Document and Entity Information
Document and Entity Information - $ / shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 03, 2023 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
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 | |
Entity Central Index Key | 0000837010 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Investments: | ||
Available-for-sale, Debt Securities, Excluding Securities Valued at Fair Value Option | $ 18,131 | $ 19,772 |
Fixed maturities, at fair value using the fair value option | 1,230 | 1,255 |
Equity Securities, FV-NI, Current | 123 | 133 |
Less: Allowance for credit losses | 24 | 14 |
Mortgage loans on real estate, net | 4,129 | 4,213 |
Policy loans | 161 | 159 |
Limited partnerships/corporations | 1,085 | 1,043 |
Derivatives | 328 | 322 |
Other investments | 127 | 132 |
Total investments | 26,218 | 28,069 |
Cash and cash equivalents | 154 | 220 |
Short-term investments under securities loan agreements, including collateral delivered | 753 | 939 |
Accrued investment income | 309 | 289 |
Reinsurance Recoverable, Allowance for Credit Loss | 0 | |
Deferred policy acquisition costs and Value of business acquired | 923 | 938 |
Deferred Income Tax Assets, Net | 888 | 774 |
Other assets (net of allowance for credit loss of $0 as of 2023 and 2022) | 1,690 | 1,681 |
Assets held in separate accounts | 82,861 | 77,639 |
Total assets | 116,607 | 113,581 |
Liabilities and Shareholder's Equity | ||
Future policy benefits and contract owner account balances | 31,213 | 32,942 |
Payables under securities loan agreements, including collateral held | 779 | 921 |
Related Party [Member] | 115 | 134 |
Derivatives | 305 | 331 |
Other liabilities | 797 | 687 |
Liabilities related to separate accounts | 82,861 | 77,639 |
Total liabilities | 116,070 | 112,654 |
Commitments and Contingencies (Note 13) | ||
Common stock, par value | $ 50 | |
Common stock, shares authorized | 100,000 | |
Common stock, shares issued | 55,000 | |
Shareholder's equity: | ||
Common Stock, Value, Issued | $ 3 | 3 |
Additional paid-in capital | 2,770 | 2,778 |
Accumulated other comprehensive income (loss) | (2,407) | (2,067) |
Retained earnings (deficit) | 171 | 213 |
Total shareholder's equity | 537 | 927 |
Total liabilities and shareholder's equity | 116,607 | 113,581 |
Premiums Receivable and Reinsurance Recoverables, Including Reinsurance Premium Paid | 2,811 | 3,032 |
Allowance for Credit Loss, Receivable, Other, Current | 0 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 14 | 7 |
Fixed maturities, amortized cost | 20,985 | 22,218 |
Collateral Pledged | ||
Investments: | ||
Debt Securities, Available-for-Sale, Restricted | $ 718 | $ 792 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets Parenthetical - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Securities pledged, amortized costs | $ 845 | $ 894 |
Common stock, par value | $ 50 | |
Common stock, shares issued | 55,000 | |
Fixed maturities, amortized cost | $ 20,985 | 22,218 |
Common stock, shares authorized | 100,000 | |
Available-for-sale, Debt Securities, Excluding Securities Valued at Fair Value Option | $ 18,131 | 19,772 |
Fixed maturities, at fair value using the fair value option | 1,230 | 1,255 |
Equity Securities, FV-NI, Current | 123 | 133 |
Other Short-Term Investments | 186 | 248 |
Mortgage loans on real estate, net | 4,129 | 4,213 |
Policy loans | 161 | 159 |
Limited partnerships/corporations | 1,085 | 1,043 |
Derivatives | 328 | 322 |
Other investments | 127 | 132 |
Investments | 26,218 | 28,069 |
Cash and cash equivalents | 154 | 220 |
Short-term investments under securities loan agreements, including collateral delivered | 753 | 939 |
Accrued investment income | 309 | 289 |
Premiums and Other Receivables, Net | 2,811 | 3,032 |
Deferred policy acquisition costs and Value of business acquired | 923 | 938 |
Deferred Income Tax Assets, Net | 888 | 774 |
Other assets (net of allowance for credit loss of $0 as of 2023 and 2022) | 1,690 | 1,681 |
Assets held in separate accounts | 82,861 | 77,639 |
Total assets | 116,607 | 113,581 |
Future policy benefits and contract owner account balances | 31,213 | 32,942 |
Payables under securities loan agreements, including collateral held | 779 | 921 |
Derivatives | 305 | 331 |
Other liabilities | 797 | 687 |
Liabilities related to separate accounts | 82,861 | 77,639 |
Liabilities | 116,070 | 112,654 |
Common Stock, Value, Issued | 3 | 3 |
Additional paid-in capital | 2,770 | 2,778 |
Accumulated other comprehensive income (loss) | (2,407) | (2,067) |
Retained earnings (deficit) | 171 | 213 |
Total shareholder's equity | 537 | 927 |
Liabilities and Equity | 116,607 | 113,581 |
Allowance for Credit Loss, Receivable, Other, Current | 0 | |
Reinsurance Recoverable, Allowance for Credit Loss | 0 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 14 | 7 |
Less: Allowance for credit losses | $ 24 | $ 14 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenues: | ||||
Net investment income | $ 384,000,000 | $ 366,000,000 | $ 1,155,000,000 | $ 1,235,000,000 |
Fee income | 254,000,000 | 237,000,000 | 738,000,000 | 746,000,000 |
Premiums | 15,000,000 | 2,000,000 | 24,000,000 | 10,000,000 |
Other revenue | 2,000,000 | 8,000,000 | 12,000,000 | 37,000,000 |
Total revenues | 591,000,000 | 544,000,000 | 1,787,000,000 | 1,641,000,000 |
Benefits and expenses: | ||||
Interest credited and other benefits to contract owners/policyholders | 261,000,000 | 174,000,000 | 623,000,000 | 553,000,000 |
Operating expenses | 269,000,000 | 269,000,000 | 851,000,000 | 869,000,000 |
Net amortization of Deferred policy acquisition costs and Value of business acquired | 19,000,000 | 21,000,000 | 58,000,000 | 62,000,000 |
Total benefits and expenses | 550,000,000 | 465,000,000 | 1,534,000,000 | 1,485,000,000 |
Income tax expense (benefit) | (29,000,000) | 5,000,000 | (7,000,000) | (2,000,000) |
Net income (loss) | 70,000,000 | 74,000,000 | 260,000,000 | 158,000,000 |
Net investment income | 384,000,000 | 366,000,000 | 1,155,000,000 | 1,235,000,000 |
Fee income | 254,000,000 | 237,000,000 | 738,000,000 | 746,000,000 |
Premiums | 15,000,000 | 2,000,000 | 24,000,000 | 10,000,000 |
Realized capital gains (losses) | (64,000,000) | (69,000,000) | (142,000,000) | (387,000,000) |
Other revenue | 2,000,000 | 8,000,000 | 12,000,000 | 37,000,000 |
Revenues | 591,000,000 | 544,000,000 | 1,787,000,000 | 1,641,000,000 |
Interest credited and other benefits to contract owners/policyholders | 261,000,000 | 174,000,000 | 623,000,000 | 553,000,000 |
Operating expenses | 269,000,000 | 269,000,000 | 851,000,000 | 869,000,000 |
Net amortization of Deferred policy acquisition costs and Value of business acquired | 19,000,000 | 21,000,000 | 58,000,000 | 62,000,000 |
Interest Expense | 1,000,000 | 1,000,000 | 2,000,000 | 1,000,000 |
Benefits, Losses and Expenses | 550,000,000 | 465,000,000 | 1,534,000,000 | 1,485,000,000 |
Income tax expense (benefit) | (29,000,000) | 5,000,000 | (7,000,000) | (2,000,000) |
Net income (loss) | 70,000,000 | 74,000,000 | 260,000,000 | 158,000,000 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $ 41,000,000 | $ 79,000,000 | $ 253,000,000 | $ 156,000,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 70 | $ 74 | $ 260 | $ 158 |
Other comprehensive income (loss), before tax: | ||||
Other comprehensive income (loss), after tax | (538) | (956) | (340) | (3,816) |
Comprehensive income (loss) | (468) | (882) | (80) | (3,658) |
OCI, Liability for Future Policy Benefit, Gain (Loss), before Reclassification Adjustment and Tax | 4 | 10 | 15 | 41 |
Change in unrealized gains (losses) on available-for-sale securities | (686) | (1,220) | (446) | (4,871) |
Other Comprehensive Income (Loss), before Tax | (682) | (1,210) | (431) | (4,830) |
Other Comprehensive Income (Loss), Tax | (144) | (254) | (91) | (1,014) |
Other Comprehensive Income (Loss), Net of Tax | (538) | (956) | (340) | (3,816) |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ (468) | $ (80) | $ (3,658) | |
Other comprehensive income (loss), before tax | (1,210) | |||
Income tax expense (benefit) related to items of other comprehensive income (loss) | $ (254) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Shareholder's Equity - USD ($) $ in Millions | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings (Deficit) |
Beginning Balance at Dec. 31, 2021 | $ 5,080 | $ 3 | $ 3,191 | $ 1,562 | $ 324 |
Comprehensive income (loss): | |||||
Net income (loss) | 158 | 0 | 0 | 0 | 158 |
Ending Balance at Sep. 30, 2022 | 565 | 3 | 2,778 | (2,254) | 38 |
Comprehensive income (loss): | |||||
Dividends | 857 | 0 | 413 | 0 | 444 |
Other comprehensive income (loss), after tax | (3,816) | 0 | 0 | (3,816) | 0 |
Comprehensive income (loss) | (3,658) | ||||
Beginning Balance at Jun. 30, 2022 | 1,447 | 3 | 2,778 | (1,298) | (36) |
Comprehensive income (loss): | |||||
Net income (loss) | 74 | 0 | 0 | 0 | 74 |
Ending Balance at Sep. 30, 2022 | 565 | 3 | 2,778 | (2,254) | 38 |
Comprehensive income (loss): | |||||
Other comprehensive income (loss), after tax | (956) | 0 | 0 | (956) | 0 |
Comprehensive income (loss) | (882) | ||||
Beginning Balance at Dec. 31, 2022 | 927 | 3 | 2,778 | (2,067) | 213 |
Comprehensive income (loss): | |||||
Net income (loss) | 260 | 0 | 0 | 0 | 260 |
Ending Balance at Sep. 30, 2023 | 537 | 3 | 2,770 | (2,407) | 171 |
Comprehensive income (loss): | |||||
Dividends | 310 | 0 | 8 | 0 | 302 |
Other comprehensive income (loss), after tax | (340) | 0 | 0 | (340) | |
Comprehensive income (loss) | (80) | ||||
Beginning Balance at Jun. 30, 2023 | 1,005 | 3 | 2,770 | (1,869) | 101 |
Comprehensive income (loss): | |||||
Net income (loss) | 70 | 0 | 0 | 0 | 70 |
Ending Balance at Sep. 30, 2023 | 537 | 3 | 2,770 | (2,407) | 171 |
Comprehensive income (loss): | |||||
Other comprehensive income (loss), after tax | (538) | $ 0 | $ 0 | $ (538) | $ 0 |
Comprehensive income (loss) | $ (468) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Cash Flows [Abstract] | ||
Net cash provided by operating activities | $ 931 | $ 1,020 |
Proceeds from the sale, maturity, disposal or redemption of: | ||
Fixed maturities | 3,829 | 3,352 |
Proceeds from Sale of Loans Held-for-investment | 340 | 506 |
Limited partnerships/corporations | 38 | 61 |
Acquisition of: | ||
Fixed maturities | (2,690) | (4,574) |
Mortgage loans on real estate | (267) | (464) |
Limited partnerships/corporations | (84) | (129) |
Derivatives, net | (42) | (166) |
Proceeds from Other Deposits | 196 | 85 |
Other, net | (50) | (41) |
Net cash provided by (used in) investing activities | 1,359 | (930) |
Cash Flows from Financing Activities: | ||
Deposits received for investment contracts | 1,159 | 3,763 |
Maturities and withdrawals from investment contracts | (3,254) | (3,305) |
Payments of Distributions to Affiliates | (310) | (857) |
Net Cash Provided by (Used in) Financing Activities | (2,356) | (319) |
Cash and cash equivalents, beginning of period | 220 | 436 |
Cash and cash equivalents, end of period | 154 | 207 |
Proceeds from (Payments for) Other Financing Activities | 49 | 80 |
Net cash provided by operating activities | 931 | 1,020 |
Fixed maturities | 3,829 | 3,352 |
Proceeds from Sale of Loans Held-for-investment | 340 | 506 |
Limited partnerships/corporations | 38 | 61 |
Payments to Acquire Debt Securities, Available-for-sale | 2,690 | 4,574 |
Payments to Acquire Mortgage Notes Receivable | 267 | 464 |
Payments to Acquire Limited Partnership Interests | 84 | 129 |
Payments for (Proceeds from) Short-term Investments | 62 | 0 |
Payments for (Proceeds from) Derivative Instrument, Investing Activities | (42) | (166) |
Increase (Decrease) in Notes Receivable, Related Parties | (161) | 26 |
Proceeds from Other Deposits | 196 | 85 |
Other, net | (50) | (41) |
Net cash provided by (used in) investing activities | 1,359 | (930) |
Deposits received for investment contracts | 1,159 | 3,763 |
Withdrawal from Contract Holders Funds | 3,254 | 3,305 |
Payments of Distributions to Affiliates | 310 | 857 |
Net Cash Provided by (Used in) Financing Activities | (2,356) | (319) |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (66) | (229) |
Cash and cash equivalents | 154 | 207 |
Proceeds from Sale of Equity Securities, FV-NI | $ 4 | $ 0 |
Business, Basis of Presentation
Business, Basis of Presentation and Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
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, 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) Net 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 the Company and other general business expenses, and (c) Amortization of Deferred acquisition costs ("DAC") and Value of business acquired ("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 non-qualified 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 non-qualified 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 ("GICs") and synthetic GICs, to institutional clients. 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 non-qualified 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. Basis of Presentation The accompanying Condensed Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") and are unaudited. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Those estimates are inherently subject to change and actual results could differ from those estimates, and the differences may be material to the Condensed Consolidated Financial Statements. The Condensed Consolidated Financial Statements include the accounts of VRIAC and its wholly owned subsidiaries, VFP, Voya Institutional Plan Services, LLC ("VIPS"), and Voya Retirement Advisors, LLC ("VRA"). Intercompany transactions and balances have been eliminated. The accompanying Condensed Consolidated Financial Statements are unaudited and reflect adjustments (including normal, recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows for the interim periods presented, in conformity with U.S. GAAP. Interim results are not necessarily indicative of full year performance. On January 1, 2023, the Company adopted Accounting Standard Update (“ASU”) 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts ("ASU 2018-12"), under the modified retrospective adoption method. ASU 2018-12 provided new authoritative guidance impacting the accounting and disclosure requirements for long-duration insurance and investment contracts issued by the Company. The unaudited Condensed Consolidated Financial Statements are presented under the new guidance for reporting periods beginning January 1, 2021. See “Adoption of New Pronouncements” below for additional information regarding this adoption and the transition impacts recorded as of January 1, 2021. See "Significant Accounting Policies" below for additional details regarding the key policy changes effected by this ASU and updated accounting policies resulting from the adoption of this ASU for all periods presented in the unaudited Condensed Consolidated Financial Statements. This section is meant to serve as an update to, and should be read in conjunction with the Business, Basis of Presentation and Significant Accounting Policies Note to the Consolidated Financial Statements in Part II, Item 8. of the Annual Report on Form 10-K for the year ended December 31, 2022. Significant Accounting Policies Effective January 1, 2023, the Company adopted ASU 2018-12, as amended. As a result, the Company made changes to the following significant accounting policies: Estimates and Assumptions Upon adoption of ASU 2018-12, DAC and VOBA were no longer considered significant estimates by the Company, as the amortization methodology is no longer subject to a significant degree of variability and does not require a high degree of judgment. Deferred Policy Acquisition Costs and Value of Business Acquired DAC represents policy acquisition costs that have been capitalized and are subject to amortization. Capitalized costs are incremental, direct costs of contract acquisition and certain other costs related directly to successful acquisition activities. Such costs consist principally of commissions, underwriting, sales and contract issuance and processing expenses directly related to the successful acquisition of new and renewal business. Indirect or unsuccessful acquisition costs, maintenance, product development and overhead expenses are charged to expense as incurred. VOBA represents the outstanding value of in-force business acquired and is subject to amortization. The value is based on the present value of estimated net cash flows embedded in the insurance contracts at the time of the acquisition and increased for subsequent deferrable expenses on purchased policies. DAC/VOBA amortization is recorded in Net amortization of Deferred policy acquisition costs and Value of business acquired in the Condensed Consolidated Statements of Operations. Amortization Methodologies The Company amortizes DAC/VOBA related to deferred annuity contracts on a constant level basis over the expected term of the related contracts. Contracts are grouped for amortization purposes by market type and issue year cohort using assumptions on a basis consistent with those used in estimating the associated liability or other related balance, where applicable. The principal assumption deemed critical to the DAC/VOBA amortization is the estimated contract term, which incorporates mortality and persistency, and represents management’s best estimate of future outcome. The Company periodically reviews this assumption against actual experience and, based on additional information that becomes available, updates the assumption. Changes in contract term estimates are reflected prospectively in amortization expense as of the beginning of the reporting period in which the change is made. VOBA is subject to recoverability testing; DAC is not. The Company performs testing to assess the recoverability of VOBA on an annual basis, or more frequently if circumstances indicate that a potential loss recognition issue exists. If VOBA is not deemed recoverable, charges will be applied against the VOBA balance before an additional reserve is established. Future Policy Benefits The Company establishes and carries actuarially-determined reserves that are calculated to meet its future obligations, including estimates of unpaid claims and claims that the Company believes have been incurred but have not yet been reported as of the balance sheet date. Reserves for payout contracts with life contingencies are equal to the present value of future payments. Principal assumptions used to establish liabilities for future policy benefits include interest rate, mortality, morbidity, policy lapse, contract renewal, payment of subsequent premiums or deposits by the contract owner, retirement, inflation, and benefit utilization. Other than interest rate assumptions, these assumptions are based on Company experience and periodically reviewed against industry standards. The Company reviews these assumptions at least annually and updates them if necessary. In addition to assumption updates, the Company adjusts reserves for actual experience in the period in which the experience occurs. Changes in, or deviations from, the assumptions used can significantly affect the Company's reserve levels and related results of operations. Remeasurements of the reserves as a result of assumption updates and adjustments for actual experience are recognized in Interest credited and other benefits to contract owners/policyholders in the Condensed Consolidated Statements of Operations. Interest rates used in discounting the reserves are based on an upper-medium grade (low credit risk) fixed income instrument yield derived from observable market data. A 30-year forward rate is used for periods beyond the last observable market point. Reserves are remeasured quarterly to reflect changes in the discount rate, with the resulting change recorded in Accumulated other comprehensive income ("AOCI"). Locked-in interest rates used to determine interest accretion on reserves for new contracts sold after January 1, 2021 are based on the upper-medium grade (low credit risk) fixed income instrument yield applicable at the time the contract was issued. Locked-in interest accretion rates for contracts in force as of the January 1, 2021 transition date for ASU 2018-12 are based on the locked-in interest rates in effect for those contracts immediately before the transition date. Interest accretion is recorded in Interest credited and other benefits to contract owners/policyholders on the Condensed Consolidated Statements of Operations. Product Guarantees and Additional Reserves The Company calculates additional reserve liabilities for certain variable annuity guaranteed benefits and variable funding products. The Company periodically evaluates its estimates and adjusts the additional liability balance, with a related charge or credit to benefit expense, if actual experience or other evidence suggests that earlier assumptions should be revised. Changes in, or deviations from, the assumptions used can significantly affect the Company's reserve levels and related results of operations. Stabilizer and MCG: Guaranteed credited rates give rise to an embedded derivative in the stabilizer ("Stabilizer") products and a stand-alone derivative for managed custody guarantee products ("MCG"). These derivatives are measured at estimated fair value and recorded in Future policy benefits and contract owner account balances. Changes in estimated fair value, that are not related to attributed fees collected or payments made, are reported in Net gains (losses) in the Condensed Consolidated Statements of Operations. The estimated fair value of the Stabilizer embedded derivative and MCG stand-alone derivative is determined based on the present value of projected future claims, minus the present value of future guaranteed premiums. At inception of the contract, the Company projects a guaranteed premium to be equal to the present value of the projected future claims. The income associated with the contracts is projected using actuarial and capital market assumptions, including benefits and related contract charges, over the anticipated life of the related contracts. The cash flow estimates are projected under multiple capital market scenarios using observable risk-free rates and other best estimate assumptions. The liabilities for the Stabilizer embedded derivative and the MCG stand-alone derivative include a risk margin to capture uncertainties related to policyholder behavior assumptions. The margin represents additional compensation a market participant would require to assume these risks. The discount rate used to determine the fair value of the liabilities for the Stabilizer embedded derivative and the MCG stand-alone derivative includes an adjustment to reflect the risk that these obligations will not be fulfilled ("nonperformance risk"). Reinsurance The Company utilizes reinsurance agreements in most aspects of its insurance business to reduce its exposure to large losses. Such reinsurance permits recovery of a portion of losses from reinsurers, although it does not discharge the primary liability of the Company as direct insurer of the risks reinsured. For each of its reinsurance agreements, the Company determines whether the agreement provides indemnification against loss or liability relating to insurance risk. The Company reviews contractual features, particularly those that may limit the amount of insurance risk to which the reinsurer is subject or features that delay the timely reimbursement of claims. The assumptions used to account for long-duration reinsurance agreements are consistent with those used for the underlying contracts with the exception of the interest accretion rate on reinsurance recoverable assets associated with in-force business reinsured. Ceded Future policy benefits and contract owner account balances are reported gross on the Condensed Consolidated Balance Sheets. For reinsurance of long-duration contracts that transfer significant insurance risk, the difference, if any, between the amounts paid and benefits received related to the underlying contracts is included in the expected net cost of reinsurance, which is recorded in Premiums receivable and reinsurance recoverable or Other liabilities, as appropriate, on the Condensed Consolidated Balance Sheets. Accounting for reinsurance requires use of assumptions and estimates, particularly related to the future performance of the underlying business and the potential impact of counterparty credit risks. The Company reviews assumptions used to establish assets and liabilities relating to ceded and assumed reinsurance at least annually and updates them if necessary. In addition to the assumption updates, the Company adjusts these assets or liabilities for actual experience in the period in which the experience occurs. The Company also evaluates the financial strength of potential reinsurers and continually monitors the financial condition of reinsurers. Reinsurance recoverable balances are reported net of the allowance for credit losses on the Company’s Condensed Consolidated Balance Sheets. Management estimates the credit loss allowance balance using a factor-based method of probability of default and loss given default which incorporates relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Included in the factor-based method are the consideration of capital market factors, counterparty financial information and ratings, and reinsurance agreement-specific risk characteristics such as collateral type, collateral size, and covenant strength. The allowance for credit losses is a valuation account that is deducted from the reinsurance recoverable balance to present the net amount expected to be collected on the reinsurance recoverable. The change in the allowance for credit losses is recorded in Interest credited and other benefits to contract owners/policyholders in the Condensed Consolidated Statements of Operations. Current reinsurance recoverable balances deemed probable of recovery and payable balances under reinsurance agreements are included in Premiums receivable and reinsurance recoverable and Other liabilities, respectively. Such assets and liabilities relating to reinsurance agreements with the same reinsurer are recorded net on the Condensed Consolidated