Document and Entity Information
Document and Entity Information - $ / shares | 6 Months Ended | ||
Jun. 30, 2021 | Aug. 09, 2021 | Dec. 31, 2020 | |
Entity Information [Line Items] | |||
Document Type | 10-Q | ||
Document Quarterly Report | true | ||
Document Period End Date | Jun. 30, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 033-23376 | ||
Entity Registrant Name | VOYA RETIREMENT INSURANCE & ANNUITY CO | ||
Entity Incorporation, State or Country Code | CT | ||
Entity Tax Identification Number | 71-0294708 | ||
Entity Address, Address Line One | One Orange Way | ||
Entity Address, City or Town | Windsor | ||
Entity Address, State or Province | CT | ||
Entity Address, Postal Zip Code | 06095-4774 | ||
City Area Code | 860 | ||
Local Phone Number | 580-4646 | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 55,000 | ||
Common stock, par value | $ 50 | $ 50 | |
Entity Central Index Key | 0000837010 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | Q2 | ||
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Investments: | |||
Fixed maturities, available-for-sale, at fair value (amortized cost of $21,928 as of 2021 and $24,667 as of 2020; allowance for credit losses of $12 as of 2021 and $14 as of 2020) | $ 24,333 | $ 28,043 | |
Fixed maturities, at fair value using the fair value option | 1,377 | 1,730 | |
Equity securities, at fair value (cost of $238 as of 2021 and $116 as of 2020) | 238 | 116 | |
Short-term Investments | 16 | 17 | |
Mortgage loans on real estate | 4,175 | 4,694 | |
Less: Allowance for credit losses | 27 | 67 | |
Mortgage loans on real estate, net | 4,148 | 4,627 | |
Policy loans | 179 | 187 | |
Limited partnerships/corporations | 853 | 815 | |
Derivatives | 129 | 145 | |
Other investments | 129 | 43 | |
Total investments | 32,179 | 35,943 | |
Cash and cash equivalents | 306 | 360 | $ 364 |
Short-term investments under securities loan agreements, including collateral delivered | 766 | 249 | |
Accrued investment income | 289 | 304 | |
Premiums receivable and reinsurance recoverable | 3,727 | 1,219 | |
Reinsurance Recoverable, Allowance for Credit Loss | 0 | 0 | |
Premiums receivable and reinsurance recoverable, net | 3,727 | 1,219 | |
Deferred policy acquisition costs, Value of business acquired and Sales inducements to contract owners | 320 | 173 | |
Short-term loan to affiliate | 0 | 653 | |
Current income tax recoverable | 0 | 5 | |
Due from affiliates | 130 | 118 | |
Property and equipment | 68 | 63 | |
Other assets | 1,700 | 242 | |
Assets held in separate accounts | 93,682 | 87,319 | |
Total assets | 133,167 | 126,648 | |
Liabilities and Shareholder's Equity | |||
Future policy benefits and contract owner account balances | 32,708 | 33,127 | |
Payable for securities purchased | 59 | 26 | |
Payables under securities loan agreements, including collateral held | 707 | 208 | |
Due to affiliates | 103 | 125 | |
Derivatives | 203 | 216 | |
Taxes Payable, Current | 41 | 0 | |
Deferred income taxes | 268 | 439 | |
Other liabilities | 411 | 291 | |
Liabilities related to separate accounts | 93,682 | 87,319 | |
Total liabilities | 128,182 | 121,751 | |
Commitments and Contingencies (Note 9) | |||
Shareholder's equity: | |||
Common stock (100,000 shares authorized, 55,000 issued and outstanding as of 2021 and 2020, respectively; $50 par value per share) | 3 | 3 | |
Additional paid-in capital | 3,191 | 2,873 | |
Accumulated other comprehensive income (loss) | 1,635 | 1,882 | 1,535 |
Retained earnings (deficit) | 156 | 139 | |
Total shareholder's equity | 4,985 | 4,897 | 4,511 |
Total liabilities and shareholder's equity | 133,167 | 126,648 | |
Debt Securities, Trading, Restricted | 33 | $ 0 | |
Collateral Pledged | |||
Investments: | |||
Securities pledged (amortized cost of $658 as of 2021 and $169 as of 2020) | $ 744 | $ 220 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets Parenthetical - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Fixed maturities, amortized cost | $ 21,928 | $ 24,667 |
Fixed maturities, Allowance for Credit Loss | 12 | 0 |
Equity securities, cost | 238 | 116 |
Mortgage loans on real estate valuation allowance | 0 | 0 |
Securities pledged, amortized costs | $ 658 | $ 169 |
Common stock, par value | $ 50 | $ 50 |
Common stock, shares authorized | 100,000 | 100,000 |
Common stock, shares issued | 55,000 | 55,000 |
Common stock, shares outstanding | 55,000 | 55,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues: | ||||
Net investment income | $ 482 | $ 385 | $ 971 | $ 824 |
Fee income | 271 | 202 | 530 | 424 |
Premiums | 6 | 7 | (2,441) | 12 |
Broker-dealer commission revenue | 0 | 0 | 1 | 1 |
Net realized capital gains (losses): | ||||
Total impairments | 0 | (24) | 0 | (31) |
Other net realized capital gains (losses) | (35) | (5) | 405 | (90) |
Total net realized capital gains (losses) | (35) | (29) | 405 | (121) |
Other revenue | 10 | 0 | 17 | (1) |
Total revenues | 734 | 565 | (517) | 1,139 |
Benefits and expenses: | ||||
Interest credited and other benefits to contract owners/policyholders | 176 | 213 | (1,880) | 422 |
Operating expenses | 307 | 243 | 592 | 541 |
Broker-dealer commission expense | 0 | 0 | 1 | 1 |
Net amortization of Deferred policy acquisition costs and Value of business acquired | 29 | 6 | 78 | 43 |
Total benefits and expenses | 512 | 462 | (1,209) | 1,007 |
Income (loss) before income taxes | 222 | 103 | 692 | 132 |
Income tax expense (benefit) | 36 | 10 | 123 | 5 |
Net income (loss) | $ 186 | $ 93 | $ 569 | $ 127 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 186 | $ 93 | $ 569 | $ 127 |
Other comprehensive income (loss), before tax: | ||||
Unrealized gains (losses) on securities | 444 | 1,269 | (314) | 309 |
Impairments | 2 | 0 | 2 | 0 |
Pension and other postretirement benefits liability | (1) | (1) | (1) | (1) |
Other comprehensive income (loss), before tax | 445 | 1,268 | (313) | 308 |
Income tax expense (benefit) related to items of other comprehensive income (loss) | 93 | 266 | (66) | 65 |
Other comprehensive income (loss), after tax | 352 | 1,002 | (247) | 243 |
Comprehensive income (loss) | $ 538 | $ 1,095 | $ 322 | $ 370 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Shareholder's Equity - USD ($) | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings (Deficit) |
Beginning Balance at Dec. 31, 2019 | $ 4,443,000,000 | $ 3,000,000 | $ 2,873,000,000 | $ 1,292,000,000 | $ 275,000,000 |
Comprehensive income (loss): | |||||
Net income (loss) | 127,000,000 | 0 | 0 | 0 | 127,000,000 |
Other comprehensive income (loss), after tax | 243,000,000 | 0 | 0 | 243,000,000 | 0 |
Comprehensive income (loss) | 370,000,000 | ||||
Ending Balance at Jun. 30, 2020 | $ 4,511,000,000 | $ 3,000,000 | $ 2,873,000,000 | $ 1,535,000,000 | $ 100,000,000 |
Comprehensive income (loss): | |||||
New Accounting Pronouncement or Change in Accounting Principle, Description | (8) | ||||
New Accounting Pronouncement or Change in Accounting Principle, Description | Accounting Standards Update 2018-02 | — | — | — | (8) | |
Dividends | $ (294,000,000) | $ 294,000,000 | |||
Beginning Balance at Mar. 31, 2020 | 3,710,000,000 | $ 3,000,000 | $ 2,873,000,000 | $ 533,000,000 | 301,000,000 |
Comprehensive income (loss): | |||||
Net income (loss) | 93,000,000 | 0 | 0 | 0 | 93,000,000 |
Other comprehensive income (loss), after tax | 1,002,000,000 | 0 | 0 | 1,002,000,000 | 0 |
Comprehensive income (loss) | 1,095,000,000 | ||||
Ending Balance at Jun. 30, 2020 | 4,511,000,000 | 3,000,000 | 2,873,000,000 | 1,535,000,000 | 100,000,000 |
Comprehensive income (loss): | |||||
Dividends | 294,000,000 | 0 | 0 | 0 | 294,000,000 |
Beginning Balance at Dec. 31, 2020 | 4,897,000,000 | 3,000,000 | 2,873,000,000 | 1,882,000,000 | 139,000,000 |
Comprehensive income (loss): | |||||
Net income (loss) | 569,000,000 | 0 | 0 | 0 | 569,000,000 |
Other comprehensive income (loss), after tax | (247,000,000) | 0 | 0 | (247,000,000) | 0 |
Comprehensive income (loss) | 322,000,000 | ||||
Ending Balance at Jun. 30, 2021 | 4,985,000,000 | 3,000,000 | 3,191,000,000 | 1,635,000,000 | 156,000,000 |
Comprehensive income (loss): | |||||
Dividends | (557,000,000) | 5,000,000 | 552,000,000 | ||
Adjustments to Additional Paid in Capital, Other | 323,000,000 | 323,000,000 | |||
Beginning Balance at Mar. 31, 2021 | 4,926,000,000 | 3,000,000 | 3,196,000,000 | 1,283,000,000 | 444,000,000 |
Comprehensive income (loss): | |||||
Net income (loss) | 186,000,000 | 0 | 0 | 0 | 186,000,000 |
Other comprehensive income (loss), after tax | 352,000,000 | 0 | 0 | 352,000,000 | 0 |
Comprehensive income (loss) | 538,000,000 | ||||
Ending Balance at Jun. 30, 2021 | 4,985,000,000 | $ 3,000,000 | 3,191,000,000 | $ 1,635,000,000 | 156,000,000 |
Comprehensive income (loss): | |||||
Dividends | $ 479,000,000 | $ 5,000,000 | $ 474,000,000 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Cash Flows [Abstract] | ||
Net cash provided by operating activities | $ 477 | $ 528 |
Proceeds from the sale, maturity, disposal or redemption of: | ||
Fixed maturities | 2,411 | 1,691 |
Proceeds from Sale of Debt and Equity Securities, FV-NI, Held-for-investment | 0 | 0 |
Equity securities | 58 | 1 |
Mortgage loans on real estate | 261 | 202 |
Limited partnerships/corporations | 255 | 30 |
Acquisition of: | ||
Fixed maturities | (2,669) | (2,241) |
Payments to Acquire Trading Securities Held-for-investment | (33) | 0 |
Equity securities | (173) | (30) |
Mortgage loans on real estate | (287) | (269) |
Limited partnerships/corporations | (133) | (89) |
Derivatives, net | (31) | 118 |
Policy loans, net | 8 | 10 |
Short-term loan to affiliate, net | 653 | (185) |
Collateral received (delivered), net | (18) | (10) |
Proceeds from Other Deposits | (26) | |
Other, net | 4 | 1 |
Net cash provided by (used in) investing activities | 332 | (771) |
Cash Flows from Financing Activities: | ||
Deposits received for investment contracts | 2,083 | 2,591 |
Maturities and withdrawals from investment contracts | (2,477) | (2,255) |
Settlements on deposit liability contracts | 0 | (1) |
Proceeds from loans with affiliates, net | 63 | 54 |
Payments of Distributions to Affiliates | (552) | (294) |
Proceeds from Contributions from Parent | 20 | 0 |
Net cash (used in) provided by financing activities | (863) | 95 |
Net decrease in cash and cash equivalents | (54) | (148) |
Cash and cash equivalents, beginning of period | 360 | 512 |
Cash and cash equivalents, end of period | $ 306 | 364 |
Other Significant Noncash Transaction, Consideration Given | 298 | |
Proceeds from Contributions from Parent | $ 20 | $ 0 |
Schedule of Significant non cas
Schedule of Significant non cash transaction - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Proceeds from Contributions from Parent | $ 20 | $ 0 |
Business, Basis of Presentation
Business, Basis of Presentation and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure | Business, Basis of Presentation and Significant Accounting Policies Business Voya Retirement Insurance and Annuity Company ("VRIAC") is a stock life insurance company domiciled in the State of Connecticut. VRIAC and its wholly owned subsidiaries (collectively, the "Company") provide financial products and services in the United States. VRIAC is authorized to conduct its insurance business in all states and in the District of Columbia and in Guam, Puerto Rico and the Virgin Islands. VRIAC is a direct, wholly owned subsidiary of Voya Holdings Inc. ("Parent"), which is a direct, wholly owned subsidiary of Voya Financial, Inc. ("Voya Financial") The Company derives its revenue mainly from (a) investment income earned on investments, (b) Fee income generated from separate account assets supporting variable options under variable annuity contract investments, as designated by contract owners, (c) Premiums, (d) realized capital gains (losses) on investments and changes in fair value of embedded derivatives on product guarantees, and (e) Other revenue which includes certain other fees. The Company's benefits and expenses primarily consist of (a) Interest credited and other benefits to contract owners/policyholders, (b) Operating expenses, which include expenses related to the selling and servicing of the various products offered by us and other general business expenses, and (c) amortization of DAC and VOBA. In addition, the Company collects broker-dealer commission revenues through Voya Financial Partners, LLC ("VFP"), which are, in turn, paid to broker-dealers and expensed. The Company offers qualified and nonqualified annuity contracts that include a variety of funding and payout options for individuals and employer-sponsored retirement plans qualified under Internal Revenue Code Sections 401, 403, 408, 457 and 501, as well as nonqualified deferred compensation plans and related services. The Company's products are offered primarily to public and private school systems, higher education institutions, hospitals and healthcare facilities, not-for-profit organizations, state and local governments, small to mid-sized corporations and individuals. The Company also provides stable value investment options, including separate account guaranteed investment contracts (e.g., GICs) and synthetic GICs, to institutional clients. Pension risk transfer group annuity solutions were previously offered to institutional plan sponsors who needed to transfer their defined benefit plan obligations to the Company. The Company discontinued sales of these solutions in late 2016 to better align business activities to the Company's priorities. This business was transferred as part of the Individual Life Transaction described below. The Company's products are generally distributed through independent brokers and advisors, third-party administrators and consultants. Products offered by the Company include deferred and immediate (i.e., payout) annuity contracts. The Company's products also include programs offered to qualified plans and nonqualified deferred compensation plans that package administrative and record-keeping services, participant education, and retirement readiness planning tools along with a variety of investment options, including proprietary and non-proprietary mutual funds and variable and fixed investment options. In addition, the Company offers wrapper agreements entered into with retirement plans, which contain certain benefit responsive guarantees (i.e., guarantees of principal and previously accrued interest for benefits paid under the terms of the plan) with respect to portfolios of plan-owned assets not invested with the Company. Stable value products are also provided to institutional plan sponsors where the Company may or may not be providing other employer sponsored products and services. The Company has one operating segment. Effective December 31, 2019, VRIAC’s sole shareholder, Voya Holdings, Inc., transferred ownership of Voya Institutional Plan Services, LLC (“VIPS”) and Voya Retirement Advisors, LLC (“VRA”) to VRIAC for no cash consideration. VIPS and VRA provide retirement recordkeeping and investment advisory services, respectively, and the transfer was made to more closely align recordkeeping and related activities of VRIAC’s retirement business. It also had the effect of reducing VRIAC's tax liability. In addition to these non-insurance subsidiaries, VRIAC also has the wholly-owned non-insurance subsidiary, VFP. On January 4, 2021, VRIAC's ultimate parent, Voya Financial, completed a series of transactions pursuant to a Master Transaction Agreement (the “Resolution MTA”) entered into on December 18, 2019 with Resolution Life U.S. Holdings Inc., a Delaware corporation (“Resolution Life US”), pursuant to which Resolution Life US acquired all of the shares of the capital stock of SLD and Security Life of Denver International Limited ("SLDI"), including the capital stock of several subsidiaries of SLD and SLDI. Concurrently with the sale, SLD entered into reinsurance agreements with ReliaStar Life Insurance Company ("RLI"), ReliaStar Life Insurance Company of New York (“RLNY”), and VRIAC, each of which is a direct or indirect wholly owned subsidiary of Voya Financial. Pursuant to these agreements, RLI and VRIAC reinsured to SLD a 100% quota share, and RLNY reinsured to SLD a 75% quota share, of their respective individual life insurance and annuities businesses. The reinsurance agreements along with the sale of the legal entities noted above (referred to as the "Individual Life Transaction") resulted in the disposition of substantially all of Voya Financial's life insurance and legacy non-retirement annuity businesses and related assets. Pursuant to the Individual Life Transaction, VRIAC's reserves related to legacy non-retirement annuity business as well as pension risk transfer products were ceded to SLD and related assets transferred. The reinsurance obligation with counterparty SLD are secured by collateralized assets held in a trust. RLI, RLNY, and VRIAC continue to be subsidiaries of the Company. The reinsurance transaction does not extinguish the Company’s primary liability to its policyholders. As a result of the reinsurance transactions on January 4, 2021, the Company reinsured $3.5 billion of policyholder liabilities under indemnity coinsurance and modified coinsurance arrangements. As of January 4, 2021, reinsurance recoverable associated with these transactions was $2.5 billion. The Company ceded $2.4 billion in premiums and $2.5 billion in policyholder benefits. The Company transferred assets with a fair market value of $3.7 billion as consideration for the reinsurance arrangements. As a result of the transfer of invested assets the Company recognized $0.5 billion in pre-tax realized gains. The Company also recognized a non-cash liability of $73 relating to the pretax net cost of reinsurance liability and $1.5 billion deposit asset, respectively, on January 4, 2021 as a result of entering into the reinsurance agreements. The aggregate deferred intangibles will be amortized as a charge to earnings over the life of the underlying policies.The deposit relates to liabilities related to Contract owner account balances that currently exist for the related underlying policies. Effective as of March 1, 2021, VRIAC acquired 49.9% of the issued and outstanding common stock of Voya Special Investments, Inc. from Voya Financial. The investment has been accounted for as an equity method investment and recognized within Other investments in Consolidated Balance Sheets. Also, effective as of March 1, 2021, the Company acquired $80 of Security Life of Denver Company ("SLD") issued surplus notes and $73 of Resolution (Life U.S. Intermediate Holdings Ltd.) issued preferred shares from affiliated entities, which were received in connection with the Individual Life Transaction. On June 9, 2021, Voya Financial completed the sale of the independent financial planning channel of Voya Financial Advisors ("VFA") to Cetera Financial Group, Inc. (“Cetera”), one of the nation’s largest networks of independently managed broker-dealers. VFA is one of the channels through which VRIAC distributes its products. In connection with this transaction, VFA transferred more than 800 independent financial professionals serving retail customers with approximately $38 billion in assets under advisement to Cetera, while retaining approximately 600 field and phone-based financial professionals who support our business. Basis of Presentation The accompanying Condensed Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") and are unaudited. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. The inputs into the Company's estimates and assumptions consider the economic implications of COVID-19 on the Company's critical and significant accounting estimates. Those estimates are inherently subject to change and actual results could differ from those estimates, and the differences may be material to the Condensed Consolidated Financial Statements. The Condensed Consolidated Financial Statements include the accounts of VRIAC and its wholly owned subsidiaries, VFP, VIPS and VRA. Intercompany transactions and balances have been eliminated. The accompanying Condensed Consolidated Financial Statements reflect adjustments (including normal, recurring adjustments) necessary to present fairly the financial position of the Company as of June 30, 2021, its results of operations, comprehensive income and changes in shareholder's equity for the three and six months ended June 30, 2021 and 2020, and its statements of cash flows for the six months ended June 30, 2021 and 2020, in conformity with U.S. GAAP. Interim results are not necessarily indicative of full year performance. The December 31, 2020 Consolidated Balance Sheet is from the audited Consolidated Financial Statements included in the Company's Annual Report on Form 10-K , filed with the SEC. Therefore, these unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and related notes included in the Company's Annual Report on Form 10-K . Significant Accounting Policies Investments Fixed Maturities and Equity Securities : In the second quarter of 2021, the Company established a trading portfolio of fixed maturity debt securities. Trading securities are valued at fair value with the changes in fair value recorded in Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations, and interest income is recorded in Net investment income in the Condensed Consolidated Statements of Operations. Adoption of New Pronouncements The following table provides a description of the Company's adoption of new Accounting Standard Updates ("ASUs") issued by the Financial Accounting Standards Board ("FASB") and the impact of the adoption on the Company's financial statements. Standard Description of Requirements Effective date and Method of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2019-12, Simplifying the Accounting for Income Taxes This standard, issued in December 2019, simplifies the accounting for income taxes by eliminating certain exceptions to the general principles and simplifying several aspects of ASC 740, Income taxes, including requirements related to the following: • The intraperiod tax allocation exception to the incremental approach, • The tax basis step-up in goodwill obtained in a transaction that is not a business combination, • Hybrid tax regimes, • Ownership changes in investments - changes from a subsidiary to an equity method investment, • Separate financial statements of entities not subject to tax, • Interim-period accounting for enacted changes in tax law, and • The year-to-date loss limitation in interim-period tax accounting. January 1, 2021 on a Adoption of the ASU did not have an impact on the Company's financial condition, results of operations, or cash flows. Future Adoption of Accounting Pronouncements The following table provides a description of future adoptions of new accounting standards that may have an impact on the Company's financial statements when adopted: Standard Description of Requirements Effective date and transition provisions Effect on the financial statements or other significant matters ASU 2020-04, Reference Rate Reform This standard, issued in March 2020, provides temporary optional expedients and exceptions In January, 2021, the FASB issued ASU The amendments are effective as of March 12, 2020, the issuance date of the ASU. An entity may elect to apply the amendments prospectively The Company expects that it will elect to apply some of the expedients and exceptions provided in ASU 2020-04; however, the Company is still evaluating the guidance, and therefore, the impact of the adoption of ASU 2020-04 on the Company’s financial condition and results of operations has not yet been determined. ASU 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts This standard, issued in August 2018, changes the measurement and disclosures of insurance liabilities and deferred acquisition costs ("DAC") for long-duration contracts issued by insurers. On November 5, 2020, the FASB issued ASU 2020-11, which deferred the effective date of the amendments in ASU 2018-12 for SEC filers to fiscal years ending after December 15, 2022, including interim periods within those fiscal years. Initial adoption for the liability for future policy benefits and DAC is required to be reported using either a full retrospective or modified retrospective approach. For market risk benefits, full retrospective application is required. The implications of these requirements, including transition options, and related potential financial statement impacts are currently being evaluated. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | 50% - 60% >60% - 70% >70% - 80% >80% and above Total 2021 $ 45 $ 157 $ 75 $ — $ — $ 277 2020 141 196 64 — — 401 2019 176 169 70 — — 415 2018 118 62 48 — — 228 2017 550 223 4 — — 777 2016 323 237 1 — — 561 2015 and prior 1,239 262 15 — — 1,516 Total $ 2,592 $ 1,306 $ 277 $ — $ — $ 4,175 As of December 31, 2020 Loan-to-Value Ratios Year of Origination 0% - 50% >50% - 60% >60% - 70% >70% - 80% >80% and above Total 2020 $ 164 $ 206 $ 39 $ — $ — $ 409 2019 209 165 107 — — 481 2018 124 91 73 — — 288 2017 499 356 6 — — 861 2016 399 275 1 — — 675 2015 and prior 1,574 391 15 — — 1,980 Total $ 2,969 $ 1,484 $ 241 $ — $ — $ 4,694 The following tables present commercial mortgage loans by year of origination and DSC ratio as of the dates indicated: As of June 30, 2021 Debt Service Coverage Ratios Year of Origination >1.5x >1.25x - 1.5x >1.0x - 1.25x <1.0x Commercial mortgage loans secured by land or construction loans Total 2021 $ 271 $ 6 — $ — $ — $ 277 2020 337 54 10 — — 401 2019 275 63 33 44 — 415 2018 78 58 29 63 — 228 2017 431 80 40 226 — 777 2016 458 40 19 44 — 561 2015 and prior 1,283 140 60 33 — 1,516 Total $ 3,133 $ 441 $ 191 $ 410 $ — $ 4,175 As of December 31, 2020 Debt Service Coverage Ratios Year of Origination >1.5x >1.25x - 1.5x >1.0x - 1.25x <1.0x Commercial mortgage loans secured by land or construction loans Total 2020 $ 298 $ 93 $ 18 $ — $ — $ 409 2019 319 77 36 49 — 481 2018 102 79 60 47 — 288 2017 494 204 103 60 — 861 2016 591 53 31 — — 675 2015 and prior 1,676 178 72 54 — 1,980 Total $ 3,480 $ 684 $ 320 $ 210 $ — $ 4,694 The following tables present the commercial mortgage loans by year of origination and U.S. region as of the dates indicated: As of June 30, 2021 U.S. Region Year of Origination Pacific South Atlantic Middle Atlantic West South Central Mountain East North Central New England West North Central East South Central Total 2021 $ 50 $ 22 $ 22 $ 36 $ 64 $ 50 $ — $ 12 $ 21 $ 277 2020 75 159 35 37 33 29 1 11 21 401 2019 50 107 10 124 35 37 15 11 26 415 2018 44 87 54 15 13 10 — 5 — 228 2017 89 84 325 130 53 55 5 36 — 777 2016 109 121 166 29 45 63 7 15 6 561 2015 and prior 388 351 255 94 139 128 45 91 25 1,516 Total $ 805 $ 931 $ 867 $ 465 $ 382 $ 372 $ 73 $ 181 $ 99 $ 4,175 As of December 31, 2020 U.S. Region Year of Origination Pacific South Atlantic Middle Atlantic West South Central Mountain East North Central New England West North Central East South Central Total 2020 $ 84 $ 159 $ 35 $ 37 $ 32 $ 29 $ 1 $ 12 $ 20 $ 409 2019 63 122 11 137 54 39 17 11 27 481 2018 49 98 57 34 26 11 — 13 — 288 2017 99 98 352 136 74 60 5 37 — 861 2016 156 127 180 32 72 72 9 21 6 675 2015 and prior 526 423 326 141 198 180 49 108 29 1,980 Total $ 977 $ 1,027 $ 961 $ 517 $ 456 $ 391 $ 81 $ 202 $ 82 $ 4,694 The following tables present the commercial mortgage loans by year of origination and property type as of the dates indicated: As of June 30, 2021 Property Type Year of Origination Retail Industrial Apartments Office Hotel/Motel Other Mixed Use Total 2021 $ 5 $ 29 $ 169 $ 74 $ — $ — $ — $ 277 2020 51 73 141 136 — — — 401 2019 30 67 231 67 20 — — 415 2018 42 74 77 15 3 17 — 228 2017 91 375 185 123 3 — — 777 2016 104 217 95 129 8 5 3 561 2015 and prior 577 201 286 205 64 145 38 1,516 Total $ 900 $ 1,036 $ 1,184 $ 749 $ 98 $ 167 $ 41 $ 4,175 As of December 31, 2020 Property Type Year of Origination Retail Industrial Apartments Office Hotel/Motel Other Mixed Use Total 2020 $ 51 $ 73 $ 141 $ 144 $ — $ — $ — $ 409 2019 32 73 283 71 22 — — 481 2018 49 78 124 17 3 17 — 288 2017 102 415 204 136 4 — — 861 2016 129 244 138 144 9 7 4 675 2015 and prior 792 305 338 261 79 166 39 1,980 Total $ 1,155 $ 1,188 $ 1,228 $ 773 $ 117 $ 190 $ 43 $ 4,694 The following table summarizes the activity in the allowance for losses for commercial mortgage loans for the periods indicated: June 30, 2021 December 31, 2020 Allowance for credit losses, beginning of the period $ 67 $ 12 (1) Credit losses on mortgage loans for which credit losses were not previously recorded 1 5 Change in allowance due to transfer of loans from Voya Reinsurance portfolios to Resolution (7) — Increase (decrease) on mortgage loans with allowance recorded in previous period (34) 52 Provision for expected credit losses 27 69 Write-offs — (2) Recoveries of amounts previously written off — — Allowance for credit losses, end of period $ 27 $ 67 (1) On January 1, 2020, as a result of implementing ASU 2016-13 Measurement of Credit Losses of Financial Instruments, the Company recorded a transition adjustment for Allowance for credit losses on mortgage loans on real estate of $12. To provide temporary financial assistance to our commercial mortgage loans borrowers adversely effected by COVID-19 related stress, the Company has provided payment forbearance to approximately 7% of the outstanding principal amount of our commercial mortgage loans. Deferred payment amounts are expected to be repaid across the 12 months following the end of the agreed upon forbearance period. No modifications to any commercial mortgage loans have been made as of the issuance date of this filing. The following table presents past due commercial mortgage loans as of the dates indicated: June 30, 2021 December 31, 2020 Delinquency: Current $ 4,175 $ 4,691 30-59 days past due — — 60-89 days past due — — Greater than 90 days past due — 3 Total $ 4,175 $ 4,694 Commercial mortgage loans are placed on non-accrual status when 90 days in arrears if the Company has concerns regarding the collectability of future payments, or if a loan has matured without being paid off or extended. As of June 30, 2021, the Company had no commercial mortgage loan in non-accrual status. As of December 31, 2020, the Company had one commercial mortgage loan in non-accrual status. There was no interest income recognized on loans in non-accrual status for the six months ended June 30, 2021 and year ended December 31, 2020. As of June 30, 2021 and December 31, 2020, the Company had no commercial mortgage loans that were over 90 days or more past due but are not on non-accrual status. The Company had no commercial mortgage loans on non-accrual status for which there is no related allowance for credit losses as of June 30, 2021. Fixed Maturities, Trading The Company invests in corporate private debt securities which are recognized at fair value within the Condensed Consolidated Balance Sheets with changes in value recognized in Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations. For the three months and six months ended June 30, 2021 and 2020, there were no gains (losses) and no interest income. Net Investment Income The following table summarizes Net investment income for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Fixed maturities $ 361 $ 398 $ 737 $ 771 Equity securities 4 2 7 4 Mortgage loans on real estate 46 50 90 100 Policy loans 3 4 4 6 Short-term investments and cash equivalents 1 — 2 1 Other 84 (51) 166 (21) Gross investment income 499 403 1,006 861 Less: Investment expenses 17 18 35 37 Net investment income $ 482 $ 385 $ 971 $ 824 As of June 30, 2021 and December 31, 2020, the Company had $1 of investments in fixed maturities that did not produce net investment income. Fixed maturities are moved to a non-accrual status when the investment defaults. Interest income on fixed maturities is recorded when earned using an effective yield method, giving effect to amortization of premiums and accretion of discounts. Such interest income is recorded in Net investment income in the Condensed Consolidated Statements of Operations. Net Realized Capital Gains (Losses) Net realized capital gains (losses) comprise the difference between the amortized cost of investments and proceeds from sale and redemption, as well as losses incurred due to the credit-related and intent-related impairment of investments. Realized investment gains and losses are also primarily generated from changes in fair value of embedded derivatives within products and fixed maturities, changes in fair value of fixed maturities recorded at FVO and changes in fair value including accruals on derivative instruments, except for effective cash flow hedges. Net realized capital gains (losses) also include changes in fair value of trading debt securities and changes in fair value of equity securities. The cost of the investments on disposal is generally determined based on first-in-first-out ("FIFO") methodology. Net realized capital gains (losses) were as follows for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Fixed maturities, available-for-sale, including securities pledged $ 11 $ (3) $ 520 $ (21) Fixed maturities, at fair value option (145) (39) (287) 16 Equity securities, at fair value 4 6 7 1 Derivatives (8) 6 (48) 52 Embedded derivatives - fixed maturities — — (2) 