 414 Interest credited 1,501 209 508 616 Change in fair value of embedded derivative instruments 122 2,197 318 - Balance as of end-of-year $ 38,200 $ 19,148 $ 22,552 $ 23,579 Weighted-average crediting rate 3.9 % 1.3 % 2.2 % 2.7 % Net amount at risk (1)(2) $ 299,591 $ 906 $ 122 $ 3 Cash surrender value 34,393 18,300 21,744 23,573 (1) NAR is the current guaranteed minimum benefit in excess of the current account balance as of the balance sheet date. For GLBs, the guaranteed minimum benefit is calculated based on the present value of GLB payments. Our variable annuity products may offer more than one type of guaranteed benefit rider to a policyholder. In instances where more than one guaranteed benefit rider exists in a contract, the guaranteed benefit rider that provides the highest NAR is used in the calculation. (2) Calculation is based on total account balances and includes both policyholder account balances and separate account balances. |
Summary of Policyholder Account Balances by Range | As of December 31, 2022 Greater 1-50 Basis 51-100 101-150 Than 150 At Basis Basis Basis Basis Range of Guaranteed Guaranteed Points Points Points Points Minimum Crediting Rate Minimum Above Above Above Above Total UL and Other Up to 1.00 % $ 318 $ - $ 194 $ 29 $ 292 $ 833 1.01 % - 2.00 % 558 - - - 3,282 3,840 2.01 % - 3.00 % 7,218 156 - - - 7,374 3.01 % - 4.00 % 16,282 - 1 - - 16,283 4.01 % and above 3,824 - - - - 3,824 Other (1) - - - - - 5,540 Total $ 28,200 $ 156 $ 195 $ 29 $ 3,574 $ 37,694 Variable Annuities Up to 1.00 % $ - $ - $ - $ - $ - $ - 1.01 % - 2.00 % 4 - - 8 - 12 2.01 % - 3.00 % 658 - - - - 658 3.01 % - 4.00 % 1,545 - - - - 1,545 4.01 % and above 11 - - - - 11 Other (1) - - - - - 19,958 Total $ 2,218 $ - $ - $ 8 $ - $ 22,184 Fixed Annuities Up to 1.00 % $ 891 $ 497 $ 589 $ 563 $ 1,329 $ 3,869 1.01 % - 2.00 % 544 144 179 492 1,057 2,416 2.01 % - 3.00 % 1,973 5 1 - - 1,979 3.01 % - 4.00 % 1,353 - - - - 1,353 4.01 % and above 193 - - - - 193 Other (1) - - - - - 13,555 Total $ 4,954 $ 646 $ 769 $ 1,055 $ 2,386 $ 23,365 Retirement Plan Services Up to 1.00 % $ 961 $ 1,001 $ 4,304 $ 1,703 $ 1,908 $ 9,877 1.01 % - 2.00 % 1,774 2,197 982 462 - 5,415 2.01 % - 3.00 % 2,711 1 - - - 2,712 3.01 % - 4.00 % 5,622 1 - - - 5,623 4.01 % and above 1,511 - - - - 1,511 Total $ 12,579 $ 3,200 $ 5,286 $ 2,165 $ 1,908 $ 25,138 As of December 31, 2021 Greater 1-50 Basis 51-100 101-150 Than 150 At Basis Basis Basis Basis Range of Guaranteed Guaranteed Points Points Points Points Minimum Crediting Rate Minimum Above Above Above Above Total UL and Other Up to 1.00 % $ 331 $ - $ 569 $ 30 $ 227 $ 1,157 1.01 % - 2.00 % 531 - - - 3,362 3,893 2.01 % - 3.00 % 7,280 157 - - - 7,437 3.01 % - 4.00 % 16,662 - 1 - - 16,663 4.01 % and above 3,832 - - - - 3,832 Other (1) - - - - - 5,218 Total $ 28,636 $ 157 $ 570 $ 30 $ 3,589 $ 38,200 Variable Annuities Up to 1.00 % $ - $ - $ - $ - $ - $ - 1.01 % - 2.00 % 5 - - 9 - 14 2.01 % - 3.00 % 687 - - - - 687 3.01 % - 4.00 % 1,576 - - - - 1,576 4.01 % and above 12 - - - - 12 Other (1) - - - - - 16,859 Total $ 2,280 $ - $ - $ 9 $ - $ 19,148 Fixed Annuities Up to 1.00 % $ 656 $ 710 $ 869 $ 921 $ 568 $ 3,724 1.01 % - 2.00 % 594 32 156 469 1,026 2,277 2.01 % - 3.00 % 2,214 17 12 6 - 2,249 3.01 % - 4.00 % 1,220 - - - - 1,220 4.01 % and above 200 - - - - 200 Other (1) - - - - - 12,882 Total $ 4,884 $ 759 $ 1,037 $ 1,396 $ 1,594 $ 22,552 Retirement Plan Services Up to 1.00 % $ 1,054 $ 2,613 $ 1,683 $ 813 $ 1,929 $ 8,092 1.01 % - 2.00 % 2,736 1,031 795 465 - 5,027 2.01 % - 3.00 % 2,891 1 - - - 2,892 3.01 % - 4.00 % 5,927 1 - - - 5,928 4.01 % and above 1,640 - - - - 1,640 Total $ 14,248 $ 3,646 $ 2,478 $ 1,278 $ 1,929 $ 23,579 (1) Consists of indexed account balances that include the fair value of embedded derivative instruments, payout annuity account balances, short-term dollar cost averaging annuities business and policy loans. |
Future Contract Benefits (Table
Future Contract Benefits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Summary of Reconciliation of Future Contract Benefits | As of December 31, 2022 2021 Traditional Life (1) $ 3,509 $ 4,150 Payout Annuities (1) 2,004 2,512 Group Protection (2) 5,462 5,936 UL and Other (3) 14,818 12,556 Other Operations (4) 9,782 12,746 Other (5) 3,251 3,525 Total future contract benefits $ 38,826 $ 41,425 (1) See “LFPB” below for further information. (2) See “Liability for Future Claims” below for further information. (3) See “Additional Liabilities for Other Insurance Benefits” below for further information. (4) Represents future contract benefits reported in Other Operations primarily attributable to the indemnity reinsurance agreements with Protective ($ 5.4 billion and $ 6.9 billion as of December 31, 2022, and December 31, 2021, respectively) and Swiss Re ($ 2.3 billion and $ 3.1 billion as of December 31, 2022, and December 31, 2021, respectively) that are excluded from the following tables. (5) Represents other miscellaneous reserves outside the scope of ASU 2018-12 that are excluded from the following tables. |
Summary of Discounted and Undiscounted Expected Future Gross premiums and Expected Future Benefit Payments | As of December 31, 2022 As of December 31, 2021 Undiscounted Discounted Undiscounted Discounted Traditional Life Expected future gross premiums $ 13,945 $ 9,475 $ 14,658 $ 11,624 Expected future benefit payments 13,640 9,572 13,025 11,008 Payout Annuities Expected future gross premiums - - - - Expected future benefit payments 3,472 2,004 3,467 2,512 |
Summary of Gross Premiums and Interest Accretion | For the Years Ended December 31, 2022 2021 Traditional Life Gross premiums $ 1,211 $ 1,103 Interest accretion 134 134 Payout Annuities Gross premiums 133 95 Interest accretion 84 84 |
Summary of Weighted-Average Interest Rates | For the Years Ended December 31, 2022 2021 Traditional Life Interest accretion rate 5.1 % 5.3 % Current discount rate 5.1 % 2.3 % Payout Annuities Interest accretion rate 3.9 % 3.8 % Current discount rate 5.3 % 2.7 % |
Group Protection Segment [Member] | |
Summary of Changes in Present values of Expected Net Premiums and LFPB | Group Protection As of or For the Year Ended December 31, 2022 2021 Balance as of beginning-of-year $ 5,936 $ 5,939 Beginning balance of original discount rate 5,674 5,422 Effect of changes in cash flow assumptions 15 ( 31 ) Effect of actual variances from expected experience ( 117 ) ( 133 ) Adjusted beginning-of-year balance 5,572 5,258 New incidence 1,777 1,597 Interest 141 145 Benefit payments ( 1,431 ) ( 1,326 ) Ending balance at original discount rate 6,059 5,674 Effect of cumulative changes in discount rate assumptions ( 597 ) 262 Balance as of end-of-year 5,462 5,936 Less: reinsurance recoverables 127 150 Balance as of end-of-year, net of reinsurance $ 5,335 $ 5,786 Weighted-average duration of liability for future claims (years) 4 5 |
Summary of Discounted and Undiscounted Expected Future Gross premiums and Expected Future Benefit Payments | As of December 31, 2022 As of December 31, 2021 Undiscounted Discounted Undiscounted Discounted Group Protection Expected future benefit payments $ 7,063 $ 6,059 $ 6,663 $ 5,674 |
Summary of Gross Premiums and Interest Accretion | For the Years Ended December 31, 2022 2021 Group Protection Gross premiums $ 3,393 $ 3,145 Interest accretion 141 145 |
Summary of Weighted-Average Interest Rates | For the Years Ended December 31, 2022 2021 Group Protection Interest accretion rate 2.8 % 3.0 % Current discount rate 5.1 % 2.2 % |
Ul and Other [Member] | |
Summary of Changes in Present values of Expected Net Premiums and LFPB | UL and Other As of or For the Year Ended December 31, 2022 2021 Balance as of beginning-of-year $ 12,556 $ 12,308 Balance as of beginning-of-year, excluding shadow balance in AOCI 11,443 10,375 Effect of changes in cash flow assumptions 3,108 ( 115 ) Effect of actual variances from expected experience 195 107 Adjusted beginning-of-year balance 14,746 10,367 Issuances 7 2 Interest accrual 626 498 Net assessments collected 972 956 Benefit payments ( 628 ) ( 380 ) Balance as of end-of-year, excluding shadow balance in AOCI 15,723 11,443 Balance as of end-of-year 14,818 12,556 Less: reinsurance recoverables 856 368 Balance as of end-of-year, net of reinsurance $ 13,962 $ 12,188 Weighted-average duration of additional liabilities for other insurance benefits (years) 17 18 |
Summary of Gross Premiums and Interest Accretion | For the Years Ended December 31, 2022 2021 UL and Other Gross assessments $ 2,818 $ 3,150 Interest accretion 626 498 |
Summary of Weighted-Average Interest Rates | For the Years Ended December 31, 2022 2021 UL and Other Interest accretion rate 5.0 % 5.0 % |
Traditional Life And Payout Annuities [Member] | |
Summary of Changes in Present values of Expected Net Premiums and LFPB | As of or For the Year Ended As of or For the Year Ended December 31, 2022 December 31, 2021 Traditional Payout Traditional Payout Life Annuities Life Annuities Present Value of Expected Net Premiums Balance as of beginning-of-year $ 6,858 $ - $ 6,086 $ - Beginning balance of original discount rate 5,975 - 4,849 - Effect of changes in cash flow assumptions ( 484 ) - ( 89 ) - Effect of actual variances from expected experience 50 - 277 - Adjusted balance as of beginning-of-year 5,541 - 5,037 - Issuances 1,656 - 1,379 - Interest accrual 222 - 228 - Net premiums collected ( 765 ) - ( 647 ) - Flooring impact of LFPB ( 9 ) - ( 22 ) - Ending balance at original discount rate 6,645 - 5,975 - Effect of cumulative changes in discount rate assumptions ( 582 ) - 883 - Balance as of end-of-year $ 6,063 $ - $ 6,858 $ - Present Value of Expected LFPB Balance as of beginning-of-year $ 11,008 $ 2,512 $ 10,512 $ 2,668 Beginning balance of original discount rate (1) 9,447 2,246 8,332 2,253 Effect of changes in cash flow assumptions ( 415 ) - ( 95 ) - Effect of actual variances from expected experience 69 3 295 ( 3 ) Adjusted balance as of beginning-of-year 9,101 2,249 8,532 2,250 Issuances 1,655 122 1,379 96 Interest accrual 356 84 362 84 Benefit payments ( 755 ) ( 188 ) ( 826 ) ( 184 ) Ending balance at original discount rate (1) 10,357 2,267 9,447 2,246 Effect of cumulative changes in discount rate assumptions ( 785 ) ( 263 ) 1,561 266 Balance as of end-of-year $ 9,572 $ 2,004 $ 11,008 $ 2,512 Net balance as of end-of-year $ 3,509 $ 2,004 $ 4,150 $ 2,512 Less: reinsurance recoverables 532 3 688 3 Net balance as of end-of-year, net of reinsurance $ 2,977 $ 2,001 $ 3,462 $ 2,509 Weighted-average duration of future policyholder benefit liability (years) 10 9 11 11 |
Short-Term and Long-Term Debt (
Short-Term and Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Short-Term and Long-Term Debt [Abstract] | |
Schedule Of Changes In Debt | As of December 31, 2022 2021 Short-Term Debt Current maturities of long-term debt $ 500 $ 300 Total short-term debt $ 500 $ 300 Long-Term Debt, Excluding Current Portion Senior notes: 4.00 % notes, due 2023 (1) $ - $ 500 3.35 % notes, due 2025 (1) 300 300 3.625 % notes, due 2026 (1) 400 400 3.80 % notes, due 2028 (1) 500 500 3.05 % notes, due 2030 (1) 500 500 3.40 % notes, due 2031 (1) 500 500 3.40 % notes, due 2032 (1) 300 - 6.15 % notes, due 2036 (1) 243 243 6.30 % notes, due 2037 (1)(2) 375 375 7.00 % notes, due 2040 (1)(2) 500 500 4.35 % notes, due 2048 (1) 450 450 4.375 % notes, due 2050 (1) 300 300 Total senior notes 4,368 4,568 Term loan due 2024 (3) 250 250 Subordinated notes: LIBOR + 236 bps, due 2066 (4) 562 562 LIBOR + 204 bps, due 2067 (4) 433 433 Total subordinated notes 995 995 Capital securities: LIBOR + 236 bps, due 2066 (4) 160 160 LIBOR + 204 bps, due 2067 (4) 58 58 Total capital securities 218 218 Unamortized premiums (discounts) ( 6 ) ( 6 ) Unamortized debt issuance costs ( 34 ) ( 35 ) Unamortized adjustments from discontinued hedges 341 356 Fair value hedge on interest rate swap agreements ( 177 ) ( 21 ) Total long-term debt $ 5,955 $ 6,325 (1) We have the option to repurchase the outstanding notes by paying the greater of 100 % of the principal amount of the notes to be redeemed or the make-whole amount (as defined in each note agreement), plus in each case any accrued and unpaid interest as of the date of redemption. (2) Categorized as operating debt for leverage ratio calculations as the proceeds were primarily used as a long-term structured solution to reduce the strain on increasing statutory reserves associated with secondary guarantee UL and term policies. (3) The term loan bears interest at LIBOR plus an applicable margin. The applicable margin changed from 87.5 basis points to 112.5 basis points on November 3, 2022. (4) To hedge the variability in rates, we purchased interest rate swaps to lock in a fixed rate of approximately 5 % over the remaining terms of the subordinated notes and capital securities . |
Schedule Of Extinguishment Of Debt | For the Years Ended December 31, 2022 2021 2020 Principal balance outstanding prior to modification or payoff (1) $ - $ 995 $ 796 Unamortized debt issuance costs and discounts - - ( 2 ) Amount exchanged or paid to modify or retire debt - ( 1,003 ) ( 809 ) Gain (loss) on modification or early extinguishment of debt, pre-tax $ - $ ( 8 ) $ ( 15 ) (1) During 2021, we completed the exchange of a portion of our outstanding capital securities for newly issued subordinated notes. In connection with the exchange offer, we solicited and received the requisite number of consents to amend the indentures governing the remaining outstanding capital securities to eliminate various terms and conditions and other provisions, including the covenant that required us to make interest payments in accordance with an alternative coupon satisfaction mechanism upon the occurrence of certain trigger events. During 2020, we redeemed our $ 296 million outstanding principal amount of 4.85 % senior notes due 2021 and repaid our $ 500 million LIBOR + 150 bps term loan due 2022. |
Future Principal Payments | 2023 $ 500 2024 250 2025 300 2026 400 2027 - Thereafter 4,881 Total $ 6,331 |
Credit facilities and letters of credit | As of December 31, 2022 Expiration Maximum LOCs Date Available Issued Credit Facilities Five-year revolving credit facility June 19, 2026 $ 2,500 $ 1,641 LOC facility (1) August 26, 2031 979 948 LOC facility (1) October 1, 2031 891 891 Total $ 4,370 $ 3,480 (1) Our wholly-owned subsidiaries entered into irrevocable LOC facility agreements with third-party lenders supporting inter-company reinsurance agreements. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value of Financial Instruments [Abstract] | |
Carrying And Estimated Fair Values Of Financial Instruments | As of December 31, 2022 As of December 31, 2021 Carrying Fair Carrying Fair Value Value Value Value Assets Fixed maturity AFS securities $ 99,736 $ 99,736 $ 118,711 $ 118,711 Trading securities 3,498 3,498 4,460 4,460 Equity securities 427 427 375 375 Mortgage loans on real estate 18,301 16,553 17,991 18,700 Derivative investments 3,594 3,594 5,697 5,697 Other investments 3,739 3,739 4,279 4,279 Cash and invested cash 3,343 3,343 2,612 2,612 MRB assets 2,807 2,807 1,888 1,888 Other assets: Ceded MRBs 12 12 95 95 Reinsurance-related embedded derivatives 416 416 - - Indexed annuity ceded embedded derivatives 525 525 528 528 Separate account assets 143,536 143,536 182,583 182,583 Liabilities Policyholder account balances: Account balances of certain investment contracts ( 43,578 ) ( 34,274 ) ( 41,199 ) ( 47,870 ) Indexed annuity and IUL contracts embedded derivatives ( 4,783 ) ( 4,783 ) ( 6,131 ) ( 6,131 ) MRB liabilities ( 2,078 ) ( 2,078 ) ( 4,399 ) ( 4,399 ) Short-term debt ( 500 ) ( 496 ) ( 300 ) ( 302 ) Long-term debt ( 5,955 ) ( 5,005 ) ( 6,325 ) ( 6,707 ) Other liabilities: Ceded MRBs ( 205 ) ( 205 ) ( 17 ) ( 17 ) Reinsurance-related embedded derivatives - - ( 206 ) ( 206 ) Derivative liabilities ( 210 ) ( 210 ) ( 709 ) ( 709 ) Remaining guaranteed interest and similar contracts ( 574 ) ( 574 ) ( 594 ) ( 594 ) |
Schedule of Mortgage Loans With Election Of Fair Value Option | As of December 31, 2022 2021 Fair value $ 487 $ 739 Aggregate contractual principal 514 742 |
Fair Value Of Assets And Liabilities On A Recurring Basis | As of December 31, 2022 Quoted Prices in Active Markets for Significant Significant Identical Observable Unobservable Total Assets Inputs Inputs Fair (Level 1) (Level 2) (Level 3) Value Assets Investments: Fixed maturity AFS securities: Corporate bonds $ - $ 76,728 $ 2,295 $ 79,023 U.S. government bonds 359 20 - 379 State and municipal bonds - 5,035 35 5,070 Foreign government bonds - 318 - 318 RMBS - 2,008 1 2,009 CMBS - 1,674 - 1,674 ABS - 9,787 1,117 10,904 Hybrid and redeemable preferred securities 41 269 49 359 Trading securities - 2,917 581 3,498 Equity securities - 274 153 427 Mortgage loans on real estate - - 487 487 Derivative investments (1) - 6,048 605 6,653 Other investments – short-term investments - 75 - 75 Cash and invested cash - 3,343 - 3,343 MRB assets - - 2,807 2,807 Other assets: Ceded MRBs - - 12 12 Reinsurance-related embedded derivatives - 416 - 416 Indexed annuity ceded embedded derivatives - - 525 525 Separate account assets 412 143,124 - 143,536 Total assets $ 812 $ 252,036 $ 8,667 $ 261,515 Liabilities Policyholder account balances – indexed annuity and IUL contracts embedded derivatives $ - $ - $ ( 4,783 ) $ ( 4,783 ) MRB liabilities - - ( 2,078 ) ( 2,078 ) Other liabilities: Ceded MRBs - - ( 205 ) ( 205 ) Derivative liabilities (1) - ( 2,666 ) ( 603 ) ( 3,269 ) Total liabilities $ - $ ( 2,666 ) $ ( 7,669 ) $ ( 10,335 ) As of December 31, 2021 Quoted Prices in Active Markets for Significant Significant Identical Observable Unobservable Total Assets Inputs Inputs Fair (Level 1) (Level 2) (Level 3) Value Assets Investments: Fixed maturity AFS securities: Corporate bonds $ - $ 92,400 $ 5,720 $ 98,120 U.S. government bonds 428 5 - 433 State and municipal bonds - 6,621 - 6,621 Foreign government bonds - 391 41 432 RMBS - 2,521 4 2,525 CMBS - 1,599 - 1,599 ABS - 7,642 870 8,512 Hybrid and redeemable preferred securities 54 322 93 469 Trading securities 32 3,600 828 4,460 Equity securities 7 273 95 375 Mortgage loans on real estate - - 739 739 Derivative investments (1) - 9,626 149 9,775 Other investments – short-term investments - 154 - 154 Cash and invested cash - 2,612 - 2,612 MRB assets - - 1,888 1,888 Other assets: - Ceded MRBs - - 95 95 Indexed annuity ceded embedded derivatives - - 528 528 Separate account assets 646 181,929 - 182,575 Total assets $ 1,167 $ 309,695 $ 11,050 $ 321,912 Liabilities Policyholder account balances – indexed annuity and IUL contracts embedded derivatives $ - $ - $ ( 6,131 ) $ ( 6,131 ) MRB liabilities - - ( 4,399 ) ( 4,399 ) Other liabilities: Ceded MRBs - - ( 17 ) ( 17 ) Reinsurance-related embedded derivatives - ( 206 ) - ( 206 ) Derivative liabilities (1) - ( 4,659 ) ( 128 ) ( 4,787 ) Total liabilities $ - $ ( 4,865 ) $ ( 10,675 ) $ ( 15,540 ) (1) Derivative investment assets and liabilities are presented within the fair value hierarchy on a gross basis by derivative type and not on a master netting basis by counterparty. |
Fair Value Measured On A Recurring Basis Reconciliation | For the Year Ended December 31, 2022 Gains Issuances, Transfers Items (Losses) Sales, Into or Included in Maturities, Out Beginning in OCI Settlements, of Ending Fair Net and Calls, Level 3, Fair Value Income Other (1) Net Net Value Investments: (2) Fixed maturity AFS securities: Corporate bonds $ 5,720 $ 1 $ ( 1,550 ) $ 796 $ ( 2,672 ) $ 2,295 State and municipal bonds - - ( 1 ) - 36 35 Foreign government bonds 41 - ( 6 ) ( 30 ) ( 5 ) - RMBS 4 - 1 21 ( 25 ) 1 CMBS - - - 17 ( 17 ) - ABS 870 - ( 113 ) 676 ( 316 ) 1,117 Hybrid and redeemable preferred securities 93 ( 6 ) ( 22 ) ( 12 ) ( 4 ) 49 Trading securities 828 ( 80 ) - ( 152 ) ( 15 ) 581 Equity securities 95 54 - 19 ( 15 ) 153 Mortgage loans on real estate 739 ( 20 ) ( 5 ) ( 227 ) - 487 Derivative investments 21 2 ( 6 ) - ( 15 ) 2 Other assets: Ceded MRBs (3) 95 ( 83 ) - - - 12 Indexed annuity ceded embedded derivatives (4) 528 ( 215 ) - 212 - 525 Policyholder account balances – indexed annuity and IUL contracts embedded derivatives (4) ( 6,131 ) 1,975 - ( 627 ) - ( 4,783 ) Other liabilities – ceded MRBs (3) ( 17 ) ( 188 ) - - - ( 205 ) Total, net $ 2,886 $ 1,440 $ ( 1,702 ) $ 693 $ ( 3,048 ) $ 269 For the Year Ended December 31, 2021 Gains Issuances, Transfers Items (Losses) Sales, Into or Included in Maturities, Out Beginning in OCI Settlements, of Ending Fair Net and Calls, Level 3, Fair Value Income Other (1) Net Net Value Investments: (2) Fixed maturity AFS securities: Corporate bonds $ 5,121 $ 4 $ ( 182 ) $ 748 $ 29 $ 5,720 U.S. government bonds 5 - - ( 5 ) - - Foreign government bonds 74 - ( 11 ) 80 ( 102 ) 41 RMBS 2 ( 1 ) - 3 - 4 CMBS - - - 8 ( 8 ) - ABS 570 1 ( 9 ) 602 ( 294 ) 870 Hybrid and redeemable preferred securities 104 - 27 ( 38 ) - 93 Trading securities 644 ( 3 ) - 210 ( 23 ) 828 Equity securities 59 39 - ( 3 ) - 95 Mortgage loans on real estate 832 11 5 ( 109 ) - 739 Derivative investments 1,542 1,255 ( 3 ) ( 139 ) ( 2,634 ) 21 Other assets: Ceded MRBs (3) 336 ( 241 ) - - - 95 Indexed annuity ceded embedded derivatives (4) 550 87 - ( 109 ) - 528 Policyholder account balances – indexed annuity and IUL contracts embedded derivatives (4) ( 3,594 ) ( 2,709 ) - 172 - ( 6,131 ) Other liabilities – ceded MRBs (3) - ( 17 ) - - - ( 17 ) Total, net $ 6,245 $ ( 1,574 ) $ ( 173 ) $ 1,420 $ ( 3,032 ) $ 2,886 For the Year Ended December 31, 2020 Gains Issuances, Transfers Items (Losses) Sales, Into or Included in Maturities, Out Beginning in OCI Settlements, of Ending Fair Net and Calls, Level 3, Fair Value Income Other (1) Net Net Value Investments: (2) Fixed maturity AFS securities: Corporate bonds $ 4,281 $ ( 8 ) $ 284 $ 464 $ 100 $ 5,121 U.S. government bonds 5 - - - - 5 Foreign government bonds 90 1 3 ( 20 ) - 74 RMBS 11 - - - ( 9 ) 2 CMBS 1 ( 1 ) - - - - ABS 268 - 7 496 ( 201 ) 570 Hybrid and redeemable preferred securities 78 - ( 2 ) 10 18 104 Trading securities 666 11 - ( 32 ) ( 1 ) 644 Equity securities 30 4 - 20 5 59 Mortgage loans on real estate - ( 1 ) ( 10 ) 56 787 832 Derivative investments 868 986 267 ( 363 ) ( 216 ) 1,542 Other assets: (4) GLB direct embedded derivatives 450 - - - - 450 GLB ceded embedded derivatives 60 22 - - - 82 Indexed annuity ceded embedded derivatives 927 538 - ( 915 ) - 550 Future contract benefits – indexed annuity and IUL contracts embedded derivatives (4) ( 2,585 ) ( 1,009 ) - - - ( 3,594 ) Other liabilities – GLB ceded embedded derivatives (4) ( 9 ) 9 - - - - Total, net $ 5,141 $ 552 $ 549 $ ( 284 ) $ 483 $ 6,441 (1) The changes in fair value of the interest rate swaps are offset by an adjustment to derivative investments (see Note 6). (2) Amortization and accretion of premiums and discounts are included in net investment income on the Consolidated Statements of Comprehensive Income (Loss). Gains (losses) from sales, maturities, settlements and calls and credit loss expense are included in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss). (3) Gains (losses) from the changes in fair value are included in market risk benefit gain (loss) on the Consolidated Statements of Comprehensive Income (Loss). (4) Gains (losses) from the changes in fair value are included in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss). |
Schedule Of Investment Holdings Movements | For the Year Ended December 31, 2022 Issuances Sales Maturities Settlements Calls Total Investments: Fixed maturity AFS securities: Corporate bonds $ 1,263 $ ( 100 ) $ ( 82 ) $ ( 235 ) $ ( 50 ) $ 796 Foreign government bonds - - ( 30 ) - - ( 30 ) RMBS 21 - - - - 21 CMBS 17 - - - - 17 ABS 918 - - ( 235 ) ( 7 ) 676 Hybrid and redeemable preferred securities - - - - ( 12 ) ( 12 ) Trading securities 287 ( 229 ) - ( 210 ) - ( 152 ) Equity securities 28 ( 9 ) - - - 19 Mortgage loans on real estate 15 - - ( 242 ) - ( 227 ) Other assets – indexed annuity ceded embedded derivatives 124 - - 88 - 212 Policyholder account balances – indexed annuity and IUL contracts embedded derivatives ( 710 ) - - 83 - ( 627 ) Total, net $ 1,963 $ ( 338 ) $ ( 112 ) $ ( 751 ) $ ( 69 ) $ 693 For the Year Ended December 31, 2021 Issuances Sales Maturities Settlements Calls Total Investments: Fixed maturity AFS securities: Corporate bonds $ 1,408 $ ( 33 ) $ ( 109 ) $ ( 488 ) $ ( 30 ) $ 748 U.S. government bonds - - ( 5 ) - - ( 5 ) Foreign government bonds 80 - - - - 80 RMBS 3 - - - - 3 CMBS 8 - - - - 8 ABS 835 - - ( 233 ) - 602 Hybrid and redeemable preferred securities 12 ( 20 ) - - ( 30 ) ( 38 ) Trading securities 383 ( 24 ) - ( 149 ) - 210 Equity securities 7 ( 10 ) - - - ( 3 ) Mortgage loans on real estate 96 ( 101 ) ( 26 ) ( 78 ) - ( 109 ) Derivative investments 174 ( 124 ) ( 189 ) - - ( 139 ) Other assets – indexed annuity ceded embedded derivatives 55 - - ( 164 ) - ( 109 ) Policyholder account balances – indexed annuity and IUL contracts embedded derivatives ( 400 ) - - 572 - 172 Total, net $ 2,661 $ ( 312 ) $ ( 329 ) $ ( 540 ) $ ( 60 ) $ 1,420 For the Year Ended December 31, 2020 Issuances Sales Maturities Settlements Calls Total Investments: Fixed maturity AFS securities: Corporate bonds $ 1,126 $ ( 250 ) $ ( 43 ) $ ( 237 ) $ ( 132 ) $ 464 Foreign government bonds - - ( 20 ) - - ( 20 ) ABS 572 - - ( 76 ) - 496 Hybrid and redeemable preferred securities 14 ( 4 ) - - - 10 Trading securities 300 ( 126 ) ( 40 ) ( 166 ) - ( 32 ) Equity securities 22 ( 2 ) - - - 20 Mortgage loans on real estate 71 ( 15 ) - - - 56 Derivative investments 520 ( 412 ) ( 471 ) - - ( 363 ) Other assets – indexed annuity ceded embedded derivatives 25 - - ( 940 ) - ( 915 ) Future contract benefits – indexed annuity and IUL contracts embedded derivatives ( 284 ) - - 284 - - Total, net $ 2,366 $ ( 809 ) $ ( 574 ) $ ( 1,135 ) $ ( 132 ) $ ( 284 ) |
Changes In Unrealized Gains (Losses) Within Level 3 Financial Instruments Carried At Fair Value And Still Held | For the Years Ended December 31, 2022 2021 2020 Trading securities (1) $ ( 81 ) $ 4 $ - Equity securities (1) 56 43 - Mortgage loans on real estate (1) ( 20 ) 12 - Derivative investments (1) 2 1,051 536 GLB embedded derivatives (1) - - 671 MRBs (2) 3,183 3,729 - Embedded derivatives – indexed annuity and IUL contracts (1) ( 95 ) 44 634 Total, net $ 3,045 $ 4,883 $ 1,841 (1) Included in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss). (2) Included in market risk benefit gain (loss) on the Consolidated Statements of Comprehensive Income (Loss). |
Changes in Unrealized Gains (Losses) Included in OCI | For the Years Ended December 31, 2022 2021 2020 Fixed maturity AFS securities: Corporate bonds $ ( 1,562 ) $ ( 183 ) $ 58 State and municipal bonds ( 1 ) - - Foreign government bonds ( 7 ) ( 10 ) 4 ABS ( 116 ) ( 9 ) 5 Hybrid and redeemable preferred securities ( 22 ) 27 ( 3 ) Mortgage loans on real estate ( 5 ) 4 - Total, net $ ( 1,713 ) $ ( 171 ) $ 64 |
Components Of The Transfers In And Out Of Level 3 | For the Year Ended December 31, 2022 Transfers Transfers Into Out of Level 3 Level 3 Total Investments: Fixed maturity AFS securities: Corporate bonds $ 296 $ ( 2,968 ) $ ( 2,672 ) State and municipal bonds 36 - 36 Foreign government bonds - ( 5 ) ( 5 ) RMBS - ( 25 ) ( 25 ) CMBS - ( 17 ) ( 17 ) ABS 16 ( 332 ) ( 316 ) Hybrid and redeemable preferred securities - ( 4 ) ( 4 ) Trading securities 4 ( 19 ) ( 15 ) Equity securities - ( 15 ) ( 15 ) Derivative investments - ( 15 ) ( 15 ) Total, net $ 352 $ ( 3,400 ) $ ( 3,048 ) For the Year Ended December 31, 2021 Transfers Transfers Into Out of Level 3 Level 3 Total Investments: Fixed maturity AFS securities: Corporate bonds $ 163 $ ( 134 ) $ 29 Foreign government bonds - ( 102 ) ( 102 ) CMBS - ( 8 ) ( 8 ) ABS 36 ( 330 ) ( 294 ) Trading securities 14 ( 37 ) ( 23 ) Derivative investments 24 ( 2,658 ) ( 2,634 ) Total, net $ 237 $ ( 3,269 ) $ ( 3,032 ) For the Year Ended December 31, 2020 Transfers Transfers Into Out of Level 3 Level 3 Total Investments: Fixed maturity AFS securities: Corporate bonds $ 343 $ ( 243 ) $ 100 U.S. government bonds 5 ( 5 ) - RMBS 1 ( 10 ) ( 9 ) ABS 20 ( 221 ) ( 201 ) Hybrid and redeemable preferred securities 18 - 18 Trading securities 33 ( 34 ) ( 1 ) Equity securities 5 - 5 Mortgage loans on real estate 787 - 787 Derivative investments - ( 216 ) ( 216 ) Total, net $ 1,212 $ ( 729 ) $ 483 |
Fair Value Inputs Quantitative Information | Weighted Average Fair Valuation Significant Assumption or Input Value Technique Unobservable Inputs Input Ranges Range (1) Assets Investments: Fixed maturity AFS and trading securities: Corporate bonds $ 204 Discounted cash flow Liquidity/duration adjustment (2) ( 0.2 ) % - 4.2 % 2.1 % State and municipal bonds 35 Discounted cash flow Liquidity/duration adjustment (2) 1.2 % - 2.4 % 2.3 % ABS 15 Discounted cash flow Liquidity/duration adjustment (2) 1.4 % - 1.4 % 1.4 % Hybrid and redeemable preferred securities 3 Discounted cash flow Liquidity/duration adjustment (2) 1.5 % - 1.5 % 1.5 % Equity securities 4 Discounted cash flow Liquidity/duration adjustment (2) 4.5 % - 4.5 % 4.5 % MRB assets 2,807 Other assets – ceded MRBs 12 Discounted cash flow Lapse (3) 1 % - 30 % (10) Utilization of GLB withdrawals (4) 85 % - 100 % 94 % Claims utilization factor (5) 60 % - 100 % (10) Premiums utilization factor (5) 80 % - 115 % (10) Non-performance risk (6) 0.35 % - 2.41 % 1.73 % Mortality (7) (9) (10) Volatility (8) 1 % - 28 % 14.47 % Other assets – indexed annuity ceded embedded derivatives 525 Discounted cash flow Lapse (3) 0 % - 9 % (10) Mortality (7) (9) (10) Liabilities Policyholder account balances – indexed annuity contracts embedded derivatives $ ( 4,845 ) Discounted cash flow Lapse (3) 0 % - 9 % (10) Mortality (7) (9) (10) MRB liabilities ( 2,078 ) Other liabilities – ceded MRBs ( 205 ) Discounted cash flow Lapse (3) 1 % - 30 % (10) Utilization of GLB withdrawals (4) 85 % - 100 % 94 % Claims utilization factor (5) 60 % - 100 % (10) Premiums utilization factor (5) 80 % - 115 % (10) Non-performance risk (6) 0.35 % - 2.41 % 1.73 % Mortality (7) (9) (10) Volatility (8) 1 % - 28 % 14.47 % The following summarizes the fair value (in millions), valuation techniques and significant unobservable inputs of the Level 3 fair value measurements as of December 31, 2021: Weighted Average Fair Valuation Significant Assumption or Input Value Technique Unobservable Inputs Input Ranges Range (1) Assets Investments: Fixed maturity AFS and trading securities: Corporate bonds $ 3,736 Discounted cash flow Liquidity/duration adjustment (2) 0.1 % - 4.9 % 1.5 % Foreign government bonds 41 Discounted cash flow Liquidity/duration adjustment (2) 1.3 % - 8.0 % 6.0 % Hybrid and redeemable preferred securities 7 Discounted cash flow Liquidity/duration adjustment (2) 1.7 % - 1.7 % 1.7 % Equity securities 21 Discounted cash flow Liquidity/duration adjustment (2) 4.5 % - 6.7 % 6.1 % MRB assets 1,888 Other assets – ceded MRBs 95 Discounted cash flow Lapse (3) 1 % - 30 % (10) Utilization of GLB withdrawals (4) 85 % - 100 % 94 % Claims utilization factor (5) 60 % - 100 % (10) Premiums utilization factor (5) 80 % - 115 % (10) Non-performance risk (6) 0.07 % - 1.27 % 0.86 % Mortality (7) (9) (10) Volatility (8) 1 % - 28 % 14.59 % Other assets – indexed annuity ceded embedded derivatives 528 Discounted cash flow Lapse (3) 0 % - 9 % (10) Mortality (7) (9) (10) Liabilities Policyholder account balances – indexed annuity contracts embedded derivatives $ ( 6,062 ) Discounted cash flow Lapse (3) 0 % - 9 % (10) Mortality (7) (9) (10) MRB liabilities ( 4,399 ) Other liabilities – ceded MRBs ( 17 ) Discounted cash flow Lapse (3) 1 % - 30 % (10) Utilization of GLB withdrawals (4) 85 % - 100 % 94 % Claims utilization factor (5) 60 % - 100 % (10) Premiums utilization factor (5) 80 % - 115 % (10) Non-performance risk (6) 0.07 % - 1.27 % 0.86 % Mortality (7) (9) (10) Volatility (8) 1 % - 28 % 14.59 % (1) Unobservable inputs were weighted by the relative fair value of the instruments, unless otherwise noted. (2) The liquidity/duration adjustment input represents an estimated market participant composite of adjustments attributable to liquidity premiums, expected durations, structures and credit quality that would be applied to the market observable information of an investment. (3) The lapse input represents the estimated probability of a contract surrendering during a year, and thereby forgoing any future benefits. The range for indexed annuity contracts represents the lapses during the surrender charge period. (4) The utilization of GLB withdrawals input represents the estimated percentage of policyholders that utilize the GLB withdrawal riders. (5) The utilization factors are applied to the present value of claims or premiums, as appropriate, in the MRB calculation to estimate the impact of inefficient GLB withdrawal behavior, including taking less than or more than the maximum GLB withdrawal. (6) The non-performance risk input represents the estimated additional credit spread that market participants would apply to the market observable discount rate when pricing a contract. The non-performance risk input was weighted by the absolute value of the sensitivity of the reserve to the non-performance risk assumption. (7) The mortality input represents the estimated probability of when an individual belonging to a particular group, categorized according to age or some other factor such as gender, will die. (8) The volatility input represents overall volatilities assumed for the underlying variable annuity funds, which include a mixture of equity and fixed-income assets. Volatility assumptions vary by fund due to the benchmarking of different indices. The volatility input was weighted by the relative account value assigned to each index. (9) The mortality is based on a combination of company and industry experience, adjusted for improvement factors. (10) A weighted average input range is not a meaningful measurement for lapse, utilization factors or mortality. |
Retirement and Deferred Compe_2
Retirement and Deferred Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Retirement and Deferred Compensation Plans [Abstract] | |
Benefit Plans' Assets and Obligations | As of or For the Years Ended December 31, 2022 2021 2022 2021 Other Postretirement Pension Plans Benefit Plans Fair value of plan assets $ 1,126 $ 1,667 $ 71 $ 67 Projected benefit obligation 1,126 1,595 44 79 Funded status $ - $ 72 $ 27 $ ( 12 ) Amounts Recognized on the Consolidated Balance Sheets Other assets $ 91 $ 182 $ 27 $ - Other liabilities ( 91 ) ( 110 ) - ( 12 ) Net amount recognized $ - $ 72 $ 27 $ ( 12 ) Weighted-Average Assumptions Benefit obligations: Weighted-average discount rate 5.49 % 2.76 % 5.70 % 3.10 % Net periodic benefit cost: Weighted-average discount rate 2.81 % 2.61 % 3.73 % 2.96 % Expected return on plan assets 5.67 % 6.13 % 6.50 % 6.50 % |
Fair Value Of Benefit Plan Assets | As of December 31, 2022 2021 Fixed maturity securities: Corporate bonds $ 292 $ 452 U.S. government bonds 196 228 Foreign government bonds 128 191 State and municipal bonds 22 28 Limited partnerships and common and preferred stock 353 527 Bulk annuity insurance policy 89 150 Cash and invested cash 46 91 Other investments 71 67 Total $ 1,197 $ 1,734 |
Deferred Compensation Plans Liabilities And Investments | As of December 31, 2022 2021 Total liabilities (1) $ 686 $ 841 Investments dedicated to fund liabilities (2) 206 254 (1) Reported in other liabilities on the Consolidated Balance Sheets. (2) Reported in other assets on the Consolidated Balance Sheets. |
Stock-Based Incentive Compens_2
Stock-Based Incentive Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Stock-Based Incentive Compensation Plans [Abstract] | |
Compensation Expense By Award Type | For the Years Ended December 31, 2022 2021 2020 Stock options $ 6 $ 8 $ 10 Performance shares 10 18 5 RSUs 35 35 36 Total $ 51 $ 61 $ 51 Recognized tax benefit $ 11 $ 13 $ 11 |
Total unrecognized compensation expense for all stock-based incentive compensation plans | For the Years Ended December 31, 2022 2021 2020 Weighted- Weighted- Weighted- Average Average Average Expense Period Expense Period Expense Period Stock options $ 11 0.8 $ 8 0.7 $ 8 0.7 Performance shares 19 1.2 14 1.2 14 1.3 RSUs 55 1.4 43 1.4 37 1.2 Total unrecognized stock-based incentive compensation expense $ 85 $ 65 $ 59 |
Summary of activity for stock options with service conditions | Weighted- Weighted- Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Term Value Outstanding as of December 31, 2021 3,011,536 $ 59.23 Granted 593,609 55.10 Exercised ( 38,374 ) 54.76 Forfeited or expired ( 170,232 ) 63.19 Outstanding as of December 31, 2022 3,396,539 $ 58.36 6.09 $ - Vested or expected to vest as of December 31, 2022 (1) 3,238,301 $ 58.49 5.97 $ - Exercisable as of December 31, 2022 2,476,028 $ 59.47 5.05 $ - (1) Includes estimated forfeitures. |
Summary of activity for stock options with performance conditions | Weighted- Weighted- Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Term Value Outstanding as of December 31, 2021 166,278 $ 58.88 Granted 33,435 60.58 Exercised ( 29,931 ) 63.59 Forfeited or expired ( 48,385 ) 60.49 Outstanding as of December 31, 2022 121,397 $ 57.55 2.36 $ - Vested or expected to vest as of December 31, 2022 (1) 114,310 $ 57.34 2.26 $ - Exercisable as of December 31, 2022 97,773 $ 56.72 1.99 $ - (1) Includes estimated forfeitures. |
Summary of activity for performance shares | Weighted- Average Grant-Date Shares Fair Value Outstanding as of December 31, 2021 (1) 630,670 $ 63.16 Granted 374,128 69.37 Vested ( 185,194 ) 66.89 Forfeited ( 72,756 ) 69.97 Performance adjustment (2) 20,580 66.89 Outstanding as of December 31, 2022 (1) 767,428 $ 64.61 (1) Represents target award amounts. (2) Represents the difference between the target shares granted and the actual shares vested based upon the achievement level of performance measures. |
Option price assumptions used for stock appreciation rights plan | For the Years Ended December 31, 2022 2021 2020 Weighted-average fair value per option granted $ 18.13 $ 17.26 $ 12.25 Weighted-average assumptions: Dividend yield 3.2 % 3.0 % 3.0 % Expected volatility 44.4 % 45.0 % 30.1 % Risk-free interest rate (1) 1.9 - 3.8 % 0.6 - 1.0 % 0.3 - 1.4 % Expected life (in years) 5.8 5.8 5.8 (1) Risk-free interest rate expressed as a range and not a weighted average. |
Summary of activity for restricted stock units | Weighted- Average Grant-Date Shares Fair Value Outstanding as of December 31, 2021 1,870,556 $ 59.78 Granted 938,181 65.53 Vested ( 713,247 ) 62.53 Forfeited ( 156,341 ) 62.27 Outstanding as of December 31, 2022 1,939,149 $ 61.26 |
Contingencies and Commitments (
Contingencies and Commitments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Contingencies And Commitments [Abstract] | |
Finance Lease Expense | For the Years Ended December 31, 2022 2021 2020 Amortization of finance lease assets (1) $ 23 $ 38 $ 53 Interest on finance lease liabilities (2) 4 3 6 Total $ 27 $ 41 $ 59 (1) Amortization of finance lease assets is reported in commissions and other expenses on the Consolidated Statements of Comprehensive Income (Loss). (2) Interest on finance lease liabilities is reported in interest and debt expense on the Consolidated Statements of Comprehensive Income (Loss). |
Cash Flow Information Related To Leases | For the Years Ended December 31, 2022 2021 2020 Supplemental Cash Flow Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 47 $ 47 $ 54 Financing cash flows from finance leases 74 62 53 Supplemental Non-Cash Information ROU assets obtained in exchange for new lease obligations: Operating leases $ 23 $ 8 $ 10 |
Future Minimum Lease Payments | Our future minimum lease payments (in millions) under non-cancellable leases as of December 31, 2022, were as follows: Operating Finance Leases Leases 2023 $ 44 $ 82 2024 42 18 2025 38 7 2026 34 4 2027 18 - Thereafter 15 - Total future minimum lease payments 191 111 Less: Amount representing interest 39 5 Present value of minimum lease payments $ 152 $ 106 As of December 31, 2022, we had no leases that had not yet commenced. Certain Financing Arrangements We periodically enter into sale-leaseback arrangements that do not meet the criteria of a sale for accounting purposes. As such, we account for these transactions as financing arrangements. As of December 31, 2022 and 2021, we had $ 558 million and $ 375 million, respectively, of financing obligations reported within other liabilities on the Consolidated Balance Sheets. Future payments due on certain financing arrangements (in millions) as of December 31, 2022, were as follows: 2023 $ 43 2024 95 2025 127 2026 175 2027 191 Thereafter - Total future minimum lease payments 631 Less: Amount representing interest 73 Present value of minimum lease payments $ 558 |
Shares and Stockholders' Equi_2
Shares and Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Shares and Stockholders' Equity [Abstract] | |
Changes In Common stock (Number Of Shares) | As of December 31, 2022 2021 Shares Authorized Shares Issued Shares Outstanding Shares Authorized Shares Issued Shares Outstanding 9.250% Fixed Rate Reset Non-Cumulative Preferred Stock, Series C 20,000 20,000 20,000 - - - 9.000% Non-Cumulative Preferred Stock, Series D 20,000 20,000 20,000 - - - Not designated 9,960,000 - - 10,000,000 - - Total preferred shares 10,000,000 40,000 40,000 10,000,000 - - |
Schedule of Common Stock Outstanding Roll Forward | For the Years Ended December 31, 2022 2021 2020 Common Stock Balance as of beginning-of-year 177,193,515 192,329,691 196,668,532 Stock compensation/issued for benefit plans 692,491 1,106,572 547,209 Retirement/cancellation of shares ( 8,665,495 ) ( 16,242,748 ) ( 4,886,050 ) Balance as of end-of-year 169,220,511 177,193,515 192,329,691 Common Stock as of End-of-Year Basic basis 169,220,511 177,193,515 192,329,691 Diluted basis 170,483,323 179,229,110 193,672,296 |
Reconciliation Of The Denominator Calculations Of Basic And Diluted EPS | For the Years Ended December 31, 2022 2021 2020 Weighted-average shares, as used in basic calculation 171,034,695 187,359,884 193,610,225 Shares to cover non-vested stock 968,005 1,357,245 687,240 Average stock options outstanding during the year 989,123 1,844,117 746,742 options (at average market price for the year) ( 783,232 ) ( 1,419,165 ) ( 576,582 ) Shares repurchasable from measured but unrecognized stock option expense ( 21,006 ) ( 43,314 ) ( 2,445 ) Average deferred compensation shares 512,570 - - Weighted-average shares, as used in diluted calculation (1) 172,700,155 189,098,767 194,465,180 (1) Due to reporting a net loss for the year ended December 31, 2022, basic shares were used in the diluted EPS calculation for this year as the use of diluted shares would have resulted in a lower loss per share |
Components And Changes In Accumulated OCI | For the Years Ended December 31, 2022 2021 2020 Unrealized Gain (Loss) on Fixed Maturity AFS Securities and Certain Other Investments Balance as of beginning-of-year $ 9,616 $ 9,611 $ 5,983 Cumulative effect from adoption of new accounting standards - 3,584 45 Unrealized holding gains (losses) arising during the year ( 25,552 ) ( 4,673 ) 7,925 Change in foreign currency exchange rate adjustment ( 322 ) ( 142 ) 180 Change in DAC, VOBA, DSI and DFEL - - ( 3,140 ) Change in future contract benefits and policyholder account balances 2,291 893 ( 429 ) Income tax benefit (expense) 5,039 838 ( 970 ) Less: Reclassification adjustment for gains (losses) included in net income (loss) ( 15 ) 626 ( 53 ) Associated amortization of DAC, VOBA, DSI and DFEL - - 32 Income tax benefit (expense) 3 ( 131 ) 4 Balance as of end-of-year $ ( 8,916 ) $ 9,616 $ 9,611 Unrealized OTTI on Fixed Maturity AFS Securities Balance as of beginning-of-year $ - $ - $ 45 Cumulative effect from adoption of new accounting standard - - ( 45 ) Balance as of end-of-year $ - $ - $ - Unrealized Gain (Loss) on Derivative Instruments Balance as of beginning-of-year $ ( 85 ) $ ( 402 ) $ ( 11 ) Cumulative effect from adoption of new accounting standard - 25 - Unrealized holding gains (losses) arising during the year 378 246 ( 257 ) Change in foreign currency exchange rate adjustment 312 152 ( 174 ) Change in DAC, VOBA, DSI and DFEL - - ( 17 ) Income tax benefit (expense) ( 144 ) ( 85 ) 94 Less: Reclassification adjustment for gains (losses) included in net income (loss) 92 26 48 Associated amortization of DAC, VOBA, DSI and DFEL - - ( 1 ) Income tax benefit (expense) ( 19 ) ( 5 ) ( 10 ) Balance as of end-of-year $ 388 $ ( 85 ) $ ( 402 ) Policyholder Liability Discount Rate Remeasurement Gain (Loss) Balance as of beginning-of-year $ ( 1,265 ) $ - $ - Cumulative effect from adoption of new accounting standard - ( 1,856 ) Adjustment arising during the year 2,559 751 - Income tax benefit (expense) ( 547 ) ( 160 ) - Balance as of end-of-year $ 747 $ ( 1,265 ) $ - Market Risk Benefit Non-Performance Risk Gain (Loss) Balance as of beginning-of-year $ 1,951 $ - $ - Cumulative effect from adoption of new accounting standard - 2,874 - Adjustment arising during the year ( 266 ) ( 1,174 ) - Income tax benefit (expense) 56 251 - Balance as of end-of-year $ 1,741 $ 1,951 $ - Foreign Currency Translation Adjustment Balance as of beginning-of-year $ ( 14 ) $ ( 12 ) $ ( 17 ) Foreign currency translation adjustment arising during the year ( 20 ) ( 2 ) 5 Balance as of end-of-year $ ( 34 ) $ ( 14 ) $ ( 12 ) Funded Status of Employee Benefit Plans Balance as of beginning-of-year $ ( 219 ) $ ( 266 ) $ ( 327 ) Adjustment arising during the year ( 74 ) 56 74 Income tax benefit (expense) 15 ( 9 ) ( 13 ) Balance as of end-of-year $ ( 278 ) $ ( 219 ) $ ( 266 ) |
Schedule of Reclassifications Out Of AOCI | For the Years Ended December 31, 2022 2021 2020 Unrealized Gain (Loss) on Fixed Maturity AFS Securities and Certain Other Investments Gross reclassification $ ( 15 ) $ 626 $ ( 53 ) Realized gain (loss) Associated amortization of DAC, VOBA, DSI and DFEL - - 32 Realized gain (loss) Reclassification before income tax benefit (expense) ( 15 ) 626 ( 21 ) Income (loss) before taxes Income tax benefit (expense) 3 ( 131 ) 4 Federal income tax expense (benefit) Reclassification, net of income tax $ ( 12 ) $ 495 $ ( 17 ) Net income (loss) Unrealized Gain (Loss) on Derivative Instruments Gross reclassifications: Interest rate contracts $ 2 $ 3 $ 2 Net investment income Interest rate contracts ( 11 ) ( 23 ) ( 16 ) Interest and debt expense Foreign currency contracts 62 48 56 Net investment income Foreign currency contracts 39 ( 2 ) 6 Realized gain (loss) Total gross reclassifications 92 26 48 Associated amortization of DAC, Commissions and other VOBA, DSI and DFEL - - ( 1 ) expenses Reclassifications before income tax benefit (expense) 92 26 47 Income (loss) before taxes Income tax benefit (expense) ( 19 ) ( 5 ) ( 10 ) Federal income tax expense (benefit) Reclassifications, net of income tax $ 73 $ 21 $ 37 Net income (loss) |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Information [Abstract] | |