Balance Sheets if a right of offset exists within the reinsurance agreement. Premiums, Fee income and Interest credited and other benefits to contract owners/policyholders are reported net of reinsurance ceded. Significant accounting policies that were unchanged from those included in the Company’s December 31, 2022 Annual Report on Form 10-K as a result of the adoption of ASU 2018-12 have not been repeated. These policies include Internal Replacements, Contract Owner Account Balances, and Separate Accounts. Adoption of New Pronouncements Long-Duration Contracts The following section provides a description of the Company's adoption of ASU 2018-12 issued by the Financial Accounting Standards Board ("FASB") and the impact of the adoption on the Company's financial statements: This standard, issued in August 2018, changes the measurement and disclosures of insurance liabilities and DAC for long-duration contracts issued by insurers. In addition to expanded disclosures, the standard’s requirements include: • Annual review and, if necessary, update of cash flow assumptions used to measure the liability for future policy benefits for nonparticipating traditional and limited payment insurance contracts, measured on a retrospective catch-up basis and recognized in the period the update is made. The rate used is required to be updated quarterly, with related changes in the liability recorded in AOCI. • Fair value measurement of contract guarantee features qualifying as Market Risk Benefits ("MRB"), with changes in fair value recognized in the Statements of Operations. Changes in the instrument-specific credit risk will be recorded in AOCI. • Amortization of DAC on a constant level basis over the expected term of the contracts, without reference to revenue or profitability. An accounting election may be made to apply the DAC requirements to VOBA. The Company adopted ASU 2018-12 on January 1, 2023, on a modified retrospective basis for the liability for future policy benefits and DAC and on a full retrospective basis for MRBs. The January 1, 2021 transition impact increased Total shareholder’s equity. This increase was primarily driven by the removal of DAC/VOBA and Premium deficiency reserve adjustment balances, and partially offset by the impact of remeasurement of Future policy benefits and Reinsurance recoverable using the discount rate at January 1, 2021. Total shareholder’s equity was also impacted by the establishment of MRB liabilities related to guaranteed minimum benefits on certain deferred annuity contracts. Disclosures and post-transition comparative information have been restated to conform to the requirements of ASU 2018-12. The following tables provide additional information related to the transition adjustments: DAC VOBA Wealth Solutions Deferred and Individual Annuities Balance, December 31, 2020 $ 129 $ 40 Adjustment for removal of related balances in AOCI 439 386 Balance, January 1, 2021 $ 568 $ 426 The following table presents information on transition adjustments, net of tax, related to the adoption of ASU 2018-12 for retained earnings and AOCI to arrive at the opening balances as of January 1, 2021: Total Shareholder's equity December 31, 2020 $ 4,897 AOCI Reversal of AOCI adjustments 1,018 Effect of remeasurement of liability at current discount rate (339) Total AOCI adjustments $ 679 Retained Earnings Establishment of MRBs $ (61) Other adjustments 3 Total Retained earnings $ (58) Total adjustment for the adoption of ASU 2018-12 $ 621 Total Shareholder's equity January 1, 2021 $ 5,518 The following table provides a description of the Company’s adoption of other new ASUs issued by the FASB and the impact of adoption on the Company’s financial statements: Standard Description of Requirements Effective Date and Transition Provisions Effect on the Financial Statements or Other Significant Matters ASU 2022-02, Troubled Debt Restructurings ("TDRs") and Vintage Disclosures This standard, issued in March 2022, eliminates the accounting guidance on troubled debt restructurings for creditors, requires enhanced disclosures for creditors about loan modifications when a borrower is experiencing financial difficulty, and requires public business entities to include current-period gross write-offs in the vintage disclosure tables. January 1, 2023 on a prospective basis. Adoption of the ASU did not have an impact on the Company's financial condition, results of operations, or cash flows. Required disclosure changes have been included in the Investments Note to these Condensed Consolidated Financial Statements . ASU 2020-04, Reference Rate Reform This standard, issued in March 2020, provides temporary optional expedients and exceptions for applying U.S. GAAP principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments were effective as of March 12, 2020, the issuance date of the ASU. An entity may elect to apply the amendments prospectively through December 31, 2024. The Company has elected to apply the optional expedient provided in ASU 2020-04 for qualifying contract modifications. To date, adoption of the guidance has not had a material impact on the Company’s financial condition and results of operations. The Company will continue to evaluate the impacts of reference rate reform on contract modifications and hedging relationships as the project nears completion. Future Adoption of Accounting Pronouncements The following table provides a description of future adoptions of new accounting standards that may have an impact on the Company's financial statements when adopted: Standard Description of Requirements Effective Date and Transition Provisions Effect on the Financial Statements or Other Significant Matters ASU 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions This standard, issued in June 2022, clarifies that contractual restrictions on equity security sales are not considered part of the security unit of account and, therefore, are not considered in measuring fair value. In addition, the restrictions cannot be recognized and measured as separate units of account. Disclosures on such restrictions are also required. The amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, and are required to be applied prospectively, with any adjustments from the adoption recognized in earnings and disclosed. The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2022-03. |
Financial Services, Insurance,
Financial Services, Insurance, ASU 2018-12 Transition | 9 Months Ended |
Sep. 30, 2023 | |
ASU 2018-12 Transition [Abstract] | |
Liability for Future Policy Benefits and Unpaid Claims Disclosure | 6. Reserves for Contract Owner Account Balances The following table presents a rollforward of Contract owner account balances for the periods indicated: Wealth Solutions Deferred Group and Individual Annuity September 30, 2023 December 31, 2022 Balance at January 1 $ 27,951 $ 27,095 Deposits 1,662 2,850 Fee income (6) (8) Surrenders and withdrawals (3,390) (3,774) Benefit payments (94) (113) Net transfers from (to) the general account (55) 1,174 Interest credited 550 714 Other 8 13 Ending Balance $ 26,626 $ 27,951 Weighted-average crediting rate 2.7 % 2.6 % Net amount at risk (1) $ 127 $ 154 Cash surrender value $ 26,255 $ 27,567 (1) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date and is calculated at a contract level. Where a contract has both a living and a death benefit, the Company calculates NAR at a contract level and aggregates the higher of the two values together. The following table shows a reconciliation of the Contract owner account balances for deferred group and individual annuities to the Future policy benefits and contract owner accounts balances on the Condensed Consolidated Balance Sheets for the periods indicated: September 30, 2023 December 31, 2022 Wealth Solutions Deferred group and individual annuity (Contract owner account balances) $ 26,626 $ 27,951 Other (Future policy benefits and Contract owner account balances) 4,587 4,991 Ending balance $ 31,213 $ 32,942 The following table summarizes detail on the differences between the interest rate being credited to contract holders as of September 30, 2023, and the respective guaranteed minimum interest rates ("GMIRs"): Account Value (1) Excess of crediting rate over GMIR At GMIR Up to .50% Above GMIR 0.51% - 1.00% 1.01% - 1.50% Above GMIR 1.51% - 2.00% Above GMIR More than 2.00% Above GMIR Total Guaranteed minimum interest rate Up to 1.00% $ 13 $ 5,845 $ 2,690 $ 1,998 $ 829 $ 784 $ 12,159 1.01% - 2.00% 146 81 46 3 — — 276 2.01% - 3.00% 6,478 30 1 — — — 6,509 3.01% - 4.00% 8,017 — — — — — 8,017 4.01% and Above 4 — — — — — 4 Renewable beyond 12 months (MYGA) (2) 397 — — — 3 — 400 Total discretionary rate setting products $ 15,055 $ 5,956 $ 2,737 $ 2,001 $ 832 $ 784 $ 27,365 (1) Includes only the account values for investment spread products with GMIRs and discretionary crediting rates, net of policy loans. Excludes Stabilizer products, which are fee based. (2) Represents multi year guaranteed annuity ("MYGA") contracts with renewal dates after September 30, 2023 on which we are required to credit interest above the contractual GMIR for at least the next twelve months. The following table summarizes detail on the differences between the interest rate being credited to contract holders as of December 31, 2022, and the respective GMIRs: Account Value (1) Excess of crediting rate over GMIR At GMIR Up to .50% Above GMIR 0.51% - 1.00% 1.01% - 1.50% Above GMIR 1.51% - 2.00% Above GMIR More than 2.00% Above GMIR Total Guaranteed minimum interest rate Up to 1.00% $ 5,349 $ 2,857 $ 1,903 $ 1,112 $ 1,461 $ 102 $ 12,784 1.01% - 2.00% 246 27 34 1 — 1 309 2.01% - 3.00% 7,188 11 1 — — — 7,200 3.01% - 4.00% 8,329 — — — — — 8,329 4.01% and Above 4 — — — — — 4 Renewable beyond 12 months (MYGA) (2) 391 — — — 3 — 394 Total discretionary rate setting products $ 21,507 $ 2,895 $ 1,938 $ 1,113 $ 1,464 $ 103 $ 29,020 (1) Includes only the account values for investment spread products with GMIRs and discretionary crediting rates, net of policy loans. Excludes Stabilizer products, which are fee based. (2) Represents MYGA contracts with renewal dates after December 31, 2022 on which we are required to credit interest above the contractual GMIR for at least the next twelve months |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2023 | |
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 September 30, 2023: Level 1 Level 2 Level 3 Total Assets: Fixed maturities, including securities pledged: U.S. Treasuries $ 239 $ 49 $ — $ 288 U.S. Government agencies and authorities — 28 — 28 State, municipalities and political subdivisions — 517 — 517 U.S. corporate public securities — 5,275 13 5,288 U.S. corporate private securities — 2,378 1,125 3,503 Foreign corporate public securities and foreign governments (1) — 1,897 — 1,897 Foreign corporate private securities (1) — 1,931 376 2,307 Residential mortgage-backed securities — 2,403 54 2,457 Commercial mortgage-backed securities — 2,342 — 2,342 Other asset-backed securities — 1,413 39 1,452 Total fixed maturities, including securities pledged 239 18,233 1,607 20,079 Equity securities 10 — 113 123 Derivatives: Interest rate contracts 1 273 — 274 Foreign exchange contracts — 54 — 54 Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 1,092 1 — 1,093 Assets held in separate accounts 77,145 5,375 341 82,861 Total assets $ 78,487 $ 23,936 $ 2,061 $ 104,484 Liabilities: Stabilizer and MCGs $ — $ — $ 27 $ 27 Derivatives: Interest rate contracts 9 292 — 301 Foreign exchange contracts — 2 — 2 Credit contracts — 2 — 2 Total liabilities $ 9 $ 296 $ 27 $ 332 (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, 2022: Level 1 Level 2 Level 3 Total Assets: Fixed maturities, including securities pledged: U.S. Treasuries $ 291 $ 86 $ — $ 377 U.S. Government agencies and authorities — 30 — 30 State, municipalities and political subdivisions — 600 — 600 U.S. corporate public securities — 5,925 13 5,938 U.S. corporate private securities — 2,212 1,356 3,568 Foreign corporate public securities and foreign governments (1) — 2,064 2 2,066 Foreign corporate private securities (1) — 2,099 339 2,438 Residential mortgage-backed securities — 2,873 20 2,893 Commercial mortgage-backed securities — 2,599 — 2,599 Other asset-backed securities — 1,258 52 1,310 Total fixed maturities, including securities pledged 291 19,746 1,782 21,819 Equity securities 16 — 117 133 Derivatives: Interest rate contracts 1 261 — 262 Foreign exchange contracts — 60 — 60 Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 1,407 — — 1,407 Assets held in separate accounts 72,065 5,227 347 77,639 Total assets $ 73,780 $ 25,294 $ 2,246 $ 101,320 Liabilities: Stabilizer and MCGs $ — $ — $ 6 $ 6 Derivatives: Interest rate contracts 2 325 — 327 Foreign exchange contracts — 2 — 2 Credit contracts — 2 — 2 Total liabilities $ 2 $ 329 $ 6 $ 337 (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. When available, the fair value of the Company's financial assets and liabilities are based on quoted prices of identical assets in active markets and therefore, reflected in Level 1. The valuation approaches and key inputs for each category of assets or liabilities that are classified within Level 2 and Level 3 of the fair value hierarchy are presented below. For fixed maturities classified as Level 2 assets, fair values are determined using a matrix-based market approach, based on prices obtained from third-party commercial pricing services and the Company’s matrix and analytics-based pricing models, which in each case incorporate a variety of market observable information as valuation inputs. The market observable inputs used for these fair value measurements, by fixed maturity asset class, are as follows: U.S. Treasuries: Fair value is determined using third-party commercial pricing services, with the primary inputs being stripped interest and principal U.S. Treasury yield curves that represent a U.S. Treasury zero-coupon curve. U.S. government agencies and authorities, State, municipalities and political subdivisions: Fair value is determined using third-party commercial pricing services, with the primary inputs being U.S. Treasury yield curves, trades of comparable securities, credit spreads off benchmark yields and issuer ratings. U.S. corporate public securities, Foreign corporate public securities and foreign governments: Fair value is determined using third-party commercial pricing services, with the primary inputs being benchmark yields, trades of comparable securities, issuer ratings, bids and credit spreads off benchmark yields. U.S. corporate private securities and Foreign corporate private securities: Fair values are determined using a matrix and analytics-based pricing model. The model incorporates the current level of risk-free interest rates, current corporate credit spreads, credit quality of the issuer and cash flow characteristics of the security. The model also considers a liquidity spread, the value of any collateral, the capital structure of the issuer, the presence of guarantees, and prices and quotes for comparably rated publicly traded securities. RMBS, CMBS and ABS: Fair value is determined using third-party commercial pricing services, with the primary inputs being credit spreads off benchmark yields, prepayment speed assumptions, current and forecasted loss severity, debt service coverage ratios, collateral type, payment priority within tranche and the vintage of the loans underlying the security. Generally, the Company does not obtain more than one vendor price from pricing services per instrument. The Company uses a hierarchy process in which prices are obtained from a primary vendor and, if that vendor is unable to provide the price, the next vendor in the hierarchy is contacted until a price is obtained or it is determined that a price cannot be obtained from a commercial pricing service. When a price cannot be obtained from a commercial pricing service, independent broker quotes are solicited. Securities priced using independent broker quotes are classified as Level 3. Fair values of privately placed bonds are determined primarily using a matrix-based pricing model and are generally classified as Level 2 assets. The model considers the current level of risk-free interest rates, current corporate spreads, the credit quality of the issuer and cash flow characteristics of the security. Also considered are factors such as the net worth of the borrower, the value of collateral, the capital structure of the borrower, the presence of guarantees and the Company's evaluation of the borrower's ability to compete in its relevant market. Using this data, the model generates estimated market values, which the Company considers reflective of the fair value of each privately placed bond. Equity securities : Level 2 and Level 3 equity securities, typically private equities or equity securities not traded on an exchange, are valued by other sources such as analytics or brokers. Derivatives : Derivatives are carried at fair value, which is determined using the Company's derivative accounting system in conjunction with observable key financial data from third party sources, such as yield curves, exchange rates, S&P 500 Index prices, London Interbank Offered Rates ("LIBOR"), Overnight Index Swap ("OIS") rates, and Secured Overnight Financing Rate ("SOFR"). The Company uses SOFR discounting for valuations of interest rate derivatives; however, certain legacy positions may continue to be discounted on OIS. The Company uses OIS for valuations of collateralized interest rate derivatives, which are obtained from third-party sources. For those derivatives that are unable to be valued by the accounting system, the Company typically utilizes values established by third-party brokers. Counterparty credit risk is considered and incorporated in the Company's valuation process through counterparty credit rating requirements and monitoring of overall exposure. It is the Company's policy to transact only with investment grade counterparties with a credit rating of A- or better. The Company's nonperformance risk is also considered and incorporated in the Company's valuation process. The Company also has certain credit default swaps and options that are priced by third party vendors or by using models that primarily use market observable inputs, but contain inputs that are not observable to market participants, which have been classified as Level 3. The remaining derivative instruments are valued based on market observable inputs and are classified as Level 2. Stabilizer and MCGs : The Company records reserves for Stabilizer and MCG contracts containing guaranteed credited rates. The guarantee is treated as an embedded derivative or a stand-alone derivative (depending on the underlying product) and is required to be reported at fair value. The estimated fair value is determined based on the present value of projected future claims, minus the present value of future guaranteed premiums. At inception of the contract, the Company projects a guaranteed premium to be equal to the present value of the projected future claims. The income associated with the contracts is projected using relevant actuarial and capital market assumptions, including benefits and related contract charges, over the anticipated life of the related contracts. The cash flow estimates are projected under multiple capital market scenarios using observable risk-free rates and other best estimate assumptions. These derivatives are classified as Level 3 liabilities. The discount rate used to determine the fair value of the Company's Stabilizer embedded derivative and MCG stand-alone derivative includes an adjustment to reflect the risk that these obligations will not be fulfilled ("nonperformance risk"). The nonperformance risk adjustment incorporates a blend of observable, similarly rated peer holding company credit spreads, adjusted to reflect the credit quality of the individual insurance subsidiary that issued the guarantee, as well as an adjustment to reflect the non-default spreads and the priority and recovery rates of policyholder claims. 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 September 30, 2023 Fair Value as of July 1 Realized/Unrealized Purchases Issuances Sales Settlements Transfers into Level 3 Transfers out of Level 3 Fair Value as of September 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 $ 13 $ — $ — $ — $ — $ — $ — $ — $ — $ 13 $ — $ — U.S. Corporate private securities 1,305 — (36) 17 — — (36) 47 (172) 1,125 — (37) Foreign corporate private securities (1) 333 (1) (7) 41 — — (17) 43 (16) 376 (1) (7) Residential mortgage-backed securities 49 (3) — 3 — — — 5 — 54 (3) — Other asset-backed securities 32 — — 10 — — (1) — (2) 39 — — Total fixed maturities, including securities pledged 1,732 (4) (43) 71 — — (54) 95 (190) 1,607 (4) (44) Equity securities, at fair value 114 (1) — — — — — — — 113 (1) — Stabilizers and MCGs (2) (3) (23) — — (1) — — — — (27) — — Assets held in separate accounts (4) 344 (5) — 1 — (4) — 6 (1) 341 — — (1) Primarily U.S. dollar denominated. (2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations. (3) For financial instruments still held as of September 30, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on securities in the Condensed Consolidated Statements of Comprehensive Income. (4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income (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. Nine Months Ended September 30, 2023 Fair Value Realized/Unrealized Purchases Issuances Sales Settlements Transfers into Level 3 Transfers out of Level 3 Fair Value as of September 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 $ 13 $ — $ — $ — $ — $ — $ — $ — $ — $ 13 $ — $ — U.S. Corporate private securities 1,356 — (34) 79 — (3) (113) 32 (192) 1,125 — (36) Foreign corporate public securities and foreign governments (1) 2 — — — — — — — (2) — — — Foreign corporate private securities (1) 339 1 (1) 89 — — (145) 95 (2) 376 1 (2) Residential mortgage-backed securities 20 (5) — 37 — — — 2 — 54 (5) — Other asset-backed securities 52 — (1) 10 — — (2) — (20) 39 — — Total fixed maturities, including securities pledged 1,782 (4) (36) 215 — (3) (260) 129 (216) 1,607 (4) (38) Equity securities, at fair value 117 (7) — — — — — 3 — 113 (7) — Stabilizer and MCGs (2) (6) (20) — — (1) — — — — (27) — — Assets held in separate accounts (4) 347 (9) — 8 — (13) — 9 (1) 341 — — (1) Primarily U.S. dollar denominated. (2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations. (3) For financial instruments still held as of September 30, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on securities in the Condensed Consolidated Statements of Comprehensive Income. (4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income (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. Three Months Ended September 30, 2022 Fair Value as of July 1 Realized/Unrealized Purchases Issuances Sales Settlements Transfers into Level 3 Transfers out of Level 3 Fair Value as of September 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 $ 8 $ — $ (1) $ 1 $ — $ — $ (1) $ — $ — $ 7 $ — $ (1) U.S. Corporate private securities 1,323 — (71) 63 — — (28) 11 — 1,298 — (72) Foreign corporate public securities and foreign governments (1) 4 — — — — — — — (4) — — — Foreign corporate private securities (1) 303 (2) (8) 20 — — (3) — (4) 306 (3) (9) Residential mortgage-backed securities 22 (2) — 2 — — — — (1) 21 (2) — Other asset-backed securities 47 — (2) 13 — — (1) — (4) 53 — (2) Total fixed maturities, including securities pledged 1,707 (4) (82) 99 — — (33) 11 (13) 1,685 (5) (84) Equity securities, at fair value 121 (5) — — — — — — — 116 (5) — Stabilizer and MCGs (2) (4) (5) — — — — — — — (9) — — Assets held in separate accounts (4) 349 (9) — 32 — (16) — — (17) 339 — — (1) Primarily U.S. dollar denominated. (2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations. (3) For financial instruments still held as of September 30, amounts are included in Net investment income and Net 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. Nine Months Ended September 30, 2022 Fair Value Realized/Unrealized Purchases Issuances Sales Settlements Transfers into Level 3 Transfers out of Level 3 Fair Value as of September 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 $ 5 $ — $ (1) $ 4 $ — $ — $ (1) $ — $ — $ 7 $ — $ (1) U.S. Corporate private securities 1,379 — (283) 199 — — (111) 124 (10) 1,298 — (282) Foreign corporate private securities (1) 272 (21) (32) 101 — — (21) 110 (103) 306 (5) (33) Residential mortgage-backed securities 34 (14) — 2 — — — — (1) 21 (14) — Other asset-backed securities 33 — (6) 39 — (10) (3) — — 53 — (5) Total fixed maturities, including securities pledged 1,723 (35) (322) 345 — (10) (136) 234 (114) 1,685 (19) (321) Equity securities, at fair value 114 (22) — 24 — — — — — 116 (22) — Stabilizers and MCGs (2) (20) 12 — — (1) — — — — (9) — — Cash and cash equivalents, short-term investments, and short-term investments under securities loan agreements — — — 7 — — (7) — — — — — Assets held in separate accounts (4) 316 (35) — 164 — (20) — 6 (92) 339 — — (1) Primarily U.S. dollar denominated. (2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations. (3) For financial instruments still held as of September 30, amounts are included in Net investment income and Net 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 nine months ended September 30, 2023 and 2022, the transfers in and out of Level 3 for fixed maturities were due to the variation in inputs relied upon for valuation each quarter. Securities that are primarily valued using independent broker quotes when prices are not available from one of the commercial pricing services are reflected as transfers into Level 3. When securities are valued using more widely available information, the securities are transferred out of Level 3 and into Level 1 or 2, as appropriate. Significant Unobservable Inputs The Company's Level 3 fair value measurements of its fixed maturities, equity securities and equity and credit derivative contracts are primarily based on broker quotes for which the quantitative detail of the unobservable inputs is neither provided nor reasonably corroborated, thus negating the ability to perform a sensitivity analysis. The Company performs a review of broker quotes by performing a monthly price variance comparison and back tests broker quotes to recent trade prices. Other Financial Instruments The following disclosures are made in accordance with the requirements of ASC Topic 825 which requires disclosure of fair value information about financial instruments, whether or not recognized at fair value on the Condensed Consolidated Balance Sheets. The carrying values and estimated fair values of the Company’s financial instruments as of the dates indicated: September 30, 2023 December 31, 2022 Carrying Fair Carrying Fair Assets: Fixed maturities, including securities pledged $ 20,079 $ 20,079 $ 21,819 $ 21,819 Equity securities 123 123 133 133 Mortgage loans on real estate 4,153 3,813 4,227 3,996 Policy loans 161 161 159 159 Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 1,093 1,093 1,407 1,407 Derivatives 328 328 322 322 Other investments 127 127 132 132 Assets held in separate accounts 82,861 82,861 77,639 77,639 Liabilities: Investment contract liabilities: Funding agreements without fixed maturities and deferred annuities (1) 27,559 28,482 29,047 30,098 Funding agreements with fixed maturities 672 674 731 733 Supplementary contracts, immediate annuities and other 235 185 251 192 Stabilizer and MCGs 27 27 6 6 Derivatives 305 305 331 331 Short-term debt (2) 80 80 32 32 Long-term debt (2) 1 1 2 2 (1) Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within the Stabilizer and MCGs section of the table above. (2) Included in Other Liabilities on the Condensed 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 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 | 9 Months Ended |