4 Guaranteed benefit derivatives (12) 39 37 (130) Mortgage Loans 21 — 84 — Other investments 94 (38) 94 (43) Net realized capital gains (losses) $ (35) $ (29) $ 405 $ (121) On June 1, 2021, the Company fully disposed of a 9.99% equity interest in VA Capital which was originally acquired as part of a Master Transaction Agreement dated December 20, 2017, related to the sale of substantially all of our Closed Block Variable Annuity (CBVA) and Annuity business. The disposition resulted in a net realized gain of $95 reported as Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations Proceeds from the sale of fixed maturities, available-for-sale and trading, and equity securities and the related gross realized gains and losses, before tax, were as follows for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Proceeds on sales $ 420" id="sjs-B4">2. Investments Fixed Maturities Available-for-sale and fair value option ("FVO") fixed maturities were as follows as of June 30, 2021: Amortized Gross Gross Embedded Derivatives (2) Fair Allowance for credit losses Fixed maturities: U.S. Treasuries $ 536 $ 139 $ — $ — $ 675 $ — U.S. Government agencies and authorities 21 1 — — 22 — State, municipalities and political subdivisions 646 91 — — 737 — U.S. corporate public securities 7,140 1,117 26 — 8,231 — U.S. corporate private securities 3,478 380 18 — 3,840 — Foreign corporate public securities and foreign governments (1) 2,297 296 9 — 2,584 — Foreign corporate private securities (1) 2,581 252 22 — 2,800 11 Residential mortgage-backed securities 3,366 128 14 9 3,488 1 Commercial mortgage-backed securities 2,514 169 10 — 2,673 — Other asset-backed securities 1,384 23 3 — 1,404 — Total fixed maturities, including securities pledged 23,963 2,596 102 9 26,454 12 Less: Securities pledged 658 86 — — 744 — Total fixed maturities $ 23,305 $ 2,510 $ 102 $ 9 $ 25,710 $ 12 (1) Primarily U.S. dollar denominated. (2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations. Available-for-sale and FVO fixed maturities were as follows as of December 31, 2020: Amortized Gross Gross Embedded Derivatives (2) Fair Allowance for credit losses Fixed maturities: U.S. Treasuries $ 535 $ 186 $ — $ — $ 721 $ — U.S. Government agencies and authorities 18 1 — — 19 — State, municipalities and political subdivisions 698 116 — — 814 — U.S. corporate public securities 7,632 1,531 7 — 9,156 — U.S. corporate private securities 3,870 536 27 — 4,379 — Foreign corporate public securities and foreign governments (1) 2,539 413 1 — 2,951 — Foreign corporate private securities (1) 2,991 348 25 — 3,303 11 Residential mortgage-backed securities 4,071 171 15 11 4,237 1 Commercial mortgage-backed securities 2,712 207 26 — 2,893 — Other asset-backed securities 1,500 28 6 — 1,520 2 Total fixed maturities, including securities pledged 26,566 3,537 107 11 29,993 14 Less: Securities pledged 169 52 1 — 220 — Total fixed maturities $ 26,397 $ 3,485 $ 106 $ 11 $ 29,773 $ 14 (1) Primarily U.S. dollar denominated. (2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations. The amortized cost and fair value of fixed maturities, including securities pledged, as of June 30, 2021, are shown below by contractual maturity. Actual maturities may differ from contractual maturities as securities may be restructured, called or prepaid. Mortgage-backed securities ("MBS") and Other asset-backed securities ("ABS") are shown separately because they are not due at a single maturity date. Amortized Fair Due to mature: One year or less $ 316 $ 320 After one year through five years 3,131 3,354 After five years through ten years 4,480 4,966 After ten years 8,772 10,249 Mortgage-backed securities 5,880 6,161 Other asset-backed securities 1,384 1,404 Fixed maturities, including securities pledged $ 23,963 $ 26,454 The investment portfolio is monitored to maintain a diversified portfolio on an ongoing basis. Credit risk is mitigated by monitoring concentrations by issuer, sector and geographic stratification and limiting exposure to any one issuer. As of June 30, 2021 and December 31, 2020, the Company did not have any investments in a single issuer, other than obligations of the U.S. Government and government agencies, with a carrying value in excess of 10% of the Company's Total Shareholder's Equity. The following tables present the composition of the U.S. and foreign corporate securities within the fixed maturity portfolio by industry category as of the dates indicated: Amortized Gross Unrealized Capital Gains Gross Unrealized Capital Losses Fair Value June 30, 2021 Communications $ 859 $ 167 $ 1 $ 1,025 Financial 2,509 316 10 2,815 Industrial and other companies 6,907 836 22 7,721 Energy 1,385 242 15 1,612 Utilities 2,672 365 5 3,032 Transportation 873 85 20 938 Total $ 15,205 $ 2,011 $ 73 $ 17,143 December 31, 2020 Communications $ 950 $ 231 $ 1 $ 1,180 Financial 2,921 472 2 3,391 Industrial and other companies 7,284 1,155 13 8,426 Energy 1,571 259 22 1,808 Utilities 3,025 530 1 3,554 Transportation 929 128 20 1,037 Total $ 16,680 $ 2,775 $ 59 $ 19,396 The Company has elected the FVO for certain of its fixed maturities to better match the measurement of assets and liabilities in the Condensed Consolidated Statements of Operations. Certain collateralized mortgage obligations ("CMOs"), primarily interest-only and principal-only strips, are accounted for as hybrid instruments and reported at fair value with changes in the fair value recorded in Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations. The Company invests in various categories of CMOs, including CMOs that are not agency-backed, that are subject to different degrees of risk from changes in interest rates and defaults. The principal risks inherent in holding CMOs are prepayment and extension risks related to significant decreases and increases in interest rates resulting in the prepayment of principal from the underlying mortgages, either earlier or later than originally anticipated. As of June 30, 2021 and December 31, 2020, approximately 45.8% and 48.2%, respectively, of the Company’s CMO holdings, were invested in the above mentioned types of CMOs such as interest-only or principal-only strips, that are subject to more prepayment and extension risk than traditional CMOs. Public corporate fixed maturity securities are distinguished from private corporate fixed maturity securities based upon the manner in which they are transacted. Public corporate fixed maturity securities are issued initially through market intermediaries on a registered basis or pursuant to Rule 144A under the Securities Act of 1933 (the "Securities Act") and are traded on the secondary market through brokers acting as principal. Private corporate fixed maturity securities are originally issued by borrowers directly to investors pursuant to Section 4(a)(2) of the Securities Act, and are traded in the secondary market directly with counterparties, either without the participation of a broker or in agency transactions. Repurchase Agreements As of June 30, 2021 and December 31, 2020, the Company did not have any securities pledged in dollar rolls, repurchase agreement transactions or reverse repurchase agreements. Securities Lending The Company engages in securities lending whereby the initial collateral is required at a rate of 102% of the market value of the loaned securities. The lending agent retains the collateral and invests it in high quality liquid assets on behalf of the Company. The market value of the loaned securities is monitored on a daily basis with additional collateral obtained or refunded as the market value of the loaned securities fluctuates. The lending agent indemnifies the Company against losses resulting from the failure of a counterparty to return securities pledged where collateral is insufficient to cover the loss. As of June 30, 2021 and December 31, 2020, the fair value of loaned securities was $599 and $143, respectively, and is included in Securities pledged on the Condensed Consolidated Balance Sheets. If cash is received as collateral, the lending agent retains the cash collateral and invests it in short-term liquid assets on behalf of the Company. As of June 30, 2021 and December 31, 2020, cash collateral retained by the lending agent and invested in short-term liquid assets on the Company's behalf was $591 and $74, respectively, and is recorded in Short-term investments under securities loan agreements, including collateral delivered on the Condensed Consolidated Balance Sheets. As of June 30, 2021 and December 31, 2020, liabilities to return collateral of $591 and $74, respectively, are included in Payables under securities loan agreements, including collateral held, on the Condensed Consolidated Balance Sheets. The Company accepts non-cash collateral in the form of securities. The securities retained as collateral by the lending agent may not be sold or re-pledged, except in the event of default, and are not reflected on the Company’s Condensed Consolidated Balance Sheets. This collateral generally consists of U.S. Treasury, U.S. Government agency securities and MBS pools. As of June 30, 2021 and December 31, 2020, the fair value of securities retained as collateral by the lending agent on the Company’s behalf was $26 and $70, respectively. The following table presents borrowings under securities lending transactions by asset class pledged as of the dates indicated: June 30, 2021 December 31, 2020 U.S. Treasuries $ 49 $ 70 U.S. corporate public securities 320 54 Foreign corporate public securities and foreign governments 188 20 Equity securities 60 — Payables under securities loan agreements $ 617 $ 144 The Company's securities lending activities are conducted on an overnight basis, and all securities loaned can be recalled at any time. The Company does not offset assets and liabilities associated with its securities lending program. Variable Interest Entities ("VIEs") The Company holds certain VIEs for investment purposes. VIEs may be in the form of private placement securities, structured securities, securitization transactions or limited partnerships. The Company has reviewed each of its holdings and determined that consolidation of these investments in the Company’s financial statements is not required, as the Company is not the primary beneficiary, because the Company does not have both the power to direct the activities that most significantly impact the entity’s economic performance and the obligation or right to potentially significant losses or benefits, for any of its investments in VIEs. The Company did not provide any non-contractual financial support and its carrying value represents the Company’s exposure to loss. The carrying value and ownership interest of these investments are included in Limited partnerships/corporations on the Condensed Consolidated Balance Sheets. Income and losses recognized on these investments are reported in Net investment income in the Condensed Consolidated Statements of Operations. Securitizations The Company invests in various tranches of securitization entities, including Residential mortgage-backed securities ("RMBS"), Commercial mortgage-backed securities ("CMBS") and ABS. Through its investments, the Company is not obligated to provide any financial or other support to these entities. Each of the RMBS, CMBS and ABS entities are thinly capitalized by design and considered VIEs. The Company's involvement with these entities is limited to that of a passive investor. The Company has no unilateral right to appoint or remove the servicer, special servicer or investment manager, which are generally viewed to have the power to direct the activities that most significantly impact the securitization entities' economic performance, in any of these entities, nor does the Company function in any of these roles. The Company, through its investments or other arrangements, does not have the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the entity. Therefore, the Company is not the primary beneficiary and does not consolidate any of the RMBS, CMBS and ABS entities in which it holds investments. These investments are accounted for as investments available-for-sale as described in the Fair Value Measurements Note to these Condensed Consolidated Financial Statements and unrealized capital gains (losses) on these securities are recorded directly in AOCI, except for certain RMBS that are accounted for under the FVO, for which changes in fair value are reflected in Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations. The Company’s maximum exposure to loss on these structured investments is limited to the amount of its investment. Allowance for credit losses The following table presents a rollforward of the allowance for credit losses on available-for-sale fixed maturity securities for the period presented: Six Months Ended June 30, 2021 Residential mortgage-backed securities Commercial mortgage-backed securities Foreign corporate private securities Other asset-backed securities Total Balance as of January 1, 2021 $ 1 $ — $ 11 $ 2 $ 14 Credit losses on securities for which credit losses were not previously recorded 1 — — — 1 Initial allowance for credit losses recognized on financial assets accounted for as PCD — — — — — Reductions for securities sold during the period — — — — — Reductions for intent to sell or more likely than not will be required to sell securities prior to recovery of amortized cost — — — — — Increase (decrease) on securities with allowance recorded in previous period (1) — — (2) (3) Write-offs — — — — — Recoveries of amounts previously written-off — — — — — Balance at June 30, 2021 $ 1 $ — $ 11 $ — $ 12 Year Ended December 31, 2020 Residential mortgage-backed securities Commercial mortgage-backed securities Foreign corporate private securities Other asset-backed securities Total Balance as of January 1, 2020 $ — $ — $ — $ — $ — Credit losses on securities for which credit losses were not previously recorded 1 — 11 2 14 Initial allowance for credit losses recognized on financial assets accounted for as PCD — — — — — Reductions for securities sold during the period — — — — — Reductions for intent to sell or more likely than not will be required to sell securities prior to recovery of amortized cost — — — — — Increase (decrease) on securities with allowance recorded in previous period — — — — — Write-offs — — — — — Recoveries of amounts previously written-off — — — — — Balance as of December 31, 2020 $ 1 $ — $ 11 $ 2 $ 14 Unrealized Capital Losses The following table presents available-for-sale fixed maturities, including securities pledged, for which an allowance for credit losses has not been recorded by market sector and duration as of June 30, 2021: Twelve More Than Twelve Total Fair Unrealized Number of securities Fair Unrealized Number of securities Fair Unrealized Number of securities U.S. Treasuries $ 13 $ — 4 $ — $ — — $ 13 $ — 4 State, municipalities and political subdivisions 10 — 3 — — — 10 — 3 U.S. corporate public securities 856 25 332 18 1 3 874 26 335 U.S. corporate private securities 92 3 16 73 15 6 165 18 22 Foreign corporate public securities and foreign governments 224 8 63 8 1 4 232 9 67 Foreign corporate private securities 122 22 11 22 — 3 144 22 14 Residential mortgage-backed 271 7 152 224 7 75 495 14 227 Commercial mortgage-backed 138 2 34 179 8 31 317 10 65 Other asset-backed 197 1 57 97 2 52 294 3 109 Total $ 1,923 $ 68 672 $ 621 $ 34 174 $ 2,544 $ 102 846 The Company concluded that an allowance for credit losses was unnecessary for these securities because the unrealized losses are not credit related. The following table presents available-for-sale fixed maturities, including securities pledged, for which an allowance for credit losses has not been recorded by market sector and duration as of December 31, 2020: Twelve Months or Less Below Amortized Cost More Than Twelve Total Fair Unrealized Number Fair Unrealized Number Fair Unrealized Number U.S. Treasuries $ 8 $ — 2 $ — $ — — $ 8 $ — 2 State, municipalities and political subdivisions 5 — 2 — — — 5 — 2 U.S. corporate public securities 199 5 182 22 2 4 221 7 186 U.S. corporate private securities 316 10 29 71 17 7 387 27 36 Foreign corporate public securities and foreign governments 32 1 22 6 — 2 38 1 24 Foreign corporate private securities 176 25 20 3 — 1 179 25 21 Residential mortgage-backed 613 11 134 119 4 54 732 15 188 Commercial mortgage-backed 579 25 105 33 1 7 612 26 112 Other asset-backed 206 1 59 265 5 88 471 6 147 Total $ 2,134 $ 78 555 $ 519 $ 29 163 $ 2,653 $ 107 718 Based on the Company's quarterly evaluation of its securities in a unrealized loss position, described below, the Company concluded that these securities were not impaired as of June 30, 2021. The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases. Gross unrealized capital losses on fixed maturities, including securities pledged, decreased $5 from $107 to $102 for the six months ended June 30, 2021. The change in gross unrealized capital losses was primarily due to non-credit related market factors. As of June 30, 2021, $6 of the total $102 of gross unrealized losses were from 6 available-for-sale fixed maturity securities with an unrealized loss position of 20% or more of amortized cost for 12 months or greater. Evaluating Securities for Impairments The Company performs a regular evaluation, on a security-by-security basis, of its available-for-sale securities holdings, including fixed maturity securities in accordance with its impairment policy in order to evaluate whether such investments are impaired. The following table identifies the Company's impairments included in the Condensed Consolidated Statements of Operations, excluding impairments included in Other comprehensive income (loss) by type for the periods indicated: Three Months Ended June 30, 2021 2020 Impairment No. of Securities Impairment No. of Securities State, municipalities, and political subdivisions $ — — $ — * 5 U.S. corporate public securities — — 5 36 U.S. corporate private securities — — — * 1 Foreign corporate public securities and foreign governments (1) — — 1 20 Foreign corporate private securities (1) — — — * 7 Residential mortgage-backed — * 4 1 27 Commercial mortgage-backed — — 16 94 Other asset-backed — — 1 60 Total $ — * 4 $ 24 250 Credit Impairments $ — $ — Intent Impairments $ — $ 24 (1) Primarily U.S. dollar denominated. *Less than $1. Six Months Ended June 30, 2021 2020 Impairment No. of Securities Impairment No. of Securities State, municipalities, and political subdivisions $ — — $ — * 5 U.S. corporate public securities — — 11 38 U.S. corporate private securities — — — * 1 Foreign corporate public securities and foreign governments (1) — — 1 20 Foreign corporate private securities (1) — — — * 7 Residential mortgage-backed — * 9 2 32 Commercial mortgage-backed — * 1 16 95 Other asset-backed — — 1 60 Total $ — * 10 $ 31 258 Credit Impairments $ — $ — Intent Impairments $ — $ 31 (1) Primarily U.S. dollar denominated. *Less than $1. The Company may sell securities during the period in which fair value has declined below amortized cost for fixed maturities. In certain situations, new factors, including changes in the business environment, can change the Company’s previous intent to continue holding a security. Accordingly, these factors may lead the Company to record additional intent related capital losses. Troubled Debt Restructuring The Company invests in high quality, well performing portfolios of commercial mortgage loans and private placements. Under certain circumstances, modifications are granted to these contracts. Each modification is evaluated as to whether a troubled debt restructuring has occurred. A modification is a troubled debt restructuring when the borrower is in financial difficulty and the creditor makes concessions. Generally, the types of concessions may include reducing the face amount or maturity amount of the debt as originally stated, reducing the contractual interest rate, extending the maturity date at an interest rate lower than current market interest rates and/or reducing accrued interest. The Company considers the amount, timing and extent of the concession granted in determining any impairment or changes in the specific credit allowance recorded in connection with the troubled debt restructuring. A credit allowance may have been recorded prior to the quarter when the loan is modified in a troubled debt restructuring. Accordingly, the carrying value (net of the allowance) before and after modification through a troubled debt restructuring may not change significantly, or may increase if the expected recovery is higher than the pre-modification recovery assessment. For the three and six months ended June 30, 2021 and June 30, 2020, the Company did not have any new commercial mortgage loan troubled debt restructuring or new private placement troubled debt restructuring. For the three and six months ended June 30, 2021 and June 30, 2020, the Company did not have any commercial mortgage loans or private placements modified in a troubled debt restructuring with a subsequent payment default. Mortgage Loans on Real Estate The Company diversifies its commercial mortgage loan portfolio by geographic region and property type to reduce concentration risk. The Company manages risk when originating commercial mortgage loans by generally lending only up to 75% of the estimated fair value of the underlying real estate. Subsequently, the Company continuously evaluates mortgage loans based on relevant current information including a review of loan-specific performance, property characteristics and market trends. Loan performance is monitored on a loan specific basis through the review of submitted appraisals, operating statements, rent revenues and annual inspection reports, among other items. This review ensures properties are performing at a consistent and acceptable level to secure the debt. The components to evaluate debt service coverage are received and reviewed at least annually to determine the level of risk. Loan-to-value ("LTV") and debt service coverage ("DSC") ratios are measures commonly used to assess the risk and quality of mortgage loans. The LTV ratio, calculated at time of origination, is expressed as a percentage of the amount of the loan relative to the value of the underlying property. A LTV ratio in excess of 100% indicates the unpaid loan amount exceeds the underlying collateral. The DSC ratio, based upon the most recently received financial statements, is expressed as a percentage of the amount of a property’s net income to its debt service payments. A DSC ratio of less than 1.0 indicates that a property’s operations do not generate sufficient income to cover debt payments. These ratios are utilized as part of the review process described above. The following tables present commercial mortgage loans by year of origination and LTV ratio as of the dates indicated: As of June 30, 2021 Loan-to-Value Ratios Year of Origination 0% - 50% >50% - 60% >60% - 70% >70% - 80% >80% and above Total 2021 $ 45 $ 157 $ 75 $ — $ — $ 277 2020 141 196 64 — — 401 2019 176 169 70 — — 415 2018 118 62 48 — — 228 2017 550 223 4 — — 777 2016 323 237 1 — — 561 2015 and prior 1,239 262 15 — — 1,516 Total $ 2,592 $ 1,306 $ 277 $ — $ — $ 4,175 As of December 31, 2020 Loan-to-Value Ratios Year of Origination 0% - 50% >50% - 60% >60% - 70% >70% - 80% >80% and above Total 2020 $ 164 $ 206 $ 39 $ — $ — $ 409 2019 209 165 107 — — 481 2018 124 91 73 — — 288 2017 499 356 6 — — 861 2016 399 275 1 — — 675 2015 and prior 1,574 391 15 — — 1,980 Total $ 2,969 $ 1,484 $ 241 $ — $ — $ 4,694 The following tables present commercial mortgage loans by year of origination and DSC ratio as of the dates indicated: As of June 30, 2021 Debt Service Coverage Ratios Year of Origination >1.5x >1.25x - 1.5x >1.0x - 1.25x <1.0x Commercial mortgage loans secured by land or construction loans Total 2021 $ 271 $ 6 — $ — $ — $ 277 2020 337 54 10 — — 401 2019 275 63 33 44 — 415 2018 78 58 29 63 — 228 2017 431 80 40 226 — 777 2016 458 40 19 44 — 561 2015 and prior 1,283 140 60 33 — 1,516 Total $ 3,133 $ 441 $ 191 $ 410 $ — $ 4,175 As of December 31, 2020 Debt Service Coverage Ratios Year of Origination >1.5x >1.25x - 1.5x >1.0x - 1.25x <1.0x Commercial mortgage loans secured by land or construction loans Total 2020 $ 298 $ 93 $ 18 $ — $ — $ 409 2019 319 77 36 49 — 481 2018 102 79 60 47 — 288 2017 494 204 103 60 — 861 2016 591 53 31 — — 675 2015 and prior 1,676 178 72 54 — 1,980 Total $ 3,480 $ 684 $ 320 $ 210 $ — $ 4,694 The following tables present the commercial mortgage loans by year of origination and U.S. region as of the dates indicated: As of June 30, 2021 U.S. Region Year of Origination Pacific South Atlantic Middle Atlantic West South Central Mountain East North Central New England West North Central East South Central Total 2021 $ 50 $ 22 $ 22 $ 36 $ 64 $ 50 $ — $ 12 $ 21 $ 277 2020 75 159 35 37 33 29 1 11 21 401 2019 50 107 10 124 35 37 15 11 26 415 2018 44 87 54 15 13 10 — 5 — 228 2017 89 84 325 130 53 55 5 36 — 777 2016 109 121 166 29 45 63 7 15 6 561 2015 and prior 388 351 255 94 139 128 45 91 25 1,516 Total $ 805 $ 931 $ 867 $ 465 $ 382 $ 372 $ 73 $ 181 $ 99 $ 4,175 As of December 31, 2020 U.S. Region Year of Origination Pacific South Atlantic Middle Atlantic West South Central Mountain East North Central New England West North Central East South Central Total 2020 $ 84 $ 159 $ 35 $ 37 $ 32 $ 29 $ 1 $ 12 $ 20 $ 409 2019 63 122 11 137 54 39 17 11 27 481 2018 49 98 57 34 26 11 — 13 — 288 2017 99 98 352 136 74 60 5 37 — 861 2016 156 127 180 32 72 72 9 21 6 675 2015 and prior 526 423 326 141 198 180 49 108 29 1,980 Total $ 977 $ 1,027 $ 961 $ 517 $ 456 $ 391 $ 81 $ 202 $ 82 $ 4,694 The following tables present the commercial mortgage loans by year of origination and property type as of the dates indicated: As of June 30, 2021 Property Type Year of Origination Retail Industrial Apartments Office Hotel/Motel Other Mixed Use Total 2021 $ 5 $ 29 $ 169 $ 74 $ — $ — $ — $ 277 2020 51 73 141 136 — — — 401 2019 30 67 231 67 20 — — 415 2018 42 74 77 15 3 17 — 228 2017 91 375 185 123 3 — — 777 2016 104 217 95 129 8 5 3 561 2015 and prior 577 201 286 205 64 145 38 1,516 Total $ 900 $ 1,036 $ 1,184 $ 749 $ 98 $ 167 $ 41 $ 4,175 As of December 31, 2020 Property Type Year of Origination Retail Industrial Apartments Office Hotel/Motel Other Mixed Use Total 2020 $ 51 $ 73 $ 141 $ 144 $ — $ — $ — $ 409 2019 32 73 283 71 22 — — 481 2018 49 78 124 17 3 17 — 288 2017 102 415 204 136 4 — — 861 2016 129 244 138 144 9 7 4 675 2015 and prior 792 305 338 261 79 166 39 1,980 Total $ 1,155 $ 1,188 $ 1,228 $ 773 $ 117 $ 190 $ 43 $ 4,694 The following table summarizes the activity in the allowance for losses for commercial mortgage loans for the periods indicated: June 30, 2021 December 31, 2020 Allowance for credit losses, beginning of the period $ 67 $ 12 (1) Credit losses on mortgage loans for which credit losses were not previously recorded 1 5 Change in allowance due to transfer of loans from Voya Reinsurance portfolios to Resolution (7) — Increase (decrease) on mortgage loans with allowance recorded in previous period (34) 52 Provision for expected credit losses 27 69 Write-offs — (2) Recoveries of amounts previously written off — — Allowance for credit losses, end of period $ 27 $ 67 (1) On January 1, 2020, as a result of implementing ASU 2016-13 Measurement of Credit Losses of Financial Instruments, the Company recorded a transition adjustment for Allowance for credit losses on mortgage loans on real estate of $12. To provide temporary financial assistance to our commercial mortgage loans borrowers adversely effected by COVID-19 related stress, the Company has provided payment forbearance to approximately 7% of the outstanding principal amount of our commercial mortgage loans. Deferred payment amounts are expected to be repaid across the 12 months following the end of the agreed upon forbearance period. No modifications to any commercial mortgage loans have been made as of the issuance date of this filing. The following table presents past due commercial mortgage loans as of the dates indicated: June 30, 2021 December 31, 2020 Delinquency: Current $ 4,175 $ 4,691 30-59 days past due — — 60-89 days past due — — Greater than 90 days past due — 3 Total $ 4,175 $ 4,694 Commercial mortgage loans are placed on non-accrual status when 90 days in arrears if the Company has concerns regarding the collectability of future payments, or if a loan has matured without being paid off or extended. As of June 30, 2021, the Company had no commercial mortgage loan in non-accrual status. As of December 31, 2020, the Company had one commercial mortgage loan in non-accrual status. There was no interest income recognized on loans in non-accrual status for the six months ended June 30, 2021 and year ended December 31, 2020. As of June 30, 2021 and December 31, 2020, the Company had no commercial mortgage loans that were over 90 days or more past due but are not on non-accrual status. The Company had no commercial mortgage loans on non-accrual status for which there is no related allowance for credit losses as of June 30, 2021. Fixed Maturities, Trading The Company invests in corporate private debt securities which are recognized at fair value within the Condensed Consolidated Balance Sheets with changes in value recognized in Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations. For the three months and six months ended June 30, 2021 and 2020, there were no gains (losses) and no interest income. Net Investment Income The following table summarizes Net investment income for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Fixed maturities $ 361 $ 398 $ 737 $ 771 Equity securities 4 2 7 4 Mortgage loans on real estate 46 50 90 100 Policy loans 3 4 4 6 Short-term investments and cash equivalents 1 — 2 1 Other 84 (51) 166 (21) Gross investment income 499 403 1,006 861 Less: Investment expenses 17 18 35 37 Net investment income $ 482 $ 385 $ 971 $ 824 As of June 30, 2021 and December 31, 2020, the Company had $1 of investments in fixed maturities that did not produce net investment income. Fixed maturities are moved to a non-accrual status when the investment defaults. Interest income on fixed maturities is recorded when earned using an effective yield method, giving effect to amortization of premiums and accretion of discounts. Such interest income is recorded in Net investment income in the Condensed Consolidated Statements of Operations. Net Realized Capital Gains (Losses) Net realized capital gains (losses) comprise the difference between the amortized cost of investments and proceeds from sale and redemption, as well as losses incurred due to the credit-related and intent-related impairment of investments. Realized investment gains and losses are also primarily generated from changes in fair value of embedded derivatives within products and fixed maturities, changes in fair value of fixed maturities recorded at FVO and changes in fair value including accruals on derivative instruments, except for effective cash flow hedges. Net realized capital gains (losses) also include changes in fair value of trading debt securities and changes in fair value of equity securities. The cost of the investments on disposal is generally determined based on first-in-first-out ("FIFO") methodology. Net realized capital gains (losses) were as follows for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Fixed maturities, available-for-sale, including securities pledged $ 11 $ (3) $ 520 $ (21) Fixed maturities, at fair value option (145) (39) (287) 16 Equity securities, at fair value 4 6 7 1 Derivatives (8) 6 (48) 52 Embedded derivatives - fixed maturities — — (2) 4 Guaranteed benefit derivatives (12) 39 37 (130) Mortgage Loans 21 — 84 — Other investments 94 (38) 94 (43) Net realized capital gains (losses) $ (35) $ (29) $ 405 $ (121) On June 1, 2021, the Company fully disposed of a 9.99% equity interest in VA Capital which was originally acquired as part of a Master Transaction Agreement dated December 20, 2017, related to the sale of substantially all of our Closed Block Variable Annuity (CBVA) and Annuity business. The disposition resulted in a net realized gain of $95 reported as Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations Proceeds from the sale of fixed maturities, available-for-sale and trading, and equity securities and the related gross realized gains and losses, before tax, were as follows for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Proceeds on sales $ 420 |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments The Company primarily enters into the following types of derivatives: Interest rate swaps: Interest rate swaps are used by the Company primarily to reduce market risks from changes in interest rates and to alter interest rate exposure arising from mismatches between assets and/or liabilities. Interest rate swaps are also used to hedge the interest rate risk associated with the value of assets it owns or in an anticipation of acquiring them. Using interest rate swaps, the Company agrees with another party to exchange, at specified intervals, the difference between fixed rate and floating rate interest payments, calculated by reference to an agreed upon notional principal amount. These