Reconciliation Of Revenue From Segments To Consolidated | For the Years Ended December 31, 2022 2021 2020 Revenues Operating revenues: Life Insurance $ 6,747 $ 7,387 $ 7,516 Annuities 4,482 4,691 4,455 Group Protection 5,304 4,995 4,793 Retirement Plan Services 1,274 1,322 1,213 Other Operations 156 181 185 Excluded realized gain (loss) - - ( 721 ) Investment and reinsurance-related realized gain (loss) ( 128 ) 834 - Changes in fair value of GLB and GDB hedge instruments, net of hedge allowance 902 ( 1,717 ) - Indexed product net derivative results 73 22 - Amortization of DFEL associated with benefit ratio unlocking - - ( 2 ) Total revenues $ 18,810 $ 17,715 $ 17,439 |
Reconciliation Of Income (Loss) From Operations By Segment To Consolidated Net Income (Loss) | For the Years Ended December 31, 2022 2021 2020 Net Income (Loss) Income (loss) from operations: Life Insurance $ ( 2,094 ) $ 487 $ ( 34 ) Annuities 1,161 1,337 983 Group Protection 41 ( 164 ) 43 Retirement Plan Services 211 248 168 Other Operations ( 486 ) ( 371 ) ( 295 ) MRB-related impacts, after-tax 2,495 2,938 - Excluded realized gain (loss), after-tax - - ( 570 ) Investment and reinsurance-related realized gain (loss), after-tax ( 101 ) 659 - Changes in fair value of GLB and GDB hedge instruments, net of hedge allowance, after-tax 712 ( 1,356 ) - Indexed product net derivative results, after-tax 58 17 - Benefit ratio unlocking, after-tax ( 5 ) - 194 Impairment of intangibles ( 634 ) - - Net impact from the Tax Cuts and Jobs Act - - 37 Transaction and integration costs related to mergers, acquisitions and divestitures, after-tax - ( 11 ) ( 15 ) Gain (loss) on modification or early extinguishment of debt, after-tax - ( 6 ) ( 12 ) Net income (loss) $ 1,358 $ 3,778 $ 499 |
Reconciliation of Net Investment Income From Segments to Consolidated | For the Years Ended December 31, 2022 2021 2020 Net Investment Income Life Insurance $ 2,587 $ 3,207 $ 2,823 Annuities 1,463 1,400 1,272 Group Protection 334 365 330 Retirement Plan Services 976 991 933 Other Operations 155 148 152 Total net investment income $ 5,515 $ 6,111 $ 5,510 |
Reconciliation of Federal Income Tax Expense (Benefit) from Segments to Consolidated Net Income (Loss) | For the Years Ended December 31, 2022 2021 2020 Federal Income Tax Expense (Benefit) Life Insurance $ ( 587 ) $ 110 $ ( 33 ) Annuities 185 255 149 Group Protection 11 ( 44 ) 11 Retirement Plan Services 36 52 24 Other Operations ( 116 ) ( 105 ) ( 82 ) MRB-related impacts 661 781 - Excluded realized gain (loss) - - ( 151 ) Investment and reinsurance-related realized gain (loss) ( 27 ) 175 - Changes in fair value of GLB and GDB hedge instruments, net of hedge allowance 190 ( 360 ) - Indexed product net derivative results 15 5 - Gain (loss) on early extinguishment of debt - ( 2 ) ( 3 ) Benefit ratio unlocking ( 2 ) - 51 Net impact from the Tax Cuts and Jobs Act - - ( 37 ) Transaction and integration costs related to mergers, acquisitions and divestitures - ( 2 ) ( 5 ) Total federal income tax expense (benefit) $ 367 $ 865 $ ( 76 ) |
Reconciliation Of Assets From Segments To Consolidated | As of December 31, 2022 2021 Assets Life Insurance $ 94,407 $ 110,665 Annuities 167,585 201,774 Group Protection 9,768 10,494 Retirement Plan Services 41,847 47,720 Other Operations 20,610 24,097 Total assets $ 334,217 $ 394,750 |
Realized Gain (Loss) (Tables)
Realized Gain (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Realized Gain (Loss) [Abstract] | |
Schedule Of Realized Gain (Loss) | For the Years Ended December 31, 2022 2021 2020 Fixed maturity AFS securities: Gross gains $ 38 $ 663 $ 31 Gross losses ( 53 ) ( 37 ) ( 84 ) Credit loss benefit (expense) (1) ( 15 ) ( 11 ) ( 26 ) Realized gain (loss) on equity securities (2) 15 44 8 Credit loss benefit (expense) on mortgage loans on real estate ( 3 ) 112 ( 117 ) Credit loss benefit (expense) on reinsurance-related assets (3) ( 112 ) 6 - Realized gain (loss) on the mark-to-market on certain instruments (4)(5) 37 63 26 Other gain (loss) on investments ( 42 ) ( 12 ) ( 7 ) Associated amortization of DAC, VOBA, DSI and DFEL and changes in policyholder account balances - - 31 Total realized gain (loss) related to financial instruments and reinsurance-related assets ( 135 ) 828 ( 138 ) Indexed product derivative results: (6) Gross gain (loss) 74 22 37 Associated amortization of DAC, VOBA, DSI and DFEL - - ( 25 ) Variable annuity derivative results: (7) Gross gain (loss) 901 ( 1,717 ) ( 367 ) Associated amortization of DAC, VOBA, DSI and DFEL - - ( 20 ) Total realized gain (loss) $ 840 $ ( 867 ) $ ( 513 ) (1) Includes changes in the allowance for credit losses as well as direct write-downs to amortized cost as a result of negative credit events. (2) Includes mark-to-market adjustments on equity securities still held of $ 10 million, $ 47 million and $ 8 million for the years ended December 31, 2022, 2021 and 2020, respectively. (3) See Note 8 for information on credit losses on reinsurance-related assets. (4) Represents changes in the fair values of certain derivative investments (not including those associated with our variable and indexed annuity and IUL contracts net derivative results), reinsurance-related embedded derivatives, mortgage loans on real estate accounted for under the fair value option and trading securities. See Notes 1 and 8 for information regarding modified coinsurance . (5) Includes gains and losses from fair value changes on mortgage loans on real estate accounted for under the fair value option of $( 24 ) million, $ 3 million and $( 24 ) million for the years ended December 31, 2022, 2021 and 2020, respectively. (6) Represents the change in fair value of the index options that we hold and the change in the fair value of the embedded derivative liabilities of our indexed annuity contracts, IUL contracts and index options we may purchase or sell in the future to hedge policyholder index allocations applicable to future reset periods for our indexed annuity products. (7) Includes the change in the fair value of the derivative instruments we own to support capital needs associated with our GLB and GDB riders and fees allocated to support the cost of purchasing the hedging instruments. |
Commissions and Other Expenses
Commissions and Other Expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commissions And Other Expenses [Abstract] | |
Details underlying commissions and other expenses | For the Years Ended December 31, 2022 2021 2020 Commissions $ 2,189 $ 2,223 $ 2,183 General and administrative expenses 2,240 2,252 2,072 DAC and VOBA deferrals, net of amortization ( 352 ) ( 337 ) ( 156 ) Broker-dealer expenses 536 570 493 Taxes, licenses and fees 339 345 321 Expenses associated with reserve financing and LOCs 108 102 94 Specifically identifiable intangible asset amortization 37 37 37 Other amortization 28 13 - Transaction and integration costs related to mergers, acquisitions and divestitures - 14 20 Total $ 5,125 $ 5,219 $ 5,064 |
Federal Income Taxes (Tables)
Federal Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Federal Income Taxes [Abstract] | |
Federal Income Tax Expense | For the Years Ended December 31, 2022 2021 2020 Current $ 3 $ 12 $ ( 61 ) Deferred 364 853 ( 15 ) Federal income tax expense (benefit) $ 367 $ 865 $ ( 76 ) |
Reconciliation of effective tax rate differences | For the Years Ended December 31, 2022 2021 2020 Income (loss) before taxes $ 1,725 $ 4,643 $ 423 Federal statutory rate 21 % 21 % 21 % Federal income tax expense (benefit) at federal statutory rate 362 975 89 Effect of: Tax-preferred investment income (1) ( 90 ) ( 88 ) ( 98 ) Tax credits ( 42 ) ( 26 ) ( 39 ) Excess tax benefits from stock-based compensation ( 1 ) - 3 Goodwill impairment 133 - - Tax impact associated with the Tax Cuts and Jobs Act (2) - - ( 37 ) Other items 5 4 6 Federal income tax expense (benefit) $ 367 $ 865 $ ( 76 ) Effective tax rate 21 % 19 % - 18 % (1) Relates primarily to separate account dividends eligible for the dividends-received deduction. (2) In 2020, we recognized a $ 37 million tax benefit attributable to the carry back of a 2020 net operating loss under the provisions of the Coronavirus Aid, Relief, and Economic Security Act, which provides for a five-year carryback period. |
Federal Income Tax Asset Liability | As of December 31, 2022 2021 Current $ 83 $ 142 Deferred 1,313 ( 2,678 ) Total federal income tax asset (liability) $ 1,396 $ ( 2,536 ) |
Significant components of deferred tax assets and liabilities | As of December 31, 2022 2021 Deferred Tax Assets Insurance liabilities and reinsurance-related balances $ 410 $ 1,338 Reinsurance-related embedded derivative liability - 43 Compensation and benefit plans 172 198 Intangibles 21 24 Net unrealized loss on fixed maturity AFS securities 2,265 - Net unrealized loss on trading securities 70 - Investment activity 273 - Tax credits 101 58 Net operating losses 278 292 MRB-related activity - 485 Other 57 62 Total deferred tax assets $ 3,647 $ 2,500 Deferred Tax Liabilities DAC $ 1,529 $ 1,520 VOBA 213 232 Net unrealized gain on fixed maturity AFS securities - 2,830 Net unrealized gain on trading securities - 65 Investment activity - 325 Reinsurance-related embedded derivative asset 87 - MRB-related activity 134 - Other 371 206 Total deferred tax liabilities $ 2,334 $ 5,178 Net deferred tax asset (liability) $ 1,313 $ ( 2,678 ) |
Reconciliation Of Unrecognized Tax Benefits | For the Years Ended December 31, 2022 2021 Balance as of beginning-of-year $ 53 $ 51 Increases for prior year tax positions 5 2 Settlements for prior year tax positions ( 6 ) - Balance as of end-of-year $ 52 $ 53 |
Statutory Information and Res_2
Statutory Information and Restrictions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statutory Information and Restrictions [Abstract] | |
Statutory Capital and Surplus | As of December 31, 2022 2021 U.S. capital and surplus $ 8,624 $ 8,773 For the Years Ended December 31, 2022 2021 2020 U.S. net gain (loss) from operations, after-tax $ 1,730 $ ( 1,262 ) $ ( 271 ) U.S. net income (loss) 1,991 ( 547 ) 29 U.S. dividends to LNC holding company 667 1,955 660 |
Effects on statutory surplus compared to NAIC statutory surplus | As of December 31, 2022 2021 State Prescribed Practices Calculation of reserves using the Indiana universal life method $ 3 $ 6 Conservative valuation rate on certain annuities ( 36 ) ( 40 ) Calculation of reserves using continuous CARVM ( 1 ) - Conservative Reg 213 reserves on variable annuity and individual life contracts ( 37 ) ( 27 ) State Permitted Practice Derivative instruments and equity indexed reserves 14 ( 113 ) Assets in group fixed annuity contracts held at general account values 436 - Vermont Subsidiaries Permitted Practices Lesser of LOC and XXX additional reserve as surplus 1,838 1,847 LLC notes and variable value surplus notes 1,547 1,616 Excess of loss reinsurance agreements 549 493 |
Supplemental Disclosures of C_2
Supplemental Disclosures of Cash Flow Data (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Supplemental Disclosures of Cash Flow Data [Abstract] | |
Summary of supplemental cash flow data | For the Years Ended December 31, 2022 2021 2020 Interest paid $ 269 $ 277 $ 283 Income taxes paid (received) ( 54 ) 1 22 Significant non-cash investing transactions: Equity securities received in exchange of fixed maturity AFS securities - - 19 Significant non-cash financing transactions: Net reduction of fixed maturity AFS securities and accrued investment income in connection with a reinsurance transaction - ( 4,133 ) - |
Quarterly Results of Operatio_2
Quarterly Results of Operations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Quarterly Results of Operations [Abstract] | |
Quarterly Results Of Operations | For the Three Months Ended March 31, June 30, September 30, December 31, 2022 2022 2022 2022 Total revenues $ 4,720 $ 5,577 $ 4,672 $ 3,841 Total expenses 2,885 4,545 6,798 2,856 Net income (loss) 1,482 840 ( 1,775 ) 812 Net income (loss) per common share – basic 8.50 4.91 ( 10.46 ) 4.80 Net income (loss) per common share – diluted 8.39 4.83 ( 10.47 ) 4.73 |
Nature of Operations, Basis o_4
Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies (Narrative) (Details) $ in Millions | 12 Months Ended | |||
Oct. 01, 2021 USD ($) | Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Product Information [Line Items] | ||||
Dividend Expenses | $ 49 | $ 48 | $ 53 | |
Maximum net premium ratio at individual cohort level | 100% | |||
Other revenues | $ 723 | 777 | 658 | |
Insurance fees | 5,603 | 6,039 | 6,371 | |
Reinsurance amount of in-force executive benefit and universal life reserves | 9,400 | |||
Coinsurance investments book value | 4,600 | |||
Coinsurance Investments Fair Value | $ 5,200 | |||
Realized gain on coinsurance investments | 635 | |||
Deferred gain on coinsurance investments | $ 797 | |||
Amortization of deferred gain on business sold through reinsurance | 42 | 38 | 41 | |
Realized gain (loss) | 840 | (867) | (513) | |
Commissions and other expenses | 5,125 | 5,219 | 5,064 | |
Federal income tax expense (benefit) | 367 | 865 | (76) | |
Other liabilities | 12,021 | 16,405 | ||
Retained earnings | 5,924 | 5,196 | ||
Income (loss) before taxes | 1,725 | 4,643 | 423 | |
Other assets | 18,802 | 16,532 | ||
Derivative investments | 3,594 | 5,697 | ||
Other Adjustments [Member] | ||||
Product Information [Line Items] | ||||
Other liabilities | (212) | (500) | ||
Income (loss) before taxes | 12 | (12) | ||
Other assets | (70) | (760) | ||
Derivative investments | $ (142) | 260 | ||
Sales Force Intangibles [Member] | ||||
Product Information [Line Items] | ||||
Useful Life of Intangible Assets (In Years) | 25 years | |||
VOCRA [Member] | ||||
Product Information [Line Items] | ||||
Useful Life of Intangible Assets (In Years) | 20 years | |||
VODA [Member] | ||||
Product Information [Line Items] | ||||
Useful Life of Intangible Assets (In Years) | 13 years | |||
Maximum [Member] | ||||
Product Information [Line Items] | ||||
Participating Policies as a Percentage of the Face Amount of the Insurance In Force | 1% | |||
Life Segment [Member] | ||||
Product Information [Line Items] | ||||
Traditional Contract Acquisition Cost Amortization Period (In Years) | 60 years | |||
Annuities Segment [Member] | ||||
Product Information [Line Items] | ||||
Traditional Contract Acquisition Cost Amortization Period Low End (in years) | 30 years | |||
Traditional Contract Acquisition Cost Amortization Period High End (in years) | 40 years | |||
Fee income | $ 743 | 848 | 732 | |
Other revenues | $ 584 | 628 | 516 | |
Group Protection Segment [Member] | ||||
Product Information [Line Items] | ||||
Traditional Contract Acquisition Cost Amortization Period (In Years) | 4 years | |||
Other revenues | $ 203 | 180 | $ 177 | |
Retirement Plan Services Segment [Member] | ||||
Product Information [Line Items] | ||||
Traditional Contract Acquisition Cost Amortization Period Low End (in years) | 40 years | |||
Traditional Contract Acquisition Cost Amortization Period High End (in years) | 50 years | |||
Commercial [Member] | ||||
Product Information [Line Items] | ||||
Number of days past due to qualify as delinquent | 60 days | |||
Number of missed payments to qualify as delinqent | item | 2 | |||
Period In Which Loans No Longer Accrue Interest In Days | 90 days | |||
Number of missed payments to qualify loans as non-accrual | item | 3 | |||
Loan-to-value ratio indicating principal is greater than collateral | 100% | |||
Commercial [Member] | Maximum [Member] | ||||
Product Information [Line Items] | ||||
Debt-service coverage ratio indicating property income not covering debt payments | 1 | |||
Residential [Member] | ||||
Product Information [Line Items] | ||||
Period In Which Loans No Longer Accrue Interest In Days | 90 days | |||
Swiss Re [Member] | ||||
Product Information [Line Items] | ||||
No. of Years in Which Deferred Gain From Reinsurance Transaction is Recognized as Income | 15 years | |||
Athene Holding Ltd. [Member] | ||||
Product Information [Line Items] | ||||
No. of Years in Which Deferred Gain From Reinsurance Transaction is Recognized as Income | 20 years | |||
Other assets | $ 2 | 5 | ||
Derivative investments | 39 | 93 | ||
Restatement Adjustments [Member] | ||||
Product Information [Line Items] | ||||
Other revenues | 1 | |||
Insurance fees | 18 | |||
Amortization of deferred gain on business sold through reinsurance | (32) | (8) | ||
Realized gain (loss) | 9 | 626 | ||
Commissions and other expenses | 1 | 3 | ||
Federal income tax expense (benefit) | (5) | 129 | ||
Other liabilities | (797) | (846) | ||
Retained earnings | 468 | 482 | ||
Income (loss) before taxes | (19) | 611 | ||
Other assets | (187) | (614) | ||
Derivative investments | (142) | 260 | ||
Restatement Adjustments [Member] | Misstatement Associated with the Coinsurance Reinsurance Transaction [Member] | ||||
Product Information [Line Items] | ||||
Amortization of deferred gain on business sold through reinsurance | (32) | (8) | ||
Realized gain (loss) | 635 | |||
Commissions and other expenses | 4 | |||
Federal income tax expense (benefit) | 131 | |||
Other liabilities | (492) | |||
Retained earnings | $ 467 | $ 492 |
Nature of Operations, Basis o_5
Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies (Summary of Restated Consolidated Balance Sheets) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Investments: | ||||
Fixed maturity available-for-sale securities, at fair value (amortized cost: 2022 - $111,707; 2021 - $105,142; allowance for credit losses: 2022 - $22; 2021 - $19) | $ 99,736 | $ 118,711 | ||
Trading securities | 3,498 | 4,460 | ||
Equity securities | 427 | 375 | ||
Mortgage loans on real estate, net of allowance for credit losses (portion at fair value: 2022 - $487; 2021 - $739) | 18,301 | 17,991 | ||
Policy loans | 2,359 | 2,364 | ||
Derivative investments | 3,594 | 5,697 | ||
Other investments | 3,739 | 4,288 | ||
Total investments | 131,654 | 153,886 | ||
Cash and invested cash | 3,343 | 2,612 | $ 1,708 | $ 2,563 |
Deferred acquisition costs, value of business acquired and deferred sales inducements | 12,235 | 11,896 | ||
Reinsurance recoverables, net of allowance for credit losses | 19,443 | 22,386 | ||
Market risk benefit assets | 2,807 | 1,888 | ||
Accrued investment income | 1,253 | 1,189 | ||
Goodwill | 1,144 | 1,778 | 1,778 | |
Other assets | 18,802 | 16,532 | ||
Separate account assets | 143,536 | 182,583 | ||
Total assets | 334,217 | 394,750 | ||
Liabilities | ||||
Policyholder account balances | 114,435 | 110,227 | ||
Future contract benefits | 38,826 | 41,425 | ||
Market risk benefit liabilities | 2,078 | 4,399 | ||
Deferred Front End Loads | 5,052 | 4,225 | ||
Payables for collateral on investments | 6,712 | 8,946 | ||
Short-term debt | 500 | 300 | ||
Long-term debt | 5,955 | 6,325 | ||
Other liabilities | 12,021 | 16,405 | ||
Separate account liabilities | 143,536 | 182,583 | ||
Total liabilities | 329,115 | 374,835 | ||
Contingencies and Commitments (See Note 18 | ||||
Stockholders' Equity | ||||
Common stock - 800,000,000 shares authorized; 169,220,511 and 177,193,515 shares issued and outstanding as of December 31, 2022, and December 31, 2021, respectively | 4,544 | 4,735 | ||
Retained earnings | 5,924 | 5,196 | ||
Accumulated other comprehensive income (loss) | (6,352) | 9,984 | ||
Total stockholders' equity | 5,102 | 19,915 | 22,699 | |
Total liabilities and stockholders' equity | 334,217 | 394,750 | ||
Fixed maturity securities (amortized cost) | 111,707 | 105,142 | ||
Fixed maturity, ACL | 22 | 19 | ||
Mortgage loans on real estate, fair value | $ 487 | $ 739 | ||
Preferred stock - shares authorized (in shares) | 10,000,000 | 10,000,000 | ||
Preferred stock - shares issued (in shares) | 40,000 | |||
Preferred stock - shares outstanding (in shares) | 40,000 | |||
Common stock - shares authorized (in shares) | 800,000,000 | 800,000,000 | ||
Common stock - shares issued (in shares) | 169,220,511 | 177,193,515 | ||
Common stock - shares outstanding (in shares) | 169,220,511 | 177,193,515 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Investments: | ||||
Deferred acquisition costs, value of business acquired and deferred sales inducements | $ (1,568) | $ 5,610 | ||
Reinsurance recoverables, net of allowance for credit losses | (439) | 2,091 | ||
Market risk benefit assets | 2,807 | 1,888 | ||
Other assets | (1,691) | (1,784) | ||
Total assets | (891) | 7,805 | ||
Liabilities | ||||
Future contract benefits | (2,930) | 738 | ||
Market risk benefit liabilities | 2,078 | 4,399 | ||
Deferred Front End Loads | (617) | 3,810 | ||
Other liabilities | 45 | (303) | ||
Total liabilities | (1,424) | 8,644 | ||
Contingencies and Commitments (See Note 18 | ||||
Stockholders' Equity | ||||
Retained earnings | (783) | (4,382) | ||
Accumulated other comprehensive income (loss) | 1,316 | 3,543 | ||
Total stockholders' equity | 533 | (839) | ||
Total liabilities and stockholders' equity | (891) | 7,805 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Investments: | ||||
Fixed maturity available-for-sale securities, at fair value (amortized cost: 2022 - $111,707; 2021 - $105,142; allowance for credit losses: 2022 - $22; 2021 - $19) | 99,736 | 118,711 | ||
Trading securities | 3,498 | 4,460 | ||
Equity securities | 427 | 375 | ||
Mortgage loans on real estate, net of allowance for credit losses (portion at fair value: 2022 - $487; 2021 - $739) | 18,301 | 17,991 | ||
Policy loans | 2,359 | 2,364 | ||
Derivative investments | 3,594 | 5,697 | ||
Other investments | 3,739 | 4,288 | ||
Total investments | 131,654 | 153,886 | ||
Cash and invested cash | 3,343 | 2,612 | 1,708 | |
Deferred acquisition costs, value of business acquired and deferred sales inducements | 13,803 | 6,286 | ||
Reinsurance recoverables, net of allowance for credit losses | 19,882 | 20,295 | ||
Accrued investment income | 1,253 | 1,189 | ||
Goodwill | 1,144 | 1,778 | ||
Other assets | 20,493 | 18,316 | ||
Separate account assets | 143,536 | 182,583 | ||
Total assets | 335,108 | 386,945 | ||
Liabilities | ||||
Policyholder account balances | 114,435 | 110,227 | ||
Future contract benefits | 41,756 | 40,687 | ||
Deferred Front End Loads | 5,669 | 415 | ||
Payables for collateral on investments | 6,712 | 8,946 | ||
Short-term debt | 500 | 300 | ||
Long-term debt | 5,955 | 6,325 | ||
Other liabilities | 11,976 | 16,708 | ||
Separate account liabilities | 143,536 | 182,583 | ||
Total liabilities | 330,539 | 366,191 | ||
Contingencies and Commitments (See Note 18 | ||||
Stockholders' Equity | ||||
Common stock - 800,000,000 shares authorized; 169,220,511 and 177,193,515 shares issued and outstanding as of December 31, 2022, and December 31, 2021, respectively | 4,544 | 4,735 | ||
Retained earnings | 6,707 | 9,578 | ||
Accumulated other comprehensive income (loss) | (7,668) | 6,441 | ||
Total stockholders' equity | 4,569 | 20,754 | ||
Total liabilities and stockholders' equity | 335,108 | 386,945 | ||
Series C Preferred Stock [Member] | ||||
Stockholders' Equity | ||||
Preferred stock - 10,000,000 shares authorized | $ 493 | |||
Preferred stock - shares authorized (in shares) | 20,000 | |||
Preferred stock - shares issued (in shares) | 20,000 | |||
Preferred stock - shares outstanding (in shares) | 20,000 | |||
Series C Preferred Stock [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Stockholders' Equity | ||||
Preferred stock - 10,000,000 shares authorized | $ 493 | |||
Series D Preferred Stock [Member] | ||||
Stockholders' Equity | ||||
Preferred stock - 10,000,000 shares authorized | $ 493 | |||
Preferred stock - shares authorized (in shares) | 20,000 | |||
Preferred stock - shares issued (in shares) | 20,000 | |||
Preferred stock - shares outstanding (in shares) | 20,000 | |||
Series D Preferred Stock [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Stockholders' Equity | ||||
Preferred stock - 10,000,000 shares authorized | $ 493 | |||
As Previously Reported [Member] | ||||
Investments: | ||||
Fixed maturity available-for-sale securities, at fair value (amortized cost: 2022 - $111,707; 2021 - $105,142; allowance for credit losses: 2022 - $22; 2021 - $19) | 99,736 | 118,746 | ||
Trading securities | 3,498 | 4,482 | ||
Equity securities | 427 | 318 | ||
Mortgage loans on real estate, net of allowance for credit losses (portion at fair value: 2022 - $487; 2021 - $739) | 18,301 | 17,991 | ||
Policy loans | 2,359 | 2,364 | ||
Derivative investments | 3,736 | 5,437 | ||
Other investments | 3,739 | 4,292 | ||
Total investments | 131,796 | 153,630 | ||
Cash and invested cash | 3,343 | 2,612 | $ 1,708 | |
Deferred acquisition costs, value of business acquired and deferred sales inducements | 13,803 | 6,284 | ||
Reinsurance recoverables, net of allowance for credit losses | 19,882 | 20,295 | ||
Accrued investment income | 1,253 | 1,189 | ||
Goodwill | 1,144 | 1,778 | ||
Other assets | 20,680 | 18,930 | ||
Separate account assets | 143,536 | 182,583 | ||
Total assets | 335,437 | 387,301 | ||
Liabilities | ||||
Policyholder account balances | 114,435 | 110,219 | ||
Future contract benefits | 41,756 | 40,687 | ||
Deferred Front End Loads | 5,669 | 415 | ||
Payables for collateral on investments | 6,712 | 8,946 | ||
Short-term debt | 500 | 300 | ||
Long-term debt | 5,955 | 6,325 | ||
Other liabilities | 12,773 | 17,554 | ||
Separate account liabilities | 143,536 | 182,583 | ||
Total liabilities | 331,336 | 367,029 | ||
Contingencies and Commitments (See Note 18 | ||||
Stockholders' Equity | ||||
Common stock - 800,000,000 shares authorized; 169,220,511 and 177,193,515 shares issued and outstanding as of December 31, 2022, and December 31, 2021, respectively | 4,544 | 4,735 | ||
Retained earnings | 6,239 | 9,096 | ||
Accumulated other comprehensive income (loss) | (7,668) | 6,441 | ||
Total stockholders' equity | 4,101 | 20,272 | ||
Total liabilities and stockholders' equity | 335,437 | 387,301 | ||
As Previously Reported [Member] | Series C Preferred Stock [Member] | ||||
Stockholders' Equity | ||||
Preferred stock - 10,000,000 shares authorized | 493 | |||
As Previously Reported [Member] | Series D Preferred Stock [Member] | ||||
Stockholders' Equity | ||||
Preferred stock - 10,000,000 shares authorized | 493 | |||
Restatement Adjustments [Member] | ||||
Investments: | ||||
Fixed maturity available-for-sale securities, at fair value (amortized cost: 2022 - $111,707; 2021 - $105,142; allowance for credit losses: 2022 - $22; 2021 - $19) | (35) | |||
Trading securities | (22) | |||
Equity securities | 57 | |||
Derivative investments | (142) | 260 | ||
Other investments | (4) | |||
Total investments | (142) | 256 | ||
Deferred acquisition costs, value of business acquired and deferred sales inducements | 2 | |||
Other assets | (187) | (614) | ||
Total assets | (329) | (356) | ||
Liabilities | ||||
Policyholder account balances | 8 | |||
Other liabilities | (797) | (846) | ||
Total liabilities | (797) | (838) | ||
Contingencies and Commitments (See Note 18 | ||||
Stockholders' Equity | ||||
Retained earnings | 468 | 482 | ||
Total stockholders' equity | 468 | 482 | ||
Total liabilities and stockholders' equity | $ (329) | $ (356) |
Nature of Operations, Basis o_6
Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies (Summary of Restated Consolidated Statements of Comprehensive Income (Loss)) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues | |||||||
Insurance premiums | $ 6,087 | $ 5,617 | $ 5,372 | ||||
Fee income | 5,603 | 6,039 | 6,371 | ||||
Net investment income | 5,515 | 6,111 | 5,510 | ||||
Realized gain (loss) | 840 | (867) | (513) | ||||
Amortization of deferred gain on business sold through reinsurance | 42 | 38 | 41 | ||||
Other revenues | 723 | 777 | 658 | ||||
Total revenues | $ 3,841 | $ 4,672 | $ 5,577 | $ 4,720 | 18,810 | 17,715 | 17,439 |
Expenses | |||||||
Benefits | 8,479 | 8,503 | 8,677 | ||||
Interest credited | 2,877 | 2,929 | 2,923 | ||||
Market risk benefit (gain) loss | (3,246) | (3,753) | |||||
Policyholder liability remeasurement (gain) loss | 2,766 | (183) | |||||
Commissions and other expenses | 5,125 | 5,219 | 5,064 | ||||
Interest and debt expense | 283 | 270 | 284 | ||||
Spark program expense | 167 | 87 | 68 | ||||
Impairment of intangibles | 634 | ||||||
Total expenses | 2,856 | 6,798 | 4,545 | 2,885 | 17,085 | 13,072 | 17,016 |
Income (loss) before taxes | 1,725 | 4,643 | 423 | ||||
Federal income tax expense (benefit) | 367 | 865 | (76) | ||||
Net income (loss) | $ 812 | $ (1,775) | $ 840 | $ 1,482 | 1,358 | 3,778 | 499 |
Unrealized investment gain (loss) | (18,059) | (3,287) | 3,192 | ||||
Market risk benefit gain (loss) | (210) | (923) | |||||
Policyholder liability remeasurement gain (loss) | 2,012 | 591 | |||||
Foreign currency translation adjustment | (20) | (2) | 5 | ||||
Funded status of employee benefit plans | (59) | 47 | 61 | ||||
Total other comprehensive income (loss), net of tax | (16,336) | (3,574) | 3,258 | ||||
Comprehensive income (loss) | $ (14,978) | $ 204 | $ 3,757 | ||||
Net Income (Loss) Per Common Share | |||||||
Basic (in dollars per share) | $ 4.80 | $ (10.46) | $ 4.91 | $ 8.50 | $ 7.93 | $ 20.17 | $ 2.58 |
Diluted (in dollars per share) | $ 4.73 | $ (10.47) | $ 4.83 | $ 8.39 | 7.78 | 19.96 | 2.56 |
Cash Dividends Declared Per Common Share | $ 1.80 | $ 1.71 | $ 1.62 | ||||
As Previously Reported [Member] | |||||||
Revenues | |||||||
Insurance premiums | $ 6,087 | $ 5,617 | |||||
Fee income | 6,054 | 6,887 | |||||
Net investment income | 5,511 | 6,115 | |||||
Realized gain (loss) | 336 | (212) | |||||
Amortization of deferred gain on business sold through reinsurance | 74 | 46 | |||||
Other revenues | 722 | 777 | |||||
Total revenues | 18,784 | 19,230 | |||||
Expenses | |||||||
Benefits | 12,546 | 8,529 | |||||
Interest credited | 2,870 | 2,915 | |||||
Commissions and other expenses | 5,095 | 5,791 | |||||
Interest and debt expense | 283 | 270 | |||||
Spark program expense | 167 | 87 | |||||
Impairment of intangibles | 634 | ||||||
Total expenses | 21,595 | 17,592 | |||||
Income (loss) before taxes | (2,811) | 1,638 | |||||
Federal income tax expense (benefit) | (584) | 233 | |||||
Net income (loss) | (2,227) | 1,405 | |||||
Unrealized investment gain (loss) | (14,030) | (2,535) | |||||
Foreign currency translation adjustment | (20) | (2) | |||||
Funded status of employee benefit plans | (59) | 47 | |||||
Total other comprehensive income (loss), net of tax | (14,109) | (2,490) | |||||
Comprehensive income (loss) | $ (16,336) | $ (1,085) | |||||
Net Income (Loss) Per Common Share | |||||||
Basic (in dollars per share) | $ (13.02) | $ 7.50 | |||||
Diluted (in dollars per share) | (13.10) | 7.43 | |||||
Cash Dividends Declared Per Common Share | $ 1.80 | $ 1.71 | |||||
Restatement Adjustments [Member] | |||||||
Revenues | |||||||
Fee income | $ 18 | ||||||
Net investment income | $ 4 | (4) | |||||
Realized gain (loss) | 9 | 626 | |||||
Amortization of deferred gain on business sold through reinsurance | (32) | (8) | |||||
Other revenues | 1 | ||||||
Total revenues | (18) | 632 | |||||
Expenses | |||||||
Interest credited | 18 | ||||||
Commissions and other expenses | 1 | 3 | |||||
Total expenses | 1 | 21 | |||||
Income (loss) before taxes | (19) | 611 | |||||
Federal income tax expense (benefit) | (5) | 129 | |||||
Net income (loss) | (14) | 482 | |||||
Comprehensive income (loss) | $ (14) | $ 482 | |||||
Net Income (Loss) Per Common Share | |||||||
Basic (in dollars per share) | $ (0.09) | $ 2.57 | |||||
Diluted (in dollars per share) | $ (0.09) | $ 2.55 | |||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Revenues | |||||||
Fee income | $ (451) | $ (866) | |||||
Realized gain (loss) | 495 | (1,281) | |||||
Total revenues | 44 | (2,147) | |||||
Expenses | |||||||
Benefits | (4,067) | (26) | |||||
Interest credited | 7 | (4) | |||||
Market risk benefit (gain) loss | (3,246) | (3,753) | |||||
Policyholder liability remeasurement (gain) loss | 2,766 | (183) | |||||
Commissions and other expenses | 29 | (575) | |||||
Total expenses | (4,511) | (4,541) | |||||
Income (loss) before taxes | 4,555 | 2,394 | |||||
Federal income tax expense (benefit) | 956 | 503 | |||||
Net income (loss) | 3,599 | 1,891 | |||||
Unrealized investment gain (loss) | (4,029) | (752) | |||||
Market risk benefit gain (loss) | (210) | (923) | |||||
Policyholder liability remeasurement gain (loss) | 2,012 | 591 | |||||
Total other comprehensive income (loss), net of tax | (2,227) | (1,084) | |||||
Comprehensive income (loss) | $ 1,372 | $ 807 | |||||
Net Income (Loss) Per Common Share | |||||||
Basic (in dollars per share) | $ 21.04 | $ 10.10 | |||||
Diluted (in dollars per share) | $ 20.97 | $ 9.98 | |||||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||||
Revenues | |||||||
Insurance premiums | $ 6,087 | $ 5,617 | |||||
Fee income | 6,054 | 6,905 | |||||
Net investment income | 5,515 | 6,111 | |||||
Realized gain (loss) | 345 | 414 | |||||
Amortization of deferred gain on business sold through reinsurance | 42 | 38 | |||||
Other revenues | 723 | 777 | |||||
Total revenues | 18,766 | 19,862 | |||||
Expenses | |||||||
Benefits | 12,546 | 8,529 | |||||
Interest credited | 2,870 | 2,933 | |||||
Commissions and other expenses | 5,096 | 5,794 | |||||
Interest and debt expense | 283 | 270 | |||||
Spark program expense | 167 | 87 | |||||
Impairment of intangibles | 634 | ||||||
Total expenses | 21,596 | 17,613 | |||||
Income (loss) before taxes | (2,830) | 2,249 | |||||
Federal income tax expense (benefit) | (589) | 362 | |||||
Net income (loss) | (2,241) | 1,887 | |||||
Unrealized investment gain (loss) | (14,030) | (2,535) | |||||
Foreign currency translation adjustment | (20) | (2) | |||||
Funded status of employee benefit plans | (59) | 47 | |||||
Total other comprehensive income (loss), net of tax | (14,109) | (2,490) | |||||
Comprehensive income (loss) | $ (16,350) | $ (603) | |||||
Net Income (Loss) Per Common Share | |||||||
Basic (in dollars per share) | $ (13.11) | $ 10.07 | |||||
Diluted (in dollars per share) | (13.19) | 9.98 | |||||
Cash Dividends Declared Per Common Share | $ 1.80 | $ 1.71 |
Nature of Operations, Basis o_7
Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies (Summary of Restated Consolidated Statements of Stockholders Equity) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Balance | $ 19,915 | $ 19,915 | $ 22,699 | ||||
Net income (loss) | $ 812 | $ (1,775) | $ 840 | 1,482 | 1,358 | 3,778 | $ 499 |
Total other comprehensive income (loss), net of tax | (16,336) | (3,574) | 3,258 | ||||
Balance | 5,102 | 5,102 | 19,915 | 22,699 | |||
Preferred Stock [Member] | |||||||
Balance | 986 | 986 | |||||
Preferred Stock [Member] | Series C Preferred Stock [Member] | |||||||
Issuance of preferred stock | 493 | ||||||
Preferred Stock [Member] | Series D Preferred Stock [Member] | |||||||
Issuance of preferred stock | 493 | ||||||
Common Stock [Member] | |||||||
Balance | 4,735 | 4,735 | 5,082 | 5,162 | |||
Stock compensation/issued for benefit plans | 40 | 85 | 48 | ||||
Retirement of common stock/cancellation of shares | (231) | (432) | (128) | ||||
Balance | 4,544 | 4,544 | 4,735 | 5,082 | |||
Retained Earnings [Member] | |||||||
Balance | 5,196 | 5,196 | 8,686 | 8,854 | |||
Net income (loss) | 1,358 | 3,778 | 499 | ||||
Retirement of common stock/cancellation of shares | (319) | (673) | (147) | ||||
Common stock dividends declared | (311) | (322) | (317) | ||||
Balance | 5,924 | 5,924 | 5,196 | 8,686 | |||
Accumulated Other Comprehensive Income (Loss) [Member] | |||||||
Balance | 9,984 | 9,984 | 8,931 | 5,673 | |||
Total other comprehensive income (loss), net of tax | (16,336) | (3,574) | 3,258 | ||||
Balance | (6,352) | (6,352) | 9,984 | 8,931 | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Balance | (839) | (839) | |||||
Net income (loss) | 3,599 | 1,891 | |||||
Total other comprehensive income (loss), net of tax | (2,227) | (1,084) | |||||
Balance | 533 | 533 | (839) | ||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | |||||||
Balance | (4,382) | (4,382) | (6,273) | (203) | |||
Net income (loss) | 3,599 | 1,891 | |||||
Balance | (783) | (783) | (4,382) | (6,273) | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |||||||
Balance | 3,543 | 3,543 | 4,627 | ||||
Total other comprehensive income (loss), net of tax | (2,227) | (1,084) | |||||
Balance | 1,316 | 1,316 | 3,543 | 4,627 | |||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||||
Balance | 20,754 | 20,754 | |||||
Net income (loss) | (2,241) | 1,887 | |||||
Total other comprehensive income (loss), net of tax | (14,109) | (2,490) | |||||
Balance | 4,569 | 4,569 | 20,754 | ||||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Preferred Stock [Member] | |||||||
Balance | 986 | 986 | |||||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Preferred Stock [Member] | Series C Preferred Stock [Member] | |||||||
Issuance of preferred stock | 493 | ||||||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Preferred Stock [Member] | Series D Preferred Stock [Member] | |||||||
Issuance of preferred stock | 493 | ||||||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Common Stock [Member] | |||||||
Balance | 4,735 | 4,735 | 5,082 | ||||
Stock compensation/issued for benefit plans | 40 | 85 | |||||
Retirement of common stock/cancellation of shares | (231) | (432) | |||||
Balance | 4,544 | 4,544 | 4,735 | 5,082 | |||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Retained Earnings [Member] | |||||||
Balance | 9,578 | 9,578 | 8,686 | ||||
Net income (loss) | (2,241) | 1,887 | |||||
Retirement of common stock/cancellation of shares | (319) | (673) | |||||
Common stock dividends declared | (311) | (322) | |||||
Balance | 6,707 | 6,707 | 9,578 | 8,686 | |||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |||||||
Balance | 6,441 | 6,441 | 8,931 | ||||
Total other comprehensive income (loss), net of tax | (14,109) | (2,490) | |||||
Balance | (7,668) | (7,668) | 6,441 | 8,931 | |||
As Previously Reported [Member] | |||||||
Balance | 20,272 | 20,272 | |||||
Net income (loss) | (2,227) | 1,405 | |||||
Total other comprehensive income (loss), net of tax | (14,109) | (2,490) | |||||
Balance | 4,101 | 4,101 | 20,272 | ||||
As Previously Reported [Member] | Preferred Stock [Member] | |||||||
Balance | 986 | 986 | |||||
As Previously Reported [Member] | Preferred Stock [Member] | Series C Preferred Stock [Member] | |||||||
Issuance of preferred stock | 493 | ||||||
As Previously Reported [Member] | Preferred Stock [Member] | Series D Preferred Stock [Member] | |||||||
Issuance of preferred stock | 493 | ||||||
As Previously Reported [Member] | Common Stock [Member] | |||||||
Balance | 4,735 | 4,735 | 5,082 | ||||
Stock compensation/issued for benefit plans | 40 | 85 | |||||
Retirement of common stock/cancellation of shares | (231) | (432) | |||||
Balance | 4,544 | 4,544 | 4,735 | 5,082 | |||
As Previously Reported [Member] | Retained Earnings [Member] | |||||||
Balance | 9,096 | 9,096 | 8,686 | ||||
Net income (loss) | (2,227) | 1,405 | |||||
Retirement of common stock/cancellation of shares | (319) | (673) | |||||
Common stock dividends declared | (311) | (322) | |||||
Balance | 6,239 | 6,239 | 9,096 | 8,686 | |||
As Previously Reported [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |||||||
Balance | 6,441 | 6,441 | 8,931 | ||||
Total other comprehensive income (loss), net of tax | (14,109) | (2,490) | |||||
Balance | (7,668) | (7,668) | 6,441 | $ 8,931 | |||
Restatement Adjustments [Member] | |||||||
Balance | 482 | 482 | |||||
Net income (loss) | (14) | 482 | |||||
Balance | 468 | 468 | 482 | ||||
Restatement Adjustments [Member] | Retained Earnings [Member] | |||||||
Balance | $ 482 | 482 | |||||
Net income (loss) | (14) | 482 | |||||
Balance | $ 468 | $ 468 | $ 482 |
Nature of Operations, Basis o_8
Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies (Summary of Restated Consolidated Statements of Cash Flows) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Flows from Operating Activities | |||||||
Net income (loss) | $ 812 | $ (1,775) | $ 840 | $ 1,482 | $ 1,358 | $ 3,778 | $ 499 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||
Realized (gain) loss | (840) | 867 | 513 | ||||
Market risk benefit (gain) loss | (3,246) | (3,753) | |||||
Sales and maturities (purchases) of trading securities, net | 300 | (87) | 266 | ||||
Change in: | |||||||
Deferred acquisition costs, value of business acquired, deferred sales inducements and deferred front-end loads deferrals and interest, net of amortization | 488 | 475 | 48 | ||||
Accrued investment income | (67) | 16 | (84) | ||||
Insurance liabilities and reinsurance-related balances | 4,419 | (2,337) | (699) | ||||
Accrued expenses | (91) | 399 | (18) | ||||
Federal income tax accruals | 421 | 864 | (98) | ||||
Other | 275 | (401) | 148 | ||||
Net cash provided by (used in) operating activities | 3,609 | (217) | 534 | ||||
Cash Flows from Investing Activities | |||||||
Purchases of available-for-sale securities and equity securities | (14,813) | (16,915) | (16,761) | ||||
Sales of available-for-sale securities and equity securities | 2,297 | 2,268 | 1,426 | ||||
Maturities of available-for-sale securities | 5,453 | 9,621 | 5,354 | ||||
Purchases of alternative investments | (664) | (757) | (396) | ||||
Sales and repayments of alternative investments | 446 | 377 | 171 | ||||
Issuance of mortgage loans on real estate | (2,507) | (3,079) | (1,800) | ||||
Repayment and maturities of mortgage loans on real estate | 2,255 | 1,881 | 1,154 | ||||
Repayment (issuance) of policy loans, net | 5 | 62 | 50 | ||||
Net change in collateral on investments, derivatives and related settlements | (4,070) | 3,261 | 1,474 | ||||
Other | (48) | (303) | (153) | ||||
Net cash provided by (used in) investing activities | (11,646) | (3,584) | (9,481) | ||||
Cash Flows from Financing Activities | |||||||
Payment of long-term debt, including current maturities | (300) | (1,096) | |||||
Issuance of long-term debt, net of issuance costs | 296 | 1,289 | |||||
Payment related to modification or early extinguishment of debt | (8) | (13) | |||||
Payments of sale leaseback transactions | 70 | 59 | 47 | ||||
Proceeds from certain financing arrangements | 186 | 159 | 109 | ||||
Deposits of fixed account values, including the fixed portion of variable | 16,203 | 13,426 | 14,034 | ||||
Withdrawals of fixed account values, including the fixed portion of variable | (7,674) | (7,174) | (6,113) | ||||
Transfers from (to) separate accounts, net | 19 | (175) | 528 | ||||
Common stock issued for benefit plans | (16) | 20 | (7) | ||||
Issuance of preferred stock, net of issuance costs | 986 | ||||||
Repurchase of common stock | (550) | (1,105) | (275) | ||||
Dividends paid to common stockholders | (310) | (319) | (311) | ||||
Other | (2) | (60) | (6) | ||||
Net cash provided by (used in) financing activities | 8,768 | 4,705 | 8,092 | ||||
Net increase (decrease) in cash, invested cash and restricted cash | 731 | 904 | (855) | ||||
Cash, invested cash and restricted cash as of beginning-of-year | 2,612 | 2,612 | 1,708 | 2,563 | |||
Cash, invested cash and restricted cash as of end-of-period | 3,343 | 3,343 | 2,612 | 1,708 | |||
As Previously Reported [Member] | |||||||
Cash Flows from Operating Activities | |||||||
Net income (loss) | (2,227) | 1,405 | |||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||
Realized (gain) loss | (336) | 212 | |||||
Sales and maturities (purchases) of trading securities, net | 300 | (108) | |||||
Change in: | |||||||
Deferred acquisition costs, value of business acquired, deferred sales inducements and deferred front-end loads deferrals and interest, net of amortization | 115 | 315 | |||||
Accrued investment income | (67) | 16 | |||||
Insurance liabilities and reinsurance-related balances | 5,628 | (2,232) | |||||
Accrued expenses | (89) | 389 | |||||
Federal income tax accruals | (530) | 232 | |||||
Other | 252 | (417) | |||||
Net cash provided by (used in) operating activities | 3,606 | (234) | |||||
Cash Flows from Investing Activities | |||||||
Purchases of available-for-sale securities and equity securities | (14,813) | (16,893) | |||||
Sales of available-for-sale securities and equity securities | 2,297 | 2,268 | |||||
Maturities of available-for-sale securities | 5,453 | 9,621 | |||||
Purchases of alternative investments | (664) | (757) | |||||
Sales and repayments of alternative investments | 446 | 377 | |||||
Issuance of mortgage loans on real estate | (2,503) | (3,084) | |||||
Repayment and maturities of mortgage loans on real estate | 2,255 | 1,881 | |||||
Repayment (issuance) of policy loans, net | 5 | 62 | |||||
Net change in collateral on investments, derivatives and related settlements | (4,071) | 3,261 | |||||
Other | (48) | (303) | |||||
Net cash provided by (used in) investing activities | (11,643) | (3,567) | |||||
Cash Flows from Financing Activities | |||||||
Payment of long-term debt, including current maturities | (300) | ||||||
Issuance of long-term debt, net of issuance costs | 296 | ||||||
Payment related to modification or early extinguishment of debt | (8) | ||||||
Payments of sale leaseback transactions | 70 | 59 | |||||
Proceeds from certain financing arrangements | 186 | 159 | |||||
Deposits of fixed account values, including the fixed portion of variable | 16,203 | 13,422 | |||||
Withdrawals of fixed account values, including the fixed portion of variable | (7,674) | (7,227) | |||||
Transfers from (to) separate accounts, net | 19 | (118) | |||||
Common stock issued for benefit plans | (16) | 20 | |||||
Issuance of preferred stock, net of issuance costs | 986 | ||||||
Repurchase of common stock | (550) | (1,105) | |||||
Dividends paid to common stockholders | (310) | (319) | |||||
Other | (2) | (60) | |||||
Net cash provided by (used in) financing activities | 8,768 | 4,705 | |||||
Net increase (decrease) in cash, invested cash and restricted cash | 731 | 904 | |||||
Cash, invested cash and restricted cash as of beginning-of-year | 2,612 | 2,612 | 1,708 | ||||
Cash, invested cash and restricted cash as of end-of-period | 3,343 | 3,343 | 2,612 | 1,708 | |||
Restatement Adjustments [Member] | |||||||
Cash Flows from Operating Activities | |||||||
Net income (loss) | (14) | 482 | |||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||
Realized (gain) loss | (9) | (626) | |||||
Sales and maturities (purchases) of trading securities, net | 21 | ||||||
Change in: | |||||||
Deferred acquisition costs, value of business acquired, deferred sales inducements and deferred front-end loads deferrals and interest, net of amortization | 3 | (3) | |||||
Insurance liabilities and reinsurance-related balances | 2 | (1) | |||||
Accrued expenses | 3 | ||||||
Federal income tax accruals | (5) | 129 | |||||
Other | (6) | 4 | |||||