Sep. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Deferred Policy Acquisition Costs | 5. Deferred Policy Acquisition Costs and Value of Business Acquired The following table presents a rollforward of DAC and VOBA for the periods indicated: DAC VOBA Wealth Solutions Deferred and Individual Annuities Balance as of January 1, 2022 $ 573 $ 375 Deferrals of commissions and expenses 54 4 Amortization expense (49) (31) Balance as of December 31, 2022 $ 578 $ 348 Deferrals of commissions and expenses 41 2 Amortization expense (34) (22) Balance as of September 30, 2023 $ 585 $ 328 The following table shows a reconciliation of DAC and VOBA balances to the Condensed Consolidated Balance Sheets for the periods indicated: September 30, 2023 December 31, 2022 DAC: Wealth Solutions Deferred and Individual Annuities $ 585 $ 578 Other 10 12 VOBA 328 348 Total $ 923 $ 938 There was no loss recognition for VOBA during 2023 and 2022. |
Other Income and Expenses
Other Income and Expenses | 9 Months Ended |
Sep. 30, 2023 | |
Other Income and Expenses [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Shareholder’s equity included the following components of AOCI as of the dates indicated: September 30, 2023 2022 Fixed maturities, net of impairment $ (2,965) $ (2,831) Derivatives (1) 88 163 Change in current discount rate (334) (350) Deferred income tax asset (liability) 803 762 Total (2,408) (2,256) Pension and other postretirement benefits liability, net of tax 1 2 AOCI $ (2,407) $ (2,254) (1) Gains and losses reported in Accumulated Other Comprehensive Income (AOCI) from hedge transactions that resulted in the acquisition of an identified asset are reclassified into earnings in the same period or periods during which the asset acquired affects earnings. As of September 30, 2023, the portion of the AOCI that is expected to be reclassified into earnings within the next twelve months is $16. 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 September 30, 2023 Before-Tax Amount Income Tax After-Tax Amount Available-for-sale securities: Fixed maturities $ (697) $ 147 $ (550) Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations 10 (2) 8 Change in unrealized gains (losses) on available-for-sale securities (687) 145 (542) Derivatives: Derivatives 6 (1) (1) 5 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 1 — 1 Change in current discount rate 4 (1) 3 Change in Accumulated other comprehensive income (loss) $ (682) $ 144 $ (538) (1) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information. Nine Months Ended September 30, 2023 Before-Tax Amount Income Tax After-Tax Amount Available-for-sale securities: Fixed maturities $ (451) $ 95 $ (356) Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations 29 (6) 23 Change in unrealized gains (losses) on available-for-sale securities (422) 89 (333) Derivatives: Derivatives (9) (1) 2 (7) Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations (15) 3 (12) Change in unrealized gains (losses) on derivatives (24) 5 (19) Change in current discount rate 15 (3) 12 Change in Accumulated other comprehensive income (loss) $ (431) $ 91 $ (340) (1) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information. Three Months Ended September 30, 2022 Before-Tax Amount Income Tax After-Tax Amount Available-for-sale securities: Fixed maturities $ (1,262) $ 265 $ (997) Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations (5) 1 (4) Change in unrealized gains (losses) on available-for-sale securities (1,267) 266 (1,001) Derivatives: Derivatives 52 (1) (11) 41 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 47 (10) 37 Change in current discount rate 10 (2) 8 Change in Accumulated other comprehensive income (loss) (1,210) 254 (956) (1) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information. Nine Months Ended September 30, 2022 Before-Tax Amount Income Tax After-Tax Amount Available-for-sale securities: Fixed maturities $ (5,029) $ 1,056 $ (3,973) Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations 72 (15) 57 Change in unrealized gains (losses) on available-for-sale securities (4,957) 1,041 (3,916) Derivatives: Derivatives 101 (1) (21) 80 Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations (15) 3 (12) Change in unrealized gains (losses) on derivatives 86 (18) 68 Change in current discount rate 41 (9) 32 Change in Accumulated other comprehensive income (loss) $ (4,830) $ 1,014 $ (3,816) (1) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | The Company's effective tax rates for the three and nine months ended September 30, 2023 were (70.7)% and (2.8)%, respectively. The effective tax rates differed from the statutory rate of 21% primarily due to the effect of the dividends received deduction ("DRD"), the Resolution Capital Loss described below and tax credits. The Company's effective tax rates for the three and nine months ended September 30, 2022 were 6.3% and (1.3)%, respectively. The effective tax rates differed from the statutory rate of 21% primarily due to the effect of the DRD and tax credits. On January 4, 2021, Voya Financial completed a series of transactions pursuant to a Master Transaction Agreement ("MTA") with Resolution Life U.S. Holdings Inc. ("Resolution Life US"). As a part of these transactions, Resolution Life US acquired Voya Financial's wholly owned subsidiary, Security Life of Denver Company ("SLD"). SLD generated capital losses in the 2022 tax year, which will be included in a carryback claim for Voya Financial in accordance with the MTA, resulting in a $26 tax benefit and decrease to the effective tax rate (the "Resolution Capital Loss") for the Company. In August 2022, President Biden signed into law the Inflation Reduction Act of 2022, which imposes a 15% corporate alternative minimum tax ("CAMT") on the adjusted financial statement income of large corporations. The CAMT is effective in taxable years beginning after December 31, 2022. Recently, the Treasury issued guidance clarifying the treatment of financial statement income related to noncontrolling interests, making it clear that the Company will not be within the scope of CAMT for 2023. For the 2024 tax year, there is uncertainty around whether the Company will be subject to the CAMT, which is driven by limited guidance to date by the US Treasury and IRS. If the CAMT applies in a future year, the Company will be required to pay tax at the 15% CAMT rate despite our U.S. Federal net operating loss carryforwards. Valuation allowances are provided when it is considered more likely than not that some portion or all of the deferred tax assets ("DTAs") will not be realized. The Company reviews all available positive and negative evidence to determine if a valuation allowance is recorded, including historical and projected pre-tax book income, tax planning strategies and reversals of temporary differences. As of September 30, 2023, the Company had year-to-date losses on securities of $(446) in Other comprehensive income, which increased the related DTA. However, operating income remained positive for the period and was largely consistent with the 2022 year-end valuation allowance analysis. After evaluating the positive and negative evidence, the Company did not change its judgement regarding the realization of DTAs and did not establish a valuation allowance. For more information related to the valuation allowance, refer to the Income Taxes Note to the Consolidated Financial Statements included in Part II, Item 8 of the Annual Report on Form 10-K . Tax Sharing Agreement The results of the Company's operations are included in the consolidated tax return of Voya Financial. 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'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 would have been recorded directly to equity rather than income. Under the tax sharing agreement, Voya Financial 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 2021 through 2023, the Company participates in the Internal Revenue Service ("IRS") Compliance Assurance Process ("CAP"), which is a continuous audit program provided by the IRS. For the 2023 tax year, the Company is in the Compliance Maintenance Bridge ("Bridge") phase of CAP. In the Bridge phase, the IRS did not conduct any review or provide any letters of assurance for that tax year. |
Financing Agreements
Financing Agreements | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Financing Agreements | Financing Agreements Reciprocal Loan Agreement The Company maintains a reciprocal loan agreement with Voya Financial, an affiliate, to facilitate the handling of unanticipated short-term cash requirements that arise in the ordinary course of business. Under this agreement, which 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. Interest on any borrowing by either the Company or Voya Financial is charged at a rate based on the prevailing market rate for similar third-party borrowings or securities. Under this agreement, the Company incurre d $1 and $2 interest expense for the three and nine months ended September 30, 2023, respectively, and $1 interest expense for the three and nine months ended September 30, 2022. The Company earned $3 and $14 of interest income for the three and nine months ended September 30, 2023, respectively. The Company earned $1 and $4 of interest income for the three and nine months ended September 30, 2022, respectively. As of September 30, 2023, VRIAC had $161 outstanding receivables and VIPS had an outstanding payable of $80 under the reciprocal loan agreement. As of December 31, 2022, the Company had no outstanding receivable and VIPS had a $31 outstanding payable from/to Voya Financial under the reciprocal loan agreement. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
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 September 30, 2023, the Company had off-balance sheet commitments to acquire mortgage loans of $45 and purchase limited partnerships and private placement investments of $628. 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: September 30, 2023 December 31, 2022 Fixed maturity collateral pledged to FHLB (1) $ 1,032 $ 997 FHLB restricted stock (2) 33 35 Other fixed maturities-state deposits 11 11 Cash and cash equivalents 2 2 Securities pledged (3) 718 792 Total restricted assets $ 1,796 $ 1,837 (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 $559 and $690 as of September 30, 2023 and December 31, 2022, respectively. In addition, as of September 30, 2023 and December 31, 2022, the Company delivered securities as collateral of $159 and $102, respectively. Loaned securities and securities delivered as collateral are included in Securities pledged on the Condensed Consolidated Balance Sheets. Federal Home Loan Bank Funding The Company is a member of the Federal Home Loan Bank of Boston ("FHLB") and is required to pledge collateral to back funding agreements issued to the FHLB. As of September 30, 2023 and December 31, 2022, the Company had $672 and $730, 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 September 30, 2023 and December 31, 2022, assets with a market value of approximately $1,032 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 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 September 30, 2023, 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. Litigation includes Ravarino, et al. v. Voya Financial, Inc., et al. (USDC District of Connecticut, No. 3:21-cv-01658)(filed December 14, 2021). In this putative class action, the plaintiffs allege that the named defendants, which include the Company, breached their fiduciary duties of prudence and loyalty in the administration of the Voya 401(k) Savings Plan. The plaintiffs claim that the named defendants did not exercise proper prudence in their management of allegedly poorly performing investment options, including proprietary funds, and passed excessive investment-management and other administrative fees for proprietary and non-proprietary funds onto plan participants. The plaintiffs also allege that the defendants engaged in self-dealing through the inclusion of the Voya Stable Value Option into the plan offerings and by setting the “crediting rate” for participants’ investment in the Stable Value Fund artificially low in relation to Voya’s general account investment returns in order to maximize the spread and Voya’s profits at the participants’ expense. The complaint seeks disgorgement of unjust profits as well as costs incurred. On June 13, 2023, the Court issued a ruling granting in part and denying in part Voya's motion to dismiss. The court largely dismissed the claims for breach of fiduciary duty. The remaining claims concern allegations of breaches of the ERISA prohibited transactions rule and a claim for failure to monitor the Voya Small Cap Growth fund. The Company denies the allegations, which it believes are without merit, and intends to defend the case vigorously. |
Related Party
Related Party | 9 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 14. Related Party Transactions Operating Agreements The Company has operating agreements whereby the Company provides or receives services from affiliated entities. For the three and nine months ended September 30, 2023, revenues with affiliated entities related to these agreements were $19 and $58 . For the three and nine months ended September 30, 2022, revenues with affiliated entities related to these agreements were $20 and $64. For the three and nine months ended September 30, 2023, expenses with affiliated entities related to the aforementioned operating agreements were $143 and $448. For the three and nine months ended September 30, 2022, expenses with affiliated entities related to the aforementioned operating agreements were $142 and $450. |
Business, Basis of Presentati_2
Business, Basis of Presentation and Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
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. 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, Voya Institutional Plan Services, LLC ("VIPS"), and Voya Retirement Advisors, LLC ("VRA"). Intercompany transactions and balances have been eliminated. The accompanying Condensed Consolidated Financial Statements are unaudited and reflect adjustments (including normal, recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows for the interim periods presented, in conformity with U.S. GAAP. Interim results are not necessarily indicative of full year performance. On January 1, 2023, the Company adopted Accounting Standard Update (“ASU”) 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts ("ASU 2018-12"), under the modified retrospective adoption method. ASU 2018-12 provided new authoritative guidance impacting the accounting and disclosure requirements for long-duration insurance and investment contracts issued by the Company. The unaudited Condensed Consolidated Financial Statements are presented under the new guidance for reporting periods beginning January 1, 2021. See “Adoption of New Pronouncements” below for additional information regarding this adoption and the transition impacts recorded as of January 1, 2021. See "Significant Accounting Policies" below for additional details regarding the key policy changes effected by this ASU and updated accounting policies resulting from the adoption of this ASU for all periods presented in the unaudited Condensed Consolidated Financial Statements. This section is meant to serve as an update to, and should be read in conjunction with the Business, Basis of Presentation and Significant Accounting Policies Note to the Consolidated Financial Statements in Part II, Item 8. of the Annual Report on Form 10-K for the year ended December 31, 2022. |
Adoption of New Pronouncements | Adoption of New Pronouncements Long-Duration Contracts The following section provides a description of the Company's adoption of ASU 2018-12 issued by the Financial Accounting Standards Board ("FASB") and the impact of the adoption on the Company's financial statements: This standard, issued in August 2018, changes the measurement and disclosures of insurance liabilities and DAC for long-duration contracts issued by insurers. In addition to expanded disclosures, the standard’s requirements include: • Annual review and, if necessary, update of cash flow assumptions used to measure the liability for future policy benefits for nonparticipating traditional and limited payment insurance contracts, measured on a retrospective catch-up basis and recognized in the period the update is made. The rate used is required to be updated quarterly, with related changes in the liability recorded in AOCI. • Fair value measurement of contract guarantee features qualifying as Market Risk Benefits ("MRB"), with changes in fair value recognized in the Statements of Operations. Changes in the instrument-specific credit risk will be recorded in AOCI. • Amortization of DAC on a constant level basis over the expected term of the contracts, without reference to revenue or profitability. An accounting election may be made to apply the DAC requirements to VOBA. The Company adopted ASU 2018-12 on January 1, 2023, on a modified retrospective basis for the liability for future policy benefits and DAC and on a full retrospective basis for MRBs. The January 1, 2021 transition impact increased Total shareholder’s equity. This increase was primarily driven by the removal of DAC/VOBA and Premium deficiency reserve adjustment balances, and partially offset by the impact of remeasurement of Future policy benefits and Reinsurance recoverable using the discount rate at January 1, 2021. Total shareholder’s equity was also impacted by the establishment of MRB liabilities related to guaranteed minimum benefits on certain deferred annuity contracts. Disclosures and post-transition comparative information have been restated to conform to the requirements of ASU 2018-12. The following tables provide additional information related to the transition adjustments: DAC VOBA Wealth Solutions Deferred and Individual Annuities Balance, December 31, 2020 $ 129 $ 40 Adjustment for removal of related balances in AOCI 439 386 Balance, January 1, 2021 $ 568 $ 426 The following table presents information on transition adjustments, net of tax, related to the adoption of ASU 2018-12 for retained earnings and AOCI to arrive at the opening balances as of January 1, 2021: Total Shareholder's equity December 31, 2020 $ 4,897 AOCI Reversal of AOCI adjustments 1,018 Effect of remeasurement of liability at current discount rate (339) Total AOCI adjustments $ 679 Retained Earnings Establishment of MRBs $ (61) Other adjustments 3 Total Retained earnings $ (58) Total adjustment for the adoption of ASU 2018-12 $ 621 Total Shareholder's equity January 1, 2021 $ 5,518 The following table provides a description of the Company’s adoption of other new ASUs issued by the FASB and the impact of adoption on the Company’s financial statements: Standard Description of Requirements Effective Date and Transition Provisions Effect on the Financial Statements or Other Significant Matters ASU 2022-02, Troubled Debt Restructurings ("TDRs") and Vintage Disclosures This standard, issued in March 2022, eliminates the accounting guidance on troubled debt restructurings for creditors, requires enhanced disclosures for creditors about loan modifications when a borrower is experiencing financial difficulty, and requires public business entities to include current-period gross write-offs in the vintage disclosure tables. January 1, 2023 on a prospective basis. Adoption of the ASU did not have an impact on the Company's financial condition, results of operations, or cash flows. Required disclosure changes have been included in the Investments Note to these Condensed Consolidated Financial Statements . ASU 2020-04, Reference Rate Reform This standard, issued in March 2020, provides temporary optional expedients and exceptions for applying U.S. GAAP principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments were effective as of March 12, 2020, the issuance date of the ASU. An entity may elect to apply the amendments prospectively through December 31, 2024. The Company has elected to apply the optional expedient provided in ASU 2020-04 for qualifying contract modifications. To date, adoption of the guidance has not had a material impact on the Company’s financial condition and results of operations. The Company will continue to evaluate the impacts of reference rate reform on contract modifications and hedging relationships as the project nears completion. Future Adoption of Accounting Pronouncements The following table provides a description of future adoptions of new accounting standards that may have an impact on the Company's financial statements when adopted: Standard Description of Requirements Effective Date and Transition Provisions Effect on the Financial Statements or Other Significant Matters ASU 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions This standard, issued in June 2022, clarifies that contractual restrictions on equity security sales are not considered part of the security unit of account and, therefore, are not considered in measuring fair value. In addition, the restrictions cannot be recognized and measured as separate units of account. Disclosures on such restrictions are also required. The amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, and are required to be applied prospectively, with any adjustments from the adoption recognized in earnings and disclosed. The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2022-03. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
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. The Company utilizes derivative contracts mainly to hedge exposure to variability in cash flows, interest rate risk, credit risk, foreign exchange risk and equity market risk. The majority of derivatives used by the Company are designated as product hedges, which hedge the exposure arising from insurance liabilities or guarantees embedded in the contracts the Company offers through various product lines. The Company also uses derivatives contracts to hedge its exposure to various risks associated with the investment portfolio. The Company also uses credit default swaps coupled with other investments in order to produce the investment characteristics of otherwise permissible investments. Based on the notional amounts, a substantial portion of the Company’s derivative positions was not designated or did not qualify for hedge accounting as part of a hedging relationship as outlined in ASC Topic 815 as of September 30, 2023 and December 31, 2022. |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments Classified by Contractual Maturity Date | Available-for-sale and FVO fixed maturities were as follows as of December 31, 2022: Amortized Gross Gross Embedded Derivatives (2) Allowance Fair Fixed maturities: U.S. Treasuries $ 404 $ 4 $ 31 $ — $ — $ 377 U.S. Government agencies and authorities 33 — 3 — — 30 State, municipalities and political subdivisions 691 1 92 — — 600 U.S. corporate public securities 6,938 32 1,032 — — 5,938 U.S. corporate private securities 3,885 11 328 — — 3,568 Foreign corporate public securities and foreign governments (1) 2,380 9 317 — 6 2,066 Foreign corporate private securities (1) 2,617 6 184 — 1 2,438 Residential mortgage-backed securities 3,023 21 153 2 — 2,893 Commercial mortgage-backed securities 2,978 — 379 — — 2,599 Other asset-backed securities 1,418 1 109 — — 1,310 Total fixed maturities, including securities pledged 24,367 85 2,628 2 7 21,819 Less: Securities pledged 894 3 105 — — 792 Total fixed maturities $ 23,473 $ 82 $ 2,523 $ 2 $ 7 $ 21,027 (1) Primarily U.S. dollar denominated. (2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Net gains (losses) in the Condensed Consolidated Statements of Operations. The amortized cost and fair value of fixed maturities, including securities pledged, as of September 30, 2023, are shown below by contractual maturity. Actual maturities may differ from contractual maturities as securities may be restructured, called or prepaid. Mortgage-backed securities ("MBS") and Other asset-backed securities ("ABS") are shown separately because they are not due at a single maturity date. Amortized Fair Due to mature: One year or less $ 633 $ 616 After one year through five years 3,013 2,833 After five years through ten years 3,148 2,843 After ten years 9,312 7,536 Mortgage-backed securities 5,441 4,799 Other asset-backed securities 1,513 1,452 Fixed maturities, including securities pledged $ 23,060 $ 20,079 |