transactions are entered into pursuant to master agreements that provide for a single net payment to be made to/from the counterparty at each due date. The Company utilizes these contracts in qualifying hedging relationships as well as non-qualifying hedging relationships. Foreign exchange swaps: The Company uses foreign exchange or currency swaps to reduce the risk of change in the value, yield or cash flows associated with certain foreign denominated invested assets. Foreign exchange swaps represent contracts that require the exchange of foreign currency cash flows against U.S. dollar cash flows at regular periods, typically quarterly or semi-annually. The Company utilizes these contracts in qualifying hedging relationships as well as non-qualifying hedging relationships. Futures: The Company uses interest rate futures contracts to hedge its exposure to market risks due to changes in interest rates. The Company enters into exchange traded futures with regulated futures commissions that are members of the exchange. The Company also posts initial and variation margins, with the exchange, on a daily basis. The Company utilizes exchange-traded futures in non-qualifying hedging relationships. The Company may also use futures contracts as a hedge against an increase in certain equity indices. Embedded derivatives: The Company also invests in certain fixed maturity instruments and has issued certain products that contain embedded derivatives for which market value is at least partially determined by, among other things, levels of or changes in domestic and/or foreign interest rates (short-term or long-term), exchange rates, prepayment rates, equity rates, or credit ratings/spreads. In addition, the Company has entered into coinsurance with funds withheld arrangements, which contain embedded derivatives. The notional amounts and fair values of derivatives were as follows as of the dates indicated: June 30, 2021 December 31, 2020 Notional Asset Liability Notional Asset Liability Derivatives: Qualifying for hedge accounting (1) Cash flow hedges: Interest rate contracts $ 18 $ — $ — $ 18 $ — $ — Foreign exchange contracts 566 4 27 628 3 36 Derivatives: Non-qualifying for hedge accounting (1) Interest rate contracts 14,586 123 174 14,155 137 171 Foreign exchange contracts 54 1 1 83 — 3 Equity contracts — — — 55 5 5 Credit contracts 112 1 1 188 — 1 Embedded derivatives and Managed custody guarantees: Within fixed maturity investments N/A 9 — N/A 11 — Within products N/A — 24 N/A — 59 Managed custody guarantees N/A — 1 N/A — 4 Total $ 138 $ 228 $ 156 $ 279 (1) Open derivative contracts are reported as Derivatives assets or liabilities on the Condensed Consolidated Balance Sheets at fair value. N/A - Not Applicable Based on the notional amounts, a substantial portion of the Company’s derivative positions was not designated or did not qualify for hedge accounting as part of a hedging relationship as of June 30, 2021 and December 31, 2020. The Company utilizes derivative contracts mainly to hedge exposure to variability in cash flows, interest rate risk, credit risk, foreign exchange risk and equity market risk. The majority of derivatives used by the Company are designated as product hedges, which hedge the exposure arising from insurance liabilities or guarantees embedded in the contracts the Company offers through various product lines. These derivatives do not qualify for hedge accounting as they do not meet the criteria of being "highly effective" as outlined in ASC Topic 815, but do provide an economic hedge, which is in line with the Company’s risk management objectives. The Company also uses derivatives contracts to hedge its exposure to various risks associated with the investment portfolio. The Company does not seek hedge accounting treatment for certain of these derivatives as they generally do not qualify for hedge accounting due to the criteria required under the portfolio hedging rules outlined in ASC Topic 815. The Company also uses credit default swaps coupled with other investments in order to produce the investment characteristics of otherwise permissible investments that do not qualify as effective accounting hedges under ASC Topic 815. Although the Company has not elected to net its derivative exposures, the notional amounts and fair values of Over-The-Counter ("OTC") and cleared derivatives excluding exchange traded contracts are presented in the tables below as of the dates indicated: June 30, 2021 Notional Amount Asset Fair Value Liability Fair Value Credit contracts $ 112 $ 1 $ 1 Equity contracts — — — Foreign exchange contracts 620 5 28 Interest rate contracts 12,487 123 174 129 203 Counterparty netting (1) (122) (122) Cash collateral netting (1) (2) (62) Securities collateral netting (1) — (18) Net receivables/payables $ 5 $ 1 (1) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements. December 31, 2020 Notional Amount Asset Fair Value Liability Fair Value Credit contracts $ 188 $ — $ 1 Equity contracts 55 5 5 Foreign exchange contracts 711 3 39 Interest rate contracts 12,567 137 171 145 216 Counterparty netting (1) (141) (141) Cash collateral netting (1) (1) (43) Securities collateral netting (1) — (28) Net receivables/payables $ 3 $ 4 (1) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements. Collateral Under the terms of the OTC Derivative International Swaps and Derivatives Association, Inc. ("ISDA") agreements, the Company may receive from, or deliver to, counterparties, collateral to assure that terms of the ISDA agreements will be met with regard to the Credit Support Annex ("CSA"). The terms of the CSA call for the Company to pay interest on any cash received equal to the Federal Funds rate. To the extent cash collateral is received and delivered, it is included in Payables under securities loan agreements, including collateral held and Short-term investments under securities loan agreements, including collateral delivered, respectively, on the Condensed Consolidated Balance Sheets and is reinvested in short-term investments. Collateral held is used in accordance with the CSA to satisfy any obligations. Investment grade bonds owned by the Company are the source of noncash collateral posted, which is reported in Securities pledged on the Condensed Consolidated Balance Sheets. As of June 30, 2021, the Company held $5 and pledged $61 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. As of December 31, 2020, the Company held $5 and delivered $43 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. In addition, as of June 30, 2021, the Company delivered $145 of securities and held no securities as collateral. As of December 31, 2020, the Company delivered $77 of securities and held no securities as collateral. The location and effect of derivatives qualifying for hedge accounting on the Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income are as follows for the periods indicated: Three Months Ended June 30, 2021 2020 Interest Rate Contracts Foreign Exchange Contracts Interest Rate Contracts Foreign Exchange Contracts Derivatives: Qualifying for hedge accounting Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Net investment income Net investment income and Other net realized capital gains/(losses) Net investment income Net investment income and Other net realized capital gains/(losses) Amount of Gain or (Loss) Recognized in Other Comprehensive Income $ — $ 5 $ 1 $ (16) Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income — $ 2 $ — $ 2 Six Months Ended June 30, 2021 2020 Interest Rate Contracts Foreign Exchange Contracts Interest Rate Contracts Foreign Exchange Contracts Derivatives: Qualifying for hedge accounting Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Net investment income Net investment income and Other net realized capital gains/(losses) Net investment income Net investment income and Other net realized capital gains/(losses) Amount of Gain or (Loss) Recognized in Other Comprehensive Income $ (1) $ 10 $ 2 $ 61 Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income — (1) — 5 The location and amount of gain (loss) recognized in the Consolidated Statements of Operations for derivatives qualifying for hedge accounting are as follows for the periods indicated: Three Months Ended June 30, 2021 2020 Net investment income Other net realized capital gains/(losses) Net investment income Other net realized capital gains/(losses) Total amounts of line items presented in the statement of operations in which the effects of cash flow hedges are recorded $ 482 $ (35) $ 385 $ (5) Derivatives: Qualifying for hedge accounting Cash flow hedges: Foreign exchange contracts: Gain (loss) reclassified from accumulated other comprehensive income into income 2 — 2 — Six Months Ended June 30, 2021 2020 Net investment income Other net realized capital gains/(losses) Net investment income Other net realized capital gains/(losses) Total amounts of line items presented in the statement of operations in which the effects of cash flow hedges are recorded $ 971 $ 405 $ 824 $ (90) Derivatives: Qualifying for hedge accounting Cash flow hedges: Foreign exchange contracts: Gain (loss) reclassified from accumulated other comprehensive income into income 4 (5) 5 — The location and effect of derivatives not designated as hedging instruments on the Condensed Consolidated Statements of Operations are as follows for the periods indicated: Location of Gain or (Loss) Recognized in Income on Derivative Three Months Ended June 30, 2021 2020 Derivatives: Non-qualifying for hedge accounting Interest rate contracts Other net realized capital gains (losses) $ (9) $ 3 Foreign exchange contracts Other net realized capital gains (losses) (1) — Equity contracts Other net realized capital gains (losses) — 1 Credit contracts Other net realized capital gains (losses) 1 2 Embedded derivatives and Managed custody guarantees: Within fixed maturity investments Other net realized capital gains (losses) — — Within products Other net realized capital gains (losses) (12) 30 Within reinsurance agreements Policyholder benefits — — Managed custody guarantees Other net realized capital gains (losses) — 9 Total $ (21) $ 45 Location of Gain or (Loss) Recognized in Income on Derivative Six Months Ended June 30, 2021 2020 Derivatives: Non-qualifying for hedge accounting Interest rate contracts Other net realized capital gains (losses) $ (44) $ 45 Foreign exchange contracts Other net realized capital gains (losses) (1) 4 Equity contracts Other net realized capital gains (losses) — — Credit contracts Other net realized capital gains (losses) 1 3 Embedded derivatives and Managed custody guarantees: Within fixed maturity investments Other net realized capital gains (losses) (2) 4 Within products Other net realized capital gains (losses) 33 (113) Within reinsurance agreements Policyholder benefits — 23 Managed custody guarantees Other net realized capital gains (losses) 4 (17) Total $ (9) $ (51) |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair Value Measurement The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of June 30, 2021: Level 1 Level 2 Level 3 Total Assets: Fixed maturities, including securities pledged: U.S. Treasuries $ 508 $ 167 $ — $ 675 U.S. Government agencies and authorities — 22 — 22 State, municipalities and political subdivisions — 737 — 737 U.S. corporate public securities — 8,213 18 8,231 U.S. corporate private securities — 2,427 1,413 3,840 Foreign corporate public securities and foreign governments (1) — 2,577 7 2,584 Foreign corporate private securities (1) — 2,536 264 2,800 Residential mortgage-backed securities — 3,457 31 3,488 Commercial mortgage-backed securities — 2,673 — 2,673 Other asset-backed securities — 1,352 52 1,404 Total fixed maturities, including securities pledged 508 24,161 1,785 26,454 Fixed maturities, trading — — 33 33 Equity securities 93 — 145 238 Derivatives: Interest rate contracts 5 118 — 123 Foreign exchange contracts — 5 — 5 Credit contracts — 1 — 1 Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 1,072 16 — 1,088 Assets held in separate accounts 87,853 5,536 293 93,682 Total assets $ 89,531 $ 29,837 $ 2,256 $ 121,624 Percentage of Level to Total 73 % 25 % 2 % 100 % Liabilities: Derivatives: Guaranteed benefit derivatives: FIA $ — $ — $ 10 $ 10 Stabilizer and MCGs — — 15 15 Other derivatives: Interest rate contracts — 174 — 174 Foreign exchange contracts — 28 — 28 Equity contracts — — — — Credit contracts — 1 — 1 Total liabilities $ — $ 203 $ 25 $ 228 (1) Primarily U.S. dollar denominated. The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of December 31, 2020: Level 1 Level 2 Level 3 Total Assets: Fixed maturities, including securities pledged: U.S. Treasuries $ 548 $ 173 $ — $ 721 U.S. Government agencies and authorities — 19 — 19 State, municipalities and political subdivisions — 814 — 814 U.S. corporate public securities — 9,099 57 9,156 U.S. corporate private securities — 3,093 1,286 4,379 Foreign corporate public securities and foreign governments (1) — 2,951 — 2,951 Foreign corporate private securities (1) — 3,008 295 3,303 Residential mortgage-backed securities — 4,204 33 4,237 Commercial mortgage-backed securities — 2,893 — 2,893 Other asset-backed securities — 1,483 37 1,520 Total fixed maturities, including securities pledged 548 27,737 1,708 29,993 Equity securities 17 — 99 116 Derivatives: Interest rate contracts 7 130 — 137 Foreign exchange contracts — 3 — 3 Equity contracts — 5 — 5 Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 610 16 — 626 Assets held in separate accounts 81,096 6,001 222 87,319 Total assets $ 82,278 $ 33,892 $ 2,029 $ 118,199 Percentage of Level to total 69 % 29 % 2 % 100 % Liabilities: Derivatives: Guaranteed benefit derivatives: FIA $ — $ — $ 10 $ 10 Stabilizer and MCGs — — 53 53 Other derivatives: Interest rate contracts — 171 — 171 Foreign exchange contracts — 39 — 39 Equity contracts — 5 — 5 Credit contracts — 1 — 1 Total liabilities $ — $ 216 $ 63 $ 279 (1) Primarily U.S. dollar denominated. Valuation of Financial Assets and Liabilities at Fair Value Certain assets and liabilities are measured at estimated fair value on the Company's Condensed Consolidated Balance Sheets. The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The exit price and the transaction (or entry) price will be the same at initial recognition in many circumstances. However, in certain cases, the transaction price may not represent fair value. The fair value of a liability is based on the amount that would be paid to transfer a liability to a third-party with an equal credit standing. Fair value is required to be a market-based measurement that is determined based on a hypothetical transaction at the measurement date, from a market participant's perspective. The Company considers three broad valuation approaches when a quoted price is unavailable: (i) the market approach, (ii) the income approach and (iii) the cost approach. The Company determines the most appropriate valuation technique to use, given the instrument being measured and the availability of sufficient inputs. The Company prioritizes the inputs to fair valuation approaches and allows for the use of unobservable inputs to the extent that observable inputs are not available. The Company utilizes a number of valuation methodologies to determine the fair values of its financial assets and liabilities in conformity with the concepts of exit price and the fair value hierarchy as prescribed in ASC Topic 820. Valuations are obtained from third-party commercial pricing services, brokers and industry-standard, vendor-provided software that models the value based on market observable inputs. The valuations obtained from third-party commercial pricing services are non-binding. The Company reviews the assumptions and inputs used by third-party commercial pricing services for each reporting period in order to determine an appropriate fair value hierarchy level. The documentation and analysis obtained from third-party commercial pricing services are reviewed by the Company, including in-depth validation procedures confirming the observability of inputs. The valuations are reviewed and validated monthly through the internal valuation committee price variance review, comparisons to internal pricing models, back testing to recent trades or monitoring of trading volumes. The valuation approaches and key inputs for each category of assets or liabilities that are classified within Level 2 and Level 3 of the fair value hierarchy are presented below. For fixed maturities classified as Level 2 assets, fair values are determined using a matrix-based market approach, based on prices obtained from third-party commercial pricing services and the Company’s matrix and analytics-based pricing models, which in each case incorporate a variety of market observable information as valuation inputs. The market observable inputs used for these fair value measurements, by fixed maturity asset class, are as follows: U.S. Treasuries: Fair value is determined using third-party commercial pricing services, with the primary inputs being stripped interest and principal U.S. Treasury yield curves that represent a U.S. Treasury zero-coupon curve. U.S. government agencies and authorities, State, municipalities and political subdivisions: Fair value is determined using third-party commercial pricing services, with the primary inputs being U.S. Treasury yield curves, trades of comparable securities, credit spreads off benchmark yields and issuer ratings. U.S. corporate public securities, Foreign corporate public securities and foreign governments: Fair value is determined using third-party commercial pricing services, with the primary inputs being benchmark yields, trades of comparable securities, issuer ratings, bids and credit spreads off benchmark yields. U.S. corporate private securities and Foreign corporate private securities: Fair values are determined using a matrix and analytics-based pricing model. The model incorporates the current level of risk-free interest rates, current corporate credit spreads, credit quality of the issuer and cash flow characteristics of the security. The model also considers a liquidity spread, the value of any collateral, the capital structure of the issuer, the presence of guarantees, and prices and quotes for comparably rated publicly traded securities. RMBS, CMBS and ABS: Fair value is determined using third-party commercial pricing services, with the primary inputs being credit spreads off benchmark yields, prepayment speed assumptions, current and forecasted loss severity, debt service coverage ratios, collateral type, payment priority within tranche and the vintage of the loans underlying the security. Generally, the Company does not obtain more than one vendor price from pricing services per instrument. The Company uses a hierarchy process in which prices are obtained from a primary vendor and, if that vendor is unable to provide the price, the next vendor in the hierarchy is contacted until a price is obtained or it is determined that a price cannot be obtained from a commercial pricing service. When a price cannot be obtained from a commercial pricing service, independent broker quotes are solicited. Securities priced using independent broker quotes are classified as Level 3. Fair values of privately placed bonds are determined primarily using a matrix-based pricing model and are generally classified as Level 2 assets. The model considers the current level of risk-free interest rates, current corporate spreads, the credit quality of the issuer and cash flow characteristics of the security. Also considered are factors such as the net worth of the borrower, the value of collateral, the capital structure of the borrower, the presence of guarantees and the Company's evaluation of the borrower's ability to compete in its relevant market. Using this data, the model generates estimated market values which the Company considers reflective of the fair value of each privately placed bond. Equity securities : Level 2 and Level 3 equity securities, typically private equities or equity securities not traded on an exchange, are valued by other sources such as analytics or brokers. Derivatives : Derivatives are carried at fair value, which is determined using the Company's derivative accounting system in conjunction with observable key financial data from third party sources, such as yield curves, exchange rates, S&P 500 Index prices, London Interbank Offered Rates ("LIBOR") and Overnight Index Swap ("OIS") rates. The Company uses OIS for valuations of collateralized interest rate derivatives, which are obtained from third-party sources. For those derivatives that are unable to be valued by the accounting system, the Company typically utilizes values established by third-party brokers. Counterparty credit risk is considered and incorporated in the Company's valuation process through counterparty credit rating requirements and monitoring of overall exposure. It is the Company's policy to transact only with investment grade counterparties with a credit rating of A- or better. The Company's nonperformance risk is also considered and incorporated in the Company's valuation process. The Company also has certain credit default swaps and options that are priced by third party vendors or by using models that primarily use market observable inputs, but contain inputs that are not observable to market participants, which have been classified as Level 3. The remaining derivative instruments are valued based on market observable inputs and are classified as Level 2. Guaranteed benefit derivatives : The index-crediting feature in the Company's FIA contract is an embedded derivative that is required to be accounted for separately from the host contract. The fair value of the obligation is calculated based on actuarial and capital market assumptions related to the projected cash flows, including benefits and related contract charges, over the anticipated life of the related contracts. The cash flow estimates are produced by market implied assumptions. These derivatives are classified as Level 3 liabilities in the fair value hierarchy. The Company records reserves for Stabilizer and MCG contracts containing guaranteed credited rates. The guarantee is treated as an embedded derivative or a stand-alone derivative (depending on the underlying product) and is required to be reported at fair value. The estimated fair value is determined based on the present value of projected future claims, minus the present value of future guaranteed premiums. At inception of the contract, the Company projects a guaranteed premium to be equal to the present value of the projected future claims. The income associated with the contracts is projected using relevant actuarial and capital market assumptions, including benefits and related contract charges, over the anticipated life of the related contracts. The cash flow estimates are produced by using stochastic techniques under a variety of risk neutral scenarios and other market implied assumptions. These derivatives are classified as Level 3 liabilities. The discount rate used to determine the fair value of the embedded derivatives and stand-alone derivative includes an adjustment for nonperformance risk. The nonperformance risk adjustment incorporates a blend of observable, similarly rated peer holding company credit spreads, adjusted to reflect the credit quality of the Company, as well as an adjustment to reflect the non-default spreads and the priority and recovery rates of policyholder claims. Embedded derivatives on reinsurance: The carrying value of embedded derivatives is estimated based upon the change in the fair value of the assets supporting the funds withheld payable under reinsurance agreements. The fair value of the embedded derivatives is based on market observable inputs and is classified as Level 2. Level 3 Financial Instruments The fair values of certain assets and liabilities are determined using prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement (i.e., Level 3 as defined by ASC Topic 820), including but not limited to liquidity spreads for investments within markets deemed not currently active. These valuations, whether derived internally or obtained from a third-party, use critical assumptions that are not widely available to estimate market participant expectations in valuing the asset or liability. In addition, the Company has determined, for certain financial instruments, an active market is such a significant input to determine fair value that the presence of an inactive market may lead to classification in Level 3. In light of the methodologies employed to obtain the fair values of financial assets and liabilities classified as Level 3, additional information is presented below. The following tables summarize the change in fair value of the Company’s Level 3 assets and liabilities and transfers in and out of Level 3 for the periods indicated: Three Months Ended June 30, 2021 Fair Value as of April 1 Total Purchases Issuances Sales Settlements Transfers into Level 3 Transfers out of Level 3 Fair Value as of June 30 Change In Unrealized Gains (Losses) Included in Earnings (3) Change in Unrealized Gains (Losses) Included in OCI (3) Net Income OCI Fixed maturities, including securities pledged: U.S. Corporate public securities $ 46 $ — $ 1 $ — $ — $ — $ (1) $ — $ (28) $ 18 $ — $ 1 U.S. Corporate private securities 1,200 — 37 18 — — (62) 262 (42) 1,413 — 39 Foreign corporate public securities and foreign governments (1) 5 — — 7 — — — — (5) 7 — — Foreign corporate private securities (1) 274 1 7 1 — (17) (2) — — 264 1 7 Residential mortgage-backed securities 33 (3) — 5 — — — 3 (7) 31 (3) — Commercial mortgage-backed securities — — — — — — — — — — — — Other asset-backed securities 47 — — 10 — — (5) — — 52 — — Total fixed maturities, including securities pledged 1,605 (2) 45 41 — (17) (70) 265 (82) 1,785 (2) 47 Fixed maturities, trading, at fair value — — — 33 — — — — — 33 — — Equity securities, at fair value 148 2 — — — (5) — — — 145 1 — Derivatives: Guaranteed benefit derivatives: Stabilizer and MCGs (2) (3) (12) — — — — — — — (15) — — FIA (2) (10) — — — — — — — — (10) — — Assets held in separate accounts (4) 237 2 — 71 — — — — (17) 293 — — (1) Primarily U.S. dollar denominated. (2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations. (3) For financial instruments still held as of June 30, amounts are included in Net investment income and Total net realized capital gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on securities in the Condensed Consolidated Statements of Comprehensive Income. (4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income (loss) for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company. Six Months Ended June 30, 2021 Fair Value Total Purchases Issuances Sales Settlements Transfers into Level 3 Transfers out of Level 3 Fair Value as of June 30 Change in Unrealized Gains (Losses) Included in Earnings (3) Change in Unrealized Gains (Losses) Included in OCI (3) Net Income OCI Fixed maturities, including securities pledged: U.S. Corporate public securities $ 57 $ — $ 1 $ — $ — $ (9) $ (1) $ — $ (30) $ 18 $ — $ 1 U.S. Corporate private securities 1,286 13 (32) 33 — (88) (88) 348 (59) 1,413 — (21) Foreign corporate public securities and foreign governments (1) — — — 7 — — — — — 7 — — Foreign corporate private securities (1) 295 3 1 1 — (22) (14) — — 264 2 (1) Residential mortgage-backed securities 33 (5) — 8 — (7) — 2 — 31 (5) — Commercial mortgage-backed securities — — — — — (1) (3) 4 — — — — Other asset-backed securities 37 — (1) 15 — — (17) 18 — 52 — (1) Total fixed maturities, including securities pledged 1,708 11 (31) 64 — (127) (123) 372 (89) 1,785 (3) (22) Fixed maturities, trading, at fair value — — — 33 — — — — — 33 — — Equity securities, at fair value 99 8 — 75 — (30) (7) — — 145 (1) — Derivatives: Guaranteed benefit derivatives: Stabilizer and MCGs (2) (53) 37 — — — — 1 — — (15) — — FIA (2) (10) — — — — — — — — (10) — — Assets held in separate accounts (4) 222 3 — 104 — (1) — — (35) 293 — — (1) Primarily U.S. dollar denominated. (2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations. (3) For financial instruments still held as of June 30, amounts are included in Net investment income and Total net realized capital gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on securities in the Condensed Consolidated Statements of Comprehensive Income. (4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income (loss) for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company. The following tables summarize the change in fair value of the Company’s Level 3 assets and liabilities and transfers in and out of Level 3 for the periods indicated: Three Months Ended June 30, 2020 Fair Value as of April 1 Total Purchases Issuances Sales Settlements Transfers into Level 3 (3) Transfers out of Level 3 (3) Fair Value as of June 30 Change In Unrealized Gains (Losses) Included in Earnings (4) Change in Unrealized Gains (Losses) Included in OCI (3) Net Income OCI Fixed maturities, including securities pledged: U.S. Corporate public securities $ 44 $ — $ — $ — $ — $ — $ — $ 17 $ — $ 61 $ — $ — U.S. Corporate private securities 891 — 57 20 — (9) (32) 67 (29) 965 — 57 Foreign corporate public securities and foreign governments (1) 3 — — — — — — — (3) — — — Foreign corporate private securities (1) 159 — 17 — — — (2) 5 — 179 — 17 Residential mortgage-backed securities 15 (1) 1 23 — — — — (8) 30 (1) — Other asset-backed securities 55 — 1 (4) — — (1) — — 51 — 1 Total fixed maturities, including securities pledged 1,167 (1) 76 39 — (9) (35) 89 (40) 1,286 (1) 75 Equity securities, at fair value 58 7 — 30 — — (1) — — 94 6 — Derivatives: Guaranteed benefit derivatives: Stabilizer and MCGs (2) (193) 40 — — (1) — — — — (154) — — FIA (2) (9) (1) — — (1) — 1 — — (10) — — Assets held in separate accounts (5) 141 2 — 33 — — — 3 (5) 174 — — (1) Primarily U.S. dollar denominated. (2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations. (3) The Company’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period. (4) For financial instruments still held as of June 30, amounts are included in Net investment income and Total net realized capital gains (losses) in the Condensed Consolidated Statements of Operations. (5) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income (loss) for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company. Six Months Ended June 30, 2020 Fair Value Total Purchases Issuances Sales Settlements Transfers into Level 3 Transfers out of Level 3 Fair Value as of June 30 Change in Unrealized Gains (Losses) Included in Earnings (3) Change in Unrealized Gains (Losses) Included in OCI (3) Net Income OCI Fixed maturities, including securities pledged: U.S. Corporate public securities $ 47 $ — $ (1) $ — $ — $ — $ (2) $ 17 $ — $ 61 $ — $ (1) U.S. Corporate private securities 1,002 1 7 46 — (10) (76) 64 (69) 965 — 7 Foreign corporate public securities and foreign governments (1) — — — — — — — — — — — — Foreign corporate private securities (1) 190 (1) (10) 2 — (4) (1) 3 — 179 — (10) Residential mortgage-backed securities 16 (1) — 22 — — — — (7) 30 (1) — Other asset-backed securities 48 — — 4 — — (1) — — 51 — — Total fixed maturities, including securities pledged 1,303 (1) (4) 74 — (14) (80) 84 (76) 1,286 (1) (4) Equity securities, at fair value 63 2 — 30 — — (1) — — 94 2 — Derivatives: Guaranteed benefit derivatives: Stabilizer and MCGs (2) (22) (131) — — (1) — — — — (154) — — FIA (2) (11) 1 — — (1) — 1 — — (10) — — Assets held in separate accounts (4) 115 — — 80 — (1) — 3 (23) 174 — — (1) Primarily U.S. dollar denominated. (2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations. (3) For financial instruments still held as of June 30, amounts are included in Net investment income and Total net realized capital gains (losses) in the Condensed Consolidated Statements of Operations. (4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income (loss) for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company. For the three and six months ended June 30, 2021 and 2020, the transfers in and out of Level 3 for fixed maturities and separate accounts were due to the variation in inputs relied upon for valuation each quarter. Securities that are primarily valued using independent broker quotes when prices are not available from one of the commercial pricing services are reflected as transfers into Level 3. When securities are valued using more widely available information, the securities are transferred out of Level 3 and into Level 1 or 2, as appropriate. Significant Unobservable Inputs The Company's Level 3 fair value measurements of its fixed maturities, equity securities and equity and credit derivative contracts are primarily based on broker quotes for which the quantitative detail of the unobservable inputs is neither provided nor reasonably corroborated, thus negating the ability to perform a sensitivity analysis. The Company performs a review of broker quotes by performing a monthly price variance comparison and back tests broker quotes to recent trade prices. Other Financial Instruments The following disclosures are made in accordance with the requirements of ASC Topic 825 which requires disclosure of fair value information about financial instruments, whether or not recognized at fair value on the Consolidated Balance Sheets. ASC Topic 825 excludes certain financial instruments, including insurance contracts and all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. The carrying values and estimated fair values of the Company’s financial instruments as of the dates indicated: June 30, 2021 December 31, 2020 Carrying Fair Carrying Fair Assets: Fixed maturities, including securities pledged $ 26,487 $ 26,487 $ 29,993 $ 29,993 Equity securities 238 238 116 116 Mortgage loans on real estate 4,175 4,472 4,694 5,013 Policy loans 179 179 187 187 Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 1,088 1,088 626 626 Deposit assets (2) 1,438 1,501 — — Derivatives 129 129 145 145 Short-term loan to affiliate — — 653 653 Other investments 129 129 43 43 Assets held in separate accounts 93,682 93,682 87,319 87,319 Liabilities: Investment contract liabilities: Funding agreements without fixed maturities and deferred annuities (1) 27,999 35,513 28,169 36,741 Funding agreements with fixed maturities 875 876 795 796 Supplementary contracts, immediate annuities and other 277 290 288 345 Derivatives: Guaranteed benefit derivatives: FIA 10 10 10 10 Stabilizer and MCGs 15 15 53 53 Other derivatives 203 203 216 216 Short-term debt (3) 70 70 8 8 Long-term debt (3) 3 3 3 3 (1) Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within the Guaranteed benefit derivatives section of the table above. (2) Included in Other Assets on the Consolidated Balance Sheets. (3) Included in Other Liabilities on the Consolidated Balance Sheets. The following table presents the classification of financial instruments which are not carried at fair value on the Condensed Consolidated Balance Sheets: Financial Instrument Classification Mortgage loans on real estate Level 3 Policy loans Level 2 Deposit assets Level 3 Other investments Level 2 Funding agreements without fixed maturities and deferred annuities Level 3 Funding agreements with fixed maturities Level 2 Supplementary contracts, immediate annuities and other Level 3 Short-term debt and Long-term debt Level 2 |
