Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 26, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | HARTFORD FINANCIAL SERVICES GROUP INC/DE | |
Entity Central Index Key | 874,766 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 377,734,367 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Revenues | ||||
Premiums Earned, Net | $ 3,484 | $ 3,404 | $ 10,332 | $ 10,117 |
Fee income | 432 | 448 | 1,280 | 1,376 |
Net investment income (loss): | ||||
Net Investment Income (Loss) | 772 | 730 | 2,203 | 2,335 |
Net realized capital gains (losses): | ||||
Total other-than-temporary impairment (OTTI) losses | (15) | (42) | (50) | (67) |
Other than Temporary Impairment Losses, Investments, Reclassification Adjustment of Noncredit Portion Included in Net Income, Availabe-for-sale Securities, before Tax | 1 | 2 | 6 | 4 |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Available-for-sale Securities | (14) | (40) | (44) | (63) |
Gain (Loss) on Investments, Excluding Other than Temporary Impairments | (3) | (4) | (75) | 33 |
Total Realized Investment Gains (Losses) | (17) | (44) | (119) | (30) |
Other revenues | 24 | 24 | 67 | 66 |
Total revenues | 4,695 | 4,562 | 13,763 | 13,864 |
Benefits, losses and expenses | ||||
Benefits, losses and loss adjustment expenses | 2,780 | 2,710 | 8,563 | 8,085 |
Amortization of deferred policy acquisition costs and present value of future profits | 403 | 434 | 1,145 | 1,212 |
Insurance operating costs and other expenses | 898 | 971 | 2,719 | 2,829 |
Gains (Losses) on Extinguishment of Debt | 0 | 0 | 0 | (21) |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 0 | 28 | ||
Interest expense | 86 | 88 | 257 | 271 |
Benefits, Losses and Expenses | 4,167 | 4,183 | 12,684 | 12,390 |
Income from continuing operations before income taxes | 528 | 379 | 1,079 | 1,474 |
Income Tax Expense (Benefit) | 90 | 7 | 102 | 222 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 438 | 372 | 977 | 1,252 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | 9 | 0 | 9 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 438 | $ 381 | $ 977 | $ 1,261 |
Net income available to common shareholders per common share | ||||
Basic | $ 1.14 | $ 0.92 | $ 2.50 | $ 3.01 |
Diluted | 1.12 | 0.90 | 2.45 | 2.94 |
Cash dividends declared per common share | $ 0.21 | $ 0.21 | $ 0.63 | $ 0.57 |
Reinsurance Loss on Dispositions [Member] | ||||
Benefits, losses and expenses | ||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 0 | $ 20 | $ 0 | $ 28 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Comprehensive Income | ||||
Net Income (Loss) Attributable to Parent | $ 438 | $ 381 | $ 977 | $ 1,261 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 438 | 381 | 977 | 1,261 |
Other Comprehensive Income (Loss), Net of Tax | 87 | (48) | 1,316 | (788) |
Total comprehensive income | 525 | 333 | 2,293 | 473 |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||
Comprehensive Income | ||||
Other Comprehensive Income (Loss), Net of Tax | 22 | (94) | 1,180 | (807) |
Accumulated Other-than-Temporary Impairment [Member] | ||||
Comprehensive Income | ||||
Other Comprehensive Income (Loss), Net of Tax | 5 | 3 | 2 | 1 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||
Comprehensive Income | ||||
Other Comprehensive Income (Loss), Net of Tax | (28) | 48 | 42 | 20 |
Accumulated Translation Adjustment [Member] | ||||
Comprehensive Income | ||||
Other Comprehensive Income (Loss), Net of Tax | 78 | (14) | 65 | (30) |
Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Comprehensive Income | ||||
Other Comprehensive Income (Loss), Net of Tax | $ 10 | $ 9 | $ 27 | $ 28 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Investments: | ||
Available-for-sale Securities, Debt Securities | $ 60,225 | $ 59,196 |
Fixed Maturities at Fair Value Using Fair Value Option Variable Interest Entity Assets | 360 | 503 |
Equity securities, trading, at fair value (cost of $30,454 and $32,928) | 11 | 11 |
Available-for-sale Securities, Equity Securities | 875 | 1,121 |
Mortgage loans (net of allowances for loan losses of $83 and $102) | 5,611 | 5,624 |
Policy loans, at outstanding balance | 1,432 | 1,447 |
Alternative Investments, Fair Value Disclosure | 2,482 | 2,874 |
Other investments | 515 | 120 |
Short-term investments (includes variable interest entity assets, at fair value, of $1 as of September 30, 2012) | 2,219 | 1,843 |
Cash | 810 | 448 |
Total investments | 73,719 | 72,728 |
Premiums receivable and agents' balances, net | 3,663 | 3,537 |
Reinsurance recoverables, net | 23,126 | 23,189 |
Deferred policy acquisition costs and present value of future profits | 1,683 | 1,816 |
Deferred Tax Assets, Net | 2,439 | 3,206 |
Goodwill | 567 | 498 |
Disposal Group, Including Discontinued Operation, Assets, Current | 921 | 0 |
Property and equipment, net | 1,001 | 974 |
Other assets | 1,853 | 1,829 |
Separate account assets | 118,648 | 120,123 |
Total assets | 228,430 | 228,348 |
Liabilities | ||
Reserve for future policy benefits and unpaid losses and loss adjustment expenses | 41,852 | 41,572 |
Other Policyholder Funds | 31,245 | 31,670 |
Unearned premiums | 5,622 | 5,385 |
Short-term Debt | 690 | 275 |
Long-term Debt, Excluding Current Maturities | 4,635 | 5,084 |
Other liabilities (includes variable interest entity liabilities) | 6,427 | 6,597 |
Disposal Group, Including Discontinued Operation, Liabilities, Current | 653 | 0 |
Separate Accounts, Liability | 118,648 | 120,123 |
Total liabilities | 209,772 | 210,706 |
Stockholders' Equity | ||
Common stock, $0.01 par value - 1,500,000,000 shares authorized | 5 | 5 |
Additional paid-in capital | 8,893 | 8,973 |
Retained earnings | 13,282 | 12,550 |
Treasury stock, at cost | (4,509) | (3,557) |
Accumulated other comprehensive income, net of tax | 987 | (329) |
Total stockholders' equity | 18,658 | 17,642 |
Total liabilities and stockholders' equity | 228,430 | 228,348 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Stockholders' Equity | ||
Accumulated other comprehensive income, net of tax | $ 987 | $ (329) |
Condensed Consolidated Balance5
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Available-for-sale Debt Securities, Amortized Cost Basis | $ 55,742 | $ 56,965 |
Available-for-sale Equity Securities, Amortized Cost Basis | 812 | 1,135 |
Available-for-sale Securities, Equity Securities | 875 | 1,121 |
Variable Interest Entity, Consolidated, Carrying Amount, Assets | $ 5 | $ 166 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 1,500,000,000 | 1,500,000,000 |
Common stock, shares issued | 490,923,222 | 490,923,222 |
Treasury stock, shares | 111,275,234 | 89,102,038 |
Commercial Loan [Member] | ||
Allowance for Loan and Lease Losses, Real Estate | $ 19 | $ 23 |
Fixed Maturities [Member] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 0 | 150 |
Equity Securities [Member] | ||
Available-for-sale Equity Securities, Amortized Cost Basis | 0 | 293 |
Available-for-sale Securities, Equity Securities | 0 | 282 |
Partnership Interest [Member] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 0 | 2 |
Other Liabilities [Member] | ||
Other liabilities, variable interest entity liabilities | 5 | 12 |