Schedule of Securities Borrowed Under Securities Lending Transactions | September 30, 2023 December 31, 2022 U.S. Treasuries $ 18 $ 51 U.S. corporate public securities 404 466 Foreign corporate public securities and foreign governments 158 201 Total (1) $ 580 $ 718 |
Financing Receivable, Allowance for Credit Loss | The following tables present a rollforward of the allowance for credit losses on available-for-sale fixed maturity securities for the period presented: Nine Months Ended September 30, 2023 U.S. corporate public securities Commercial mortgage-backed securities Foreign corporate public securities and foreign governments Foreign corporate private securities Total Balance as of January 1, 2023 $ — $ — $ 6 $ 1 $ 7 Credit losses on securities for which credit losses were not previously recorded 1 9 — — 10 Reductions for securities sold during the period — — (2) — (2) Increase (decrease) on securities with allowance recorded in previous period — — (1) — (1) Balance as of September 30, 2023 $ 1 $ 9 $ 3 $ 1 $ 14 Year Ended December 31, 2022 Residential mortgage-backed securities Foreign corporate public securities and foreign governments Foreign corporate private securities Total Balance as of January 1, 2022 $ 1 $ — $ 47 $ 48 Credit losses on securities for which credit losses were not previously recorded — 6 — 6 Reductions for securities sold during the period — — (49) (49) Increase (decrease) on securities with allowance recorded in previous period (1) — 3 2 Balance as of December 31, 2022 $ — $ 6 $ 1 $ 7 For additional information about the Company’s methodology and significant inputs used in determining whether a credit loss exists, see the Business, Basis of Presentation and Significant Accounting Policies Note to the Consolidated Financial Statements in Part II, Item 8. of the Annual Report on Form 10-K . |
Schedule of Unrealized Loss on Investments | The following tables present available-for-sale fixed maturities, including securities pledged, for which an allowance for credit losses has not been recorded by investment category and duration as of the dates indicated: As of September 30, 2023 Twelve Months or Less Below Amortized Cost More Than Twelve Months Below Amortized Cost Total Fair Unrealized Capital Losses Fair Unrealized Capital Losses Fair Unrealized Capital Losses U.S. Treasuries $ 192 $ 8 $ 96 $ 32 $ 288 $ 40 U.S. Government, agencies and authorities 12 1 16 3 28 4 State, municipalities and political subdivisions 23 1 493 108 516 109 U.S. corporate public securities 1,059 74 3,933 1,123 4,992 1,197 U.S. corporate private securities 691 27 2,550 386 3,241 413 Foreign corporate public securities and foreign governments 443 21 1,315 325 1,758 346 Foreign corporate private securities 346 15 1,716 183 2,062 198 Residential mortgage-backed 238 12 776 160 1,014 172 Commercial mortgage-backed 62 3 2,216 476 2,278 479 Other asset-backed 80 4 1,045 61 1,125 65 Total $ 3,146 $ 166 $ 14,156 $ 2,857 $ 17,302 $ 3,023 As of December 31, 2022 Twelve Months or Less Below Amortized Cost More Than Twelve Months Below Amortized Cost Total Fair Unrealized Capital Losses Fair Unrealized Capital Losses Fair Unrealized Capital Losses U.S. Treasuries $ 223 $ 30 $ 2 $ 1 $ 225 $ 31 U.S. Government, agencies and authorities 30 3 — — 30 3 State, municipalities and political subdivisions 545 85 15 7 560 92 U.S. corporate public securities 4,290 613 998 419 5,288 1,032 U.S. corporate private securities 2,819 264 331 64 3,150 328 Foreign corporate public securities and foreign governments 1,509 201 298 116 1,807 317 Foreign corporate private securities 2,203 173 52 11 2,255 184 Residential mortgage-backed 1,065 78 328 75 1,393 153 Commercial mortgage-backed 1,792 252 759 127 2,551 379 Other asset-backed 912 68 360 41 1,272 109 Total $ 15,388 $ 1,767 $ 3,143 $ 861 $ 18,531 $ 2,628 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings | |
Mortgage Loans by Loan to Value Ratio | The following tables present commercial mortgage loans by year of origination and LTV ratio as of the dates indicated. The information is updated as of September 30, 2023 and December 31, 2022, respectively. As of September 30, 2023 Loan-to-Value Ratios Year of Origination 0% - 50% >50% - 60% >60% - 70% >70% - 80% >80% and above Total 2023 $ 63 $ 177 $ — $ — $ — $ 240 2022 206 297 65 — — 568 2021 194 183 215 — — 592 2020 133 119 — 10 11 273 2019 170 59 20 — — 249 Prior 1,882 310 5 — 34 2,231 Total $ 2,648 $ 1,145 $ 305 $ 10 $ 45 $ 4,153 As of December 31, 2022 Loan-to-Value Ratios Year of Origination 0% - 50% >50% - 60% >60% - 70% >70% - 80% >80% and above Total 2022 $ 210 $ 283 $ 63 $ — $ — $ 556 2021 187 229 239 10 — 665 2020 98 170 24 10 — 302 2019 167 72 20 — — 259 2018 123 34 3 — — 160 Prior 1,866 399 20 — — 2,285 Total $ 2,651 $ 1,187 $ 369 $ 20 $ — $ 4,227 |
Mortgage Loans by Debt Service Coverage Ratio | The following tables present commercial mortgage loans by year of origination and DSC ratio as of the dates indicated. The information is updated as of September 30, 2023 and December 31, 2022, respectively. As of September 30, 2023 Debt Service Coverage Ratios Year of Origination >1.5x >1.25x - 1.5x >1.0x - 1.25x <1.0x Total* 2023 $ 113 $ 78 $ 49 $ — $ 240 2022 197 40 183 148 568 2021 206 12 57 317 592 2020 185 21 5 62 273 2019 153 18 63 15 249 Prior 1,635 236 217 143 2,231 Total $ 2,489 $ 405 $ 574 $ 685 $ 4,153 *No commercial mortgage loans were secured by land or construction loans As of December 31, 2022 Debt Service Coverage Ratios Year of Origination >1.5x >1.25x - 1.5x >1.0x - 1.25x <1.0x Total* 2022 $ 278 $ 89 $ 171 $ 18 $ 556 2021 212 24 248 181 665 2020 211 9 10 72 302 2019 161 40 53 5 259 2018 93 21 46 — 160 Prior 1,569 331 171 214 2,285 Total $ 2,524 $ 514 $ 699 $ 490 $ 4,227 *No commercial mortgage loans were secured by land or construction loans |
Mortgage Loans by Geographic Location of Collateral | The following tables present the commercial mortgage loans by year of origination and U.S. region as of the dates indicated. The information is updated as of September 30, 2023 and December 31, 2022, respectively. As of September 30, 2023 U.S. Region Year of Origination Pacific South Atlantic Middle Atlantic West South Central Mountain East North Central New England West North Central East South Central Total 2023 $ 51 $ 42 $ 6 $ 72 $ 16 $ 29 $ 2 $ 20 $ 2 $ 240 2022 114 116 46 88 100 81 2 1 20 568 2021 79 44 106 142 97 75 10 38 1 592 2020 63 131 13 9 8 30 — 6 13 273 2019 43 70 6 53 34 4 13 10 16 249 Prior 485 465 626 169 164 163 33 115 11 2,231 Total $ 835 $ 868 $ 803 $ 533 $ 419 $ 382 $ 60 $ 190 $ 63 $ 4,153 As of December 31, 2022 U.S. Region Year of Origination Pacific South Atlantic Middle Atlantic West South Central Mountain East North Central New England West North Central East South Central Total 2022 $ 114 $ 115 $ 46 $ 87 $ 101 $ 73 $ 1 $ 1 $ 18 $ 556 2021 79 53 112 139 97 117 9 37 22 665 2020 64 143 14 14 8 30 — 6 23 302 2019 47 73 6 54 34 5 14 10 16 259 2018 28 55 49 7 7 9 — 5 — 160 Prior 485 466 607 196 172 192 34 116 17 2,285 Total $ 817 $ 905 $ 834 $ 497 $ 419 $ 426 $ 58 $ 175 $ 96 $ 4,227 |
Mortgage Loans by Property Type of Collateral | The following tables present the commercial mortgage loans by year of origination and property type as of the dates indicated. The information is updated as of September 30, 2023 and December 31, 2022, respectively. As of September 30, 2023 Property Type Year of Origination Retail Industrial Apartments Office Hotel/Motel Other Mixed Use Total 2023 $ 66 $ 118 $ 17 $ 14 $ 25 $ — $ — $ 240 2022 72 233 221 26 10 6 — 568 2021 22 128 327 100 — 7 8 592 2020 50 47 60 116 — — — 273 2019 29 56 126 29 9 — — 249 Prior 572 636 450 360 46 129 38 2,231 Total $ 811 $ 1,218 $ 1,201 $ 645 $ 90 $ 142 $ 46 $ 4,153 As of December 31, 2022 Property Type Year of Origination Retail Industrial Apartments Office Hotel/Motel Other Mixed Use Total 2022 $ 72 $ 227 $ 216 $ 25 $ 10 $ 6 $ — $ 556 2021 23 144 382 100 — 8 8 665 2020 50 48 80 124 — — — 302 2019 29 58 128 33 11 — — 259 2018 34 69 30 11 — 16 — 160 Prior 633 620 456 372 48 117 39 2,285 Total $ 841 $ 1,166 $ 1,292 $ 665 $ 69 $ 147 $ 47 $ 4,227 |
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: September 30, 2023 December 31, 2022 Allowance for credit losses, beginning of the period $ 14 $ 11 Credit losses on mortgage loans for which credit losses were not previously recorded 2 2 Increase (decrease) on mortgage loans with an allowance recorded in a previous period 8 1 Provision for expected credit losses 24 14 Write-offs — — Recoveries of amounts previously written-off — — Allowance for credit losses, end of period $ 24 $ 14 |
Financing Receivable, Past Due | The following table presents past due commercial mortgage loans as of the dates indicated: September 30, 2023 December 31, 2022 Delinquency: Current $ 4,127 $ 4,227 30-59 days past due 26 — 60-89 days past due — — Greater than 90 days past due — — Total $ 4,153 $ 4,227 |
Net Investment Income | Net Investment Income The following table summarizes Net investment income for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Fixed maturities $ 319 $ 351 $ 970 $ 1,060 Equity securities 2 2 8 7 Mortgage loans on real estate 50 45 147 134 Policy loans 2 2 6 6 Short-term investments and cash equivalents 3 1 7 2 Limited partnerships and other 25 (16) 69 80 Gross investment income 401 385 1,207 1,289 Less: Investment expenses 17 19 52 54 Net investment income $ 384 $ 366 $ 1,155 $ 1,235 |
Realized Gain (Loss) on Investments | Net gains (losses) were as follows for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Fixed maturities, available-for-sale, including securities pledged $ (12) $ 12 $ (36) $ (50) Fixed maturities, at fair value option (90) (196) (190) (504) Equity securities, at fair value (1) (4) (7) (25) Derivatives 66 125 123 182 Embedded derivatives - fixed maturities (3) (2) (3) (5) Other derivatives 1 2 1 1 Managed custody guarantees (15) (6) (12) (8) Stabilizers (9) — (9) 19 Mortgage loans (1) (1) (9) 3 Other investments — 1 — — Net gains (losses) $ (64) $ (69) $ (142) $ (387) |
Gain (Loss) on Securities | Proceeds from the sale of fixed maturities, available-for-sale and equity securities and the related gross realized gains and losses, before tax, were as follows for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Proceeds on sales $ 584 $ 723 $ 2,716 $ 2,167 Gross gains 9 16 38 34 Gross losses 5 12 44 45 |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The location and effect of derivatives qualifying for hedge accounting on the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income are as follows for the periods indicated: 2023 2022 Interest Rate Contracts Foreign Exchange Contracts Interest Rate Contracts Foreign Exchange Contracts Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Net investment income Net investment income and Net gains (losses) Net investment income Net investment income and Net gains (losses) Three Months Ended September 30, Amount of Gain or (Loss) Recognized in Other Comprehensive Income $ — $ 6 $ (1) $ 54 Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income — 3 — 2 Nine Months Ended September 30, Amount of Gain or (Loss) Recognized in Other Comprehensive Income $ — $ (9) $ (2) $ 105 Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income — 7 — 7 The location and amount of gain (loss) recognized in the Condensed Consolidated Statements of Operations for derivatives qualifying for hedge accounting are as follows for the periods indicated: 2023 2022 Net investment income Net gains (losses) Net investment income Net gains (losses) Three Months Ended September 30, Total amounts of line items presented in the statements of operations in which the effects of cash flow hedges are recorded $ 384 $ (64) $ 366 $ (69) Cash flow hedges: Foreign exchange contracts: Gain (loss) reclassified from accumulated other comprehensive income into income 3 — 2 — Nine Months Ended September 30, Total amounts of line items presented in the statements of operations in which the effects of cash flow hedges are recorded $ 1,155 $ (142) $ 1,235 $ (387) Foreign exchange contracts: Gain (loss) reclassified from accumulated other comprehensive income into income 7 — 7 — 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 (Loss) on Derivative Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Derivatives: Non-qualifying for hedge accounting Interest rate contracts Net gains (losses) $ 64 $ 121 $ 121 $ 178 Foreign exchange contracts Net gains (losses) 2 3 2 7 Credit contracts Net gains (losses) — 1 — (3) Embedded derivatives and Managed custody guarantees: Within fixed maturity investments Net gains (losses) (3) (2) (3) (5) Managed custody guarantees Net gains (losses) (15) (6) (12) (8) Stabilizers Net gains (losses) (9) — (9) 19 Total $ 40 $ 118 $ 100 $ 189 |
Derivative Financial Instrument
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts of Outstanding Derivative Positions | The notional amounts and fair values of derivatives were as follows as of the dates indicated: September 30, 2023 December 31, 2022 Notional Asset Liability Notional Asset Liability Derivatives: Qualifying for hedge accounting (1) Cash flow hedges: Interest rate contracts $ 18 $ — $ — $ 18 $ — $ — Foreign exchange contracts 612 50 2 596 58 2 Derivatives: Non-qualifying for hedge accounting (1) Interest rate contracts 12,092 274 301 12,470 262 327 Foreign exchange contracts 79 4 — 45 2 — Credit contracts 118 — 2 141 — 2 Embedded derivatives and Managed custody guarantees: Within fixed maturity investments (2) N/A — 2 N/A 2 — Managed custody guarantees (3) N/A — 18 N/A — 6 Stabilizers (3) N/A — 9 N/A — — Total $ 328 $ 334 $ 324 $ 337 (1) Open derivative contracts are reported as Derivatives assets or liabilities at fair value on the Condensed Consolidated Balance Sheets. (2) Included in Fixed maturities, available-for-sale, at fair value on the Condensed Consolidated Balance Sheets. (3) Included in Future policy benefits and contract owner account balances on the Condensed Consolidated Balance Sheets. N/A - Not Applicable |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The location and effect of derivatives qualifying for hedge accounting on the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income are as follows for the periods indicated: 2023 2022 Interest Rate Contracts Foreign Exchange Contracts Interest Rate Contracts Foreign Exchange Contracts Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Net investment income Net investment income and Net gains (losses) Net investment income Net investment income and Net gains (losses) Three Months Ended September 30, Amount of Gain or (Loss) Recognized in Other Comprehensive Income $ — $ 6 $ (1) $ 54 Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income — 3 — 2 Nine Months Ended September 30, Amount of Gain or (Loss) Recognized in Other Comprehensive Income $ — $ (9) $ (2) $ 105 Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income — 7 — 7 The location and amount of gain (loss) recognized in the Condensed Consolidated Statements of Operations for derivatives qualifying for hedge accounting are as follows for the periods indicated: 2023 2022 Net investment income Net gains (losses) Net investment income Net gains (losses) Three Months Ended September 30, Total amounts of line items presented in the statements of operations in which the effects of cash flow hedges are recorded $ 384 $ (64) $ 366 $ (69) Cash flow hedges: Foreign exchange contracts: Gain (loss) reclassified from accumulated other comprehensive income into income 3 — 2 — Nine Months Ended September 30, Total amounts of line items presented in the statements of operations in which the effects of cash flow hedges are recorded $ 1,155 $ (142) $ 1,235 $ (387) Foreign exchange contracts: Gain (loss) reclassified from accumulated other comprehensive income into income 7 — 7 — 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 (Loss) on Derivative Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Derivatives: Non-qualifying for hedge accounting Interest rate contracts Net gains (losses) $ 64 $ 121 $ 121 $ 178 Foreign exchange contracts Net gains (losses) 2 3 2 7 Credit contracts Net gains (losses) — 1 — (3) Embedded derivatives and Managed custody guarantees: Within fixed maturity investments Net gains (losses) (3) (2) (3) (5) Managed custody guarantees Net gains (losses) (15) (6) (12) (8) Stabilizers Net gains (losses) (9) — (9) 19 Total $ 40 $ 118 $ 100 $ 189 |
Derivatives Not Designated as Hedging 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 Company utilizes derivative contracts mainly to hedge exposure to variability in cash flows, interest rate risk, credit risk, foreign exchange risk and equity market risk. The majority of derivatives used by the Company are designated as product hedges, which hedge the exposure arising from insurance liabilities or guarantees embedded in the contracts the Company offers through various product lines. The Company also uses derivatives contracts to hedge its exposure to various risks associated with the investment portfolio. The Company also uses credit default swaps coupled with other investments in order to produce the investment characteristics of otherwise permissible investments. Based on the notional amounts, a substantial portion of the Company’s derivative positions was not designated or did not qualify for hedge accounting as part of a hedging relationship as outlined in ASC Topic 815 as of September 30, 2023 and December 31, 2022. The notional amounts and fair values of derivatives were as follows as of the dates indicated: September 30, 2023 December 31, 2022 Notional Asset Liability Notional Asset Liability Derivatives: Qualifying for hedge accounting (1) Cash flow hedges: Interest rate contracts $ 18 $ — $ — $ 18 $ — $ — Foreign exchange contracts 612 50 2 596 58 2 Derivatives: Non-qualifying for hedge accounting (1) Interest rate contracts 12,092 274 301 12,470 262 327 Foreign exchange contracts 79 4 — 45 2 — Credit contracts 118 — 2 141 — 2 Embedded derivatives and Managed custody guarantees: Within fixed maturity investments (2) N/A — 2 N/A 2 — Managed custody guarantees (3) N/A — 18 N/A — 6 Stabilizers (3) N/A — 9 N/A — — Total $ 328 $ 334 $ 324 $ 337 (1) Open derivative contracts are reported as Derivatives assets or liabilities at fair value on the Condensed Consolidated Balance Sheets. (2) Included in Fixed maturities, available-for-sale, at fair value on the Condensed Consolidated Balance Sheets. (3) Included in Future policy benefits and contract owner account balances on the Condensed Consolidated Balance Sheets. N/A - Not Applicable The Company does not offset any derivative assets and liabilities in the Condensed Consolidated Balance Sheets. The disclosures set out in the table below include the fair values of Over-The-Counter (“OTC”) and cleared derivatives excluding exchange traded contracts subject to master netting agreements or similar agreements as of the dates indicated: Gross Amount Recognized (1) Counterparty Netting (2) Cash Collateral Netting (2) Securities Collateral Netting(2) Net receivables/ payables September 30, 2023 Derivative assets $ 328 $ (277) $ (44) $ (6) $ 1 Derivative liabilities 305 (277) (19) (9) — December 31, 2022 Derivative assets 321 (263) (51) (6) 1 Derivative liabilities 331 (263) (64) (1) 3 (1) As of September 30, 2023, gross amounts do not exclude asset and liability exchange traded contracts. As of December 31, 2022, gross amounts exclude asset and liability exchange traded contracts of $1 and $0, respectively. (2) Represents the netting of receivable 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 September 30, 2023, the Company held $47 and pledged $19 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. As of December 31, 2022, the Company held $50 and delivered $62 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. In addition, as of September 30, 2023, the Company delivered $159 of securities and held $6 of securities as collateral. As of December 31, 2022, the Company delivered $102 of securities and held $7 securities as collateral. The location and effect of derivatives qualifying for hedge accounting on the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income are as follows for the periods indicated: 2023 2022 Interest Rate Contracts Foreign Exchange Contracts Interest Rate Contracts Foreign Exchange Contracts Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Net investment income Net investment income and Net gains (losses) Net investment income Net investment income and Net gains (losses) Three Months Ended September 30, Amount of Gain or (Loss) Recognized in Other Comprehensive Income $ — $ 6 $ (1) $ 54 Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income — 3 — 2 Nine Months Ended September 30, Amount of Gain or (Loss) Recognized in Other Comprehensive Income $ — $ (9) $ (2) $ 105 Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income — 7 — 7 The location and amount of gain (loss) recognized in the Condensed Consolidated Statements of Operations for derivatives qualifying for hedge accounting are as follows for the periods indicated: 2023 2022 Net investment income Net gains (losses) Net investment income Net gains (losses) Three Months Ended September 30, Total amounts of line items presented in the statements of operations in which the effects of cash flow hedges are recorded $ 384 $ (64) $ 366 $ (69) Cash flow hedges: Foreign exchange contracts: Gain (loss) reclassified from accumulated other comprehensive income into income 3 — 2 — Nine Months Ended September 30, Total amounts of line items presented in the statements of operations in which the effects of cash flow hedges are recorded $ 1,155 $ (142) $ 1,235 $ (387) Foreign exchange contracts: Gain (loss) reclassified from accumulated other comprehensive income into income 7 — 7 — 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 (Loss) on Derivative Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Derivatives: Non-qualifying for hedge accounting Interest rate contracts Net gains (losses) $ 64 $ 121 $ 121 $ 178 Foreign exchange contracts Net gains (losses) 2 3 2 7 Credit contracts Net gains (losses) — 1 — (3) Embedded derivatives and Managed custody guarantees: Within fixed maturity investments Net gains (losses) (3) (2) (3) (5) Managed custody guarantees Net gains (losses) (15) (6) (12) (8) Stabilizers Net gains (losses) (9) — (9) 19 Total $ 40 $ 118 $ 100 $ 189 |
Financial Services, Insurance_2
Financial Services, Insurance, ASU 2018-12 Transition (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
ASU 2018-12 Transition [Abstract] | |
Liability for Future Policy Benefit, Activity | 6. Reserves for Contract Owner Account Balances The following table presents a rollforward of Contract owner account balances for the periods indicated: Wealth Solutions Deferred Group and Individual Annuity September 30, 2023 December 31, 2022 Balance at January 1 $ 27,951 $ 27,095 Deposits 1,662 2,850 Fee income (6) (8) Surrenders and withdrawals (3,390) (3,774) Benefit payments (94) (113) Net transfers from (to) the general account (55) 1,174 Interest credited 550 714 Other 8 13 Ending Balance $ 26,626 $ 27,951 Weighted-average crediting rate 2.7 % 2.6 % Net amount at risk (1) $ 127 $ 154 Cash surrender value $ 26,255 $ 27,567 (1) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date and is calculated at a contract level. Where a contract has both a living and a death benefit, the Company calculates NAR at a contract level and aggregates the higher of the two values together. The following table shows a reconciliation of the Contract owner account balances for deferred group and individual annuities to the Future policy benefits and contract owner accounts balances on the Condensed Consolidated Balance Sheets for the periods indicated: September 30, 2023 December 31, 2022 Wealth Solutions Deferred group and individual annuity (Contract owner account balances) $ 26,626 $ 27,951 Other (Future policy benefits and Contract owner account balances) 4,587 4,991 Ending balance $ 31,213 $ 32,942 The following table summarizes detail on the differences between the interest rate being credited to contract holders as of September 30, 2023, and the respective guaranteed minimum interest rates ("GMIRs"): Account Value (1) Excess of crediting rate over GMIR At GMIR Up to .50% Above GMIR 0.51% - 1.00% 1.01% - 1.50% Above GMIR 1.51% - 2.00% Above GMIR More than 2.00% Above GMIR Total Guaranteed minimum interest rate Up to 1.00% $ 13 $ 5,845 $ 2,690 $ 1,998 $ 829 $ 784 $ 12,159 1.01% - 2.00% 146 81 46 3 — — 276 2.01% - 3.00% 6,478 30 1 — — — 6,509 3.01% - 4.00% 8,017 — — — — — 8,017 4.01% and Above 4 — — — — — 4 Renewable beyond 12 months (MYGA) (2) 397 — — — 3 — 400 Total discretionary rate setting products $ 15,055 $ 5,956 $ 2,737 $ 2,001 $ 832 $ 784 $ 27,365 (1) Includes only the account values for investment spread products with GMIRs and discretionary crediting rates, net of policy loans. Excludes Stabilizer products, which are fee based. (2) Represents multi year guaranteed annuity ("MYGA") contracts with renewal dates after September 30, 2023 on which we are required to credit interest above the contractual GMIR for at least the next twelve months. The following table summarizes detail on the differences between the interest rate being credited to contract holders as of December 31, 2022, and the respective GMIRs: Account Value (1) Excess of crediting rate over GMIR At GMIR Up to .50% Above GMIR 0.51% - 1.00% 1.01% - 1.50% Above GMIR 1.51% - 2.00% Above GMIR More than 2.00% Above GMIR Total Guaranteed minimum interest rate Up to 1.00% $ 5,349 $ 2,857 $ 1,903 $ 1,112 $ 1,461 $ 102 $ 12,784 1.01% - 2.00% 246 27 34 1 — 1 309 2.01% - 3.00% 7,188 11 1 — — — 7,200 3.01% - 4.00% 8,329 — — — — — 8,329 4.01% and Above 4 — — — — — 4 Renewable beyond 12 months (MYGA) (2) 391 — — — 3 — 394 Total discretionary rate setting products $ 21,507 $ 2,895 $ 1,938 $ 1,113 $ 1,464 $ 103 $ 29,020 (1) Includes only the account values for investment spread products with GMIRs and discretionary crediting rates, net of policy loans. Excludes Stabilizer products, which are fee based. (2) Represents MYGA contracts with renewal dates after December 31, 2022 on which we are required to credit interest above the contractual GMIR for at least the next twelve months |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of September 30, 2023: Level 1 Level 2 Level 3 Total Assets: Fixed maturities, including securities pledged: U.S. Treasuries $ 239 $ 49 $ — $ 288 U.S. Government agencies and authorities — 28 — 28 State, municipalities and political subdivisions — 517 — 517 U.S. corporate public securities — 5,275 13 5,288 U.S. corporate private securities — 2,378 1,125 3,503 Foreign corporate public securities and foreign governments (1) — 1,897 — 1,897 Foreign corporate private securities (1) — 1,931 376 2,307 Residential mortgage-backed securities — 2,403 54 2,457 Commercial mortgage-backed securities — 2,342 — 2,342 Other asset-backed securities — 1,413 39 1,452 Total fixed maturities, including securities pledged 239 18,233 1,607 20,079 Equity securities 10 — 113 123 Derivatives: Interest rate contracts 1 273 — 274 Foreign exchange contracts — 54 — 54 Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 1,092 1 — 1,093 Assets held in separate accounts 77,145 5,375 341 82,861 Total assets $ 78,487 $ 23,936 $ 2,061 $ 104,484 Liabilities: Stabilizer and MCGs $ — $ — $ 27 $ 27 Derivatives: Interest rate contracts 9 292 — 301 Foreign exchange contracts — 2 — 2 Credit contracts — 2 — 2 Total liabilities $ 9 $ 296 $ 27 $ 332 (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, 2022: Level 1 Level 2 Level 3 Total Assets: Fixed maturities, including securities pledged: U.S. Treasuries $ 291 $ 86 $ — $ 377 U.S. Government agencies and authorities — 30 — 30 State, municipalities and political subdivisions — 600 — 600 U.S. corporate public securities — 5,925 13 5,938 U.S. corporate private securities — 2,212 1,356 3,568 Foreign corporate public securities and foreign governments (1) — 2,064 2 2,066 Foreign corporate private securities (1) — 2,099 339 2,438 Residential mortgage-backed securities — 2,873 20 2,893 Commercial mortgage-backed securities — 2,599 — 2,599 Other asset-backed securities — 1,258 52 1,310 Total fixed maturities, including securities pledged 291 19,746 1,782 21,819 Equity securities 16 — 117 133 Derivatives: Interest rate contracts 1 261 — 262 Foreign exchange contracts — 60 — 60 Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 1,407 — — 1,407 Assets held in separate accounts 72,065 5,227 347 77,639 Total assets $ 73,780 $ 25,294 $ 2,246 $ 101,320 Liabilities: Stabilizer and MCGs $ — $ — $ 6 $ 6 Derivatives: Interest rate contracts 2 325 — 327 Foreign exchange contracts — 2 — 2 Credit contracts — 2 — 2 Total liabilities $ 2 $ 329 $ 6 $ 337 (1) Primarily U.S. dollar denominated. |