Deferred Policy Acquisition Cos
Deferred Policy Acquisition Costs and Value of Business Acquired | 6 Months Ended |
Jun. 30, 2021 | |
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract] | |
Deferred Policy Acquisition Costs and Value of Business Acquired | Deferred Policy Acquisition Costs and Value of Business Acquired The following tables present a rollforward of DAC and VOBA for the periods indicated: 2021 DAC VOBA Total Balance as of January 1, 2021 $ 122 $ 40 $ 162 Impact of ASU 2016-13 — — — Deferrals of commissions and expenses 26 2 28 Amortization: (2) Amortization, excluding unlocking (57) (63) (120) Unlocking (1) 3 10 13 Interest accrued 17 12 (3) 29 Net amortization included in the Condensed Consolidated Statements of Operations (37) (41) (78) Change due to unrealized capital gains/losses on available-for-sale securities 101 94 195 Balance as of June 30, 2021 $ 212 $ 95 $ 307 2020 DAC VOBA Total Balance as of January 1, 2020 $ 288 $ 305 $ 593 Impact of ASU 2016-13 2 — 2 Deferrals of commissions and expenses 28 2 30 Amortization: Amortization, excluding unlocking (45) (40) (85) Unlocking (1) 6 — 6 Interest accrued 18 18 (3) 36 Net amortization included in the Condensed Consolidated Statements of Operations (21) (22) (43) Change due to unrealized capital gains/losses on available-for-sale securities (86) (101) (187) Balance as of June 30, 2020 $ 211 $ 184 $ 395 (1) Includes the impacts of annual review of assumptions which typically occurs in the third quarter; and retrospective and prospective unlocking. (2) During the six months ended June 30, 2021 the Company recognized $2 of loss recognition related to DAC. There was no loss recognition during the three months ended June 30, 2021. (3) Interest accrued at the following rates for VOBA: 5.5% to 7.0% during 2021 and 2020. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Shareholder’s equity included the following components of Accumulated Other Comprehensive Income (AOCI) as of the dates indicated: June 30, 2021 2020 Fixed maturities, net of impairments $ 2,494 $ 2,625 Derivatives (1) 66 169 DAC/VOBA and Sales inducements adjustment on available-for-sale securities (657) (739) Premium deficiency reserve adjustment — (278) Other 1 — Unrealized capital gains (losses), before tax 1,904 1,777 Deferred income tax asset (liability) (271) (245) Unrealized capital gains (losses), after tax 1,633 1,532 Pension and other postretirement benefits liability, net of tax 2 3 AOCI $ 1,635 $ 1,535 (1) Gains and losses reported in AOCI from hedge transactions that resulted in the acquisition of an identified asset are reclassified into earnings in the same period or periods during which the asset acquired affects earnings. As of June 30, 2021, the portion of the AOCI that is expected to be reclassified into earnings within the next twelve months is $20. Changes in AOCI, including the reclassification adjustments recognized in the Condensed Consolidated Statements of Operations were as follows for the periods indicated: Three Months Ended June 30, 2021 Before-Tax Amount Income Tax After-Tax Amount Available-for-sale securities: Fixed maturities 607 $ (128) $ 479 Other (1) — (1) Impairments 2 — 2 Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations (11) 3 (8) DAC/VOBA and Sales inducements (151) 32 (119) Premium deficiency reserve adjustment — — — Change in unrealized gains (losses) on available-for-sale securities 446 (93) 353 Derivatives: Derivatives 5 (1) (1) 4 Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations (5) 1 (4) Change in unrealized gains (losses) on derivatives — — — Pension and other postretirement benefits liability: Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations (1) — (1) Change in pension and other postretirement benefits liability (1) — (1) Change in Other comprehensive income (loss) $ 445 $ (93) $ 352 (1) See the Derivative Financial Instrument s Note to these Condensed Consolidated Financial Statements for additional information. Six Months Ended June 30, 2021 Before-Tax Amount Income Tax After-Tax Amount Available-for-sale securities: Fixed maturities $ (421) $ 89 $ (332) Other (1) — (1) Impairments 2 — 2 Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations (517) 109 (408) DAC/VOBA and Sales inducements 198 (1) (42) 156 Premium deficiency reserve adjustment 434 (91) 343 Change in unrealized gains (losses) on available-for-sale securities (305) 65 (240) Derivatives: Derivatives 4 (2) (1) 3 Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations (11) 2 (9) Change in unrealized gains (losses) on derivatives (7) 1 (6) Pension and other postretirement benefits liability: Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations (1) — (1) Change in pension and other postretirement benefits liability (1) — (1) Change in accumulated other comprehensive income (loss) $ (313) $ 66 $ (247) (1) See the Deferred Policy Acquisition Costs and Value of Business Acquired Note to these Condensed Consolidated Financial Statements for additional information. (2) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information. Three Months Ended June 30, 2020 Before-Tax Amount Income Tax After-Tax Amount Available-for-sale securities: Fixed maturities $ 2,001 $ (419) $ 1,582 Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations 1 — 1 DAC/VOBA and Sales inducements (542) 113 (429) Premium deficiency reserve adjustment (170) 35 (135) Change in unrealized gains (losses) on available-for-sale securities 1,290 (271) 1,019 Derivatives: Derivatives (16) (1) 4 (12) Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations (5) 1 (4) Change in unrealized gains (losses) on derivatives (21) 5 (16) Pension and other postretirement benefits liability: Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations (1) — (1) Change in pension and other postretirement benefits liability (1) — (1) Change in Other comprehensive income (loss) $ 1,268 $ (266) $ 1,002 (1) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information. Six Months Ended June 30, 2020 Before-Tax Amount Income Tax After-Tax Amount Available-for-sale securities: Fixed maturities $ 497 $ (104) $ 393 Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations 16 (3) 13 DAC/VOBA and Sales inducements (187) (1) 39 (148) Premium deficiency reserve adjustment (69) 14 (55) Change in unrealized gains (losses) on available-for-sale securities 257 (54) 203 Derivatives: Derivatives 63 (2) (13) 50 Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations (11) 2 (9) Change in unrealized gains (losses) on derivatives 52 (11) 41 Pension and other postretirement benefits liability: Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations (1) — — Change in pension and other postretirement benefits liability (1) — (1) Change in accumulated other comprehensive income (loss) $ 308 $ (65) $ 243 (1) See the Deferred Policy Acquisition Costs and Value of Business Acquired Note to these Condensed Consolidated Financial Statements for additional information. (2) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | The Company's effective tax rate for the three and six months ended June 30, 2021 was 16.2% and 17.8%, respectively. The effective tax rate differed from the statutory rate of 21% primarily due to the effect of the dividends received deduction ("DRD") and tax credits. The Company's effective tax rate for the three and six months ended June 30, 2020 was 9.7% and 3.8%, respectively. The effective tax rate differed from the statutory rate of 21% primarily due to the effect of the DRD and tax credits. Tax Sharing Agreement The results of the Company's operations are included in the consolidated tax return of Voya Financial, Inc. Generally, the Company's consolidated financial statements recognize the current and deferred income tax consequences that result from the Company's activities during the current and preceding periods pursuant to the provisions of Income Taxes (ASC Topic 740) as if the Company were a separate taxpayer rather than a member of Voya Financial, Inc.'s consolidated income tax return group with the exception of any net operating loss carryforwards and capital loss carryforwards, which are recorded pursuant to the tax sharing agreement. If the Company instead were to follow a separate taxpayer approach without any exceptions, there would be no impact to income tax expense (benefit) for the periods indicated above. Also, any current tax benefit related to the Company's tax attributes realized by virtue of its inclusion in the consolidated tax return of Voya Financial, Inc. would have been recorded directly to equity rather than income. Under the tax sharing agreement, Voya Financial, Inc. will pay the Company for the tax benefits of ordinary and capital losses only in the event that the consolidated tax group actually uses the tax benefit of losses generated. Tax Regulatory Matters For the tax years 2019 through 2021, the Company participated in the Internal Revenue Service ("IRS") Compliance Assurance Process ("CAP"), which is a continuous audit program provided by the IRS. For the 2019 and 2020 tax years, the Company was in the Compliance Maintenance Bridge ("Bridge") phase of CAP. In the Bridge phase, the IRS did not conduct any review or provide any letters of assurance for those tax years. |
Financing Agreements
Financing Agreements | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Financing Agreements | Financing Agreements Reciprocal Loan Agreement The Company maintains a reciprocal loan agreement with Voya Financial, Inc., an affiliate, to facilitate the handling of unanticipated short-term cash requirements that arise in the ordinary course of business. Under this agreement, which became effective on April 1, 2021 and expires on April 1, 2026, either party can borrow from the other up to 3.0% of the Company’s statutory admitted assets as of the preceding December 31. Effective January 2014, interest on any borrowing by either the Company or Voya Financial, Inc. is charged at a rate based on the prevailing market rate for similar third-party borrowings or securities. Under this agreement, the Company incurred immaterial interest expense for the three and six months ended June 30, 2021. The Company earned $1 of interest income for the three and six months ended June 30, 2021. The Company incurred immaterial interest expense and earned immaterial interest income for the three and six months ended June 30, 2020. As of June 30, 2021, VRIAC had no outstanding receivables and VIPS had an outstanding payable of $70. As of December 31, 2020, VRIAC had an outstanding receivable of $653 and VIPS had a $7 outstanding payable from/to Voya Financial, Inc. under the reciprocal loan agreement. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments Through the normal course of investment operations, the Company commits to either purchase or sell securities, mortgage loans, or money market instruments, at a specified future date and at a specified price or yield. The inability of counterparties to honor these commitments may result in either a higher or lower replacement cost. Also, there is likely to be a change in the value of the securities underlying the commitments. As of June 30, 2021, the Company had off-balance sheet commitments to acquire mortgage loans of $147 and purchase limited partnerships and private placement investments of $714. Restricted Assets The Company is required to maintain assets on deposit with various regulatory authorities to support its insurance operations. The Company may also post collateral in connection with certain securities lending, repurchase agreements, funding agreements, letter of credit ("LOC") and derivative transactions as described further in this note. The components of the fair value of the restricted assets were as follows as of the dates indicated: June 30, 2021 December 31, 2020 Fixed maturity collateral pledged to FHLB (1) $ 1,105 $ 997 FHLB restricted stock (2) 45 44 Other fixed maturities-state deposits 14 14 Cash and cash equivalents 3 4 Securities pledged (3) 744 220 Total restricted assets $ 1,911 $ 1,279 (1) Included in Fixed maturities, available for sale, at fair value on the Condensed Consolidated Balance Sheets. (2) Included in Other investments on the Condensed Consolidated Balance Sheets. (3) Includes the fair value of loaned securities of $599 and $143 as of June 30, 2021 and December 31, 2020, respectively. In addition, as of June 30, 2021 and December 31, 2020, the Company delivered securities as collateral of $145 and $77, respectively. Loaned securities and securities delivered as collateral are included in Securities pledged on the Condensed Consolidated Balance Sheets. Federal Home Loan Bank Funding On January 18, 2018, the Company became a member of the Federal Home Loan Bank of Boston ("FHLB"). The Company is required to pledge collateral to back funding agreements issued to the FHLB. As of June 30, 2021 and December 31, 2020, the Company had $875 and $795, respectively, in non-putable funding agreements, which are included in Future policy benefits and contract owner account balances on the Condensed Consolidated Balance Sheets. As of June 30, 2021 and December 31, 2020, assets with a market value of approximately $1,105 and $997, respectively, collateralized the FHLB funding agreements. Assets pledged to the FHLB are included in Fixed maturities, available-for-sale, at fair value on the Condensed Consolidated Balance Sheets. Litigation, Regulatory Matters and Loss Contingencies Litigation, regulatory and other loss contingencies arise in connection with the Company's activities as a diversified financial services firm. The Company is a defendant in a number of litigation matters arising from the conduct of its business, both in the ordinary course and otherwise. In some of these matters, claimants seek to recover very large or indeterminate amounts, including compensatory, punitive, treble and exemplary damages. Modern pleading practice in the U.S. permits considerable variation in the assertion of monetary damages and other relief. Claimants are not always required to specify the monetary damages they seek or they may be required only to state an amount sufficient to meet a court's jurisdictional requirements. Moreover, some jurisdictions allow claimants to allege monetary damages that far exceed any reasonably possible verdict. The variability in pleading requirements and past experience demonstrates that the monetary and other relief that may be requested in a lawsuit or claim often bears little relevance to the merits or potential value of a claim. Litigation against the Company includes a variety of claims including negligence, breach of contract, fraud, violation of regulation or statute, breach of fiduciary duty, negligent misrepresentation, failure to supervise, elder abuse and other torts. As with other financial services companies, the Company periodically receives informal and formal requests for information from various state and federal governmental agencies and self-regulatory organizations in connection with inquiries and investigations of the products and practices of the Company or the financial services industry. It is the practice of the Company to cooperate fully in these matters. The outcome of a litigation or regulatory matter is difficult to predict and the amount or range of potential losses associated with these or other loss contingencies requires significant management judgment. It is not possible to predict the ultimate outcome or to provide reasonably possible losses or ranges of losses for all pending regulatory matters, litigation and other loss contingencies. While it is possible that an adverse outcome in certain cases could have a material adverse effect upon the Company's financial position, based on information currently known, management believes that neither the outcome of pending litigation and regulatory matters, nor potential liabilities associated with other loss contingencies, are likely to have such an effect. However, given the large and indeterminate amounts sought in certain litigation and the inherent unpredictability of all such matters, it is possible that an adverse outcome in certain of the Company's litigation or regulatory matters, or liabilities arising from other loss contingencies, could, from time to time, have a material adverse effect upon the Company's results of operations or cash flows in a particular quarterly or annual period. For some matters, the Company is able to estimate a possible range of loss. For such matters in which a loss is probable, an accrual has been made. For matters where the Company, however, believes a loss is reasonably possible, but not probable, no accrual is required. For matters for which an accrual has been made, but there remains a reasonably possible range of loss in excess of the amounts accrued or for matters where no accrual is required, the Company develops an estimate of the unaccrued amounts of the reasonably possible range of losses. As of June 30, 2021, the Company estimates the aggregate range of reasonably possible losses, in excess of any amounts accrued for these matters as of such date, as not material to the Company. For other matters, the Company is currently not able to estimate the reasonably possible loss or range of loss. The Company is often unable to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support an assessment of the range of possible loss, such as quantification of a damage demand from plaintiffs, discovery from plaintiffs and other parties, investigation of factual allegations, rulings by a court on motions or appeals, analysis by experts and the progress of settlement discussions. On a quarterly and annual basis, the Company reviews relevant information with respect to litigation and regulatory contingencies and updates the Company's accruals, disclosures and reasonably possible losses or ranges of loss based on such reviews. Finally, industry wide, life insurers continue to be exposed to class action litigation related to the cost of insurance rates and periodic deductions from cash value. Common allegations include that insurance companies have breached the terms of their universal life insurance policies by establishing or increasing the cost of insurance rates using cost factors not permitted by the contract, thereby unjustly enriching themselves. This litigation is generally known as cost of insurance litigation. |
Related Party
Related Party | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 10. Related Party Transactions Operating Agreements The Company has operating agreements whereby the Company provides or receives services from affiliated entities. For the three and six months ended June 30, 2021, revenues with affiliated entities related to these agreements were $25 and $48. For the three and six months ended June 30, 2020, revenues with affiliated entities related to these agreements were $19 and $42. For the three and six months ended June 30, 2021, expenses with affiliated entities related to the aforementioned operating agreements, as amended, were $166 and $330. For the three and six months ended June 30, 2020, expenses with affiliated entities related to the aforementioned operating agreements, as amended, were $139 and $293. Reinsurance Agreements |
Business, Basis of Presentati_2
Business, Basis of Presentation and Significant Accounting Policies (Policies) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | ||
Basis of Presentation | Basis of Presentation The accompanying Condensed Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") and are unaudited. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. The inputs into the Company's estimates and assumptions consider the economic implications of COVID-19 on the Company's critical and significant accounting estimates. Those estimates are inherently subject to change and actual results could differ from those estimates, and the differences may be material to the Condensed Consolidated Financial Statements. The Condensed Consolidated Financial Statements include the accounts of VRIAC and its wholly owned subsidiaries, VFP, VIPS and VRA. Intercompany transactions and balances have been eliminated. The accompanying Condensed Consolidated Financial Statements reflect adjustments (including normal, recurring adjustments) necessary to present fairly the financial position of the Company as of June 30, 2021, its results of operations, comprehensive income and changes in shareholder's equity for the three and six months ended June 30, 2021 and 2020, and its statements of cash flows for the six months ended June 30, 2021 and 2020, in conformity with U.S. GAAP. Interim results are not necessarily indicative of full year performance. The December 31, 2020 Consolidated Balance Sheet is from the audited Consolidated Financial Statements included in the Company's Annual Report on Form 10-K , filed with the SEC. Therefore, these unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and related notes included in the Company's Annual Report on Form 10-K . Significant Accounting Policies Investments Fixed Maturities and Equity Securities : In the second quarter of 2021, the Company established a trading portfolio of fixed maturity debt securities. Trading securities are valued at fair value with the changes in fair value recorded in Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations, and interest income is recorded in Net investment income in the Condensed Consolidated Statements of Operations. | |
Derivatives | The Company primarily enters into the following types of derivatives: Interest rate swaps: Interest rate swaps are used by the Company primarily to reduce market risks from changes in interest rates and to alter interest rate exposure arising from mismatches between assets and/or liabilities. Interest rate swaps are also used to hedge the interest rate risk associated with the value of assets it owns or in an anticipation of acquiring them. Using interest rate swaps, the Company agrees with another party to exchange, at specified intervals, the difference between fixed rate and floating rate interest payments, calculated by reference to an agreed upon notional principal amount. These transactions are entered into pursuant to master agreements that provide for a single net payment to be made to/from the counterparty at each due date. The Company utilizes these contracts in qualifying hedging relationships as well as non-qualifying hedging relationships. Foreign exchange swaps: The Company uses foreign exchange or currency swaps to reduce the risk of change in the value, yield or cash flows associated with certain foreign denominated invested assets. Foreign exchange swaps represent contracts that require the exchange of foreign currency cash flows against U.S. dollar cash flows at regular periods, typically quarterly or semi-annually. The Company utilizes these contracts in qualifying hedging relationships as well as non-qualifying hedging relationships. Futures: The Company uses interest rate futures contracts to hedge its exposure to market risks due to changes in interest rates. The Company enters into exchange traded futures with regulated futures commissions that are members of the exchange. The Company also posts initial and variation margins, with the exchange, on a daily basis. The Company utilizes exchange-traded futures in non-qualifying hedging relationships. The Company may also use futures contracts as a hedge against an increase in certain equity indices. Embedded derivatives: The Company also invests in certain fixed maturity instruments and has issued certain products that contain embedded derivatives for which market value is at least partially determined by, among other things, levels of or changes in domestic and/or foreign interest rates (short-term or long-term), exchange rates, prepayment rates, equity rates, or credit ratings/spreads. In addition, the Company has entered into coinsurance with funds withheld arrangements, which contain embedded derivatives. | |
Mortgage loans on real estate | $ 4,175 | $ 4,694 |
Adoption of New Pronouncements | Adoption of New Pronouncements The following table provides a description of the Company's adoption of new Accounting Standard Updates ("ASUs") issued by the Financial Accounting Standards Board ("FASB") and the impact of the adoption on the Company's financial statements. Standard Description of Requirements Effective date and Method of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2019-12, Simplifying the Accounting for Income Taxes This standard, issued in December 2019, simplifies the accounting for income taxes by eliminating certain exceptions to the general principles and simplifying several aspects of ASC 740, Income taxes, including requirements related to the following: • The intraperiod tax allocation exception to the incremental approach, • The tax basis step-up in goodwill obtained in a transaction that is not a business combination, • Hybrid tax regimes, • Ownership changes in investments - changes from a subsidiary to an equity method investment, • Separate financial statements of entities not subject to tax, • Interim-period accounting for enacted changes in tax law, and • The year-to-date loss limitation in interim-period tax accounting. January 1, 2021 on a Adoption of the ASU did not have an impact on the Company's financial condition, results of operations, or cash flows. Future Adoption of Accounting Pronouncements The following table provides a description of future adoptions of new accounting standards that may have an impact on the Company's financial statements when adopted: Standard Description of Requirements Effective date and transition provisions Effect on the financial statements or other significant matters ASU 2020-04, Reference Rate Reform This standard, issued in March 2020, provides temporary optional expedients and exceptions In January, 2021, the FASB issued ASU The amendments are effective as of March 12, 2020, the issuance date of the ASU. An entity may elect to apply the amendments prospectively The Company expects that it will elect to apply some of the expedients and exceptions provided in ASU 2020-04; however, the Company is still evaluating the guidance, and therefore, the impact of the adoption of ASU 2020-04 on the Company’s financial condition and results of operations has not yet been determined. ASU 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts This standard, issued in August 2018, changes the measurement and disclosures of insurance liabilities and deferred acquisition costs ("DAC") for long-duration contracts issued by insurers. On November 5, 2020, the FASB issued ASU 2020-11, which deferred the effective date of the amendments in ASU 2018-12 for SEC filers to fiscal years ending after December 15, 2022, including interim periods within those fiscal years. Initial adoption for the liability for future policy benefits and DAC is required to be reported using either a full retrospective or modified retrospective approach. For market risk benefits, full retrospective application is required. The implications of these requirements, including transition options, and related potential financial statement impacts are currently being evaluated. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | The Company primarily enters into the following types of derivatives: Interest rate swaps: Interest rate swaps are used by the Company primarily to reduce market risks from changes in interest rates and to alter interest rate exposure arising from mismatches between assets and/or liabilities. Interest rate swaps are also used to hedge the interest rate risk associated with the value of assets it owns or in an anticipation of acquiring them. Using interest rate swaps, the Company agrees with another party to exchange, at specified intervals, the difference between fixed rate and floating rate interest payments, calculated by reference to an agreed upon notional principal amount. These transactions are entered into pursuant to master agreements that provide for a single net payment to be made to/from the counterparty at each due date. The Company utilizes these contracts in qualifying hedging relationships as well as non-qualifying hedging relationships. Foreign exchange swaps: The Company uses foreign exchange or currency swaps to reduce the risk of change in the value, yield or cash flows associated with certain foreign denominated invested assets. Foreign exchange swaps represent contracts that require the exchange of foreign currency cash flows against U.S. dollar cash flows at regular periods, typically quarterly or semi-annually. The Company utilizes these contracts in qualifying hedging relationships as well as non-qualifying hedging relationships. Futures: The Company uses interest rate futures contracts to hedge its exposure to market risks due to changes in interest rates. The Company enters into exchange traded futures with regulated futures commissions that are members of the exchange. The Company also posts initial and variation margins, with the exchange, on a daily basis. The Company utilizes exchange-traded futures in non-qualifying hedging relationships. The Company may also use futures contracts as a hedge against an increase in certain equity indices. Embedded derivatives: The Company also invests in certain fixed maturity instruments and has issued certain products that contain embedded derivatives for which market value is at least partially determined by, among other things, levels of or changes in domestic and/or foreign interest rates (short-term or long-term), exchange rates, prepayment rates, equity rates, or credit ratings/spreads. In addition, the Company has entered into coinsurance with funds withheld arrangements, which contain embedded derivatives. |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments Classified by Contractual Maturity Date | Available-for-sale and fair value option ("FVO") fixed maturities were as follows as of June 30, 2021: Amortized Gross Gross Embedded Derivatives (2) Fair Allowance for credit losses Fixed maturities: U.S. Treasuries $ 536 $ 139 $ — $ — $ 675 $ — U.S. Government agencies and authorities 21 1 — — 22 — State, municipalities and political subdivisions 646 91 — — 737 — U.S. corporate public securities 7,140 1,117 26 — 8,231 — U.S. corporate private securities 3,478 380 18 — 3,840 — Foreign corporate public securities and foreign governments (1) 2,297 296 9 — 2,584 — Foreign corporate private securities (1) 2,581 252 22 — 2,800 11 Residential mortgage-backed securities 3,366 128 14 9 3,488 1 Commercial mortgage-backed securities 2,514 169 10 — 2,673 — Other asset-backed securities 1,384 23 3 — 1,404 — Total fixed maturities, including securities pledged 23,963 2,596 102 9 26,454 12 Less: Securities pledged 658 86 — — 744 — Total fixed maturities $ 23,305 $ 2,510 $ 102 $ 9 $ 25,710 $ 12 (1) Primarily U.S. dollar denominated. (2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations. Available-for-sale and FVO fixed maturities were as follows as of December 31, 2020: Amortized Gross Gross Embedded Derivatives (2) Fair Allowance for credit losses Fixed maturities: U.S. Treasuries $ 535 $ 186 $ — $ — $ 721 $ — U.S. Government agencies and authorities 18 1 — — 19 — State, municipalities and political subdivisions 698 116 — — 814 — U.S. corporate public securities 7,632 1,531 7 — 9,156 — U.S. corporate private securities 3,870 536 27 — 4,379 — Foreign corporate public securities and foreign governments (1) 2,539 413 1 — 2,951 — Foreign corporate private securities (1) 2,991 348 25 — 3,303 11 Residential mortgage-backed securities 4,071 171 15 11 4,237 1 Commercial mortgage-backed securities 2,712 207 26 — 2,893 — Other asset-backed securities 1,500 28 6 — 1,520 2 Total fixed maturities, including securities pledged 26,566 3,537 107 11 29,993 14 Less: Securities pledged 169 52 1 — 220 — Total fixed maturities $ 26,397 $ 3,485 $ 106 $ 11 $ 29,773 $ 14 (1) Primarily U.S. dollar denominated. (2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations. The amortized cost and fair value of fixed maturities, including securities pledged, as of June 30, 2021, are shown below by contractual maturity. Actual maturities may differ from contractual maturities as securities may be restructured, called or prepaid. Mortgage-backed securities ("MBS") and Other asset-backed securities ("ABS") are shown separately because they are not due at a single maturity date. Amortized Fair Due to mature: One year or less $ 316 $ 320 After one year through five years 3,131 3,354 After five years through ten years 4,480 4,966 After ten years 8,772 10,249 Mortgage-backed securities 5,880 6,161 Other asset-backed securities 1,384 1,404 Fixed maturities, including securities pledged $ 23,963 $ 26,454 |