Other Assets [Member] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 0 | 0 |
Short-term Investments [Member] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 0 | 3 |
Cash [Member] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 5 | 10 |
Equity Securities [Member] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 0 | 1 |
Equity Securities [Member] | ||
Available-for-sale Equity Securities, Amortized Cost Basis | 812 | 842 |
Available-for-sale Securities, Equity Securities | $ 875 | $ 839 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Changes in Stockholders' Equity Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) shares in Millions, $ in Millions | Total | Common Stocks | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Adjustments to Additional Paid in Capital [Abstract] | ||||||
Additional Paid in Capital | $ 9,123 | |||||
Retained Earnings (Accumulated Deficit) [Abstract] | ||||||
Retained Earnings (Accumulated Deficit) | $ 11,191 | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ 928 | |||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Employee Stock Purchase Program, Requisite Service Period Recognition | (164) | |||||
Allocated Share-based Compensation Expense | 57 | |||||
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | 27 | |||||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | 87 | |||||
Net Income (Loss) Attributable to Parent | $ 1,261 | 1,261 | ||||
Dividends, Common Stock, Cash | 237 | |||||
Treasury Stock, Value at Dec. 31, 2014 | $ (2,527) | |||||
Treasury Stock Transactions, Excluding Value of Shares Reissued [Abstract] | ||||||
Treasury stock acquired | (800) | |||||
Issuance of shares under incentive and stock compensation plans from treasury stock | (182) | |||||
Return of shares under incentive and stock compensation plans and other to treasury stock | (40) | (54) | ||||
Adjustments to Additional Paid in Capital, Stock Issued, Own-share Lending Arrangement, Issuance Costs | 87 | |||||
Treasury Stock, Value at Sep. 30, 2015 | (3,112) | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||
Other Comprehensive Income (Loss), Net of Tax | (788) | (788) | ||||
Common Shares Outstanding, at beginning of period (in thousands) at Dec. 31, 2014 | 424,416 | |||||
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||||
Treasury stock acquired | (18,625) | |||||
Issuance of shares under incentive and stock compensation plans | 4,617 | |||||
Return of shares under incentive and stock compensation plans and other to treasury stock | (1,306) | |||||
Issuance of Shares for Warrant Exercise | 2,212 | |||||
Common Shares Outstanding, at end of period (in thousands) at Sep. 30, 2015 | 411,314 | |||||
Adjustments to Additional Paid in Capital [Abstract] | ||||||
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | 0 | |||||
Treasury Stock, Value at Dec. 31, 2014 | (2,527) | |||||
Treasury Stock, Value at Dec. 31, 2015 | (3,557) | (3,557) | ||||
Common Shares Outstanding, at beginning of period (in thousands) at Dec. 31, 2014 | 424,416 | |||||
Common Shares Outstanding, at end of period (in thousands) at Dec. 31, 2015 | 401,821 | |||||
Preferred Stock, Including Additional Paid in Capital [Abstract] | ||||||
Common Stock, Value, Issued | $ 5 | |||||
Adjustments to Additional Paid in Capital [Abstract] | ||||||
Additional Paid in Capital | 8,956 | |||||
Retained Earnings (Accumulated Deficit) [Abstract] | ||||||
Retained Earnings (Accumulated Deficit) | 12,215 | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 140 | |||||
Total stockholders' equity | 18,204 | |||||
Common Stock, Value, Issued | 5 | |||||
Additional Paid in Capital | 8,973 | 8,973 | ||||
Retained Earnings (Accumulated Deficit) | 12,550 | 12,550 | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (329) | (329) | ||||
Total stockholders' equity | 17,642 | |||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Employee Stock Purchase Program, Requisite Service Period Recognition | (129) | |||||
Allocated Share-based Compensation Expense | 58 | |||||
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | 2 | |||||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | 11 | |||||
Net Income (Loss) Attributable to Parent | 977 | 977 | ||||
Dividends, Common Stock, Cash | 245 | |||||
Treasury stock acquired | (1,050) | |||||
Issuance of shares under incentive and stock compensation plans from treasury stock | (134) | |||||
Return of shares under incentive and stock compensation plans and other to treasury stock | (10) | (47) | ||||
Adjustments to Additional Paid in Capital, Stock Issued, Own-share Lending Arrangement, Issuance Costs | 11 | |||||
Treasury Stock, Value at Sep. 30, 2016 | (4,509) | $ (4,509) | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||
Other Comprehensive Income (Loss), Net of Tax | $ 1,316 | 1,316 | ||||
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||||
Treasury stock acquired | (24.6) | (24,652) | ||||
Issuance of shares under incentive and stock compensation plans | 3,297 | |||||
Return of shares under incentive and stock compensation plans and other to treasury stock | (1,091) | |||||
Issuance of Shares for Warrant Exercise | 273 | |||||
Common Shares Outstanding, at end of period (in thousands) at Sep. 30, 2016 | 379,648 | |||||
Preferred Stock, Including Additional Paid in Capital [Abstract] | ||||||
Common Stock, Value, Issued | $ 5 | $ 5 | ||||
Adjustments to Additional Paid in Capital [Abstract] | ||||||
Additional Paid in Capital | 8,893 | $ 8,893 | ||||
Retained Earnings (Accumulated Deficit) [Abstract] | ||||||
Retained Earnings (Accumulated Deficit) | 13,282 | $ 13,282 | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 987 | $ 987 | ||||
Total stockholders' equity | $ 18,658 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Operating Activities | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 977 | $ 1,261 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Realized Investment Gains (Losses) | (119) | (30) |
Amortization of deferred policy acquisition costs and present value of future profits | (1,145) | (1,212) |
Increase (Decrease) in Deferred Policy Acquisition Costs | (1,052) | (1,055) |
Depreciation and amortization | 296 | 245 |
Gains (Losses) on Extinguishment of Debt | 0 | (21) |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 0 | 28 |
Other operating activities, net | 119 | 78 |
Change in reinsurance recoverables | 349 | 161 |
Increase (Decrease) in Deferred Income Taxes | (51) | 254 |
Change in reserve for future policy benefits and unpaid losses and loss adjustment expenses and unearned premiums | 403 | 449 |
Increase (Decrease) in Other Operating Assets and Liabilities, Net | (900) | (628) |
Net cash provided by operating activities | 1,405 | 2,000 |
Proceeds from Sale, Maturity and Collection of Investments [Abstract] | ||
Proceeds from Sale of Available-for-sale Securities, Debt | 17,007 | 19,210 |
Proceeds from Sale and Maturity of Securities, Fair Value Option | 163 | 111 |
Proceeds from Sale of Available-for-sale Securities, Equity | 562 | 1,171 |
Proceeds from Sale and Collection of Mortgage Notes Receivable | 325 | 613 |