Deferred Policy Acquisition C_2
Deferred Policy Acquisition Costs and Value of Business Acquired (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Deferred Policy Acquisition Costs and Value of Business Acquired | The following table presents a rollforward of DAC and VOBA for the periods indicated: DAC VOBA Wealth Solutions Deferred and Individual Annuities Balance as of January 1, 2022 $ 573 $ 375 Deferrals of commissions and expenses 54 4 Amortization expense (49) (31) Balance as of December 31, 2022 $ 578 $ 348 Deferrals of commissions and expenses 41 2 Amortization expense (34) (22) Balance as of September 30, 2023 $ 585 $ 328 The following table shows a reconciliation of DAC and VOBA balances to the Condensed Consolidated Balance Sheets for the periods indicated: September 30, 2023 December 31, 2022 DAC: Wealth Solutions Deferred and Individual Annuities $ 585 $ 578 Other 10 12 VOBA 328 348 Total $ 923 $ 938 |
Other Income and Expenses (Tabl
Other Income and Expenses (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Other Income and Expenses [Abstract] | |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Nine Months Ended September 30, 2023 Before-Tax Amount Income Tax After-Tax Amount Available-for-sale securities: Fixed maturities $ (451) $ 95 $ (356) Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations 29 (6) 23 Change in unrealized gains (losses) on available-for-sale securities (422) 89 (333) Derivatives: Derivatives (9) (1) 2 (7) Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations (15) 3 (12) Change in unrealized gains (losses) on derivatives (24) 5 (19) Change in current discount rate 15 (3) 12 Change in Accumulated other comprehensive income (loss) $ (431) $ 91 $ (340) (1) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information. Three Months Ended September 30, 2022 Before-Tax Amount Income Tax After-Tax Amount Available-for-sale securities: Fixed maturities $ (1,262) $ 265 $ (997) Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations (5) 1 (4) Change in unrealized gains (losses) on available-for-sale securities (1,267) 266 (1,001) Derivatives: Derivatives 52 (1) (11) 41 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 47 (10) 37 Change in current discount rate 10 (2) 8 Change in Accumulated other comprehensive income (loss) (1,210) 254 (956) (1) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information. Nine Months Ended September 30, 2022 Before-Tax Amount Income Tax After-Tax Amount Available-for-sale securities: Fixed maturities $ (5,029) $ 1,056 $ (3,973) Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations 72 (15) 57 Change in unrealized gains (losses) on available-for-sale securities (4,957) 1,041 (3,916) Derivatives: Derivatives 101 (1) (21) 80 Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations (15) 3 (12) Change in unrealized gains (losses) on derivatives 86 (18) 68 Change in current discount rate 41 (9) 32 Change in Accumulated other comprehensive income (loss) $ (4,830) $ 1,014 $ (3,816) (1) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information. |
Schedule of Accumulated Other Comprehensive Income (Loss) | Shareholder’s equity included the following components of AOCI as of the dates indicated: September 30, 2023 2022 Fixed maturities, net of impairment $ (2,965) $ (2,831) Derivatives (1) 88 163 Change in current discount rate (334) (350) Deferred income tax asset (liability) 803 762 Total (2,408) (2,256) Pension and other postretirement benefits liability, net of tax 1 2 AOCI $ (2,407) $ (2,254) (1) Gains and losses reported in Accumulated Other Comprehensive Income (AOCI) from hedge transactions that resulted in the acquisition of an identified asset are reclassified into earnings in the same period or periods during which the asset acquired affects earnings. As of September 30, 2023, the portion of the AOCI that is expected to be reclassified into earnings within the next twelve months is $16. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Restricted Assets | The components of the fair value of the restricted assets were as follows as of the dates indicated: September 30, 2023 December 31, 2022 Fixed maturity collateral pledged to FHLB (1) $ 1,032 $ 997 FHLB restricted stock (2) 33 35 Other fixed maturities-state deposits 11 11 Cash and cash equivalents 2 2 Securities pledged (3) 718 792 Total restricted assets $ 1,796 $ 1,837 (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 $559 and $690 as of September 30, 2023 and December 31, 2022, respectively. In addition, as of September 30, 2023 and December 31, 2022, the Company delivered securities as collateral of $159 and $102, respectively. Loaned securities and securities delivered as collateral are included in Securities pledged on the Condensed Consolidated Balance Sheets. |
Business, Basis of Presentati_3
Business, Basis of Presentation and Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Dec. 31, 2020 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | |
Deferred Policy Acquisition Cost | $ 923 | $ 923 | $ 938 | |||||
Present Value of Future Insurance Profits, Net | 328 | 328 | 348 | $ 375 | ||||
Revenue from other sources (non-financial services revenue) | 122 | $ 118 | 354 | $ 382 | ||||
Total Fee income and Other revenue | 256 | 245 | 750 | 783 | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 134 | 127 | 396 | 401 | ||||
Accounting Standards Update 2014-09 | ||||||||
Accounts Receivable, after Allowance for Credit Loss | 89 | 89 | 90 | |||||
Recordkeeping Administration | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 115 | 108 | 341 | 340 | ||||
Distribution Fees | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 19 | $ 19 | 55 | $ 61 | ||||
Retirement | ||||||||
Deferred Policy Acquisition Cost | $ 585 | $ 585 | $ 578 | $ 573 | ||||
Previously Reported [Member] | ||||||||
Present Value of Future Insurance Profits, Net | $ 40 | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 4,897 | |||||||
Previously Reported [Member] | Retirement | ||||||||
Deferred Policy Acquisition Cost | 129 | |||||||
Revision of Prior Period, Adjustment [Member] | ||||||||
Present Value of Future Insurance Profits, Net | $ 426 | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 5,518 | |||||||
Revision of Prior Period, Adjustment [Member] | Accumulated Other Comprehensive Income (Loss) | ||||||||
Present Value of Future Insurance Profits, Net | 386 | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,018 | |||||||
Liability for Future Policy Benefit, Remeasurement Gain (Loss) | (339) | |||||||
Revision of Prior Period, Adjustment [Member] | Retained Earnings (Deficit) | ||||||||
Market Risk Benefit, after Increase (Decrease) from Instrument-Specific Credit Risk | (61) | |||||||
Other Adjustments | 3 | |||||||
Revision of Prior Period, Adjustment [Member] | Retirement | ||||||||
Deferred Policy Acquisition Cost | $ 568 | |||||||
Revision of Prior Period, Adjustment [Member] | Retirement | Accumulated Other Comprehensive Income (Loss) | ||||||||
Deferred Policy Acquisition Cost | 439 | |||||||
Effect of Modified Retrospective Application Accounting Standards Update 2018-12 [Member] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 621 | |||||||
Effect of Modified Retrospective Application Accounting Standards Update 2018-12 [Member] | Accumulated Other Comprehensive Income (Loss) | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 679 | |||||||
Effect of Modified Retrospective Application Accounting Standards Update 2018-12 [Member] | Retained Earnings (Deficit) | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (58) |
Investments - Fixed Maturities
Investments - Fixed Maturities and Equity Securities (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Securities pledged, amortized costs | $ 845 | $ 894 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 14 | 7 |
U.S. Treasuries | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 328 | 404 |
Fixed maturities, Gross Unrealized Capital Gains | 0 | 4 |
Fixed maturities, Gross Unrealized Capital Losses | 40 | 31 |
Embedded Derivatives | 0 | 0 |
Debt Securities, Available-for-Sale | 288 | 377 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | |
OTTI | 0 | |
US Treasury and Government | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 32 | 33 |
Fixed maturities, Gross Unrealized Capital Gains | 0 | 0 |
Fixed maturities, Gross Unrealized Capital Losses | 4 | 3 |
Embedded Derivatives | 0 | 0 |
Debt Securities, Available-for-Sale | 28 | 30 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | |
OTTI | 0 | |
State, municipalities and political subdivisions | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 626 | 691 |
Fixed maturities, Gross Unrealized Capital Gains | 0 | 1 |
Fixed maturities, Gross Unrealized Capital Losses | 109 | 92 |
Embedded Derivatives | 0 | 0 |
Debt Securities, Available-for-Sale | 517 | 600 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | |
OTTI | 0 | |
U.S. corporate public securities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 6,470 | 6,938 |
Fixed maturities, Gross Unrealized Capital Gains | 16 | 32 |
Fixed maturities, Gross Unrealized Capital Losses | 1,197 | 1,032 |
Embedded Derivatives | 0 | 0 |
Debt Securities, Available-for-Sale | 5,288 | 5,938 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 1 | |
OTTI | 0 | |
U.S. corporate private securities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 3,909 | 3,885 |
Fixed maturities, Gross Unrealized Capital Gains | 7 | 11 |
Fixed maturities, Gross Unrealized Capital Losses | 413 | 328 |
Embedded Derivatives | 0 | 0 |
Debt Securities, Available-for-Sale | 3,503 | 3,568 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | |
OTTI | 0 | |
Foreign corporate public securities and foreign governments | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 2,242 | 2,380 |
Fixed maturities, Gross Unrealized Capital Gains | 4 | 9 |
Fixed maturities, Gross Unrealized Capital Losses | 346 | 317 |
Embedded Derivatives | 0 | 0 |
Debt Securities, Available-for-Sale | 1,897 | 2,066 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 3 | |
OTTI | 6 | |
Foreign corporate private securities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 2,499 | 2,617 |
Fixed maturities, Gross Unrealized Capital Gains | 7 | 6 |
Fixed maturities, Gross Unrealized Capital Losses | 198 | 184 |
Embedded Derivatives | 0 | 0 |
Debt Securities, Available-for-Sale | 2,307 | 2,438 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 1 | |
OTTI | 1 | |
Residential mortgage-backed | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 2,612 | 3,023 |
Fixed maturities, Gross Unrealized Capital Gains | 19 | 21 |
Fixed maturities, Gross Unrealized Capital Losses | 172 | 153 |
Embedded Derivatives | 2 | (2) |
Debt Securities, Available-for-Sale | 2,457 | 2,893 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | |
OTTI | 0 | |
Commercial mortgage-backed | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 2,829 | 2,978 |
Fixed maturities, Gross Unrealized Capital Gains | 1 | 0 |
Fixed maturities, Gross Unrealized Capital Losses | 479 | 379 |
Embedded Derivatives | 0 | 0 |
Debt Securities, Available-for-Sale | 2,342 | 2,599 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 9 | |
OTTI | 0 | |
Other asset-backed securities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 1,513 | 1,418 |
Fixed maturities, Gross Unrealized Capital Gains | 4 | 1 |
Fixed maturities, Gross Unrealized Capital Losses | 65 | 109 |
Embedded Derivatives | 0 | 0 |
Debt Securities, Available-for-Sale | 1,452 | 1,310 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | |
OTTI | 0 | |
Embedded derivatives - fixed maturities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 23,060 | 24,367 |
Fixed maturities, Gross Unrealized Capital Gains | 58 | 85 |
Fixed maturities, Gross Unrealized Capital Losses | 3,023 | 2,628 |
Embedded Derivatives | 2 | (2) |
Debt Securities, Available-for-Sale | 20,079 | 21,819 |
Total fixed maturities, less securities pledged, Amortized Cost | 22,215 | 23,473 |
Total fixed maturities, less securities pledged, Gross Unrealized Capital Gains | 58 | 82 |
Total fixed maturities, less securities pledged, Fair Value | 19,361 | 21,027 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 14 | |
OTTI | 14 | 7 |
Total fixed maturities, less securities pledged, Gross Unrealized Capital Losses | 2,896 | 2,523 |
Collateral Pledged | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Securities pledged | 718 | 792 |
Collateral Pledged | Embedded derivatives - fixed maturities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Embedded Derivatives | 0 | 0 |
Securities pledged, amortized costs | 845 | 894 |
Securities pledged, Gross Unrealized Capital Gains | 0 | 3 |
Securities pledged | 718 | 792 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 |
Available-for-sale Securities, Pledged as Collateral, Debt Securities, Unrecognized Holding Loss | $ 127 | $ 105 |
Investments - Debt Maturities (
Investments - Debt Maturities (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Fixed Maturities, single issuers in excess of total equity | no | |
Embedded derivatives - fixed maturities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
One year or less, Amortized Cost | $ 633 | |
One year or less, Fair Value | 616 | |
After one year through five years, Amortized Cost | 3,013 | |
After one year through five years, Fair Value | 2,833 | |
After five years through ten years, Amortized Cost | 3,148 | |
After five years through ten years, Fair Value | 2,843 | |
After ten years, Amortized Cost | 9,312 | |
After ten years, Fair Value | 7,536 | |
Debt Securities, Available-for-Sale, Amortized Cost | 23,060 | $ 24,367 |
Fixed maturities, including securities pledged | 20,079 | 21,819 |
Mortgage-backed securities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Without single maturity date, Amortized Cost | 5,441 | |
Without single maturity date, Fair Value | 4,799 | |
Other asset-backed securities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Without single maturity date, Amortized Cost | 1,513 | |
Without single maturity date, Fair Value | 1,452 | |
Debt Securities, Available-for-Sale, Amortized Cost | 1,513 | 1,418 |
Fixed maturities, including securities pledged | $ 1,452 | $ 1,310 |
Investments - Composition of US
Investments - Composition of US and Foreign Corporate Securities (Details) $ in Millions | Sep. 30, 2023 USD ($) |
Collateral Pledged | |
Available-for-sale Securities Including Securities Pledged [Line Items] | |
Securities Sold under Agreements to Repurchase, Asset | $ 0 |
Investments - Repurchase Agreem
Investments - Repurchase Agreement, Securities Lending, VIEs (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Initial collateral required, percent of market value of loaned securities | 102% | |
Payables under securities loan agreements, including collateral held | $ 779 | $ 921 |
Securities pledged as collateral | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Fair value of loaned securities | 559 | 690 |
Collateral Securities Repledged, Delivered, or Used | 159 | 102 |
Cash collateral, included in Payables | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Payables under securities loan agreements, including collateral held | 460 | 615 |
U.S. Treasuries | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Payables under securities loan agreements, including collateral held | 18 | 51 |
U.S. corporate public securities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Payables under securities loan agreements, including collateral held | 404 | 466 |
Foreign corporate public securities and foreign governments | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Payables under securities loan agreements, including collateral held | 158 | 201 |
Payables under securities loan agreements | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Payables under securities loan agreements, including collateral held | $ 580 | $ 718 |
Investments - Allowance for cre
Investments - Allowance for credit losses (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance as of January 1, 2023 | $ 7 | $ 7 | $ 48 | ||
Credit losses on securities for which credit losses were not previously recorded | (6) | (10) | |||
Financing Receivable, Allowance for Credit Loss, Sale | 49 | (2) | |||
Increase (decrease) on securities with allowance recorded in previous period | 2 | (1) | |||
Other-than-temporary Impairment Loss, Debt Securities, Available-for-Sale, Recognized in Earnings | $ 15 | $ 8 | 21 | 15 | |
Residential mortgage-backed | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance as of January 1, 2023 | 0 | 0 | 1 | ||
Credit losses on securities for which credit losses were not previously recorded | 0 | ||||
Financing Receivable, Allowance for Credit Loss, Sale | 0 | ||||
Increase (decrease) on securities with allowance recorded in previous period | (1) | ||||
Commercial mortgage-backed | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance as of January 1, 2023 | 0 | 0 | |||
Credit losses on securities for which credit losses were not previously recorded | (9) | ||||
Increase (decrease) on securities with allowance recorded in previous period | 0 | ||||
Reductions for securities sold during the period | 0 | ||||
Foreign corporate private securities | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance as of January 1, 2023 | 1 | 1 | 47 | ||
Credit losses on securities for which credit losses were not previously recorded | 0 | 0 | |||
Financing Receivable, Allowance for Credit Loss, Sale | 49 | 0 | |||
Increase (decrease) on securities with allowance recorded in previous period | 3 | 0 | |||
Foreign corporate public securities and foreign governments | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance as of January 1, 2023 | 6 | 6 | $ 0 | ||
Credit losses on securities for which credit losses were not previously recorded | (6) | 0 | |||
Financing Receivable, Allowance for Credit Loss, Sale | 0 | (2) | |||
Increase (decrease) on securities with allowance recorded in previous period | 0 | (1) | |||
U.S. corporate public securities | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance as of January 1, 2023 | $ 0 | 0 | |||
Credit losses on securities for which credit losses were not previously recorded | (1) | ||||
Reductions for securities sold during the period | $ 0 |
Investments - Unrealized Capita
Investments - Unrealized Capital Losses (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 3,023 | $ 2,628 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 166 | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 14,156 | 3,143 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 3,146 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 2,857 | 861 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | 17,302 | 18,531 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value | 15,388 | |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss | 1,767 | |
U.S. Treasuries | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 40 | 31 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 8 | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 96 | 2 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 192 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 32 | 1 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | 288 | 225 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value | 223 | |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss | 30 | |
State, municipalities and political subdivisions | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 109 | 92 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 1 | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 493 | 15 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 23 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 108 | 7 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | 516 | 560 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value | 545 | |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss | 85 | |
U.S. corporate public securities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 1,197 | 1,032 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 74 | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 3,933 | 998 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 1,059 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 1,123 | 419 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | 4,992 | 5,288 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value | 4,290 | |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss | 613 | |
U.S. corporate private securities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 413 | 328 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 27 | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 2,550 | 331 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 691 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 386 | 64 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | 3,241 | 3,150 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value | 2,819 | |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss | 264 | |
Foreign corporate public securities and foreign governments | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 346 | 317 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 21 | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 1,315 | 298 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 443 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 325 | 116 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | 1,758 | 1,807 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value | 1,509 | |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss | 201 | |
Foreign corporate private securities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 198 | 184 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 15 | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 1,716 | 52 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 346 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 183 | 11 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | 2,062 | 2,255 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value | 2,203 | |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss | 173 | |
Residential mortgage-backed | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 172 | 153 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 12 | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 776 | 328 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 238 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 160 | 75 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | 1,014 | 1,393 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value | 1,065 | |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss | 78 | |
Commercial mortgage-backed | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 479 | 379 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 3 | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 2,216 | 759 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 62 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 476 | 127 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | 2,278 | 2,551 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value | 1,792 | |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss | 252 | |
Other asset-backed securities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 65 | 109 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 4 | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 1,045 | 360 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 80 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 61 | 41 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | 1,125 | 1,272 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value | 912 | |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss | 68 | |