U.S. and Foreign Corporate Securities by Industry | The following tables present the composition of the U.S. and foreign corporate securities within the fixed maturity portfolio by industry category as of the dates indicated: Amortized Gross Unrealized Capital Gains Gross Unrealized Capital Losses Fair Value June 30, 2021 Communications $ 859 $ 167 $ 1 $ 1,025 Financial 2,509 316 10 2,815 Industrial and other companies 6,907 836 22 7,721 Energy 1,385 242 15 1,612 Utilities 2,672 365 5 3,032 Transportation 873 85 20 938 Total $ 15,205 $ 2,011 $ 73 $ 17,143 December 31, 2020 Communications $ 950 $ 231 $ 1 $ 1,180 Financial 2,921 472 2 3,391 Industrial and other companies 7,284 1,155 13 8,426 Energy 1,571 259 22 1,808 Utilities 3,025 530 1 3,554 Transportation 929 128 20 1,037 Total $ 16,680 $ 2,775 $ 59 $ 19,396 |
Schedule of Securities Borrowed Under Securities Lending Transactions | The following table presents borrowings under securities lending transactions by asset class pledged as of the dates indicated: June 30, 2021 December 31, 2020 U.S. Treasuries $ 49 $ 70 U.S. corporate public securities 320 54 Foreign corporate public securities and foreign governments 188 20 Equity securities 60 — Payables under securities loan agreements $ 617 $ 144 |
Financing Receivable, Allowance for Credit Loss | The following table presents a rollforward of the allowance for credit losses on available-for-sale fixed maturity securities for the period presented: Six Months Ended June 30, 2021 Residential mortgage-backed securities Commercial mortgage-backed securities Foreign corporate private securities Other asset-backed securities Total Balance as of January 1, 2021 $ 1 $ — $ 11 $ 2 $ 14 Credit losses on securities for which credit losses were not previously recorded 1 — — — 1 Initial allowance for credit losses recognized on financial assets accounted for as PCD — — — — — Reductions for securities sold during the period — — — — — Reductions for intent to sell or more likely than not will be required to sell securities prior to recovery of amortized cost — — — — — Increase (decrease) on securities with allowance recorded in previous period (1) — — (2) (3) Write-offs — — — — — Recoveries of amounts previously written-off — — — — — Balance at June 30, 2021 $ 1 $ — $ 11 $ — $ 12 Year Ended December 31, 2020 Residential mortgage-backed securities Commercial mortgage-backed securities Foreign corporate private securities Other asset-backed securities Total Balance as of January 1, 2020 $ — $ — $ — $ — $ — Credit losses on securities for which credit losses were not previously recorded 1 — 11 2 14 Initial allowance for credit losses recognized on financial assets accounted for as PCD — — — — — Reductions for securities sold during the period — — — — — Reductions for intent to sell or more likely than not will be required to sell securities prior to recovery of amortized cost — — — — — Increase (decrease) on securities with allowance recorded in previous period — — — — — Write-offs — — — — — Recoveries of amounts previously written-off — — — — — Balance as of December 31, 2020 $ 1 $ — $ 11 $ 2 $ 14 |
Schedule of Unrealized Loss on Investments | The following table presents available-for-sale fixed maturities, including securities pledged, for which an allowance for credit losses has not been recorded by market sector and duration as of June 30, 2021: Twelve More Than Twelve Total Fair Unrealized Number of securities Fair Unrealized Number of securities Fair Unrealized Number of securities U.S. Treasuries $ 13 $ — 4 $ — $ — — $ 13 $ — 4 State, municipalities and political subdivisions 10 — 3 — — — 10 — 3 U.S. corporate public securities 856 25 332 18 1 3 874 26 335 U.S. corporate private securities 92 3 16 73 15 6 165 18 22 Foreign corporate public securities and foreign governments 224 8 63 8 1 4 232 9 67 Foreign corporate private securities 122 22 11 22 — 3 144 22 14 Residential mortgage-backed 271 7 152 224 7 75 495 14 227 Commercial mortgage-backed 138 2 34 179 8 31 317 10 65 Other asset-backed 197 1 57 97 2 52 294 3 109 Total $ 1,923 $ 68 672 $ 621 $ 34 174 $ 2,544 $ 102 846 The Company concluded that an allowance for credit losses was unnecessary for these securities because the unrealized losses are not credit related. The following table presents available-for-sale fixed maturities, including securities pledged, for which an allowance for credit losses has not been recorded by market sector and duration as of December 31, 2020: Twelve Months or Less Below Amortized Cost More Than Twelve Total Fair Unrealized Number Fair Unrealized Number Fair Unrealized Number U.S. Treasuries $ 8 $ — 2 $ — $ — — $ 8 $ — 2 State, municipalities and political subdivisions 5 — 2 — — — 5 — 2 U.S. corporate public securities 199 5 182 22 2 4 221 7 186 U.S. corporate private securities 316 10 29 71 17 7 387 27 36 Foreign corporate public securities and foreign governments 32 1 22 6 — 2 38 1 24 Foreign corporate private securities 176 25 20 3 — 1 179 25 21 Residential mortgage-backed 613 11 134 119 4 54 732 15 188 Commercial mortgage-backed 579 25 105 33 1 7 612 26 112 Other asset-backed 206 1 59 265 5 88 471 6 147 Total $ 2,134 $ 78 555 $ 519 $ 29 163 $ 2,653 $ 107 718 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings | The following table identifies the Company's impairments included in the Condensed Consolidated Statements of Operations, excluding impairments included in Other comprehensive income (loss) by type for the periods indicated: Three Months Ended June 30, 2021 2020 Impairment No. of Securities Impairment No. of Securities State, municipalities, and political subdivisions $ — — $ — * 5 U.S. corporate public securities — — 5 36 U.S. corporate private securities — — — * 1 Foreign corporate public securities and foreign governments (1) — — 1 20 Foreign corporate private securities (1) — — — * 7 Residential mortgage-backed — * 4 1 27 Commercial mortgage-backed — — 16 94 Other asset-backed — — 1 60 Total $ — * 4 $ 24 250 Credit Impairments $ — $ — Intent Impairments $ — $ 24 (1) Primarily U.S. dollar denominated. *Less than $1. Six Months Ended June 30, 2021 2020 Impairment No. of Securities Impairment No. of Securities State, municipalities, and political subdivisions $ — — $ — * 5 U.S. corporate public securities — — 11 38 U.S. corporate private securities — — — * 1 Foreign corporate public securities and foreign governments (1) — — 1 20 Foreign corporate private securities (1) — — — * 7 Residential mortgage-backed — * 9 2 32 Commercial mortgage-backed — * 1 16 95 Other asset-backed — — 1 60 Total $ — * 10 $ 31 258 Credit Impairments $ — $ — Intent Impairments $ — $ 31 (1) Primarily U.S. dollar denominated. *Less than $1. |
Mortgage Loans by Loan to Value Ratio | The following tables present commercial mortgage loans by year of origination and LTV ratio as of the dates indicated: As of June 30, 2021 Loan-to-Value Ratios Year of Origination 0% - 50% >50% - 60% >60% - 70% >70% - 80% >80% and above Total 2021 $ 45 $ 157 $ 75 $ — $ — $ 277 2020 141 196 64 — — 401 2019 176 169 70 — — 415 2018 118 62 48 — — 228 2017 550 223 4 — — 777 2016 323 237 1 — — 561 2015 and prior 1,239 262 15 — — 1,516 Total $ 2,592 $ 1,306 $ 277 $ — $ — $ 4,175 As of December 31, 2020 Loan-to-Value Ratios Year of Origination 0% - 50% >50% - 60% >60% - 70% >70% - 80% >80% and above Total 2020 $ 164 $ 206 $ 39 $ — $ — $ 409 2019 209 165 107 — — 481 2018 124 91 73 — — 288 2017 499 356 6 — — 861 2016 399 275 1 — — 675 2015 and prior 1,574 391 15 — — 1,980 Total $ 2,969 $ 1,484 $ 241 $ — $ — $ 4,694 |
Mortgage Loans by Debt Service Coverage Ratio | The following tables present commercial mortgage loans by year of origination and DSC ratio as of the dates indicated: As of June 30, 2021 Debt Service Coverage Ratios Year of Origination >1.5x >1.25x - 1.5x >1.0x - 1.25x <1.0x Commercial mortgage loans secured by land or construction loans Total 2021 $ 271 $ 6 — $ — $ — $ 277 2020 337 54 10 — — 401 2019 275 63 33 44 — 415 2018 78 58 29 63 — 228 2017 431 80 40 226 — 777 2016 458 40 19 44 — 561 2015 and prior 1,283 140 60 33 — 1,516 Total $ 3,133 $ 441 $ 191 $ 410 $ — $ 4,175 As of December 31, 2020 Debt Service Coverage Ratios Year of Origination >1.5x >1.25x - 1.5x >1.0x - 1.25x <1.0x Commercial mortgage loans secured by land or construction loans Total 2020 $ 298 $ 93 $ 18 $ — $ — $ 409 2019 319 77 36 49 — 481 2018 102 79 60 47 — 288 2017 494 204 103 60 — 861 2016 591 53 31 — — 675 2015 and prior 1,676 178 72 54 — 1,980 Total $ 3,480 $ 684 $ 320 $ 210 $ — $ 4,694 |
Mortgage Loans by Geographic Location of Collateral | The following tables present the commercial mortgage loans by year of origination and U.S. region as of the dates indicated: As of June 30, 2021 U.S. Region Year of Origination Pacific South Atlantic Middle Atlantic West South Central Mountain East North Central New England West North Central East South Central Total 2021 $ 50 $ 22 $ 22 $ 36 $ 64 $ 50 $ — $ 12 $ 21 $ 277 2020 75 159 35 37 33 29 1 11 21 401 2019 50 107 10 124 35 37 15 11 26 415 2018 44 87 54 15 13 10 — 5 — 228 2017 89 84 325 130 53 55 5 36 — 777 2016 109 121 166 29 45 63 7 15 6 561 2015 and prior 388 351 255 94 139 128 45 91 25 1,516 Total $ 805 $ 931 $ 867 $ 465 $ 382 $ 372 $ 73 $ 181 $ 99 $ 4,175 As of December 31, 2020 U.S. Region Year of Origination Pacific South Atlantic Middle Atlantic West South Central Mountain East North Central New England West North Central East South Central Total 2020 $ 84 $ 159 $ 35 $ 37 $ 32 $ 29 $ 1 $ 12 $ 20 $ 409 2019 63 122 11 137 54 39 17 11 27 481 2018 49 98 57 34 26 11 — 13 — 288 2017 99 98 352 136 74 60 5 37 — 861 2016 156 127 180 32 72 72 9 21 6 675 2015 and prior 526 423 326 141 198 180 49 108 29 1,980 Total $ 977 $ 1,027 $ 961 $ 517 $ 456 $ 391 $ 81 $ 202 $ 82 $ 4,694 |
Mortgage Loans by Property Type of Collateral | The following tables present the commercial mortgage loans by year of origination and property type as of the dates indicated: As of June 30, 2021 Property Type Year of Origination Retail Industrial Apartments Office Hotel/Motel Other Mixed Use Total 2021 $ 5 $ 29 $ 169 $ 74 $ — $ — $ — $ 277 2020 51 73 141 136 — — — 401 2019 30 67 231 67 20 — — 415 2018 42 74 77 15 3 17 — 228 2017 91 375 185 123 3 — — 777 2016 104 217 95 129 8 5 3 561 2015 and prior 577 201 286 205 64 145 38 1,516 Total $ 900 $ 1,036 $ 1,184 $ 749 $ 98 $ 167 $ 41 $ 4,175 As of December 31, 2020 Property Type Year of Origination Retail Industrial Apartments Office Hotel/Motel Other Mixed Use Total 2020 $ 51 $ 73 $ 141 $ 144 $ — $ — $ — $ 409 2019 32 73 283 71 22 — — 481 2018 49 78 124 17 3 17 — 288 2017 102 415 204 136 4 — — 861 2016 129 244 138 144 9 7 4 675 2015 and prior 792 305 338 261 79 166 39 1,980 Total $ 1,155 $ 1,188 $ 1,228 $ 773 $ 117 $ 190 $ 43 $ 4,694 |
Allowance for Credit Losses on Financing Receivables | The following table summarizes the activity in the allowance for losses for commercial mortgage loans for the periods indicated: June 30, 2021 December 31, 2020 Allowance for credit losses, beginning of the period $ 67 $ 12 (1) Credit losses on mortgage loans for which credit losses were not previously recorded 1 5 Change in allowance due to transfer of loans from Voya Reinsurance portfolios to Resolution (7) — Increase (decrease) on mortgage loans with allowance recorded in previous period (34) 52 Provision for expected credit losses 27 69 Write-offs — (2) Recoveries of amounts previously written off — — Allowance for credit losses, end of period $ 27 $ 67 |
Financing Receivable, Past Due | The following table presents past due commercial mortgage loans as of the dates indicated: June 30, 2021 December 31, 2020 Delinquency: Current $ 4,175 $ 4,691 30-59 days past due — — 60-89 days past due — — Greater than 90 days past due — 3 Total $ 4,175 $ 4,694 |
Net Investment Income | Net Investment Income The following table summarizes Net investment income for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Fixed maturities $ 361 $ 398 $ 737 $ 771 Equity securities 4 2 7 4 Mortgage loans on real estate 46 50 90 100 Policy loans 3 4 4 6 Short-term investments and cash equivalents 1 — 2 1 Other 84 (51) 166 (21) Gross investment income 499 403 1,006 861 Less: Investment expenses 17 18 35 37 Net investment income $ 482 $ 385 $ 971 $ 824 |
Realized Gain (Loss) on Investments | Net realized capital gains (losses) were as follows for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Fixed maturities, available-for-sale, including securities pledged $ 11 $ (3) $ 520 $ (21) Fixed maturities, at fair value option (145) (39) (287) 16 Equity securities, at fair value 4 6 7 1 Derivatives (8) 6 (48) 52 Embedded derivatives - fixed maturities — — (2) 4 Guaranteed benefit derivatives (12) 39 37 (130) Mortgage Loans 21 — 84 — Other investments 94 (38) 94 (43) Net realized capital gains (losses) $ (35) $ (29) $ 405 $ (121) |
Gain (Loss) on Securities | Proceeds from the sale of fixed maturities, available-for-sale and trading, and equity securities and the related gross realized gains and losses, before tax, were as follows for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Proceeds on sales $ 420 $ 583 $ 3,862 $ 860 Gross gains 9 56 501 61 Gross losses 1 39 2 52 |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The location and effect of derivatives qualifying for hedge accounting on the Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income are as follows for the periods indicated: Three Months Ended June 30, 2021 2020 Interest Rate Contracts Foreign Exchange Contracts Interest Rate Contracts Foreign Exchange Contracts Derivatives: Qualifying for hedge accounting Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Net investment income Net investment income and Other net realized capital gains/(losses) Net investment income Net investment income and Other net realized capital gains/(losses) Amount of Gain or (Loss) Recognized in Other Comprehensive Income $ — $ 5 $ 1 $ (16) Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income — $ 2 $ — $ 2 Six Months Ended June 30, 2021 2020 Interest Rate Contracts Foreign Exchange Contracts Interest Rate Contracts Foreign Exchange Contracts Derivatives: Qualifying for hedge accounting Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Net investment income Net investment income and Other net realized capital gains/(losses) Net investment income Net investment income and Other net realized capital gains/(losses) Amount of Gain or (Loss) Recognized in Other Comprehensive Income $ (1) $ 10 $ 2 $ 61 Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income — (1) — 5 The location and amount of gain (loss) recognized in the Consolidated Statements of Operations for derivatives qualifying for hedge accounting are as follows for the periods indicated: Three Months Ended June 30, 2021 2020 Net investment income Other net realized capital gains/(losses) Net investment income Other net realized capital gains/(losses) Total amounts of line items presented in the statement of operations in which the effects of cash flow hedges are recorded $ 482 $ (35) $ 385 $ (5) Derivatives: Qualifying for hedge accounting Cash flow hedges: Foreign exchange contracts: Gain (loss) reclassified from accumulated other comprehensive income into income 2 — 2 — Six Months Ended June 30, 2021 2020 Net investment income Other net realized capital gains/(losses) Net investment income Other net realized capital gains/(losses) Total amounts of line items presented in the statement of operations in which the effects of cash flow hedges are recorded $ 971 $ 405 $ 824 $ (90) Derivatives: Qualifying for hedge accounting Cash flow hedges: Foreign exchange contracts: Gain (loss) reclassified from accumulated other comprehensive income into income 4 (5) 5 — The location and effect of derivatives not designated as hedging instruments on the Condensed Consolidated Statements of Operations are as follows for the periods indicated: Location of Gain or (Loss) Recognized in Income on Derivative Three Months Ended June 30, 2021 2020 Derivatives: Non-qualifying for hedge accounting Interest rate contracts Other net realized capital gains (losses) $ (9) $ 3 Foreign exchange contracts Other net realized capital gains (losses) (1) — Equity contracts Other net realized capital gains (losses) — 1 Credit contracts Other net realized capital gains (losses) 1 2 Embedded derivatives and Managed custody guarantees: Within fixed maturity investments Other net realized capital gains (losses) — — Within products Other net realized capital gains (losses) (12) 30 Within reinsurance agreements Policyholder benefits — — Managed custody guarantees Other net realized capital gains (losses) — 9 Total $ (21) $ 45 Location of Gain or (Loss) Recognized in Income on Derivative Six Months Ended June 30, 2021 2020 Derivatives: Non-qualifying for hedge accounting Interest rate contracts Other net realized capital gains (losses) $ (44) $ 45 Foreign exchange contracts Other net realized capital gains (losses) (1) 4 Equity contracts Other net realized capital gains (losses) — — Credit contracts Other net realized capital gains (losses) 1 3 Embedded derivatives and Managed custody guarantees: Within fixed maturity investments Other net realized capital gains (losses) (2) 4 Within products Other net realized capital gains (losses) 33 (113) Within reinsurance agreements Policyholder benefits — 23 Managed custody guarantees Other net realized capital gains (losses) 4 (17) Total $ (9) $ (51) |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts of Outstanding Derivative Positions | The notional amounts and fair values of derivatives were as follows as of the dates indicated: June 30, 2021 December 31, 2020 Notional Asset Liability Notional Asset Liability Derivatives: Qualifying for hedge accounting (1) Cash flow hedges: Interest rate contracts $ 18 $ — $ — $ 18 $ — $ — Foreign exchange contracts 566 4 27 628 3 36 Derivatives: Non-qualifying for hedge accounting (1) Interest rate contracts 14,586 123 174 14,155 137 171 Foreign exchange contracts 54 1 1 83 — 3 Equity contracts — — — 55 5 5 Credit contracts 112 1 1 188 — 1 Embedded derivatives and Managed custody guarantees: Within fixed maturity investments N/A 9 — N/A 11 — Within products N/A — 24 N/A — 59 Managed custody guarantees N/A — 1 N/A — 4 Total $ 138 $ 228 $ 156 $ 279 (1) Open derivative contracts are reported as Derivatives assets or liabilities on the Condensed Consolidated Balance Sheets at fair value. N/A - Not Applicable |
Offsetting Assets and Liabilities | Although the Company has not elected to net its derivative exposures, the notional amounts and fair values of Over-The-Counter ("OTC") and cleared derivatives excluding exchange traded contracts are presented in the tables below as of the dates indicated: June 30, 2021 Notional Amount Asset Fair Value Liability Fair Value Credit contracts $ 112 $ 1 $ 1 Equity contracts — — — Foreign exchange contracts 620 5 28 Interest rate contracts 12,487 123 174 129 203 Counterparty netting (1) (122) (122) Cash collateral netting (1) (2) (62) Securities collateral netting (1) — (18) Net receivables/payables $ 5 $ 1 (1) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements. December 31, 2020 Notional Amount Asset Fair Value Liability Fair Value Credit contracts $ 188 $ — $ 1 Equity contracts 55 5 5 Foreign exchange contracts 711 3 39 Interest rate contracts 12,567 137 171 145 216 Counterparty netting (1) (141) (141) Cash collateral netting (1) (1) (43) Securities collateral netting (1) — (28) Net receivables/payables $ 3 $ 4 |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The location and effect of derivatives qualifying for hedge accounting on the Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income are as follows for the periods indicated: Three Months Ended June 30, 2021 2020 Interest Rate Contracts Foreign Exchange Contracts Interest Rate Contracts Foreign Exchange Contracts Derivatives: Qualifying for hedge accounting Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Net investment income Net investment income and Other net realized capital gains/(losses) Net investment income Net investment income and Other net realized capital gains/(losses) Amount of Gain or (Loss) Recognized in Other Comprehensive Income $ — $ 5 $ 1 $ (16) Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income — $ 2 $ — $ 2 Six Months Ended June 30, 2021 2020 Interest Rate Contracts Foreign Exchange Contracts Interest Rate Contracts Foreign Exchange Contracts Derivatives: Qualifying for hedge accounting Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Net investment income Net investment income and Other net realized capital gains/(losses) Net investment income Net investment income and Other net realized capital gains/(losses) Amount of Gain or (Loss) Recognized in Other Comprehensive Income $ (1) $ 10 $ 2 $ 61 Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income — (1) — 5 The location and amount of gain (loss) recognized in the Consolidated Statements of Operations for derivatives qualifying for hedge accounting are as follows for the periods indicated: Three Months Ended June 30, 2021 2020 Net investment income Other net realized capital gains/(losses) Net investment income Other net realized capital gains/(losses) Total amounts of line items presented in the statement of operations in which the effects of cash flow hedges are recorded $ 482 $ (35) $ 385 $ (5) Derivatives: Qualifying for hedge accounting Cash flow hedges: Foreign exchange contracts: Gain (loss) reclassified from accumulated other comprehensive income into income 2 — 2 — Six Months Ended June 30, 2021 2020 Net investment income Other net realized capital gains/(losses) Net investment income Other net realized capital gains/(losses) Total amounts of line items presented in the statement of operations in which the effects of cash flow hedges are recorded $ 971 $ 405 $ 824 $ (90) Derivatives: Qualifying for hedge accounting Cash flow hedges: Foreign exchange contracts: Gain (loss) reclassified from accumulated other comprehensive income into income 4 (5) 5 — The location and effect of derivatives not designated as hedging instruments on the Condensed Consolidated Statements of Operations are as follows for the periods indicated: Location of Gain or (Loss) Recognized in Income on Derivative Three Months Ended June 30, 2021 2020 Derivatives: Non-qualifying for hedge accounting Interest rate contracts Other net realized capital gains (losses) $ (9) $ 3 Foreign exchange contracts Other net realized capital gains (losses) (1) — Equity contracts Other net realized capital gains (losses) — 1 Credit contracts Other net realized capital gains (losses) 1 2 Embedded derivatives and Managed custody guarantees: Within fixed maturity investments Other net realized capital gains (losses) — — Within products Other net realized capital gains (losses) (12) 30 Within reinsurance agreements Policyholder benefits — — Managed custody guarantees Other net realized capital gains (losses) — 9 Total $ (21) $ 45 Location of Gain or (Loss) Recognized in Income on Derivative Six Months Ended June 30, 2021 2020 Derivatives: Non-qualifying for hedge accounting Interest rate contracts Other net realized capital gains (losses) $ (44) $ 45 Foreign exchange contracts Other net realized capital gains (losses) (1) 4 Equity contracts Other net realized capital gains (losses) — — Credit contracts Other net realized capital gains (losses) 1 3 Embedded derivatives and Managed custody guarantees: Within fixed maturity investments Other net realized capital gains (losses) (2) 4 Within products Other net realized capital gains (losses) 33 (113) Within reinsurance agreements Policyholder benefits — 23 Managed custody guarantees Other net realized capital gains (losses) 4 (17) Total $ (9) $ (51) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of June 30, 2021: Level 1 Level 2 Level 3 Total Assets: Fixed maturities, including securities pledged: U.S. Treasuries $ 508 $ 167 $ — $ 675 U.S. Government agencies and authorities — 22 — 22 State, municipalities and political subdivisions — 737 — 737 U.S. corporate public securities — 8,213 18 8,231 U.S. corporate private securities — 2,427 1,413 3,840 Foreign corporate public securities and foreign governments (1) — 2,577 7 2,584 Foreign corporate private securities (1) — 2,536 264 2,800 Residential mortgage-backed securities — 3,457 31 3,488 Commercial mortgage-backed securities — 2,673 — 2,673 Other asset-backed securities — 1,352 52 1,404 Total fixed maturities, including securities pledged 508 24,161 1,785 26,454 Fixed maturities, trading — — 33 33 Equity securities 93 — 145 238 Derivatives: Interest rate contracts 5 118 — 123 Foreign exchange contracts — 5 — 5 Credit contracts — 1 — 1 Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 1,072 16 — 1,088 Assets held in separate accounts 87,853 5,536 293 93,682 Total assets $ 89,531 $ 29,837 $ 2,256 $ 121,624 Percentage of Level to Total 73 % 25 % 2 % 100 % Liabilities: Derivatives: Guaranteed benefit derivatives: FIA $ — $ — $ 10 $ 10 Stabilizer and MCGs — — 15 15 Other derivatives: Interest rate contracts — 174 — 174 Foreign exchange contracts — 28 — 28 Equity contracts — — — — Credit contracts — 1 — 1 Total liabilities $ — $ 203 $ 25 $ 228 (1) Primarily U.S. dollar denominated. The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of December 31, 2020: Level 1 Level 2 Level 3 Total Assets: Fixed maturities, including securities pledged: U.S. Treasuries $ 548 $ 173 $ — $ 721 U.S. Government agencies and authorities — 19 — 19 State, municipalities and political subdivisions — 814 — 814 U.S. corporate public securities — 9,099 57 9,156 U.S. corporate private securities — 3,093 1,286 4,379 Foreign corporate public securities and foreign governments (1) — 2,951 — 2,951 Foreign corporate private securities (1) — 3,008 295 3,303 Residential mortgage-backed securities — 4,204 33 4,237 Commercial mortgage-backed securities — 2,893 — 2,893 Other asset-backed securities — 1,483 37 1,520 Total fixed maturities, including securities pledged 548 27,737 1,708 29,993 Equity securities 17 — 99 116 Derivatives: Interest rate contracts 7 130 — 137 Foreign exchange contracts — 3 — 3 Equity contracts — 5 — 5 Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 610 16 — 626 Assets held in separate accounts 81,096 6,001 222 87,319 Total assets $ 82,278 $ 33,892 $ 2,029 $ 118,199 Percentage of Level to total 69 % 29 % 2 % 100 % Liabilities: Derivatives: Guaranteed benefit derivatives: FIA $ — $ — $ 10 $ 10 Stabilizer and MCGs — — 53 53 Other derivatives: Interest rate contracts — 171 — 171 Foreign exchange contracts — 39 — 39 Equity contracts — 5 — 5 Credit contracts — 1 — 1 Total liabilities $ — $ 216 $ 63 $ 279 (1) Primarily U.S. dollar denominated. |
Deferred Policy Acquisition C_2
Deferred Policy Acquisition Costs and Value of Business Acquired (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract] | |
Deferred Policy Acquisition Costs and Value of Business Acquired | The following tables present a rollforward of DAC and VOBA for the periods indicated: 2021 DAC VOBA Total Balance as of January 1, 2021 $ 122 $ 40 $ 162 Impact of ASU 2016-13 — — — Deferrals of commissions and expenses 26 2 28 Amortization: (2) Amortization, excluding unlocking (57) (63) (120) Unlocking (1) 3 10 13 Interest accrued 17 12 (3) 29 Net amortization included in the Condensed Consolidated Statements of Operations (37) (41) (78) Change due to unrealized capital gains/losses on available-for-sale securities 101 94 195 Balance as of June 30, 2021 $ 212 $ 95 $ 307 2020 DAC VOBA Total Balance as of January 1, 2020 $ 288 $ 305 $ 593 Impact of ASU 2016-13 2 — 2 Deferrals of commissions and expenses 28 2 30 Amortization: Amortization, excluding unlocking (45) (40) (85) Unlocking (1) 6 — 6 Interest accrued 18 18 (3) 36 Net amortization included in the Condensed Consolidated Statements of Operations (21) (22) (43) Change due to unrealized capital gains/losses on available-for-sale securities (86) (101) (187) Balance as of June 30, 2020 $ 211 $ 184 $ 395 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Shareholder’s equity included the following components of Accumulated Other Comprehensive Income (AOCI) as of the dates indicated: June 30, 2021 2020 Fixed maturities, net of impairments $ 2,494 $ 2,625 Derivatives (1) 66 169 DAC/VOBA and Sales inducements adjustment on available-for-sale securities (657) (739) Premium deficiency reserve adjustment — (278) Other 1 — Unrealized capital gains (losses), before tax 1,904 1,777 Deferred income tax asset (liability) (271) (245) Unrealized capital gains (losses), after tax 1,633 1,532 Pension and other postretirement benefits liability, net of tax 2 3 AOCI $ 1,635 $ 1,535 (1) Gains and losses reported in AOCI from hedge transactions that resulted in the acquisition of an identified asset are reclassified into earnings in the same period or periods during which the asset acquired affects earnings. As of June 30, 2021, the portion of the AOCI that is expected to be reclassified into earnings within the next twelve months is $20. |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Six Months Ended June 30, 2021 Before-Tax Amount Income Tax After-Tax Amount Available-for-sale securities: Fixed maturities $ (421) $ 89 $ (332) Other (1) — (1) Impairments 2 — 2 Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations (517) 109 (408) DAC/VOBA and Sales inducements 198 (1) (42) 156 Premium deficiency reserve adjustment 434 (91) 343 Change in unrealized gains (losses) on available-for-sale securities (305) 65 (240) Derivatives: Derivatives 4 (2) (1) 3 Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations (11) 2 (9) Change in unrealized gains (losses) on derivatives (7) 1 (6) Pension and other postretirement benefits liability: Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations (1) — (1) Change in pension and other postretirement benefits liability (1) — (1) Change in accumulated other comprehensive income (loss) $ (313) $ 66 $ (247) (1) See the Deferred Policy Acquisition Costs and Value of Business Acquired Note to these Condensed Consolidated Financial Statements for additional information. (2) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information. Three Months Ended June 30, 2020 Before-Tax Amount Income Tax After-Tax Amount Available-for-sale securities: Fixed maturities $ 2,001 $ (419) $ 1,582 Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations 1 — 1 DAC/VOBA and Sales inducements (542) 113 (429) Premium deficiency reserve adjustment (170) 35 (135) Change in unrealized gains (losses) on available-for-sale securities 1,290 (271) 1,019 Derivatives: Derivatives (16) (1) 4 (12) Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations (5) 1 (4) Change in unrealized gains (losses) on derivatives (21) 5 (16) Pension and other postretirement benefits liability: Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations (1) — (1) Change in pension and other postretirement benefits liability (1) — (1) Change in Other comprehensive income (loss) $ 1,268 $ (266) $ 1,002 (1) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information. Six Months Ended June 30, 2020 Before-Tax Amount Income Tax After-Tax Amount Available-for-sale securities: Fixed maturities $ 497 $ (104) $ 393 Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations 16 (3) 13 DAC/VOBA and Sales inducements (187) (1) 39 (148) Premium deficiency reserve adjustment (69) 14 (55) Change in unrealized gains (losses) on available-for-sale securities 257 (54) 203 Derivatives: Derivatives 63 (2) (13) 50 Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations (11) 2 (9) Change in unrealized gains (losses) on derivatives 52 (11) 41 Pension and other postretirement benefits liability: Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations (1) — — Change in pension and other postretirement benefits liability (1) — (1) Change in accumulated other comprehensive income (loss) $ 308 $ (65) $ 243 (1) See the Deferred Policy Acquisition Costs and Value of Business Acquired Note to these Condensed Consolidated Financial Statements for additional information. (2) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Restricted Assets | The components of the fair value of the restricted assets were as follows as of the dates indicated: June 30, 2021 December 31, 2020 Fixed maturity collateral pledged to FHLB (1) $ 1,105 $ 997 FHLB restricted stock (2) 45 44 Other fixed maturities-state deposits 14 14 Cash and cash equivalents 3 4 Securities pledged (3) 744 220 Total restricted assets $ 1,911 $ 1,279 (1) Included in Fixed maturities, available for sale, at fair value on the Condensed Consolidated Balance Sheets. (2) Included in Other investments on the Condensed Consolidated Balance Sheets. (3) Includes the fair value of loaned securities of $599 and $143 as of June 30, 2021 and December 31, 2020, respectively. In addition, as of June 30, 2021 and December 31, 2020, the Company delivered securities as collateral of $145 and $77, respectively. Loaned securities and securities delivered as collateral are included in Securities pledged on the Condensed Consolidated Balance Sheets. |