Proceeds from Limited Partnership Investments | 656 | 298 |
Payments for the purchase of investments [Abstract] | ||
Fixed maturities, available-for-sale | (16,141) | (19,919) |
Payments to Acquire Available-for-sale Securities, Fair Value Option | 94 | 180 |
Equity securities, available-for-sale | (384) | (1,007) |
Mortgage loans | (305) | (612) |
Payments to Acquire Limited Partnership Interests | 298 | 411 |
Derivatives, net | 154 | 64 |
Payments for (Proceeds from) Policy Loans | (14) | 12 |
Payments to Acquire Property, Plant, and Equipment | (183) | (194) |
Proceeds from Sale of Short-term Investments | (388) | 1,472 |
Other investing activities, net | 32 | (1) |
Payments to Acquire Businesses, Net of Cash Acquired | (175) | 0 |
Net cash used for investing activities | 945 | 603 |
Financing Activities | ||
Additions to Contract Holders Funds | 3,381 | 3,703 |
Withdrawals and other deductions from investment and universal life-type contracts | (11,737) | (12,935) |
Net Change Contract Holders Funds | 7,734 | 8,218 |
Repayments at maturity or settlement of consumer notes | (14) | (31) |
Proceeds from (Payments for) in Securities Sold under Agreements to Repurchase | (38) | 313 |
Repayment of long-term debt | (585) | |
Return of shares under incentive and stock compensation plans and other to treasury stock | (10) | (40) |
Payments for Repurchase of Common Stock | (1,050) | (800) |
Dividends paid on common stock | (253) | (229) |
Net cash provided by (used for) financing activities | (1,967) | (2,306) |
Foreign exchange rate effect on cash | (21) | (31) |
Cash, Period Increase (Decrease) | 362 | 266 |
Cash - beginning of period | 448 | 399 |
Cash - end of period | 810 | 665 |
Supplemental Disclosure of Cash Flow Information | ||
Income taxes paid (received) | (131) | 80 |
Interest paid | $ (239) | $ (258) |
Basis of Presentation and Accou
Basis of Presentation and Accounting Policies Level 1 (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | Basis of Presentation and Significant Accounting Policies |
Basis of Presentation and Accounting Policies | The Hartford Financial Services Group, Inc. is a holding company for insurance and financial services subsidiaries that provide property and casualty insurance, group life and disability products, and mutual funds and exchange traded funds to individual and business customers in the United States (collectively, “The Hartford”, the “Company”, “we” or “our”). Also, the Company continues to runoff life and annuity products previously sold. On July 29, 2016, the Company completed the acquisition of Northern Homelands Company, the holding company of Maxum Specialty Insurance Group (collectively "Maxum"). On July 29, 2016, the Company completed the acquisition of Lattice Strategies LLC ("Lattice"). On July 26, 2016, the Company announced the signing of a definitive agreement to sell its United Kingdom ("U.K.") property and casualty run-off subsidiaries. For discussion of these transactions, see Note 2 - Business Acquisitions and Dispositions of Notes to Condensed Consolidated Financial Statements. The Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, which differ materially from the accounting practices prescribed by various insurance regulatory authorities. These Condensed Consolidated Financial Statements and Notes should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in the Company's 2015 Form 10-K Annual Report. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the full year. The accompanying Condensed Consolidated Financial Statements and Notes are unaudited. These financial statements reflect all adjustments (generally consisting only of normal accruals) which are, in the opinion of management, necessary for the fair presentation of the financial position, results of operations and cash flows for the interim periods. The Company's significant accounting policies are summarized in Note 1 - Basis of Presentation and Significant Accounting Policies of Notes to Consolidated Financial Statements included in the Company's 2015 Form 10-K Annual Report. Consolidation The Condensed Consolidated Financial Statements include the accounts of The Hartford Financial Services Group, Inc., and entities in which the Company directly or indirectly has a controlling financial interest. Entities in which the Company has significant influence over the operating and financing decisions but does not control are reported using the equity method. All intercompany transactions and balances between The Hartford and its subsidiaries and affiliates have been eliminated. Use of Estimates The preparation of financial statements, in conformity with U.S. GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates include those used in determining property and casualty insurance product reserves, net of reinsurance; estimated gross profits used in the valuation and amortization of assets and liabilities associated with variable annuity and other universal life-type contracts; evaluation of other-than-temporary impairments on available-for-sale securities and valuation allowances on investments; living benefits required to be fair valued; evaluation of goodwill for impairment; valuation of investments and derivative instruments; valuation allowance on deferred tax assets; and contingencies relating to corporate litigation and regulatory matters. Certain of these estimates are particularly sensitive to market conditions, and deterioration and/or volatility in the worldwide debt or equity markets could have a material impact on the Condensed Consolidated Financial Statements. Reclassifications Certain reclassifications have been made to prior period financial information to conform to the current period presentation. Adoption of New Accounting Standards On January 1, 2016 the Company adopted new consolidation guidance issued by the Financial Accounting Standards Board (“FASB”). The updates revise when to consolidate variable interest entities ("VIEs") and general partners’ investments in limited partnerships, end the deferral granted for applying the VIE guidance to certain investment companies, and reduce the number of circumstances where a decision maker’s or service provider’s fee arrangement is deemed to be a variable interest in an entity. The updates also modify guidance for determining whether limited partnerships are VIEs or voting interest entities. The new guidance did not have a material effect on the Company’s Condensed Consolidated Financial Statements. Future Adoption of New Accounting Standards Financial Instruments - Credit Losses In June 2016, the FASB issued updated guidance for recognition and measurement of credit losses on financial instruments. The new guidance will replace the “incurred loss” approach with an “expected loss” model for recognizing credit losses for instruments carried at other than fair value, which will initially result in the recognition of greater allowances for losses. The allowance will be an estimate of credit losses expected over the life of debt instruments, such as mortgage loans, reinsurance recoverables and receivables. Credit