Net cash provided by (used in) operating activities | 3 | 17 | |||||
Cash Flows from Investing Activities | |||||||
Purchases of available-for-sale securities and equity securities | (22) | ||||||
Issuance of mortgage loans on real estate | (4) | 5 | |||||
Net change in collateral on investments, derivatives and related settlements | 1 | ||||||
Net cash provided by (used in) investing activities | (3) | (17) | |||||
Cash Flows from Financing Activities | |||||||
Deposits of fixed account values, including the fixed portion of variable | 4 | ||||||
Withdrawals of fixed account values, including the fixed portion of variable | 53 | ||||||
Transfers from (to) separate accounts, net | (57) | ||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Cash Flows from Operating Activities | |||||||
Net income (loss) | 3,599 | 1,891 | |||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||
Realized (gain) loss | (495) | 1,281 | |||||
Market risk benefit (gain) loss | (3,246) | (3,753) | |||||
Change in: | |||||||
Deferred acquisition costs, value of business acquired, deferred sales inducements and deferred front-end loads deferrals and interest, net of amortization | 370 | 163 | |||||
Insurance liabilities and reinsurance-related balances | (1,211) | (104) | |||||
Accrued expenses | (2) | 7 | |||||
Federal income tax accruals | 956 | 503 | |||||
Other | 29 | 12 | |||||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||||
Cash Flows from Operating Activities | |||||||
Net income (loss) | (2,241) | 1,887 | |||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||
Realized (gain) loss | (345) | (414) | |||||
Sales and maturities (purchases) of trading securities, net | 300 | (87) | |||||
Change in: | |||||||
Deferred acquisition costs, value of business acquired, deferred sales inducements and deferred front-end loads deferrals and interest, net of amortization | 118 | 312 | |||||
Accrued investment income | (67) | 16 | |||||
Insurance liabilities and reinsurance-related balances | 5,630 | (2,233) | |||||
Accrued expenses | (89) | 392 | |||||
Federal income tax accruals | (535) | 361 | |||||
Other | 246 | (413) | |||||
Net cash provided by (used in) operating activities | 3,609 | (217) | |||||
Cash Flows from Investing Activities | |||||||
Purchases of available-for-sale securities and equity securities | (14,813) | (16,915) | |||||
Sales of available-for-sale securities and equity securities | 2,297 | 2,268 | |||||
Maturities of available-for-sale securities | 5,453 | 9,621 | |||||
Purchases of alternative investments | (664) | (757) | |||||
Sales and repayments of alternative investments | 446 | 377 | |||||
Issuance of mortgage loans on real estate | (2,507) | (3,079) | |||||
Repayment and maturities of mortgage loans on real estate | 2,255 | 1,881 | |||||
Repayment (issuance) of policy loans, net | 5 | 62 | |||||
Net change in collateral on investments, derivatives and related settlements | (4,070) | 3,261 | |||||
Other | (48) | (303) | |||||
Net cash provided by (used in) investing activities | (11,646) | (3,584) | |||||
Cash Flows from Financing Activities | |||||||
Payment of long-term debt, including current maturities | (300) | ||||||
Issuance of long-term debt, net of issuance costs | 296 | ||||||
Payment related to modification or early extinguishment of debt | (8) | ||||||
Payments of sale leaseback transactions | 70 | 59 | |||||
Proceeds from certain financing arrangements | 186 | 159 | |||||
Deposits of fixed account values, including the fixed portion of variable | 16,203 | 13,426 | |||||
Withdrawals of fixed account values, including the fixed portion of variable | (7,674) | (7,174) | |||||
Transfers from (to) separate accounts, net | 19 | (175) | |||||
Common stock issued for benefit plans | (16) | 20 | |||||
Issuance of preferred stock, net of issuance costs | 986 | ||||||
Repurchase of common stock | (550) | (1,105) | |||||
Dividends paid to common stockholders | (310) | (319) | |||||
Other | (2) | (60) | |||||
Net cash provided by (used in) financing activities | 8,768 | 4,705 | |||||
Net increase (decrease) in cash, invested cash and restricted cash | 731 | 904 | |||||
Cash, invested cash and restricted cash as of beginning-of-year | $ 2,612 | 2,612 | 1,708 | ||||
Cash, invested cash and restricted cash as of end-of-period | $ 3,343 | $ 3,343 | $ 2,612 | $ 1,708 |
New Accounting Standards (Narra
New Accounting Standards (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Retained earnings | $ 5,924 | $ 5,196 | |
Total stockholders equity | 5,102 | 19,915 | $ 22,699 |
Accumulated other comprehensive income (loss) | $ (6,352) | $ 9,984 |
Adoption of ASU 2018-12 (Cumula
Adoption of ASU 2018-12 (Cumulative Effect Adjustments to Components of Stockholders' Equity) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Total stockholders equity | $ 5,102 | $ 19,915 | $ 22,699 | |
Retained Earnings [Member] | ||||
Total stockholders equity | 5,924 | 5,196 | 8,686 | $ 8,854 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Total stockholders equity | (6,352) | 9,984 | 8,931 | 5,673 |
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Total stockholders equity | 533 | (839) | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | ||||
Total stockholders equity | (783) | (4,382) | (6,273) | $ (203) |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Total stockholders equity | $ 1,316 | $ 3,543 | 4,627 | |
Accounting Standards Update 2018-12 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
DAC, VOBA, DSI and DFEL | 2,271 | |||
Additional liabilities for other insurance benefits | 1,197 | |||
LFPB and Other | (1,902) | |||
MRBs | (3,212) | |||
Total stockholders equity | (1,646) | |||
Accounting Standards Update 2018-12 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | ||||
LFPB and Other | (187) | |||
MRBs | (6,086) | |||
Total stockholders equity | (6,273) | |||
Accounting Standards Update 2018-12 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | ||||
DAC, VOBA, DSI and DFEL | 2,271 | |||
Additional liabilities for other insurance benefits | 1,197 | |||
LFPB and Other | (1,715) | |||
MRBs | 2,874 | |||
Total stockholders equity | $ 4,627 |
Adoption of ASU 2018-12 (Effect
Adoption of ASU 2018-12 (Effect of Accounting Adoption to Consolidated Balance Sheets) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Reinsurance recoverables | $ 19,443 | $ 22,386 | ||
Other assets | 18,802 | 16,532 | ||
Future contract benefits | (38,826) | (41,425) | ||
DFEL | 5,052 | 4,225 | ||
Other liabilities | 12,021 | 16,405 | ||
Total stockholders equity | 5,102 | 19,915 | $ 22,699 | |
Retained Earnings [Member] | ||||
Total stockholders equity | 5,924 | 5,196 | 8,686 | $ 8,854 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Total stockholders equity | (6,352) | 9,984 | 8,931 | 5,673 |
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Reinsurance recoverables | (439) | 2,091 | ||
Other assets | (1,691) | (1,784) | ||
Future contract benefits | 2,930 | (738) | ||
DFEL | (617) | 3,810 | ||
Other liabilities | 45 | (303) | ||
Total stockholders equity | 533 | (839) | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | ||||
Total stockholders equity | (783) | (4,382) | (6,273) | $ (203) |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Total stockholders equity | $ 1,316 | $ 3,543 | 4,627 | |
Accounting Standards Update 2018-12 [Member] | ||||
DAC, VOBA and DSI | 12,104 | |||
Reinsurance recoverables | 19,388 | |||
Future contract benefits | (42,828) | |||
DFEL | 3,591 | |||
Accounting Standards Update 2018-12 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
DAC, VOBA and DSI | 6,079 | |||
Reinsurance recoverables | 3,038 | |||
Other assets | 242 | |||
Future contract benefits | (3,932) | |||
MRBs, net | (4,300) | |||
DFEL | (3,190) | |||
Other liabilities | 417 | |||
Total stockholders equity | (1,646) | |||
Accounting Standards Update 2018-12 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | ||||
Reinsurance recoverables | 607 | |||
Other assets | 242 | |||
Future contract benefits | (844) | |||
MRBs, net | (7,956) | |||
Other liabilities | 1,678 | |||
Total stockholders equity | (6,273) | |||
Accounting Standards Update 2018-12 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | ||||
DAC, VOBA and DSI | 6,079 | |||
Reinsurance recoverables | 2,431 | |||
Future contract benefits | (3,088) | |||
MRBs, net | 3,656 | |||
DFEL | (3,190) | |||
Other liabilities | (1,261) | |||
Total stockholders equity | $ 4,627 |
Adoption of ASU 2018-12 (Summar
Adoption of ASU 2018-12 (Summary of Changes in DAC, VOBA and DSI) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Accounting Standards Update 2018-12 [Member] | |||
DAC | $ 10,975 | ||
VOBA | 900 | ||
DSI | 229 | ||
DAC, VOBA and DSI | 12,104 | ||
Accounting Standards Update 2018-12 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
DAC, VOBA and DSI | 6,079 | ||
Accounting Standards Update 2018-12 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |||
DAC, VOBA and DSI | 6,079 | ||
Traditional Life [Member] | |||
DAC | $ 1,333 | $ 1,195 | 1,082 |
VOBA | 50 | 59 | 67 |
Traditional Life [Member] | Accounting Standards Update 2018-12 [Member] | |||
DAC | 1,082 | ||
VOBA | 67 | ||
Ul and Other [Member] | |||
DAC | 5,605 | 5,360 | 5,425 |
VOBA | 465 | 511 | 810 |
DSI | 30 | 31 | 35 |
Ul and Other [Member] | Accounting Standards Update 2018-12 [Member] | |||
DAC | 5,425 | ||
VOBA | 810 | ||
DSI | 35 | ||
Retirement Plan Services Segment [Member] | |||
DAC | 236 | 235 | 232 |
DSI | 17 | 14 | 14 |
Retirement Plan Services Segment [Member] | Accounting Standards Update 2018-12 [Member] | |||
DAC | 232 | ||
DSI | 14 | ||
Group Protection Segment [Member] | |||
DAC | 141 | 140 | 187 |
Group Protection Segment [Member] | Accounting Standards Update 2018-12 [Member] | |||
DAC | 187 | ||
As Previously Reported [Member] | Accounting Standards Update 2018-12 [Member] | |||
DAC | 5,565 | ||
VOBA | 247 | ||
DSI | 213 | ||
DAC, VOBA and DSI | 6,025 | ||
As Previously Reported [Member] | Traditional Life [Member] | Accounting Standards Update 2018-12 [Member] | |||
DAC | 1,082 | ||
VOBA | 67 | ||
As Previously Reported [Member] | Ul and Other [Member] | Accounting Standards Update 2018-12 [Member] | |||
DAC | 394 | ||
VOBA | 180 | ||
DSI | 35 | ||
As Previously Reported [Member] | Retirement Plan Services Segment [Member] | Accounting Standards Update 2018-12 [Member] | |||
DAC | 120 | ||
DSI | 13 | ||
As Previously Reported [Member] | Group Protection Segment [Member] | Accounting Standards Update 2018-12 [Member] | |||
DAC | 187 | ||
Restatement Adjustments [Member] | Accounting Standards Update 2018-12 [Member] | |||
DAC | 5,410 | ||
VOBA | 653 | ||
DSI | 16 | ||
DAC, VOBA and DSI | 6,079 | ||
Restatement Adjustments [Member] | Ul and Other [Member] | Accounting Standards Update 2018-12 [Member] | |||
DAC | 5,031 | ||
VOBA | 630 | ||
Restatement Adjustments [Member] | Retirement Plan Services Segment [Member] | Accounting Standards Update 2018-12 [Member] | |||
DAC | 112 | ||
DSI | 1 | ||
Variable Annuities [Member] | |||
DAC | 3,751 | 3,717 | 3,570 |
DSI | 128 | 139 | 150 |
Variable Annuities [Member] | Accounting Standards Update 2018-12 [Member] | |||
DAC | 3,570 | ||
DSI | 150 | ||
Variable Annuities [Member] | As Previously Reported [Member] | Accounting Standards Update 2018-12 [Member] | |||
DAC | 3,518 | ||
DSI | 148 | ||
Variable Annuities [Member] | Restatement Adjustments [Member] | Accounting Standards Update 2018-12 [Member] | |||
DAC | 52 | ||
DSI | 2 | ||
Fixed Annuity [Member] | |||
DAC | 439 | 448 | 479 |
VOBA | 17 | 20 | 23 |
DSI | $ 23 | $ 27 | 30 |
Fixed Annuity [Member] | Accounting Standards Update 2018-12 [Member] | |||
DAC | 479 | ||
VOBA | 23 | ||
DSI | 30 | ||
Fixed Annuity [Member] | As Previously Reported [Member] | Accounting Standards Update 2018-12 [Member] | |||
DAC | 264 | ||
DSI | 17 | ||
Fixed Annuity [Member] | Restatement Adjustments [Member] | Accounting Standards Update 2018-12 [Member] | |||
DAC | 215 | ||
VOBA | 23 | ||
DSI | $ 13 |
Adoption of ASU 2018-12 (Summ_2
Adoption of ASU 2018-12 (Summary of Changes in DFEL) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
DFEL | $ 5,052 | $ 4,225 | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
DFEL | (617) | 3,810 | |
Accounting Standards Update 2018-12 [Member] | |||
DFEL | $ 3,591 | ||
Accounting Standards Update 2018-12 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
DFEL | (3,190) | ||
Accounting Standards Update 2018-12 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |||
DFEL | (3,190) | ||
Ul and Other [Member] | |||
DFEL | 4,766 | 3,934 | 3,298 |
Ul and Other [Member] | Accounting Standards Update 2018-12 [Member] | |||
DFEL | 3,298 | ||
As Previously Reported [Member] | |||
DFEL | 5,669 | 415 | |
As Previously Reported [Member] | Accounting Standards Update 2018-12 [Member] | |||
DFEL | 5,669 | 415 | 401 |
As Previously Reported [Member] | Ul and Other [Member] | Accounting Standards Update 2018-12 [Member] | |||
DFEL | 113 | ||
Restatement Adjustments [Member] | Accounting Standards Update 2018-12 [Member] | |||
DFEL | (617) | 3,810 | 3,190 |
Restatement Adjustments [Member] | Ul and Other [Member] | Accounting Standards Update 2018-12 [Member] | |||
DFEL | 3,185 | ||
Variable Annuities [Member] | |||
DFEL | $ 286 | $ 291 | 293 |
Variable Annuities [Member] | Accounting Standards Update 2018-12 [Member] | |||
DFEL | 293 | ||
Variable Annuities [Member] | As Previously Reported [Member] | Accounting Standards Update 2018-12 [Member] | |||
DFEL | 288 | ||
Variable Annuities [Member] | Restatement Adjustments [Member] | Accounting Standards Update 2018-12 [Member] | |||
DFEL | $ 5 |
Adoption of ASU 2018-12 (Summ_3
Adoption of ASU 2018-12 (Summary of Changes in Future Contract Benefits) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
LFPB | $ 38,826 | $ 41,425 | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
LFPB | (2,930) | 738 | |
Accounting Standards Update 2018-12 [Member] | |||
LFPB | $ 42,828 | ||
Accounting Standards Update 2018-12 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
LFPB | 3,932 | ||
Accounting Standards Update 2018-12 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | |||
LFPB | 844 | ||
Accounting Standards Update 2018-12 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |||
LFPB | 3,088 | ||
Payout Annuities [Member] | Accounting Standards Update 2018-12 [Member] | |||
LFPB | 2,668 | ||
Payout Annuities [Member] | Accounting Standards Update 2018-12 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | |||
LFPB | 44 | ||
Traditional Life [Member] | Accounting Standards Update 2018-12 [Member] | |||
LFPB | 4,426 | ||
Ul and Other [Member] | Accounting Standards Update 2018-12 [Member] | |||
LFPB | 12,308 | ||
Ul and Other [Member] | Accounting Standards Update 2018-12 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | |||
LFPB | 174 | ||
Group Protection Segment [Member] | Accounting Standards Update 2018-12 [Member] | |||
LFPB | 5,939 | ||
Others [Member] | Accounting Standards Update 2018-12 [Member] | |||
LFPB | 13,922 | ||
Others [Member] | Accounting Standards Update 2018-12 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | |||
LFPB | 626 | ||
Other Segments [Member] | Accounting Standards Update 2018-12 [Member] | |||
LFPB | 3,565 | ||
As Previously Reported [Member] | |||
LFPB | 41,756 | 40,687 | |
As Previously Reported [Member] | Accounting Standards Update 2018-12 [Member] | |||
LFPB | 41,756 | 40,687 | 38,896 |
As Previously Reported [Member] | Payout Annuities [Member] | Accounting Standards Update 2018-12 [Member] | |||
LFPB | 2,314 | ||
As Previously Reported [Member] | Traditional Life [Member] | Accounting Standards Update 2018-12 [Member] | |||
LFPB | 3,483 | ||
As Previously Reported [Member] | Ul and Other [Member] | Accounting Standards Update 2018-12 [Member] | |||
LFPB | 13,649 | ||
As Previously Reported [Member] | Group Protection Segment [Member] | Accounting Standards Update 2018-12 [Member] | |||
LFPB | 5,422 | ||
As Previously Reported [Member] | Others [Member] | Accounting Standards Update 2018-12 [Member] | |||
LFPB | 10,463 | ||
As Previously Reported [Member] | Other Segments [Member] | Accounting Standards Update 2018-12 [Member] | |||
LFPB | 3,565 | ||
Restatement Adjustments [Member] | Accounting Standards Update 2018-12 [Member] | |||
LFPB | $ (2,930) | $ 738 | |
Impact from Removal of Shadow Balances from AOCI [Member] | Accounting Standards Update 2018-12 [Member] | |||
LFPB | (1,700) | ||
Impact from Removal of Shadow Balances from AOCI [Member] | Payout Annuities [Member] | Accounting Standards Update 2018-12 [Member] | |||
LFPB | (105) | ||
Impact from Removal of Shadow Balances from AOCI [Member] | Ul and Other [Member] | Accounting Standards Update 2018-12 [Member] | |||
LFPB | (1,515) | ||
Impact from Removal of Shadow Balances from AOCI [Member] | Others [Member] | Accounting Standards Update 2018-12 [Member] | |||
LFPB | (80) | ||
Single A Discount Rate Measurement in AOCI [Member] | Accounting Standards Update 2018-12 [Member] | |||
LFPB | 4,788 | ||
Single A Discount Rate Measurement in AOCI [Member] | Payout Annuities [Member] | Accounting Standards Update 2018-12 [Member] | |||
LFPB | 415 | ||
Single A Discount Rate Measurement in AOCI [Member] | Traditional Life [Member] | Accounting Standards Update 2018-12 [Member] | |||
LFPB | 943 | ||
Single A Discount Rate Measurement in AOCI [Member] | Group Protection Segment [Member] | Accounting Standards Update 2018-12 [Member] | |||
LFPB | 517 | ||
Single A Discount Rate Measurement in AOCI [Member] | Others [Member] | Accounting Standards Update 2018-12 [Member] | |||
LFPB | 2,913 | ||
Swiss Re [Member] | Others [Member] | Accounting Standards Update 2018-12 [Member] | |||
LFPB | 3,500 | ||
Swiss Re [Member] | As Previously Reported [Member] | Others [Member] | Accounting Standards Update 2018-12 [Member] | |||
LFPB | 2,000 | ||
Protective [Member] | Others [Member] | Accounting Standards Update 2018-12 [Member] | |||
LFPB | 7,400 | ||
Protective [Member] | As Previously Reported [Member] | Others [Member] | Accounting Standards Update 2018-12 [Member] | |||
LFPB | $ 6,300 |
Adoption of ASU 2018-12 (Summ_4
Adoption of ASU 2018-12 (Summary of Changes in Reinsurance Recoverables) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Reinsurance recoverables | $ 19,443 | $ 22,386 | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Reinsurance recoverables | (439) | 2,091 | |
Accounting Standards Update 2018-12 [Member] | |||
Reinsurance recoverables | $ 19,388 | ||
Accounting Standards Update 2018-12 [Member] | Other Operations [Member] | |||
Reinsurance recoverables | 790 | ||
Accounting Standards Update 2018-12 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Reinsurance recoverables | 3,038 | ||
Accounting Standards Update 2018-12 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | |||
Reinsurance recoverables | 607 | ||
Accounting Standards Update 2018-12 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |||
Reinsurance recoverables | 2,431 | ||
Payout Annuities [Member] | Accounting Standards Update 2018-12 [Member] | |||
Reinsurance recoverables | 2 | ||
Traditional Life [Member] | Accounting Standards Update 2018-12 [Member] | |||
Reinsurance recoverables | 906 | ||
Group Protection Segment [Member] | Accounting Standards Update 2018-12 [Member] | |||
Reinsurance recoverables | 162 | ||
Others [Member] | Accounting Standards Update 2018-12 [Member] | |||
Reinsurance recoverables | 17,196 | ||
Others [Member] | Accounting Standards Update 2018-12 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | |||
Reinsurance recoverables | 610 | ||
Ul and Other [Member] | Accounting Standards Update 2018-12 [Member] | |||
Reinsurance recoverables | 332 | ||
Ul and Other [Member] | Accounting Standards Update 2018-12 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | |||
Reinsurance recoverables | (3) | ||
Swiss Re [Member] | |||
Reinsurance recoverables | 1,600 | ||
Swiss Re [Member] | Others [Member] | Accounting Standards Update 2018-12 [Member] | |||
Reinsurance recoverables | 2,600 | ||
Protective [Member] | |||
Reinsurance recoverables | 9,400 | 11,500 | |
Protective [Member] | Others [Member] | Accounting Standards Update 2018-12 [Member] | |||
Reinsurance recoverables | 13,200 | ||
As Previously Reported [Member] | |||
Reinsurance recoverables | 19,882 | 20,295 | |
As Previously Reported [Member] | Accounting Standards Update 2018-12 [Member] | |||
Reinsurance recoverables | 19,882 | 20,295 | 16,350 |
As Previously Reported [Member] | Accounting Standards Update 2018-12 [Member] | Other Operations [Member] | |||
Reinsurance recoverables | 790 | ||
As Previously Reported [Member] | Payout Annuities [Member] | Accounting Standards Update 2018-12 [Member] | |||
Reinsurance recoverables | 2 | ||
As Previously Reported [Member] | Traditional Life [Member] | Accounting Standards Update 2018-12 [Member] | |||
Reinsurance recoverables | 755 | ||
As Previously Reported [Member] | Group Protection Segment [Member] | Accounting Standards Update 2018-12 [Member] | |||
Reinsurance recoverables | 148 | ||
As Previously Reported [Member] | Others [Member] | Accounting Standards Update 2018-12 [Member] | |||
Reinsurance recoverables | 14,320 | ||
As Previously Reported [Member] | Ul and Other [Member] | Accounting Standards Update 2018-12 [Member] | |||
Reinsurance recoverables | 335 | ||
As Previously Reported [Member] | Swiss Re [Member] | Others [Member] | Accounting Standards Update 2018-12 [Member] | |||
Reinsurance recoverables | 1,300 | ||
As Previously Reported [Member] | Protective [Member] | Others [Member] | Accounting Standards Update 2018-12 [Member] | |||
Reinsurance recoverables | 12,000 | ||
Restatement Adjustments [Member] | Accounting Standards Update 2018-12 [Member] | |||
Reinsurance recoverables | $ (439) | $ 2,091 | |
Single A Discount Rate Measurement in AOCI [Member] | Accounting Standards Update 2018-12 [Member] | |||
Reinsurance recoverables | 2,431 | ||
Single A Discount Rate Measurement in AOCI [Member] | Traditional Life [Member] | Accounting Standards Update 2018-12 [Member] | |||
Reinsurance recoverables | 151 | ||
Single A Discount Rate Measurement in AOCI [Member] | Group Protection Segment [Member] | Accounting Standards Update 2018-12 [Member] | |||
Reinsurance recoverables | 14 | ||
Single A Discount Rate Measurement in AOCI [Member] | Others [Member] | Accounting Standards Update 2018-12 [Member] | |||
Reinsurance recoverables | $ 2,266 |
Adoption of ASU 2018-12 (Summ_5
Adoption of ASU 2018-12 (Summary of Changes in Net Liability Position of MRBs) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Net liability in MRB | $ (729) | $ 2,511 | |
Accounting Standards Update 2018-12 [Member] | |||
Net liability in MRB | $ 5,334 | ||
Accounting Standards Update 2018-12 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | |||
Net liability in MRB | 7,956 | ||
Retirement Plan Services Segment [Member] | Accounting Standards Update 2018-12 [Member] | |||
Net liability in MRB | 9 | ||
Retirement Plan Services Segment [Member] | Accounting Standards Update 2018-12 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | |||
Net liability in MRB | 10 | ||
As Previously Reported [Member] | Accounting Standards Update 2018-12 [Member] | |||
Net liability in MRB | 1,034 | ||
As Previously Reported [Member] | Retirement Plan Services Segment [Member] | Accounting Standards Update 2018-12 [Member] | |||
Net liability in MRB | 11 | ||
Cumulative Effect of Credit Risk to AOCI [Member] | Accounting Standards Update 2018-12 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |||
Net liability in MRB | (3,656) | ||
Cumulative Effect of Credit Risk to AOCI [Member] | Retirement Plan Services Segment [Member] | Accounting Standards Update 2018-12 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |||
Net liability in MRB | (12) | ||
Variable Annuities [Member] | |||
Net liability in MRB | (662) | 2,398 | 5,207 |
Variable Annuities [Member] | Accounting Standards Update 2018-12 [Member] | |||
Net liability in MRB | 5,207 | ||
Variable Annuities [Member] | Accounting Standards Update 2018-12 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | |||
Net liability in MRB | 7,968 | ||
Variable Annuities [Member] | As Previously Reported [Member] | Accounting Standards Update 2018-12 [Member] | |||
Net liability in MRB | 831 | ||
Variable Annuities [Member] | Cumulative Effect of Credit Risk to AOCI [Member] | Accounting Standards Update 2018-12 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |||
Net liability in MRB | (3,592) | ||
Fixed Annuity [Member] | |||
Net liability in MRB | $ (45) | $ 114 | 118 |
Fixed Annuity [Member] | Accounting Standards Update 2018-12 [Member] | |||
Net liability in MRB | 118 | ||
Fixed Annuity [Member] | Accounting Standards Update 2018-12 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | |||
Net liability in MRB | (22) | ||
Fixed Annuity [Member] | As Previously Reported [Member] | Accounting Standards Update 2018-12 [Member] | |||
Net liability in MRB | 192 | ||
Fixed Annuity [Member] | Cumulative Effect of Credit Risk to AOCI [Member] | Accounting Standards Update 2018-12 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |||
Net liability in MRB | $ (52) |
Adoption of ASU 2018-12 (Summ_6
Adoption of ASU 2018-12 (Summary of Changes in Net Asset Position of Ceded MRBs) (Details) - Accounting Standards Update 2018-12 [Member] $ in Millions | Dec. 31, 2020 USD ($) |
Ceded MRBs, Net | $ 336 |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | |
Ceded MRBs, Net | 121 |
Variable Annuities [Member] | |
Ceded MRBs, Net | 336 |
Variable Annuities [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | |
Ceded MRBs, Net | 121 |
As Previously Reported [Member] | |
Ceded MRBs, Net | 215 |
As Previously Reported [Member] | Variable Annuities [Member] | |
Ceded MRBs, Net | $ 215 |
Adoption of ASU 2018-12 (Summ_7
Adoption of ASU 2018-12 (Summary of Effect on Previously Reported Consolidated Balance Sheets) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | |||
Deferred acquisition costs, value of business acquired and deferred sales inducements | $ 12,235 | $ 11,896 | |
Reinsurance recoverables, net of allowance for credit losses | 19,443 | 22,386 | |
Market risk benefit assets | 2,807 | 1,888 | |
Other assets | 18,802 | 16,532 | |
Total assets | 334,217 | 394,750 | |
Liabilities | |||
Policyholder account balances | 114,435 | 110,227 | |
Future contract benefits | 38,826 | 41,425 | |
Market risk benefit liabilities | 2,078 | 4,399 | |
Deferred Front End Loads | 5,052 | 4,225 | |
Other liabilities | 12,021 | 16,405 | |
Total liabilities | 329,115 | 374,835 | |
Stockholders' Equity | |||
Retained earnings | 5,924 | 5,196 | |
Accumulated other comprehensive income (loss) | (6,352) | 9,984 | |
Total stockholders' equity | 5,102 | 19,915 | $ 22,699 |
As Previously Reported [Member] | |||
Assets | |||
Deferred acquisition costs, value of business acquired and deferred sales inducements | 13,803 | 6,284 | |
Reinsurance recoverables, net of allowance for credit losses | 19,882 | 20,295 | |
Other assets | 20,680 | 18,930 | |
Total assets | 335,437 | 387,301 | |
Liabilities | |||
Policyholder account balances | 114,435 | 110,219 | |
Future contract benefits | 41,756 | 40,687 | |
Deferred Front End Loads | 5,669 | 415 | |
Other liabilities | 12,773 | 17,554 | |
Total liabilities | 331,336 | 367,029 | |
Stockholders' Equity | |||
Retained earnings | 6,239 | 9,096 | |
Accumulated other comprehensive income (loss) | (7,668) | 6,441 | |
Total stockholders' equity | 4,101 | 20,272 | |
Restatement Adjustments [Member] | |||
Assets | |||
Deferred acquisition costs, value of business acquired and deferred sales inducements | 2 | ||
Other assets | (187) | (614) | |
Total assets | (329) | (356) | |
Liabilities | |||
Policyholder account balances | 8 | ||
Other liabilities | (797) | (846) | |
Total liabilities | (797) | (838) | |
Stockholders' Equity | |||
Retained earnings | 468 | 482 | |
Total stockholders' equity | 468 | 482 | |
Accounting Standards Update 2018-12 [Member] | |||
Assets | |||
Reinsurance recoverables, net of allowance for credit losses | 19,388 | ||
Liabilities | |||
Future contract benefits | 42,828 | ||
Deferred Front End Loads | 3,591 | ||
Accounting Standards Update 2018-12 [Member] | As Previously Reported [Member] | |||
Assets | |||
Deferred acquisition costs, value of business acquired and deferred sales inducements | 13,803 | 6,286 | |
Reinsurance recoverables, net of allowance for credit losses | 19,882 | 20,295 | 16,350 |
Other assets | 20,493 | 18,316 | |
Total assets | 335,108 | 386,945 | |
Liabilities | |||
Future contract benefits | 41,756 | 40,687 | 38,896 |
Deferred Front End Loads | 5,669 | 415 | 401 |
Other liabilities | 11,976 | 16,708 | |
Total liabilities | 330,539 | 366,191 | |
Stockholders' Equity | |||
Retained earnings | 6,707 | 9,578 | |
Accumulated other comprehensive income (loss) | (7,668) | 6,441 | |
Total stockholders' equity | 4,569 | 20,754 | |
Accounting Standards Update 2018-12 [Member] | Restatement Adjustments [Member] | |||
Assets | |||
Deferred acquisition costs, value of business acquired and deferred sales inducements | (1,568) | 5,610 | |
Reinsurance recoverables, net of allowance for credit losses | (439) | 2,091 | |
Market risk benefit assets | 2,807 | 1,888 | |
Other assets | (1,691) | (1,784) | |
Total assets | (891) | 7,805 | |
Liabilities | |||
Future contract benefits | (2,930) | 738 | |
Market risk benefit liabilities | 2,078 | 4,399 | |
Deferred Front End Loads | (617) | 3,810 | $ 3,190 |
Other liabilities | 45 | (303) | |
Total liabilities | (1,424) | 8,644 | |
Stockholders' Equity | |||
Retained earnings | (783) | (4,382) | |
Accumulated other comprehensive income (loss) | 1,316 | 3,543 | |
Total stockholders' equity | $ 533 | $ (839) |
Adoption of ASU 2018-12 (Summ_8
Adoption of ASU 2018-12 (Summary of Effect on Previously Reported Consolidated Statements of Comprehensive Income) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues | |||||||
Fee income | $ 5,603 | $ 6,039 | $ 6,371 | ||||
Realized gain (loss) | 840 | (867) | (513) | ||||
Total revenues | $ 3,841 | $ 4,672 | $ 5,577 | $ 4,720 | 18,810 | 17,715 | 17,439 |
Expenses | |||||||
Benefits | 8,479 | 8,503 | 8,677 | ||||
Interest credited | 2,877 | 2,929 | 2,923 | ||||
Market risk benefit (gain) loss | (3,246) | (3,753) | |||||
Policyholder liability remeasurement (gain) loss | 2,766 | (183) | |||||
Commissions and other expenses | 5,125 | 5,219 | 5,064 | ||||
Total expenses | 2,856 | 6,798 | 4,545 | 2,885 | 17,085 | 13,072 | 17,016 |
Income (loss) before taxes | 1,725 | 4,643 | 423 | ||||
Federal income tax expense (benefit) | 367 | 865 | (76) | ||||
Net income (loss) | $ 812 | $ (1,775) | $ 840 | $ 1,482 | 1,358 | 3,778 | 499 |
Unrealized investment gain (loss) | (18,059) | (3,287) | 3,192 | ||||
Market risk benefit gain (loss) | (210) | (923) | |||||
Policyholder liability remeasurement gain (loss) | 2,012 | 591 | |||||
Total other comprehensive income (loss), net of tax | (16,336) | (3,574) | 3,258 | ||||
Comprehensive income (loss) | $ (14,978) | $ 204 | $ 3,757 | ||||
Net Income (Loss) Per Common Share | |||||||
Basic (in dollars per share) | $ 4.80 | $ (10.46) | $ 4.91 | $ 8.50 | $ 7.93 | $ 20.17 | $ 2.58 |
Diluted (in dollars per share) | $ 4.73 | $ (10.47) | $ 4.83 | $ 8.39 | $ 7.78 | $ 19.96 | $ 2.56 |
As Previously Reported [Member] | |||||||
Revenues | |||||||
Fee income | $ 6,054 | $ 6,887 | |||||
Realized gain (loss) | 336 | (212) | |||||
Total revenues | 18,784 | 19,230 | |||||
Expenses | |||||||
Benefits | 12,546 | 8,529 | |||||
Interest credited | 2,870 | 2,915 | |||||
Commissions and other expenses | 5,095 | 5,791 | |||||
Total expenses | 21,595 | 17,592 | |||||
Income (loss) before taxes | (2,811) | 1,638 | |||||
Federal income tax expense (benefit) | (584) | 233 | |||||
Net income (loss) | (2,227) | 1,405 | |||||
Unrealized investment gain (loss) | (14,030) | (2,535) | |||||
Total other comprehensive income (loss), net of tax | (14,109) | (2,490) | |||||
Comprehensive income (loss) | $ (16,336) | $ (1,085) | |||||
Net Income (Loss) Per Common Share | |||||||
Basic (in dollars per share) | $ (13.02) | $ 7.50 | |||||
Diluted (in dollars per share) | $ (13.10) | $ 7.43 | |||||
Restatement Adjustments [Member] | |||||||
Revenues | |||||||
Fee income | $ 18 | ||||||
Realized gain (loss) | $ 9 | 626 | |||||
Total revenues | (18) | 632 | |||||
Expenses | |||||||
Interest credited | 18 | ||||||
Commissions and other expenses | 1 | 3 | |||||
Total expenses | 1 | 21 | |||||
Income (loss) before taxes | (19) | 611 | |||||
Federal income tax expense (benefit) | (5) | 129 | |||||
Net income (loss) | (14) | 482 | |||||
Comprehensive income (loss) | $ (14) | $ 482 | |||||
Net Income (Loss) Per Common Share | |||||||
Basic (in dollars per share) | $ (0.09) | $ 2.57 | |||||
Diluted (in dollars per share) | $ (0.09) | $ 2.55 | |||||
Accounting Standards Update 2018-12 [Member] | As Previously Reported [Member] | |||||||
Revenues | |||||||
Fee income | $ 6,054 | $ 6,905 | |||||
Realized gain (loss) | 345 | 414 | |||||
Total revenues | 18,766 | 19,862 | |||||
Expenses | |||||||
Benefits | 12,546 | 8,529 | |||||
Interest credited | 2,870 | 2,933 | |||||
Commissions and other expenses | 5,096 | 5,794 | |||||
Total expenses | 21,596 | 17,613 | |||||
Income (loss) before taxes | (2,830) | 2,249 | |||||
Federal income tax expense (benefit) | (589) | 362 | |||||
Net income (loss) | (2,241) | 1,887 | |||||
Unrealized investment gain (loss) | (14,030) | (2,535) | |||||
Total other comprehensive income (loss), net of tax | (14,109) | (2,490) | |||||
Comprehensive income (loss) | $ (16,350) | $ (603) | |||||
Net Income (Loss) Per Common Share | |||||||
Basic (in dollars per share) | $ (13.11) | $ 10.07 | |||||
Diluted (in dollars per share) | $ (13.19) | $ 9.98 | |||||
Accounting Standards Update 2018-12 [Member] | Restatement Adjustments [Member] | |||||||
Revenues | |||||||
Fee income | $ (451) | $ (866) | |||||
Realized gain (loss) | 495 | (1,281) | |||||
Total revenues | 44 | (2,147) | |||||
Expenses | |||||||
Benefits | (4,067) | (26) | |||||
Interest credited | 7 | (4) | |||||
Market risk benefit (gain) loss | (3,246) | (3,753) | |||||
Policyholder liability remeasurement (gain) loss | 2,766 | (183) | |||||
Commissions and other expenses | 29 | (575) | |||||
Total expenses | (4,511) | (4,541) | |||||
Income (loss) before taxes | 4,555 | 2,394 | |||||
Federal income tax expense (benefit) | 956 | 503 | |||||
Net income (loss) | 3,599 | 1,891 | |||||
Unrealized investment gain (loss) | (4,029) | (752) | |||||
Market risk benefit gain (loss) | (210) | (923) | |||||
Policyholder liability remeasurement gain (loss) | 2,012 | 591 | |||||
Total other comprehensive income (loss), net of tax | (2,227) | (1,084) | |||||
Comprehensive income (loss) | $ 1,372 | $ 807 | |||||
Net Income (Loss) Per Common Share | |||||||
Basic (in dollars per share) | $ 21.04 | $ 10.10 | |||||
Diluted (in dollars per share) | $ 20.97 | $ 9.98 |
Adoption of ASU 2018-12 (Summ_9
Adoption of ASU 2018-12 (Summary of Effect on Previously Reported Consolidated Statements of Stockholders Equity) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Balance | $ 19,915 | $ 19,915 | $ 22,699 | ||||
Net income (loss) | $ 812 | $ (1,775) | $ 840 | 1,482 | 1,358 | 3,778 | $ 499 |
Total other comprehensive income (loss), net of tax | (16,336) | (3,574) | 3,258 | ||||
Balance | 5,102 | 5,102 | 19,915 | 22,699 | |||
Retained Earnings [Member] | |||||||
Balance | 5,196 | 5,196 | 8,686 | 8,854 | |||
Net income (loss) | 1,358 | 3,778 | 499 | ||||
Balance | 5,924 | 5,924 | 5,196 | 8,686 | |||
Accumulated Other Comprehensive Income (Loss) [Member] | |||||||
Balance | 9,984 | 9,984 | 8,931 | 5,673 | |||
Total other comprehensive income (loss), net of tax | (16,336) | (3,574) | 3,258 | ||||
Balance | (6,352) | (6,352) | 9,984 | 8,931 | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Balance | (839) | (839) | |||||
Net income (loss) | 3,599 | 1,891 | |||||
Total other comprehensive income (loss), net of tax | (2,227) | (1,084) | |||||
Balance | 533 | 533 | (839) | ||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | |||||||
Balance | (4,382) | (4,382) | (6,273) | (203) | |||
Net income (loss) | 3,599 | 1,891 | |||||
Balance | (783) | (783) | (4,382) | (6,273) | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |||||||
Balance | 3,543 | 3,543 | 4,627 | ||||
Total other comprehensive income (loss), net of tax | (2,227) | (1,084) | |||||
Balance | 1,316 | 1,316 | 3,543 | 4,627 | |||
As Previously Reported [Member] | |||||||
Balance | 20,272 | 20,272 | |||||
Net income (loss) | (2,227) | 1,405 | |||||
Total other comprehensive income (loss), net of tax | (14,109) | (2,490) | |||||
Balance | 4,101 | 4,101 | 20,272 | ||||
As Previously Reported [Member] | Retained Earnings [Member] | |||||||
Balance | 9,096 | 9,096 | 8,686 | ||||
Net income (loss) | (2,227) | 1,405 | |||||
Balance | 6,239 | 6,239 | 9,096 | 8,686 | |||
As Previously Reported [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |||||||
Balance | 6,441 | 6,441 | 8,931 | ||||
Total other comprehensive income (loss), net of tax | (14,109) | (2,490) | |||||
Balance | (7,668) | (7,668) | 6,441 | 8,931 | |||
Restatement Adjustments [Member] | |||||||
Balance | 482 | 482 | |||||
Net income (loss) | (14) | 482 | |||||
Balance | 468 | 468 | 482 | ||||
Restatement Adjustments [Member] | Retained Earnings [Member] | |||||||
Balance | 482 | 482 | |||||
Net income (loss) | (14) | 482 | |||||
Balance | 468 | 468 | 482 | ||||
Accounting Standards Update 2018-12 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Balance | (1,646) | ||||||
Balance | (1,646) | ||||||
Accounting Standards Update 2018-12 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | |||||||
Balance | (6,273) | ||||||
Balance | (6,273) | ||||||
Accounting Standards Update 2018-12 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |||||||
Balance | 4,627 | ||||||
Balance | 4,627 | ||||||
Accounting Standards Update 2018-12 [Member] | As Previously Reported [Member] | |||||||
Balance | 20,754 | 20,754 | |||||
Net income (loss) | (2,241) | 1,887 | |||||
Total other comprehensive income (loss), net of tax | (14,109) | (2,490) | |||||
Balance | 4,569 | 4,569 | 20,754 | ||||
Accounting Standards Update 2018-12 [Member] | As Previously Reported [Member] | Retained Earnings [Member] | |||||||
Balance | 9,578 | 9,578 | 8,686 | ||||
Net income (loss) | (2,241) | 1,887 | |||||
Balance | 6,707 | 6,707 | 9,578 | 8,686 | |||
Accounting Standards Update 2018-12 [Member] | As Previously Reported [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |||||||
Balance | 6,441 | 6,441 | 8,931 | ||||
Total other comprehensive income (loss), net of tax | (14,109) | (2,490) | |||||
Balance | (7,668) | (7,668) | 6,441 | 8,931 | |||
Accounting Standards Update 2018-12 [Member] | Restatement Adjustments [Member] | |||||||
Balance | (839) | (839) | |||||
Net income (loss) | 3,599 | 1,891 | |||||
Total other comprehensive income (loss), net of tax | (2,227) | (1,084) | |||||
Balance | 533 | 533 | (839) | ||||
Accounting Standards Update 2018-12 [Member] | Restatement Adjustments [Member] | Retained Earnings [Member] | |||||||
Balance | (4,382) | (4,382) | |||||
Net income (loss) | 3,599 | 1,891 | |||||
Balance | (783) | (783) | (4,382) | ||||
Accounting Standards Update 2018-12 [Member] | Restatement Adjustments [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |||||||
Balance | $ 3,543 | 3,543 | |||||
Total other comprehensive income (loss), net of tax | (2,227) | (1,084) | |||||
Balance | $ 1,316 | $ 1,316 | 3,543 | ||||
Accounting Standards Update 2018-12 [Member] | Restatement Adjustments [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | |||||||
Balance | (6,273) | ||||||
Balance | (6,273) | ||||||
Accounting Standards Update 2018-12 [Member] | Restatement Adjustments [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |||||||
Balance | $ 4,627 | ||||||
Balance | $ 4,627 |
Adoption of ASU 2018-12 (Sum_10
Adoption of ASU 2018-12 (Summary of Effect on Previously Reported Consolidated Statements of Cash Flows) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Flows from Operating Activities | |||||||
Net income (loss) | $ 812 | $ (1,775) | $ 840 | $ 1,482 | $ 1,358 | $ 3,778 | $ 499 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||
Realized (gain) loss | (840) | 867 | 513 | ||||
Market risk benefit (gain) loss | (3,246) | (3,753) | |||||
Change in: | |||||||
Deferred acquisition costs, value of business acquired, deferred sales inducements and deferred front-end loads deferrals and interest, net of amortization | 488 | 475 | 48 | ||||
Insurance liabilities and reinsurance-related balances | 4,419 | (2,337) | (699) | ||||
Accrued expenses | (91) | 399 | (18) | ||||
Federal income tax accruals | 421 | 864 | (98) | ||||
Other | 275 | (401) | $ 148 | ||||
As Previously Reported [Member] | |||||||
Cash Flows from Operating Activities | |||||||
Net income (loss) | (2,227) | 1,405 | |||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||
Realized (gain) loss | (336) | 212 | |||||
Change in: | |||||||
Deferred acquisition costs, value of business acquired, deferred sales inducements and deferred front-end loads deferrals and interest, net of amortization | 115 | 315 | |||||
Insurance liabilities and reinsurance-related balances | 5,628 | (2,232) | |||||
Accrued expenses | (89) | 389 | |||||
Federal income tax accruals | (530) | 232 | |||||
Other | 252 | (417) | |||||
As Previously Reported [Member] | Accounting Standards Update 2018-12 [Member] | |||||||
Cash Flows from Operating Activities | |||||||
Net income (loss) | (2,241) | 1,887 | |||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||
Realized (gain) loss | (345) | (414) | |||||
Change in: | |||||||
Deferred acquisition costs, value of business acquired, deferred sales inducements and deferred front-end loads deferrals and interest, net of amortization | 118 | 312 | |||||
Insurance liabilities and reinsurance-related balances | 5,630 | (2,233) | |||||
Accrued expenses | (89) | 392 | |||||
Federal income tax accruals | (535) | 361 | |||||
Other | 246 | (413) | |||||
Restatement Adjustments [Member] | |||||||
Cash Flows from Operating Activities | |||||||
Net income (loss) | (14) | 482 | |||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||
Realized (gain) loss | (9) | (626) | |||||
Change in: | |||||||
Deferred acquisition costs, value of business acquired, deferred sales inducements and deferred front-end loads deferrals and interest, net of amortization | 3 | (3) | |||||
Insurance liabilities and reinsurance-related balances | 2 | (1) | |||||
Accrued expenses | 3 | ||||||
Federal income tax accruals | (5) | 129 | |||||
Other | (6) | 4 | |||||
Restatement Adjustments [Member] | Accounting Standards Update 2018-12 [Member] | |||||||
Cash Flows from Operating Activities | |||||||
Net income (loss) | 3,599 | 1,891 | |||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||
Realized (gain) loss | (495) | 1,281 | |||||
Market risk benefit (gain) loss | (3,246) | (3,753) | |||||
Change in: | |||||||
Deferred acquisition costs, value of business acquired, deferred sales inducements and deferred front-end loads deferrals and interest, net of amortization | 370 | 163 | |||||
Insurance liabilities and reinsurance-related balances | (1,211) | (104) | |||||
Accrued expenses | (2) | 7 | |||||
Federal income tax accruals | 956 | 503 | |||||
Other | $ 29 | $ 12 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) security loan item | Dec. 31, 2021 USD ($) loan security item | Dec. 31, 2020 USD ($) | |
Investments [Line Items] | |||
Increase (decrease) in gross AFS securities unrealized losses | $ (12,600) | ||
Trading Securities Change In Gross Gain Loss | $ (632) | $ (51) | $ 118 |
Mortgage Loans in Process of Foreclosure, Amount | $ 15 | ||
Number of partnerships in alternative investment portfolio | item | 337 | 311 | |
Alternative investments as a percentage of overall invested assets | 2% | ||
Amortized cost | $ 111,707 | $ 105,142 | |
Fair Value | 99,736 | $ 118,711 | |
Fair value of collateral received that we are permitted to sell or re-pledge | 25 | ||
Investment commitments | 2,400 | ||
Investment commitments for limited partnerships | 1,900 | ||
Investment commitments for mortgage loans on real estate | 226 | ||
Investment commitments for private placements | $ 310,000 | ||
Minimum [Member] | |||
Investments [Line Items] | |||
Percentage of the fair value of securities obtained as collateral under reverse repurchase agreements | 80% | ||
Maximum [Member] | |||
Investments [Line Items] | |||
Percentage of the fair value of securities obtained as collateral under reverse repurchase agreements | 95% | ||
Corporate bonds | |||
Investments [Line Items] | |||
Percentage of fair value rated as investment grade | 96% | 96% | |
Amortized cost of portfolio rated below investment grade | $ 3,700 | ||
Fair value of portfolio rated below investment grade | 3,500 | $ 3,800 | |
MBS | Federal Home Loan Mortgage Corporation | Investments [Member] | |||
Investments [Line Items] | |||
Fair value | $ 720 | $ 953 | |
Concentration risk, percentage | 1% | 1% | |
MBS | Fannie Mae | Investments [Member] | |||
Investments [Line Items] | |||
Fair value | $ 745 | $ 926 | |
Concentration risk, percentage | 1% | 1% | |
Securities Investment [Member] | Consumer Non-Cyclical Industry [Member] | Investments [Member] | |||
Investments [Line Items] | |||
Fair value | $ 15,100 | $ 19,600 | |
Concentration risk, percentage | 11% | 13% | |
Securities Investment [Member] | Financial Service [Member] | |||
Investments [Line Items] | |||
Fair value | $ 16,600 | $ 19,200 | |
Securities Investment [Member] | Financial Service [Member] | Investments [Member] | |||
Investments [Line Items] | |||
Concentration risk, percentage | 13% | 12% | |
Commercial [Member] | |||
Investments [Line Items] | |||
Number of impaired loans | security | 2 | 4 | |
Impaired financing receivable, principal balance | $ 1 | $ 1 | |
Commercial [Member] | Geographic Concentration Risk [Member] | Mortgage Loans On Real Estate [Member] | California [Member] | |||
Investments [Line Items] | |||
Concentration risk, percentage | 27% | 26% | |
Commercial [Member] | Geographic Concentration Risk [Member] | Mortgage Loans On Real Estate [Member] | Texas [Member] | |||
Investments [Line Items] | |||
Concentration risk, percentage | 9% | ||
Residential [Member] | |||
Investments [Line Items] | |||
Number of loans past due | loan | 73 | 65 | |
Number of impaired loans | security | 37 | 50 | |
Impaired financing receivable, principal balance | $ 16 | $ 22 | |
Number Of Loans In Foreclosure | loan | 49 | 34 | |
Mortgage Loans in Process of Foreclosure, Amount | $ 21 | ||