Business, Basis of Presentati_3
Business, Basis of Presentation and Significant Accounting Policies - Narrative (Details) $ in Millions | Jun. 09, 2021USD ($)professional | Jan. 01, 2020 | Jun. 30, 2021USD ($)shares | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)segmentshares | Jun. 30, 2020USD ($) | Mar. 31, 2021shares | Dec. 31, 2020shares |
Schedule of Equity Transactions [Line Items] | ||||||||
New Accounting Pronouncement or Change in Accounting Principle, Description | (8) | |||||||
Number of Operating Segments | segment | 1 | |||||||
Reinsurance Recoverable, Guarantee Benefit | $ 2,500 | $ 2,500 | ||||||
Ceded Premiums Written | 2,400 | |||||||
Indemnity coinsurance and modified coinsurance arrangements | 3,500 | |||||||
Policyholder Benefits and Claims Incurred, Ceded | 2,500 | |||||||
Transfer from Investments | $ 3,700 | |||||||
Common stock, shares issued | shares | 55,000 | 55,000 | 55,000 | |||||
Realized capital gains (losses) | $ (35) | $ (29) | $ 405 | $ (121) | ||||
Reinsurance Payable | 73 | 73 | ||||||
Deposit assets | $ 1,500 | 1,500 | ||||||
Voya Special Investments, Inc | ||||||||
Schedule of Equity Transactions [Line Items] | ||||||||
Common stock, shares issued | shares | 0.499 | |||||||
Security Life of Denver Company | ||||||||
Schedule of Equity Transactions [Line Items] | ||||||||
Notes Issued | $ 80 | |||||||
Resolution (Life U.S. Intermediate Holdings Ltd.) | ||||||||
Schedule of Equity Transactions [Line Items] | ||||||||
Preferred Stock, Shares Issued | shares | 73,000,000 | 73,000,000 | ||||||
Discontinued Operations, Disposed of by Sale | Independent Financial Planning Channel | Cetera Financial Group, Inc | ||||||||
Schedule of Equity Transactions [Line Items] | ||||||||
Disposal Group, Including Discontinued Operation, Number Of Financial Professionals Transferred | professional | 800 | |||||||
Disposal Group, Including Discontinued Operation, Assets | $ 38,000 | |||||||
Disposal Group, Including Discontinued Operation, Number Of Financial Professionals Retained | professional | 600 | |||||||
Mortgage loans on real estate | Accounting Standards Update 2016-13 | ||||||||
Schedule of Equity Transactions [Line Items] | ||||||||
New Accounting Pronouncement or Change in Accounting Principle, Description | 12 | |||||||
Deferred Policy Acquisition Cost | Accounting Standards Update 2016-13 | ||||||||
Schedule of Equity Transactions [Line Items] | ||||||||
New Accounting Pronouncement or Change in Accounting Principle, Description | 2 | |||||||
Deferred Income Tax | Accounting Standards Update 2016-13 | ||||||||
Schedule of Equity Transactions [Line Items] | ||||||||
New Accounting Pronouncement or Change in Accounting Principle, Description | 2 | |||||||
Retained Earnings (Deficit) | Accounting Standards Update 2016-13 | ||||||||
Schedule of Equity Transactions [Line Items] | ||||||||
New Accounting Pronouncement or Change in Accounting Principle, Description | 8 |
Investments - Fixed Maturities
Investments - Fixed Maturities and Equity Securities (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Securities pledged, amortized costs | $ 658 | $ 169 |
U.S. Treasuries | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Amortized Cost | 536 | 535 |
Fixed maturities, Gross Unrealized Capital Gains | 139 | 186 |
Fixed maturities, Gross Unrealized Capital Losses | 0 | 0 |
Embedded Derivatives | 0 | 0 |
Fair Value | 675 | 721 |
OTTI | 0 | 0 |
US Treasury and Government | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Amortized Cost | 21 | 18 |
Fixed maturities, Gross Unrealized Capital Gains | 1 | 1 |
Fixed maturities, Gross Unrealized Capital Losses | 0 | 0 |
Embedded Derivatives | 0 | 0 |
Fair Value | 22 | 19 |
OTTI | 0 | 0 |
State, municipalities and political subdivisions | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Amortized Cost | 646 | 698 |
Fixed maturities, Gross Unrealized Capital Gains | 91 | 116 |
Fixed maturities, Gross Unrealized Capital Losses | 0 | 0 |
Embedded Derivatives | 0 | 0 |
Fair Value | 737 | 814 |
OTTI | 0 | 0 |
U.S. corporate public securities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Amortized Cost | 7,140 | 7,632 |
Fixed maturities, Gross Unrealized Capital Gains | 1,117 | 1,531 |
Fixed maturities, Gross Unrealized Capital Losses | 26 | 7 |
Embedded Derivatives | 0 | 0 |
Fair Value | 8,231 | 9,156 |
OTTI | 0 | 0 |
U.S. corporate private securities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Amortized Cost | 3,478 | 3,870 |
Fixed maturities, Gross Unrealized Capital Gains | 380 | 536 |
Fixed maturities, Gross Unrealized Capital Losses | 18 | 27 |
Embedded Derivatives | 0 | 0 |
Fair Value | 3,840 | 4,379 |
OTTI | 0 | 0 |
Foreign corporate public securities and foreign governments | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Amortized Cost | 2,297 | 2,539 |
Fixed maturities, Gross Unrealized Capital Gains | 296 | 413 |
Fixed maturities, Gross Unrealized Capital Losses | 9 | 1 |
Embedded Derivatives | 0 | 0 |
Fair Value | 2,584 | 2,951 |
OTTI | 0 | 0 |
Foreign corporate private securities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Amortized Cost | 2,581 | 2,991 |
Fixed maturities, Gross Unrealized Capital Gains | 252 | 348 |
Fixed maturities, Gross Unrealized Capital Losses | 22 | 25 |
Embedded Derivatives | 0 | 0 |
Fair Value | 2,800 | 3,303 |
OTTI | 11 | 11 |
Residential mortgage-backed | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Amortized Cost | 3,366 | 4,071 |
Fixed maturities, Gross Unrealized Capital Gains | 128 | 171 |
Fixed maturities, Gross Unrealized Capital Losses | 14 | 15 |
Embedded Derivatives | 9 | 11 |
Fair Value | 3,488 | 4,237 |
OTTI | 1 | 1 |
Commercial mortgage-backed | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Amortized Cost | 2,514 | 2,712 |
Fixed maturities, Gross Unrealized Capital Gains | 169 | 207 |
Fixed maturities, Gross Unrealized Capital Losses | 10 | 26 |
Embedded Derivatives | 0 | 0 |
Fair Value | 2,673 | 2,893 |
OTTI | 0 | 0 |
Other asset-backed securities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Amortized Cost | 1,384 | 1,500 |
Fixed maturities, Gross Unrealized Capital Gains | 23 | 28 |
Fixed maturities, Gross Unrealized Capital Losses | 3 | 6 |
Embedded Derivatives | 0 | 0 |
Fair Value | 1,404 | 1,520 |
OTTI | 0 | 2 |
Embedded derivatives - fixed maturities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Amortized Cost | 23,963 | 26,566 |
Fixed maturities, Gross Unrealized Capital Gains | 2,596 | 3,537 |
Fixed maturities, Gross Unrealized Capital Losses | 102 | 107 |
Embedded Derivatives | 9 | 11 |
Fair Value | 26,454 | 29,993 |
OTTI | 12 | 14 |
Total fixed maturities, less securities pledged, Amortized Cost | 23,305 | 26,397 |
Total fixed maturities, less securities pledged, Gross Unrealized Capital Gains | 2,510 | 3,485 |
Total fixed maturities, less securities pledged, Gross Unrealized Capital Losses | 102 | 106 |
Total fixed maturities, less securities pledged, Fair Value | 25,710 | 29,773 |
Collateral Pledged | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Securities pledged | 744 | 220 |
Collateral Pledged | Embedded derivatives - fixed maturities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Embedded Derivatives | 0 | 0 |
OTTI | 0 | 0 |
Securities pledged, amortized costs | 658 | 169 |
Securities pledged, Gross Unrealized Capital Gains | 86 | 52 |
Securities pledged, Gross Unrealized Capital Losses | 0 | 1 |
Securities pledged | $ 744 | $ 220 |
Investments - Debt Maturities (
Investments - Debt Maturities (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Embedded derivatives - fixed maturities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
One year or less, Amortized Cost | $ 316 | |
One year or less, Fair Value | 320 | |
After one year through five years, Amortized Cost | 3,131 | |
After one year through five years, Fair Value | 3,354 | |
After five years through ten years, Amortized Cost | 4,480 | |
After five years through ten years, Fair Value | 4,966 | |
After ten years, Amortized Cost | 8,772 | |
After ten years, Fair Value | 10,249 | |
Amortized Cost | 23,963 | $ 26,566 |
Fixed maturities, including securities pledged | $ 26,454 | $ 29,993 |
Mortgage-backed securities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Percent Collateralized Mortgage Backed Securities including Interest-Only Strip or Principal-Only Strip | 45.80% | 48.20% |
Without single maturity date, Amortized Cost | $ 5,880 | |
Without single maturity date, Fair Value | 6,161 | |
Other asset-backed securities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Without single maturity date, Amortized Cost | 1,384 | |
Without single maturity date, Fair Value | 1,404 | |
Amortized Cost | 1,384 | $ 1,500 |
Fixed maturities, including securities pledged | $ 1,404 | $ 1,520 |
Investments - Composition of US
Investments - Composition of US and Foreign Corporate Securities (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Communications | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Amortized Cost | $ 859 | $ 950 |
Gross Unrealized Capital Gains | 167 | 231 |
Gross Unrealized Capital Losses | 1 | 1 |
Fair Value | 1,025 | 1,180 |
Financial | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Amortized Cost | 2,509 | 2,921 |
Gross Unrealized Capital Gains | 316 | 472 |
Gross Unrealized Capital Losses | 10 | 2 |
Fair Value | 2,815 | 3,391 |
Industrial and other companies | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Amortized Cost | 6,907 | 7,284 |
Gross Unrealized Capital Gains | 836 | 1,155 |
Gross Unrealized Capital Losses | 22 | 13 |
Fair Value | 7,721 | 8,426 |
Energy | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Amortized Cost | 1,385 | 1,571 |
Gross Unrealized Capital Gains | 242 | 259 |
Gross Unrealized Capital Losses | 15 | 22 |
Fair Value | 1,612 | 1,808 |
Utilities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Amortized Cost | 2,672 | 3,025 |
Gross Unrealized Capital Gains | 365 | 530 |
Gross Unrealized Capital Losses | 5 | 1 |
Fair Value | 3,032 | 3,554 |
Transportation | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Amortized Cost | 873 | 929 |
Gross Unrealized Capital Gains | 85 | 128 |
Gross Unrealized Capital Losses | 20 | 20 |
Fair Value | 938 | 1,037 |
Total | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Amortized Cost | 15,205 | 16,680 |
Gross Unrealized Capital Gains | 2,011 | 2,775 |
Gross Unrealized Capital Losses | 73 | 59 |
Fair Value | $ 17,143 | $ 19,396 |
Investments - Repurchase Agreem
Investments - Repurchase Agreement, Securities Lending, VIEs (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Initial collateral required, percent of market value of loaned securities | 102.00% | |
Securities received as collateral | $ 26 | $ 70 |
Payables under securities loan agreements, including collateral held | 707 | 208 |
Securities pledged as collateral | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Fair value of loaned securities | 599 | 143 |
Short-term Investments | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Securities received as collateral | 591 | 74 |
Cash collateral, included in Payables | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Payables under securities loan agreements, including collateral held | 591 | 74 |
U.S. Treasuries | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Payables under securities loan agreements, including collateral held | 49 | 70 |
U.S. corporate public securities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Payables under securities loan agreements, including collateral held | 320 | 54 |
Foreign corporate public securities and foreign governments | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Payables under securities loan agreements, including collateral held | 188 | 20 |
Payables under securities loan agreements | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Payables under securities loan agreements, including collateral held | 617 | 144 |
Equity securities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Payables under securities loan agreements, including collateral held | $ 60 | $ 0 |
Investments - Allowance for cre
Investments - Allowance for credit losses (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Mar. 31, 2021 | Jun. 30, 2021 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance as of January 1, 2021 | $ 14 | $ 14 |
Credit losses on securities for which credit losses were not previously recorded | 14 | 1 |
Initial allowance for credit losses recognized on financial assets accounted for as PCD | 0 | 0 |
Reductions for securities sold during the period | 0 | 0 |
Reductions for intent to sell or more likely than not will be required to sell securities prior to recovery of amortized cost | 0 | 0 |
Increase (decrease) on securities with allowance recorded in previous period | 0 | (3) |
Write-offs | 0 | 0 |
Recoveries of amounts previously written-off | 0 | 0 |
Balance at June 30, 2021 | 12 | |
Residential mortgage-backed | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance as of January 1, 2021 | 1 | 1 |
Credit losses on securities for which credit losses were not previously recorded | 1 | 1 |
Initial allowance for credit losses recognized on financial assets accounted for as PCD | 0 | 0 |
Reductions for securities sold during the period | 0 | 0 |
Reductions for intent to sell or more likely than not will be required to sell securities prior to recovery of amortized cost | 0 | 0 |
Increase (decrease) on securities with allowance recorded in previous period | 0 | (1) |
Write-offs | 0 | 0 |
Recoveries of amounts previously written-off | 0 | 0 |
Balance at June 30, 2021 | 1 | |
Commercial mortgage-backed | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance as of January 1, 2021 | 0 | 0 |
Credit losses on securities for which credit losses were not previously recorded | 0 | 0 |
Initial allowance for credit losses recognized on financial assets accounted for as PCD | 0 | 0 |
Reductions for securities sold during the period | 0 | 0 |
Reductions for intent to sell or more likely than not will be required to sell securities prior to recovery of amortized cost | 0 | 0 |
Increase (decrease) on securities with allowance recorded in previous period | 0 | 0 |
Write-offs | 0 | 0 |
Recoveries of amounts previously written-off | 0 | 0 |
Balance at June 30, 2021 | 0 | |
Foreign corporate private securities | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance as of January 1, 2021 | 11 | 11 |
Credit losses on securities for which credit losses were not previously recorded | 11 | 0 |
Initial allowance for credit losses recognized on financial assets accounted for as PCD | 0 | 0 |
Reductions for securities sold during the period | 0 | 0 |
Reductions for intent to sell or more likely than not will be required to sell securities prior to recovery of amortized cost | 0 | 0 |
Increase (decrease) on securities with allowance recorded in previous period | 0 | 0 |
Write-offs | 0 | 0 |
Recoveries of amounts previously written-off | 0 | 0 |
Balance at June 30, 2021 | 11 | |
Other Asset-backed Securities [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance as of January 1, 2021 | 2 | 2 |
Credit losses on securities for which credit losses were not previously recorded | 2 | 0 |
Initial allowance for credit losses recognized on financial assets accounted for as PCD | 0 | 0 |
Reductions for securities sold during the period | 0 | 0 |
Reductions for intent to sell or more likely than not will be required to sell securities prior to recovery of amortized cost | 0 | 0 |
Increase (decrease) on securities with allowance recorded in previous period | 0 | (2) |
Write-offs | 0 | 0 |
Recoveries of amounts previously written-off | $ 0 | 0 |
Balance at June 30, 2021 | $ 0 |
Investments - Unrealized Capita
Investments - Unrealized Capital Losses (Details) $ in Millions | Jun. 30, 2021USD ($)securities | Dec. 31, 2020USD ($)securities |
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Twelve Months or Less below amortized cost, Fair Value | $ 1,923 | $ 2,134 |
Twelve Months or Less below amortized cost, Unrealized Capital Loss | $ 68 | $ 78 |
Twelve Months or Less below amortized cost, total number of securities in an unrealized loss position | securities | 672 | 555,000,000 |
More Than Twelve Months Below Amortized Cost, Fair Value | $ 621 | $ 519 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Loss | $ 34 | $ 29 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | securities | 174 | 163,000,000 |
Total, Fair Value | $ 2,544 | $ 2,653 |
Total Unrealized Capital Losses | $ 102 | $ 107 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | securities | 846 | 718,000,000 |
U.S. Treasuries | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Twelve Months or Less below amortized cost, Fair Value | $ 13 | $ 8 |
Twelve Months or Less below amortized cost, Unrealized Capital Loss | $ 0 | $ 0 |
Twelve Months or Less below amortized cost, total number of securities in an unrealized loss position | securities | 4 | 2,000,000 |
More Than Twelve Months Below Amortized Cost, Fair Value | $ 0 | $ 0 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Loss | $ 0 | $ 0 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | securities | 0 | 0 |
Total, Fair Value | $ 13 | $ 8 |
Total Unrealized Capital Losses | $ 0 | $ 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | securities | 4 | 2,000,000 |
State, municipalities and political subdivisions | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Twelve Months or Less below amortized cost, Fair Value | $ 10 | $ 5 |
Twelve Months or Less below amortized cost, Unrealized Capital Loss | $ 0 | $ 0 |
Twelve Months or Less below amortized cost, total number of securities in an unrealized loss position | securities | 3 | 2,000,000 |
More Than Twelve Months Below Amortized Cost, Fair Value | $ 0 | $ 0 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Loss | $ 0 | $ 0 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | securities | 0 | 0 |
Total, Fair Value | $ 10 | $ 5 |
Total Unrealized Capital Losses | $ 0 | $ 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | securities | 3 | 2,000,000 |
U.S. corporate public securities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Twelve Months or Less below amortized cost, Fair Value | $ 856 | $ 199 |
Twelve Months or Less below amortized cost, Unrealized Capital Loss | $ 25 | $ 5 |
Twelve Months or Less below amortized cost, total number of securities in an unrealized loss position | securities | 332 | 182,000,000 |
More Than Twelve Months Below Amortized Cost, Fair Value | $ 18 | $ 22 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Loss | $ 1 | $ 2 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | securities | 3 | 4,000,000 |
Total, Fair Value | $ 874 | $ 221 |
Total Unrealized Capital Losses | $ 26 | $ 7 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | securities | 335 | 186,000,000 |
U.S. corporate private securities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Twelve Months or Less below amortized cost, Fair Value | $ 92 | $ 316 |
Twelve Months or Less below amortized cost, Unrealized Capital Loss | $ 3 | $ 10 |
Twelve Months or Less below amortized cost, total number of securities in an unrealized loss position | securities | 16 | 29,000,000 |
More Than Twelve Months Below Amortized Cost, Fair Value | $ 73 | $ 71 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Loss | $ 15 | $ 17 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | securities | 6 | 7,000,000 |
Total, Fair Value | $ 165 | $ 387 |
Total Unrealized Capital Losses | $ 18 | $ 27 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | securities | 22 | 36,000,000 |
Foreign corporate public securities and foreign governments | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Twelve Months or Less below amortized cost, Fair Value | $ 224 | $ 32 |
Twelve Months or Less below amortized cost, Unrealized Capital Loss | $ 8 | $ 1 |
Twelve Months or Less below amortized cost, total number of securities in an unrealized loss position | securities | 63 | 22,000,000 |
More Than Twelve Months Below Amortized Cost, Fair Value | $ 8 | $ 6 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Loss | $ 1 | $ 0 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | securities | 4 | 2,000,000 |
Total, Fair Value | $ 232 | $ 38 |
Total Unrealized Capital Losses | $ 9 | $ 1 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | securities | 67 | 24,000,000 |
Foreign corporate private securities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Twelve Months or Less below amortized cost, Fair Value | $ 122 | $ 176 |
Twelve Months or Less below amortized cost, Unrealized Capital Loss | $ 22 | $ 25 |
Twelve Months or Less below amortized cost, total number of securities in an unrealized loss position | securities | 11 | 20,000,000 |
More Than Twelve Months Below Amortized Cost, Fair Value | $ 22 | $ 3 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Loss | $ 0 | $ 0 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | securities | 3 | 1,000,000 |
Total, Fair Value | $ 144 | $ 179 |
Total Unrealized Capital Losses | $ 22 | $ 25 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | securities | 14 | 21,000,000 |
Residential mortgage-backed | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Twelve Months or Less below amortized cost, Fair Value | $ 271 | $ 613 |
Twelve Months or Less below amortized cost, Unrealized Capital Loss | $ 7 | $ 11 |
Twelve Months or Less below amortized cost, total number of securities in an unrealized loss position | securities | 152 | 134,000,000 |
More Than Twelve Months Below Amortized Cost, Fair Value | $ 224 | $ 119 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Loss | $ 7 | $ 4 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | securities | 75 | 54,000,000 |
Total, Fair Value | $ 495 | $ 732 |
Total Unrealized Capital Losses | $ 14 | $ 15 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | securities | 227 | 188,000,000 |
Commercial mortgage-backed | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Twelve Months or Less below amortized cost, Fair Value | $ 138 | $ 579 |
Twelve Months or Less below amortized cost, Unrealized Capital Loss | $ 2 | $ 25 |
Twelve Months or Less below amortized cost, total number of securities in an unrealized loss position | securities | 34 | 105,000,000 |
More Than Twelve Months Below Amortized Cost, Fair Value | $ 179 | $ 33 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Loss | $ 8 | $ 1 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | securities | 31 | 7,000,000 |
Total, Fair Value | $ 317 | $ 612 |
Total Unrealized Capital Losses | $ 10 | $ 26 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | securities | 65 | 112,000,000 |
Other asset-backed securities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Twelve Months or Less below amortized cost, Fair Value | $ 197 | $ 206 |
Twelve Months or Less below amortized cost, Unrealized Capital Loss | $ 1 | $ 1 |
Twelve Months or Less below amortized cost, total number of securities in an unrealized loss position | securities | 57 | 59,000,000 |
More Than Twelve Months Below Amortized Cost, Fair Value | $ 97 | $ 265 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Loss | $ 2 | $ 5 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | securities | 52 | 88,000,000 |
Total, Fair Value | $ 294 | $ 471 |
Total Unrealized Capital Losses | $ 3 | $ 6 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | securities | 109 | 147,000,000 |
Investments - Unrealized Capi_2
Investments - Unrealized Capital Losses 1 (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2021USD ($)securities | Dec. 31, 2020USD ($)securities | |
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Available For Sale Securities Change in Loss Position | $ 5 | |
Total Unrealized Capital Losses | 102 | $ 107 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Loss | $ 34 | $ 29 |
More than twelve months below amortized cost, Number of Securities | securities | 174 | 163,000,000 |
Fair value decline below amortized cost greater than 20% | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
More Than Twelve Months Below Amortized Cost, Unrealized Capital Loss | $ 6 | |
More than twelve months below amortized cost, Number of Securities | securities | 6 |
Investments - OTTI (Details)
Investments - OTTI (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021USD ($)securities | Jun. 30, 2020USD ($)securities | Jun. 30, 2021USD ($)securities | Jun. 30, 2020USD ($)securities | |
Available-for-sale Securities Including Securities Pledged [Line Items] | ||||
Impairment | $ 0 | $ 24 | $ 0 | $ 31 |
No. of Securities | securities | 4,000,000 | 250,000,000 | 10 | 258,000,000 |
Write-downs related to credit impairments | $ 0 | $ 0 | $ 0 | $ 0 |
Intent Impairments | 0 | 24 | 0 | 31 |
U.S. corporate public securities | ||||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||||
Impairment | $ 0 | $ 5 | $ 0 | $ 11 |
No. of Securities | securities | 0 | 36,000,000 | 0 | 38,000,000 |
Foreign corporate public securities and foreign governments | ||||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||||
Impairment | $ 0 | $ 1 | $ 0 | $ 1 |
No. of Securities | securities | 0 | 20,000,000 | 0 | 20,000,000 |
Foreign corporate private securities | ||||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||||
Impairment | $ 0 | $ 0 | $ 0 | $ 0 |
No. of Securities | securities | 0 | 7,000,000 | 0 | 7,000,000 |
Residential mortgage-backed | ||||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||||
Impairment | $ 0 | $ 1 | $ 0 | $ 2 |
No. of Securities | securities | 4,000,000 | 27,000,000 | 9 | 32,000,000 |
Commercial mortgage-backed | ||||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||||
Impairment | $ 0 | $ 16 | $ 0 | $ 16 |
No. of Securities | securities | 0 | 94,000,000 | 1 | 95,000,000 |
U.S. corporate private securities | ||||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||||
Impairment | $ 0 | $ 0 | $ 0 | $ 0 |
No. of Securities | securities | 0 | 1,000,000 | 0 | 1,000,000 |
State, municipalities and political subdivisions | ||||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||||
Impairment | $ 0 | $ 0 | $ 0 | $ 0 |
No. of Securities | securities | 0 | 0 | ||
Other Asset-backed Securities [Member] | ||||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||||
Impairment | $ 0 | $ 1 | $ 0 | $ 1 |
No. of Securities | securities | 0 | 60,000,000 | 0 | 60,000,000 |
Investments - Troubled Debt Res
Investments - Troubled Debt Restructuring (Details) - loan | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loans and Leases Receivable, Loan to Value, Benchmark Ratio | 100.00% | 100.00% |
Loans and Leases Receivable, Debt Service Coverage, Benchmark Ratio | 100.00% | 100.00% |
Private Placement | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, number of contracts | 0 | |
Commercial Portfolio Segment | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, number of contracts | 0 |
Investments - Loans by Loan to
Investments - Loans by Loan to Value (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 4,175 | $ 4,694 |
Targeted maximum amount of mortgage loans lended, percent of estimated fair value of underlying real estate | 75.00% | |
Benchmark loan to value ratio, greater than indicates unpaid loan amount exceeds underlying collateral | 100.00% | 100.00% |
0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 2,592 | $ 2,969 |
Loans Receivable, Loan to Value Ratio, Minimum | 0.00% | 0.00% |
Loans Receivable, Loan to Value Ratio, Maximum | 50.00% | 50.00% |
50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 1,306 | $ 1,484 |
Loans Receivable, Loan to Value Ratio, Minimum | 50.00% | 50.00% |
Loans Receivable, Loan to Value Ratio, Maximum | 60.00% | 60.00% |
60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 277 | $ 241 |
Loans Receivable, Loan to Value Ratio, Minimum | 60.00% | 60.00% |
Loans Receivable, Loan to Value Ratio, Maximum | 70.00% | 70.00% |
70% - 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 0 | $ 0 |
Loans Receivable, Loan to Value Ratio, Minimum | 70.00% | 70.00% |
Loans Receivable, Loan to Value Ratio, Maximum | 80.00% | 80.00% |
>80% and above | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 0 | $ 0 |
Loans Receivable, Loan to Value Ratio, Minimum | 80.00% | 80.00% |
Year of Origination 2020 | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 401 | $ 409 |
Year of Origination 2020 | 0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 141 | 164 |
Year of Origination 2020 | 50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 196 | 206 |
Year of Origination 2020 | 60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 64 | 39 |
Year of Origination 2020 | 70% - 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Year of Origination 2020 | >80% and above | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Year of Origination 2019 | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 415 | 481 |
Year of Origination 2019 | 0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 176 | 209 |
Year of Origination 2019 | 50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 169 | 165 |
Year of Origination 2019 | 60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 70 | 107 |
Year of Origination 2019 | 70% - 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Year of Origination 2019 | >80% and above | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Year of Origination 2018 | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 228 | 288 |
Year of Origination 2018 | 0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 118 | 124 |
Year of Origination 2018 | 50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 62 | 91 |
Year of Origination 2018 | 60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 48 | 73 |
Year of Origination 2018 | 70% - 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Year of Origination 2018 | >80% and above | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Year of Origination 2017 | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 777 | 861 |
Year of Origination 2017 | 0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 550 | 499 |
Year of Origination 2017 | 50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 223 | 356 |
Year of Origination 2017 | 60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 4 | 6 |
Year of Origination 2017 | 70% - 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Year of Origination 2017 | >80% and above | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Year of Origination 2016 | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 561 | 675 |
Year of Origination 2016 | 0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 323 | 399 |
Year of Origination 2016 | 50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 237 | 275 |
Year of Origination 2016 | 60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 1 | 1 |
Year of Origination 2016 | 70% - 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Year of Origination 2016 | >80% and above | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Year of Origination 2014 and prior | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 1,516 | 1,980 |
Year of Origination 2014 and prior | 0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 1,239 | 1,574 |
Year of Origination 2014 and prior | 50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 262 | 391 |
Year of Origination 2014 and prior | 60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 15 | 15 |
Year of Origination 2014 and prior | 70% - 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Year of Origination 2014 and prior | >80% and above | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | $ 0 |
Year of Origination 2021 | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 277 | |