losses on available-for-sale (“AFS”) debt securities carried at fair value will continue to be measured as other-than-temporary impairments (“OTTI”) when incurred; however, the losses will be recognized through an allowance and no longer as an adjustment to the cost basis. Recoveries of OTTI will be recognized as reversals of valuation allowances and no longer accreted as investment income through an adjustment to the investment yield. The allowance on AFS securities cannot cause the net carrying value to be below fair value and, therefore, it is possible that increases in fair value due to decreases in market interest rates could cause the reversal of a valuation allowance and increase net income. The new guidance will also require purchased financial assets with a more-than-insignificant amount of credit deterioration since original issuance to be recorded based on contractual amounts due and an initial allowance recorded at the date of purchase. The guidance is effective January 1, 2020 through a cumulative-effect adjustment to retained earnings for the change in the allowance for credit losses for debt instruments carried at other than fair value. No allowance will be recognized at adoption for AFS debt securities; rather, their cost basis will be evaluated for an allowance for OTTI prospectively. Early adoption is permitted as of January 1, 2019. The Company has not yet determined the timing for adoption or estimated the effect on the Company’s consolidated financial statements. Leases In February 2016, the FASB issued updated guidance on lease accounting. Under the new guidance, lessees with operating leases will be required to recognize a liability for the present value of future minimum lease payments with a corresponding asset for the right of use of the property. Under existing guidance, future minimum lease payments on operating leases are commitments that are not recognized as liabilities on the balance sheet. The updated guidance is to be adopted effective January 1, 2019 through a cumulative effect adjustment to retained earnings for the earliest period presented, with early application permitted. Leases will be classified as financing or operating leases similar to capital and operating leases, respectively, under current accounting guidance. Where the lease is economically similar to a purchase because The Hartford obtains control of the underlying asset, the lease will be a financing lease and the Company will recognize amortization of the right of use asset and interest expense on the liability. Where the lease provides The Hartford with only the right to control the use of the underlying asset over the lease term and the lease term is greater than one year, the lease will be an operating lease and the amortization and interest cost will be recognized as rental expense over the lease term on a straight-line basis. Leases with a term of one year or less will also be expensed over the lease term but will not be recognized on the balance sheet. The Company is currently evaluating the potential impact of the new guidance to the consolidated financial statements, including the timing of adoption. We do not expect a material impact to the consolidated financial statements; however, it is expected that assets and liabilities will increase based on the present value of remaining lease payments for leases in place at the adoption date. Stock Compensation In March 2016, the FASB issued updated guidance on accounting for share-based payments to employees. The updated guidance requires the excess tax benefit or deficiency on vesting or settlement of awards to be recognized in earnings as an income tax benefit or expense, respectively. This recognition of excess tax benefits and deficiencies will result in earnings volatility as current accounting guidance recognizes these amounts as an adjustment to additional paid-in capital. The excess tax benefit was $27 and $6 for the years ended December 31, 2015 and 2014, respectively, which would have increased net income in each of those years. The excess tax benefits or deficiencies are discrete items in the reporting period in which they occur, and so will not be considered in determining the annual estimated effective tax rate. The excess tax benefits or deficiencies will be presented as a cash flow within operating activities instead of within financing activities as is the case under current accounting. The Hartford will adopt the updated guidance January 1, 2017 and will recognize excess tax benefits or deficiencies in net income, as well as the related cash flows in operating activities, on a prospective basis. The impact of the adoption will depend on the excess tax benefits or deficiencies realized on vesting or settlement of awards resulting from the difference between the market value of awards at vesting or settlement and the grant date fair value recognized through compensation expense. |
Business Acquisitions and Dispo
Business Acquisitions and Dispositions Level 1 (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
Business Combinations [Abstract] | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | Business Acquisitions Maxum On July 29, 2016, the Company acquired 100% of the outstanding shares of Northern Homelands Company, the holding company of Maxum Specialty Insurance Group headquartered in Alpharetta, Georgia in a cash transaction for approximately $169 , subject to post closing adjustments. The acquisition adds excess and surplus lines capability to the Company's Small Commercial line of business. Maxum will maintain its brand and limited wholesale distribution model. Maxum's revenues and earnings since the acquisition date are included in the Company's Condensed Consolidated Statements of Operations and are not material to the Company's consolidated results of operations for the three and nine months ended September 30, 2016. The following table summarizes the fair value of assets acquired and liabilities assumed at the acquisition date. As of July 29, 2016 Assets Cash and investments (including cash of $12) $ 274 Reinsurance recoverables 113 Intangible assets [1] 11 Other assets 80 Total assets acquired 478 Liabilities Unpaid losses 235 Unearned premiums 77 Other liabilities 34 Total liabilities assumed 346 Net identifiable assets acquired 132 Goodwill [2] 37 Net assets acquired $ 169 [1] Comprised of indefinite lived intangibles of $5 related to state insurance licenses acquired and other intangibles of $6 related to agency distribution relationships of Maxum which will amortize over 10 years. [2] Non-deductible for income tax purposes. The goodwill recognized is attributable to expected growth from the opportunity to sell both existing products and excess and surplus lines coverage to a broader customer base and will be allocated to the Small Commercial reporting unit within the Commercial Lines reporting segment. The Company recognized $1 of acquisition related costs in the three months ended September 30, 2016. These costs are included in insurance operating costs and other expenses in the Condensed Consolidated Statement of