Residential [Member] | Geographic Concentration Risk [Member] | Mortgage Loans On Real Estate [Member] | California [Member] | |||
Investments [Line Items] | |||
Concentration risk, percentage | 17% | 22% | |
Residential [Member] | Geographic Concentration Risk [Member] | Mortgage Loans On Real Estate [Member] | New Jersey [Member] | |||
Investments [Line Items] | |||
Concentration risk, percentage | 12% | ||
Residential [Member] | Geographic Concentration Risk [Member] | Mortgage Loans On Real Estate [Member] | Florida [Member] | |||
Investments [Line Items] | |||
Concentration risk, percentage | 14% |
Investments (Reconciliation Of
Investments (Reconciliation Of Available-For-Sale Securities From Cost Basis To Fair Value) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Amortized cost, gross unrealized gains, losses, OTTI and fair value of AFS securities | |||
Amortized Cost | $ 111,707 | $ 105,142 | |
Allowance for Credit Losses | 22 | 19 | |
Fair Value | 99,736 | 118,711 | |
Fixed maturity securities [Member] | |||
Amortized cost, gross unrealized gains, losses, OTTI and fair value of AFS securities | |||
Amortized Cost | 111,707 | 105,142 | |
Gross unrealized gains | 1,069 | 14,039 | |
Gross unrealized losses | 13,018 | 451 | |
Allowance for Credit Losses | 22 | 19 | $ 13 |
Fair Value | 99,736 | 118,711 | |
Fixed maturity securities [Member] | Corporate bonds | |||
Amortized cost, gross unrealized gains, losses, OTTI and fair value of AFS securities | |||
Amortized Cost | 89,249 | 86,373 | |
Gross unrealized gains | 787 | 12,113 | |
Gross unrealized losses | 11,004 | 349 | |
Allowance for Credit Losses | 9 | 17 | 12 |
Fair Value | 79,023 | 98,120 | |
Fixed maturity securities [Member] | U.S. government bonds | |||
Amortized cost, gross unrealized gains, losses, OTTI and fair value of AFS securities | |||
Amortized Cost | 405 | 375 | |
Gross unrealized gains | 5 | 60 | |
Gross unrealized losses | 31 | 2 | |
Fair Value | 379 | 433 | |
Fixed maturity securities [Member] | State and municipal bonds | |||
Amortized cost, gross unrealized gains, losses, OTTI and fair value of AFS securities | |||
Amortized Cost | 5,410 | 5,322 | |
Gross unrealized gains | 172 | 1,311 | |
Gross unrealized losses | 512 | 12 | |
Fair Value | 5,070 | 6,621 | |
Fixed maturity securities [Member] | Foreign government bonds | |||
Amortized cost, gross unrealized gains, losses, OTTI and fair value of AFS securities | |||
Amortized Cost | 348 | 373 | |
Gross unrealized gains | 17 | 64 | |
Gross unrealized losses | 47 | 5 | |
Fair Value | 318 | 432 | |
Fixed maturity securities [Member] | RMBS | |||
Amortized cost, gross unrealized gains, losses, OTTI and fair value of AFS securities | |||
Amortized Cost | 2,216 | 2,334 | |
Gross unrealized gains | 22 | 196 | |
Gross unrealized losses | 222 | 4 | |
Allowance for Credit Losses | 7 | 1 | $ 1 |
Fair Value | 2,009 | 2,525 | |
Fixed maturity securities [Member] | CMBS | |||
Amortized cost, gross unrealized gains, losses, OTTI and fair value of AFS securities | |||
Amortized Cost | 1,917 | 1,552 | |
Gross unrealized gains | 3 | 61 | |
Gross unrealized losses | 246 | 14 | |
Fair Value | 1,674 | 1,599 | |
Fixed maturity securities [Member] | ABS [Member] | |||
Amortized cost, gross unrealized gains, losses, OTTI and fair value of AFS securities | |||
Amortized Cost | 11,797 | 8,439 | |
Gross unrealized gains | 38 | 127 | |
Gross unrealized losses | 926 | 54 | |
Allowance for Credit Losses | 5 | ||
Fair Value | 10,904 | 8,512 | |
Fixed maturity securities [Member] | Hybrid and redeemable preferred securities | |||
Amortized cost, gross unrealized gains, losses, OTTI and fair value of AFS securities | |||
Amortized Cost | 365 | 374 | |
Gross unrealized gains | 25 | 107 | |
Gross unrealized losses | 30 | 11 | |
Allowance for Credit Losses | 1 | 1 | |
Fair Value | $ 359 | $ 469 |
Investments (Available-For-Sale
Investments (Available-For-Sale Securities By Contractual Maturities) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Available-for-sale Securities, Debt Maturities, Amortized Cost | ||
Amortized Cost | $ 111,707 | $ 105,142 |
Available-for-sale Securities, Debt Maturities, Fair Value | ||
Fair Value | 99,736 | 118,711 |
Fixed maturity securities [Member] | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost | ||
Amortized Cost | 111,707 | 105,142 |
Available-for-sale Securities, Debt Maturities, Fair Value | ||
Fair Value | 99,736 | $ 118,711 |
Fixed maturity securities [Member] | Fixed maturity AFS securities other than structured securities [Member] | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost | ||
Due in one year or less | 3,386 | |
Due after one year through five years | 17,659 | |
Due after five years through ten years | 18,568 | |
Due after ten years | 56,164 | |
Amortized Cost | 95,777 | |
Available-for-sale Securities, Debt Maturities, Fair Value | ||
Due in one year or less | 3,352 | |
Due after one year through five years | 16,816 | |
Due after five years through ten years | 16,736 | |
Due after ten years | 48,245 | |
Fair Value | 85,149 | |
Fixed maturity securities [Member] | Structured securities [Member] | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost | ||
Amortized Cost | 15,930 | |
Available-for-sale Securities, Debt Maturities, Fair Value | ||
Fair Value | $ 14,587 |
Investments (Fair Value And Gro
Investments (Fair Value And Gross Unrealized Losses In A Continuous Unrealized Loss Position) (Details) - Fixed maturity securities [Member] $ in Millions | 12 Months Ended | |
Dec. 31, 2022 USD ($) security | Dec. 31, 2021 USD ($) security | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 71,770 | $ 16,786 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 11,352 | 1,973 |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 83,122 | 18,759 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Gross Unrealized Losses and OTTI | ||
Less Than or Equal to Twelve Months | 10,425 | 313 |
Greater Than Twelve Months | 2,593 | 138 |
Continuous Unrealized Loss Position, Total | $ 13,018 | $ 451 |
Total number of fixed maturity AFS securities in an unrealized loss position | security | 8,175 | 2,597 |
Unrealized holding gains (losses) arising during the period | $ 6 | $ 8 |
Corporate bonds | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | 59,929 | 10,796 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 7,094 | 1,567 |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 67,023 | 12,363 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Gross Unrealized Losses and OTTI | ||
Less Than or Equal to Twelve Months | 9,049 | 234 |
Greater Than Twelve Months | 1,955 | 115 |
Continuous Unrealized Loss Position, Total | 11,004 | 349 |
U.S. government bonds | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | 261 | 6 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 27 | 26 |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 288 | 32 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Gross Unrealized Losses and OTTI | ||
Less Than or Equal to Twelve Months | 25 | |
Greater Than Twelve Months | 6 | 2 |
Continuous Unrealized Loss Position, Total | 31 | 2 |
State and municipal bonds | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | 1,958 | 522 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 237 | 24 |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 2,195 | 546 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Gross Unrealized Losses and OTTI | ||
Less Than or Equal to Twelve Months | 440 | 11 |
Greater Than Twelve Months | 72 | 1 |
Continuous Unrealized Loss Position, Total | 512 | 12 |
Foreign government bonds | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | 130 | 61 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 58 | 56 |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 188 | 117 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Gross Unrealized Losses and OTTI | ||
Less Than or Equal to Twelve Months | 19 | 3 |
Greater Than Twelve Months | 28 | 2 |
Continuous Unrealized Loss Position, Total | 47 | 5 |
RMBS | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | 1,490 | 262 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 193 | 22 |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 1,683 | 284 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Gross Unrealized Losses and OTTI | ||
Less Than or Equal to Twelve Months | 179 | 3 |
Greater Than Twelve Months | 43 | 1 |
Continuous Unrealized Loss Position, Total | 222 | 4 |
CMBS | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | 1,224 | 446 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 320 | 37 |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 1,544 | 483 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Gross Unrealized Losses and OTTI | ||
Less Than or Equal to Twelve Months | 156 | 12 |
Greater Than Twelve Months | 90 | 2 |
Continuous Unrealized Loss Position, Total | 246 | 14 |
ABS [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | 6,715 | 4,646 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 3,326 | 165 |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 10,041 | 4,811 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Gross Unrealized Losses and OTTI | ||
Less Than or Equal to Twelve Months | 552 | 49 |
Greater Than Twelve Months | 374 | 5 |
Continuous Unrealized Loss Position, Total | 926 | 54 |
Hybrid and redeemable preferred securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | 63 | 47 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 97 | 76 |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 160 | 123 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Gross Unrealized Losses and OTTI | ||
Less Than or Equal to Twelve Months | 5 | 1 |
Greater Than Twelve Months | 25 | 10 |
Continuous Unrealized Loss Position, Total | $ 30 | $ 11 |
Investments (Schedule Of Availa
Investments (Schedule Of Available-For-Sale Securities Whose Value Is Below Amortized Cost) (Details) - Fair Value Decline, Greater Than 20% [Member] $ in Millions | Dec. 31, 2022 USD ($) security | Dec. 31, 2021 USD ($) security |
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value - Less than six months | $ 11,351 | $ 12 |
Fair Value - Six months or greater, but less than nine months | 4,411 | |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | 447 | |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 2 | 58 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Total | 16,211 | 70 |
Gross Unrealized Losses - Less than six months | 3,659 | 3 |
Gross Unrealized Losses - Six months or greater, but less than nine months | 2,226 | |
Less Than or Equal to Twelve Months | 302 | |
Greater Than Twelve Months | 1 | 8 |
Continuous Unrealized Loss Position, Total | $ 6,188 | $ 11 |
Number of Securities - Less than six months | security | 1,500 | 6 |
Number of Securities - Six months or greater, but less than nine months | security | 650 | |
Number of Securities - Nine months or greater, but less than twelve months | security | 74 | |
Number of Securities - Twelve months or greater | security | 15 | 24 |
Number of Securities - Total | security | 2,239 | 30 |
Investments (Changes In Allowan
Investments (Changes In Allowance For Credit Losses On AFS) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Line Items] | |||
Balance as of beginning-of-period | $ 19 | ||
Balance as of end-of-period | 22 | $ 19 | |
Fixed maturity securities [Member] | |||
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Line Items] | |||
Balance as of beginning-of-period | 19 | 13 | |
Additions for securities for which credit losses were not previously recognized | 8 | 9 | $ 45 |
Additions (reductions) for securities for which credit losses were previously recognized | 9 | 5 | (2) |
Reductions for securities disposed | (2) | (2) | (17) |
Reductions for securities charged-off | (12) | (6) | (13) |
Balance as of end-of-period | 22 | 19 | 13 |
Accrued interest receivable on fixed maturity AFS securities | 1,100 | 972 | 1,000 |
Fixed maturity securities [Member] | Corporate bonds | |||
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Line Items] | |||
Balance as of beginning-of-period | 17 | 12 | |
Additions for securities for which credit losses were not previously recognized | 4 | 8 | 43 |
Additions (reductions) for securities for which credit losses were previously recognized | 2 | 5 | (1) |
Reductions for securities disposed | (2) | (2) | (17) |
Reductions for securities charged-off | (12) | (6) | (13) |
Balance as of end-of-period | 9 | 17 | 12 |
Fixed maturity securities [Member] | RMBS | |||
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Line Items] | |||
Balance as of beginning-of-period | 1 | 1 | |
Additions for securities for which credit losses were not previously recognized | 3 | 1 | |
Additions (reductions) for securities for which credit losses were previously recognized | 3 | ||
Balance as of end-of-period | 7 | 1 | 1 |
Fixed maturity securities [Member] | ABS [Member] | |||
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Line Items] | |||
Balance as of end-of-period | 5 | ||
Fixed maturity securities [Member] | Hybrid and redeemable preferred securities | |||
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Line Items] | |||
Balance as of beginning-of-period | 1 | ||
Additions for securities for which credit losses were not previously recognized | 1 | 1 | 1 |
Additions (reductions) for securities for which credit losses were previously recognized | 4 | $ (1) | |
Balance as of end-of-period | $ 6 | $ 1 |
Investments (Fair Value of Trad
Investments (Fair Value of Trading Securities) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading securities | $ 3,498 | $ 4,460 |
Corporate bonds | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading securities | 2,248 | 2,734 |
U.S. government bonds | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading securities | 32 | |
Foreign government bonds | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading securities | 49 | 73 |
RMBS | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading securities | 99 | 95 |
CMBS | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading securities | 137 | 137 |
ABS [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading securities | 919 | 1,338 |
State and municipal bonds | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading securities | 21 | 27 |
Hybrid and redeemable preferred securities | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading securities | $ 25 | $ 24 |
Investments (Composition Of Cur
Investments (Composition Of Current And Past Due Mortgage Loans On Real Estate) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Mortgage Loans On Real Estate Aging [Abstract] | ||
Allowance for credit losses | $ (99) | $ (96) |
Unamortized premium (discount) | 28 | 16 |
Mark-to-market gains (losses) | (27) | (3) |
Total carrying value | 18,301 | 17,991 |
Current [Member] | ||
Mortgage Loans On Real Estate Aging [Abstract] | ||
Mortgage loans on real estate, gross | 18,318 | 18,004 |
30 to 59 Days Past Due [Member] | ||
Mortgage Loans On Real Estate Aging [Abstract] | ||
Mortgage loans on real estate, gross | 42 | 36 |
60 to 89 Days Past Due [Member] | ||
Mortgage Loans On Real Estate Aging [Abstract] | ||
Mortgage loans on real estate, gross | 6 | 5 |
90 Or More Days Past Due [Member] | ||
Mortgage Loans On Real Estate Aging [Abstract] | ||
Mortgage loans on real estate, gross | 33 | 29 |
Commercial [Member] | ||
Mortgage Loans On Real Estate Aging [Abstract] | ||
Mortgage loans on real estate, gross | 17,171 | |
Allowance for credit losses | (84) | (79) |
Unamortized premium (discount) | (8) | (11) |
Mark-to-market gains (losses) | (27) | (3) |
Total carrying value | 16,903 | 17,089 |
Commercial [Member] | Current [Member] | ||
Mortgage Loans On Real Estate Aging [Abstract] | ||
Mortgage loans on real estate, gross | 17,003 | 17,167 |
Commercial [Member] | 30 to 59 Days Past Due [Member] | ||
Mortgage Loans On Real Estate Aging [Abstract] | ||
Mortgage loans on real estate, gross | 19 | 15 |
Residential [Member] | ||
Mortgage Loans On Real Estate Aging [Abstract] | ||
Mortgage loans on real estate, gross | 1,413 | 919 |
Allowance for credit losses | (15) | (17) |
Unamortized premium (discount) | 36 | 27 |
Total carrying value | 1,398 | 902 |
Residential [Member] | Current [Member] | ||
Mortgage Loans On Real Estate Aging [Abstract] | ||
Mortgage loans on real estate, gross | 1,315 | 837 |
Residential [Member] | 30 to 59 Days Past Due [Member] | ||
Mortgage Loans On Real Estate Aging [Abstract] | ||
Mortgage loans on real estate, gross | 23 | 21 |
Residential [Member] | 60 to 89 Days Past Due [Member] | ||
Mortgage Loans On Real Estate Aging [Abstract] | ||
Mortgage loans on real estate, gross | 6 | 5 |
Residential [Member] | 90 Or More Days Past Due [Member] | ||
Mortgage Loans On Real Estate Aging [Abstract] | ||
Mortgage loans on real estate, gross | $ 33 | $ 29 |
Investments (Schedule Of Averag
Investments (Schedule Of Average Carrying Value Of Impaired Mortgage Loans On Real Estate) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Information about impaired mortgage loans on real estate | |||
Average carrying value for impaired mortgage loans on real estate | $ 16 | $ 32 | $ 21 |
Investments (Amortized Cost Of
Investments (Amortized Cost Of Mortgage Loans On Real Estate On Nonaccrual Status) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | $ 34 | $ 30 |
Residential [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | $ 34 | $ 30 |
Investments (Commercial Mortgag
Investments (Commercial Mortgage Loans By Year Of Origination) (Details) - Commercial [Member] $ in Millions | Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) item |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount originated in current year | $ 1,876 | $ 2,520 |
Amount originated in prior year | 2,426 | 1,502 |
Amount originated 2 years prior | 1,306 | 3,105 |
Amount originated 3 years prior | 2,795 | 2,461 |
Amount originated 4 years prior | 2,296 | 1,831 |
Amount originated 5 or more years prior | 6,315 | 5,752 |
Total | 17,171 | |
Loan-to-value ratio, less than 65% [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount originated in current year | 1,769 | 2,384 |
Amount originated in prior year | 2,354 | 1,358 |
Amount originated 2 years prior | 1,289 | 2,917 |
Amount originated 3 years prior | 2,685 | 2,274 |
Amount originated 4 years prior | 2,225 | 1,655 |
Amount originated 5 or more years prior | 6,184 | 5,554 |
Total | $ 16,506 | $ 16,142 |
Ratio of originations in current year | item | 2.06 | 3.04 |
Ratio of originations in prior year | item | 3.05 | 3.03 |
Ratio of originations 2 years prior | item | 3 | 2.15 |
Ratio of originations 3 years prior | item | 2.18 | 2.13 |
Ratio of originations 4 years prior | item | 2.17 | 2.33 |
Ratio of originations 5 or more years prior | item | 2.44 | 2.41 |
65% to 75% [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount originated in current year | $ 105 | $ 136 |
Amount originated in prior year | 72 | 144 |
Amount originated 2 years prior | 17 | 188 |
Amount originated 3 years prior | 81 | 172 |
Amount originated 4 years prior | 71 | 149 |
Amount originated 5 or more years prior | 131 | 171 |
Total | $ 477 | $ 960 |
Ratio of originations in current year | item | 1.50 | 1.74 |
Ratio of originations in prior year | item | 1.53 | 2.06 |
Ratio of originations 2 years prior | item | 1.58 | 1.42 |
Ratio of originations 3 years prior | item | 1.50 | 1.59 |
Ratio of originations 4 years prior | item | 1.62 | 1.74 |
Ratio of originations 5 or more years prior | item | 1.75 | 1.76 |
Greater than 75% [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount originated in current year | $ 2 | |
Amount originated 3 years prior | 29 | $ 15 |
Amount originated 4 years prior | 27 | |
Amount originated 5 or more years prior | 27 | |
Total | $ 31 | $ 69 |
Ratio of originations in current year | item | 1.45 | |
Ratio of originations 3 years prior | item | 1.58 | 1.02 |
Ratio of originations 4 years prior | item | 0.83 | |
Ratio of originations 5 or more years prior | item | 1.08 |
Investments (Residential Mortga
Investments (Residential Mortgage Loans By Year Of Origination) (Details) - Residential [Member] - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount originated in current year | $ 583 | $ 469 |
Amount originated in prior year | 533 | 131 |
Amount originated 2 years prior | 93 | 210 |
Amount originated 3 years prior | 137 | 109 |
Amount originated 4 years prior | 67 | |
Total | 1,413 | 919 |
Performing [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount originated in current year | 578 | 467 |
Amount originated in prior year | 527 | 129 |
Amount originated 2 years prior | 90 | 189 |
Amount originated 3 years prior | 119 | 104 |
Amount originated 4 years prior | 65 | |
Total | 1,379 | 889 |
Nonperforming [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount originated in current year | 5 | 2 |
Amount originated in prior year | 6 | 2 |
Amount originated 2 years prior | 3 | 21 |
Amount originated 3 years prior | 18 | 5 |
Amount originated 4 years prior | 2 | |
Total | $ 34 | $ 30 |
Investments (Changes In Allow_2
Investments (Changes In Allowance For Credit Losses On Mortgage Loans On Real Estate) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Balance as of beginning-of-year | $ 96 | ||
Balance as of end-of-year | 99 | $ 96 | |
Unfunded Loan Commitment [Member] | |||
Balance as of beginning-of-year | 96 | 204 | $ 2 |
Additions (reductions) from provision for credit loss expense | 3 | (108) | 114 |
Balance as of end-of-year | 99 | 96 | 204 |
Accrued interest receivable excluded from credit losses | 51 | 49 | 49 |
Financing Receivable, Credit Loss, Expense (Reversal) | 4 | (2) | |
Commercial [Member] | |||
Balance as of beginning-of-year | 79 | ||
Balance as of end-of-year | 84 | 79 | |
Commercial [Member] | Unfunded Loan Commitment [Member] | |||
Balance as of beginning-of-year | 79 | 187 | |
Additions (reductions) from provision for credit loss expense | 5 | (108) | 125 |
Balance as of end-of-year | 84 | 79 | 187 |
Residential [Member] | |||
Balance as of beginning-of-year | 17 | ||
Balance as of end-of-year | 15 | 17 | |
Residential [Member] | Unfunded Loan Commitment [Member] | |||
Balance as of beginning-of-year | 17 | 17 | 2 |
Additions (reductions) from provision for credit loss expense | (2) | (11) | |
Balance as of end-of-year | $ 15 | $ 17 | 17 |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Unfunded Loan Commitment [Member] | |||
Balance as of beginning-of-year | 88 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial [Member] | Unfunded Loan Commitment [Member] | |||
Balance as of beginning-of-year | 62 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Residential [Member] | Unfunded Loan Commitment [Member] | |||
Balance as of beginning-of-year | $ 26 |
Investments (Net Investment Inc
Investments (Net Investment Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Investment income | $ 5,723 | $ 6,268 | $ 5,685 |
Investment expense | (208) | (157) | (175) |
Net investment income | 5,515 | 6,111 | 5,510 |
Fixed maturity securities [Member] | AFS Securities [Member] | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Investment income | 4,469 | 4,351 | 4,334 |
Trading securities [Member] | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Investment income | 182 | 167 | 202 |
Available-for-sale equity securities [Member] | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Investment income | 11 | 3 | 3 |
Mortgage Loans On Real Estate [Member] | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Investment income | 689 | 680 | 677 |
Policy loans [Member] | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Investment income | 101 | 115 | 125 |
Cash and invested cash [Member] | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Investment income | 13 | 12 | |
Commercial mortgage loan prepayment and bond makewhole premiums [Member] | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Investment income | 105 | 199 | 82 |
Alternative investments [Member] | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Investment income | 66 | 679 | 197 |
Consent fees [Member] | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Investment income | 8 | 10 | 7 |
Other investments [Member] | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Investment income | $ 79 | $ 64 | $ 46 |
Investments (Credit Loss Expens
Investments (Credit Loss Expense Incurred) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Line Items] | |||
Gross credit loss expense recognized in net income (loss) | $ (15) | $ (11) | $ (26) |
Associated amortization of DAC, VOBA, DSI and DFEL | 1 | ||
Net credit loss expense recognized in net income (loss) | (15) | (11) | (25) |
Fixed maturity securities [Member] | Corporate bonds | |||
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Line Items] | |||
Gross credit loss expense recognized in net income (loss) | (5) | (10) | (25) |
Fixed maturity securities [Member] | RMBS | |||
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Line Items] | |||
Gross credit loss expense recognized in net income (loss) | (6) | $ (1) | |
Fixed maturity securities [Member] | ABS [Member] | |||
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Line Items] | |||
Gross credit loss expense recognized in net income (loss) | $ (4) | ||
Fixed maturity securities [Member] | Hybrid and redeemable preferred securities | |||
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Line Items] | |||
Gross credit loss expense recognized in net income (loss) | $ (1) |
Investments (Payables For Colla
Investments (Payables For Collateral On Investments) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Carrying Value Of Payables For Collateral On Investments [Abstract] | ||
Collateral payable for derivative investments | $ 3,284 | $ 5,575 |
Securities pledged under securities lending agreements | 298 | 241 |
Investments pledged for FHLBI | 3,130 | 3,130 |
Total payables for collateral on investments | 6,712 | 8,946 |
Fair Value Of Related Investments Or Collateral [Abstract] | ||
Collateral payable for derivative investments | 3,284 | 5,575 |
Securities pledged under securities lending agreements | 287 | 235 |
Investments pledged for Federal Home Loan Bank of Indianapolis('FHLBI') | 3,925 | 4,876 |
Total payables for collateral on investments | $ 7,496 | $ 10,686 |
Percentage of the fair value of domestic securities obtained as collateral under securities lending agreements. | 102% | |
Percentage of the fair value of foreign securities obtained as collateral under securities lending agreements. | 105% | |
Maximum [Member] | ||
Fair Value Of Related Investments Or Collateral [Abstract] | ||
Percentage of the fair value of FHLBI securities obtained as collateral under securities pledged for FHLBI for AFS Securities | 115% | |
Percentage of the fair value of FHLBI securities obtained as collateral under securities pledged for FHLBI for mortgage loan | 175% | |
Minimum [Member] | ||
Fair Value Of Related Investments Or Collateral [Abstract] | ||
Percentage of the fair value of FHLBI securities obtained as collateral under securities pledged for FHLBI for AFS Securities | 105% | |
Percentage of the fair value of FHLBI securities obtained as collateral under securities pledged for FHLBI for mortgage loan | 155% |
Investments (Schedule Of Increa
Investments (Schedule Of Increase (Decrease) In Payables For Collateral On Investments) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Increase (decrease) in payables for collateral on investments | |||
Collateral payable for derivative investments | $ (2,291) | $ 2,599 | $ 1,588 |
Securities pledged under securities lending agreements | 57 | 125 | 2 |
Investments pledged for FHLBI | (450) | ||
Total increase (decrease) in payables for collateral on investments | $ (2,234) | $ 2,724 | $ 1,140 |
Investments (Schedule of Securi
Investments (Schedule of Securities Pledged by Contractual Maturity) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Lending | $ 298 | $ 241 |
Total gross secured borrowings | 298 | 241 |
Corporate bonds | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Lending | 288 | 239 |
Available-for-sale equity securities [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Lending | 8 | 1 |
Foreign government bonds | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Lending | 2 | 1 |
Overnight and Continuous [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Total gross secured borrowings | 298 | 241 |
Overnight and Continuous [Member] | Corporate bonds | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Lending | 288 | 239 |
Overnight and Continuous [Member] | Available-for-sale equity securities [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Lending | 8 | 1 |
Overnight and Continuous [Member] | Foreign government bonds | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Lending | $ 2 | $ 1 |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Variable Interest Entity [Line Items] | ||
Gains (losses) for consolidated variable interest entities | $ 0 | $ 0 |
Outstanding Principal Balance of Surplus Note Issued By LRCVV And Held By LFLLCI | 568,000,000 | |
Long-Term Senior Note Issued In Exchange For Corporate Bond Afs Security | 275,000,000 | |
Outstanding Principal Balance of Long-Term Senior Note Issued In Exchange For Corporate Bond AFS Security | 1,000,000 | |
Maxiumum Principal Balance of Long Term Senior Note Issued In Exchange For Corporate Bond AFS Security | 1,100,000,000 | |
Carrying amount of other investments | 3,739,000,000 | 4,288,000,000 |
Non Affiliated VIE One [Member] | ||
Variable Interest Entity [Line Items] | ||
Outstanding Principal Balance of Surplus Note Issued By LRCVV And Held By LFLLCI | 0 | |
Surplus notes | 0 | |
Non Affiliated VIE Two [Member] | ||
Variable Interest Entity [Line Items] | ||
Outstanding Principal Balance of Long-Term Senior Note Issued In Exchange For Corporate Bond AFS Security | 391,000,000 | |
Maxiumum Principal Balance of Long Term Senior Note Issued In Exchange For Corporate Bond AFS Security | 500,000,000 | |
Non Affiliated VIE Three [Member] | ||
Variable Interest Entity [Line Items] | ||
Outstanding Principal Balance of Long-Term Senior Note Issued In Exchange For Corporate Bond AFS Security | 500,000,000 | |
Maxiumum Principal Balance of Long Term Senior Note Issued In Exchange For Corporate Bond AFS Security | 500,000,000 | |
Limited Partnerships and Limited Liability Companies [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying amount of other investments | 3,100,000,000 | $ 2,900,000,000 |
Senior notes [Member] | ||
Variable Interest Entity [Line Items] | ||
Outstanding Principal Balance of Long-Term Senior Note Issued In Exchange For Corporate Bond AFS Security | 400,000,000 | |
Maxiumum Principal Balance of Long Term Senior Note Issued In Exchange For Corporate Bond AFS Security | $ 400,000,000 |
Variable Interest Entities (Con
Variable Interest Entities (Consolidated Variable Interest Entity Asset and Liability Information) (Details) - Total Return Swap [Member] $ in Millions | Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) item |
Disclosure Of Variable Interest Entities Assets And Liabilities [Line Items] | ||
Number of Instruments | item | 1 | 1 |
Notional Amounts | $ | $ 568 | $ 594 |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Credit Derivatives [Line Items] | ||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 68 | |
Cash flow hedge, reclassified to earnings, net | 0 | $ 0 |
Exposure Associated With Collateralization Events | $ 0 | $ 0 |
Indexed Annuity [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative term | 6 years | |
Maximum [Member] | ||
Credit Derivatives [Line Items] | ||
Non-performance Risk Adjustment | $ 0 |
Derivative Instruments (Outstan
Derivative Instruments (Outstanding Derivative Instruments With Off-Balance-Sheet Risks) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Outstanding derivative instruments with off-balance-sheet risks | ||
Notional Amounts | $ 257,459 | $ 199,195 |
Asset Fair Value | 7,594 | 10,303 |
Liability Fair Value | 8,052 | 11,124 |
Interest Rate Contracts [Member] | ||
Outstanding derivative instruments with off-balance-sheet risks | ||
Notional Amounts | 109,722 | |
Foreign currency contracts [Member] | ||
Outstanding derivative instruments with off-balance-sheet risks | ||
Notional Amounts | 4,778 | |
Equity market contracts [Member] | ||
Outstanding derivative instruments with off-balance-sheet risks | ||
Notional Amounts | 142,946 | |
Credit contracts [Member] | ||
Outstanding derivative instruments with off-balance-sheet risks | ||
Notional Amounts | 13 | 49 |
Derivative Investments [Member] | Interest Rate Contracts [Member] | Derivative Instruments Not Designated and Not Qualifying as Hedging Instruments | ||
Outstanding derivative instruments with off-balance-sheet risks | ||
Notional Amounts | 105,977 | 82,786 |
Asset Fair Value | 709 | 897 |
Liability Fair Value | 935 | 176 |
Derivative Investments [Member] | Foreign currency contracts [Member] | Derivative Instruments Not Designated and Not Qualifying as Hedging Instruments | ||
Outstanding derivative instruments with off-balance-sheet risks | ||
Notional Amounts | 395 | 487 |
Asset Fair Value | 27 | 7 |
Liability Fair Value | 2 | 2 |
Derivative Investments [Member] | Equity market contracts [Member] | Derivative Instruments Not Designated and Not Qualifying as Hedging Instruments | ||
Outstanding derivative instruments with off-balance-sheet risks | ||
Notional Amounts | 142,946 | 107,515 |
Asset Fair Value | 5,135 | 8,490 |
Liability Fair Value | 2,035 | 3,909 |
Derivative Investments [Member] | Commodity Contract [Member] | Derivative Instruments Not Designated and Not Qualifying as Hedging Instruments | ||
Outstanding derivative instruments with off-balance-sheet risks | ||
Notional Amounts | 13 | |
Asset Fair Value | 14 | |
Liability Fair Value | 3 | |
Derivative Investments [Member] | Cash flow hedges | Designated as Hedging Instrument [Member] | ||
Outstanding derivative instruments with off-balance-sheet risks | ||
Notional Amounts | 6,973 | 7,201 |
Asset Fair Value | 766 | 381 |
Liability Fair Value | 250 | 487 |
Derivative Investments [Member] | Cash flow hedges | Interest Rate Contracts [Member] | Designated as Hedging Instrument [Member] | ||
Outstanding derivative instruments with off-balance-sheet risks | ||
Notional Amounts | 2,590 | 3,222 |
Asset Fair Value | 123 | 98 |
Liability Fair Value | 232 | 436 |
Derivative Investments [Member] | Cash flow hedges | Foreign currency contracts [Member] | Designated as Hedging Instrument [Member] | ||
Outstanding derivative instruments with off-balance-sheet risks | ||
Notional Amounts | 4,383 | 3,979 |
Asset Fair Value | 643 | 283 |
Liability Fair Value | 18 | 51 |
Derivative Investments [Member] | Fair value hedges | Interest Rate Contracts [Member] | Designated as Hedging Instrument [Member] | ||
Outstanding derivative instruments with off-balance-sheet risks | ||
Notional Amounts | 1,155 | 1,157 |
Asset Fair Value | 2 | |
Liability Fair Value | 44 | 213 |
Reinsurance related [Member] | Reinsurance Related [Member] | Derivative Instruments Not Designated and Not Qualifying as Hedging Instruments | ||
Outstanding derivative instruments with off-balance-sheet risks | ||
Asset Fair Value | 416 | |
Liability Fair Value | 206 | |
Future Contract Benefits [Member] | Indexed Annuity Contracts Embedded Derivatives [Member] | Derivative Instruments Not Designated and Not Qualifying as Hedging Instruments | ||
Outstanding derivative instruments with off-balance-sheet risks | ||
Asset Fair Value | 525 | 528 |
Liability Fair Value | $ 4,783 | $ 6,131 |
Derivative Instruments (Maturit
Derivative Instruments (Maturity Of The Notional Amounts Of Derivative Financial Instruments) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Maturity of the notional amounts of derivative financial instruments | ||
Remaining Life Less Than 1 Year | $ 126,871 | |
Remaining Life - 1 - 5 Years | 57,640 | |
Remaining Life - 6 - 10 Years | 34,369 | |
Remaining Life - 11 - 30 Years | 23,242 | |
Remaining Life Over - 30 Years | 15,337 | |
Remaining Life - Total Years | 257,459 | $ 199,195 |
Interest Rate Contracts [Member] | ||
Maturity of the notional amounts of derivative financial instruments | ||
Remaining Life Less Than 1 Year | 31,463 | |
Remaining Life - 1 - 5 Years | 27,958 | |
Remaining Life - 6 - 10 Years | 24,892 | |
Remaining Life - 11 - 30 Years | 21,196 | |
Remaining Life Over - 30 Years | 4,213 | |
Remaining Life - Total Years | $ 109,722 | |
Derivative maturity date | Apr. 20, 2067 | |
Foreign currency contracts [Member] | ||
Maturity of the notional amounts of derivative financial instruments | ||
Remaining Life Less Than 1 Year | $ 261 | |
Remaining Life - 1 - 5 Years | 730 | |
Remaining Life - 6 - 10 Years | 1,681 | |
Remaining Life - 11 - 30 Years | 2,037 | |
Remaining Life Over - 30 Years | 69 | |
Remaining Life - Total Years | $ 4,778 | |
Derivative maturity date | Jun. 16, 2061 | |
Equity market contracts [Member] | ||
Maturity of the notional amounts of derivative financial instruments | ||
Remaining Life Less Than 1 Year | $ 95,134 | |
Remaining Life - 1 - 5 Years | 28,952 | |
Remaining Life - 6 - 10 Years | 7,796 | |
Remaining Life - 11 - 30 Years | 9 | |
Remaining Life Over - 30 Years | 11,055 | |
Remaining Life - Total Years | 142,946 | |
Credit contracts [Member] | ||
Maturity of the notional amounts of derivative financial instruments | ||
Remaining Life Less Than 1 Year | 13 | |
Remaining Life - Total Years | $ 13 | $ 49 |
Derivative Instruments (Cumulat
Derivative Instruments (Cumulative Basis Adjustments For Fair Value Hedges) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Fixed maturity securities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Amortized cost of the hedged assets | $ 587 | $ 764 |
Cumulative fair value hedging adjustment included in the amortized cost of the hedged assets | 44 | 211 |
Long-term Debt [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Amortized cost of the hedged liabilities | (698) | (854) |
Cumulative fair value hedging adjustment included in the amortized cost of the hedged liabilities | 177 | 21 |
Discontinued Hedges [Member] | Long-term Debt [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Cumulative fair value hedging adjustment included in the amortized cost of the hedged liabilities | $ (341) | $ (356) |
Derivative Instruments (Change
Derivative Instruments (Change In Our Unrealized Gain On Derivative Instruments In Accumulated OCI) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Change in our unrealized gain on derivative instruments in accumulated OCI | |||
Balance as of beginning-of-year | $ 9,984 | ||
Income tax benefit (expense) | (367) | $ (865) | $ 76 |
Balance as of end-of-period | (6,352) | 9,984 | |
Unrealized Gain (Loss) on Derivative Instruments | |||
Change in our unrealized gain on derivative instruments in accumulated OCI | |||
Balance as of beginning-of-year | (85) | (402) | (11) |
Cumulative effect from adoption of new accounting standard | 25 | ||
Change in foreign currency exchange rate adjustment | 312 | 152 | (174) |
Change in DAC, VOBA, DSI and DFEL | (17) | ||
Income tax benefit (expense) | (144) | (85) | 94 |
Associated amortization of DAC, VOBA, DSI and DFEL | (1) | ||
Income tax benefit (expense) | (19) | (5) | (10) |
Balance as of end-of-period | 388 | (85) | (402) |
Unrealized Gain (Loss) on Derivative Instruments | Cash flow hedges | Interest Rate Contracts [Member] | |||
Change in our unrealized gain on derivative instruments in accumulated OCI | |||
Unrealized holding gains (losses) arising during the period | 196 | 116 | (350) |
Unrealized Gain (Loss) on Derivative Instruments | Cash flow hedges | Interest Rate Contracts [Member] | Net Investment Income [Member] | |||
Change in our unrealized gain on derivative instruments in accumulated OCI | |||
Reclassification adjustment for gains (losses) included in net income (loss) | 2 | 3 | 2 |
Unrealized Gain (Loss) on Derivative Instruments | Cash flow hedges | Interest Rate Contracts [Member] | Interest and Debt Expense [Member] | |||
Change in our unrealized gain on derivative instruments in accumulated OCI | |||
Reclassification adjustment for gains (losses) included in net income (loss) | (11) | (23) | (16) |
Unrealized Gain (Loss) on Derivative Instruments | Cash flow hedges | Foreign currency contracts [Member] | |||
Change in our unrealized gain on derivative instruments in accumulated OCI | |||
Unrealized holding gains (losses) arising during the period | 182 | 130 | 93 |
Unrealized Gain (Loss) on Derivative Instruments | Cash flow hedges | Foreign currency contracts [Member] | Net Investment Income [Member] | |||
Change in our unrealized gain on derivative instruments in accumulated OCI | |||
Reclassification adjustment for gains (losses) included in net income (loss) | 62 | 48 | 56 |
Unrealized Gain (Loss) on Derivative Instruments | Cash flow hedges | Foreign currency contracts [Member] | Realized Gain (Loss) [Member] | |||
Change in our unrealized gain on derivative instruments in accumulated OCI | |||
Reclassification adjustment for gains (losses) included in net income (loss) | $ 39 | $ (2) | $ 6 |
Derivative Instruments (Effects
Derivative Instruments (Effects Of Qualifying And Non-Qualifying Hedges) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Realized Gain (Loss) [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total Line Items in which the Effects of Fair Value or Cash Flow Hedges are Recorded | $ 840 | $ (867) | $ (513) |
Net Investment Income [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total Line Items in which the Effects of Fair Value or Cash Flow Hedges are Recorded | 5,515 | 6,111 | 5,510 |
Hedged items | (167) | (60) | 69 |
Derivatives designated as hedging instruments | 167 | 60 | (69) |
Interest and Debt Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total Line Items in which the Effects of Fair Value or Cash Flow Hedges are Recorded | 283 | 270 | 284 |
Hedged items | 156 | 46 | 136 |
Derivatives designated as hedging instruments | (156) | (46) | (136) |
Derivative Instruments Not Designated and Not Qualifying as Hedging Instruments | Realized Gain (Loss) [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Non-Qualifying Hedges Gain (Loss) | (2,113) | ||
Interest Rate Contracts [Member] | Derivative Instruments Not Designated and Not Qualifying as Hedging Instruments | Realized Gain (Loss) [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Non-Qualifying Hedges Gain (Loss) | (957) | 1,287 | |
Interest Rate Contracts [Member] | Fair value hedges | Net Investment Income [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain or (loss) reclassified from AOCI into income | 2 | 3 | 2 |
Interest Rate Contracts [Member] | Fair value hedges | Interest and Debt Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain or (loss) reclassified from AOCI into income | (11) | (23) | (16) |
Interest Rate Contracts [Member] | Fair value hedges | Designated as Hedging Instrument [Member] | Realized Gain (Loss) [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain or (loss) reclassified from AOCI into income | 39 | 6 | |
Interest Rate Contracts [Member] | Fair value hedges | Designated as Hedging Instrument [Member] | Net Investment Income [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain or (loss) reclassified from AOCI into income | 62 | 56 | |
Foreign currency contracts [Member] | Derivative Instruments Not Designated and Not Qualifying as Hedging Instruments | Realized Gain (Loss) [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Non-Qualifying Hedges Gain (Loss) | 3 | (1) | (3) |
Foreign currency contracts [Member] | Fair value hedges | Designated as Hedging Instrument [Member] | Realized Gain (Loss) [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain or (loss) reclassified from AOCI into income | (2) | ||
Foreign currency contracts [Member] | Fair value hedges | Designated as Hedging Instrument [Member] | Net Investment Income [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain or (loss) reclassified from AOCI into income | 48 | ||
Equity market contracts [Member] | Derivative Instruments Not Designated and Not Qualifying as Hedging Instruments | Realized Gain (Loss) [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Non-Qualifying Hedges Gain (Loss) | (2,075) | 3,354 | 971 |
Commodity Contract [Member] | Derivative Instruments Not Designated and Not Qualifying as Hedging Instruments | Realized Gain (Loss) [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Non-Qualifying Hedges Gain (Loss) | 11 | (1) | |
Credit contracts [Member] | Derivative Instruments Not Designated and Not Qualifying as Hedging Instruments | Realized Gain (Loss) [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Non-Qualifying Hedges Gain (Loss) | (4) | (6) | |
GLB Embedded Derivative Reserves [Member] | Derivative Instruments Not Designated and Not Qualifying as Hedging Instruments | Realized Gain (Loss) [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Non-Qualifying Hedges Gain (Loss) | 32 | ||
Reinsurance Related [Member] | Derivative Instruments Not Designated and Not Qualifying as Hedging Instruments | Realized Gain (Loss) [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Non-Qualifying Hedges Gain (Loss) | 622 | 185 | (65) |
Indexed Annuity Contracts Embedded Derivatives [Member] | Derivative Instruments Not Designated and Not Qualifying as Hedging Instruments | Realized Gain (Loss) [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Non-Qualifying Hedges Gain (Loss) | $ 1,760 | $ (2,622) | $ (471) |
Derivative Instruments (Gains (
Derivative Instruments (Gains (Losses) On Derivative Instruments Designated As Cash Flow Hedges) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Gains (losses) on derivative instruments designated and qualifying as cash flow hedges | |||
Offset to net investment income | $ 5,515 | $ 6,111 | $ 5,510 |
Offset to realized gain (loss) | 840 | (867) | (513) |
Offset to interest and debt expense | $ (283) | $ (270) | $ (284) |
Derivative Instruments (Schedul
Derivative Instruments (Schedule Of Collateral Amounts With Rights To Reclaim Or Obligation To Return Cash) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Credit Derivatives [Line Items] | ||
Collateral Posted by Counter-Party (Held by LNC) | $ 3,273 | $ 5,574 |
Collateral Posted by LNC (Held by Counter-Party) | (172) | (721) |
AA- [Member] | ||
Credit Derivatives [Line Items] | ||
Collateral Posted by Counter-Party (Held by LNC) | 383 | 2,346 |
Collateral Posted by LNC (Held by Counter-Party) | (6) | (281) |
A+ [Member] | ||
Credit Derivatives [Line Items] | ||