Year of Origination 2021 | 0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 45 | |
Year of Origination 2021 | 50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 157 | |
Year of Origination 2021 | 60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 75 | |
Year of Origination 2021 | 70% - 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | |
Year of Origination 2021 | >80% and above | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 0 |
Investments - Loans by Debt Ser
Investments - Loans by Debt Service Coverage Ratio (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | $ 4,175 | $ 4,694 |
Loans and Leases Receivable, Debt Service Coverage, Benchmark Ratio | 100.00% | 100.00% |
Greater than 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Loans Receivable, Debt Service Coverage Ratio, Minimum | 150.00% | 150.00% |
Commercial mortgage loans | $ 3,133 | $ 3,480 |
1.25x - 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Loans Receivable, Debt Service Coverage Ratio, Minimum | 125.00% | 125.00% |
Loans Receivable, Debt Service Coverage Ratio, Maximum | 150.00% | 150.00% |
Commercial mortgage loans | $ 441 | $ 684 |
1.0x - 1.25x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Loans Receivable, Debt Service Coverage Ratio, Minimum | 100.00% | 100.00% |
Loans Receivable, Debt Service Coverage Ratio, Maximum | 125.00% | 125.00% |
Commercial mortgage loans | $ 191 | $ 320 |
Less than 1.0x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Loans Receivable, Debt Service Coverage Ratio, Minimum | 0.00% | 0.00% |
Loans Receivable, Debt Service Coverage Ratio, Maximum | 100.00% | 100.00% |
Commercial mortgage loans | $ 410 | $ 210 |
Commercial mortgage loans secured by land or construction loans | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2020 | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 401 | 409 |
Year of Origination 2020 | Greater than 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 337 | 298 |
Year of Origination 2020 | 1.25x - 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 54 | 93 |
Year of Origination 2020 | 1.0x - 1.25x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 10 | 18 |
Year of Origination 2020 | Less than 1.0x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2020 | Commercial mortgage loans secured by land or construction loans | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2019 | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 415 | 481 |
Year of Origination 2019 | Greater than 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 275 | 319 |
Year of Origination 2019 | 1.25x - 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 63 | 77 |
Year of Origination 2019 | 1.0x - 1.25x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 33 | 36 |
Year of Origination 2019 | Less than 1.0x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 44 | 49 |
Year of Origination 2019 | Commercial mortgage loans secured by land or construction loans | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2018 | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 228 | 288 |
Year of Origination 2018 | Greater than 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 78 | 102 |
Year of Origination 2018 | 1.25x - 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 58 | 79 |
Year of Origination 2018 | 1.0x - 1.25x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 29 | 60 |
Year of Origination 2018 | Less than 1.0x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 63 | 47 |
Year of Origination 2018 | Commercial mortgage loans secured by land or construction loans | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2017 | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 777 | 861 |
Year of Origination 2017 | Greater than 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 431 | 494 |
Year of Origination 2017 | 1.25x - 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 80 | 204 |
Year of Origination 2017 | 1.0x - 1.25x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 40 | 103 |
Year of Origination 2017 | Less than 1.0x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 226 | 60 |
Year of Origination 2017 | Commercial mortgage loans secured by land or construction loans | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2016 | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 561 | 675 |
Year of Origination 2016 | Greater than 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 458 | 591 |
Year of Origination 2016 | 1.25x - 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 40 | 53 |
Year of Origination 2016 | 1.0x - 1.25x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 19 | 31 |
Year of Origination 2016 | Less than 1.0x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 44 | 0 |
Year of Origination 2016 | Commercial mortgage loans secured by land or construction loans | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2014 and prior | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 1,516 | 1,980 |
Year of Origination 2014 and prior | Greater than 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 1,283 | 1,676 |
Year of Origination 2014 and prior | 1.25x - 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 140 | 178 |
Year of Origination 2014 and prior | 1.0x - 1.25x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 60 | 72 |
Year of Origination 2014 and prior | Less than 1.0x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 33 | 54 |
Year of Origination 2014 and prior | Commercial mortgage loans secured by land or construction loans | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 0 | $ 0 |
Year of Origination 2021 | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 277 | |
Year of Origination 2021 | Greater than 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 271 | |
Year of Origination 2021 | 1.25x - 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 6 | |
Year of Origination 2021 | 1.0x - 1.25x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 0 | |
Year of Origination 2021 | Less than 1.0x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 0 | |
Year of Origination 2021 | Commercial mortgage loans secured by land or construction loans | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | $ 0 |
Investments - Loans by U.S. Reg
Investments - Loans by U.S. Region (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | $ 4,175 | $ 4,694 |
Pacific | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 805 | 977 |
South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 931 | 1,027 |
Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 867 | 961 |
West South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 465 | 517 |
Mountain | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 382 | 456 |
East North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 372 | 391 |
New England | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 73 | 81 |
West North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 181 | 202 |
East South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 99 | 82 |
Year of Origination 2020 | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 401 | 409 |
Year of Origination 2020 | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 75 | 84 |
Year of Origination 2020 | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 159 | 159 |
Year of Origination 2020 | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 35 | 35 |
Year of Origination 2020 | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 37 | 37 |
Year of Origination 2020 | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 33 | 32 |
Year of Origination 2020 | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 29 | 29 |
Year of Origination 2020 | New England | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 1 | 1 |
Year of Origination 2020 | West North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 11 | 12 |
Year of Origination 2020 | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 21 | 20 |
Year of Origination 2019 | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 415 | 481 |
Year of Origination 2019 | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 50 | 63 |
Year of Origination 2019 | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 107 | 122 |
Year of Origination 2019 | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 10 | 11 |
Year of Origination 2019 | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 124 | 137 |
Year of Origination 2019 | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 35 | 54 |
Year of Origination 2019 | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 37 | 39 |
Year of Origination 2019 | New England | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 15 | 17 |
Year of Origination 2019 | West North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 11 | 11 |
Year of Origination 2019 | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 26 | 27 |
Year of Origination 2018 | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 228 | 288 |
Year of Origination 2018 | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 44 | 49 |
Year of Origination 2018 | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 87 | 98 |
Year of Origination 2018 | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 54 | 57 |
Year of Origination 2018 | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 15 | 34 |
Year of Origination 2018 | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 13 | 26 |
Year of Origination 2018 | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 10 | 11 |
Year of Origination 2018 | New England | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2018 | West North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 5 | 13 |
Year of Origination 2018 | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2017 | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 777 | 861 |
Year of Origination 2017 | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 89 | 99 |
Year of Origination 2017 | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 84 | 98 |
Year of Origination 2017 | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 325 | 352 |
Year of Origination 2017 | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 130 | 136 |
Year of Origination 2017 | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 53 | 74 |
Year of Origination 2017 | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 55 | 60 |
Year of Origination 2017 | New England | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 5 | 5 |
Year of Origination 2017 | West North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 36 | 37 |
Year of Origination 2017 | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2016 | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 561 | 675 |
Year of Origination 2016 | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 109 | 156 |
Year of Origination 2016 | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 121 | 127 |
Year of Origination 2016 | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 166 | 180 |
Year of Origination 2016 | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 29 | 32 |
Year of Origination 2016 | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 45 | 72 |
Year of Origination 2016 | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 63 | 72 |
Year of Origination 2016 | New England | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 7 | 9 |
Year of Origination 2016 | West North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 15 | 21 |
Year of Origination 2016 | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 6 | 6 |
Year of Origination 2014 and prior | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 1,516 | 1,980 |
Year of Origination 2014 and prior | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 388 | 526 |
Year of Origination 2014 and prior | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 351 | 423 |
Year of Origination 2014 and prior | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 255 | 326 |
Year of Origination 2014 and prior | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 94 | 141 |
Year of Origination 2014 and prior | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 139 | 198 |
Year of Origination 2014 and prior | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 128 | 180 |
Year of Origination 2014 and prior | New England | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 45 | 49 |
Year of Origination 2014 and prior | West North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 91 | 108 |
Year of Origination 2014 and prior | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 25 | $ 29 |
Year of Origination 2021 | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 277 | |
Year of Origination 2021 | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 50 | |
Year of Origination 2021 | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 22 | |
Year of Origination 2021 | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 22 | |
Year of Origination 2021 | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 36 | |
Year of Origination 2021 | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 64 | |
Year of Origination 2021 | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 50 | |
Year of Origination 2021 | New England | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 0 | |
Year of Origination 2021 | West North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 12 | |
Year of Origination 2021 | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | $ 21 |
Investments - Loans by Property
Investments - Loans by Property Type (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Investment Holdings [Line Items] | ||
Commercial mortgage loans | $ 4,175 | $ 4,694 |
Retail | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 900 | 1,155 |
Industrial | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 1,036 | 1,188 |
Apartments | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 1,184 | 1,228 |
Office | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 749 | 773 |
Hotel/Motel | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 98 | 117 |
Other | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 167 | 190 |
Mixed Use | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 41 | 43 |
Year of Origination 2020 | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 401 | 409 |
Year of Origination 2020 | Retail | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 51 | 51 |
Year of Origination 2020 | Industrial | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 73 | 73 |
Year of Origination 2020 | Apartments | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 141 | 141 |
Year of Origination 2020 | Office | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 136 | 144 |
Year of Origination 2020 | Hotel/Motel | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2020 | Other | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2020 | Mixed Use | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2019 | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 415 | 481 |
Year of Origination 2019 | Retail | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 30 | 32 |
Year of Origination 2019 | Industrial | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 67 | 73 |
Year of Origination 2019 | Apartments | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 231 | 283 |
Year of Origination 2019 | Office | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 67 | 71 |
Year of Origination 2019 | Hotel/Motel | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 20 | 22 |
Year of Origination 2019 | Other | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2019 | Mixed Use | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2018 | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 228 | 288 |
Year of Origination 2018 | Retail | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 42 | 49 |
Year of Origination 2018 | Industrial | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 74 | 78 |
Year of Origination 2018 | Apartments | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 77 | 124 |
Year of Origination 2018 | Office | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 15 | 17 |
Year of Origination 2018 | Hotel/Motel | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 3 | 3 |
Year of Origination 2018 | Other | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 17 | 17 |
Year of Origination 2018 | Mixed Use | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2017 | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 777 | 861 |
Year of Origination 2017 | Retail | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 91 | 102 |
Year of Origination 2017 | Industrial | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 375 | 415 |
Year of Origination 2017 | Apartments | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 185 | 204 |
Year of Origination 2017 | Office | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 123 | 136 |
Year of Origination 2017 | Hotel/Motel | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 3 | 4 |
Year of Origination 2017 | Other | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2017 | Mixed Use | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2016 | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 561 | 675 |
Year of Origination 2016 | Retail | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 104 | 129 |
Year of Origination 2016 | Industrial | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 217 | 244 |
Year of Origination 2016 | Apartments | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 95 | 138 |
Year of Origination 2016 | Office | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 129 | 144 |
Year of Origination 2016 | Hotel/Motel | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 8 | 9 |
Year of Origination 2016 | Other | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 5 | 7 |
Year of Origination 2016 | Mixed Use | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 3 | 4 |
Year of Origination 2014 and prior | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 1,516 | 1,980 |
Year of Origination 2014 and prior | Retail | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 577 | 792 |
Year of Origination 2014 and prior | Industrial | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 201 | 305 |
Year of Origination 2014 and prior | Apartments | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 286 | 338 |
Year of Origination 2014 and prior | Office | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 205 | 261 |
Year of Origination 2014 and prior | Hotel/Motel | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 64 | 79 |
Year of Origination 2014 and prior | Other | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 145 | 166 |
Year of Origination 2014 and prior | Mixed Use | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 38 | $ 39 |
Year of Origination 2021 | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 277 | |
Year of Origination 2021 | Retail | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 5 | |
Year of Origination 2021 | Industrial | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 29 | |
Year of Origination 2021 | Apartments | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 169 | |
Year of Origination 2021 | Office | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 74 | |
Year of Origination 2021 | Hotel/Motel | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 0 | |
Year of Origination 2021 | Other | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 0 | |
Year of Origination 2021 | Mixed Use | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | $ 0 |
Investments - Allowance for Los
Investments - Allowance for Losses for Commercial Mortgage Loans (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2021USD ($) | Jun. 30, 2021USD ($)loan | Dec. 31, 2020loan | |
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance as of January 1, 2021 | $ 14 | $ 14 | |
Credit losses on mortgage loans for which credit losses were not previously recorded | 14 | 1 | |
Initial allowance for credit losses recognized on financial assets accounted for as PCD | 0 | 0 | |
Increase (decrease) on mortgage loans with allowance recorded in previous period | 0 | (3) | |
Write-offs | 0 | 0 | |
Recoveries of amounts previously written off | 0 | 0 | |
Balance at June 30, 2021 | $ 12 | ||
Financing Receivable, Nonaccrual, Number Of Loans | loan | 0 | 1 | |
Accounts Receivable, Noncurrent, 90 Days or More Past Due, Still Accruing | $ 0 | ||
Financing Receivable, Nonaccrual, Interest Income | 0 | ||
Commercial Portfolio Segment | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance as of January 1, 2021 | 67 | 67 | |
Credit losses on mortgage loans for which credit losses were not previously recorded | 5 | 1 | |
Accounts Receivable, Sale | 0 | (7) | |
Increase (decrease) on mortgage loans with allowance recorded in previous period | 52 | (34) | |
Provision for expected credit losses | 69 | 27 | |
Write-offs | (2) | 0 | |
Recoveries of amounts previously written off | $ 0 | 0 | |
Balance at June 30, 2021 | $ 27 | ||
Troubled debt restructuring, number of contracts | loan | 0 | ||
COVID-19 Pandemic [Member] | Commercial Portfolio Segment | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Mortgage Loans On Real Estate, Payment Forbearance Provided, Percent of Outstanding Principal Amount Of Loans | 700.00% |
Investments - Past due commerci
Investments - Past due commercial mortgage loans (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Past due commercial mortgage loans | $ 4,175 | $ 4,694 |
Financing Receivable, Nonaccrual, No Allowance | 0 | |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Past due commercial mortgage loans | 4,175 | 4,691 |
30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due commercial mortgage loans | 0 | 0 |
60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due commercial mortgage loans | 0 | 0 |
Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due commercial mortgage loans | $ 0 | $ 3 |
Investments - Net Investment In
Investments - Net Investment Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | $ 499 | $ 403 | $ 1,006 | $ 861 |
Less: investment expense | 17 | 18 | 35 | 37 |
Net investment income | 482 | 385 | 971 | 824 |
Fixed maturities | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | 361 | 398 | 737 | 771 |
Investments in fixed maturities that did not produce net income | 1 | 1 | ||
Equity securities | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | 4 | 2 | 7 | 4 |
Mortgage loans on real estate | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | 46 | 50 | 90 | 100 |
Policy loans | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | 3 | 4 | 4 | 6 |
Short-term investments and cash equivalents | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | 1 | 0 | 2 | 1 |
Other | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | $ 84 | $ (51) | $ 166 | $ (21) |
Investments - Net Realized Capi
Investments - Net Realized Capital Gains (Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Available-for-sale Securities Including Securities Pledged [Line Items] | ||||
Realized capital gains (losses) | $ (35) | $ (29) | $ 405 | $ (121) |
Proceeds from sale of investments | ||||
Proceeds on sales | 420 | 583 | 3,862 | 860 |
Gross gains | 9 | 56 | 501 | 61 |
Gross losses | 1 | 39 | $ 2 | 52 |
Discontinued Operation, Equity Method Investment Retained after Disposal, Ownership Interest Prior to Disposal | 9.99% | |||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 95 | |||
Embedded derivatives - fixed maturities | ||||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||||
Realized capital gains (losses) | 0 | 0 | (2) | 4 |
Guaranteed benefit derivatives | ||||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||||
Realized capital gains (losses) | (12) | 39 | 37 | (130) |
Derivatives | ||||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||||
Realized capital gains (losses) | (8) | 6 | (48) | 52 |
Other investments | ||||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||||
Realized capital gains (losses) | 94 | (38) | 94 | (43) |
Mortgages [Member] | ||||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||||
Realized capital gains (losses) | 21 | 0 | 84 | 0 |
Fixed Maturities, Available-for-sale, Including Securities Pledged | ||||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||||
Realized capital gains (losses) | 11 | (3) | 520 | (21) |
Fixed Maturities, at Fair Value Using the Fair Value Option | ||||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||||
Realized capital gains (losses) | (145) | (39) | (287) | 16 |
Equity securities | ||||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||||
Realized capital gains (losses) | $ 4 | $ 6 | $ 7 | $ 1 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Notional and Fair Values (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Derivatives, Asset Fair Value | $ 138 | $ 156 |
Derivatives, Liability Fair Value | 228 | 279 |
Credit contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 112 | 188 |
Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 12,487 | 12,567 |
Foreign exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 620 | 711 |
Equity contract | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 0 | 55 |
Designated as Hedging Instrument | Interest rate contracts | Cash flow hedges | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 18 | 18 |
Derivatives, Asset Fair Value | 0 | 0 |
Derivatives, Liability Fair Value | 0 | 0 |
Designated as Hedging Instrument | Foreign exchange contracts | Cash flow hedges | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 566 | 628 |
Derivatives, Asset Fair Value | 4 | 3 |
Derivatives, Liability Fair Value | 27 | 36 |
Not Designated as Hedging Instrument | Credit contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 112 | 188 |
Derivatives, Asset Fair Value | 1 | 0 |
Derivatives, Liability Fair Value | 1 | 1 |
Not Designated as Hedging Instrument | Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 14,586 | 14,155 |
Derivatives, Asset Fair Value | 123 | 137 |
Derivatives, Liability Fair Value | 174 | 171 |
Not Designated as Hedging Instrument | Foreign exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 54 | 83 |
Derivatives, Asset Fair Value | 1 | 0 |
Derivatives, Liability Fair Value | 1 | 3 |
Not Designated as Hedging Instrument | Equity contract | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 0 | 55 |
Derivatives, Asset Fair Value | 0 | 5 |
Derivatives, Liability Fair Value | 0 | 5 |
Not Designated as Hedging Instrument | Fixed maturities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, Asset Fair Value | 9 | 11 |
Derivatives, Liability Fair Value | 0 | 0 |
Not Designated as Hedging Instrument | Within products | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, Asset Fair Value | 0 | 0 |
Derivatives, Liability Fair Value | 24 | 59 |
Not Designated as Hedging Instrument | Managed Custody Guarantees | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, Asset Fair Value | 0 | 0 |
Derivatives, Liability Fair Value | $ 1 | $ 4 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Offsetting Assets and Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Offsetting Assets and liabilities [Line Items] | ||
Asset Fair Value | $ 129 | $ 145 |
Liability Fair Value | 203 | 216 |
Counterparty netting, Assets | (122) | (141) |
Counterparty netting, Liabilities | (122) | (141) |
Cash collateral netting, Assets | (2) | (1) |
Cash collateral netting, Liabilities | (62) | (43) |
Securities collateral netting, Assets | 0 | 0 |
Securities collateral netting, Liabilities | (18) | (28) |
Net receivables | 5 | 3 |
Net payables | 1 | 4 |
Equity contract | ||
Offsetting Assets and liabilities [Line Items] | ||
Notional Amount | 0 | 55 |
Asset Fair Value | 0 | 5 |
Liability Fair Value | 0 | 5 |
Foreign exchange contracts | ||
Offsetting Assets and liabilities [Line Items] | ||
Notional Amount | 620 | 711 |
Asset Fair Value | 5 | 3 |
Liability Fair Value | 28 | 39 |
Interest rate contracts | ||
Offsetting Assets and liabilities [Line Items] | ||
Notional Amount | 12,487 | 12,567 |
Asset Fair Value | 123 | 137 |
Liability Fair Value | 174 | 171 |
Credit contracts | ||
Offsetting Assets and liabilities [Line Items] | ||
Notional Amount | 112 | 188 |
Asset Fair Value | 1 | 0 |
Liability Fair Value | $ 1 | $ 1 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Collateral and Credit Default Swaps (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Securities pledged as collateral | ||
Derivatives, Fair Value [Line Items] | ||
Cash collateral held for securities loan agreement | $ 0 | $ 0 |
Securities delivered as collateral | 145 | 77 |
Over the Counter | Payables under securities loan agreement, including collateral held | ||
Derivatives, Fair Value [Line Items] | ||
Cash collateral held for securities loan agreement | 5 | 5 |
Exchange Cleared | Payables under securities loan agreement, including collateral held | ||
Derivatives, Fair Value [Line Items] | ||
Cash collateral held for securities loan agreement | $ 61 | $ 43 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Net Realized Gains (Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Derivatives, Fair Value [Line Items] | ||||
Net Investment Income | $ 482 | $ 385 | $ 971 | $ 824 |
Other net realized capital gains (losses) | (35) | (5) | 405 | (90) |
Derivative, Gain (Loss) on Derivative, Net | (21) | 45 | (9) | (51) |
Interest rate contracts | Other Comprehensive Income (Loss) | Designated as Hedging Instrument | Cash flow hedges | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 0 | 1 | (1) | 2 |
Interest rate contracts | Investment Income | Designated as Hedging Instrument | Cash flow hedges | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 | 0 |
Interest rate contracts | Other Net Realized Capital Gains (Losses) | Not Designated as Hedging Instrument | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (9) | 3 | (44) | 45 |
Foreign exchange contracts | Other Comprehensive Income (Loss) | Designated as Hedging Instrument | Cash flow hedges | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 5 | (16) | 10 | 61 |
Foreign exchange contracts | Investment Income | Designated as Hedging Instrument | Cash flow hedges | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 2 | 2 | (1) | 5 |
Net realized gains (losses) on derivatives | 2 | 2 | 4 | 5 |
Foreign exchange contracts | Other Net Realized Capital Gains (Losses) | Designated as Hedging Instrument | Cash flow hedges | ||||
Derivatives, Fair Value [Line Items] | ||||
Net realized gains (losses) on derivatives | 0 | 0 | (5) | 0 |
Foreign exchange contracts | Other Net Realized Capital Gains (Losses) | Not Designated as Hedging Instrument | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (1) | 0 | (1) | 4 |
Equity contract | Other Net Realized Capital Gains (Losses) | Not Designated as Hedging Instrument | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 0 | 1 | 0 | 0 |
Fixed maturities | Other Net Realized Capital Gains (Losses) | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | (2) | 4 |
Product | Other Net Realized Capital Gains (Losses) | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (12) | 30 | 33 | (113) |
Reinsurance agreements | Interest Credited and Other Benefits to Contract Owners | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 | 23 |
Managed Custody Guarantees | Gain (Loss) on Investments | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 0 | 9 | 4 | (17) |
Credit contracts | Other Net Realized Capital Gains (Losses) | Not Designated as Hedging Instrument | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ 1 | $ 2 | $ 1 | $ 3 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Measurement (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Assets: | ||
Derivatives | $ 129 | $ 145 |
Assets held in separate accounts | 93,682 | 87,319 |
Liabilities: | ||
Derivatives | 203 | 216 |
U.S. Treasuries | ||
Assets: | ||
Fixed maturities, including securities pledged | 675 | 721 |
US Treasury and Government | ||
Assets: | ||
Fixed maturities, including securities pledged | 22 | 19 |
State, municipalities and political subdivisions | ||
Assets: | ||
Fixed maturities, including securities pledged | 737 | 814 |
U.S. corporate public securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 8,231 | 9,156 |
U.S. corporate private securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 3,840 | 4,379 |
Foreign corporate public securities and foreign governments | ||
Assets: | ||
Fixed maturities, including securities pledged | 2,584 | 2,951 |
Foreign corporate private securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 2,800 | 3,303 |
Residential mortgage-backed | ||
Assets: | ||
Fixed maturities, including securities pledged | 3,488 | 4,237 |
Commercial mortgage-backed | ||
Assets: | ||
Fixed maturities, including securities pledged | 2,673 | 2,893 |
Other asset-backed securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 1,404 | 1,520 |
Assets measured on recurring basis | ||
Assets: | ||
Fixed maturities, including securities pledged | 26,454 | 29,993 |
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement | 1,088 | 626 |
Assets held in separate accounts | 93,682 | 87,319 |