Operations. Lattice On July 29, 2016, an indirect wholly-owned subsidiary of the Company acquired 100% of the membership interests outstanding of Lattice Strategies LLC, an investment management firm and provider of strategic beta exchange-traded funds ("ETF") with approximately $200 of assets under management ("AUM") at the acquisition date. The following table summarizes the fair value of the consideration transferred at the acquisition date. Fair value of consideration transferred Cash $ 19 Contingent consideration 23 Total $ 42 The following table summarizes the fair value of assets acquired and liabilities assumed at the acquisition date. As of July 29, 2016 Assets Intangible assets [1] $ 11 Other assets (including cash of $1) 2 Total assets acquired 13 Liabilities Total liabilities assumed 1 Net identifiable assets acquired 12 Goodwill [2] 30 Net assets acquired $ 42 [1] Comprised of an indefinite lived intangible asset of $10 related to customer relationships and $1 of other intangibles, which are amortizable over 5 to 8 years. [2] Deductible for federal income tax purposes. Lattice's revenues and earnings since the acquisition date are included in the Company's Condensed Consolidated Statements of Operations in the Mutual Funds reporting segment and are not material to the Company's consolidated results of operations for the three and nine months ended September 30, 2016. In addition to the initial cash consideration, the Company is required to make future payments to the former owners of Lattice of up to $60 based upon growth in ETF AUM over a four-year period beginning on the date of acquisition. The contingent consideration was measured at fair value at the acquisition date by projecting future ETF AUM and discounting expected payments back to the valuation date. The projected ETF AUM and risk-adjusted discount rate are significant unobservable inputs to fair value. The goodwill recognized is attributable to the fact that the acquisition of Lattice enables the Company to offer ETFs which are expected to be a significant source of future revenue and earnings growth. Goodwill will be allocated to the Mutual Funds reporting segment. The Company recognized $1 of acquisition related costs in the three months ended September 30, 2016. These costs are included in insurance operating costs and other expenses in the Condensed Consolidated Statement of Operations. Business Disposition Sale of U.K. businesses On July 26, 2016, the Company announced it had entered into an agreement to sell its U.K. property and casualty run-off subsidiaries, Hartford Financial Products International Limited and Downlands Liability Management Limited, in a cash transaction to Catalina Holdings UK Limited ("buyer"), for approximately $268 , net of transaction costs. The Company's U.K. property and casualty run-off subsidiaries are included in the P&C Other Operations reporting segment. Revenues and earnings are not material to the Company's consolidated results of operations for the three and nine months ended September 30, 2016 and 2015. The Company recognized an estimated capital loss of $59 , before tax, and related income tax benefit of $65 , for an estimated after-tax net gain of $6 on the sale for the three and nine months ended September 30, 2016. The accrual for the estimated before tax loss is included as a reduction of the carrying value of assets held for sale in the Company's Condensed Consolidated Balance Sheets as of September 30, 2016. The transaction is expected to close in the fourth quarter of 2016, subject to regulatory approvals and other customary closing conditions. The carrying values of the assets and liabilities to be transferred by the Company to the buyer in connection with the sale are as follows: As of September 30, 2016 Assets Cash and investments $ 695 Reinsurance recoverables [1] 226 Total assets held for sale 921 Liabilities Reserve for future policy benefits and unpaid loss and loss adjustment expenses 638 Other liabilities 15 Total liabilities held for sale $ 653 [1] Includes intercompany reinsurance recoverables of $58 to be settled in cash or securities prior to closing. |
Earnings (Loss) Per Common Shar
Earnings (Loss) Per Common Share Level 1 (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | The following table presents the computation of basic and diluted earnings per common share. Three Months Ended September 30, Nine Months Ended September 30, (In millions, except for per share data) 2016 2015 2016 2015 Earnings Income from continuing operations Income from continuing operations, net of tax $ 438 $ 372 $ 977 $ 1,252 Income from discontinued operations, net of tax — 9 — 9 Net income $ 438 $ 381 $ 977 $ 1,261 Shares Weighted average common shares outstanding, basic 383.8 413.8 391.4 418.4 Dilutive effect of stock compensation plans 3.2 5.1 3.5 5.0 Dilutive effect of warrants 3.5 4.1 3.6 4.9 Weighted average common shares outstanding and dilutive potential common shares 390.5 423.0 398.5 428.3 Net income per common share Basic Income from continuing operations, net of tax $ 1.14 $ 0.90 $ 2.50 $ 2.99 Income from discontinued operations, net of tax — 0.02 — 0.02 Net income per common share $ 1.14 $ 0.92 $ 2.50 $ 3.01 Diluted Income from continuing operations, net of tax $ 1.12 $ 0.88 $ 2.45 $ 2.92 Income from discontinued operations, net of tax — 0.02 — 0.02 Net income per common share $ 1.12 $ 0.90 $ 2.45 $ 2.94 |
Segment Information Level 1 (No
Segment Information Level 1 (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | The Company currently conducts business principally in six reporting segments including Commercial Lines, Personal Lines, Property & Casualty Other Operations, Group Benefits, Mutual Funds and Talcott Resolution, as well as a Corporate category. The Company's revenues are generated primarily in the United States ("U.S."). Any foreign sourced revenue is immaterial. The following table presents net income (loss) for each reporting segment, as well as the Corporate category. Three Months Ended September 30, Nine Months Ended September 30, Net Income (Loss) 2016 2015 2016 2015 Commercial Lines $ 272 $ 211 $ 740 $ 710 Personal Lines 29 19 (4 ) 136 Property & Casualty Other Operations 31 16 (106 ) (72 ) Group Benefits 62 42 167 150 Mutual Funds 21 22 61 66 Talcott Resolution 78 74 199 402 Corporate (55 ) (3 ) (80 ) (131 ) Net income $ 438 $ 381 $ 977 $ 1,261 The following table presents revenues by product line for each reporting segment, as well as the Corporate category. Three Months Ended September 30, Nine Months Ended September 30, Revenues 2016 2015 2016 2015 Earned premiums and fee income Commercial Lines Workers’ compensation $ 772 $ 769 $ 2,299 $ 2,273 Liability 156 146 447 423 Package business 313 305 925 896 Automobile 162 156 472 456 Professional liability 57 58 165 168 Bond 56 55 163 163 Property 161 158 479 474 Total Commercial Lines 1,677 1,647 4,950 4,853 Personal Lines Automobile 686 674 2,044 1,994 Homeowners 294 303 887 901 Total Personal Lines [1] 980 977 2,931 2,895 Property & Casualty Other Operations — 1 — 1 Group Benefits Group disability 378 361 1,128 1,106 Group life 383 365 1,134 1,106 Other 51 43 153 133 Total Group Benefits 812 769 2,415 2,345 Mutual Funds Mutual Fund 153 154 442 457 Talcott 25 28 75 88 Total Mutual Funds 178 182 517 545 Talcott Resolution 268 275 796 848 Corporate 1 1 3 6 Total earned premiums and fee income 3,916 3,852 11,612 11,493 Net investment income 772 730 2,203 2,335 Net realized capital losses (17 ) (44 ) (119 ) (30 ) Other revenues 24 24 67 66 Total revenues $ 4,695 $ 4,562 $ 13,763 $ 13,864 [1] For the three months ended September 30, 2016 and 2015 , AARP members accounted for earned premiums of $825 and $797 , respectively. For the nine months ended September 30, 2016 and 2015 , AARP members accounted for earned premiums of $2.4 billion and $2.3 billion . |