Collateral Posted by Counter-Party (Held by LNC) | 1,718 | 2,772 |
Collateral Posted by LNC (Held by Counter-Party) | (166) | (251) |
A [Member] | ||
Credit Derivatives [Line Items] | ||
Collateral Posted by Counter-Party (Held by LNC) | $ 1,172 | 456 |
Collateral Posted by LNC (Held by Counter-Party) | $ (189) |
Derivative Instruments (Sched_2
Derivative Instruments (Schedule Of Offsetting Assets And Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Financial Assets | ||
Derivative Instruments, Gross amount of recognized assets | $ 6,604 | $ 9,705 |
Derivative Instruments, Gross amounts offset | (3,010) | (4,008) |
Derivative Instruments, Net amount of assets | 3,594 | 5,697 |
Derivative Instruments, Cash collateral | (3,273) | (5,574) |
Derivative Instruments, Non-cash collateral | (321) | (123) |
Embedded Derivative Instruments, Gross amount of recognized assets | 941 | 528 |
Embedded Derivative Instruments, Net amount of assets | 941 | 528 |
Embedded Derivative Instruments, Net amount | 941 | 528 |
Securities Lending and Reverse Repurchase Agreements, Cash collateral received | (12) | |
Total, Gross amount of recognized assets | (7,545) | 10,233 |
Total, Gross amounts offset | (3,010) | (4,008) |
Total, Net amount of assets | 4,535 | 6,225 |
Total, Cash collateral | (3,273) | (5,574) |
Total, Non-cash collateral | (321) | (123) |
Total, Net amount | 941 | 528 |
Financial Liabilities | ||
Derivative Instruments, Gross amount of recognized liabilities | 260 | 779 |
Derivative Instruments, Gross amounts offset | (50) | (70) |
Derivative Instruments, Net amount of liabilities | 210 | 709 |
Derivative Instruments, Cash collateral | (172) | (709) |
Derivative Instruments, Non-cash collateral | (38) | |
Embedded Derivative Instruments, Gross amount of recognized liabilities | 4,783 | 6,337 |
Embedded Derivative Instruments, Net amount of liabilities | 4,783 | 6,337 |
Embedded Derivative Instruments, Net amount | 4,783 | 6,337 |
Total, Gross amount of recognized liabilities | (5,043) | 7,116 |
Total, Gross amounts offset | (50) | (70) |
Total, Net amount of liabilities | 4,993 | 7,046 |
Total, Cash collateral | (172) | (709) |
Total, Non-cash collateral | (38) | |
Total, Net amount | 4,783 | 6,337 |
Excess non-cash collateral received | 1,100 | $ 409 |
Excess Non Cash Collateral Pledged | $ 8 |
DAC, VOBA, DSI, and DFEL (Recon
DAC, VOBA, DSI, and DFEL (Reconcilation of DAC, VOBA and DSI) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Changes in DAC [Roll Forward] | ||
Deferred acquisition costs, value of business acquired and deferred sales inducements | $ 12,235 | $ 11,896 |
Variable Annuities [Member] | ||
Changes in DAC [Roll Forward] | ||
Deferred acquisition costs, value of business acquired and deferred sales inducements | 3,879 | 3,856 |
Fixed Annuity [Member] | ||
Changes in DAC [Roll Forward] | ||
Deferred acquisition costs, value of business acquired and deferred sales inducements | 479 | 495 |
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Changes in DAC [Roll Forward] | ||
Deferred acquisition costs, value of business acquired and deferred sales inducements | (1,568) | 5,610 |
Traditional Life [Member] | ||
Changes in DAC [Roll Forward] | ||
Deferred acquisition costs, value of business acquired and deferred sales inducements | 1,383 | 1,254 |
Ul and Other [Member] | ||
Changes in DAC [Roll Forward] | ||
Deferred acquisition costs, value of business acquired and deferred sales inducements | 6,100 | 5,902 |
Retirement Plan Services Segment [Member] | ||
Changes in DAC [Roll Forward] | ||
Deferred acquisition costs, value of business acquired and deferred sales inducements | 253 | 249 |
Group Protection Segment [Member] | ||
Changes in DAC [Roll Forward] | ||
Deferred acquisition costs, value of business acquired and deferred sales inducements | $ 141 | $ 140 |
DAC, VOBA, DSI, and DFEL (Rec_2
DAC, VOBA, DSI, and DFEL (Reconcilation of DEFL) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Changes in DFEL [Abstract] | |||
DFEL | $ 5,052 | $ 4,225 | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Changes in DFEL [Abstract] | |||
DFEL | (617) | 3,810 | |
Ul and Other [Member] | |||
Changes in DFEL [Abstract] | |||
DFEL | 4,766 | 3,934 | $ 3,298 |
Variable Annuities [Member] | |||
Changes in DFEL [Abstract] | |||
DFEL | $ 286 | $ 291 | $ 293 |
DAC, VOBA, DSI, and DFEL (DAC)
DAC, VOBA, DSI, and DFEL (DAC) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Amortization, net of interest: | |||
Amortization, excluding unlocking, net of interest | $ 964 | $ 958 | $ 1,100 |
Traditional Life [Member] | |||
Changes in DAC [Roll Forward] | |||
Balance as of beginning-of-year | 1,195 | 1,082 | |
Deferrals | 266 | 220 | |
Amortization, net of interest: | |||
Amortization, excluding unlocking, net of interest | (128) | (107) | |
Balance as of end-of-year | 1,333 | 1,195 | 1,082 |
Ul and Other [Member] | |||
Changes in DAC [Roll Forward] | |||
Balance as of beginning-of-year | 5,360 | 5,425 | |
Business acquired (sold) through reinsurance | (294) | ||
Deferrals | 539 | 523 | |
Amortization, net of interest: | |||
Amortization, excluding unlocking, net of interest | (294) | (294) | |
Balance as of end-of-year | 5,605 | 5,360 | 5,425 |
Retirement Plan Services Segment [Member] | |||
Changes in DAC [Roll Forward] | |||
Balance as of beginning-of-year | 235 | 232 | |
Deferrals | 20 | 22 | |
Amortization, net of interest: | |||
Amortization, excluding unlocking, net of interest | (19) | (19) | |
Balance as of end-of-year | 236 | 235 | 232 |
Group Protection Segment [Member] | |||
Changes in DAC [Roll Forward] | |||
Balance as of beginning-of-year | 140 | 187 | |
Deferrals | 98 | 91 | |
Amortization, net of interest: | |||
Amortization, excluding unlocking, net of interest | (97) | (138) | |
Balance as of end-of-year | 141 | 140 | 187 |
Variable Annuities [Member] | |||
Changes in DAC [Roll Forward] | |||
Balance as of beginning-of-year | 3,717 | 3,570 | |
Deferrals | 391 | 487 | |
Amortization, net of interest: | |||
Amortization, excluding unlocking, net of interest | (357) | (340) | |
Balance as of end-of-year | 3,751 | 3,717 | 3,570 |
Fixed Annuity [Member] | |||
Changes in DAC [Roll Forward] | |||
Balance as of beginning-of-year | 448 | 479 | |
Deferrals | 60 | 29 | |
Amortization, net of interest: | |||
Amortization, excluding unlocking, net of interest | (69) | (60) | |
Balance as of end-of-year | $ 439 | $ 448 | $ 479 |
DAC, VOBA, DSI, and DFEL (VOBA)
DAC, VOBA, DSI, and DFEL (VOBA) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Amortization: | |||
Amortization, excluding unlocking | $ 77 | $ 266 | |
Traditional Life [Member] | |||
Changes in VOBA [Roll Forward] | |||
Balance as of beginning-of-year | $ 59 | 67 | |
Deferrals | 1 | ||
Amortization: | |||
Amortization, excluding unlocking | (9) | (9) | |
Balance as of end-of-year | 50 | 59 | 67 |
Ul and Other [Member] | |||
Changes in VOBA [Roll Forward] | |||
Balance as of beginning-of-year | 511 | 810 | |
Business acquired (sold) through reinsurance | (234) | ||
Deferrals | 2 | ||
Amortization: | |||
Amortization, excluding unlocking | (48) | (65) | |
Balance as of end-of-year | 465 | 511 | 810 |
Fixed Annuity [Member] | |||
Changes in VOBA [Roll Forward] | |||
Balance as of beginning-of-year | 20 | 23 | |
Amortization: | |||
Amortization, excluding unlocking | (3) | (3) | |
Balance as of end-of-year | $ 17 | $ 20 | $ 23 |
DAC, VOBA, DSI, and DFEL (Estim
DAC, VOBA, DSI, and DFEL (Estimated Future Amortization of VOBA) (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Estimated future amortization of VOBA, net of interest [Abstract] | |
2023 | $ 45 |
2024 | 41 |
2025 | 38 |
2026 | 35 |
2027 | $ 30 |
DAC, VOBA, DSI, and DFEL (DSI)
DAC, VOBA, DSI, and DFEL (DSI) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Amortization, net of interest: | |||
Amortization, excluding unlocking, net of interest | $ 19 | $ 23 | $ 21 |
Ul and Other [Member] | |||
Changes in DSI [Roll Forward] | |||
Balance as of beginning-of-year | 31 | 35 | |
Deferrals | 1 | 1 | |
Amortization, net of interest: | |||
Amortization, excluding unlocking, net of interest | (2) | (5) | |
Balance as of end-of-year | 30 | 31 | 35 |
Retirement Plan Services Segment [Member] | |||
Changes in DSI [Roll Forward] | |||
Balance as of beginning-of-year | 14 | 14 | |
Deferrals | 4 | 1 | |
Amortization, net of interest: | |||
Amortization, excluding unlocking, net of interest | (1) | (1) | |
Balance as of end-of-year | 17 | 14 | 14 |
Variable Annuities [Member] | |||
Changes in DSI [Roll Forward] | |||
Balance as of beginning-of-year | 139 | 150 | |
Deferrals | 1 | 3 | |
Amortization, net of interest: | |||
Amortization, excluding unlocking, net of interest | (12) | (14) | |
Balance as of end-of-year | 128 | 139 | 150 |
Fixed Annuity [Member] | |||
Changes in DSI [Roll Forward] | |||
Balance as of beginning-of-year | 27 | 30 | |
Amortization, net of interest: | |||
Amortization, excluding unlocking, net of interest | (4) | (3) | |
Balance as of end-of-year | $ 23 | $ 27 | $ 30 |
DAC, VOBA, DSI, and DFEL (DFEL)
DAC, VOBA, DSI, and DFEL (DFEL) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Changes in DFEL [Abstract] | |||
Balance as of beginning-of-year | $ 4,225 | ||
Amortization, net of interest: | |||
Amortization, excluding unlocking, net of interest | 257 | $ 220 | $ 815 |
Balance as of end-of-year | 5,052 | 4,225 | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Changes in DFEL [Abstract] | |||
Balance as of beginning-of-year | 3,810 | ||
Amortization, net of interest: | |||
Balance as of end-of-year | (617) | 3,810 | |
Ul and Other [Member] | |||
Changes in DFEL [Abstract] | |||
Balance as of beginning-of-year | 3,934 | 3,298 | |
Business acquired (sold) through reinsurance | (161) | ||
Deferrals | 1,061 | 988 | |
Amortization, net of interest: | |||
Amortization, excluding unlocking, net of interest | (229) | (191) | |
Balance as of end-of-year | 4,766 | 3,934 | 3,298 |
Variable Annuities [Member] | |||
Changes in DFEL [Abstract] | |||
Balance as of beginning-of-year | 291 | 293 | |
Deferrals | 23 | 27 | |
Amortization, net of interest: | |||
Amortization, excluding unlocking, net of interest | (28) | (29) | |
Balance as of end-of-year | $ 286 | $ 291 | $ 293 |
Reinsurance (Narrative) (Detail
Reinsurance (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Ceded Credit Risk [Line Items] | |||
Reinsurance, ACL | $ 317 | $ 205 | |
Maximum retention per single insured life on fixed and VUL insurance contracts | $ 20 | ||
Percent of mortality risk reinsured on newly issued non-term life insurance contracts | 21% | ||
Reinsurance recoverables, net of allowance for credit losses | $ 19,443 | 22,386 | |
Realized gain (loss) | 840 | (867) | $ (513) |
Swiss Re [Member] | |||
Ceded Credit Risk [Line Items] | |||
Trust funded to support reinsurance receivable | 710,000 | 1,000 | |
Reinsurance recoverables, net of allowance for credit losses | 1,600 | ||
Protective [Member] | |||
Ceded Credit Risk [Line Items] | |||
Reinsurance recoverables, net of allowance for credit losses | 9,400 | 11,500 | |
Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments | 11.5 | 14,000 | |
Athene Holding Ltd. [Member] | |||
Ceded Credit Risk [Line Items] | |||
Reinsurance ACL and deposit assets | 3,800 | 5,000 | |
Amount of amortization, after-tax, of deferred gain on business sold | 25 | 26 | $ 29 |
Reserves associated with modified coinsurance reinsurance arrangements | 3,809 | $ 5,404 | |
Letter of credit | 117 | ||
Athene Holding Ltd. [Member] | Over-Collateralization [Member] | |||
Ceded Credit Risk [Line Items] | |||
Reserves associated with modified coinsurance reinsurance arrangements | 105 | ||
Resolution Life [Member] | |||
Ceded Credit Risk [Line Items] | |||
Reinsurance recoverables, net of allowance for credit losses | 4,700 | ||
Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments | $ 4,100 |
Reinsurance (Reinsurance Amount
Reinsurance (Reinsurance Amounts Recorded on Consolidated Statements of Income (Loss)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reinsurance [Abstract] | |||
Direct insurance premiums and fee income | $ 13,607 | $ 13,415 | $ 13,304 |
Reinsurance assumed | 98 | 94 | 95 |
Reinsurance ceded | (2,015) | (1,853) | (1,656) |
Total insurance premiums and fee income | 11,690 | 11,656 | 11,743 |
Direct insurance benefits | 10,345 | 10,592 | 10,630 |
Reinsurance recoveries | (1,866) | (2,089) | (1,953) |
Benefits | 8,479 | 8,503 | $ 8,677 |
Direct market risk benefit (gain) loss | (3,517) | (4,011) | |
Reinsurance ceded | 271 | 258 | |
Total market risk benefit (gain) loss | (3,246) | (3,753) | |
Direct Policyholder Liability Remeasurement Benefit (Gain) Loss | 3,294 | (162) | |
Reinsurance ceded | (528) | (21) | |
Total policyholder liability remeasurement benefit (gain) loss | $ 2,766 | $ (183) |
Reinsurance (Schedule Of Assets
Reinsurance (Schedule Of Assets In Support Of Reserves) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Ceded Credit Risk [Line Items] | ||||
Fixed maturity AFS securities | $ 99,736 | $ 118,711 | ||
Trading securities | 3,498 | 4,460 | ||
Equity securities | 427 | 375 | ||
Mortgage loans on real estate | 18,301 | 17,991 | ||
Derivative investments | 3,594 | 5,697 | ||
Other investments | 3,739 | 4,288 | ||
Cash and invested cash | 3,343 | 2,612 | $ 1,708 | $ 2,563 |
Accrued investment income | 1,253 | 1,189 | ||
Other assets | 18,802 | 16,532 | ||
Athene Holding Ltd. [Member] | ||||
Ceded Credit Risk [Line Items] | ||||
Fixed maturity AFS securities | 474 | 744 | ||
Trading securities | 2,644 | 3,399 | ||
Equity securities | 60 | 54 | ||
Mortgage loans on real estate | 487 | 739 | ||
Derivative investments | 39 | 93 | ||
Other investments | 42 | 227 | ||
Cash and invested cash | 26 | 110 | ||
Accrued investment income | 35 | 33 | ||
Other assets | 2 | 5 | ||
Total | 3,809 | 5,404 | ||
Commercial [Member] | ||||
Ceded Credit Risk [Line Items] | ||||
Mortgage loans on real estate | $ 16,903 | $ 17,089 |
Goodwill and Specifically Ide_3
Goodwill and Specifically Identifiable Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2022 | |
Future sales volume and product mix used to forcast | 10 years | |
Goodwill impairment | $ 634 | |
Life Segment [Member] | ||
Goodwill impairment | $ 634 | $ 634 |
Goodwill and Specifically Ide_4
Goodwill and Specifically Identifiable Intangible Assets (Changes In Carrying Amount Of Goodwill, By Reportable Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Roll Forward] | ||||
Goodwill Gross | $ 3,932 | $ 3,932 | ||
Accumulated impairment as of beginning-of-year | (2,154) | (2,154) | ||
Impairment | $ (634) | |||
Net goodwill as of end-of-year | 1,144 | 1,778 | 1,778 | |
Life Segment [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill Gross | 2,188 | 2,188 | ||
Accumulated impairment as of beginning-of-year | (1,554) | (1,554) | ||
Impairment | $ (634) | (634) | ||
Net goodwill as of end-of-year | 634 | 634 | ||
Annuities Segment [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill Gross | 1,040 | 1,040 | ||
Accumulated impairment as of beginning-of-year | (600) | (600) | ||
Net goodwill as of end-of-year | 440 | 440 | 440 | |
Group Protection Segment [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill Gross | 684 | 684 | ||
Net goodwill as of end-of-year | 684 | 684 | 684 | |
Retirement Plan Services Segment [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill Gross | 20 | 20 | ||
Net goodwill as of end-of-year | $ 20 | $ 20 | $ 20 |
Goodwill and Specifically Ide_5
Goodwill and Specifically Identifiable Intangible Assets (Schedule Of Intangible Assets By Reportable Segment) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Finite And Indefinife Lived Intangible Assets Net [Abstract] | ||
Gross carrying amount | $ 712 | $ 712 |
Accumulated amortization | 192 | 155 |
Mutual Fund Contract Rights [Member] | ||
Finite And Indefinife Lived Intangible Assets Net [Abstract] | ||
Gross carrying amount | 5 | 5 |
Sales Force [Member] | ||
Finite And Indefinife Lived Intangible Assets Net [Abstract] | ||
Gross carrying amount | 100 | 100 |
Accumulated amortization | 67 | 63 |
VOCRA [Member] | ||
Finite And Indefinife Lived Intangible Assets Net [Abstract] | ||
Gross carrying amount | 576 | 576 |
Accumulated amortization | 115 | 85 |
VODA [Member] | ||
Finite And Indefinife Lived Intangible Assets Net [Abstract] | ||
Gross carrying amount | 31 | 31 |
Accumulated amortization | $ 10 | $ 7 |
Goodwill and Specifically Ide_6
Goodwill and Specifically Identifiable Intangible Assets (Future estimated amortization of specifically identifiable intangible assets) (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Goodwill and Specifically Identifiable Intangible Assets [Abstract] | |
2023 | $ 37 |
2024 | 37 |
2025 | 37 |
2026 | 37 |
2027 | 37 |
Thereafter | $ 330 |
MRBs (Reconciles of MRBs Assets
MRBs (Reconciles of MRBs Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Market Risk Benefit [Line Items] | |||
MRB assets | $ 2,807 | $ 1,888 | |
MRB liabilities | 2,078 | 4,399 | |
Net (Asset) Liability | (729) | 2,511 | |
Variable Annuities [Member] | |||
Market Risk Benefit [Line Items] | |||
MRB assets | 2,666 | 1,784 | |
MRB liabilities | 2,004 | 4,182 | |
Net (Asset) Liability | (662) | 2,398 | $ 5,207 |
Fixed Annuity [Member] | |||
Market Risk Benefit [Line Items] | |||
MRB assets | 117 | 91 | |
MRB liabilities | 72 | 205 | |
Net (Asset) Liability | (45) | 114 | 118 |
Retirement Plan Services Segment [Member] | |||
Market Risk Benefit [Line Items] | |||
MRB assets | 24 | 13 | |
MRB liabilities | 2 | 12 | |
Net (Asset) Liability | $ (22) | $ (1) | $ 9 |
MRBs (Summary of Balances of Ch
MRBs (Summary of Balances of Changes in Net MRB (Assets) Liabilities) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Market Risk Benefit [Line Items] | ||
Balance as of beginning-of-year | $ 2,511 | |
Balance as of ending-of-year | (729) | $ 2,511 |
Variable Annuities [Member] | ||
Market Risk Benefit [Line Items] | ||
Balance as of beginning-of-year | 2,398 | 5,207 |
Balance as of beginning-of-year, before the effect of changes in non-performance risk | 4,823 | 8,799 |
Issuances | 12 | 29 |
Attributed fees collected | 1,571 | 1,667 |
Benefit payments | (63) | (24) |
Effect of changes in interest rates | (9,346) | (2,935) |
Effect of changes in equity markets | 4,293 | (2,837) |
Effect of changes in equity index volatility | (225) | (6) |
In-force updates and other changes in MRBs | 661 | (134) |
Actual policyholder behavior different from expected behavior | (158) | 293 |
Effect of changes in future expected assumptions | (57) | (29) |
Balance as of end-of-year, before the effect of changes in non-performance risk | 1,511 | 4,823 |
Effect of changes in non-performance risk | (2,173) | (2,425) |
Balance as of ending-of-year | (662) | 2,398 |
Less: ceded MRB assets (liabilities) | (193) | 78 |
Balance as of end-of-year, net of reinsurance | $ (469) | $ 2,320 |
Weighted-average age of policyholder (years) | 71 years | 71 years |
Net amount at risk | $ 7,974 | $ 906 |
Fixed Annuity [Member] | ||
Market Risk Benefit [Line Items] | ||
Balance as of beginning-of-year | 114 | 118 |
Balance as of beginning-of-year, before the effect of changes in non-performance risk | 158 | 170 |
Attributed fees collected | 32 | 32 |
Effect of changes in interest rates | (232) | (57) |
Effect of changes in equity markets | 12 | (5) |
Effect of changes in equity index volatility | 14 | (2) |
In-force updates and other changes in MRBs | 10 | 8 |
Actual policyholder behavior different from expected behavior | 1 | 12 |
Balance as of end-of-year, before the effect of changes in non-performance risk | (5) | 158 |
Effect of changes in non-performance risk | (40) | (44) |
Balance as of ending-of-year | (45) | 114 |
Balance as of end-of-year, net of reinsurance | $ (45) | $ 114 |
Weighted-average age of policyholder (years) | 68 years | 67 years |
Net amount at risk | $ 171 | $ 122 |
Retirement Plan Services Segment [Member] | ||
Market Risk Benefit [Line Items] | ||
Balance as of beginning-of-year | (1) | 9 |
Balance as of beginning-of-year, before the effect of changes in non-performance risk | 12 | 21 |
Issuances | 1 | |
Issuances | (3) | |
Attributed fees collected | 6 | 5 |
Effect of changes in interest rates | (55) | (8) |
Effect of changes in equity markets | 18 | (12) |
Effect of changes in equity index volatility | (1) | (1) |
In-force updates and other changes in MRBs | 3 | 5 |
Actual policyholder behavior different from expected behavior | 1 | |
Balance as of end-of-year, before the effect of changes in non-performance risk | (20) | 12 |
Effect of changes in non-performance risk | (2) | (13) |
Balance as of ending-of-year | (22) | (1) |
Balance as of end-of-year, net of reinsurance | $ (22) | $ (1) |
Weighted-average age of policyholder (years) | 63 years | 62 years |
Net amount at risk | $ 15 | $ 3 |
Separate Accounts (Schedule of
Separate Accounts (Schedule of Fair Value of Separate Account Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | $ 143,536 | $ 182,583 |
Separate Account, Mutual Funds [Member] | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 142,892 | 181,766 |
Separate Account, Fixed maturity AFS securities [Member] | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 169 | 207 |
Separate Account, Common Stock [Member] | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 258 | 432 |
Separate Account, Cash and Invested Cash [Member] | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 98 | 54 |
Separate Account, Other [Member] | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | $ 119 | $ 124 |
Separate Accounts (Summary of B
Separate Accounts (Summary of Balances and changes in Separate Account Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Separate Account Investment [Line Items] | |||
Separate account liabilities | $ 143,536 | $ 182,583 | |
Ul and Other [Member] | |||
Fair Value, Separate Account Investment [Line Items] | |||
Separate account liabilities | 20,920 | 24,785 | $ 20,952 |
Variable Annuities [Member] | |||
Fair Value, Separate Account Investment [Line Items] | |||
Separate account liabilities | 105,573 | 136,665 | 128,121 |
Retirement Plan Services Segment [Member] | |||
Fair Value, Separate Account Investment [Line Items] | |||
Separate account liabilities | 16,996 | 21,068 | $ 18,809 |
Other Operations [Member] | |||
Fair Value, Separate Account Investment [Line Items] | |||
Separate account liabilities | 47 | 65 | |
Protective [Member] | Reinsurance Agreement [Member] | |||
Fair Value, Separate Account Investment [Line Items] | |||
Separate account liabilities | $ 42 | $ 62 |
Separate Accounts (Schedule o_2
Separate Accounts (Schedule of Reconcilation of Separate Account Liabilities) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Separate Account Investment [Line Items] | ||
Balance as of beginning-of-year | $ 182,583 | |
Balance as of end-of-year | 143,536 | $ 182,583 |
Ul and Other [Member] | ||
Fair Value, Separate Account Investment [Line Items] | ||
Balance as of beginning-of-year | 24,785 | 20,952 |
Gross Deposit | 1,900 | 1,786 |
Withdrawal | (454) | (441) |
Policyholder assessments | (938) | (865) |
Change in market performance | (4,371) | 3,470 |
Net transfers from (to) general account | (2) | (117) |
Balance as of end-of-year | 20,920 | 24,785 |
Cash surrender value | 18,666 | 22,614 |
Variable Annuities [Member] | ||
Fair Value, Separate Account Investment [Line Items] | ||
Balance as of beginning-of-year | 136,665 | 128,121 |
Gross Deposit | 3,371 | 5,220 |
Withdrawal | (9,238) | (11,499) |
Policyholder assessments | (2,603) | (2,836) |
Change in market performance | (23,194) | 16,990 |
Net transfers from (to) general account | 572 | 669 |
Balance as of end-of-year | 105,573 | 136,665 |
Cash surrender value | 103,987 | 134,896 |
Retirement Plan Services Segment [Member] | ||
Fair Value, Separate Account Investment [Line Items] | ||
Balance as of beginning-of-year | 21,068 | 18,809 |
Gross Deposit | 2,378 | 2,294 |
Withdrawal | (2,378) | (2,970) |
Policyholder assessments | (164) | (185) |
Change in market performance | (3,710) | 3,245 |
Net transfers from (to) general account | (198) | (125) |
Balance as of end-of-year | 16,996 | 21,068 |
Cash surrender value | 16,982 | 21,049 |
Other Operations [Member] | ||
Fair Value, Separate Account Investment [Line Items] | ||
Balance as of beginning-of-year | 65 | |
Balance as of end-of-year | $ 47 | $ 65 |
Policyholder Account Balances_2
Policyholder Account Balances (Schedule of Policyholder Account Balances) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | $ 114,435 | $ 110,227 | |
Ul and Other [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 37,694 | 38,200 | $ 38,185 |
Variable Annuities [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 22,184 | 19,148 | 12,145 |
Fixed Annuity [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 23,365 | 22,552 | 23,168 |
Retirement Plan Services Segment [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 25,138 | 23,579 | $ 22,916 |
Other Operations [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 6,054 | 6,748 | |
Reinsurance Agreement [Member] | Other Operations [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | $ 5,700 | $ 6,300 |
Policyholder Account Balances_3
Policyholder Account Balances (Summary of Balances and Changes in Policyholder Account Balances) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Policyholder Account Balance [Line Items] | |||
Balance as of beginning-of-year | $ 110,227 | ||
Interest credited | 2,877 | $ 2,929 | $ 2,923 |
Balance as of end-of-year | 114,435 | 110,227 | |
Ul and Other [Member] | |||
Policyholder Account Balance [Line Items] | |||
Balance as of beginning-of-year | 38,200 | 38,185 | |
Gross deposits | 3,921 | 3,942 | |
Withdrawal | (1,244) | (1,210) | |
Policyholder assessments | (4,496) | (4,457) | |
Net transfers from (to) general account | 2 | 117 | |
Interest credited | 1,494 | 1,501 | |
Change in fair value of embedded derivative instrument | (183) | 122 | |
Balance as of end-of-year | $ 37,694 | $ 38,200 | 38,185 |
Weighted-average crediting rate | 3.90% | 3.90% | |
Net amount at risk | $ 304,348 | $ 299,591 | |
Cash surrender value | 34,210 | 34,393 | |
Variable Annuities [Member] | |||
Policyholder Account Balance [Line Items] | |||
Balance as of beginning-of-year | 19,148 | 12,145 | |
Gross deposits | 5,178 | 5,496 | |
Withdrawal | (417) | (310) | |
Policyholder assessments | (2) | (2) | |
Net transfers from (to) general account | (492) | (587) | |
Interest credited | 287 | 209 | |
Change in fair value of embedded derivative instrument | (1,518) | 2,197 | |
Balance as of end-of-year | $ 22,184 | $ 19,148 | 12,145 |
Weighted-average crediting rate | 1.40% | 1.30% | |
Net amount at risk | $ 7,974 | $ 906 | |
Cash surrender value | 21,147 | 18,300 | |
Fixed Annuity [Member] | |||
Policyholder Account Balance [Line Items] | |||
Balance as of beginning-of-year | 22,552 | 23,168 | |
Gross deposits | 3,284 | 1,023 | |
Withdrawal | (2,514) | (2,381) | |
Policyholder assessments | (51) | (84) | |
Interest credited | 532 | 508 | |
Change in fair value of embedded derivative instrument | (438) | 318 | |
Balance as of end-of-year | $ 23,365 | $ 22,552 | 23,168 |
Weighted-average crediting rate | 2.40% | 2.20% | |
Net amount at risk | $ 171 | $ 122 | |
Cash surrender value | 22,529 | 21,744 | |
Retirement Plan Services Segment [Member] | |||
Policyholder Account Balance [Line Items] | |||
Balance as of beginning-of-year | 23,579 | 22,916 | |
Gross deposits | 4,012 | 3,121 | |
Withdrawal | (3,579) | (3,474) | |
Policyholder assessments | (13) | (14) | |
Net transfers from (to) general account | 510 | 414 | |
Interest credited | 629 | 616 | |
Balance as of end-of-year | $ 25,138 | $ 23,579 | $ 22,916 |
Weighted-average crediting rate | 2.60% | 2.70% | |
Net amount at risk | $ 15 | $ 3 | |
Cash surrender value | 25,133 | 23,573 | |
Other Operations [Member] | |||
Policyholder Account Balance [Line Items] | |||
Balance as of beginning-of-year | 6,748 | ||
Balance as of end-of-year | $ 6,054 | $ 6,748 |
Policyholder Account Balances_4
Policyholder Account Balances (Summary of Policyholder Account Balances by Ranges) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | $ 114,435 | $ 110,227 | |
Ul and Other [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 37,694 | 38,200 | $ 38,185 |
Ul and Other [Member] | Guaranteed Minimum Crediting Rate [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 28,200 | 28,636 | |
Ul and Other [Member] | 1-50 Basis Points Above [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 156 | 157 | |
Ul and Other [Member] | 51-100 Basis Points Above [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 195 | 570 | |
Ul and Other [Member] | 101-150 Basis Points Above [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 29 | 30 | |
Ul and Other [Member] | Greater Then 150 Basis Points Above [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 3,574 | 3,589 | |
Ul and Other [Member] | Minimum Crediting Rate Up to 1.00% | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | $ 833 | $ 1,157 | |
Guaranteed Minimum Credit Rating | 1% | 1% | |
Ul and Other [Member] | Minimum Crediting Rate Up to 1.00% | Guaranteed Minimum Crediting Rate [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | $ 318 | $ 331 | |
Ul and Other [Member] | Minimum Crediting Rate Up to 1.00% | 51-100 Basis Points Above [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 194 | 569 | |
Ul and Other [Member] | Minimum Crediting Rate Up to 1.00% | 101-150 Basis Points Above [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 29 | 30 | |
Ul and Other [Member] | Minimum Crediting Rate Up to 1.00% | Greater Then 150 Basis Points Above [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 292 | 227 | |
Ul and Other [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 1.01 To 2.00 [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 3,840 | 3,893 | |
Ul and Other [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 1.01 To 2.00 [Member] | Guaranteed Minimum Crediting Rate [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 558 | 531 | |
Ul and Other [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 1.01 To 2.00 [Member] | Greater Then 150 Basis Points Above [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 3,282 | 3,362 | |
Ul and Other [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 2.01 To 3.00 [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 7,374 | 7,437 | |
Ul and Other [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 2.01 To 3.00 [Member] | Guaranteed Minimum Crediting Rate [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 7,218 | 7,280 | |
Ul and Other [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 2.01 To 3.00 [Member] | 1-50 Basis Points Above [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 156 | 157 | |
Ul and Other [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 3.01 To 4.00 [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 16,283 | 16,663 | |
Ul and Other [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 3.01 To 4.00 [Member] | Guaranteed Minimum Crediting Rate [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 16,282 | 16,662 | |
Ul and Other [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 3.01 To 4.00 [Member] | 51-100 Basis Points Above [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 1 | 1 | |
Ul and Other [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 4.01 And Greater [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | $ 3,824 | $ 3,832 | |
Guaranteed Minimum Credit Rating | 4.01% | 4.01% | |
Ul and Other [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 4.01 And Greater [Member] | Guaranteed Minimum Crediting Rate [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | $ 3,824 | $ 3,832 | |
Ul and Other [Member] | Minimum Crediting Rate Other [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | $ 5,540 | $ 5,218 | |
Ul and Other [Member] | Minimum [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 1.01 To 2.00 [Member] | |||
Policyholder Account Balance [Line Items] | |||
Guaranteed Minimum Credit Rating | 1.01% | 1.01% | |
Ul and Other [Member] | Minimum [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 2.01 To 3.00 [Member] | |||
Policyholder Account Balance [Line Items] | |||
Guaranteed Minimum Credit Rating | 2.01% | 2.01% | |
Ul and Other [Member] | Minimum [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 3.01 To 4.00 [Member] | |||
Policyholder Account Balance [Line Items] | |||
Guaranteed Minimum Credit Rating | 3.01% | 3.01% | |
Ul and Other [Member] | Maximum [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 1.01 To 2.00 [Member] | |||
Policyholder Account Balance [Line Items] | |||
Guaranteed Minimum Credit Rating | 2% | 2% | |
Ul and Other [Member] | Maximum [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 2.01 To 3.00 [Member] | |||
Policyholder Account Balance [Line Items] | |||
Guaranteed Minimum Credit Rating | 3% | 3% | |
Ul and Other [Member] | Maximum [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 3.01 To 4.00 [Member] | |||
Policyholder Account Balance [Line Items] | |||
Guaranteed Minimum Credit Rating | 4% | 4% | |
Variable Annuities [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | $ 22,184 | $ 19,148 | 12,145 |
Variable Annuities [Member] | Guaranteed Minimum Crediting Rate [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 2,218 | 2,280 | |
Variable Annuities [Member] | 101-150 Basis Points Above [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | $ 8 | $ 9 | |
Variable Annuities [Member] | Minimum Crediting Rate Up to 1.00% | |||
Policyholder Account Balance [Line Items] | |||
Guaranteed Minimum Credit Rating | 1% | 1% | |
Variable Annuities [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 1.01 To 2.00 [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | $ 12 | $ 14 | |
Variable Annuities [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 1.01 To 2.00 [Member] | Guaranteed Minimum Crediting Rate [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 4 | 5 | |
Variable Annuities [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 1.01 To 2.00 [Member] | 101-150 Basis Points Above [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 8 | 9 | |
Variable Annuities [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 2.01 To 3.00 [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 658 | 687 | |
Variable Annuities [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 2.01 To 3.00 [Member] | Guaranteed Minimum Crediting Rate [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 658 | 687 | |
Variable Annuities [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 3.01 To 4.00 [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 1,545 | 1,576 | |
Variable Annuities [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 3.01 To 4.00 [Member] | Guaranteed Minimum Crediting Rate [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 1,545 | 1,576 | |
Variable Annuities [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 4.01 And Greater [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | $ 11 | $ 12 | |
Guaranteed Minimum Credit Rating | 4.01% | 4.01% | |
Variable Annuities [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 4.01 And Greater [Member] | Guaranteed Minimum Crediting Rate [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | $ 11 | $ 12 | |
Variable Annuities [Member] | Minimum Crediting Rate Other [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | $ 19,958 | $ 16,859 | |
Variable Annuities [Member] | Minimum [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 1.01 To 2.00 [Member] | |||
Policyholder Account Balance [Line Items] | |||
Guaranteed Minimum Credit Rating | 1.01% | 1.01% | |
Variable Annuities [Member] | Minimum [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 2.01 To 3.00 [Member] | |||
Policyholder Account Balance [Line Items] | |||
Guaranteed Minimum Credit Rating | 2.01% | 2.01% | |
Variable Annuities [Member] | Minimum [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 3.01 To 4.00 [Member] | |||
Policyholder Account Balance [Line Items] | |||
Guaranteed Minimum Credit Rating | 3.01% | 3.01% | |
Variable Annuities [Member] | Maximum [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 1.01 To 2.00 [Member] | |||
Policyholder Account Balance [Line Items] | |||
Guaranteed Minimum Credit Rating | 2% | 2% | |
Variable Annuities [Member] | Maximum [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 2.01 To 3.00 [Member] | |||
Policyholder Account Balance [Line Items] | |||
Guaranteed Minimum Credit Rating | 3% | 3% | |
Variable Annuities [Member] | Maximum [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 3.01 To 4.00 [Member] | |||
Policyholder Account Balance [Line Items] | |||
Guaranteed Minimum Credit Rating | 4% | 4% | |
Fixed Annuity [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | $ 23,365 | $ 22,552 | 23,168 |
Fixed Annuity [Member] | Guaranteed Minimum Crediting Rate [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 4,954 | 4,884 | |
Fixed Annuity [Member] | 1-50 Basis Points Above [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 646 | 759 | |
Fixed Annuity [Member] | 51-100 Basis Points Above [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 769 | 1,037 | |
Fixed Annuity [Member] | 101-150 Basis Points Above [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 1,055 | 1,396 | |
Fixed Annuity [Member] | Greater Then 150 Basis Points Above [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 2,386 | 1,594 | |
Fixed Annuity [Member] | Minimum Crediting Rate Up to 1.00% | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | $ 3,869 | $ 3,724 | |
Guaranteed Minimum Credit Rating | 1% | 1% | |
Fixed Annuity [Member] | Minimum Crediting Rate Up to 1.00% | Guaranteed Minimum Crediting Rate [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | $ 891 | $ 656 | |
Fixed Annuity [Member] | Minimum Crediting Rate Up to 1.00% | 1-50 Basis Points Above [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 497 | 710 | |
Fixed Annuity [Member] | Minimum Crediting Rate Up to 1.00% | 51-100 Basis Points Above [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 589 | 869 | |
Fixed Annuity [Member] | Minimum Crediting Rate Up to 1.00% | 101-150 Basis Points Above [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 563 | 921 | |
Fixed Annuity [Member] | Minimum Crediting Rate Up to 1.00% | Greater Then 150 Basis Points Above [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 1,329 | 568 | |
Fixed Annuity [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 1.01 To 2.00 [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 2,416 | 2,277 | |
Fixed Annuity [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 1.01 To 2.00 [Member] | Guaranteed Minimum Crediting Rate [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 544 | 594 | |
Fixed Annuity [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 1.01 To 2.00 [Member] | 1-50 Basis Points Above [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 144 | 32 | |
Fixed Annuity [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 1.01 To 2.00 [Member] | 51-100 Basis Points Above [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 179 | 156 | |
Fixed Annuity [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 1.01 To 2.00 [Member] | 101-150 Basis Points Above [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 492 | 469 | |
Fixed Annuity [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 1.01 To 2.00 [Member] | Greater Then 150 Basis Points Above [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 1,057 | 1,026 | |
Fixed Annuity [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 2.01 To 3.00 [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 1,979 | 2,249 | |
Fixed Annuity [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 2.01 To 3.00 [Member] | Guaranteed Minimum Crediting Rate [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 1,973 | 2,214 | |
Fixed Annuity [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 2.01 To 3.00 [Member] | 1-50 Basis Points Above [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 5 | 17 | |
Fixed Annuity [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 2.01 To 3.00 [Member] | 51-100 Basis Points Above [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 1 | 12 | |
Fixed Annuity [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 2.01 To 3.00 [Member] | 101-150 Basis Points Above [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 6 | ||
Fixed Annuity [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 3.01 To 4.00 [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 1,353 | 1,220 | |
Fixed Annuity [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 3.01 To 4.00 [Member] | Guaranteed Minimum Crediting Rate [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 1,353 | 1,220 | |
Fixed Annuity [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 4.01 And Greater [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | $ 193 | $ 200 | |
Guaranteed Minimum Credit Rating | 4.01% | 4.01% | |
Fixed Annuity [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 4.01 And Greater [Member] | Guaranteed Minimum Crediting Rate [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | $ 193 | $ 200 | |
Fixed Annuity [Member] | Minimum Crediting Rate Other [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | $ 13,555 | $ 12,882 | |
Fixed Annuity [Member] | Minimum [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 1.01 To 2.00 [Member] | |||
Policyholder Account Balance [Line Items] | |||
Guaranteed Minimum Credit Rating | 1.01% | 1.01% | |
Fixed Annuity [Member] | Minimum [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 2.01 To 3.00 [Member] | |||
Policyholder Account Balance [Line Items] | |||
Guaranteed Minimum Credit Rating | 2.01% | 2.01% | |
Fixed Annuity [Member] | Minimum [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 3.01 To 4.00 [Member] | |||
Policyholder Account Balance [Line Items] | |||
Guaranteed Minimum Credit Rating | 3.01% | 3.01% | |
Fixed Annuity [Member] | Maximum [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 1.01 To 2.00 [Member] | |||
Policyholder Account Balance [Line Items] | |||
Guaranteed Minimum Credit Rating | 2% | 2% | |
Fixed Annuity [Member] | Maximum [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 2.01 To 3.00 [Member] | |||
Policyholder Account Balance [Line Items] | |||
Guaranteed Minimum Credit Rating | 3% | 3% | |
Fixed Annuity [Member] | Maximum [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 3.01 To 4.00 [Member] | |||
Policyholder Account Balance [Line Items] | |||
Guaranteed Minimum Credit Rating | 4% | 4% | |
Retirement Plan Services Segment [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | $ 25,138 | $ 23,579 | $ 22,916 |
Retirement Plan Services Segment [Member] | Guaranteed Minimum Crediting Rate [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 12,579 | 14,248 | |
Retirement Plan Services Segment [Member] | 1-50 Basis Points Above [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 3,200 | 3,646 | |
Retirement Plan Services Segment [Member] | 51-100 Basis Points Above [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 5,286 | 2,478 | |
Retirement Plan Services Segment [Member] | 101-150 Basis Points Above [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 2,165 | 1,278 | |
Retirement Plan Services Segment [Member] | Greater Then 150 Basis Points Above [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 1,908 | 1,929 | |
Retirement Plan Services Segment [Member] | Minimum Crediting Rate Up to 1.00% | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | $ 9,877 | $ 8,092 | |
Guaranteed Minimum Credit Rating | 1% | 1% | |
Retirement Plan Services Segment [Member] | Minimum Crediting Rate Up to 1.00% | Guaranteed Minimum Crediting Rate [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | $ 961 | $ 1,054 | |
Retirement Plan Services Segment [Member] | Minimum Crediting Rate Up to 1.00% | 1-50 Basis Points Above [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 1,001 | 2,613 | |
Retirement Plan Services Segment [Member] | Minimum Crediting Rate Up to 1.00% | 51-100 Basis Points Above [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 4,304 | 1,683 | |
Retirement Plan Services Segment [Member] | Minimum Crediting Rate Up to 1.00% | 101-150 Basis Points Above [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 1,703 | 813 | |
Retirement Plan Services Segment [Member] | Minimum Crediting Rate Up to 1.00% | Greater Then 150 Basis Points Above [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 1,908 | 1,929 | |
Retirement Plan Services Segment [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 1.01 To 2.00 [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 5,415 | 5,027 | |
Retirement Plan Services Segment [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 1.01 To 2.00 [Member] | Guaranteed Minimum Crediting Rate [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 1,774 | 2,736 | |
Retirement Plan Services Segment [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 1.01 To 2.00 [Member] | 1-50 Basis Points Above [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 2,197 | 1,031 | |
Retirement Plan Services Segment [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 1.01 To 2.00 [Member] | 51-100 Basis Points Above [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 982 | 795 | |
Retirement Plan Services Segment [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 1.01 To 2.00 [Member] | 101-150 Basis Points Above [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 462 | 465 | |
Retirement Plan Services Segment [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 2.01 To 3.00 [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 2,712 | 2,892 | |
Retirement Plan Services Segment [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 2.01 To 3.00 [Member] | Guaranteed Minimum Crediting Rate [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 2,711 | 2,891 | |
Retirement Plan Services Segment [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 2.01 To 3.00 [Member] | 1-50 Basis Points Above [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 1 | 1 | |
Retirement Plan Services Segment [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 3.01 To 4.00 [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 5,623 | 5,928 | |
Retirement Plan Services Segment [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 3.01 To 4.00 [Member] | Guaranteed Minimum Crediting Rate [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 5,622 | 5,927 | |