US Government Corporations and Agencies Securities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 4 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 1 | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 16 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 12 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 3 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | $ 28 | |
US Treasury and Government | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 3 | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | 30 | |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value | 30 | |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss | $ 3 |
Investments - OTTI (Details)
Investments - OTTI (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Available-for-sale Securities Including Securities Pledged [Line Items] | ||||
Other-than-temporary Impairment Loss, Debt Securities, Available-for-Sale, Recognized in Earnings | $ 15 | $ 8 | $ 21 | $ 15 |
Investments - Troubled Debt Res
Investments - Troubled Debt Restructuring (Details) | 9 Months Ended |
Sep. 30, 2023 loan | |
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 | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | |
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | $ 4,153 | $ 4,227 | |
Targeted maximum amount of mortgage loans lended, percent of estimated fair value of underlying real estate | 75% | ||
0% - 50% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | $ 2,648 | 2,651 | |
Loans Receivable, Loan to Value Ratio, Minimum | 0% | 0% | |
Loans Receivable, Loan to Value Ratio, Maximum | 50% | 50% | |
50% - 60% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | $ 1,145 | 1,187 | |
Loans Receivable, Loan to Value Ratio, Minimum | 50% | 50% | |
Loans Receivable, Loan to Value Ratio, Maximum | 60% | 60% | |
60% - 70% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | $ 305 | 369 | |
Loans Receivable, Loan to Value Ratio, Minimum | 60% | 60% | |
Loans Receivable, Loan to Value Ratio, Maximum | 70% | 70% | |
70% - 80% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | $ 10 | 20 | |
Loans Receivable, Loan to Value Ratio, Minimum | 70% | 70% | |
Loans Receivable, Loan to Value Ratio, Maximum | 80% | 80% | |
>80% and above | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | $ 45 | 0 | |
Loans Receivable, Loan to Value Ratio, Minimum | 80% | 80% | |
Year of Origination 2020 | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | $ 273 | 302 | |
Year of Origination 2020 | 0% - 50% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 133 | 98 | |
Year of Origination 2020 | 50% - 60% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 119 | 170 | |
Year of Origination 2020 | 60% - 70% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 0 | 24 | |
Year of Origination 2020 | 70% - 80% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 10 | 10 | |
Year of Origination 2020 | >80% and above | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 11 | 0 | |
Year of Origination 2019 | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 249 | 259 | |
Year of Origination 2019 | 0% - 50% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 170 | 167 | |
Year of Origination 2019 | 50% - 60% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 59 | 72 | |
Year of Origination 2019 | 60% - 70% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 20 | 20 | |
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 | 2,231 | 160 | |
Year of Origination 2018 | 0% - 50% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 1,882 | 123 | |
Year of Origination 2018 | 50% - 60% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 310 | 34 | |
Year of Origination 2018 | 60% - 70% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 5 | 3 | |
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 | 34 | 0 | |
Year of Origination 2017 | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 2,285 | ||
Year of Origination 2017 | 0% - 50% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 1,866 | ||
Year of Origination 2017 | 50% - 60% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 399 | ||
Year of Origination 2017 | 60% - 70% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 20 | ||
Year of Origination 2017 | 70% - 80% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 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 | ||
Year of Origination 2021 | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 592 | 665 | |
Year of Origination 2021 | 0% - 50% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 194 | 187 | |
Year of Origination 2021 | 50% - 60% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 183 | 229 | |
Year of Origination 2021 | 60% - 70% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 215 | 239 | |
Year of Origination 2021 | 70% - 80% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 0 | 10 | |
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 | 0 | |
Year of Origination 2022 | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 568 | 556 | |
Year of Origination 2022 | 0% - 50% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 206 | 210 | |
Year of Origination 2022 | 50% - 60% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 297 | 283 | |
Year of Origination 2022 | 60% - 70% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 65 | 63 | |
Year of Origination 2022 | 70% - 80% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | |
Year of Origination 2022 | >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 2023 | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 240 | ||
Year of Origination 2023 | 0% - 50% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 63 | ||
Year of Origination 2023 | 50% - 60% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 177 | ||
Year of Origination 2023 | 60% - 70% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 0 | ||
Year of Origination 2023 | 70% - 80% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 0 | ||
Year of Origination 2023 | >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 | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | |
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | $ 4,153 | $ 4,227 | |
Greater than 1.5x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Loans Receivable, Debt Service Coverage Ratio, Minimum | 150% | 150% | |
Commercial mortgage loans | $ 2,489 | 2,524 | |
1.25x - 1.5x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Loans Receivable, Debt Service Coverage Ratio, Minimum | 125% | 125% | |
Loans Receivable, Debt Service Coverage Ratio, Maximum | 150% | 150% | |
Commercial mortgage loans | $ 405 | 514 | |
1.0x - 1.25x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Loans Receivable, Debt Service Coverage Ratio, Minimum | 100% | 100% | |
Loans Receivable, Debt Service Coverage Ratio, Maximum | 125% | 125% | |
Commercial mortgage loans | $ 574 | 699 | |
Less than 1.0x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Loans Receivable, Debt Service Coverage Ratio, Maximum | 100% | 100% | |
Commercial mortgage loans | $ 685 | 490 | |
Year of Origination 2020 | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 273 | 302 | |
Year of Origination 2020 | Greater than 1.5x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 185 | 211 | |
Year of Origination 2020 | 1.25x - 1.5x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 21 | 9 | |
Year of Origination 2020 | 1.0x - 1.25x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 5 | 10 | |
Year of Origination 2020 | Less than 1.0x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 62 | 72 | |
Year of Origination 2019 | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 249 | 259 | |
Year of Origination 2019 | Greater than 1.5x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 153 | 161 | |
Year of Origination 2019 | 1.25x - 1.5x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 18 | 40 | |
Year of Origination 2019 | 1.0x - 1.25x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 63 | 53 | |
Year of Origination 2019 | Less than 1.0x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 15 | 5 | |
Year of Origination 2018 | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 2,231 | 160 | |
Year of Origination 2018 | Greater than 1.5x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 1,635 | 93 | |
Year of Origination 2018 | 1.25x - 1.5x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 236 | 21 | |
Year of Origination 2018 | 1.0x - 1.25x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 217 | 46 | |
Year of Origination 2018 | Less than 1.0x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 143 | 0 | |
Year of Origination 2017 | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 2,285 | ||
Year of Origination 2017 | Greater than 1.5x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 1,569 | ||
Year of Origination 2017 | 1.25x - 1.5x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 331 | ||
Year of Origination 2017 | 1.0x - 1.25x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 171 | ||
Year of Origination 2017 | Less than 1.0x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 214 | ||
Year of Origination 2021 | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 592 | 665 | |
Year of Origination 2021 | Greater than 1.5x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 206 | 212 | |
Year of Origination 2021 | 1.25x - 1.5x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 12 | 24 | |
Year of Origination 2021 | 1.0x - 1.25x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 57 | 248 | |
Year of Origination 2021 | Less than 1.0x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 317 | 181 | |
Year of Origination 2022 | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 568 | 556 | |
Year of Origination 2022 | Greater than 1.5x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 197 | 278 | |
Year of Origination 2022 | 1.25x - 1.5x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 40 | 89 | |
Year of Origination 2022 | 1.0x - 1.25x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 183 | 171 | |
Year of Origination 2022 | Less than 1.0x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 148 | $ 18 | |
Year of Origination 2023 | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 240 | ||
Year of Origination 2023 | Greater than 1.5x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 113 | ||
Year of Origination 2023 | 1.25x - 1.5x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 78 | ||
Year of Origination 2023 | 1.0x - 1.25x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 49 | ||
Year of Origination 2023 | Less than 1.0x | |||
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 | Sep. 30, 2023 | Dec. 31, 2022 |
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | $ 4,153 | $ 4,227 |
Pacific | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 835 | 817 |
South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 868 | 905 |
Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 803 | 834 |
West South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 533 | 497 |
Mountain | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 419 | 419 |
East North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 382 | 426 |
New England | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 60 | 58 |
West North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 190 | 175 |
East South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 63 | 96 |
Year of Origination 2020 | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 273 | 302 |
Year of Origination 2020 | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 63 | 64 |
Year of Origination 2020 | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 131 | 143 |
Year of Origination 2020 | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 13 | 14 |
Year of Origination 2020 | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 9 | 14 |
Year of Origination 2020 | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 8 | 8 |
Year of Origination 2020 | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 30 | 30 |
Year of Origination 2020 | New England | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2020 | West North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 6 | 6 |
Year of Origination 2020 | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 13 | 23 |
Year of Origination 2019 | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 249 | 259 |
Year of Origination 2019 | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 43 | 47 |
Year of Origination 2019 | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 70 | 73 |
Year of Origination 2019 | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 6 | 6 |
Year of Origination 2019 | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 53 | 54 |
Year of Origination 2019 | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 34 | 34 |
Year of Origination 2019 | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 4 | 5 |
Year of Origination 2019 | New England | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 13 | 14 |
Year of Origination 2019 | West North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 10 | 10 |
Year of Origination 2019 | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 16 | 16 |
Year of Origination 2018 | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 2,231 | 160 |
Year of Origination 2018 | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 485 | 28 |
Year of Origination 2018 | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 465 | 55 |
Year of Origination 2018 | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 626 | 49 |
Year of Origination 2018 | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 169 | 7 |
Year of Origination 2018 | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 164 | 7 |
Year of Origination 2018 | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 163 | 9 |
Year of Origination 2018 | New England | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 33 | 0 |
Year of Origination 2018 | West North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 115 | 5 |
Year of Origination 2018 | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 11 | 0 |
Year of Origination 2017 | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 2,285 | |
Year of Origination 2017 | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 485 | |
Year of Origination 2017 | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 466 | |
Year of Origination 2017 | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 607 | |
Year of Origination 2017 | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 196 | |
Year of Origination 2017 | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 172 | |
Year of Origination 2017 | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 192 | |
Year of Origination 2017 | New England | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 34 | |
Year of Origination 2017 | West North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 116 | |
Year of Origination 2017 | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 17 | |
Year of Origination 2021 | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 592 | 665 |
Year of Origination 2021 | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 79 | 79 |
Year of Origination 2021 | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 44 | 53 |
Year of Origination 2021 | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 106 | 112 |
Year of Origination 2021 | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 142 | 139 |
Year of Origination 2021 | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 97 | 97 |
Year of Origination 2021 | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 75 | 117 |
Year of Origination 2021 | New England | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 10 | 9 |
Year of Origination 2021 | West North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 38 | 37 |
Year of Origination 2021 | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 1 | 22 |
Year of Origination 2022 | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 568 | 556 |
Year of Origination 2022 | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 114 | 114 |
Year of Origination 2022 | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 116 | 115 |
Year of Origination 2022 | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 46 | 46 |
Year of Origination 2022 | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 88 | 87 |
Year of Origination 2022 | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 100 | 101 |
Year of Origination 2022 | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 81 | 73 |
Year of Origination 2022 | New England | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 2 | 1 |
Year of Origination 2022 | West North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 1 | 1 |
Year of Origination 2022 | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 20 | $ 18 |
Year of Origination 2023 | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 240 | |
Year of Origination 2023 | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 51 | |
Year of Origination 2023 | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 42 | |
Year of Origination 2023 | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 6 | |
Year of Origination 2023 | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 72 | |
Year of Origination 2023 | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 16 | |
Year of Origination 2023 | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 29 | |
Year of Origination 2023 | New England | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 2 | |
Year of Origination 2023 | West North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 20 | |
Year of Origination 2023 | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | $ 2 |
Investments - Loans by Property
Investments - Loans by Property Type (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 4,153 | $ 4,227 |
Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 811 | 841 |
Industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 1,218 | 1,166 |
Apartments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 1,201 | 1,292 |
Office | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 645 | 665 |
Hotel/Motel | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 90 | 69 |
Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 142 | 147 |
Mixed Use | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 46 | 47 |
Year of Origination 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 273 | 302 |
Year of Origination 2020 | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 50 | 50 |
Year of Origination 2020 | Industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 47 | 48 |
Year of Origination 2020 | Apartments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 60 | 80 |
Year of Origination 2020 | Office | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 116 | 124 |
Year of Origination 2020 | Hotel/Motel | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Year of Origination 2020 | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Year of Origination 2020 | Mixed Use | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Year of Origination 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 249 | 259 |
Year of Origination 2019 | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 29 | 29 |
Year of Origination 2019 | Industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 56 | 58 |
Year of Origination 2019 | Apartments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 126 | 128 |
Year of Origination 2019 | Office | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 29 | 33 |
Year of Origination 2019 | Hotel/Motel | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 9 | 11 |
Year of Origination 2019 | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Year of Origination 2019 | Mixed Use | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Year of Origination 2018 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 2,231 | 160 |
Year of Origination 2018 | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 572 | 34 |
Year of Origination 2018 | Industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 636 | 69 |
Year of Origination 2018 | Apartments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 450 | 30 |
Year of Origination 2018 | Office | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 360 | 11 |
Year of Origination 2018 | Hotel/Motel | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 46 | 0 |
Year of Origination 2018 | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 129 | 16 |
Year of Origination 2018 | Mixed Use | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 38 | 0 |
Year of Origination 2017 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 2,285 | |
Year of Origination 2017 | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 633 | |
Year of Origination 2017 | Industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 620 | |
Year of Origination 2017 | Apartments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 456 | |
Year of Origination 2017 | Office | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 372 | |
Year of Origination 2017 | Hotel/Motel | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 48 | |
Year of Origination 2017 | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 117 | |
Year of Origination 2017 | Mixed Use | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 39 | |
Year of Origination 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 592 | 665 |
Year of Origination 2021 | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 22 | 23 |
Year of Origination 2021 | Industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 128 | 144 |
Year of Origination 2021 | Apartments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 327 | 382 |
Year of Origination 2021 | Office | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 100 | 100 |
Year of Origination 2021 | Hotel/Motel | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Year of Origination 2021 | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 7 | 8 |
Year of Origination 2021 | Mixed Use | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 8 | 8 |
Year of Origination 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 568 | 556 |
Year of Origination 2022 | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 72 | 72 |
Year of Origination 2022 | Industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 233 | 227 |
Year of Origination 2022 | Apartments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 221 | 216 |
Year of Origination 2022 | Office | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 26 | 25 |
Year of Origination 2022 | Hotel/Motel | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 10 | 10 |
Year of Origination 2022 | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 6 | 6 |
Year of Origination 2022 | Mixed Use | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | $ 0 |
Year of Origination 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 240 | |
Year of Origination 2023 | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 66 | |
Year of Origination 2023 | Industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 118 | |
Year of Origination 2023 | Apartments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 17 | |
Year of Origination 2023 | Office | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 14 | |
Year of Origination 2023 | Hotel/Motel | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 25 | |
Year of Origination 2023 | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | |
Year of Origination 2023 | Mixed Use | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 0 |
Investments - Allowance for Los
Investments - Allowance for Losses for Commercial Mortgage Loans (Details) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended |
Mar. 31, 2023 USD ($) | Jun. 30, 2023 USD ($) | Sep. 30, 2023 USD ($) loan | |
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance as of January 1, 2023 | $ 7 | $ 7 | $ 7 |
Credit losses on mortgage loans for which credit losses were not previously recorded | 6 | 10 | |
Increase (decrease) on mortgage loans with allowance recorded in previous period | 2 | $ (1) | |
Financing Receivable, Nonaccrual, Number Of Loans | loan | 0 | ||
Financing Receivable, Nonaccrual, Interest Income | $ 0 | ||
Commercial Portfolio Segment | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance as of January 1, 2023 | 14 | $ 14 | 14 |
Credit losses on mortgage loans for which credit losses were not previously recorded | 2 | 2 | |
Increase (decrease) on mortgage loans with allowance recorded in previous period | 1 | 8 | |
Premium Receivable, Credit Loss Expense (Reversal) | 14 | 24 | |
Write-offs | 0 | 0 | |
Recoveries of amounts previously written off | $ 0 | $ 0 | |
Troubled debt restructuring, number of contracts | loan | 0 |
Investments - Past due commerci
Investments - Past due commercial mortgage loans (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Past due commercial mortgage loans | $ 4,127 | $ 4,227 |
30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due commercial mortgage loans | 26 | 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 | 0 |
Total Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Past due commercial mortgage loans | $ 4,153 | $ 4,227 |
Investments - Net Investment In
Investments - Net Investment Income (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | $ 401,000,000 | $ 385,000,000 | $ 1,207,000,000 | $ 1,289,000,000 |
Less: investment expense | 17,000,000 | 19,000,000 | 52,000,000 | 54,000,000 |
Net investment income | 384,000,000 | 366,000,000 | 1,155,000,000 | 1,235,000,000 |
Realized capital gains (losses) | (64,000,000) | (69,000,000) | (142,000,000) | (387,000,000) |
Fixed maturities | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | 319,000,000 | 351,000,000 | 970,000,000 | 1,060,000,000 |
Investments in fixed maturities that did not produce net income | 8,000,000 | 8,000,000 | ||