Fair Value Measurements Level 1
Fair Value Measurements Level 1 (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | Fair value is determined based on the "exit price" notion which is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. Financial instruments carried at fair value in the Company's Condensed Consolidated Financial Statements include fixed maturity and equity securities, available-for-sale ("AFS"); fixed maturities and equity securities at fair value using the fair value option ("FVO"); short-term investments; freestanding and embedded derivatives; certain limited partnerships and other alternative investments; separate account assets and certain other liabilities. The Company's estimates of fair value for financial assets and financial liabilities are based on the framework established in the fair value accounting guidance. The framework is based on the inputs used in valuation, gives the highest priority to quoted prices in active markets and requires that observable inputs be used in the valuations when available. The Company categorizes its assets and liabilities measured at estimated fair value based on whether the significant inputs into the valuation are observable. The fair value hierarchy categorizes the inputs in the valuation techniques used to measure fair value into three broad Levels (Level 1, 2 or 3). Level 1 Unadjusted quoted prices for identical assets, or liabilities, in active markets that the Company has the ability to access at the measurement date. Level 2 Observable inputs, other than quoted prices included in Level 1, for the asset or liability, or prices for similar assets and liabilities. Level 3 Valuations that are derived from techniques in which one or more of the significant inputs are unobservable (including assumptions about risk). Because Level 3 fair values, by their nature, contain one or more significant unobservable inputs, as there is little or no observable market for these assets and liabilities, considerable judgment is used to determine the Level 3 fair values. Level 3 fair values represent the Company’s best estimate of an amount that could be realized in a current market exchange absent actual market exchanges. In many situations, inputs used to measure the fair value of an asset or liability position may fall into different levels of the fair value hierarchy. In these situations, the Company will determine the level in which the fair value falls based upon the lowest level input that is significant to the determination of the fair value. In most cases, both observable (e.g., changes in interest rates) and unobservable (e.g., changes in risk assumptions) inputs are used in the determination of fair values that the Company has classified within Level 3. Consequently, these values and the related gains and losses are based upon both observable and unobservable inputs. The Company’s fixed maturities included in Level 3 are classified as such because these securities are primarily within illiquid markets and/or priced by independent brokers. The following tables present assets and (liabilities) carried at fair value by hierarchy level. Upon implementation of the new disclosure guidance effective in 2016, certain NAV-based fair values are no longer included in the fair value level disclosures; however, these amounts are included in the total fair value disclosed. As a result, prior period values for limited partnerships and other alternative investments and certain separate account assets have been removed from Level 2 and Level 3. September 30, 2016 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets accounted for at fair value on a recurring basis Fixed maturities, AFS Asset-backed-securities ("ABS") $ 2,685 $ — $ 2,654 $ 31 Collateralized debt obligations ("CDOs") 2,573 — 2,104 469 Commercial mortgage-backed securities ("CMBS") 5,268 — 5,191 77 Corporate 26,904 — 25,810 1,094 Foreign government/government agencies 1,186 — 1,112 74 Municipal 12,594 — 12,468 126 Residential mortgage-backed securities ("RMBS") 4,936 — 2,881 2,055 U.S. Treasuries 4,079 348 3,731 — Total fixed maturities 60,225 348 55,951 3,926 Fixed maturities, FVO 360 — 351 9 Equity securities, trading [1] 11 11 — — Equity securities, AFS 875 645 130 100 Derivative assets Credit derivatives 8 — 8 — Foreign exchange derivatives 2 — 2 — Interest rate derivatives 104 — 104 — Guaranteed minimum withdrawal benefit ("GMWB") hedging instruments 66 — (15 ) 81 Macro hedge program 96 — — 96 Other derivative contracts 2 — — 2 Total derivative assets [2] 278 — 99 179 Short-term investments 2,219 494 1,725 — Limited partnerships and other alternative investments [3] — — — — Reinsurance recoverable for GMWB 98 — — 98 Modified coinsurance reinsurance contracts 31 — 31 — Separate account assets [4] 116,163 74,870 40,028 325 Total assets accounted for at fair value on a recurring basis $ 180,260 $ 76,368 $ 98,315 $ 4,637 Liabilities accounted for at fair value on a recurring basis Other policyholder funds and benefits payable GMWB $ (348 ) $ — $ — $ (348 ) Equity linked notes (31 ) — — (31 ) Total other policyholder funds and benefits payable (379 ) — — (379 ) Derivative liabilities Credit derivatives (10 ) — (10 ) — Equity derivatives 30 — 30 — Foreign exchange derivatives (257 ) — (257 ) — Interest rate derivatives (961 ) — (929 ) (32 ) GMWB hedging instruments 103 — 53 50 Macro hedge program 40 — (32 ) 72 Total derivative liabilities [5] (1,055 ) — (1,145 ) 90 Contingent consideration [6] 23 — — 23 Total liabilities accounted for at fair value on a recurring basis $ (1,411 ) $ — $ (1,145 ) $ (266 ) December 31, 2015 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets accounted for at fair value on a recurring basis Fixed maturities, AFS ABS $ 2,499 $ — $ 2,462 $ 37 CDOs 3,038 — 2,497 541 CMBS 4,717 — 4,567 150 Corporate 26,802 — 25,948 854 Foreign government/government agencies 1,308 — 1,248 60 Municipal 12,121 — 12,072 49 RMBS 4,046 — 2,424 1,622 U.S. Treasuries 4,665 740 3,925 — Total fixed maturities 59,196 740 55,143 3,313 Fixed maturities, FVO 503 2 485 16 Equity securities, trading [1] 11 11 — — Equity securities, AFS 1,121 874 154 93 Derivative assets Credit derivatives 21 — 21 — Foreign exchange derivatives 15 — 15 — Interest rate derivatives (227 ) — (227 ) — GMWB hedging instruments 111 — 27 84 Macro hedge program 74 — — 74 Other derivative contracts 7 — — 