Retirement Plan Services Segment [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 3.01 To 4.00 [Member] | 1-50 Basis Points Above [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | 1 | 1 | |
Retirement Plan Services Segment [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 4.01 And Greater [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | $ 1,511 | $ 1,640 | |
Guaranteed Minimum Credit Rating | 4.01% | 4.01% | |
Retirement Plan Services Segment [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 4.01 And Greater [Member] | Guaranteed Minimum Crediting Rate [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | $ 1,511 | $ 1,640 | |
Retirement Plan Services Segment [Member] | Minimum [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 1.01 To 2.00 [Member] | |||
Policyholder Account Balance [Line Items] | |||
Guaranteed Minimum Credit Rating | 1.01% | 1.01% | |
Retirement Plan Services Segment [Member] | Minimum [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 2.01 To 3.00 [Member] | |||
Policyholder Account Balance [Line Items] | |||
Guaranteed Minimum Credit Rating | 2.01% | 2.01% | |
Retirement Plan Services Segment [Member] | Minimum [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 3.01 To 4.00 [Member] | |||
Policyholder Account Balance [Line Items] | |||
Guaranteed Minimum Credit Rating | 3.01% | 3.01% | |
Retirement Plan Services Segment [Member] | Maximum [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 1.01 To 2.00 [Member] | |||
Policyholder Account Balance [Line Items] | |||
Guaranteed Minimum Credit Rating | 2% | 2% | |
Retirement Plan Services Segment [Member] | Maximum [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 2.01 To 3.00 [Member] | |||
Policyholder Account Balance [Line Items] | |||
Guaranteed Minimum Credit Rating | 3% | 3% | |
Retirement Plan Services Segment [Member] | Maximum [Member] | Policyholder Account Balance Guaranteed Minimum Crediting Rate Range From 3.01 To 4.00 [Member] | |||
Policyholder Account Balance [Line Items] | |||
Guaranteed Minimum Credit Rating | 4% | 4% | |
Other Operations [Member] | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balances | $ 6,054 | $ 6,748 |
Future Contract Benefit (Narrat
Future Contract Benefit (Narrative) (Details) $ in Billions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Ul and Other [Member] | |
Liability for Future Policy Benefit, Activity [Line Items] | |
Unfavorable Impact Primarily From Updates To Policyholder Lapse Behavior Assumptions, Net Of Reinsurance, After-Tax | $ 1.9 |
Future Contract Benefit (Summar
Future Contract Benefit (Summary of Reconciliation of Future Contract Benefits) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Liability for Future Policy Benefit, Activity [Line Items] | ||
Future contract benefits | $ 38,826 | $ 41,425 |
Traditional Life [Member] | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Future contract benefits | 3,509 | 4,150 |
Payout Annuities [Member] | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Future contract benefits | 2,004 | 2,512 |
Ul and Other [Member] | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Future contract benefits | 14,818 | 12,556 |
Group Protection Segment [Member] | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Future contract benefits | 5,462 | 5,936 |
Others [Member] | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Future contract benefits | 9,782 | 12,746 |
Other Operations [Member] | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Future contract benefits | 3,251 | 3,525 |
Protective [Member] | Others [Member] | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Future contract benefits | 5,400 | 6,900 |
Swiss Re [Member] | Others [Member] | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Future contract benefits | $ 2,300 | $ 3,100 |
Future Contract Benefit (Summ_2
Future Contract Benefit (Summary of Changes in Present values of Expected Net Premiums and LFPB) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Present Value of Expected LFBP [Abstract] | |||
Liability for Future Policy Benefits, Total | $ 38,826 | $ 41,425 | |
Traditional Life [Member] | |||
Present Value of Expected Net Premiums [Abstract] | |||
Balance as of beginning-of-period | 6,858 | 6,086 | |
Beginning balance of original discount rate | 5,975 | 4,849 | |
Effect of changes in cash flow assumptions | (484) | $ (89) | |
Effect of actual variances from expected experience | 50 | 277 | |
Adjusted balance as of beginning-of-year | 5,541 | 5,037 | |
Issuances | 1,656 | 1,379 | |
Interest accrual | 222 | 228 | |
Net premium collected | (765) | (647) | |
Flooring impact of LFPB | (9) | (22) | |
Ending balance of original discount rate | 6,645 | 5,975 | |
Effect of cumulative changes in discount rate assumptions | (582) | 883 | |
Balance as of end-of-period | 6,063 | 6,858 | |
Present Value of Expected LFBP [Abstract] | |||
Balance as of beginning-of-period | 11,008 | 10,512 | |
Beginning balance of original discount rate | 9,447 | 8,332 | |
Effect of changes in cash flow assumptions | (415) | (95) | |
Effect of actual variances from expected experience | 69 | 295 | |
Adjusted balance as of beginning-of-period | 9,101 | 8,532 | |
Issuance | 1,655 | 1,379 | |
Interest accrual | 356 | 362 | |
Benefit payments | (755) | (826) | |
Ending balance of original discount rate | 10,357 | 9,447 | |
Effect of changes in discount rate assumptions | (785) | 1,561 | |
Balance as of end-of-period | 9,572 | 11,008 | |
Liability for Future Policy Benefits, Total | 3,509 | 4,150 | |
Less: reinsurance recoverables | 532 | 688 | |
Net balance as of end-of-period, net of reinsurance | $ 2,977 | $ 3,462 | |
Weighted-average duration of future policyholder benefit liability (years) | 10 years | 11 years | |
Payout Annuities [Member] | |||
Present Value of Expected LFBP [Abstract] | |||
Balance as of beginning-of-period | $ 2,512 | $ 2,668 | |
Beginning balance of original discount rate | 2,246 | 2,253 | |
Effect of actual variances from expected experience | 3 | (3) | |
Adjusted balance as of beginning-of-period | 2,249 | 2,250 | |
Issuance | 122 | 96 | |
Interest accrual | 84 | 84 | |
Benefit payments | (188) | (184) | |
Ending balance of original discount rate | 2,267 | 2,246 | |
Effect of changes in discount rate assumptions | (263) | 266 | |
Balance as of end-of-period | 2,004 | 2,512 | |
Liability for Future Policy Benefits, Total | 2,004 | 2,512 | |
Less: reinsurance recoverables | 3 | 3 | |
Net balance as of end-of-period, net of reinsurance | $ 2,001 | $ 2,509 | |
Weighted-average duration of future policyholder benefit liability (years) | 9 years | 11 years | |
Deferred Profit Liability | $ 38 | $ 22 | 5 |
Ul and Other [Member] | |||
Present Value of Expected LFBP [Abstract] | |||
Balance as of beginning-of-period | 12,556 | 12,308 | |
Balance as of beginning-of-year, excluding shadow balance in AOCI | 11,443 | 10,375 | |
Effect of changes in cash flow assumptions | 3,108 | (115) | |
Effect of actual variances from expected experience | 195 | 107 | |
Adjusted balance as of beginning-of-period | 14,746 | 10,367 | |
Issuance | 7 | 2 | |
Interest accrual | 626 | 498 | |
Net assessments collected | 972 | 956 | |
Benefit payments | (628) | (380) | |
Balance as of end-of-period, excluding shadow balance in AOCI | 15,723 | 11,443 | |
Balance as of end-of-period | 14,818 | 12,556 | |
Liability for Future Policy Benefits, Total | 14,818 | 12,556 | |
Less: reinsurance recoverables | 856 | 368 | |
Net balance as of end-of-period, net of reinsurance | $ 13,962 | $ 12,188 | |
Weighted-average duration of future policyholder benefit liability (years) | 17 years | 18 years | |
Group Protection Segment [Member] | |||
Present Value of Expected LFBP [Abstract] | |||
Balance as of beginning-of-period | $ 5,936 | $ 5,939 | |
Beginning balance of original discount rate | 5,674 | 5,422 | |
Effect of changes in cash flow assumptions | 15 | (31) | |
Effect of actual variances from expected experience | (117) | $ (133) | |
Adjusted balance as of beginning-of-period | 5,572 | 5,258 | |
Issuance | 1,777 | 1,597 | |
Interest accrual | 141 | 145 | |
Benefit payments | (1,431) | (1,326) | |
Ending balance of original discount rate | 6,059 | 5,674 | |
Effect of changes in discount rate assumptions | (597) | 262 | |
Balance as of end-of-period | 5,462 | 5,936 | |
Liability for Future Policy Benefits, Total | 5,462 | 5,936 | |
Less: reinsurance recoverables | 127 | 150 | |
Net balance as of end-of-period, net of reinsurance | 5,335 | 5,786 | |
Deferred Profit Liability | $ 4 | $ 5 |
Future Contract Benefit (Summ_3
Future Contract Benefit (Summary of Discounted and Undiscounted Expected Future Gross premiums and Expected Future Benefit Payments) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Traditional Life [Member] | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Expected future benefit payments, undiscounted | $ 13,640 | $ 13,025 |
Expected future gross premiums, undiscounted | 13,945 | 14,658 |
Expected future gross premiums, discounted | 9,475 | 11,624 |
Expected future benefit payments, Discounted | 9,572 | 11,008 |
Payout Annuities [Member] | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Expected future benefit payments, undiscounted | 3,472 | 3,467 |
Expected future benefit payments, Discounted | 2,004 | 2,512 |
Group Protection Segment [Member] | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Expected future benefit payments, undiscounted | 7,063 | 6,663 |
Expected future benefit payments, Discounted | $ 6,059 | $ 5,674 |
Future Contract Benefit (Summ_4
Future Contract Benefit (Summary of Gross Premiums and Interest Accretion) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Traditional Life [Member] | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Gross assessments | $ 1,211 | $ 1,103 |
Interest Accretion | 134 | 134 |
Payout Annuities [Member] | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Gross assessments | 133 | 95 |
Interest Accretion | 84 | 84 |
Ul and Other [Member] | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Gross assessments | 2,818 | 3,150 |
Interest Accretion | 626 | 498 |
Group Protection Segment [Member] | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Gross assessments | 3,393 | 3,145 |
Interest Accretion | $ 141 | $ 145 |
Future Contract Benefit (Summ_5
Future Contract Benefit (Summary of Weighted-Average Interest Rates (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
Annuities Segment [Member] | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Interest accretion rate | 5.10% | 5.30% |
Current discount rate | 5.10% | 2.30% |
Payout Annuities [Member] | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Interest accretion rate | 3.90% | 3.80% |
Current discount rate | 5.30% | 2.70% |
Ul and Other [Member] | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Interest accretion rate | 5% | 5% |
Group Protection Segment [Member] | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Interest accretion rate | 2.80% | 3% |
Current discount rate | 5.10% | 2.20% |
Short-Term and Long-Term Debt_2
Short-Term and Long-Term Debt (Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | |
Non-operating indebtedness of subsidiaries to total capitalization, maximum | 7.50% |
Five-year revolving credit facility [Member] | |
Debt Instrument [Line Items] | |
Maximum Issuance Of Line of Credit | $ 2,500 |
Minimum consolidated net worth | $ 10,000 |
Percentage of aggregate net proceeds of equity issuances | 50% |
Debt to capital ratio (low end of range) | 0.35% |
Debt to capital ratio (high end of range) | 1% |
Delaware Trust Facility [Member] | |
Debt Instrument [Line Items] | |
Facility agreement term | 10 years |
Pre-capitalized securities, sold by trust | $ 500 |
Facility fee rate | 1.691% |
Stockholders' equity threshold triggering required facility exercise | $ 2,750 |
Potential Issuance In Exchange For US Treasury Securities [Member] | Senior Notes 2.330%, Due 2030 [Member] | |
Debt Instrument [Line Items] | |
Interest rate | 2.33% |
Potential Issuance In Exchange For US Treasury Securities [Member] | Delaware Trust Facility [Member] | Senior Notes 2.330%, Due 2030 [Member] | |
Debt Instrument [Line Items] | |
Principal balance | $ 500 |
Interest rate | 2.33% |
Short-Term and Long-Term Debt_3
Short-Term and Long-Term Debt (Schedule Of Debt) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 | Oct. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||||
Current maturities of long-term debt | $ 500 | $ 500 | $ 300 | |
Total short-term debt | 500 | 500 | 300 | |
Term loans | 995 | 995 | 995 | |
Total long-term debt | $ 5,955 | $ 5,955 | 6,325 | |
Fixed rate, swap | 5% | 5% | ||
Debt repurchase option, Repayment as percent of principal | 100% | |||
Senior notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Long Term Notes | $ 4,368 | $ 4,368 | 4,568 | |
Capital Securities [Member] | ||||
Debt Instrument [Line Items] | ||||
Capital securities | 218 | 218 | 218 | |
Long-term Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Unamortized premiums (discounts) | (6) | (6) | (6) | |
Unamortized debt issuance costs | (34) | (34) | (35) | |
Unamortized adjustments from discontinued hedges | 341 | 341 | 356 | |
Fair value hedge on interest rate swap agreements | (177) | (177) | (21) | |
Total long-term debt | $ 5,955 | $ 5,955 | 6,325 | |
4.00% notes, due 2023 [Member] | Senior notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Long Term Notes | 500 | |||
Interest rate | 4% | 4% | ||
3.35% notes, due 2025 [Member] | Senior notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Long Term Notes | $ 300 | $ 300 | 300 | |
Interest rate | 3.35% | 3.35% | ||
3.625% notes, due 2026 [Member] | Senior notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Long Term Notes | $ 400 | $ 400 | 400 | |
Interest rate | 3.625% | 3.625% | ||
3.80% notes, due 2028 [Member] | Senior notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Long Term Notes | $ 500 | $ 500 | 500 | |
Interest rate | 3.80% | 3.80% | ||
3.05% notes, due 2030 [Member] | Senior notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Long Term Notes | $ 500 | $ 500 | 500 | |
Interest rate | 3.05% | 3.05% | ||
3.40% notes, due 2031 [Member] | Senior notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Long Term Notes | $ 500 | $ 500 | 500 | |
Interest rate | 3.40% | 3.40% | ||
3.40% notes, due 2032 [Member] | Senior notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Long Term Notes | $ 300 | $ 300 | ||
Interest rate | 3.40% | 3.40% | ||
6.15% notes, due 2036 [Member] | Senior notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Long Term Notes | $ 243 | $ 243 | 243 | |
Interest rate | 6.15% | 6.15% | ||
6.30% notes, due 2037 [Member] | Senior notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Long Term Notes | $ 375 | $ 375 | 375 | |
Interest rate | 6.30% | 6.30% | ||
7.00% notes, due 2040 [Member] | Senior notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Long Term Notes | $ 500 | $ 500 | 500 | |
Interest rate | 7% | 7% | ||
4.35% notes, due 2048 [Member] | Senior notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Long Term Notes | $ 450 | $ 450 | 450 | |
Interest rate | 4.35% | 4.35% | ||
4.375% notes, due 2050 [Member] | Senior notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Long Term Notes | $ 300 | $ 300 | 300 | |
Interest rate | 4.375% | 4.375% | ||
LIBOR + 87.5 bps loan, due 2024 [Member] | Term Loans [Member] | ||||
Debt Instrument [Line Items] | ||||
Term loans | $ 250 | $ 250 | 250 | |
Variable rate | 112.50% | 87.50% | 20.24% | |
7.00%, due 2066 [Member] | Subordinated Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Term loans | $ 562 | $ 562 | 562 | |
Variable rate | 2.36% | |||
7.00%, due 2066 [Member] | Capital Securities [Member] | ||||
Debt Instrument [Line Items] | ||||
Capital securities | 160 | $ 160 | 160 | |
Variable rate | 2.36% | |||
6.05%, due 2067 [Member] | Subordinated Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Term loans | 433 | $ 433 | 433 | |
Variable rate | 2.04% | |||
6.05%, due 2067 [Member] | Capital Securities [Member] | ||||
Debt Instrument [Line Items] | ||||
Capital securities | $ 58 | $ 58 | $ 58 | |
Variable rate | 2.04% |
Short-Term and Long-Term Debt_4
Short-Term and Long-Term Debt (Schedule of Extinguishment of Debt) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Details underlying the recognition of gain or loss on extinguishment of debt [Abstract] | |||
Principal balance outstanding prior to payoff | $ 995 | $ 796 | |
Unamortized debt issuance costs and discounts | (2) | ||
Amount paid to retire debt | (1,003) | (809) | |
Gain (loss) on early extinguishment of debt, pre-tax | $ (8) | $ (15) | |
4.85% Notes, Due 2021 [Member] | |||
Details underlying the recognition of gain or loss on extinguishment of debt [Abstract] | |||
Principal balance outstanding prior to payoff | $ 296 | ||
Interest rate | 4.85% | ||
LIBOR + 150 bps Term Loan Issued, Due 2022 [Member] | |||
Details underlying the recognition of gain or loss on extinguishment of debt [Abstract] | |||
Principal balance outstanding prior to payoff | $ 500 | ||
Variable rate | 1.50% |
Short-Term and Long-Term Debt_5
Short-Term and Long-Term Debt (Future Principal Payments) (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Future principal payments due on long-term debt [Abstract] | |
2023 | $ 500 |
2024 | 250 |
2025 | 300 |
2026 | 400 |
2027 | |
Thereafter | 4,881 |
Total | $ 6,331 |
Short-Term and Long-Term Debt_6
Short-Term and Long-Term Debt (Credit Facilities and Letters of Credit) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Line of Credit Facility [Line Items] | |
Maximum Available | $ 4,370 |
LOCs issued | $ 3,480 |
Five-year revolving credit facility [Member] | |
Line of Credit Facility [Line Items] | |
Expiration Date | Jun. 19, 2026 |
Maximum Available | $ 2,500 |
LOCs issued | $ 1,641 |
LOC facility due August 2031 [Member] | |
Line of Credit Facility [Line Items] | |
Expiration Date | Aug. 26, 2031 |
Maximum Available | $ 979 |
LOCs issued | $ 948 |
LOC facility due October 2031 [Member] | |
Line of Credit Facility [Line Items] | |
Expiration Date | Oct. 01, 2031 |
Maximum Available | $ 891 |
LOCs issued | $ 891 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | $ 261,515 | $ 321,912 |
Liabilities measured at fair value | 10,335 | 15,540 |
Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | 0 |
Liabilities measured at fair value | $ 0 | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments (Carrying and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Fixed maturity AFS securities | $ 99,736 | $ 118,711 |
Trading securities | 3,498 | 4,460 |
Equity securities | 427 | 375 |
Mortgage loans on real estate | 18,301 | 17,991 |
Derivative investments | 3,594 | 5,697 |
Other investments | 3,739 | 4,288 |
MRB assets | 2,807 | 1,888 |
Future contract benefits: | ||
MRB liabilities | (2,078) | (4,399) |
Other contract holder funds: | ||
Benefit Plans' Assets | 1,197 | 1,734 |
Carrying Value [Member] | ||
Assets | ||
Trading securities | 3,498 | 4,460 |
Equity securities | 427 | 375 |
Mortgage loans on real estate | 18,301 | 17,991 |
Derivative investments | 3,594 | 5,697 |
Other investments | 3,739 | 4,279 |
Cash and invested cash | 3,343 | 2,612 |
MRB assets | 2,807 | 1,888 |
Separate account assets | 143,536 | 182,583 |
Future contract benefits: | ||
MRB liabilities | (2,078) | (4,399) |
Other contract holder funds: | ||
Short-term debt | (500) | (300) |
Long-term debt | (5,955) | (6,325) |
Fair Value [Member] | ||
Assets | ||
Trading securities | 3,498 | 4,460 |
Equity securities | 427 | 375 |
Mortgage loans on real estate | 16,553 | 18,700 |
Derivative investments | 3,594 | 5,697 |
Other investments | 3,739 | 4,279 |
Cash and invested cash | 3,343 | 2,612 |
MRB assets | 2,807 | 1,888 |
Separate account assets | 143,536 | 182,583 |
Future contract benefits: | ||
MRB liabilities | (2,078) | (4,399) |
Other contract holder funds: | ||
Short-term debt | (496) | (302) |
Long-term debt | (5,005) | (6,707) |
Fixed maturity securities [Member] | Carrying Value [Member] | ||
Assets | ||
Fixed maturity AFS securities | 99,736 | 118,711 |
Fixed maturity securities [Member] | Fair Value [Member] | ||
Assets | ||
Fixed maturity AFS securities | 99,736 | 118,711 |
Other Assets [Member] | Carrying Value [Member] | ||
Assets | ||
Ceded MRBs | 12 | 95 |
Reinsurance related embedded derivatives | 416 | |
Indexed annuity ceded embedded derivatives | 525 | 528 |
Reinsurance related embedded derivatives | 416 | |
Other Assets [Member] | Fair Value [Member] | ||
Assets | ||
Ceded MRBs | 12 | 95 |
Reinsurance related embedded derivatives | 416 | |
Indexed annuity ceded embedded derivatives | 525 | 528 |
Reinsurance related embedded derivatives | 416 | |
Policyholder Account Balances [Member] | Carrying Value [Member] | ||
Future contract benefits: | ||
Indexed annuity and IUL contracts embedded derivatives | (4,783) | (6,131) |
Other contract holder funds: | ||
Account values of certain investment contracts | (43,578) | (41,199) |
Policyholder Account Balances [Member] | Fair Value [Member] | ||
Future contract benefits: | ||
Indexed annuity and IUL contracts embedded derivatives | (4,783) | (6,131) |
Other contract holder funds: | ||
Account values of certain investment contracts | (34,274) | (47,870) |
Other Liabilities [Member] | Carrying Value [Member] | ||
Other contract holder funds: | ||
Remaining guaranteed interest and similar contracts | (574) | (594) |
Ceded MRBs | (205) | (17) |
Reinsurance related embedded derivatives | (206) | |
Other liabilities - derivative liabilities | (210) | (709) |
Other Liabilities [Member] | Fair Value [Member] | ||
Other contract holder funds: | ||
Remaining guaranteed interest and similar contracts | (574) | (594) |
Ceded MRBs | (205) | (17) |
Reinsurance related embedded derivatives | (206) | |
Other liabilities - derivative liabilities | $ (210) | $ (709) |
Fair Value Of Financial Instr_5
Fair Value Of Financial Instruments (Schedule of Mortgage Loans With Election Of Fair Value Option) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair value | $ 487 | $ 739 |
Commercial [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair value | 487 | 739 |
Aggregate contractual principal | 514 | 742 |
Loans with fair value option in non-accrual | 0 | 0 |
Loans with fair value option, 90 days past due and still accruing | $ 0 | $ 0 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments (Fair Value of Assets and Liabilities on a Recurring Basis) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | $ 261,515 | $ 321,912 |
Liabilities measured at fair value | (10,335) | (15,540) |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 812 | 1,167 |
Significant Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 252,036 | 309,695 |
Liabilities measured at fair value | (2,666) | (4,865) |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 8,667 | 11,050 |
Liabilities measured at fair value | (7,669) | (10,675) |
Corporate bonds | Fixed maturity securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 79,023 | 98,120 |
Corporate bonds | Significant Observable Inputs (Level 2) [Member] | Fixed maturity securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 76,728 | 92,400 |
Corporate bonds | Significant Unobservable Inputs (Level 3) [Member] | Fixed maturity securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 2,295 | 5,720 |
ABS [Member] | Fixed maturity securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 10,904 | 8,512 |
ABS [Member] | Significant Observable Inputs (Level 2) [Member] | Fixed maturity securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 9,787 | 7,642 |
ABS [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fixed maturity securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 1,117 | 870 |
U.S. government bonds | Fixed maturity securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 379 | 433 |
U.S. government bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed maturity securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 359 | 428 |
U.S. government bonds | Significant Observable Inputs (Level 2) [Member] | Fixed maturity securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 20 | 5 |
Foreign government bonds | Fixed maturity securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 318 | 432 |
Foreign government bonds | Significant Observable Inputs (Level 2) [Member] | Fixed maturity securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 318 | 391 |
Foreign government bonds | Significant Unobservable Inputs (Level 3) [Member] | Fixed maturity securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 41 | |
RMBS | Fixed maturity securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 2,009 | 2,525 |
RMBS | Significant Observable Inputs (Level 2) [Member] | Fixed maturity securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 2,008 | 2,521 |
RMBS | Significant Unobservable Inputs (Level 3) [Member] | Fixed maturity securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 1 | 4 |
CMBS | Fixed maturity securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 1,674 | 1,599 |
CMBS | Significant Observable Inputs (Level 2) [Member] | Fixed maturity securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 1,674 | 1,599 |
State and municipal bonds | Fixed maturity securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 5,070 | 6,621 |
State and municipal bonds | Significant Observable Inputs (Level 2) [Member] | Fixed maturity securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 5,035 | 6,621 |
State and municipal bonds | Significant Unobservable Inputs (Level 3) [Member] | Fixed maturity securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 35 | |
Hybrid and redeemable preferred securities | Fixed maturity securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 359 | 469 |
Hybrid and redeemable preferred securities | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed maturity securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 41 | 54 |
Hybrid and redeemable preferred securities | Significant Observable Inputs (Level 2) [Member] | Fixed maturity securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 269 | 322 |
Hybrid and redeemable preferred securities | Significant Unobservable Inputs (Level 3) [Member] | Fixed maturity securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 49 | 93 |
Mortgage Loans On Real Estate [Member] | Fixed maturity securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 487 | 739 |
Mortgage Loans On Real Estate [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fixed maturity securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 487 | 739 |
Trading securities [Member] | Fixed maturity securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 3,498 | 4,460 |
Trading securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed maturity securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 32 | |
Trading securities [Member] | Significant Observable Inputs (Level 2) [Member] | Fixed maturity securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 2,917 | 3,600 |
Trading securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fixed maturity securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 581 | 828 |
Available-for-sale equity securities [Member] | Fixed maturity securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 427 | 375 |
Available-for-sale equity securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed maturity securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 7 | |
Available-for-sale equity securities [Member] | Significant Observable Inputs (Level 2) [Member] | Fixed maturity securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 274 | 273 |
Available-for-sale equity securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fixed maturity securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 153 | 95 |
Derivative investments | Fixed maturity securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 6,653 | 9,775 |
Derivative investments | Significant Observable Inputs (Level 2) [Member] | Fixed maturity securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 6,048 | 9,626 |
Derivative investments | Significant Unobservable Inputs (Level 3) [Member] | Fixed maturity securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 605 | 149 |
Other investments [Member] | Fixed maturity securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 75 | 154 |
Other investments [Member] | Significant Observable Inputs (Level 2) [Member] | Fixed maturity securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 75 | 154 |
Cash and invested cash [Member] | Fixed maturity securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 3,343 | 2,612 |
Cash and invested cash [Member] | Significant Observable Inputs (Level 2) [Member] | Fixed maturity securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 3,343 | 2,612 |
MRB Assets [Member] | Fixed maturity securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 2,807 | 1,888 |
MRB Assets [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fixed maturity securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 2,807 | 1,888 |
MRB Liabilities [Member] | Policyholder Account Balances [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities measured at fair value | (2,078) | (4,399) |
MRB Liabilities [Member] | Significant Unobservable Inputs (Level 3) [Member] | Policyholder Account Balances [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities measured at fair value | (2,078) | (4,399) |
Ceded MRBs [Member] | Other Assets [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 12 | 95 |
Ceded MRBs [Member] | Other Liabilities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities measured at fair value | (205) | (17) |
Ceded MRBs [Member] | Significant Unobservable Inputs (Level 3) [Member] | Other Assets [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 12 | 95 |
Ceded MRBs [Member] | Significant Unobservable Inputs (Level 3) [Member] | Other Liabilities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities measured at fair value | (205) | (17) |
Reinsurance related [Member] | Other Assets [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 416 | |
Reinsurance related [Member] | Other Liabilities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities measured at fair value | (206) | |
Reinsurance related [Member] | Significant Observable Inputs (Level 2) [Member] | Other Assets [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 416 | |
Reinsurance related [Member] | Significant Observable Inputs (Level 2) [Member] | Other Liabilities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities measured at fair value | (206) | |
Indexed Annuity Contracts Embedded Derivatives [Member] | Other Assets [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 525 | 528 |
Indexed Annuity Contracts Embedded Derivatives [Member] | Policyholder Account Balances [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities measured at fair value | (4,783) | (6,131) |
Indexed Annuity Contracts Embedded Derivatives [Member] | Significant Unobservable Inputs (Level 3) [Member] | Other Assets [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 525 | 528 |
Indexed Annuity Contracts Embedded Derivatives [Member] | Significant Unobservable Inputs (Level 3) [Member] | Policyholder Account Balances [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities measured at fair value | (4,783) | (6,131) |
Separate Account Assets [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 143,536 | |
Separate Account Assets [Member] | Other Assets [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 182,575 | |
Separate Account Assets [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 412 | |
Separate Account Assets [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other Assets [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 646 | |
Separate Account Assets [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 143,124 | |
Separate Account Assets [Member] | Significant Observable Inputs (Level 2) [Member] | Other Assets [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets measured at fair value | 181,929 | |
Derivative Liabilities [Member] | Other Liabilities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities measured at fair value | (3,269) | (4,787) |
Derivative Liabilities [Member] | Significant Observable Inputs (Level 2) [Member] | Other Liabilities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities measured at fair value | (2,666) | (4,659) |
Derivative Liabilities [Member] | Significant Unobservable Inputs (Level 3) [Member] | Other Liabilities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities measured at fair value | $ (603) | $ (128) |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments (Fair Value Measured On A Recurring Basis Reconciliation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Level 3 Unobservable Input Reconciliation | |||
Beginning Fair Value | $ 2,886 | $ 6,245 | |
Items Included in Net Income | 1,440 | (1,574) | |
Gains (Losses) in OCI and Other | (1,702) | (173) | |
Issuances, Sales, Maturities, Settlements, Calls, Net | 693 | 1,420 | |
Transfers Into or Out of Level 3, Net | (3,048) | (3,032) | |
Ending Fair Value | 269 | 2,886 | $ 6,245 |
Corporate bonds | Fixed maturity securities [Member] | |||
Level 3 Unobservable Input Reconciliation | |||
Beginning Fair Value | 5,720 | 5,121 | |
Items Included in Net Income | 1 | 4 | |
Gains (Losses) in OCI and Other | (1,550) | (182) | |
Issuances, Sales, Maturities, Settlements, Calls, Net | 796 | 748 | |
Transfers Into or Out of Level 3, Net | (2,672) | 29 | |
Ending Fair Value | 2,295 | 5,720 | 5,121 |
U.S. government bonds | Fixed maturity securities [Member] | |||
Level 3 Unobservable Input Reconciliation | |||
Beginning Fair Value | 5 | ||
Issuances, Sales, Maturities, Settlements, Calls, Net | (5) | ||
Ending Fair Value | 5 | ||
State and municipal bonds | Fixed maturity securities [Member] | |||
Level 3 Unobservable Input Reconciliation | |||
Gains (Losses) in OCI and Other | (1) | ||
Transfers Into or Out of Level 3, Net | 36 | ||
Ending Fair Value | 35 | ||
Foreign government bonds | Fixed maturity securities [Member] | |||
Level 3 Unobservable Input Reconciliation | |||
Beginning Fair Value | 41 | 74 | |
Gains (Losses) in OCI and Other | (6) | (11) | |
Issuances, Sales, Maturities, Settlements, Calls, Net | (30) | 80 | |
Transfers Into or Out of Level 3, Net | (5) | (102) | |
Ending Fair Value | 41 | 74 | |
RMBS | Fixed maturity securities [Member] | |||
Level 3 Unobservable Input Reconciliation | |||
Beginning Fair Value | 4 | 2 | |
Items Included in Net Income | (1) | ||
Gains (Losses) in OCI and Other | 1 | ||
Issuances, Sales, Maturities, Settlements, Calls, Net | 21 | 3 | |
Transfers Into or Out of Level 3, Net | (25) | ||
Ending Fair Value | 1 | 4 | 2 |
CMBS | Fixed maturity securities [Member] | |||
Level 3 Unobservable Input Reconciliation | |||
Issuances, Sales, Maturities, Settlements, Calls, Net | 17 | 8 | |
Transfers Into or Out of Level 3, Net | (17) | (8) | |
ABS [Member] | Fixed maturity securities [Member] | |||
Level 3 Unobservable Input Reconciliation | |||
Beginning Fair Value | 870 | 570 | |
Items Included in Net Income | 1 | ||
Gains (Losses) in OCI and Other | (113) | (9) | |
Issuances, Sales, Maturities, Settlements, Calls, Net | 676 | 602 | |
Transfers Into or Out of Level 3, Net | (316) | (294) | |
Ending Fair Value | 1,117 | 870 | 570 |
Hybrid and redeemable preferred securities | Fixed maturity securities [Member] | |||
Level 3 Unobservable Input Reconciliation | |||
Beginning Fair Value | 93 | 104 | |
Items Included in Net Income | (6) | ||
Gains (Losses) in OCI and Other | (22) | 27 | |
Issuances, Sales, Maturities, Settlements, Calls, Net | (12) | (38) | |
Transfers Into or Out of Level 3, Net | (4) | ||
Ending Fair Value | 49 | 93 | 104 |
Trading securities [Member] | |||
Level 3 Unobservable Input Reconciliation | |||
Beginning Fair Value | 828 | 644 | |
Items Included in Net Income | (80) | (3) | |
Issuances, Sales, Maturities, Settlements, Calls, Net | (152) | 210 | |
Transfers Into or Out of Level 3, Net | (15) | (23) | |
Ending Fair Value | 581 | 828 | 644 |
Available-for-sale equity securities [Member] | |||
Level 3 Unobservable Input Reconciliation | |||
Beginning Fair Value | 95 | 59 | |
Items Included in Net Income | 54 | 39 | |
Issuances, Sales, Maturities, Settlements, Calls, Net | 19 | (3) | |
Transfers Into or Out of Level 3, Net | (15) | ||
Ending Fair Value | 153 | 95 | 59 |
Mortgage Loans On Real Estate [Member] | |||
Level 3 Unobservable Input Reconciliation | |||
Beginning Fair Value | 739 | 832 | |
Items Included in Net Income | (20) | 11 | |
Gains (Losses) in OCI and Other | (5) | 5 | |
Issuances, Sales, Maturities, Settlements, Calls, Net | (227) | (109) | |
Ending Fair Value | 487 | 739 | 832 |
Derivative investments | |||
Level 3 Unobservable Input Reconciliation | |||
Beginning Fair Value | 21 | 1,542 | |
Items Included in Net Income | 2 | 1,255 | |
Gains (Losses) in OCI and Other | (6) | (3) | |
Issuances, Sales, Maturities, Settlements, Calls, Net | (139) | ||
Transfers Into or Out of Level 3, Net | (15) | (2,634) | |
Ending Fair Value | 2 | 21 | 1,542 |
Ceded MRBs [Member] | Other Assets [Member] | |||
Level 3 Unobservable Input Reconciliation | |||
Beginning Fair Value | 95 | 336 | |
Items Included in Net Income | (83) | (241) | |
Ending Fair Value | 12 | 95 | 336 |
Ceded MRBs [Member] | Other Liabilities [Member] | |||
Level 3 Unobservable Input Reconciliation | |||
Beginning Fair Value | (17) | ||
Items Included in Net Income | (188) | (17) | |
Ending Fair Value | (205) | (17) | |
Indexed Annuity Ceded Embedded Derivatives [Member] | Other Assets [Member] | |||
Level 3 Unobservable Input Reconciliation | |||
Beginning Fair Value | 528 | 550 | |
Items Included in Net Income | (215) | 87 | |
Issuances, Sales, Maturities, Settlements, Calls, Net | 212 | (109) | |
Ending Fair Value | 525 | 528 | 550 |
Indexed Annuity Contracts Embedded Derivatives [Member] | Policyholder Account Balances [Member] | |||
Level 3 Unobservable Input Reconciliation | |||
Beginning Fair Value | (6,131) | (3,594) | |
Items Included in Net Income | 1,975 | (2,709) | |
Issuances, Sales, Maturities, Settlements, Calls, Net | (627) | 172 | |
Ending Fair Value | $ (4,783) | (6,131) | (3,594) |
As Previously Reported [Member] | |||
Level 3 Unobservable Input Reconciliation | |||
Beginning Fair Value | 6,441 | 5,141 | |
Items Included in Net Income | 552 | ||
Gains (Losses) in OCI and Other | 549 | ||
Issuances, Sales, Maturities, Settlements, Calls, Net | (284) | ||
Transfers Into or Out of Level 3, Net | 483 | ||
Ending Fair Value | 6,441 | ||
As Previously Reported [Member] | Corporate bonds | Fixed maturity securities [Member] | |||
Level 3 Unobservable Input Reconciliation | |||
Beginning Fair Value | 5,121 | 4,281 | |
Items Included in Net Income | (8) | ||
Gains (Losses) in OCI and Other | 284 | ||
Issuances, Sales, Maturities, Settlements, Calls, Net | 464 | ||
Transfers Into or Out of Level 3, Net | 100 | ||
Ending Fair Value | 5,121 | ||
As Previously Reported [Member] | U.S. government bonds | Fixed maturity securities [Member] | |||
Level 3 Unobservable Input Reconciliation | |||
Beginning Fair Value | 5 | 5 | |
Ending Fair Value | 5 | ||
As Previously Reported [Member] | Foreign government bonds | Fixed maturity securities [Member] | |||
Level 3 Unobservable Input Reconciliation | |||
Beginning Fair Value | 74 | 90 | |
Items Included in Net Income | 1 | ||
Gains (Losses) in OCI and Other | 3 | ||
Issuances, Sales, Maturities, Settlements, Calls, Net | (20) | ||
Ending Fair Value | 74 | ||
As Previously Reported [Member] | RMBS | Fixed maturity securities [Member] | |||
Level 3 Unobservable Input Reconciliation | |||
Beginning Fair Value | 2 | 11 | |
Transfers Into or Out of Level 3, Net | (9) | ||
Ending Fair Value | 2 | ||
As Previously Reported [Member] | CMBS | Fixed maturity securities [Member] | |||
Level 3 Unobservable Input Reconciliation | |||
Beginning Fair Value | 1 | ||
Items Included in Net Income | (1) | ||
As Previously Reported [Member] | ABS [Member] | Fixed maturity securities [Member] | |||
Level 3 Unobservable Input Reconciliation | |||
Beginning Fair Value | 570 | 268 | |
Gains (Losses) in OCI and Other | 7 | ||
Issuances, Sales, Maturities, Settlements, Calls, Net | 496 | ||
Transfers Into or Out of Level 3, Net | (201) | ||
Ending Fair Value | 570 | ||
As Previously Reported [Member] | Hybrid and redeemable preferred securities | Fixed maturity securities [Member] | |||
Level 3 Unobservable Input Reconciliation | |||
Beginning Fair Value | 104 | 78 | |
Gains (Losses) in OCI and Other | (2) | ||
Issuances, Sales, Maturities, Settlements, Calls, Net | 10 | ||
Transfers Into or Out of Level 3, Net | 18 | ||
Ending Fair Value | 104 | ||
As Previously Reported [Member] | Trading securities [Member] | |||
Level 3 Unobservable Input Reconciliation | |||
Beginning Fair Value | 644 | 666 | |
Items Included in Net Income | 11 | ||
Issuances, Sales, Maturities, Settlements, Calls, Net | (32) | ||
Transfers Into or Out of Level 3, Net | (1) | ||
Ending Fair Value | 644 | ||
As Previously Reported [Member] | Available-for-sale equity securities [Member] | |||
Level 3 Unobservable Input Reconciliation | |||
Beginning Fair Value | 59 | 30 | |
Items Included in Net Income | 4 | ||
Issuances, Sales, Maturities, Settlements, Calls, Net | 20 | ||
Transfers Into or Out of Level 3, Net | 5 | ||
Ending Fair Value | 59 | ||
As Previously Reported [Member] | Mortgage Loans On Real Estate [Member] | |||
Level 3 Unobservable Input Reconciliation | |||
Beginning Fair Value | 832 | ||
Items Included in Net Income | (1) | ||
Gains (Losses) in OCI and Other | (10) | ||
Issuances, Sales, Maturities, Settlements, Calls, Net | 56 | ||
Transfers Into or Out of Level 3, Net | 787 | ||
Ending Fair Value | 832 | ||
As Previously Reported [Member] | Derivative investments | |||
Level 3 Unobservable Input Reconciliation | |||
Beginning Fair Value | 1,542 | 868 | |
Items Included in Net Income | 986 | ||
Gains (Losses) in OCI and Other | 267 | ||
Issuances, Sales, Maturities, Settlements, Calls, Net | (363) | ||
Transfers Into or Out of Level 3, Net | (216) | ||
Ending Fair Value | 1,542 | ||
As Previously Reported [Member] | GLB Direct Embedded Derivatives [Member] | Other Assets [Member] | |||
Level 3 Unobservable Input Reconciliation | |||
Beginning Fair Value | 450 | 450 | |
Ending Fair Value | 450 | ||
As Previously Reported [Member] | GLB Ceded Embedded Derivatives [Member] | Other Assets [Member] | |||
Level 3 Unobservable Input Reconciliation | |||
Beginning Fair Value | 82 | 60 | |
Items Included in Net Income | 22 | ||
Ending Fair Value | 82 | ||
As Previously Reported [Member] | GLB Ceded Embedded Derivatives [Member] | Other Liabilities [Member] | |||
Level 3 Unobservable Input Reconciliation | |||
Beginning Fair Value | (9) | ||
Items Included in Net Income | 9 | ||
As Previously Reported [Member] | Indexed Annuity Ceded Embedded Derivatives [Member] | Other Assets [Member] | |||
Level 3 Unobservable Input Reconciliation | |||
Beginning Fair Value | 550 | 927 | |
Items Included in Net Income | 538 | ||
Issuances, Sales, Maturities, Settlements, Calls, Net | (915) | ||
Ending Fair Value | 550 | ||
As Previously Reported [Member] | Indexed Annuity Contracts Embedded Derivatives [Member] | Future Contract Benefits [Member] | |||
Level 3 Unobservable Input Reconciliation | |||
Beginning Fair Value | $ (3,594) | (2,585) | |
Items Included in Net Income | (1,009) | ||
Ending Fair Value | $ (3,594) |
Fair Value of Financial Instr_8
Fair Value of Financial Instruments (Schedule Of Investment Holdings Movements) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value Investments Entities That Calculate Net Asset Value Per Share Unobservable Input Investment Holdings Movements [Abstract] | |||
Issuances | $ 1,963 | $ 2,661 | $ 2,366 |
Sales | (338) | (312) | (809) |
Maturities | (112) | (329) | (574) |
Settlements | (751) | (540) | (1,135) |
Calls | (69) | (60) | (132) |
Total | 693 | 1,420 | (284) |
Corporate bonds | Fixed maturity securities [Member] | |||
Fair Value Investments Entities That Calculate Net Asset Value Per Share Unobservable Input Investment Holdings Movements [Abstract] | |||
Issuances | 1,263 | 1,408 | 1,126 |
Sales | (100) | (33) | (250) |
Maturities | (82) | (109) | (43) |
Settlements | (235) | (488) | (237) |
Calls | (50) | (30) | (132) |
Total | 796 | 748 | 464 |
U.S. government bonds | Fixed maturity securities [Member] | |||
Fair Value Investments Entities That Calculate Net Asset Value Per Share Unobservable Input Investment Holdings Movements [Abstract] | |||
Maturities | (5) | ||
Total | (5) | ||
Foreign government bonds | Fixed maturity securities [Member] | |||
Fair Value Investments Entities That Calculate Net Asset Value Per Share Unobservable Input Investment Holdings Movements [Abstract] | |||
Issuances | 80 | ||
Maturities | (30) | (20) | |
Total | (30) | 80 | (20) |
RMBS | Fixed maturity securities [Member] | |||
Fair Value Investments Entities That Calculate Net Asset Value Per Share Unobservable Input Investment Holdings Movements [Abstract] | |||
Issuances | 21 | 3 | |
Total | 21 | 3 | |
CMBS | Fixed maturity securities [Member] | |||
Fair Value Investments Entities That Calculate Net Asset Value Per Share Unobservable Input Investment Holdings Movements [Abstract] | |||
Issuances | 17 | 8 | |
Total | 17 | 8 | |
ABS [Member] | Fixed maturity securities [Member] | |||
Fair Value Investments Entities That Calculate Net Asset Value Per Share Unobservable Input Investment Holdings Movements [Abstract] | |||
Issuances | 918 | 835 | 572 |
Settlements | (235) | (233) | (76) |
Calls | (7) | ||
Total | 676 | 602 | 496 |
Hybrid and redeemable preferred securities | Fixed maturity securities [Member] | |||
Fair Value Investments Entities That Calculate Net Asset Value Per Share Unobservable Input Investment Holdings Movements [Abstract] | |||
Issuances | 12 | 14 | |
Sales | (20) | (4) | |
Calls | (12) | (30) | |
Total | (12) | (38) | 10 |
Mortgage Loans On Real Estate [Member] | |||
Fair Value Investments Entities That Calculate Net Asset Value Per Share Unobservable Input Investment Holdings Movements [Abstract] | |||
Issuances | 15 | 96 | 71 |
Sales | (101) | (15) | |
Maturities | (26) | ||
Settlements | (242) | (78) | |
Total | (227) | (109) | 56 |
Trading securities [Member] | |||
Fair Value Investments Entities That Calculate Net Asset Value Per Share Unobservable Input Investment Holdings Movements [Abstract] | |||
Issuances | 287 | 383 | 300 |
Sales | (229) | (24) | (126) |
Maturities | (40) | ||