Equity securities | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | 2,000,000 | 2,000,000 | 8,000,000 | 7,000,000 |
Mortgage loans on real estate | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | 50,000,000 | 45,000,000 | 147,000,000 | 134,000,000 |
Realized capital gains (losses) | 0 | 1,000,000 | ||
Policy loans | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | 2,000,000 | 2,000,000 | 6,000,000 | 6,000,000 |
Short-term investments and cash equivalents | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | 3,000,000 | 1,000,000 | 7,000,000 | 2,000,000 |
Other | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | 25,000,000 | (16,000,000) | 69,000,000 | 80,000,000 |
Realized capital gains (losses) | $ (64,000,000) | $ (69,000,000) | $ 0 | $ 0 |
Investments - Net Realized Capi
Investments - Net Realized Capital Gains (Losses) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Available-for-sale Securities Including Securities Pledged [Line Items] | ||||
Realized capital gains (losses) | $ (64,000,000) | $ (69,000,000) | $ (142,000,000) | $ (387,000,000) |
Available for Sale Securities, Gross Realized Gains (Losses), Proceeds on Sales | 584,000,000 | 723,000,000 | ||
Debt Securities, Available-for-Sale, Realized Gain | 9,000,000 | 16,000,000 | 38,000,000 | 34,000,000 |
Debt Securities, Available-for-Sale, Realized Loss | 5,000,000 | 12,000,000 | 44,000,000 | 45,000,000 |
Gain (Loss) on Securities [Line Items] | ||||
Available for Sale Securities, Gross Realized Gains (Losses), Proceeds on Sales | 584,000,000 | 723,000,000 | ||
Proceeds on sales | 2,716,000,000 | 2,167,000,000 | ||
Debt Securities, Available-for-Sale, Realized Gain | 9,000,000 | 16,000,000 | 38,000,000 | 34,000,000 |
Debt Securities, Available-for-Sale, Realized Loss | 5,000,000 | 12,000,000 | 44,000,000 | 45,000,000 |
Embedded derivatives - fixed maturities | ||||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||||
Realized capital gains (losses) | (3,000,000) | (2,000,000) | (3,000,000) | (5,000,000) |
Mortgages [Member] | ||||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||||
Realized capital gains (losses) | (9,000,000) | 3,000,000 | ||
Stabilizer and Managed Custody Guarantees | ||||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||||
Realized capital gains (losses) | (1,000,000) | (1,000,000) | ||
Other derivatives, net | ||||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||||
Realized capital gains (losses) | 1,000,000 | 2,000,000 | 1,000,000 | 1,000,000 |
Standalone derivatives | ||||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||||
Realized capital gains (losses) | (15,000,000) | (6,000,000) | (12,000,000) | (8,000,000) |
Derivatives | ||||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||||
Realized capital gains (losses) | 66,000,000 | 125,000,000 | 123,000,000 | 182,000,000 |
Other investments | ||||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||||
Realized capital gains (losses) | (64,000,000) | (69,000,000) | 0 | 0 |
Mortgages [Member] | ||||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||||
Realized capital gains (losses) | 0 | 1,000,000 | ||
Fixed Maturities, Available-for-sale, Including Securities Pledged | ||||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||||
Realized capital gains (losses) | (12,000,000) | 12,000,000 | (36,000,000) | (50,000,000) |
Fixed Maturities, at Fair Value Using the Fair Value Option | ||||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||||
Realized capital gains (losses) | (90,000,000) | (196,000,000) | (190,000,000) | (504,000,000) |
Equity securities | ||||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||||
Realized capital gains (losses) | $ (1,000,000) | $ (4,000,000) | $ (7,000,000) | $ (25,000,000) |
Derivative Financial Instrume_2
Derivative Financial Instruments - Notional and Fair Values (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Derivatives, Asset Fair Value | $ 328 | $ 324 |
Derivatives, Liability Fair Value | 334 | 337 |
Designated as Hedging Instrument | Interest rate contracts | Cash flow hedges | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 18 | 18 |
Designated as Hedging Instrument | Interest rate contracts | Cash flow hedges | Derivatives | ||
Derivatives, Fair Value [Line Items] | ||
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 | 612 | 596 |
Designated as Hedging Instrument | Foreign exchange contracts | Cash flow hedges | Derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, Asset Fair Value | 50 | 58 |
Derivatives, Liability Fair Value | 2 | 2 |
Not Designated as Hedging Instrument | Credit contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 118 | 141 |
Not Designated as Hedging Instrument | Credit contracts | Derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, Asset Fair Value | 0 | 0 |
Derivatives, Liability Fair Value | 2 | 2 |
Not Designated as Hedging Instrument | Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 12,092 | 12,470 |
Not Designated as Hedging Instrument | Interest rate contracts | Derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, Asset Fair Value | 274 | 262 |
Derivatives, Liability Fair Value | 301 | 327 |
Not Designated as Hedging Instrument | Foreign exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 79 | 45 |
Not Designated as Hedging Instrument | Foreign exchange contracts | Derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, Asset Fair Value | 4 | 2 |
Derivatives, Liability Fair Value | 0 | 0 |
Not Designated as Hedging Instrument | Fixed maturities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, Asset Fair Value | 0 | 2 |
Derivatives, Liability Fair Value | 2 | 0 |
Not Designated as Hedging Instrument | Stabilizer and Managed Custody Guarantees | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, Asset Fair Value | 0 | 0 |
Derivatives, Liability Fair Value | $ 18 | $ 6 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Offsetting Assets and Liabilities (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Offsetting Assets and liabilities [Line Items] | ||
Asset Fair Value | $ 328,000,000 | $ 321,000,000 |
Liability Fair Value | 305,000,000 | 331,000,000 |
Counterparty netting, Assets | (277,000,000) | (263,000,000) |
Counterparty netting, Liabilities | (277,000,000) | (263,000,000) |
Cash collateral netting, Assets | (44,000,000) | (51,000,000) |
Cash collateral netting, Liabilities | (19,000,000) | (64,000,000) |
Securities collateral netting, Assets | (6,000,000) | (6,000,000) |
Securities collateral netting, Liabilities | (9,000,000) | (1,000,000) |
Net receivables | 1,000,000 | 1,000,000 |
Net payables | 0 | 3,000,000 |
excluded Liability Exchange Traded Contracts | 0 | |
Excluded assets exchange traded contract | $ 0 | $ 1 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Collateral and Credit Default Swaps (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Securities pledged as collateral | ||
Derivatives, Fair Value [Line Items] | ||
Cash collateral held for securities loan agreement | $ 6 | $ 7 |
Collateral Securities Repledged, Delivered, or Used | 159 | 102 |
Over the Counter | Payables under securities loan agreement, including collateral held | ||
Derivatives, Fair Value [Line Items] | ||
Cash collateral held for securities loan agreement | 47 | 50 |
Exchange Cleared | Payables under securities loan agreement, including collateral held | ||
Derivatives, Fair Value [Line Items] | ||
Cash collateral held for securities loan agreement | $ 19 | $ 62 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Net Realized Gains (Losses) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Derivatives, Fair Value [Line Items] | ||||
Net Investment Income | $ 384,000,000 | $ 366,000,000 | $ 1,155,000,000 | $ 1,235,000,000 |
Derivative, Gain (Loss) on Derivative, Net | 40,000,000 | 118,000,000 | 100,000,000 | 189,000,000 |
Realized capital gains (losses) | (64,000,000) | (69,000,000) | (142,000,000) | (387,000,000) |
Interest rate contracts | Not Designated as Hedging Instrument | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 64,000,000 | 121,000,000 | 121,000,000 | 178,000,000 |
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 | (1,000,000) | 0 | (2,000,000) |
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 |
Foreign exchange contracts | Not Designated as Hedging Instrument | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 2,000,000 | 3,000,000 | 2,000,000 | 7,000,000 |
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 | 6,000,000 | 54,000,000 | (9,000,000) | 105,000,000 |
Foreign exchange contracts | Investment Income | Designated as Hedging Instrument | Cash flow hedges | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 3,000,000 | 2,000,000 | 7,000,000 | 7,000,000 |
Net realized gains (losses) on derivatives | 7,000,000 | 7,000,000 | ||
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 | ||
Foreign exchange contracts | Gain (Loss) on Investments | Designated as Hedging Instrument | Cash flow hedges | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | ||
Fixed maturities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (3,000,000) | (2,000,000) | (3,000,000) | (5,000,000) |
Realized capital gains (losses) | (3,000,000) | (2,000,000) | (3,000,000) | (5,000,000) |
Managed Custody Guarantees | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (15,000,000) | (6,000,000) | (12,000,000) | (8,000,000) |
Credit contracts | Not Designated as Hedging Instrument | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ 0 | $ 1,000,000 | $ 0 | $ (3,000,000) |
Financial Services, Insurance_3
Financial Services, Insurance, ASU 2018-12 Transition (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | $ 31,213 | $ 32,942 | |
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 15,055 | 21,507 | |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 5,956 | 2,895 | |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0100 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 2,737 | 1,938 | |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0101 to 0150 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 2,001 | 1,113 | |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 to 0200 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 832 | 1,464 | |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0200 and Greater | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 784 | 103 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0001 to 0100 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 12,159 | 12,784 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0001 to 0100 | Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 13 | 5,349 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0001 to 0100 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 5,845 | 2,857 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0001 to 0100 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0100 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 2,690 | 1,903 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0001 to 0100 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0101 to 0150 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 1,998 | 1,112 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0001 to 0100 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 to 0200 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 829 | 1,461 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0001 to 0100 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0200 and Greater | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 784 | 102 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0100 to 0199 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 276 | 309 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0100 to 0199 | Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 146 | 246 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0100 to 0199 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 81 | 27 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0100 to 0199 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0100 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 46 | 34 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0100 to 0199 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0101 to 0150 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 3 | 1 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0100 to 0199 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 to 0200 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 0 | 0 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0100 to 0199 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0200 and Greater | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 0 | 1 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 6,509 | 7,200 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 | Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 6,478 | 7,188 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 30 | 11 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0100 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 1 | 1 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0101 to 0150 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 0 | 0 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 to 0200 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 0 | 0 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0200 and Greater | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 0 | 0 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 8,017 | 8,329 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 8,017 | 8,329 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 0 | 0 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0100 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 0 | 0 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0101 to 0150 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 0 | 0 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 to 0200 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 0 | 0 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0200 and Greater | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 0 | 0 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 4 | 4 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater | Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 4 | 4 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 0 | 0 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0100 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 0 | 0 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0101 to 0150 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 0 | 0 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 to 0200 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 0 | 0 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0200 and Greater | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 0 | 0 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Renewable Beyond 12 Months | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 400 | 394 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Renewable Beyond 12 Months | Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 397 | 391 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Renewable Beyond 12 Months | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 0 | 0 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Renewable Beyond 12 Months | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0100 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 0 | 0 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Renewable Beyond 12 Months | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0101 to 0150 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 0 | 0 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Renewable Beyond 12 Months | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 to 0200 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 3 | 3 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Renewable Beyond 12 Months | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0200 and Greater | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 0 | 0 | |
Total discretionary rate setting products | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 27,365 | 29,020 | |
Retirement | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 26,626 | 27,951 | $ 27,095 |
Policyholder Account Balance, Premium Received | 1,662 | 2,850 | |
Policyholder Account Balance, Policy Charge | (6) | (8) | |
Policyholder Account Balance, Surrender and Withdrawal | (3,390) | (3,774) | |
Policyholder Account Balance, Benefit Payment | (94) | (113) | |
Transfer to (from) Policyholder Account Balance (to) from Separate Account | (55) | 1,174 | |
Policyholder Account Balance, Interest Expense | 550 | 714 | |
Policyholder Account Balance, Increase (Decrease) from Other Change | $ 8 | $ 13 | |
Policyholder Account Balance, Weighted Average Crediting Rate | 2.70% | 2.60% | |
Policyholder Account Balance, Net Amount at Risk | $ 127 | $ 154 | |
Policyholder Account Balance, Cash Surrender Value | 26,255 | 27,567 | |
Other Segments | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | $ 4,587 | $ 4,991 |
Reinsurance (Details)
Reinsurance (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract] | |||||
Reinsurance Payable | $ 3,033 | ||||
Premiums Receivable and Reinsurance Recoverables, Including Reinsurance Premium Paid | $ 2,811 | $ 2,811 | 3,032 | ||
Direct Premiums Earned | 16 | $ 2 | 26 | $ 12 | |
Ceded Premiums Earned | (1) | 0 | (2) | (2) | |
Premiums | 15 | 2 | 24 | 10 | |
Policyholder Benefits and Claims Incurred, Direct | 256 | 226 | 699 | 655 | |
Policyholder Benefits and Claims Incurred, Assumed | 1 | 0 | 3 | 3 | |
Policyholder Benefits and Claims Incurred, Ceded | 4 | (52) | (79) | (105) | |
Policyholder Interest and Other Benefits, Net | 261 | $ 174 | 623 | $ 553 | |
Premiums receivable and reinsurance recoverable, net | (1) | (1) | |||
Premiums Receivable, Net | $ 2,812 | $ 2,812 | $ (1) |
Reinsurance (Text)
Reinsurance (Text) $ in Millions | Sep. 30, 2023 USD ($) |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract] | |
Deposits Assets | $ 1,100 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Measurement (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Assets: | ||
Derivatives | $ 328 | $ 322 |
Assets held in separate accounts | 82,861 | 77,639 |
Liabilities: | ||
Derivatives | 305 | 331 |
U.S. Treasuries | ||
Assets: | ||
Fixed maturities, including securities pledged | 288 | 377 |
US Treasury and Government | ||
Assets: | ||
Fixed maturities, including securities pledged | 28 | 30 |
State, municipalities and political subdivisions | ||
Assets: | ||
Fixed maturities, including securities pledged | 517 | 600 |
U.S. corporate public securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 5,288 | 5,938 |
U.S. corporate private securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 3,503 | 3,568 |
Foreign corporate public securities and foreign governments | ||
Assets: | ||
Fixed maturities, including securities pledged | 1,897 | 2,066 |
Foreign corporate private securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 2,307 | 2,438 |
Residential mortgage-backed | ||
Assets: | ||
Fixed maturities, including securities pledged | 2,457 | 2,893 |
Commercial mortgage-backed | ||
Assets: | ||
Fixed maturities, including securities pledged | 2,342 | 2,599 |
Other asset-backed securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 1,452 | 1,310 |
Assets measured on recurring basis | ||
Assets: | ||
Fixed maturities, including securities pledged | 20,079 | 21,819 |
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement | 1,093 | 1,407 |
Assets held in separate accounts | 82,861 | 77,639 |
Total assets, fair value | 104,484 | 101,320 |
Liabilities: | ||
Total liabilities, fair value | 332 | 337 |
Assets measured on recurring basis | Stabilizer and MCGs | ||
Liabilities: | ||
Product guarantees | 27 | 6 |
Assets measured on recurring basis | Interest rate contracts | ||
Assets: | ||
Derivatives | 274 | 262 |
Liabilities: | ||
Derivatives | 301 | 327 |
Assets measured on recurring basis | Foreign exchange contracts | ||
Assets: | ||
Derivatives | 54 | 60 |
Liabilities: | ||
Derivatives | 2 | 2 |
Assets measured on recurring basis | Credit contracts | ||
Liabilities: | ||
Derivatives | 2 | 2 |
Assets measured on recurring basis | U.S. Treasuries | ||
Assets: | ||
Fixed maturities, including securities pledged | 288 | 377 |
Assets measured on recurring basis | US Treasury and Government | ||
Assets: | ||
Fixed maturities, including securities pledged | 28 | 30 |
Assets measured on recurring basis | State, municipalities and political subdivisions | ||
Assets: | ||
Fixed maturities, including securities pledged | 517 | 600 |
Assets measured on recurring basis | U.S. corporate public securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 5,288 | 5,938 |
Assets measured on recurring basis | U.S. corporate private securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 3,503 | 3,568 |
Assets measured on recurring basis | Foreign corporate public securities and foreign governments | ||
Assets: | ||
Fixed maturities, including securities pledged | 1,897 | 2,066 |
Assets measured on recurring basis | Foreign corporate private securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 2,307 | 2,438 |
Assets measured on recurring basis | Residential mortgage-backed | ||
Assets: | ||
Fixed maturities, including securities pledged | 2,457 | 2,893 |
Assets measured on recurring basis | Commercial mortgage-backed | ||
Assets: | ||
Fixed maturities, including securities pledged | 2,342 | 2,599 |
Assets measured on recurring basis | Other asset-backed securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 1,452 | 1,310 |
Assets measured on recurring basis | Equity securities | ||
Liabilities: | ||
Equity Securities, FV-NI | 123 | 133 |
Assets measured on recurring basis | Level 1 | ||
Assets: | ||
Fixed maturities, including securities pledged | 239 | 291 |
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement | 1,092 | 1,407 |
Assets held in separate accounts | 77,145 | 72,065 |
Total assets, fair value | 78,487 | 73,780 |
Liabilities: | ||
Total liabilities, fair value | 9 | 2 |
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 | 1 | 1 |
Liabilities: | ||
Derivatives | 9 | 2 |
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 | Credit contracts | ||
Liabilities: | ||
Derivatives | 0 | 0 |
Assets measured on recurring basis | Level 1 | U.S. Treasuries | ||
Assets: | ||
Fixed maturities, including securities pledged | 239 | 291 |
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 | ||
Liabilities: | ||
Equity Securities, FV-NI | 10 | 16 |
Assets measured on recurring basis | Level 2 | ||
Assets: | ||
Fixed maturities, including securities pledged | 18,233 | 19,746 |
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement | 1 | 0 |
Assets held in separate accounts | 5,375 | 5,227 |
Total assets, fair value | 23,936 | 25,294 |
Liabilities: | ||
Total liabilities, fair value | 296 | 329 |
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 | 273 | 261 |
Liabilities: | ||
Derivatives | 292 | 325 |
Assets measured on recurring basis | Level 2 | Foreign exchange contracts | ||
Assets: | ||
Derivatives | 54 | 60 |
Liabilities: | ||
Derivatives | 2 | 2 |
Assets measured on recurring basis | Level 2 | Credit contracts | ||
Liabilities: | ||
Derivatives | 2 | 2 |
Assets measured on recurring basis | Level 2 | U.S. Treasuries | ||
Assets: | ||
Fixed maturities, including securities pledged | 49 | 86 |
Assets measured on recurring basis | Level 2 | US Treasury and Government | ||
Assets: | ||
Fixed maturities, including securities pledged | 28 | 30 |
Assets measured on recurring basis | Level 2 | State, municipalities and political subdivisions | ||
Assets: | ||
Fixed maturities, including securities pledged | 517 | 600 |
Assets measured on recurring basis | Level 2 | U.S. corporate public securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 5,275 | 5,925 |
Assets measured on recurring basis | Level 2 | U.S. corporate private securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 2,378 | 2,212 |
Assets measured on recurring basis | Level 2 | Foreign corporate public securities and foreign governments | ||
Assets: | ||
Fixed maturities, including securities pledged | 1,897 | 2,064 |
Assets measured on recurring basis | Level 2 | Foreign corporate private securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 1,931 | 2,099 |
Assets measured on recurring basis | Level 2 | Residential mortgage-backed | ||
Assets: | ||
Fixed maturities, including securities pledged | 2,403 | 2,873 |
Assets measured on recurring basis | Level 2 | Commercial mortgage-backed | ||
Assets: | ||
Fixed maturities, including securities pledged | 2,342 | 2,599 |
Assets measured on recurring basis | Level 2 | Other asset-backed securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 1,413 | 1,258 |
Assets measured on recurring basis | Level 2 | Equity securities | ||
Liabilities: | ||
Equity Securities, FV-NI | 0 | 0 |
Assets measured on recurring basis | Level 3 | ||
Assets: | ||
Fixed maturities, including securities pledged | 1,607 | 1,782 |
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement | 0 | 0 |
Assets held in separate accounts | 341 | 347 |
Total assets, fair value | 2,061 | 2,246 |
Liabilities: | ||
Total liabilities, fair value | 27 | 6 |
Assets measured on recurring basis | Level 3 | Stabilizer and MCGs | ||
Liabilities: | ||
Product guarantees | 27 | 6 |
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 | 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 | 13 | 13 |
Assets measured on recurring basis | Level 3 | U.S. corporate private securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 1,125 | 1,356 |
Assets measured on recurring basis | Level 3 | Foreign corporate public securities and foreign governments | ||
Assets: | ||
Fixed maturities, including securities pledged | 0 | 2 |
Assets measured on recurring basis | Level 3 | Foreign corporate private securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 376 | 339 |
Assets measured on recurring basis | Level 3 | Residential mortgage-backed | ||
Assets: | ||
Fixed maturities, including securities pledged | 54 | 20 |