7 Total derivative assets [2] 1 — (164 ) 165 Short-term investments 1,843 333 1,510 — Limited partnerships and other alternative investments [3] 622 — — — Reinsurance recoverable for GMWB 83 — — 83 Modified coinsurance reinsurance contracts 79 — 79 — Separate account assets [4] 118,174 78,110 38,700 140 Total assets accounted for at fair value on a recurring basis $ 181,633 $ 80,070 $ 95,907 $ 3,810 Liabilities accounted for at fair value on a recurring basis Other policyholder funds and benefits payable GMWB $ (262 ) $ — $ — $ (262 ) Equity linked notes (26 ) — — (26 ) Total other policyholder funds and benefits payable (288 ) — — (288 ) Derivative liabilities Credit derivatives (16 ) — (16 ) — Equity derivatives 41 — 41 — Foreign exchange derivatives (374 ) — (374 ) — Interest rate derivatives (569 ) — (547 ) (22 ) GMWB hedging instruments 47 — (4 ) 51 Macro hedge program 73 — — 73 Total derivative liabilities [5] (798 ) — (900 ) 102 Total liabilities accounted for at fair value on a recurring basis $ (1,086 ) $ — $ (900 ) $ (186 ) [1] Included in other investments on the Condensed Consolidated Balance Sheets. [2] Includes over-the-counter ("OTC") and OTC-cleared derivative instruments in a net positive fair value position after consideration of the accrued interest and impact of collateral posting requirements which may be imposed by agreements, clearing house rules and applicable law. See the following footnote 5 for derivative liabilities. [3] Represents hedge funds where investment company accounting was applied to a wholly-owned fund of funds measured at fair value. During 2016, the Company liquidated this fund of funds. [4] Approximately $2.5 billion and $1.8 billion of investment sales receivable, as of September 30, 2016 , and December 31, 2015 , respectively, are excluded from this disclosure requirement because they are trade receivables in the ordinary course of business where the carrying amount approximates fair value. Included in the total fair value amount are $0.9 billion and $1.2 billion of investments, as of September 30, 2016 and December 31, 2015 , for which the fair value is estimated using the net asset value per unit as a practical expedient and which are excluded from the disclosure requirement to classify amounts in the fair value hierarchy in connection with the retrospective adoption of ASU 2015-07, Disclosure for Investments in Certain Entities That Calculate Net Asset Value per Share (or its Equivalent), on January 1, 2016. [5] Includes OTC and OTC-cleared derivative instruments in a net negative fair value position (derivative liability) after consideration of the accrued interest and impact of collateral posting requirements, which may be imposed by agreements, clearing house rules and applicable law. [6] For additional information on the Lattice acquisition, see Note 2 - Business Acquisitions and Dispositions of Notes to Condensed Consolidated Financial Statements. Valuation Techniques, Procedures and Controls The Company determines the fair values of certain financial assets and liabilities based on quoted market prices where available, and where prices represent a reasonable estimate of fair value. The Company also determines fair value based on future cash flows discounted at the appropriate current market rate. Fair values reflect adjustments for counterparty credit quality, the Company’s default spreads, liquidity, and where appropriate, risk margins on unobservable parameters. The fair value process is monitored by the Valuation Committee, which is a cross-functional group of senior management within the Company that meets at least quarterly. The Valuation Committee is co-chaired by the Heads of Investment Operations and Accounting, and has representation from various investment sector professionals, accounting, operations, legal, compliance, and risk management. The purpose of the committee is to oversee the pricing policy and procedures by ensuring objective and reliable valuation practices and pricing of financial instruments as well as addressing valuation issues and approving changes to valuation methodologies and pricing sources. There are also two working groups under the Valuation Committee, a Securities Fair Value Working Group (“Securities Working Group”) and a Derivatives Fair Value Working Group ("Derivatives Working Group"), which include various investment, operations, accounting and risk management professionals that meet monthly to review market data trends, pricing and trading statistics and results, and any proposed pricing methodology changes. The Company also has an enterprise-wide Operational Risk Management function, led by the Chief Operational Risk Officer, which is responsible for establishing, maintaining and communicating the framework, principles and guidelines of the Company's operational risk management program. This includes model risk management which provides an independent review of the suitability, characteristics and reliability of model inputs as well as an analysis of significant changes to current models. Fixed Maturities, Equity Securities, and Short-term Investments The fair value of fixed maturities, equity securities, and short-term investments in an active and orderly market (e.g., not distressed or forced liquidation) are determined by management using a "waterfall" approach after considering the following pricing sources: quoted prices for identical assets or liabilities, prices from third-party pricing services, independent broker quotations, or internal matrix pricing processes. Typical inputs used by these pricing sources include, but are not limited to, benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers, and/or estimated cash flows, prepayment speeds, and default rates. Most fixed maturities do not trade daily. Based on the typical trading volumes and the lack of quoted market prices for fixed maturities, third-party pricing services utilize matrix pricing to derive security prices. Matrix pricing relies on securities' relationships to other benchmark quoted securities, which trade more frequently. Pricing services utilize recently reported trades of identical or similar securities making adjustments through the reporting date based on the preceding outlined available market observable information. If there are no recently reported trades, the third-party pricing services may develop a security price using expected future cash flows based upon collateral performance and discounted at an estimated market rate. Both matrix pricing and discounted cash flow techniques develop prices by factoring in the time value for cash flows and risk, including liquidity and credit. Prices from third-party pricing services may be unavailable for securities that are rarely traded or are traded only in privately negotiated transactions. As a result, certain securities are priced via independent broker quotations which utilize inputs that may be difficult to corroborate with observable market based data. Additionally, the majority of these independent broker quotations are non-binding. The Company utilizes an internally developed matrix pricing