Settlements | (210) | (149) | (166) |
Total | (152) | 210 | (32) |
Available-for-sale equity securities [Member] | |||
Fair Value Investments Entities That Calculate Net Asset Value Per Share Unobservable Input Investment Holdings Movements [Abstract] | |||
Issuances | 28 | 7 | 22 |
Sales | (9) | (10) | (2) |
Total | 19 | (3) | 20 |
Derivative investments | |||
Fair Value Investments Entities That Calculate Net Asset Value Per Share Unobservable Input Investment Holdings Movements [Abstract] | |||
Issuances | 174 | 520 | |
Sales | (124) | (412) | |
Maturities | (189) | (471) | |
Total | (139) | (363) | |
Indexed Annuity Ceded Embedded Derivatives [Member] | Other Assets [Member] | |||
Fair Value Investments Entities That Calculate Net Asset Value Per Share Unobservable Input Investment Holdings Movements [Abstract] | |||
Issuances | 124 | 55 | 25 |
Settlements | 88 | (164) | (940) |
Total | 212 | (109) | (915) |
Indexed Annuity Contracts Embedded Derivatives [Member] | Policyholder Account Balances [Member] | |||
Fair Value Investments Entities That Calculate Net Asset Value Per Share Unobservable Input Investment Holdings Movements [Abstract] | |||
Issuances | (710) | (400) | |
Settlements | 83 | 572 | |
Total | $ (627) | $ 172 | |
Indexed Annuity Contracts Embedded Derivatives [Member] | Future Contract Benefits [Member] | |||
Fair Value Investments Entities That Calculate Net Asset Value Per Share Unobservable Input Investment Holdings Movements [Abstract] | |||
Issuances | (284) | ||
Settlements | $ 284 |
Fair Value of Financial Instr_9
Fair Value of Financial Instruments (Changes In Unrealized Gains (Losses) Within Level 3 Financial Instruments Carried At Fair Value And Still Held) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Changes in unrealized gains (losses) within Level 3 financial instruments carried at fair value and still held | |||
Change in unrealized gains (losses) included in net income | $ 3,045 | $ 4,883 | $ 1,841 |
Trading securities [Member] | |||
Changes in unrealized gains (losses) within Level 3 financial instruments carried at fair value and still held | |||
Change in unrealized gains (losses) included in net income | (81) | 4 | |
Available-for-sale equity securities [Member] | |||
Changes in unrealized gains (losses) within Level 3 financial instruments carried at fair value and still held | |||
Change in unrealized gains (losses) included in net income | 56 | 43 | |
Mortgage Loans On Real Estate [Member] | |||
Changes in unrealized gains (losses) within Level 3 financial instruments carried at fair value and still held | |||
Change in unrealized gains (losses) included in net income | (20) | 12 | |
Derivative investments | |||
Changes in unrealized gains (losses) within Level 3 financial instruments carried at fair value and still held | |||
Change in unrealized gains (losses) included in net income | 2 | 1,051 | 536 |
GLB embedded derivative reserves | |||
Changes in unrealized gains (losses) within Level 3 financial instruments carried at fair value and still held | |||
Change in unrealized gains (losses) included in net income | 671 | ||
MRBs [Member] | |||
Changes in unrealized gains (losses) within Level 3 financial instruments carried at fair value and still held | |||
Change in unrealized gains (losses) included in net income | 3,183 | 3,729 | |
Indexed Annuity Contracts Embedded Derivatives [Member] | |||
Changes in unrealized gains (losses) within Level 3 financial instruments carried at fair value and still held | |||
Change in unrealized gains (losses) included in net income | $ (95) | $ 44 | $ 634 |
Fair Value of Financial Inst_10
Fair Value of Financial Instruments (Changes in Unrealized Gains (Losses) Included in OCI) (Details) - Fixed maturity securities [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value Assets And Liabilities Measured On Recurring Basis Level 3 Activity [Line Items] | |||
Unrealized gains (losses) included in OCI, net | $ (1,713) | $ (171) | $ 64 |
Corporate bonds | |||
Fair Value Assets And Liabilities Measured On Recurring Basis Level 3 Activity [Line Items] | |||
Unrealized gains (losses) included in OCI, net | (1,562) | (183) | 58 |
Foreign government bonds | |||
Fair Value Assets And Liabilities Measured On Recurring Basis Level 3 Activity [Line Items] | |||
Unrealized gains (losses) included in OCI, net | (7) | (10) | 4 |
ABS [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis Level 3 Activity [Line Items] | |||
Unrealized gains (losses) included in OCI, net | (116) | (9) | 5 |
Hybrid and redeemable preferred securities | |||
Fair Value Assets And Liabilities Measured On Recurring Basis Level 3 Activity [Line Items] | |||
Unrealized gains (losses) included in OCI, net | (22) | 27 | $ (3) |
Mortgage Loans On Real Estate [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis Level 3 Activity [Line Items] | |||
Unrealized gains (losses) included in OCI, net | (5) | $ 4 | |
State and municipal bonds | |||
Fair Value Assets And Liabilities Measured On Recurring Basis Level 3 Activity [Line Items] | |||
Unrealized gains (losses) included in OCI, net | $ (1) |
Fair Value of Financial Inst_11
Fair Value of Financial Instruments (Components Of The Transfers In And Out Of Level 3) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | |||
Transfers Into Level 3 | $ 352 | $ 237 | $ 1,212 |
Transfers Out of Level 3 | (3,400) | (3,269) | (729) |
Total | (3,048) | (3,032) | 483 |
Corporate bonds | Fixed maturity securities [Member] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | |||
Transfers Into Level 3 | 296 | 163 | 343 |
Transfers Out of Level 3 | (2,968) | (134) | (243) |
Total | (2,672) | 29 | 100 |
RMBS | Fixed maturity securities [Member] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | |||
Transfers Into Level 3 | 1 | ||
Transfers Out of Level 3 | (25) | (10) | |
Total | (25) | (9) | |
ABS [Member] | Fixed maturity securities [Member] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | |||
Transfers Into Level 3 | 16 | 36 | 20 |
Transfers Out of Level 3 | (332) | (330) | (221) |
Total | (316) | (294) | (201) |
U.S. government bonds | Fixed maturity securities [Member] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | |||
Transfers Into Level 3 | 5 | ||
Transfers Out of Level 3 | (5) | ||
Foreign government bonds | Fixed maturity securities [Member] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | |||
Transfers Out of Level 3 | (5) | (102) | |
Total | (5) | (102) | |
CMBS | Fixed maturity securities [Member] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | |||
Transfers Out of Level 3 | (17) | (8) | |
Total | (17) | (8) | |
State and municipal bonds | Fixed maturity securities [Member] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | |||
Transfers Into Level 3 | 36 | ||
Total | 36 | ||
Hybrid and redeemable preferred securities | Fixed maturity securities [Member] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | |||
Transfers Into Level 3 | 18 | ||
Transfers Out of Level 3 | (4) | ||
Total | (4) | 18 | |
Mortgage Loans On Real Estate [Member] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | |||
Transfers Into Level 3 | 787 | ||
Total | 787 | ||
Trading securities [Member] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | |||
Transfers Into Level 3 | 4 | 14 | 33 |
Transfers Out of Level 3 | (19) | (37) | (34) |
Total | (15) | (23) | (1) |
Available-for-sale equity securities [Member] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | |||
Transfers Into Level 3 | 5 | ||
Transfers Out of Level 3 | (15) | ||
Total | (15) | 5 | |
Derivative investments | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | |||
Transfers Into Level 3 | 24 | ||
Transfers Out of Level 3 | (15) | (2,658) | (216) |
Total | $ (15) | $ (2,634) | $ (216) |
Fair Value of Financial Inst_12
Fair Value of Financial Instruments (Fair Value Inputs Quantitative Information) (Details) $ in Millions | Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) item |
Assets Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | $ | $ 261,515 | $ 321,912 |
Liabilities Fair Value Disclosure [Abstract] | ||
Liabilities measured at fair value | $ | (10,335) | (15,540) |
Significant Unobservable Inputs (Level 3) [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | $ | 8,667 | 11,050 |
Liabilities Fair Value Disclosure [Abstract] | ||
Liabilities measured at fair value | $ | (7,669) | (10,675) |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Available-for-sale equity securities [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | $ | 4 | 21 |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | MRB Assets [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | $ | 2,807 | 1,888 |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | MRB Liabilities [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Liabilities measured at fair value | $ | $ (2,078) | $ (4,399) |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Minimum [Member] | Utilization Of Guaranteed Withdrawls [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative assets, measurement input | 85 | |
Derivative liability, measurement input | 85 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Minimum [Member] | Claims Utilization Factor [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative assets, measurement input | 60 | |
Derivative liability, measurement input | 60 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Minimum [Member] | Premiums Utilization Factor [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative assets, measurement input | 80 | |
Derivative liability, measurement input | 80 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Minimum [Member] | NPR [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative assets, measurement input | 0.07 | |
Derivative liability, measurement input | 0.07 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Minimum [Member] | Volatility [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative assets, measurement input | 1 | |
Derivative liability, measurement input | 1 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Minimum [Member] | Available-for-sale equity securities [Member] | Liquidity/Duration Adjustment [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Equity securities, measurement input | 4.5 | 4.5 |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Maximum [Member] | Utilization Of Guaranteed Withdrawls [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative assets, measurement input | 100 | |
Derivative liability, measurement input | 100 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Maximum [Member] | Claims Utilization Factor [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative assets, measurement input | 100 | |
Derivative liability, measurement input | 100 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Maximum [Member] | Premiums Utilization Factor [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative assets, measurement input | 115 | |
Derivative liability, measurement input | 115 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Maximum [Member] | NPR [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative assets, measurement input | 1.27 | |
Derivative liability, measurement input | 1.27 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Maximum [Member] | Volatility [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative assets, measurement input | 28 | |
Derivative liability, measurement input | 28 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Maximum [Member] | Available-for-sale equity securities [Member] | Liquidity/Duration Adjustment [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Equity securities, measurement input | 4.5 | 6.7 |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Weighted Average [Member] | Utilization Of Guaranteed Withdrawls [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative assets, measurement input | 94 | |
Derivative liability, measurement input | 94 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Weighted Average [Member] | NPR [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative assets, measurement input | 0.86 | |
Derivative liability, measurement input | 0.86 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Weighted Average [Member] | Volatility [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative assets, measurement input | 14.59 | |
Derivative liability, measurement input | 14.59 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Weighted Average [Member] | Available-for-sale equity securities [Member] | Liquidity/Duration Adjustment [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Equity securities, measurement input | 4.5 | 6.1 |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Fixed maturity securities [Member] | Corporate bonds | ||
Assets Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | $ | $ 204 | $ 3,736 |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Fixed maturity securities [Member] | State and municipal bonds | ||
Assets Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | $ | 35 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Fixed maturity securities [Member] | Foreign government bonds | ||
Assets Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | $ | 41 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Fixed maturity securities [Member] | ABS [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | $ | 15 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Fixed maturity securities [Member] | Hybrid and redeemable preferred securities | ||
Assets Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | $ | $ 3 | $ 7 |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Fixed maturity securities [Member] | Minimum [Member] | Corporate bonds | Liquidity/Duration Adjustment [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Fixed maturity AFS and trading securities, measurement input | (0.2) | 0.1 |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Fixed maturity securities [Member] | Minimum [Member] | State and municipal bonds | Liquidity/Duration Adjustment [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Fixed maturity AFS and trading securities, measurement input | 1.2 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Fixed maturity securities [Member] | Minimum [Member] | Foreign government bonds | Liquidity/Duration Adjustment [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Fixed maturity AFS and trading securities, measurement input | 1.3 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Fixed maturity securities [Member] | Minimum [Member] | ABS [Member] | Liquidity/Duration Adjustment [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Fixed maturity AFS and trading securities, measurement input | 1.4 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Fixed maturity securities [Member] | Minimum [Member] | Hybrid and redeemable preferred securities | Liquidity/Duration Adjustment [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Fixed maturity AFS and trading securities, measurement input | 1.5 | 1.7 |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Fixed maturity securities [Member] | Maximum [Member] | Corporate bonds | Liquidity/Duration Adjustment [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Fixed maturity AFS and trading securities, measurement input | 4.2 | 4.9 |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Fixed maturity securities [Member] | Maximum [Member] | State and municipal bonds | Liquidity/Duration Adjustment [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Fixed maturity AFS and trading securities, measurement input | 2.4 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Fixed maturity securities [Member] | Maximum [Member] | Foreign government bonds | Liquidity/Duration Adjustment [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Fixed maturity AFS and trading securities, measurement input | 8 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Fixed maturity securities [Member] | Maximum [Member] | ABS [Member] | Liquidity/Duration Adjustment [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Fixed maturity AFS and trading securities, measurement input | 1.4 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Fixed maturity securities [Member] | Maximum [Member] | Hybrid and redeemable preferred securities | Liquidity/Duration Adjustment [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Fixed maturity AFS and trading securities, measurement input | 1.5 | 1.7 |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Fixed maturity securities [Member] | Weighted Average [Member] | Corporate bonds | Liquidity/Duration Adjustment [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Fixed maturity AFS and trading securities, measurement input | 2.1 | 1.5 |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Fixed maturity securities [Member] | Weighted Average [Member] | State and municipal bonds | Liquidity/Duration Adjustment [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Fixed maturity AFS and trading securities, measurement input | 2.3 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Fixed maturity securities [Member] | Weighted Average [Member] | Foreign government bonds | Liquidity/Duration Adjustment [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Fixed maturity AFS and trading securities, measurement input | 6 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Fixed maturity securities [Member] | Weighted Average [Member] | ABS [Member] | Liquidity/Duration Adjustment [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Fixed maturity AFS and trading securities, measurement input | 1.4 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Fixed maturity securities [Member] | Weighted Average [Member] | Hybrid and redeemable preferred securities | Liquidity/Duration Adjustment [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Fixed maturity AFS and trading securities, measurement input | 1.5 | 1.7 |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Ceded MRBs [Member] | Other Assets [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | $ | $ 12 | $ 95 |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Ceded MRBs [Member] | Other Liabilities [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Liabilities measured at fair value | $ | $ (205) | $ (17) |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Ceded MRBs [Member] | Minimum [Member] | Other Assets [Member] | Long-Term Lapse Rate [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative assets, measurement input | 1 | 1 |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Ceded MRBs [Member] | Minimum [Member] | Other Assets [Member] | Utilization Of Guaranteed Withdrawls [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative assets, measurement input | 85 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Ceded MRBs [Member] | Minimum [Member] | Other Assets [Member] | Claims Utilization Factor [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative assets, measurement input | 60 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Ceded MRBs [Member] | Minimum [Member] | Other Assets [Member] | Premiums Utilization Factor [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative assets, measurement input | 80 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Ceded MRBs [Member] | Minimum [Member] | Other Assets [Member] | NPR [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative assets, measurement input | 0.35 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Ceded MRBs [Member] | Minimum [Member] | Other Assets [Member] | Volatility [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative assets, measurement input | 1 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Ceded MRBs [Member] | Minimum [Member] | Other Liabilities [Member] | Long-Term Lapse Rate [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative liability, measurement input | 1 | 1 |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Ceded MRBs [Member] | Minimum [Member] | Other Liabilities [Member] | Utilization Of Guaranteed Withdrawls [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative liability, measurement input | 85 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Ceded MRBs [Member] | Minimum [Member] | Other Liabilities [Member] | Claims Utilization Factor [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative liability, measurement input | 60 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Ceded MRBs [Member] | Minimum [Member] | Other Liabilities [Member] | Premiums Utilization Factor [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative liability, measurement input | 80 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Ceded MRBs [Member] | Minimum [Member] | Other Liabilities [Member] | NPR [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative liability, measurement input | 0.35 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Ceded MRBs [Member] | Minimum [Member] | Other Liabilities [Member] | Volatility [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative liability, measurement input | 1 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Ceded MRBs [Member] | Maximum [Member] | Other Assets [Member] | Long-Term Lapse Rate [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative assets, measurement input | 30 | 30 |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Ceded MRBs [Member] | Maximum [Member] | Other Assets [Member] | Utilization Of Guaranteed Withdrawls [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative assets, measurement input | 100 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Ceded MRBs [Member] | Maximum [Member] | Other Assets [Member] | Claims Utilization Factor [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative assets, measurement input | 100 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Ceded MRBs [Member] | Maximum [Member] | Other Assets [Member] | Premiums Utilization Factor [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative assets, measurement input | 115 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Ceded MRBs [Member] | Maximum [Member] | Other Assets [Member] | NPR [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative assets, measurement input | 2.41 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Ceded MRBs [Member] | Maximum [Member] | Other Assets [Member] | Volatility [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative assets, measurement input | 28 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Ceded MRBs [Member] | Maximum [Member] | Other Liabilities [Member] | Long-Term Lapse Rate [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative liability, measurement input | 30 | 30 |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Ceded MRBs [Member] | Maximum [Member] | Other Liabilities [Member] | Utilization Of Guaranteed Withdrawls [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative liability, measurement input | 100 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Ceded MRBs [Member] | Maximum [Member] | Other Liabilities [Member] | Claims Utilization Factor [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative liability, measurement input | 100 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Ceded MRBs [Member] | Maximum [Member] | Other Liabilities [Member] | Premiums Utilization Factor [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative liability, measurement input | 115 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Ceded MRBs [Member] | Maximum [Member] | Other Liabilities [Member] | NPR [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative liability, measurement input | 2.41 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Ceded MRBs [Member] | Maximum [Member] | Other Liabilities [Member] | Volatility [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative liability, measurement input | 28 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Ceded MRBs [Member] | Weighted Average [Member] | Other Assets [Member] | Utilization Of Guaranteed Withdrawls [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative assets, measurement input | 94 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Ceded MRBs [Member] | Weighted Average [Member] | Other Assets [Member] | NPR [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative assets, measurement input | 1.73 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Ceded MRBs [Member] | Weighted Average [Member] | Other Assets [Member] | Volatility [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative assets, measurement input | 14.47 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Ceded MRBs [Member] | Weighted Average [Member] | Other Liabilities [Member] | Utilization Of Guaranteed Withdrawls [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative liability, measurement input | 94 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Ceded MRBs [Member] | Weighted Average [Member] | Other Liabilities [Member] | NPR [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative liability, measurement input | 1.73 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Ceded MRBs [Member] | Weighted Average [Member] | Other Liabilities [Member] | Volatility [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative liability, measurement input | 14.47 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Indexed Annuity Ceded Embedded Derivatives [Member] | Other Assets [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | $ | $ 525 | $ 528 |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Indexed Annuity Ceded Embedded Derivatives [Member] | Minimum [Member] | Other Assets [Member] | Long-Term Lapse Rate [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative assets, measurement input | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Indexed Annuity Ceded Embedded Derivatives [Member] | Maximum [Member] | Other Assets [Member] | Long-Term Lapse Rate [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative assets, measurement input | 9 | 9 |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Indexed Annuity Contracts Embedded Derivatives [Member] | Policyholder Account Balances [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Liabilities measured at fair value | $ | $ (4,845) | $ (6,062) |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Indexed Annuity Contracts Embedded Derivatives [Member] | Minimum [Member] | Policyholder Account Balances [Member] | Long-Term Lapse Rate [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative liability, measurement input | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Indexed Annuity Contracts Embedded Derivatives [Member] | Maximum [Member] | Policyholder Account Balances [Member] | Long-Term Lapse Rate [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Derivative liability, measurement input | 9 | 9 |
Retirement and Deferred Compe_3
Retirement and Deferred Compensation Plans (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Retirement and Deferred Compensation Plans [Abstract] | |||
Net periodic benefit expense (recovery) | $ (41) | $ (41) | $ (11) |
Expected benefit payments in the next fiscal year | 100 | ||
Defined contribution plans expense | 102 | 107 | 100 |
Deferred compensation plans expense | $ (4) | $ 32 | $ 35 |
Retirement and Deferred Compe_4
Retirement and Deferred Compensation Plans (Benefit Plans' Assets and Obligations) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 1,197 | $ 1,734 |
Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 1,126 | 1,667 |
Projected benefit obligation | 1,126 | 1,595 |
Funded status | 72 | |
Amounts Recognized on the Consolidated Balance Sheets | ||
Other assets | 91 | 182 |
Other liabilities | $ (91) | (110) |
Net amount recognized | $ 72 | |
Weighted-Average Assumptions, Benefit obligations: | ||
Weighted-average discount rate | 5.49% | 2.76% |
Weighted-Average Assumptions, Net periodic benefit cost: | ||
Weighted-average discount rate | 2.81% | 2.61% |
Expected return on plan assets | 5.67% | 6.13% |
Other Postretirement Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 71 | $ 67 |
Projected benefit obligation | 44 | 79 |
Funded status | 27 | (12) |
Amounts Recognized on the Consolidated Balance Sheets | ||
Other assets | 27 | |
Other liabilities | (12) | |
Net amount recognized | $ 27 | $ (12) |
Weighted-Average Assumptions, Benefit obligations: | ||
Weighted-average discount rate | 5.70% | 3.10% |
Weighted-Average Assumptions, Net periodic benefit cost: | ||
Weighted-average discount rate | 3.73% | 2.96% |
Expected return on plan assets | 6.50% | 6.50% |
Retirement and Deferred Compe_5
Retirement and Deferred Compensation Plans (Fair Value of Benefit Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value of Benefit Plans' Assets [Abstract] | ||
Fair value of plan assets | $ 1,197 | $ 1,734 |
Corporate bonds | ||
Fair Value of Benefit Plans' Assets [Abstract] | ||
Fair value of plan assets | 292 | 452 |
U.S. government bonds | ||
Fair Value of Benefit Plans' Assets [Abstract] | ||
Fair value of plan assets | 196 | 228 |
Foreign government bonds | ||
Fair Value of Benefit Plans' Assets [Abstract] | ||
Fair value of plan assets | 128 | 191 |
State and municipal bonds | ||
Fair Value of Benefit Plans' Assets [Abstract] | ||
Fair value of plan assets | 22 | 28 |
Limited Partnerships And Common And Preferred Stock [Member] | ||
Fair Value of Benefit Plans' Assets [Abstract] | ||
Fair value of plan assets | 353 | 527 |
Bulk Annuity Insurance Policy [Member] | ||
Fair Value of Benefit Plans' Assets [Abstract] | ||
Fair value of plan assets | 89 | 150 |
Cash and invested cash [Member] | ||
Fair Value of Benefit Plans' Assets [Abstract] | ||
Fair value of plan assets | 46 | 91 |
Other Investments [Member] | ||
Fair Value of Benefit Plans' Assets [Abstract] | ||
Fair value of plan assets | $ 71 | $ 67 |
Retirement and Deferred Compe_6
Retirement and Deferred Compensation Plans (Deferred Compensation Plans Liabilities and Investment) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Retirement and Deferred Compensation Plans [Abstract] | ||
Total liabilities | $ 686 | $ 841 |
Investments dedicated to fund liabilities | $ 206 | $ 254 |
Stock-Based Incentive Compens_3
Stock-Based Incentive Compensation Plans (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Stock options with performance conditions [Member] | |||
Narrative [Abstract] | |||
Contractual term | 5 years | ||
Vesting period (in years) | 2 years | ||
Total fair value of options vested | $ 1 | $ 1 | $ 1 |
Total intrinsic value of options exercised | $ 1 | 1 | 1 |
Stock options with service conditions [Member] | |||
Narrative [Abstract] | |||
Contractual term | 10 years | ||
Vesting period (in years) | 3 years | ||
Total fair value of options vested | $ 8 | 8 | 8 |
Total intrinsic value of options exercised | $ 1 | $ 15 | $ 3 |
Stock-Based Incentive Compens_4
Stock-Based Incentive Compensation Plans (Compensation Expense By Award Type) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based compensation arrangement by share-based payment award [Line Items] | |||
Compensation expense | $ 51 | $ 61 | $ 51 |
Recognized tax benefit | 11 | 13 | 11 |
Stock Options [Member] | |||
Share-based compensation arrangement by share-based payment award [Line Items] | |||
Compensation expense | 6 | 8 | 10 |
Performance Shares [Member] | |||
Share-based compensation arrangement by share-based payment award [Line Items] | |||
Compensation expense | 10 | 18 | 5 |
RSUs [Member] | |||
Share-based compensation arrangement by share-based payment award [Line Items] | |||
Compensation expense | $ 35 | $ 35 | $ 36 |
Stock-Based Incentive Compens_5
Stock-Based Incentive Compensation Plans (Total unrecognized compensation expense for all stock-based incentive compensation plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based compensation arrangement by share-based payment award [Line Items] | |||
Expense | $ 85 | $ 65 | $ 59 |
Stock Options [Member] | |||
Share-based compensation arrangement by share-based payment award [Line Items] | |||
Expense | $ 11 | $ 8 | $ 8 |
Weighted average period (in years) | 9 months 18 days | 8 months 12 days | 8 months 12 days |
Performance Shares [Member] | |||
Share-based compensation arrangement by share-based payment award [Line Items] | |||
Expense | $ 19 | $ 14 | $ 14 |
Weighted average period (in years) | 1 year 2 months 12 days | 1 year 2 months 12 days | 1 year 3 months 18 days |
RSUs [Member] | |||
Share-based compensation arrangement by share-based payment award [Line Items] | |||
Expense | $ 55 | $ 43 | $ 37 |
Weighted average period (in years) | 1 year 4 months 24 days | 1 year 4 months 24 days | 1 year 2 months 12 days |
Stock-Based Incentive Compens_6
Stock-Based Incentive Compensation Plans (Option price assumptions used for stock option incentive plans) (Details) - Stock Options [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Assumptions: | |||
Weighted-average fair value per option granted (in dollars per share) | $ 18.13 | $ 17.26 | $ 12.25 |
Dividend yield | 3.20% | 3% | 3% |
Expected volatility | 44.40% | 45% | 30.10% |
Risk-free interest rate, minimum | 1.90% | 0.60% | 0.30% |
Risk-free interest rate, maximum | 3.80% | 1% | 1.40% |
Expected life (in years) | 5 years 9 months 18 days | 5 years 9 months 18 days | 5 years 9 months 18 days |
Stock Based Incentive Compensat
Stock Based Incentive Compensation Plans (Summary of activity for stock options with service conditions) (Details) - Stock options with service conditions [Member] | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Shares | |
Outstanding as of beginning of year (in shares) | shares | 3,011,536 |
Granted - original (in shares) | shares | 593,609 |
Exercised (includes shares tendered) (in shares) | shares | (38,374) |
Forfeited or expired (in shares) | shares | (170,232) |
Outstanding as of end of year (in shares) | shares | 3,396,539 |
Vested or expected to vest as of end of year (in shares) | shares | 3,238,301 |
Exercisable as of end of year (in shares) | shares | 2,476,028 |
Summary of activity for stock options, additional disclosures [Abstract] | |
Weighted average exercise price as of beginning of year (in dollars per share) | $ / shares | $ 59.23 |
Weighted average exercise price granted - original (in dollars per share) | $ / shares | 55.10 |
Weighted average exercise price exercised (includes shares tendered) (in dollars per share) | $ / shares | 54.76 |
Weighted average exercise price forfeited or expired (in dollars per share) | $ / shares | 63.19 |
Weighted average exercise price outstanding as of end of year (in dollars per share) | $ / shares | 58.36 |
Weighted average exercise price vested or expected to vest as of end of year (in dollars per share) | $ / shares | 58.49 |
Weighted average exercise price exercisable as of end of year (in dollars per share) | $ / shares | $ 59.47 |
Weighted average remaining contractual term outstanding as of end of year (in years) | 6 years 1 month 2 days |
Weighted average remaining contractual term vested or expected to vest as of end of year (in years) | 5 years 11 months 19 days |
Weighted average remaining contractual term exercisable as of end of year (in years) | 5 years 18 days |
Stock Based Incentive Compens_2
Stock Based Incentive Compensation Plans (Summary of activity for stock options with performance conditions) (Details) - Stock options with performance conditions [Member] | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Shares | |
Outstanding as of beginning of year (in shares) | shares | 166,278 |
Granted - original (in shares) | shares | 33,435 |
Exercised (includes shares tendered) (in shares) | shares | (29,931) |
Forfeited or expired (in shares) | shares | (48,385) |
Outstanding as of end of year (in shares) | shares | 121,397 |
Vested or expected to vest as of end of year (in shares) | shares | 114,310 |
Exercisable as of end of year (in shares) | shares | 97,773 |
Summary of activity for stock options, additional disclosures [Abstract] | |
Weighted average exercise price as of beginning of year (in dollars per share) | $ / shares | $ 58.88 |
Weighted average exercise price granted - original (in dollars per share) | $ / shares | 60.58 |
Weighted average exercise price exercised (includes shares tendered) (in dollars per share) | $ / shares | 63.59 |
Weighted average exercise price forfeited or expired (in dollars per share) | $ / shares | 60.49 |
Weighted average exercise price outstanding as of end of year (in dollars per share) | $ / shares | 57.55 |
Weighted average exercise price vested or expected to vest as of end of year (in dollars per share) | $ / shares | 57.34 |
Weighted average exercise price exercisable as of end of year (in dollars per share) | $ / shares | $ 56.72 |
Weighted average remaining contractual term outstanding as of end of year (in years) | 2 years 4 months 9 days |
Weighted average remaining contractual term vested or expected to vest as of end of year (in years) | 2 years 3 months 3 days |
Weighted average remaining contractual term exercisable as of end of year (in years) | 1 year 11 months 26 days |
Stock-Based Incentive Compens_7
Stock-Based Incentive Compensation Plans (Summary of activity for performance shares) (Details) - Performance Shares [Member] | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Shares: | |
Outstanding as of beginning of year (in shares) | shares | 630,670 |
Granted (in shares) | shares | 374,128 |
Vested (in shares) | shares | (185,194) |
Forfeited (in shares) | shares | (72,756) |
Performance Adjustment | shares | 20,580 |
Outstanding as of end of year (in shares) | shares | 767,428 |
Weighted-Average Grant Date Fair Value | |
Weighted-average grant date fair value, outstanding as of beginning of year (in dollars per share) | $ / shares | $ 63.16 |
Weighted-average grant date fair value, granted (in dollars per share) | $ / shares | 69.37 |
Weighted-average grant date fair value, vested (in dollars per share) | $ / shares | 66.89 |
Weighted-average grant date fair value, forfeited (in dollars per share) | $ / shares | 69.97 |
Weighted-average grant date fair value, performance adjustment (in dollars per share) | $ / shares | 66.89 |
Weighted-average grant date fair value, outstanding as of end of year (in dollars per share) | $ / shares | $ 64.61 |
Stock-Based Incentive Compens_8
Stock-Based Incentive Compensation Plans (Summary of activity for restricted stock units) (Details) - Restricted stock units [Member] | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Shares: | |
Outstanding as of beginning of year (in shares) | shares | 1,870,556 |
Granted (in shares) | shares | 938,181 |
Vested (in shares) | shares | (713,247) |
Forfeited (in shares) | shares | (156,341) |
Outstanding as of end of year (in shares) | shares | 1,939,149 |
Weighted-Average Grant Date Fair Value | |
Weighted-average grant date fair value, outstanding as of beginning of year (in dollars per share) | $ / shares | $ 59.78 |
Weighted-average grant date fair value, granted (in dollars per share) | $ / shares | 65.53 |
Weighted-average grant date fair value, vested (in dollars per share) | $ / shares | 62.53 |
Weighted-average grant date fair value, forfeited (in dollars per share) | $ / shares | 62.27 |
Weighted-average grant date fair value, outstanding as of end of year (in dollars per share) | $ / shares | $ 61.26 |
Contingencies And Commitments_2
Contingencies And Commitments (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Loss Contingencies [Line Items] | |||
Loss contingency, estimate | $ 190 | ||
Operating lease ROU asset | $ 140 | $ 147 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Total Assets | Total Assets | |
Operating lease liability | $ 152 | $ 157 | |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Liabilities | Liabilities | |
Weighted average discount rate, operating lease | 3.30% | 2.60% | |
Weighted average remaining operating lease term | 5 years | ||
Operating lease expense | $ 45 | $ 49 | $ 50 |
Finance lease, net book value | $ 14 | $ 37 | |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Total Assets | Total Assets | |
Finance Lease, Liability | $ 106 | $ 175 | |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Liabilities | Liabilities | |
Finance Lease, Right-of-Use Asset, Accumulated Amortization | $ 458 | $ 436 | |
Weighted average discount rate, finance lease | 2.90% | 1.40% | |
Weighted average remaining finance lease term | 1 year | ||
Present value of minimum lease payments | $ 106 | $ 175 | |
Payables for Congressionally Mandated Assessments | 2 | 6 | |
Other Liabilities [Member] | |||
Loss Contingencies [Line Items] | |||
Finance Lease, Liability | 558 | 375 | |
Present value of minimum lease payments | $ 558 | $ 375 |
Contingencies And Commitments_3
Contingencies And Commitments (Finance Lease Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Contingencies And Commitments [Abstract] | |||
Amortization of ROU assets | $ 23 | $ 38 | $ 53 |
Interest on lease liabilities | 4 | 3 | 6 |
Total | $ 27 | $ 41 | $ 59 |
Contingencies And Commitments_4
Contingencies And Commitments (Cash Flow Information Related To Leases) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Contingencies And Commitments [Abstract] | |||
Operating cash flows from operating leases | $ 47 | $ 47 | $ 54 |
Financing cash flows from finance leases | 74 | 62 | 53 |
Operating leases | $ 23 | $ 8 | $ 10 |
Contingencies And Commitments_5
Contingencies And Commitments (Future Minimum Lease Payments) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Operating Leases | ||
2023 | $ 44 | |
2024 | 42 | |
2025 | 38 | |
2026 | 34 | |
2027 | 18 | |
Thereafter | 15 | |
Total future minimum lease payments | 191 | |
Less: Amount representing interest | 39 | |
Present value of minimum lease payments | 152 | $ 157 |
Finance Leases | ||
2023 | 82 | |
2024 | 18 | |
2025 | 7 | |
2026 | 4 | |
Total future minimum lease payments | 111 | |
Less: Amount representing interest | 5 | |
Present value of minimum lease payments | 106 | $ 175 |
Sale-Leaseback Arrangements [Member] | ||
Finance Leases | ||
2023 | 43 | |
2024 | 95 | |
2025 | 127 | |
2026 | 175 | |
2027 | 191 | |
Total future minimum lease payments | 631 | |
Less: Amount representing interest | 73 | |
Present value of minimum lease payments | $ 558 |
Shares and Stockholders' Equi_3
Shares and Stockholders' Equity (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
Nov. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred compensation plan mark to market adjustment | $ 13,000,000 | $ (8,000,000) | |
Preferred stock shares issued | 40,000 | ||
Issuance of preferred stock, net of issuance costs | $ 986,000,000 | ||
9.250% Fixed Rate Reset Non-Cumulative Preferred Stock, Series C [Member] | |||
Preferred stock shares issued | 20,000 | ||
Liquidation preference, value | $ 25,000 | ||
Preferred stock, liquidation preference, shares | 20,000 | ||
Percent of non cumulative preferred stock | 9.25% | ||
Issuance of preferred stock, net of issuance costs | $ 493,000,000 | ||
Dividend rate | 5.318% | ||
9.000% Non-Cumulative Preferred Stock, Series D [Member] | |||
Preferred stock shares issued | 20,000 | ||
Series C Preferred Stock Depositary Shares [Member] | |||
Liquidation preference, value | $ 25,500 | ||
Depositary shares, value | $ 1,020 | ||
Series C Preferred Stock Depositary Shares [Member] | 9.250% Fixed Rate Reset Non-Cumulative Preferred Stock, Series C [Member] | |||
Preferred stock shares issued | 500,000 | ||
Liquidation preference, value | $ 25,000 | ||
Preferred stock, redemption percentage | 102% | ||
Depositary shares, value | 1,000 | ||
Series D Depositary Shares [Member] | 9.000% Non-Cumulative Preferred Stock, Series D [Member] | |||
Preferred stock shares issued | 20,000,000 | ||
Liquidation preference, value | $ 25,000 | ||
Preferred stock, liquidation preference, shares | 20,000 | ||
Percent of non cumulative preferred stock | 9% | ||
Issuance of preferred stock, net of issuance costs | $ 493,000,000 | ||
Preferred stock, redemption percentage | 102% | ||
Depositary shares, value | $ 25,500 | $ 25,000 | |
Preferred stock, redemption price per share | $ 25.50 | $ 25 |
Shares and Stockholders' Equi_4
Shares and Stockholders' Equity (Schedule of Preferred Share Authorized, Issued and Outstanding) (Number Of Shares)) (Details) - shares | Dec. 31, 2022 | Dec. 31, 2021 |
Shares authorized | 10,000,000 | 10,000,000 |
Preferred stock shares issued | 40,000 | |
Preferred stock shares outstanding | 40,000 | |
9.250% Fixed Rate Reset Non-Cumulative Preferred Stock, Series C [Member] | ||
Shares authorized | 20,000 | |
Preferred stock shares issued | 20,000 | |
Preferred stock shares outstanding | 20,000 | |
9.000% Non-Cumulative Preferred Stock, Series D [Member] | ||
Shares authorized | 20,000 | |
Preferred stock shares issued | 20,000 | |
Preferred stock shares outstanding | 20,000 | |
Preferred Stock, Non Designated [Member] | ||
Shares authorized | 9,960,000 | 10,000,000 |
Shares and Stockholders' Equi_5
Shares and Stockholders' Equity (Changes In Common stock (Number Of Shares)) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Changes In Common Stock (Number Of Shares) [Line Items] | |||
Balance as of end-of-period | 40,000 | ||
Balance as of beginning-of-year | 177,193,515 | ||
Balance as of end-of-year | 169,220,511 | 177,193,515 | |
Common Stock [Member] | |||
Changes In Common Stock (Number Of Shares) [Line Items] | |||
Balance as of beginning-of-year | 177,193,515 | 192,329,691 | 196,668,532 |
Stock compensation/issued for benefit plans | 692,491 | 1,106,572 | 547,209 |
Retirement/cancellation of shares | (8,665,495) | (16,242,748) | (4,886,050) |
Balance as of end-of-period | 169,220,511 | 177,193,515 | 192,329,691 |
Common stock as of End-of-Year | |||
Basic basis | 169,220,511 | 177,193,515 | 192,329,691 |
Diluted basis | 170,483,323 | 179,229,110 | 193,672,296 |
Shares And Stockholders' Equi_6
Shares And Stockholders' Equity (Reconciliation Of The Denominator Calculations Of Basic And Diluted EPS) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of the denominator (number of shares) in the calculations of basic and diluted earnings (loss) per common share | |||
Weighted-average shares, as used in basic calculation | 171,034,695 | 187,359,884 | 193,610,225 |
Shares to cover non-vested stock | 968,005 | 1,357,245 | 687,240 |
Average stock options outstanding during the period | 989,123 | 1,844,117 | 746,742 |
Assumed acquisition of shares with assumed proceeds and benefits from exercising stock options (at average market price for the period) | (783,232) | (1,419,165) | (576,582) |
Shares repurchasable from measured but unrecognized stock option expense | (21,006) | (43,314) | (2,445) |