Total assets, fair value | $ 121,624 | $ 118,199 |
Percentage of Level to total assets | 100.00% | 100.00% |
Liabilities: | ||
Total liabilities, fair value | $ 228 | $ 279 |
Assets measured on recurring basis | FIA | ||
Liabilities: | ||
Product guarantees | 10 | 10 |
Assets measured on recurring basis | Stabilizer and MCGs | ||
Liabilities: | ||
Product guarantees | 15 | 53 |
Assets measured on recurring basis | Interest rate contracts | ||
Assets: | ||
Derivatives | 123 | 137 |
Liabilities: | ||
Derivatives | 174 | 171 |
Assets measured on recurring basis | Foreign exchange contracts | ||
Assets: | ||
Derivatives | 5 | 3 |
Liabilities: | ||
Derivatives | 28 | 39 |
Assets measured on recurring basis | Equity contract | ||
Assets: | ||
Derivatives | 5 | |
Liabilities: | ||
Derivatives | 0 | 5 |
Assets measured on recurring basis | Credit contracts | ||
Assets: | ||
Derivatives | 1 | |
Assets measured on recurring basis | Credit contracts | ||
Liabilities: | ||
Derivatives | 1 | 1 |
Assets measured on recurring basis | U.S. Treasuries | ||
Assets: | ||
Fixed maturities, including securities pledged | 675 | 721 |
Assets measured on recurring basis | US Treasury and Government | ||
Assets: | ||
Fixed maturities, including securities pledged | 22 | 19 |
Assets measured on recurring basis | State, municipalities and political subdivisions | ||
Assets: | ||
Fixed maturities, including securities pledged | 737 | 814 |
Assets measured on recurring basis | U.S. corporate public securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 8,231 | 9,156 |
Assets measured on recurring basis | U.S. corporate private securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 3,840 | 4,379 |
Assets measured on recurring basis | Foreign corporate public securities and foreign governments | ||
Assets: | ||
Fixed maturities, including securities pledged | 2,584 | 2,951 |
Assets measured on recurring basis | Foreign corporate private securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 2,800 | 3,303 |
Assets measured on recurring basis | Residential mortgage-backed | ||
Assets: | ||
Fixed maturities, including securities pledged | 3,488 | 4,237 |
Assets measured on recurring basis | Commercial mortgage-backed | ||
Assets: | ||
Fixed maturities, including securities pledged | 2,673 | 2,893 |
Assets measured on recurring basis | Other asset-backed securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 1,404 | 1,520 |
Assets measured on recurring basis | Equity securities | ||
Assets: | ||
Trading Securities, Equity | 33 | |
Equity securities | 238 | 116 |
Assets measured on recurring basis | Level 1 | ||
Assets: | ||
Fixed maturities, including securities pledged | 508 | 548 |
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement | 1,072 | 610 |
Assets held in separate accounts | 87,853 | 81,096 |
Total assets, fair value | $ 89,531 | $ 82,278 |
Percentage of Level to total assets | 73.00% | 69.00% |
Liabilities: | ||
Total liabilities, fair value | $ 0 | $ 0 |
Assets measured on recurring basis | Level 1 | FIA | ||
Liabilities: | ||
Product guarantees | 0 | 0 |
Assets measured on recurring basis | Level 1 | Stabilizer and MCGs | ||
Liabilities: | ||
Product guarantees | 0 | 0 |
Assets measured on recurring basis | Level 1 | Interest rate contracts | ||
Assets: | ||
Derivatives | 5 | 7 |
Liabilities: | ||
Derivatives | 0 | 0 |
Assets measured on recurring basis | Level 1 | Foreign exchange contracts | ||
Assets: | ||
Derivatives | 0 | 0 |
Liabilities: | ||
Derivatives | 0 | 0 |
Assets measured on recurring basis | Level 1 | Equity contract | ||
Assets: | ||
Derivatives | 0 | |
Liabilities: | ||
Derivatives | 0 | 0 |
Assets measured on recurring basis | Level 1 | Credit contracts | ||
Assets: | ||
Derivatives | 0 | |
Assets measured on recurring basis | Level 1 | Credit contracts | ||
Liabilities: | ||
Derivatives | 0 | 0 |
Assets measured on recurring basis | Level 1 | U.S. Treasuries | ||
Assets: | ||
Fixed maturities, including securities pledged | 508 | 548 |
Assets measured on recurring basis | Level 1 | US Treasury and Government | ||
Assets: | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 1 | State, municipalities and political subdivisions | ||
Assets: | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 1 | U.S. corporate public securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 1 | U.S. corporate private securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 1 | Foreign corporate public securities and foreign governments | ||
Assets: | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 1 | Foreign corporate private securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 1 | Residential mortgage-backed | ||
Assets: | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 1 | Commercial mortgage-backed | ||
Assets: | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 1 | Other asset-backed securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 1 | Equity securities | ||
Assets: | ||
Trading Securities, Equity | 0 | |
Equity securities | 93 | 17 |
Assets measured on recurring basis | Level 2 | ||
Assets: | ||
Fixed maturities, including securities pledged | 24,161 | 27,737 |
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement | 16 | 16 |
Assets held in separate accounts | 5,536 | 6,001 |
Total assets, fair value | $ 29,837 | $ 33,892 |
Percentage of Level to total assets | 25.00% | 29.00% |
Liabilities: | ||
Total liabilities, fair value | $ 203 | $ 216 |
Assets measured on recurring basis | Level 2 | FIA | ||
Liabilities: | ||
Product guarantees | 0 | 0 |
Assets measured on recurring basis | Level 2 | Stabilizer and MCGs | ||
Liabilities: | ||
Product guarantees | 0 | 0 |
Assets measured on recurring basis | Level 2 | Interest rate contracts | ||
Assets: | ||
Derivatives | 118 | 130 |
Liabilities: | ||
Derivatives | 174 | 171 |
Assets measured on recurring basis | Level 2 | Foreign exchange contracts | ||
Assets: | ||
Derivatives | 5 | 3 |
Liabilities: | ||
Derivatives | 28 | 39 |
Assets measured on recurring basis | Level 2 | Equity contract | ||
Assets: | ||
Derivatives | 5 | |
Liabilities: | ||
Derivatives | 0 | 5 |
Assets measured on recurring basis | Level 2 | Credit contracts | ||
Assets: | ||
Derivatives | 1 | |
Assets measured on recurring basis | Level 2 | Credit contracts | ||
Liabilities: | ||
Derivatives | 1 | 1 |
Assets measured on recurring basis | Level 2 | U.S. Treasuries | ||
Assets: | ||
Fixed maturities, including securities pledged | 167 | 173 |
Assets measured on recurring basis | Level 2 | US Treasury and Government | ||
Assets: | ||
Fixed maturities, including securities pledged | 22 | 19 |
Assets measured on recurring basis | Level 2 | State, municipalities and political subdivisions | ||
Assets: | ||
Fixed maturities, including securities pledged | 737 | 814 |
Assets measured on recurring basis | Level 2 | U.S. corporate public securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 8,213 | 9,099 |
Assets measured on recurring basis | Level 2 | U.S. corporate private securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 2,427 | 3,093 |
Assets measured on recurring basis | Level 2 | Foreign corporate public securities and foreign governments | ||
Assets: | ||
Fixed maturities, including securities pledged | 2,577 | 2,951 |
Assets measured on recurring basis | Level 2 | Foreign corporate private securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 2,536 | 3,008 |
Assets measured on recurring basis | Level 2 | Residential mortgage-backed | ||
Assets: | ||
Fixed maturities, including securities pledged | 3,457 | 4,204 |
Assets measured on recurring basis | Level 2 | Commercial mortgage-backed | ||
Assets: | ||
Fixed maturities, including securities pledged | 2,673 | 2,893 |
Assets measured on recurring basis | Level 2 | Other asset-backed securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 1,352 | 1,483 |
Assets measured on recurring basis | Level 2 | Equity securities | ||
Assets: | ||
Trading Securities, Equity | 0 | |
Equity securities | 0 | 0 |
Assets measured on recurring basis | Level 3 | ||
Assets: | ||
Fixed maturities, including securities pledged | 1,785 | 1,708 |
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement | 0 | 0 |
Assets held in separate accounts | 293 | 222 |
Total assets, fair value | $ 2,256 | $ 2,029 |
Percentage of Level to total assets | 2.00% | 2.00% |
Liabilities: | ||
Total liabilities, fair value | $ 25 | $ 63 |
Assets measured on recurring basis | Level 3 | FIA | ||
Liabilities: | ||
Product guarantees | 10 | 10 |
Assets measured on recurring basis | Level 3 | Stabilizer and MCGs | ||
Liabilities: | ||
Product guarantees | 15 | 53 |
Assets measured on recurring basis | Level 3 | Interest rate contracts | ||
Assets: | ||
Derivatives | 0 | 0 |
Liabilities: | ||
Derivatives | 0 | 0 |
Assets measured on recurring basis | Level 3 | Foreign exchange contracts | ||
Assets: | ||
Derivatives | 0 | 0 |
Liabilities: | ||
Derivatives | 0 | 0 |
Assets measured on recurring basis | Level 3 | Equity contract | ||
Assets: | ||
Derivatives | 0 | |
Liabilities: | ||
Derivatives | 0 | 0 |
Assets measured on recurring basis | Level 3 | Credit contracts | ||
Assets: | ||
Derivatives | 0 | |
Assets measured on recurring basis | Level 3 | Credit contracts | ||
Liabilities: | ||
Derivatives | 0 | 0 |
Assets measured on recurring basis | Level 3 | U.S. Treasuries | ||
Assets: | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 3 | US Treasury and Government | ||
Assets: | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 3 | State, municipalities and political subdivisions | ||
Assets: | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 3 | U.S. corporate public securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 18 | 57 |
Assets measured on recurring basis | Level 3 | U.S. corporate private securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 1,413 | 1,286 |
Assets measured on recurring basis | Level 3 | Foreign corporate public securities and foreign governments | ||
Assets: | ||
Fixed maturities, including securities pledged | 7 | 0 |
Assets measured on recurring basis | Level 3 | Foreign corporate private securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 264 | 295 |
Assets measured on recurring basis | Level 3 | Residential mortgage-backed | ||
Assets: | ||
Fixed maturities, including securities pledged | 31 | 33 |
Assets measured on recurring basis | Level 3 | Commercial mortgage-backed | ||
Assets: | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 3 | Other asset-backed securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 52 | 37 |
Assets measured on recurring basis | Level 3 | Equity securities | ||
Assets: | ||
Trading Securities, Equity | 33 | |
Equity securities | $ 145 | $ 99 |
Fair Value Measurements - Level
Fair Value Measurements - Level 3 Financial Instruments (Details) - Assets measured on recurring basis - Level 3 - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Assets held in separate accounts | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, assets, beginning balance | $ 237 | $ 141 | $ 222 | $ 115 |
Total Realized/Unrealized Gains (Losses) Included in Net Income | 2 | 2 | 3 | 0 |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 | 0 | 0 |
Purchases | 71 | 33 | 104 | 80 |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | (1) | (1) |
Settlements | 0 | 0 | 0 | 0 |
Transfers in to Level 3 | 0 | 3 | 0 | 3 |
Transfers out of Level 3 | (17) | (5) | (35) | (23) |
Fair Value, assets, ending balance | 293 | 174 | 293 | 174 |
Change in Unrealized Gains (Losses) Included in Earnings | 0 | 0 | 0 | 0 |
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | 0 | 0 |
Stabilizer (Investment Only) and MCG Contracts | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Fair Value, Derivatives, beginning balance | (3) | (193) | (53) | (22) |
Total Realized/Unrealized Gains (Losses) Included in Net Income | (12) | 40 | 37 | (131) |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Issues | 0 | (1) | 0 | (1) |
Sales | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 1 | 0 |
Transfers in to Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Fair Value, Derivatives, ending balance | (15) | (154) | (15) | (154) |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | 0 | 0 |
FIA | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Fair Value, Derivatives, beginning balance | (10) | (9) | (10) | (11) |
Total Realized/Unrealized Gains (Losses) Included in Net Income | 0 | (1) | 0 | 1 |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Issues | 0 | (1) | 0 | (1) |
Sales | 0 | 0 | 0 | 0 |
Settlements | 0 | 1 | 0 | 1 |
Transfers in to Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Fair Value, Derivatives, ending balance | (10) | (10) | (10) | (10) |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | 0 | 0 |
U.S. corporate public securities | Available-for-sale Securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, assets, beginning balance | 46 | 44 | 57 | 47 |
Total Realized/Unrealized Gains (Losses) Included in Net Income | 0 | 0 | 0 | 0 |
Total Realized/Unrealized Gains (Losses) Included in OCI | 1 | 0 | 1 | (1) |
Purchases | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | (9) | 0 |
Settlements | (1) | 0 | (1) | (2) |
Transfers in to Level 3 | 0 | 17 | 0 | 17 |
Transfers out of Level 3 | (28) | 0 | (30) | 0 |
Fair Value, assets, ending balance | 18 | 61 | 18 | 61 |
Change in Unrealized Gains (Losses) Included in Earnings | 0 | 0 | 0 | 0 |
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 1 | 0 | 1 | (1) |
U.S. corporate private securities | Available-for-sale Securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, assets, beginning balance | 1,200 | 891 | 1,286 | 1,002 |
Total Realized/Unrealized Gains (Losses) Included in Net Income | 0 | 0 | 13 | 1 |
Total Realized/Unrealized Gains (Losses) Included in OCI | 37 | 57 | (32) | 7 |
Purchases | 18 | 20 | 33 | 46 |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | (9) | (88) | (10) |
Settlements | (62) | (32) | (88) | (76) |
Transfers in to Level 3 | 262 | 67 | 348 | 64 |
Transfers out of Level 3 | (42) | (29) | (59) | (69) |
Fair Value, assets, ending balance | 1,413 | 965 | 1,413 | 965 |
Change in Unrealized Gains (Losses) Included in Earnings | 0 | 0 | 0 | 0 |
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 39 | 57 | (21) | 7 |
Foreign corporate public securities and foreign governments | Available-for-sale Securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, assets, beginning balance | 5 | 3 | 0 | 0 |
Total Realized/Unrealized Gains (Losses) Included in Net Income | 0 | 0 | 0 | 0 |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 | 0 | 0 |
Purchases | 7 | 0 | 7 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Transfers in to Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | (5) | 3 | 0 | 0 |
Fair Value, assets, ending balance | 7 | 0 | 7 | 0 |
Change in Unrealized Gains (Losses) Included in Earnings | 0 | 0 | 0 | 0 |
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | 0 | 0 |
Foreign corporate private securities | Available-for-sale Securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, assets, beginning balance | 274 | 159 | 295 | 190 |
Total Realized/Unrealized Gains (Losses) Included in Net Income | 1 | 0 | 3 | (1) |
Total Realized/Unrealized Gains (Losses) Included in OCI | 7 | 17 | 1 | (10) |
Purchases | 1 | 0 | 1 | 2 |
Issuances | 0 | 0 | 0 | 0 |
Sales | (17) | 0 | (22) | (4) |
Settlements | (2) | (2) | (14) | (1) |
Transfers in to Level 3 | 0 | 5 | 0 | 3 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Fair Value, assets, ending balance | 264 | 179 | 264 | 179 |
Change in Unrealized Gains (Losses) Included in Earnings | 1 | 0 | 2 | 0 |
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 7 | 17 | (1) | (10) |
Residential mortgage-backed | Available-for-sale Securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, assets, beginning balance | 33 | 15 | 33 | 16 |
Total Realized/Unrealized Gains (Losses) Included in Net Income | (3) | (1) | (5) | (1) |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 1 | 0 | 0 |
Purchases | 5 | 23 | 8 | 22 |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | (7) | 0 |
Settlements | 0 | 0 | 0 | 0 |
Transfers in to Level 3 | 3 | 0 | 2 | 0 |
Transfers out of Level 3 | (7) | (8) | 0 | (7) |
Fair Value, assets, ending balance | 31 | 30 | 31 | 30 |
Change in Unrealized Gains (Losses) Included in Earnings | (3) | (1) | (5) | (1) |
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | 0 | 0 |
Commercial mortgage-backed | Available-for-sale Securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, assets, beginning balance | 0 | 0 | ||
Total Realized/Unrealized Gains (Losses) Included in Net Income | 0 | 0 | ||
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 | ||
Purchases | 0 | 0 | ||
Issuances | 0 | 0 | ||
Sales | 0 | (1) | ||
Settlements | 0 | (3) | ||
Transfers in to Level 3 | 0 | 4 | ||
Transfers out of Level 3 | 0 | 0 | ||
Fair Value, assets, ending balance | 0 | 0 | ||
Change in Unrealized Gains (Losses) Included in Earnings | 0 | 0 | ||
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | ||
Other asset-backed securities | Available-for-sale Securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, assets, beginning balance | 47 | 55 | 37 | 48 |
Total Realized/Unrealized Gains (Losses) Included in Net Income | 0 | 0 | 0 | 0 |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 1 | (1) | 0 |
Purchases | 10 | (4) | 15 | 4 |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | (5) | (1) | (17) | (1) |
Transfers in to Level 3 | 0 | 0 | 18 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Fair Value, assets, ending balance | 52 | 51 | 52 | 51 |
Change in Unrealized Gains (Losses) Included in Earnings | 0 | 0 | 0 | 0 |
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 1 | (1) | 0 |
Fixed maturities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, assets, beginning balance | 0 | 0 | ||
Total Realized/Unrealized Gains (Losses) Included in Net Income | 0 | 0 | ||
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 | ||
Purchases | 33 | 33 | ||
Issuances | 0 | 0 | ||
Sales | 0 | 0 | ||
Settlements | 0 | 0 | ||
Transfers in to Level 3 | 0 | 0 | ||
Transfers out of Level 3 | 0 | 0 | ||
Fair Value, assets, ending balance | 33 | 33 | ||
Change in Unrealized Gains (Losses) Included in Earnings | 0 | 0 | ||
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | ||
Fixed maturities | Available-for-sale Securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, assets, beginning balance | 1,605 | 1,167 | 1,708 | 1,303 |
Total Realized/Unrealized Gains (Losses) Included in Net Income | (2) | (1) | 11 | (1) |
Total Realized/Unrealized Gains (Losses) Included in OCI | 45 | 76 | (31) | (4) |
Purchases | 41 | 39 | 64 | 74 |
Issuances | 0 | 0 | 0 | 0 |
Sales | (17) | (9) | (127) | (14) |
Settlements | (70) | (35) | (123) | (80) |
Transfers in to Level 3 | 265 | 89 | 372 | 84 |
Transfers out of Level 3 | (82) | (40) | (89) | (76) |
Fair Value, assets, ending balance | 1,785 | 1,286 | 1,785 | 1,286 |
Change in Unrealized Gains (Losses) Included in Earnings | (2) | (1) | (3) | (1) |
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 47 | 75 | (22) | (4) |
Equity securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, assets, beginning balance | 148 | 58 | 99 | 63 |
Total Realized/Unrealized Gains (Losses) Included in Net Income | 2 | 7 | 8 | 2 |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 | 0 | 0 |
Purchases | 0 | 30 | 75 | 30 |
Issuances | 0 | 0 | 0 | 0 |
Sales | (5) | 0 | (30) | 0 |
Settlements | 0 | (1) | (7) | (1) |
Transfers in to Level 3 | 0 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Fair Value, assets, ending balance | 145 | 94 | 145 | 94 |
Change in Unrealized Gains (Losses) Included in Earnings | 1 | 6 | (1) | 2 |
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value Measurements - Other
Fair Value Measurements - Other Financial Instruments (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | $ 129 | $ 145 |
Other investments | 129 | 43 |
Assets held in separate accounts | 93,682 | 87,319 |
Derivatives liabilities | 203 | 216 |
Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, including securities pledged | 26,487 | 29,993 |
Equity securities | 238 | 116 |
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement | 1,088 | 626 |
Derivative assets | 129 | 145 |
Other investments | 129 | 43 |
Assets held in separate accounts | 93,682 | 87,319 |
Short-term Debt | 70 | 8 |
Long-term debt | 3 | 3 |
Deposit Contracts, Assets | 1,438 | 0 |
Short Term Loan Affiliate | 0 | 653 |
Carrying Value | Funding agreements without fixed maturities and deferred annuities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 27,999 | 28,169 |
Carrying Value | Funding agreements with fixed maturities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 875 | 795 |
Carrying Value | Supplementary contracts, immediate annuities and other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 277 | 288 |
Carrying Value | FIA | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 10 | 10 |
Carrying Value | Stabilizer Products and Managed Custody Guarantee (MCG) Products [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 15 | 53 |
Carrying Value | Mortgages [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 4,175 | 4,694 |
Carrying Value | Policy loans | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 179 | 187 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, including securities pledged | 26,487 | 29,993 |
Equity securities | 238 | 116 |
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement | 1,088 | 626 |
Derivative assets | 129 | 145 |
Other investments | 129 | 43 |
Assets held in separate accounts | 93,682 | 87,319 |
Short-term Debt | 70 | 8 |
Long-term debt | 3 | 3 |
Deposit Contracts, Assets | 1,501 | 0 |
Short Term Loan Affiliate | 0 | 653 |
Fair Value | Funding agreements without fixed maturities and deferred annuities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 35,513 | 36,741 |
Fair Value | Funding agreements with fixed maturities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 876 | 796 |
Fair Value | Supplementary contracts, immediate annuities and other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 290 | 345 |
Fair Value | FIA | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 10 | 10 |
Fair Value | Stabilizer Products and Managed Custody Guarantee (MCG) Products [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 15 | 53 |
Fair Value | Mortgages [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 4,472 | 5,013 |
Fair Value | Policy loans | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 179 | 187 |
Other derivatives | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivatives liabilities | 203 | 216 |
Other derivatives | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivatives liabilities | $ 203 | $ 216 |
Deferred Policy Acquisition C_3
Deferred Policy Acquisition Costs and Value of Business Acquired - Rollforward (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||||
Beginning balance | $ 122 | $ 288 | ||
Deferrals of commissions and expenses | 26 | 28 | ||
Amortization: | ||||
Amortization, excluding unlocking | (57) | (45) | ||
Unlocking | 3 | 6 | ||
Interest accrued | 17 | 18 | ||
Net amortization included in the Condensed Consolidated Statements of Operations | (37) | (21) | ||
Change due to unrealized capital gains/losses on available-for-sale securities | 101 | (86) | ||
Ending balance | $ 212 | $ 211 | 212 | 211 |
Movement Analysis Of Value of Business Acquired VOBA [Roll Forward] | ||||
Beginning balance | 40 | 305 | ||
Deferrals of commissions and expenses | 2 | 2 | ||
Amortization, excluding unlocking | (63) | (40) | ||
Unlocking | 10 | 0 | ||
Interest accrued | 12 | 18 | ||
Net amortization included in the Condensed Consolidated Statements of Operations | (41) | (22) | ||
Change due to unrealized capital gains/losses on available-for-sale securities | 94 | (101) | ||
Ending balance | 95 | 184 | 95 | 184 |
Movement Analysis of Deferred Policy Acquisition Costs and Value of Business Acquired (VOBA) [Roll Forward] | ||||
Beginning balance | 162 | 593 | ||
Deferrals of commissions and expenses | 28 | 30 | ||
Amortization, excluding unlocking | (120) | (85) | ||
Unlocking | 13 | 6 | ||
Interest accrued | 29 | 36 | ||
Net amortization included in the Condensed Consolidated Statements of Operations | (29) | (6) | (78) | (43) |
Change due to unrealized capital gains/losses on available-for-sale securities | 195 | (187) | ||
Ending balance | $ 307 | 395 | 307 | $ 395 |
Deferred Policy Acquisition Costs, Impairment Loss | $ 2 | |||
Minimum | ||||
Movement Analysis of Deferred Policy Acquisition Costs and Value of Business Acquired (VOBA) [Roll Forward] | ||||
Value of Business Acquired (VOBA), Interest accrued percentage | 5.50% | 5.50% | ||
Maximum | ||||
Movement Analysis of Deferred Policy Acquisition Costs and Value of Business Acquired (VOBA) [Roll Forward] | ||||
Value of Business Acquired (VOBA), Interest accrued percentage | 7.00% | 7.00% | ||
Accounting Standards Update 2016-13 | ||||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||||
Beginning balance | $ 0 | |||
Amortization: | ||||
Ending balance | 2 | $ 2 | ||
Movement Analysis Of Value of Business Acquired VOBA [Roll Forward] | ||||
Beginning balance | 0 | |||
Ending balance | 0 | 0 | ||
Movement Analysis of Deferred Policy Acquisition Costs and Value of Business Acquired (VOBA) [Roll Forward] | ||||
Beginning balance | $ 0 | |||
Ending balance | $ 2 | $ 2 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Components of AOCI (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | |
Debt Securities, Available-for-sale [Line Items] | |||
Fixed maturities, net of impairments | $ 2,494 | $ 2,625 | |
Derivatives | 66 | 169 | |
DAC/VOBA and Sales inducements adjustment on available-for-sale securities | (657) | (739) | |
Premium deficiency reserve adjustment | 0 | (278) | |
Accumulated Other Comprehensive Income (Loss), Other | 1 | 0 | |
Unrealized capital gains (losses), before tax | 1,904 | 1,777 | |
Deferred income tax asset (liability) | (271) | (245) | |
Unrealized capital gains (losses), after tax | 1,633 | 1,532 | |
Pension and other postretirement benefits liability, net of tax | 2 | 3 | |
AOCI | 1,635 | $ 1,882 | $ 1,535 |
Other Contract | |||
Debt Securities, Available-for-sale [Line Items] | |||
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent | $ 20 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Changes in AOCI, including Reclassification Adjustments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Available-for-sale securities, Before-Tax Amount: | ||||
Fixed maturities | $ 607 | $ 2,001 | $ (421) | $ 497 |
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations | (11) | 1 | (517) | 16 |
DAC/VOBA and Sales inducements | (151) | (542) | 198 | (187) |
Premium deficiency reserve adjustment | 0 | (170) | 434 | (69) |
Change in unrealized gains (losses) on available-for-sale securities | 446 | 1,290 | (305) | 257 |
Available-for-sale securities, Income Tax: | ||||
Fixed maturities | (128) | (419) | 89 | (104) |
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations | 3 | 0 | 109 | (3) |
DAC/VOBA and Sales inducements | 32 | 113 | (42) | 39 |
Premium deficiency reserve adjustment | 0 | 35 | (91) | 14 |
Change in unrealized gains (losses) on available-for-sale securities | (93) | (271) | 65 | (54) |
Available-for-sale securities, After-Tax Amount: | ||||
Fixed maturities | 479 | 1,582 | (332) | 393 |
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations | (8) | 1 | (408) | 13 |
DAC/VOBA and Sales inducements | (119) | (429) | 156 | (148) |
Premium deficiency reserve adjustment | 0 | (135) | 343 | (55) |
Change in unrealized gains (losses) on available-for-sale securities | 353 | 1,019 | (240) | 203 |
Derivatives, Before-Tax Amount: | ||||
Derivatives | 5 | (16) | 4 | 63 |
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations | (5) | (5) | (11) | (11) |
Change in unrealized gains (losses) on derivatives | 0 | (21) | (7) | 52 |
Derivatives, Income Tax: | ||||
Derivatives | (1) | 4 | (1) | (13) |
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations | 1 | 1 | 2 | 2 |
Change in unrealized gains (losses) on derivatives | 0 | 5 | 1 | (11) |
Derivatives, After-Tax Amount: | ||||
Derivatives | 4 | (12) | 3 | 50 |
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations | (4) | (4) | (9) | (9) |
Change in unrealized gains (losses) on derivatives | 0 | (16) | (6) | 41 |
Pension and other post-employment benefit liability, Before-Tax Amount: | ||||
Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations | (1) | (1) | (1) | (1) |
Change in pension and other postretirement benefits liability | (1) | (1) | (1) | (1) |
Pension and other post-employment benefit liability, Income Tax: | ||||
Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations | 0 | 0 | 0 | 0 |
Change in pension and other postretirement benefits liability | 0 | 0 | 0 | 0 |
Pension and other post-employment benefit liability, After-Tax Amount: | ||||
Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations | (1) | (1) | (1) | 0 |
Change in pension and other postretirement benefits liability | (1) | (1) | (1) | (1) |
Other comprehensive income (loss), before tax | 445 | 1,268 | (313) | 308 |
Change in Other comprehensive income (loss) | (93) | (266) | 66 | (65) |
Other comprehensive income (loss), after tax | 352 | 1,002 | (247) | 243 |
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Loss, before Tax, Portion Attributable to Parent | (2) | $ 0 | (2) | $ 0 |
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Loss, Tax, Portion Attributable to Parent | 0 | 0 | ||
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Loss, Net of Tax, Portion Attributable to Parent | $ (2) | $ (2) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Effective tax rate | 16.20% | 9.70% | 17.80% | 3.80% |
Statutory tax rate | 21.00% | 21.00% |
Financing Agreements - Narrativ
Financing Agreements - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Short-term Debt [Line Items] | ||
Short-term loan to affiliate | $ 0 | $ 653 |
Due to affiliates | $ 103 | 125 |
Voya Financial, Inc. | Affiliated Entity | Reciprocal Loan Agreement | ||
Short-term Debt [Line Items] | ||
Percentage of Statutory admitted assets that can be borrowed under Reciprocal Loan Agreement | 3.00% | |
Short-term loan to affiliate | $ 0 | 653 |
Due to affiliates | 70 | $ 7 |
Interest Income, Related Party | $ 1 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Loss Contingencies [Line Items] | ||
Fair value of assets pledged as collateral | $ 1,105 | $ 997 |
Acquisition of mortgage loans | ||
Loss Contingencies [Line Items] | ||
Amount of purchase commitment | 147 | |
Purchase of limited partnerships and private placement investments | ||
Loss Contingencies [Line Items] | ||
Amount of purchase commitment | 714 | |
Federal Home Loan Bank of Boston | Line of Credit | ||
Loss Contingencies [Line Items] | ||
Non-putable funding agreements issued to FHLB | 875 | 795 |
Fair value of assets pledged as collateral | $ 1,105 | $ 997 |
Commitments and Contingencies_2
Commitments and Contingencies - Restricted Assets (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Loss Contingencies [Line Items] | ||
Fixed maturity collateral pledged to FHLB | $ 1,105 | $ 997 |
FHLB restricted stock | 45 | 44 |
Debt Securities, Trading | 14 | 14 |
Restricted Cash and Cash Equivalents | 3 | 4 |
Total restricted assets | 1,911 | 1,279 |
Securities pledged as collateral | ||
Loss Contingencies [Line Items] | ||
Fair value of loaned securities | 599 | 143 |
Fair value of securities delivered as collateral | 145 | 77 |
Collateral Pledged | ||
Loss Contingencies [Line Items] | ||
Securities pledged | $ 744 | $ 220 |
Related Party - Narrative (Deta
Related Party - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Related Party Transaction [Line Items] | ||||
Deposit assets | $ 1,500 | $ 1,500 | ||
Other Affiliates | ||||
Related Party Transaction [Line Items] | ||||
Revenue with affiliated entities | 25 | $ 19 | 48 | $ 42 |
Expenses with affiliated entities | 166 | $ 139 | 330 | $ 293 |
Affiliated Entity | ||||
Related Party Transaction [Line Items] | ||||
Deposit assets | 0 | 0 | ||
Deposit Liability, Current | $ 0 | $ 0 |
Uncategorized Items - vriac-202
Label | Element | Value |
Financing Receivable, Allowance for Credit Loss | us-gaap_FinancingReceivableAllowanceForCreditLosses | $ 0 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Loss | us-gaap_FinancingReceivableAllowanceForCreditLosses | 12,000,000 |
Commercial Mortgage Backed Securities [Member] | ||
Financing Receivable, Allowance for Credit Loss | us-gaap_FinancingReceivableAllowanceForCreditLosses | 0 |
Residential Mortgage Backed Securities [Member] | ||
Financing Receivable, Allowance for Credit Loss | us-gaap_FinancingReceivableAllowanceForCreditLosses | 0 |
Other Asset-backed Securities [Member] | ||
Financing Receivable, Allowance for Credit Loss | us-gaap_FinancingReceivableAllowanceForCreditLosses | 0 |
Foreign Corporate Private Securities [Member] | ||
Financing Receivable, Allowance for Credit Loss | us-gaap_FinancingReceivableAllowanceForCreditLosses | $ 0 |