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 | 39 | 52 |
Assets measured on recurring basis | Level 3 | Equity securities | ||
Liabilities: | ||
Equity Securities, FV-NI | $ 113 | $ 117 |
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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Assets held in separate accounts | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, assets, beginning balance | $ 344 | $ 349 | $ 347 | $ 316 |
Total Realized/Unrealized Gains (Losses) Included in Net Income | (5) | (9) | (9) | (35) |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 | 0 | 0 |
Purchases | 1 | 32 | 8 | 164 |
Issuances | 0 | 0 | 0 | 0 |
Sales | (4) | (16) | (13) | (20) |
Settlements | 0 | 0 | 0 | 0 |
Transfers in to Level 3 | 6 | 0 | 9 | 6 |
Transfers out of Level 3 | (1) | (17) | (1) | (92) |
Fair Value, assets, ending balance | 341 | 339 | 341 | 339 |
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, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, assets, beginning balance | (3) | (4) | (6) | (20) |
Total Realized/Unrealized Gains (Losses) Included in Net Income | (23) | (5) | (20) | 12 |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Issuances | (1) | 0 | (1) | (1) |
Sales | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Transfers in to Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Fair Value, assets, ending balance | (27) | (9) | (27) | (9) |
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 |
U.S. corporate public securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, assets, beginning balance | 13 | 8 | 13 | 5 |
Total Realized/Unrealized Gains (Losses) Included in Net Income | 0 | 0 | ||
Total Realized/Unrealized Gains (Losses) Included in OCI | (1) | (1) | ||
Purchases | 1 | 4 | ||
Issuances | 0 | 0 | ||
Sales | 0 | 0 | ||
Settlements | (1) | (1) | ||
Transfers in to Level 3 | 0 | 0 | ||
Transfers out of Level 3 | 0 | 0 | ||
Fair Value, assets, ending balance | 13 | 7 | 13 | 7 |
Change in Unrealized Gains (Losses) Included in Earnings | 0 | 0 | ||
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | (1) | 0 | (1) |
U.S. corporate private securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, assets, beginning balance | 1,305 | 1,323 | 1,356 | 1,379 |
Total Realized/Unrealized Gains (Losses) Included in Net Income | 0 | 0 | ||
Total Realized/Unrealized Gains (Losses) Included in OCI | (36) | (71) | (34) | (283) |
Purchases | 17 | 63 | 79 | 199 |
Issuances | 0 | 0 | ||
Sales | 0 | (3) | 0 | |
Settlements | (36) | (28) | (113) | (111) |
Transfers in to Level 3 | 47 | 11 | 32 | 124 |
Transfers out of Level 3 | (172) | 0 | (192) | (10) |
Fair Value, assets, ending balance | 1,125 | 1,298 | 1,125 | 1,298 |
Change in Unrealized Gains (Losses) Included in Earnings | 0 | 0 | ||
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | (37) | (72) | (36) | (282) |
Foreign corporate public securities and foreign governments | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, assets, beginning balance | 4 | 2 | ||
Transfers out of Level 3 | (4) | (2) | ||
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | ||
Foreign corporate private securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, assets, beginning balance | 333 | 303 | 339 | 272 |
Total Realized/Unrealized Gains (Losses) Included in Net Income | (1) | (2) | 1 | (21) |
Total Realized/Unrealized Gains (Losses) Included in OCI | (7) | (8) | (1) | (32) |
Purchases | 41 | 20 | 89 | 101 |
Issuances | 0 | 0 | ||
Sales | 0 | 0 | ||
Settlements | (17) | (3) | (145) | (21) |
Transfers in to Level 3 | 43 | 0 | 95 | 110 |
Transfers out of Level 3 | (16) | (4) | (2) | (103) |
Fair Value, assets, ending balance | 376 | 306 | 376 | 306 |
Change in Unrealized Gains (Losses) Included in Earnings | (1) | (3) | 1 | (5) |
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | (7) | (9) | (2) | (33) |
Residential mortgage-backed | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, assets, beginning balance | 49 | 22 | 20 | 34 |
Total Realized/Unrealized Gains (Losses) Included in Net Income | (3) | (2) | (5) | (14) |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 | ||
Purchases | 3 | 2 | 37 | 2 |
Issuances | 0 | 0 | ||
Sales | 0 | 0 | ||
Settlements | 0 | 0 | ||
Transfers in to Level 3 | 5 | 0 | 2 | 0 |
Transfers out of Level 3 | (1) | (1) | ||
Fair Value, assets, ending balance | 54 | 21 | 54 | 21 |
Change in Unrealized Gains (Losses) Included in Earnings | (3) | (2) | (5) | (14) |
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | 0 | 0 |
Other asset-backed securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, assets, beginning balance | 32 | 47 | 52 | 33 |
Total Realized/Unrealized Gains (Losses) Included in Net Income | 0 | 0 | ||
Total Realized/Unrealized Gains (Losses) Included in OCI | (2) | (1) | (6) | |
Purchases | 10 | 13 | 10 | 39 |
Issuances | 0 | 0 | ||
Sales | 0 | (10) | ||
Settlements | (1) | (1) | (2) | (3) |
Transfers in to Level 3 | 0 | 0 | ||
Transfers out of Level 3 | (2) | (4) | (20) | 0 |
Fair Value, assets, ending balance | 39 | 53 | 39 | 53 |
Change in Unrealized Gains (Losses) Included in Earnings | 0 | 0 | ||
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | (2) | 0 | (5) |
Fixed maturities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, assets, beginning balance | 1,732 | 1,707 | 1,782 | 1,723 |
Total Realized/Unrealized Gains (Losses) Included in Net Income | (4) | (4) | (4) | (35) |
Total Realized/Unrealized Gains (Losses) Included in OCI | (43) | (82) | (36) | (322) |
Purchases | 71 | 99 | 215 | 345 |
Issuances | 0 | 0 | ||
Sales | 0 | (3) | (10) | |
Settlements | (54) | (33) | (260) | (136) |
Transfers in to Level 3 | 95 | 11 | 129 | 234 |
Transfers out of Level 3 | (190) | (13) | (216) | (114) |
Fair Value, assets, ending balance | 1,607 | 1,685 | 1,607 | 1,685 |
Change in Unrealized Gains (Losses) Included in Earnings | (4) | (5) | (4) | (19) |
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | (44) | (84) | (38) | (321) |
Equity securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, assets, beginning balance | 114 | 121 | 117 | 114 |
Total Realized/Unrealized Gains (Losses) Included in Net Income | (1) | (5) | (7) | (22) |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 | ||
Purchases | 0 | 24 | ||
Issuances | 0 | 0 | ||
Sales | 0 | 0 | ||
Settlements | 0 | 0 | ||
Transfers in to Level 3 | 0 | 3 | 0 | |
Transfers out of Level 3 | 0 | 0 | ||
Fair Value, assets, ending balance | 113 | 116 | 113 | 116 |
Change in Unrealized Gains (Losses) Included in Earnings | (1) | (5) | (7) | (22) |
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | $ 0 | 0 | $ 0 | 0 |
Short-term investments and cash equivalents | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, assets, beginning balance | 0 | |||
Total Realized/Unrealized Gains (Losses) Included in Net Income | 0 | |||
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | |||
Purchases | 7 | |||
Issuances | 0 | |||
Sales | 0 | |||
Settlements | (7) | |||
Transfers in to Level 3 | 0 | |||
Transfers out of Level 3 | 0 | |||
Fair Value, assets, ending balance | $ 0 | 0 | ||
Change in Unrealized Gains (Losses) Included in Earnings | 0 | |||
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | $ 0 |
Fair Value Measurements - Other
Fair Value Measurements - Other Financial Instruments (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, including securities pledged | $ 20,079 | $ 21,819 |
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement | 1,093 | 1,407 |
Derivative assets | 328 | 322 |
Other investments | 127 | 132 |
Assets held in separate accounts | 82,861 | 77,639 |
Short-term Debt | 80 | 32 |
Long-term debt | 1 | 2 |
Equity Securities, FV-NI | 123 | 133 |
Fair Value | Funding agreements without fixed maturities and deferred annuities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 28,482 | 30,098 |
Fair Value | Funding agreements with fixed maturities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 674 | 733 |
Fair Value | Supplementary contracts, immediate annuities and other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 185 | 192 |
Fair Value | Stabilizer Products and Managed Custody Guarantee (MCG) Products [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 27 | 6 |
Fair Value | Mortgages [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 3,813 | 3,996 |
Fair Value | Policy loans | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 161 | 159 |
Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, including securities pledged | 20,079 | 21,819 |
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement | 1,093 | 1,407 |
Derivative assets | 328 | 322 |
Other investments | 127 | 132 |
Assets held in separate accounts | 82,861 | 77,639 |
Short-term Debt | 80 | 32 |
Long-term debt | 1 | 2 |
Equity Securities, FV-NI | 123 | 133 |
Carrying Value | Funding agreements without fixed maturities and deferred annuities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 27,559 | 29,047 |
Carrying Value | Funding agreements with fixed maturities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 672 | 731 |
Carrying Value | Supplementary contracts, immediate annuities and other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 235 | 251 |
Carrying Value | Stabilizer Products and Managed Custody Guarantee (MCG) Products [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 27 | 6 |
Carrying Value | Mortgages [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 4,153 | 4,227 |
Carrying Value | Policy loans | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 161 | 159 |
Derivative assets | 328 | 322 |
Other investments | 127 | 132 |
Assets held in separate accounts | 82,861 | 77,639 |
Derivatives liabilities | 305 | 331 |
Other derivatives | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivatives liabilities | 305 | 331 |
Other derivatives | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivatives liabilities | $ 305 | $ 331 |
Deferred Policy Acquisition C_3
Deferred Policy Acquisition Costs and Value of Business Acquired - Rollforward (Details) - USD ($) $ in Millions | 6 Months Ended | 9 Months Ended | ||
Jun. 30, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
DAC VOBA Reconciliation [Line Items] | ||||
Deferred Policy Acquisition Cost | $ 923 | $ 938 | ||
Present Value of Future Insurance Profits, Net | 328 | 348 | $ 375 | |
Deferred Policy Acquisition Cost and Value of Businesses Acquired [Line Items] | ||||
Derivatives | 328 | 322 | ||
Other investments | 127 | 132 | ||
Assets held in separate accounts | 82,861 | 77,639 | ||
Derivatives | 305 | 331 | ||
Deferred Policy Acquisition Cost and Value of Businesses Acquired Rollforward [Line Items] | ||||
Deferred Policy Acquisition Cost | 923 | 938 | ||
Present Value of Future Insurance Profits, Net | 328 | 348 | 375 | |
Deferrals of commissions and expenses | $ 4 | 2 | ||
Present Value of Future Insurance Profits, Amortization Expense | (31) | (22) | ||
Retirement | ||||
DAC VOBA Reconciliation [Line Items] | ||||
Deferred Policy Acquisition Cost | 585 | 578 | 573 | |
Deferred Policy Acquisition Cost and Value of Businesses Acquired Rollforward [Line Items] | ||||
Deferred Policy Acquisition Cost | 585 | 578 | $ 573 | |
Deferrals of commissions and expenses | 54 | 41 | ||
As of December 31, 2022 | $ (49) | (34) | ||
Other [Domain] | ||||
DAC VOBA Reconciliation [Line Items] | ||||
Deferred Policy Acquisition Cost | 10 | 12 | ||
Deferred Policy Acquisition Cost and Value of Businesses Acquired Rollforward [Line Items] | ||||
Deferred Policy Acquisition Cost | 10 | 12 | ||
Carrying Value | ||||
Deferred Policy Acquisition Cost and Value of Businesses Acquired [Line Items] | ||||
Fixed maturities, including securities pledged | 20,079 | 21,819 | ||
Equity Securities, FV-NI | 123 | 133 | ||
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement | 1,093 | 1,407 | ||
Derivatives | 328 | 322 | ||
Other investments | 127 | 132 | ||
Assets held in separate accounts | 82,861 | 77,639 | ||
Short-term Debt | 80 | 32 | ||
Long-term debt | 1 | 2 | ||
Carrying Value | Derivatives | ||||
Deferred Policy Acquisition Cost and Value of Businesses Acquired [Line Items] | ||||
Derivatives | 305 | 331 | ||
Carrying Value | Funding agreements without fixed maturities and deferred annuities | ||||
Deferred Policy Acquisition Cost and Value of Businesses Acquired [Line Items] | ||||
Product guarantees | 27,559 | 29,047 | ||
Carrying Value | Funding agreements with fixed maturities | ||||
Deferred Policy Acquisition Cost and Value of Businesses Acquired [Line Items] | ||||
Product guarantees | 672 | 731 | ||
Carrying Value | Supplementary contracts, immediate annuities and other | ||||
Deferred Policy Acquisition Cost and Value of Businesses Acquired [Line Items] | ||||
Product guarantees | 235 | 251 | ||
Carrying Value | Stabilizer Products and Managed Custody Guarantee (MCG) Products [Member] | ||||
Deferred Policy Acquisition Cost and Value of Businesses Acquired [Line Items] | ||||
Product guarantees | 27 | 6 | ||
Carrying Value | Mortgages [Member] | ||||
Deferred Policy Acquisition Cost and Value of Businesses Acquired [Line Items] | ||||
Loans Receivable, Fair Value Disclosure | 4,153 | 4,227 | ||
Carrying Value | Policy loans | ||||
Deferred Policy Acquisition Cost and Value of Businesses Acquired [Line Items] | ||||
Loans Receivable, Fair Value Disclosure | 161 | 159 | ||
Fair Value | ||||
Deferred Policy Acquisition Cost and Value of Businesses Acquired [Line Items] | ||||
Fixed maturities, including securities pledged | 20,079 | 21,819 | ||
Equity Securities, FV-NI | 123 | 133 | ||
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement | 1,093 | 1,407 | ||
Derivatives | 328 | 322 | ||
Other investments | 127 | 132 | ||
Assets held in separate accounts | 82,861 | 77,639 | ||
Short-term Debt | 80 | 32 | ||
Long-term debt | 1 | 2 | ||
Fair Value | Derivatives | ||||
Deferred Policy Acquisition Cost and Value of Businesses Acquired [Line Items] | ||||
Derivatives | 305 | 331 | ||
Fair Value | Funding agreements without fixed maturities and deferred annuities | ||||
Deferred Policy Acquisition Cost and Value of Businesses Acquired [Line Items] | ||||
Product guarantees | 28,482 | 30,098 | ||
Fair Value | Funding agreements with fixed maturities | ||||
Deferred Policy Acquisition Cost and Value of Businesses Acquired [Line Items] | ||||
Product guarantees | 674 | 733 | ||
Fair Value | Supplementary contracts, immediate annuities and other | ||||
Deferred Policy Acquisition Cost and Value of Businesses Acquired [Line Items] | ||||
Product guarantees | 185 | 192 | ||
Fair Value | Stabilizer Products and Managed Custody Guarantee (MCG) Products [Member] | ||||
Deferred Policy Acquisition Cost and Value of Businesses Acquired [Line Items] | ||||
Product guarantees | 27 | 6 | ||
Fair Value | Mortgages [Member] | ||||
Deferred Policy Acquisition Cost and Value of Businesses Acquired [Line Items] | ||||
Loans Receivable, Fair Value Disclosure | 3,813 | 3,996 | ||
Fair Value | Policy loans | ||||
Deferred Policy Acquisition Cost and Value of Businesses Acquired [Line Items] | ||||
Loans Receivable, Fair Value Disclosure | $ 161 | $ 159 |
Separate Account Liability (Det
Separate Account Liability (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Liabilities Disclosure [Abstract] | |||
Assets held in separate accounts | $ 82,861 | $ 77,639 | |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Assets held in separate accounts | 82,861 | 77,639 | |
Liabilities related to separate accounts | 82,861 | 77,639 | |
Retirement | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Liabilities related to separate accounts | 80,894 | 75,569 | $ 93,943 |
Separate Account, Liability, Policyholder Behavior | 10 | (1,308) | |
Policyholder Account Balance, Policy Charge | 6 | 8 | |
Separate Account, Liability, Policy Charge | (332) | (446) | |
Separate Account, Liability, Increase (Decrease) from Invested Performance | 5,646 | (16,622) | |
Separate Account, Liability, Increase (Decrease) from Other Change | 1 | 2 | |
Other Segments | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Liabilities related to separate accounts | 1,967 | 2,070 | |
Wealth Solutions Stabilizer | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Separate Account, Liability, Policyholder Behavior | (288) | ||
Policyholder Account Balance, Policy Charge | (25) | ||
Wealth Solutions Stabilizer | Retirement | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Liabilities related to separate accounts | 6,919 | 7,196 | 8,091 |
Separate Account, Liability, Policyholder Behavior | (68) | ||
Separate Account, Liability, Policy Charge | (34) | ||
Separate Account, Liability, Increase (Decrease) from Invested Performance | 35 | (794) | |
Separate Account, Liability, Increase (Decrease) from Other Change | 1 | 1 | |
Deferred Variable Annuity | Retirement | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Liabilities related to separate accounts | 73,975 | 68,373 | $ 85,852 |
Separate Account, Liability, Policyholder Behavior | 298 | (1,240) | |
Separate Account, Liability, Policy Charge | (307) | (412) | |
Separate Account, Liability, Increase (Decrease) from Invested Performance | 5,611 | (15,828) | |
Separate Account, Liability, Increase (Decrease) from Other Change | 0 | 1 | |
Cash Surrender Value | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Liabilities related to separate accounts | 73,947 | 68,345 | |
US Treasury and Government | |||
Other Liabilities Disclosure [Abstract] | |||
Assets held in separate accounts | 1,026 | 1,586 | |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Assets held in separate accounts | 1,026 | 1,586 | |
Corporate Debt Securities | |||
Other Liabilities Disclosure [Abstract] | |||
Assets held in separate accounts | 1,752 | 1,647 | |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Assets held in separate accounts | 1,752 | 1,647 | |
Separate Account, Debt Security | |||
Other Liabilities Disclosure [Abstract] | |||
Assets held in separate accounts | 672 | 660 | |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Assets held in separate accounts | 672 | 660 | |
Separate Account, Mortgage-Backed Security | |||
Other Liabilities Disclosure [Abstract] | |||
Assets held in separate accounts | 3,319 | 3,434 | |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Assets held in separate accounts | 3,319 | 3,434 | |
Separate Account, Equity Security | |||
Other Liabilities Disclosure [Abstract] | |||
Assets held in separate accounts | 75,503 | 69,774 | |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Assets held in separate accounts | 75,503 | 69,774 | |
Separate Account, Cash and Cash Equivalents | |||
Other Liabilities Disclosure [Abstract] | |||
Assets held in separate accounts | 337 | 311 | |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Assets held in separate accounts | 337 | 311 | |
Asset-Backed Securities, Securitized Loans and Receivables | |||
Other Liabilities Disclosure [Abstract] | |||
Assets held in separate accounts | 252 | 227 | |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Assets held in separate accounts | $ 252 | $ 227 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) - Changes in AOCI, including Reclassification Adjustments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Fixed maturities | $ (697) | $ (1,262) | $ (451) | $ (5,029) |
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, Tax | 147 | 265 | 95 | 1,056 |
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax | (550) | (997) | (356) | (3,973) |
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations | 10 | (5) | 29 | 72 |
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations | (2) | 1 | (6) | (15) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 8 | (4) | 23 | 57 |
OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment, Tax | 145 | 266 | 89 | 1,041 |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, after Tax | (542) | (1,001) | (333) | (3,916) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | 5 | 41 | (7) | 80 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | 1 | 11 | (2) | 21 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 6 | 52 | (9) | 101 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 5 | 5 | 15 | 15 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | 1 | 1 | 3 | 3 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | 4 | 4 | 12 | 12 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 1 | 37 | (19) | 68 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax | 0 | 10 | (5) | 18 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax | 1 | 47 | (24) | 86 |
OCI, Liability for Future Policy Benefit, Gain (Loss), before Reclassification Adjustment and Tax | 4 | 10 | 15 | 41 |
OCI, Liability for Future Policy Benefit, Gain (Loss), after Reclassification Adjustment, Tax | (1) | (2) | (3) | (9) |
OCI, Liability for Future Policy Benefit, Gain (Loss), after Reclassification Adjustment and Tax | 3 | 8 | 12 | 32 |
Unrealized gains (losses) on securities | (687) | (1,267) | (422) | (4,957) |
Other Comprehensive Income (Loss), before Tax | (682) | (1,210) | (431) | (4,830) |
Other Comprehensive Income (Loss), Tax | 144 | 254 | 91 | 1,014 |
Other Comprehensive Income (Loss), Net of Tax | $ (538) | $ (956) | $ (340) | $ (3,816) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) - Components of AOCI (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Fixed maturities, net of impairment | $ (2,965) | $ (2,831) | |
Deferred income tax asset (liability) | 803 | 762 | |
Accumulated Other Comprehensive Income (Loss), Unrealized Capital Gains (Losses), Adjustment, Net of Tax | (2,408) | (2,256) | |
Pension and other postretirement benefits liability, net of tax | 1 | 2 | |
Accumulated other comprehensive income (loss) | (2,407) | $ (2,067) | (2,254) |
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent | 16 | ||
Accumulated Other Comprehensive Income (Loss), Deferred Acquisition Costs and Value Of Business Acquired (VOBA), Available for Sale Securities Adjustment, before Tax | 88 | 163 | |
AOCI, Liability for Future Policy Benefit, before Tax | $ (334) | $ (350) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Effective tax rate | (70.70%) | 6.30% | (2.80%) | (1.30%) |
Statutory tax rate | 21% | |||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $ 41 | $ 79 | $ 253 | $ 156 |
Income tax expense (benefit) | (29) | 5 | (7) | (2) |
Other Comprehensive Income (Loss), before Tax | $ (682) | $ (1,210) | $ (431) | $ (4,830) |
Financing Agreements - Narrativ
Financing Agreements - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||
Interest Expense | $ 1 | $ 1 | $ 2 | $ 1 | |
Voya Financial, Inc. | Reciprocal Loan Agreement | Affiliated Entity | |||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||
Percentage of Statutory admitted assets that can be borrowed under Reciprocal Loan Agreement | 3% | 3% | |||
Voya Financial, Inc. | Reciprocal Loan Agreement | Related Party [Member] | Affiliated Entity | |||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||
Interest Income, Operating | $ 3 | 1 | $ 14 | 4 | |
Interest Expense | 1 | $ 1 | 2 | $ 1 | |
Other Receivables | $ 31 | ||||
Voya Financial, Inc. | Reciprocal Loan Agreement | Related Party [Member] | Receivable [Domain] | |||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||
Other Receivables | 161 | 161 | $ 0 | ||
Voya Financial, Inc. | Reciprocal Loan Agreement | Related Party [Member] | Loans Payable | |||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||
Other Receivables | $ 80 | $ 80 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Loss Contingencies [Line Items] | ||
Pledged Collateral | $ 1,032 | $ 997 |
Securities pledged as collateral | ||
Loss Contingencies [Line Items] | ||
Securities Pledged under repurchase agreements | 159 | 102 |
Acquisition of mortgage loans | ||
Loss Contingencies [Line Items] | ||
Amount of purchase commitment | 45 | |
Purchase of limited partnerships and private placement investments | ||
Loss Contingencies [Line Items] | ||
Amount of purchase commitment | 628 | |
Federal Home Loan Bank of Boston | Line of Credit | ||
Loss Contingencies [Line Items] | ||
Non-putable funding agreements issued to FHLB | 672 | 730 |
Pledged Collateral | $ 1,032 | $ 997 |
Commitments and Contingencies_2
Commitments and Contingencies - Restricted Assets (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Loss Contingencies [Line Items] | ||
FHLB restricted stock | $ 33 | $ 35 |
Debt Securities, Trading | 11 | 11 |
Restricted Cash and Cash Equivalents | 2 | 2 |
Total restricted assets | 1,796 | 1,837 |
Pledged Collateral | 1,032 | 997 |
Securities pledged as collateral | ||
Loss Contingencies [Line Items] | ||
Fair value of loaned securities | 559 | 690 |
Collateral Pledged | ||
Loss Contingencies [Line Items] | ||
Securities pledged | $ 718 | $ 792 |
Related Party - Narrative (Deta
Related Party - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Related Party Transaction [Line Items] | ||||
Revenues | $ 591 | $ 544 | $ 1,787 | $ 1,641 |
Other Affiliates | ||||
Related Party Transaction [Line Items] | ||||
Revenues | 19 | 20 | 58 | 64 |
Other Expenses | $ 143 | $ 142 | $ 448 | $ 450 |
Uncategorized Items - vriac-202
Label | Element | Value |
Financing Receivable, Allowance for Credit Loss | us-gaap_FinancingReceivableAllowanceForCreditLosses | $ 14,000,000 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Loss | us-gaap_FinancingReceivableAllowanceForCreditLosses | 24,000,000 |
Financing Receivable, Allowance for Credit Loss | us-gaap_FinancingReceivableAllowanceForCreditLosses | 11,000,000 |
Foreign Corporate Public Securities and Foreign Governments [Member] | ||
Financing Receivable, Allowance for Credit Loss | us-gaap_FinancingReceivableAllowanceForCreditLosses | 3,000,000 |
U.S. Corporate Public Securities [Member] | ||
Financing Receivable, Allowance for Credit Loss | us-gaap_FinancingReceivableAllowanceForCreditLosses | 1,000,000 |
Commercial Mortgage-Backed Securities [Member] | ||
Financing Receivable, Allowance for Credit Loss | us-gaap_FinancingReceivableAllowanceForCreditLosses | 9,000,000 |
Foreign Corporate Private Securities [Member] | ||
Financing Receivable, Allowance for Credit Loss | us-gaap_FinancingReceivableAllowanceForCreditLosses | $ 1,000,000 |