Average deferred compensation shares | 512,570 | ||
Weighted-average shares, as used in diluted calculation | 172,700,155 | 189,098,767 | 194,465,180 |
Shares And Stockholders' Equi_7
Shares And Stockholders' Equity (Components And Changes In Accumulated OCI) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Unrealized Gain (Loss) on AFS Securities | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance as of beginning-of-year | $ 9,616 | $ 9,611 | $ 5,983 |
Change in DAC, VOBA, DSI and DFEL | (3,140) | ||
Change in future contract benefits and policyholder account balances | 2,291 | 893 | (429) |
Income tax benefit (expense) | 5,039 | 838 | (970) |
Less: | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (15) | 626 | (53) |
Associated amortization of DAC, VOBA, DSI, and DFEL | 32 | ||
Income tax benefit (expense) | (3) | 131 | (4) |
(Increases) attributable to: | |||
Balance as of end-of-period | (8,916) | 9,616 | 9,611 |
Unrealized Gain (Loss) on AFS Securities | Gains (Losses) Arising During The Year [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss) before reclassifications and taxes | (25,552) | (4,673) | 7,925 |
Unrealized Gain (Loss) on AFS Securities | Change in Foreign Currency Exchange Rate Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss) before reclassifications and taxes | (322) | (142) | 180 |
Unrealized OTTI on AFS Securities | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance as of beginning-of-year | 45 | ||
Less: | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 92 | 26 | 48 |
Associated amortization of DAC, VOBA, DSI, and DFEL | (1) | ||
Income tax benefit (expense) | (19) | (5) | (10) |
Unrealized Gain (Loss) on Derivative Instruments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance as of beginning-of-year | (85) | (402) | (11) |
Change in DAC, VOBA, DSI and DFEL | (17) | ||
(Increases) attributable to: | |||
Change in DAC, VOBA, DSI and DFEL | (17) | ||
Income tax benefit (expense) | (144) | (85) | 94 |
Balance as of end-of-period | 388 | (85) | (402) |
Unrealized Gain (Loss) on Derivative Instruments | Gains (Losses) Arising During The Year [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss) before reclassifications and taxes | 378 | 246 | (257) |
Unrealized Gain (Loss) on Derivative Instruments | Change in Foreign Currency Exchange Rate Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss) before reclassifications and taxes | 312 | 152 | (174) |
Policyholder Liability Discount Rate Remeasurement Gain (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance as of beginning-of-year | (1,265) | ||
Income tax benefit (expense) | (547) | (160) | |
(Increases) attributable to: | |||
Balance as of end-of-period | 747 | (1,265) | |
Policyholder Liability Discount Rate Remeasurement Gain (Loss) [Member] | Gains (Losses) Arising During The Year [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss) before reclassifications and taxes | 2,559 | 751 | |
Market Risk Benefit NPR Gain (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance as of beginning-of-year | 1,951 | ||
Income tax benefit (expense) | 56 | 251 | |
(Increases) attributable to: | |||
Balance as of end-of-period | 1,741 | 1,951 | |
Market Risk Benefit NPR Gain (Loss) [Member] | Gains (Losses) Arising During The Year [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss) before reclassifications and taxes | (266) | (1,174) | |
Foreign Currency Translation Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance as of beginning-of-year | (14) | (12) | (17) |
(Increases) attributable to: | |||
Balance as of end-of-period | (34) | (14) | (12) |
Foreign Currency Translation Adjustment [Member] | Change in Foreign Currency Exchange Rate Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss) before reclassifications and taxes | (20) | (2) | 5 |
Funded Status of Employee Benefit Plans [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance as of beginning-of-year | (219) | (266) | (327) |
Income tax benefit (expense) | 15 | (9) | (13) |
(Increases) attributable to: | |||
Balance as of end-of-period | (278) | (219) | (266) |
Funded Status of Employee Benefit Plans [Member] | Gains (Losses) Arising During The Year [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss) before reclassifications and taxes | $ (74) | 56 | 74 |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Unrealized Gain (Loss) on AFS Securities | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance as of beginning-of-year | 3,584 | 45 | |
(Increases) attributable to: | |||
Balance as of end-of-period | 3,584 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Unrealized OTTI on AFS Securities | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance as of beginning-of-year | (45) | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Unrealized Gain (Loss) on Derivative Instruments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance as of beginning-of-year | 25 | ||
(Increases) attributable to: | |||
Balance as of end-of-period | 25 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Policyholder Liability Discount Rate Remeasurement Gain (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance as of beginning-of-year | (1,856) | ||
(Increases) attributable to: | |||
Balance as of end-of-period | (1,856) | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Market Risk Benefit NPR Gain (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance as of beginning-of-year | $ 2,874 | ||
(Increases) attributable to: | |||
Balance as of end-of-period | $ 2,874 |
Shares And Stockholders' Equi_8
Shares And Stockholders' Equity (Schedule of Reclassifications Out Of AOCI) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||
Total realized gain (loss) | $ 840 | $ (867) | $ (513) | ||||
Net investment income | 5,515 | 6,111 | 5,510 | ||||
Interest and debt expense | (283) | (270) | (284) | ||||
Commissions and other expenses | (5,125) | (5,219) | (5,064) | ||||
Income (loss) from continuing operations before taxes | 1,725 | 4,643 | 423 | ||||
Income tax benefit (expense) | (367) | (865) | 76 | ||||
Net income (loss) | $ 812 | $ (1,775) | $ 840 | $ 1,482 | 1,358 | 3,778 | 499 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized Gain (Loss) on AFS Securities | |||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||
Total realized gain (loss) | (15) | 626 | (53) | ||||
Income (loss) from continuing operations before taxes | (15) | 626 | (21) | ||||
Income tax benefit (expense) | 3 | (131) | 4 | ||||
Net income (loss) | (12) | 495 | (17) | ||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized Gain (Loss) on AFS Securities | Associated amortization of DAC, VOBA, DSI and DFEL [Member] | |||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||
Total realized gain (loss) | 32 | ||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized Gain (Loss) on Derivative Instruments [Member] | |||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||
Nonoperating income expense | 92 | 26 | 48 | ||||
Income (loss) from continuing operations before taxes | 92 | 26 | 47 | ||||
Income tax benefit (expense) | (19) | (5) | (10) | ||||
Net income (loss) | 73 | 21 | 37 | ||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized Gain (Loss) on Derivative Instruments [Member] | Interest Rate Contracts [Member] | |||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||
Net investment income | 2 | 3 | 2 | ||||
Interest and debt expense | (11) | (23) | (16) | ||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized Gain (Loss) on Derivative Instruments [Member] | Foreign currency contracts [Member] | |||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||
Total realized gain (loss) | 39 | (2) | 6 | ||||
Net investment income | $ 62 | $ 48 | 56 | ||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized Gain (Loss) on Derivative Instruments [Member] | Associated amortization of DAC, VOBA, DSI and DFEL [Member] | |||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||
Commissions and other expenses | $ (1) |
Segment Information (Reconcilia
Segment Information (Reconciliation Of Revenue From Segments To Consolidated) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||||||
Total revenues | $ 3,841 | $ 4,672 | $ 5,577 | $ 4,720 | $ 18,810 | $ 17,715 | $ 17,439 |
Annuities Segment [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Total revenues | 4,482 | 4,691 | 4,455 | ||||
Retirement Plan Services Segment [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Total revenues | 1,274 | 1,322 | 1,213 | ||||
Life Segment [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Total revenues | 6,747 | 7,387 | 7,516 | ||||
Group Protection Segment [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Total revenues | 5,304 | 4,995 | 4,793 | ||||
Others [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Total revenues | 156 | 181 | 185 | ||||
Excluded Realized Gain (Loss), Pre-Tax [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Total revenues | (721) | ||||||
Amortization Of DFEL Associated With Benefit Ratio Unlocking, Pre-Tax [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Total revenues | $ (2) | ||||||
Investment And Reinsurance-related Realized Gain (loss) [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Total revenues | (128) | 834 | |||||
Change In Fair Value Of GLB And GDB Hedge Instrument [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Total revenues | 902 | (1,717) | |||||
Indexed Product Net Derivative Results [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Total revenues | $ 73 | $ 22 |
Segment Information (Reconcil_2
Segment Information (Reconciliation Of Income (Loss) From Operations By Segment To Consolidated Net Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of Net Income (Loss) from Segments to Consolidated [Abstract] | |||||||
Net income (loss) | $ 812 | $ (1,775) | $ 840 | $ 1,482 | $ 1,358 | $ 3,778 | $ 499 |
MRB Related Impacts After Tax [Member] | |||||||
Reconciliation of Net Income (Loss) from Segments to Consolidated [Abstract] | |||||||
Net income (loss) | 2,495 | 2,938 | |||||
Excluded Realized Gain (Loss) [Member] | |||||||
Reconciliation of Net Income (Loss) from Segments to Consolidated [Abstract] | |||||||
Net income (loss) | (570) | ||||||
Benefit Ratio Unlocking [Member] | |||||||
Reconciliation of Net Income (Loss) from Segments to Consolidated [Abstract] | |||||||
Net income (loss) | (5) | 194 | |||||
Impairment Of Intangibles [Member] | |||||||
Reconciliation of Net Income (Loss) from Segments to Consolidated [Abstract] | |||||||
Net income (loss) | (634) | ||||||
Net Impact From the Tax Cuts And Jobs Act [Member] | |||||||
Reconciliation of Net Income (Loss) from Segments to Consolidated [Abstract] | |||||||
Net income (loss) | 37 | ||||||
Acquisition And Integration Costs Related To Mergers And Acquisitions [Member] | |||||||
Reconciliation of Net Income (Loss) from Segments to Consolidated [Abstract] | |||||||
Net income (loss) | (11) | (15) | |||||
Gain (Loss) On Early Extinguishment Of Debt [Member] | |||||||
Reconciliation of Net Income (Loss) from Segments to Consolidated [Abstract] | |||||||
Net income (loss) | (6) | (12) | |||||
Investment And Reinsurance-related Realized Gain (loss) [Member] | |||||||
Reconciliation of Net Income (Loss) from Segments to Consolidated [Abstract] | |||||||
Net income (loss) | (101) | 659 | |||||
Change In Fair Value Of GLB And GDB Hedge Instrument [Member] | |||||||
Reconciliation of Net Income (Loss) from Segments to Consolidated [Abstract] | |||||||
Net income (loss) | 712 | (1,356) | |||||
Indexed Product Net Derivative Results [Member] | |||||||
Reconciliation of Net Income (Loss) from Segments to Consolidated [Abstract] | |||||||
Net income (loss) | 58 | 17 | |||||
Annuities Segment [Member] | |||||||
Reconciliation of Net Income (Loss) from Segments to Consolidated [Abstract] | |||||||
Net income (loss) | 1,161 | 1,337 | 983 | ||||
Retirement Plan Services Segment [Member] | |||||||
Reconciliation of Net Income (Loss) from Segments to Consolidated [Abstract] | |||||||
Net income (loss) | 211 | 248 | 168 | ||||
Life Segment [Member] | |||||||
Reconciliation of Net Income (Loss) from Segments to Consolidated [Abstract] | |||||||
Net income (loss) | (2,094) | 487 | (34) | ||||
Group Protection Segment [Member] | |||||||
Reconciliation of Net Income (Loss) from Segments to Consolidated [Abstract] | |||||||
Net income (loss) | 41 | (164) | 43 | ||||
Others [Member] | |||||||
Reconciliation of Net Income (Loss) from Segments to Consolidated [Abstract] | |||||||
Net income (loss) | $ (486) | $ (371) | $ (295) |
Segment Information (Reconcil_3
Segment Information (Reconciliation of Net Investment Income From Segments to Consolidated) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net Investment Income [Abstract] | |||
Total net investment income | $ 5,515 | $ 6,111 | $ 5,510 |
Annuities Segment [Member] | |||
Net Investment Income [Abstract] | |||
Total net investment income | 1,463 | 1,400 | 1,272 |
Retirement Plan Services Segment [Member] | |||
Net Investment Income [Abstract] | |||
Total net investment income | 976 | 991 | 933 |
Life Segment [Member] | |||
Net Investment Income [Abstract] | |||
Total net investment income | 2,587 | 3,207 | 2,823 |
Group Protection Segment [Member] | |||
Net Investment Income [Abstract] | |||
Total net investment income | 334 | 365 | 330 |
Others [Member] | |||
Net Investment Income [Abstract] | |||
Total net investment income | $ 155 | $ 148 | $ 152 |
Segment Information (Reconcil_4
Segment Information (Reconciliation of Federal Income Tax Expense (Benefit) from Segments to Consolidated Net Income (Loss)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of Federal Income Tax Expense (Benefit) from Segments to Consolidated [Abstract] | |||
Income tax expense (benefit) | $ 367 | $ 865 | $ (76) |
Annuities Segment [Member] | |||
Reconciliation of Federal Income Tax Expense (Benefit) from Segments to Consolidated [Abstract] | |||
Income tax expense (benefit) | 185 | 255 | 149 |
Retirement Plan Services Segment [Member] | |||
Reconciliation of Federal Income Tax Expense (Benefit) from Segments to Consolidated [Abstract] | |||
Income tax expense (benefit) | 36 | 52 | 24 |
Life Segment [Member] | |||
Reconciliation of Federal Income Tax Expense (Benefit) from Segments to Consolidated [Abstract] | |||
Income tax expense (benefit) | (587) | 110 | (33) |
Group Protection Segment [Member] | |||
Reconciliation of Federal Income Tax Expense (Benefit) from Segments to Consolidated [Abstract] | |||
Income tax expense (benefit) | 11 | (44) | 11 |
Others [Member] | |||
Reconciliation of Federal Income Tax Expense (Benefit) from Segments to Consolidated [Abstract] | |||
Income tax expense (benefit) | (116) | (105) | (82) |
MRB Related Impacts [Member] | |||
Reconciliation of Federal Income Tax Expense (Benefit) from Segments to Consolidated [Abstract] | |||
Income tax expense (benefit) | 661 | 781 | |
Excluded Realized Gain (Loss), Pre-Tax [Member] | |||
Reconciliation of Federal Income Tax Expense (Benefit) from Segments to Consolidated [Abstract] | |||
Income tax expense (benefit) | (151) | ||
Investment And Reinsurance-related Realized Gain (loss) [Member] | |||
Reconciliation of Federal Income Tax Expense (Benefit) from Segments to Consolidated [Abstract] | |||
Income tax expense (benefit) | (27) | 175 | |
Change In Fair Value Of GLB And GDB Hedge Instrument [Member] | |||
Reconciliation of Federal Income Tax Expense (Benefit) from Segments to Consolidated [Abstract] | |||
Income tax expense (benefit) | 190 | (360) | |
Indexed Product Net Derivative Results [Member] | |||
Reconciliation of Federal Income Tax Expense (Benefit) from Segments to Consolidated [Abstract] | |||
Income tax expense (benefit) | 15 | 5 | |
Gain (loss) on early extinguishment of debt, tax, reconciling item [Member] | |||
Reconciliation of Federal Income Tax Expense (Benefit) from Segments to Consolidated [Abstract] | |||
Income tax expense (benefit) | (2) | (3) | |
Benefit ratio unlocking, tax, reconciling item [Member] | |||
Reconciliation of Federal Income Tax Expense (Benefit) from Segments to Consolidated [Abstract] | |||
Income tax expense (benefit) | $ (2) | 51 | |
Net Impact From the Tax Cuts And Jobs Act [Member] | |||
Reconciliation of Federal Income Tax Expense (Benefit) from Segments to Consolidated [Abstract] | |||
Income tax expense (benefit) | (37) | ||
Acquisition and integration costs related to mergers and acquisitions [Member] | |||
Reconciliation of Federal Income Tax Expense (Benefit) from Segments to Consolidated [Abstract] | |||
Income tax expense (benefit) | $ (2) | $ (5) |
Segment Information (Reconcil_5
Segment Information (Reconciliation Of Assets From Segments To Consolidated) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 334,217 | $ 394,750 |
Annuities Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 167,585 | 201,774 |
Retirement Plan Services Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 41,847 | 47,720 |
Life Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 94,407 | 110,665 |
Group Protection Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 9,768 | 10,494 |
Others [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 20,610 | $ 24,097 |
Realized Gain (Loss) (Schedule
Realized Gain (Loss) (Schedule Of Realized Gain (Loss)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Realized gain (loss) related to certain investments | |||
AFS securities. Gross gains | $ 38 | $ 663 | $ 31 |
AFS securities. Gross losses | (53) | (37) | (84) |
Credit loss benefit (expense) | (15) | (11) | (26) |
Realized gain (loss) on equity securities | 15 | 44 | 8 |
Realized gain (loss) on the mark-to-market on certain instruments | 37 | 63 | 26 |
Other gain (loss) on investments | (42) | (12) | (7) |
Associated amortization of DAC, VOBA, DSI and DFEL and changes in other contract holder funds | 31 | ||
Total realized gain (loss) related to certain financial assets | (135) | 828 | (138) |
Indexed annuity and IUL contracts net derivatives results: | |||
Gross gain (loss) | 74 | 22 | 37 |
Associated amortization of DAC, VOBA, DSI, and DFEL | (25) | ||
Variable annuity net derivatives results: | |||
Gross gain (loss) | 901 | (1,717) | (367) |
Associated amortization of DAC, VOBA, DSI, and DFEL | (20) | ||
Total realized gain (loss) | 840 | (867) | (513) |
Mortgage Loans On Real Estate [Member] | |||
Realized gain (loss) related to certain investments | |||
Credit loss benefit (expense) | (3) | 112 | (117) |
Realized gain (loss) on the mark-to-market on certain instruments | (24) | 3 | (24) |
Reinsurance Related Assets [Member] | |||
Realized gain (loss) related to certain investments | |||
Credit loss benefit (expense) | (112) | 6 | |
Available-for-sale equity securities [Member] | |||
Realized gain (loss) related to certain investments | |||
Realized gain (loss) on equity securities | $ 10 | $ 47 | $ 8 |
Commissions and Other Expense_2
Commissions and Other Expenses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Details underlying commissions and other expenses [Abstract] | |||
Commissions | $ 2,189 | $ 2,223 | $ 2,183 |
General and administrative expenses | 2,240 | 2,252 | 2,072 |
DAC and VOBA deferrals and interest, net of amortization | (352) | (337) | (156) |
Broker-dealer expenses | 536 | 570 | 493 |
Taxes, licenses and fees | 339 | 345 | 321 |
Expenses associated with reserve financing and unrelated LOCs | 108 | 102 | 94 |
Specifically identifiable intangible asset amortization | 37 | 37 | 37 |
Other amortization | 28 | 13 | |
Transaction and integration costs related to mergers, acquisitions and divestitures | 14 | 20 | |
Total | $ 5,125 | $ 5,219 | $ 5,064 |
Federal Income Taxes (Details)
Federal Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Federal Income Taxes [Abstract] | |||
Net operating loss carryforwards | $ 1,300 | ||
Tax Credit Carryforward, Amount | 101 | ||
Valuation allowance | 0 | ||
Unrecognized tax benefits, that, if recognized, would impact income tax expense and effective tax rate | 52 | $ 53 | |
Possible decrease in unrecognized tax benefits | 8 | ||
Interest and penalty expense related to uncertain tax positions | 0 | 0 | $ 0 |
Accrued interest and penalty expense related to unrecognized tax benefits | $ 0 | $ 0 | |
Effective tax rate | 21% | 19% | (18.00%) |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 21% | 21% | 21% |
Federal Income Taxes (Federal I
Federal Income Taxes (Federal Income Tax Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income tax expense (benefit), continuing operations [Abstract] | |||
Current | $ 3 | $ 12 | $ (61) |
Deferred | 364 | 853 | (15) |
Federal income tax expense (benefit) | $ 367 | $ 865 | $ (76) |
Federal Income Taxes (Reconcili
Federal Income Taxes (Reconciliation Of The Effective Tax Rate Differences) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of effective tax rate differences [Abstract] | |||
Income (loss) before taxes | $ 1,725 | $ 4,643 | $ 423 |
Federal statutory rate | 21% | 21% | 21% |
Federal income tax expense (benefit) at federal statutory rate | $ 362 | $ 975 | $ 89 |
Effect of: | |||
Tax-preferred investment income | (90) | (88) | (98) |
Tax credits | (42) | (26) | (39) |
Excess tax benefits from share-based compensation | (1) | 3 | |
Goodwill impairment | 133 | ||
Tax impact associated with the Tax Cuts and Jobs Act | (37) | ||
Other items | 5 | 4 | 6 |
Federal income tax expense (benefit) | $ 367 | $ 865 | $ (76) |
Effective tax rate | 21% | 19% | (18.00%) |
Federal Income Taxes (Federal_2
Federal Income Taxes (Federal Income Tax Asset Liability) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Federal income tax asset (liability) [Abstract] | ||
Current | $ 83 | $ 142 |
Deferred | (2,678) | |
Deferred | 1,313 | |
Total federal income tax asset (liability) | $ 1,396 | $ (2,536) |
Federal Income Taxes (Significa
Federal Income Taxes (Significant Components Of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred Tax Assets | ||
Future contract benefits and other contract holder funds | $ 410 | $ 1,338 |
Reinsurance-related embedded derivative liability | 43 | |
Compensation and benefit plans | 172 | 198 |
Intangibles | 21 | 24 |
Net unrealized loss on fixed maturity AFS securities | 2,265 | |
Net unrealized loss on trading securities | 70 | |
Investment activity | 273 | |
Tax credits | 101 | 58 |
Net operating losses | 278 | 292 |
Other | 57 | 62 |
Total deferred tax assets | 3,647 | 2,500 |
Deferred Tax Liabilities | ||
DAC | 1,529 | 1,520 |
VOBA | 213 | 232 |
Net unrealized gain on fixed maturity AFS securities | 2,830 | |
Net unrealized gain on trading securities | 65 | |
Investment activity | 325 | |
Reinsurance-related embedded derivative asset | 87 | |
Other | 371 | 206 |
Total deferred tax liabilities | 2,334 | 5,178 |
Net deferred tax asset (liability) | $ 1,313 | |
Net deferred tax asset (liability) | $ (2,678) |
Federal Income Taxes (Reconci_2
Federal Income Taxes (Reconciliation Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of unrecognized tax benefits [Roll Forward] | ||
Balance as of beginning-of-year | $ 53 | $ 51 |
Increases for prior year tax positions | 5 | 2 |
Settlements for prior year tax positions | (6) | |
Balance as of end-of-year | $ 52 | $ 53 |
Statutory Information and Res_3
Statutory Information and Restrictions (Narrative) (Details) $ in Billions | Dec. 31, 2022 USD ($) |
Statutory Information and Restrictions [Abstract] | |
RBC Ratio Company Action Level Low End | 75% |
RBC Ratio Company Action Level High End | 100% |
Indiana Statutory Limitation As A Percentage of The Insurer Contract Holder Surplus | 10% |
New York Statutory Limitation As A Percentage of The Insurer Contract Holder Surplus | 10% |
Amount of dividends that could be paid in the next year without prior approval | $ 1.7 |
Statutory Information and Res_4
Statutory Information and Restrictions (Net Gain Loss From Operations, Net Income Loss, Dividends to LNC Holding Company) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statutory Information and Restrictions [Abstract] | |||
U.S. net gain (loss) from operations, after-tax | $ 1,730 | $ (1,262) | $ (271) |
U.S. net income (loss) | 1,991 | (547) | 29 |
U.S. dividends to LNC holding company | $ 667 | $ 1,955 | $ 660 |
Statutory Information and Res_5
Statutory Information and Restrictions (Effects on statutory surplus compared to NAIC statutory surplus) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Calculation of reserves using the Indiana universal life method [Member] | ||
Statutory Accounting Practices [Line Items] | ||
Effects on statutory surplus compared to NAIC statutory surplus from the use of prescribed and permitted practices | $ 3 | $ 6 |
Conservative valuation rate on certain variable annuities [Member] | ||
Statutory Accounting Practices [Line Items] | ||
Effects on statutory surplus compared to NAIC statutory surplus from the use of prescribed and permitted practices | (36) | (40) |
Calculation of reserves using continuous CARVM [Member] | ||
Statutory Accounting Practices [Line Items] | ||
Effects on statutory surplus compared to NAIC statutory surplus from the use of prescribed and permitted practices | (1) | |
Conservative Reg 213 reserves on VA contracts [Member] | ||
Statutory Accounting Practices [Line Items] | ||
Effects on statutory surplus compared to NAIC statutory surplus from the use of prescribed and permitted practices | (37) | (27) |
Derivative instruments and equity indexed reserves [Member] | ||
Statutory Accounting Practices [Line Items] | ||
Effects on statutory surplus compared to NAIC statutory surplus from the use of prescribed and permitted practices | 14 | (113) |
Assets in Group fixed Annuity Contracts Held at General Account Values [Member] | ||
Statutory Accounting Practices [Line Items] | ||
Effects on statutory surplus compared to NAIC statutory surplus from the use of prescribed and permitted practices | 436 | |
Lesser of LOC and XXX additional reserve as surplus [Member] | ||
Statutory Accounting Practices [Line Items] | ||
Effects on statutory surplus compared to NAIC statutory surplus from the use of prescribed and permitted practices | 1,838 | 1,847 |
LLC Notes And Variable Value Surplus Notes [Member] | ||
Statutory Accounting Practices [Line Items] | ||
Effects on statutory surplus compared to NAIC statutory surplus from the use of prescribed and permitted practices | 1,547 | 1,616 |
Excess Of Loss Reinsurance Treaties [Member] | ||
Statutory Accounting Practices [Line Items] | ||
Effects on statutory surplus compared to NAIC statutory surplus from the use of prescribed and permitted practices | $ 549 | $ 493 |
Statutory Information and Res_6
Statutory Information and Restrictions (Statutory Capital and Surplus) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Statutory Information and Restrictions [Abstract] | ||
U.S. capital and surplus | $ 8,624 | $ 8,773 |
Supplemental Disclosures of C_3
Supplemental Disclosures of Cash Flow (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Supplemental Disclosures of Cash Flow Data [Abstract] | |||
Interest paid | $ 269 | $ 277 | $ 283 |
Income taxes paid (received) | $ (54) | 1 | 22 |
Significant non-cash investing and financing transactions: | |||
Equity securities received in exchange of fixed maturity AFS securities | $ 19 | ||
Net reduction of fixed maturity AFS securities and accrued investment income in connection with a reinsurance transaction | $ (4,133) |
Quarterly Results of Operatio_3
Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Total revenues | $ 3,841 | $ 4,672 | $ 5,577 | $ 4,720 | $ 18,810 | $ 17,715 | $ 17,439 |
Total expenses | 2,856 | 6,798 | 4,545 | 2,885 | 17,085 | 13,072 | 17,016 |
Net income (loss) | $ 812 | $ (1,775) | $ 840 | $ 1,482 | $ 1,358 | $ 3,778 | $ 499 |
Earnings (loss) per common share - basic: | |||||||
Net income (loss) (in dollars per share) | $ 4.80 | $ (10.46) | $ 4.91 | $ 8.50 | $ 7.93 | $ 20.17 | $ 2.58 |
Earnings (loss) per common share - diluted: | |||||||
Net income (loss) (in dollars per share) | $ 4.73 | $ (10.47) | $ 4.83 | $ 8.39 | $ 7.78 | $ 19.96 | $ 2.56 |
Parent Company [Member] | |||||||
Total revenues | $ 959 | $ 2,175 | $ 971 | ||||
Total expenses | 356 | 342 | 345 | ||||
Net income (loss) | $ 1,358 | $ 3,778 | $ 499 |
SCHEDULE I - CONSOLIDATED SUM_2
SCHEDULE I - CONSOLIDATED SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES (Details) - Parent Company [Member] - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Summary of investments, other than investments in related parties [Line Items] | ||
Cost | $ 142,317 | |
Carrying Value | 131,654 | |
Derivative Liabilities | $ 425 | |
Trading securities [Member] | ||
Summary of investments, other than investments in related parties [Line Items] | ||
Cost | 3,833 | |
Fair Value | 3,498 | |
Carrying Value | 3,498 | |
Mortgage Loans On Real Estate [Member] | ||
Summary of investments, other than investments in related parties [Line Items] | ||
Cost | 18,427 | |
Fair Value | 16,553 | |
Carrying Value | 18,301 | |
Policy loans [Member] | ||
Summary of investments, other than investments in related parties [Line Items] | ||
Cost | 2,359 | |
Carrying Value | 2,359 | |
Derivative Instruments [Member] | ||
Summary of investments, other than investments in related parties [Line Items] | ||
Cost | 1,869 | |
Fair Value | 3,594 | |
Carrying Value | 3,594 | |
Other investments [Member] | ||
Summary of investments, other than investments in related parties [Line Items] | ||
Cost | 3,739 | |
Fair Value | 3,739 | |
Carrying Value | 3,739 | |
Fixed maturity securities [Member] | ||
Summary of investments, other than investments in related parties [Line Items] | ||
Cost | 111,707 | |
Fair Value | 99,736 | |
Carrying Value | 99,736 | |
Fixed maturity securities [Member] | Mortgage-Backed And Asset-Backed Securities [Member] | ||
Summary of investments, other than investments in related parties [Line Items] | ||
Cost | 15,930 | |
Fair Value | 14,587 | |
Carrying Value | 14,587 | |
Fixed maturity securities [Member] | Hybrid and redeemable preferred securities | ||
Summary of investments, other than investments in related parties [Line Items] | ||
Cost | 365 | |
Fair Value | 359 | |
Carrying Value | 359 | |
Fixed maturity securities [Member] | Bonds | U.S. government and government agencies and authorities [Member] | ||
Summary of investments, other than investments in related parties [Line Items] | ||
Cost | 405 | |
Fair Value | 379 | |
Carrying Value | 379 | |
Fixed maturity securities [Member] | Bonds | Foreign governments [Member] | ||
Summary of investments, other than investments in related parties [Line Items] | ||
Cost | 348 | |
Fair Value | 318 | |
Carrying Value | 318 | |
Fixed maturity securities [Member] | Bonds | State and municipal bonds | ||
Summary of investments, other than investments in related parties [Line Items] | ||
Cost | 5,410 | |
Fair Value | 5,070 | |
Carrying Value | 5,070 | |
Fixed maturity securities [Member] | Bonds | Public utilities [Member] | ||
Summary of investments, other than investments in related parties [Line Items] | ||
Cost | 14,204 | |
Fair Value | 12,493 | |
Carrying Value | 12,493 | |
Fixed maturity securities [Member] | Bonds | All other corporate bonds [Member] | ||
Summary of investments, other than investments in related parties [Line Items] | ||
Cost | 75,045 | |
Fair Value | 66,530 | |
Carrying Value | 66,530 | |
Available-for-sale equity securities [Member] | ||
Summary of investments, other than investments in related parties [Line Items] | ||
Cost | 383 | |
Fair Value | 427 | |
Carrying Value | 427 | |
Available-for-sale equity securities [Member] | Nonredeemable preferred securities [Member] | ||
Summary of investments, other than investments in related parties [Line Items] | ||
Cost | 285 | |
Fair Value | 234 | |
Carrying Value | 234 | |
Available-for-sale equity securities [Member] | Common Stock [Member] | Banks, trusts, and insurance companies [Member] | ||
Summary of investments, other than investments in related parties [Line Items] | ||
Cost | 48 | |
Fair Value | 47 | |
Carrying Value | 47 | |
Available-for-sale equity securities [Member] | Common Stock [Member] | Industrial, miscellaneous and all other [Member] | ||
Summary of investments, other than investments in related parties [Line Items] | ||
Cost | 50 | |
Fair Value | 146 | |
Carrying Value | $ 146 |
SCHEDULE II - CONDENSED FINAN_2
SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Balance Sheets) (Additional Information) (Details) - shares | Dec. 31, 2022 | Dec. 31, 2021 |
Stockholders' Equity Parenthetical Information | ||
Preferred stock - shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock - shares issued (in shares) | 40,000 | |
Preferred stock - shares outstanding (in shares) | 40,000 | |
Common stock - shares authorized (in shares) | 800,000,000 | 800,000,000 |
Common Stock Shares Issued | 169,220,511 | 177,193,515 |
Common Stock Shares Outstanding | 169,220,511 | 177,193,515 |
Parent Company [Member] | ||
Stockholders' Equity Parenthetical Information | ||
Common stock - shares authorized (in shares) | 800,000,000 | |
Common Stock Shares Issued | 169,220,511 | 177,193,515 |
Common Stock Shares Outstanding | 169,220,511 | 177,193,515 |
Series C Preferred Stock [Member] | ||
Stockholders' Equity Parenthetical Information | ||
Preferred stock - shares authorized (in shares) | 20,000 | |
Preferred stock - shares issued (in shares) | 20,000 | |
Preferred stock - shares outstanding (in shares) | 20,000 | |
Series C Preferred Stock [Member] | Parent Company [Member] | ||
Stockholders' Equity Parenthetical Information | ||
Preferred stock - shares authorized (in shares) | 20,000 | |
Preferred stock - shares issued (in shares) | 20,000 | |
Preferred stock - shares outstanding (in shares) | 20,000 | |
Series D Preferred Stock [Member] | ||
Stockholders' Equity Parenthetical Information | ||
Preferred stock - shares authorized (in shares) | 20,000 | |
Preferred stock - shares issued (in shares) | 20,000 | |
Preferred stock - shares outstanding (in shares) | 20,000 | |
Series D Preferred Stock [Member] | Parent Company [Member] | ||
Stockholders' Equity Parenthetical Information | ||
Preferred stock - shares authorized (in shares) | 20,000 | |
Preferred stock - shares issued (in shares) | 20,000 | |
Preferred stock - shares outstanding (in shares) | 20,000 |
SCHEDULE II - CONDENSED FINAN_3
SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Statements of Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues | |||||||
Net investment income | $ 5,515 | $ 6,111 | $ 5,510 | ||||
Other revenues | 723 | 777 | 658 | ||||
Total revenues | $ 3,841 | $ 4,672 | $ 5,577 | $ 4,720 | 18,810 | 17,715 | 17,439 |
Expenses | |||||||
Operating and administrative expenses | 2,240 | 2,252 | 2,072 | ||||
Total expenses | 2,856 | 6,798 | 4,545 | 2,885 | 17,085 | 13,072 | 17,016 |
Income (loss) before federal income taxes, equity in income (loss) of subsidiaries | 1,725 | 4,643 | 423 | ||||
Federal income tax expense (benefit) | 367 | 865 | (76) | ||||
Net income (loss) | $ 812 | $ (1,775) | $ 840 | $ 1,482 | 1,358 | 3,778 | 499 |
Other comprehensive income (loss), net of tax: | |||||||
Unrealized investment gain (loss) | (18,059) | (3,287) | 3,192 | ||||
Market risk benefit gain (loss) | (210) | (923) | |||||
Policyholder liability remeasurement gain (loss) | 2,012 | 591 | |||||
Foreign currency translation adjustment | (20) | (2) | 5 | ||||
Funded status of employee benefit plans | (59) | 47 | 61 | ||||
Total other comprehensive income (loss), net of tax | (16,336) | (3,574) | 3,258 | ||||
Comprehensive income (loss) | (14,978) | 204 | 3,757 | ||||
Parent Company [Member] | |||||||
Revenues | |||||||
Dividends from subsidiaries | 797 | 2,060 | 840 | ||||
Interest from subsidiaries | 159 | 114 | 127 | ||||
Net investment income | 3 | 1 | 4 | ||||
Total revenues | 959 | 2,175 | 971 | ||||
Expenses | |||||||
Operating and administrative expenses | 52 | 69 | 50 | ||||
Interest - subsidiaries | 38 | 10 | 20 | ||||
Interest - other | 266 | 263 | 275 | ||||
Total expenses | 356 | 342 | 345 | ||||
Income (loss) before federal income taxes, equity in income (loss) of subsidiaries | 603 | 1,833 | 626 | ||||
Federal income tax expense (benefit) | (42) | (49) | (45) | ||||
Income (loss) before equity in income (loss) of subsidiaries | 645 | 1,882 | 671 | ||||
Equity in income (loss) of subsidiaries | 713 | 1,896 | (172) | ||||
Net income (loss) | 1,358 | 3,778 | 499 | ||||
Other comprehensive income (loss), net of tax: | |||||||
Unrealized investment gain (loss) | (18,059) | (3,287) | 3,192 | ||||
Market risk benefit gain (loss) | (210) | (923) | |||||
Policyholder liability remeasurement gain (loss) | 2,012 | 591 | |||||
Foreign currency translation adjustment | (20) | (2) | 5 | ||||
Funded status of employee benefit plans | (59) | 47 | 61 | ||||
Total other comprehensive income (loss), net of tax | (16,336) | (3,574) | 3,258 | ||||
Comprehensive income (loss) | $ (14,978) | $ 204 | $ 3,757 |
SCHEDULE II - CONDENSED FINAN_4
SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Statements Of Cash Flows) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Flows from Operating Activities | |||
Net cash provided by (used in) operating activities | $ 3,609 | $ (217) | $ 534 |
Cash Flows from Investing Activities | |||
Net change in collateral on investments, derivatives and related settlements | (4,070) | 3,261 | 1,474 |
Other | (48) | (303) | (153) |
Net cash provided by (used in) investing activities | (11,646) | (3,584) | (9,481) |
Cash Flows from Financing Activities | |||
Payment of long-term debt, including current maturities | (300) | (1,096) | |
Issuance of long-term debt, net of issuance costs | 296 | 1,289 | |
Payment related to modification or early extinguishment of debt | (8) | (13) | |
Issuance of preferred stock, net of issuance costs | 986 | ||
Repurchase of common stock | (550) | (1,105) | (275) |
Dividends paid to common stockholders | (310) | (319) | (311) |
Other | (2) | (60) | (6) |
Net cash provided by (used in) financing activities | 8,768 | 4,705 | 8,092 |
Net increase (decrease) in cash, invested cash and restricted cash | 731 | 904 | (855) |
Cash, invested cash and restricted cash as of beginning-of-year | 2,612 | 1,708 | 2,563 |
Cash, invested cash and restricted cash as of end-of-period | 3,343 | 2,612 | 1,708 |
Parent Company [Member] | |||
Cash Flows from Operating Activities | |||
Net cash provided by (used in) operating activities | 608 | 1,860 | 726 |
Cash Flows from Investing Activities | |||
Capital contribution to subsidiaries | (925) | (65) | (518) |
Net change in collateral on investments, derivatives and related settlements | 583 | 168 | (303) |
Other | (5) | (40) | |
Net cash provided by (used in) investing activities | (347) | 63 | (821) |
Cash Flows from Financing Activities | |||
Payment of long-term debt, including current maturities | (300) | (1,096) | |
Issuance of long-term debt, net of issuance costs | 296 | 1,289 | |
Payment related to modification or early extinguishment of debt | (8) | (13) | |
Increase (decrease) in loans from subsidiaries, net | (563) | (188) | 565 |
Increase (decrease) in loans to subsidiaries, net | 708 | (234) | (514) |
Common stock issued for benefit plans | (16) | 20 | (7) |
Issuance of preferred stock, net of issuance costs | 986 | ||
Repurchase of common stock | (550) | (1,105) | (275) |
Dividends paid to common stockholders | (310) | (319) | (311) |
Other | (6) | ||
Net cash provided by (used in) financing activities | 251 | (1,834) | (368) |
Net increase (decrease) in cash, invested cash and restricted cash | 512 | 89 | (463) |
Cash, invested cash and restricted cash as of beginning-of-year | 203 | 114 | 577 |
Cash, invested cash and restricted cash as of end-of-period | $ 715 | $ 203 | $ 114 |
SCHEDULE II - CONDENSED FINAN_5
SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Balance Sheets) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||||
Derivative investments | $ 3,594 | $ 5,697 | ||
Other investments | 3,739 | 4,288 | ||
Cash and invested cash | 3,343 | 2,612 | $ 1,708 | $ 2,563 |
Other assets | 18,802 | 16,532 | ||
Total assets | 334,217 | 394,750 | ||
Liabilities | ||||
Short-term debt | 500 | 300 | ||
Long-term debt | 5,955 | 6,325 | ||
Payables for collateral on investments | 6,712 | 8,946 | ||
Other liabilities | 12,021 | 16,405 | ||
Total liabilities | 329,115 | 374,835 | ||
Contingencies and Commitments | ||||
Stockholders' Equity | ||||
Common stock - 800,000,000 shares authorized | 4,544 | 4,735 | ||
Retained earnings | 5,924 | 5,196 | ||
Accumulated other comprehensive income (loss) | (6,352) | 9,984 | ||
Total stockholders' equity | 5,102 | 19,915 | 22,699 | |
Total Liabilities and Stockholders' Equity | 334,217 | 394,750 | ||
Series C Preferred Stock [Member] | ||||
Stockholders' Equity | ||||
Preferred stock - 10,000,000 shares authorized | 493 | |||
Series D Preferred Stock [Member] | ||||
Stockholders' Equity | ||||
Preferred stock - 10,000,000 shares authorized | 493 | |||
Parent Company [Member] | ||||
Assets | ||||
Investments in subsidiaries | 9,782 | 24,332 | ||
Derivative investments | 119 | |||
Other investments | 92 | 761 | ||
Cash and invested cash | 715 | 203 | $ 114 | $ 577 |
Loans and accrued interest to subsidiaries | 2,491 | 3,194 | ||
Other assets | 101 | 159 | ||
Total assets | 13,300 | 28,649 | ||
Liabilities | ||||
Common stock dividends payable | 76 | 80 | ||
Derivative investments liability | 425 | |||
Short-term debt | 500 | 300 | ||
Long-term debt | 6,455 | 6,325 | ||
Loans from subsidiaries | 679 | 1,247 | ||
Other liabilities | 488 | 357 | ||
Total liabilities | 8,198 | 8,734 | ||
Stockholders' Equity | ||||
Common stock - 800,000,000 shares authorized | 4,544 | 4,735 | ||
Retained earnings | 5,924 | 5,196 | ||
Accumulated other comprehensive income (loss) | (6,352) | 9,984 | ||
Total stockholders' equity | 5,102 | 19,915 | ||
Total Liabilities and Stockholders' Equity | 13,300 | $ 28,649 | ||
Parent Company [Member] | Series C Preferred Stock [Member] | ||||
Stockholders' Equity | ||||
Preferred stock - 10,000,000 shares authorized | 493 | |||
Parent Company [Member] | Series D Preferred Stock [Member] | ||||
Stockholders' Equity | ||||
Preferred stock - 10,000,000 shares authorized | $ 493 |
SCHEDULE III - CONDENSED SUPPLE
SCHEDULE III - CONDENSED SUPPLEMENTARY INSURANCE INFORMATION (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Supplementary Insurance Information, by Segment [Line Items] | |||
DAC, VOBA and DSI | $ 12,037 | $ 11,685 | $ 5,812 |
Future Contract Benefits | 38,826 | 41,425 | 40,814 |
Other Contract Holder Funds | 114,435 | 110,227 | 105,405 |
Insurance Premiums | 6,087 | 5,617 | 5,372 |
Net Investment Income | 5,515 | 6,111 | 5,510 |
Benefits and Interest Credited | 11,356 | 11,432 | 11,600 |
Amortization of DAC and VOBA | 1,022 | 1,037 | 1,294 |
Other Operating Expenses | 4,553 | 4,539 | 4,138 |
Annuities Segment [Member] | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
DAC, VOBA and DSI | 4,207 | 4,185 | 3,782 |
Future Contract Benefits | 2,005 | 2,511 | 4,183 |
Other Contract Holder Funds | 45,549 | 41,700 | 35,218 |
Insurance Premiums | 165 | 116 | 121 |
Net Investment Income | 1,463 | 1,400 | 1,272 |
Benefits and Interest Credited | 1,204 | 1,030 | 1,245 |
Amortization of DAC and VOBA | 429 | 403 | 365 |
Other Operating Expenses | 1,587 | 1,699 | 1,467 |
Retirement Plan Services Segment [Member] | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
DAC, VOBA and DSI | 236 | 235 | 120 |
Future Contract Benefits | 11 | ||
Other Contract Holder Funds | 25,138 | 23,579 | 22,912 |
Net Investment Income | 976 | 991 | 933 |
Benefits and Interest Credited | 629 | 616 | 617 |
Amortization of DAC and VOBA | 18 | 19 | 29 |
Other Operating Expenses | 379 | 387 | 375 |
Life Segment [Member] | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
DAC, VOBA and DSI | 7,453 | 7,125 | 1,723 |
Future Contract Benefits | 20,953 | 19,564 | 20,127 |
Other Contract Holder Funds | 37,959 | 38,475 | 39,797 |
Insurance Premiums | 1,146 | 1,033 | 950 |
Net Investment Income | 2,587 | 3,207 | 2,823 |
Benefits and Interest Credited | 5,381 | 5,593 | 6,077 |
Amortization of DAC and VOBA | 478 | 476 | 786 |
Other Operating Expenses | 715 | 739 | 720 |
Group Protection Segment [Member] | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
DAC, VOBA and DSI | 141 | 140 | 187 |
Future Contract Benefits | 6,086 | 6,604 | 5,986 |
Other Contract Holder Funds | 213 | ||
Insurance Premiums | 4,768 | 4,450 | 4,280 |
Net Investment Income | 334 | 365 | 330 |
Benefits and Interest Credited | 4,039 | 4,075 | 3,505 |
Amortization of DAC and VOBA | 97 | 139 | 114 |
Other Operating Expenses | 1,219 | 1,153 | 1,120 |
Others [Member] | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Future Contract Benefits | 9,782 | 12,746 | 10,507 |
Other Contract Holder Funds | 5,789 | 6,473 | 7,265 |
Insurance Premiums | 8 | 18 | 21 |
Net Investment Income | 155 | 148 | 152 |
Benefits and Interest Credited | 103 | 118 | 156 |
Other Operating Expenses | $ 653 | $ 561 | $ 456 |
SCHEDULE IV - CONSOLIDATED RE_2
SCHEDULE IV - CONSOLIDATED REINSURANCE (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Consolidated reinsurance, net [Abstract] | |||
Premiums Earned, Net, Total | $ 6,087 | $ 5,617 | $ 5,372 |
Reinsurance Related [Member] | |||
Consolidated reinsurance, net [Abstract] | |||
Gross Amount | 13,607 | 13,415 | 13,304 |
Ceded to Other Companies | 2,015 | 1,853 | 1,656 |
Assumed from Other Companies | 98 | 94 | 95 |
Premiums Earned, Net, Total | 11,690 | 11,656 | 11,743 |
Gross Amount, Life Insurance in Force | 2,028,279 | 1,845,479 | 1,653,625 |
Ceded to Other Companies, Life Insurance in Force | 831,478 | 776,226 | 674,256 |
Assumed from Other Companies, Life Insurance in Force | 6,512 | 7,659 | 7,875 |
Premiums, Net, Life Insurance in Force, Total | $ 1,203,313 | $ 1,076,912 | $ 987,244 |
Percentage of Amount Assumed to Net, Life Insurance in Force | 0.50% | 0.70% | 0.80% |
Life Insurance And Annuity Reserves And Claims Due [Member] | Reinsurance Related [Member] | |||
Consolidated reinsurance, net [Abstract] | |||
Gross Amount | $ 10,365 | $ 10,365 | $ 10,474 |
Ceded to Other Companies | 1,981 | 1,816 | 1,621 |
Assumed from Other Companies | 94 | 88 | 88 |
Premiums Earned, Net, Total | $ 8,477 | $ 8,637 | $ 8,941 |
Percentage of Amount Assumed to Net | 1.10% | 1% | 1% |
Accident And Health Life Insurance Reserves [Member] | Reinsurance Related [Member] | |||
Consolidated reinsurance, net [Abstract] | |||
Gross Amount | $ 3,242 | $ 3,050 | $ 2,830 |
Ceded to Other Companies | 34 | 37 | 35 |
Assumed from Other Companies | 4 | 6 | 7 |
Premiums Earned, Net, Total | $ 3,213 | $ 3,019 | $ 2,802 |
Percentage of Amount Assumed to Net | 0.10% | 0.20% | 0.20% |