process for private placement securities for which the Company is unable to obtain a price from a third-party pricing service. The Company's process is similar to the third-party pricing services. The Company develops credit spreads each month using market based data for public securities adjusted for credit spread differentials between public and private securities which are obtained from a survey of multiple private placement brokers. The credit spreads determined through this survey approach are based upon the issuer’s financial strength and term to maturity, utilizing independent public security index and trade information and adjusting for the non-public nature of the securities. Credit spreads combined with risk-free rates are applied to contractual cash flows to develop a price. The Securities Working Group performs ongoing analyses of the prices and credit spreads received from third parties to ensure that the prices represent a reasonable estimate of the fair value. This process involves quantitative and qualitative analysis and is overseen by investment and accounting professionals. As a part of these analyses, the Company considers trading volume, new issuance activity and other factors to determine whether the market activity is significantly different than normal activity in an active market, and if so, whether transactions may not be orderly considering the weight of available evidence. If the available evidence indicates that pricing is based upon transactions that are stale or not orderly, the Company places little, if any, weight on the transaction price and will estimate fair value utilizing an internal pricing model. In addition, the Company ensures that prices received from independent brokers represent a reasonable estimate of fair value through the use of internal and external cash flow models utilizing spreads, and when available, market indices. As a result of this analysis, if the Company determines that there is a more appropriate fair value based upon the available market data, the price received from the third party is adjusted accordingly and approved by the Valuation Committee. The Company conducts other specific monitoring controls around pricing. Daily analyses identify price changes over 3% for fixed maturities and 5% for equity securities and trade prices for both debt and equity securities that differ over 3% to the current day's price. Weekly analyses identify prices that differ more than 5% from published bond prices of a corporate bond index. Monthly analyses identify price changes over 3% , prices that have not changed, and missing prices. Also on a monthly basis, a second source validation is performed on most sectors. Analyses are conducted by a dedicated pricing unit that follows up with trading and investment sector professionals and challenges prices with vendors when the estimated assumptions used differ from what the Company feels a market participant would use. Examples of other procedures performed include, but are not limited to, initial and on-going review of third-party pricing services’ methodologies, review of pricing statistics and trends, and back testing recent trades. The Company has analyzed the third-party pricing services’ valuation methodologies and related inputs, and has also evaluated the various types of securities in its investment portfolio to determine an appropriate fair value hierarchy level based upon trading activity and the observability of market inputs. Most prices provided by third-party pricing services are classified into Level 2 because the inputs used in pricing the securities are observable. Due to the lack of transparency in the process that brokers use to develop prices, most valuations that are based on brokers’ prices are classified as Level 3. Some valuations may be classified as Level 2 if the price can be corroborated with observable market data. Derivative Instruments, including Embedded Derivatives within Investments Derivative instruments are fair valued using pricing valuation models for OTC derivatives that utilize independent market data inputs, quoted market prices for exchange-traded and OTC-cleared derivatives, or independent broker quotations. Excluding embedded and reinsurance related derivatives, as of September 30, 2016 and December 31, 2015, 97% and 96%, respectively, of derivatives, based upon notional values, were priced by valuation models, including discounted cash flow models and option-pricing models that utilize present value techniques, or quoted market prices. The remaining derivatives were priced by broker quotations. The Derivatives Working Group performs ongoing analyses of the valuations, assumptions and methodologies used to ensure that the prices represent a reasonable estimate of the fair value. The Company performs various controls on derivative valuations which include both quantitative and qualitative analyses. Analyses are conducted by a dedicated derivative pricing team that works directly with investment sector professionals to analyze impacts of changes in the market environment and investigate variances. On a daily basis, market valuations are compared to counterparty valuations for OTC derivatives. There are monthly analyses to identify market value changes greater than pre-defined thresholds, stale prices, missing prices, and zero prices. Also on a monthly basis, a second source validation, typically to broker quotations, is performed for certain of the more complex derivatives and all new deals during the month. A model validation review is performed on any new models, which typically includes detailed documentation and validation to a second source. The model validation documentation and results of validation are presented to the Valuation Committee for approval. The Company utilizes derivative instruments to manage the risk associated with certain assets and liabilities. However, the derivative instrument may not be classified with the same fair value hierarchy level as the associated assets and liabilities. Therefore, the realized and unrealized gains and losses on derivatives reported in the Level 3 rollforward may be offset by realized and unrealized gains and losses of the associated assets and liabilities in other line items of the financial statements. Limited Partnerships and Other Alternative Investments The portion of limited partnerships and other alternative investments recorded at fair value represents hedge funds for which investment company accounting has been applied to a wholly-owned fund of funds measured at fair value. During 2016, the Company liquidated this wholly-owned hedge fund of funds. Fair value was determined for these funds using the fund’s NAV, as a practical expedient, calculated on a monthly basis, and is the amount at which a unit or shareholder may have redeemed their investment, if redemption was allowed. Valuation Inputs for Investments For Level 1 investments, which are comprised of on-the-run U.S. Treasuries, money market funds, exchange-traded equity securities, open-ended mutual funds, short-term investments, and exchange traded futures and option contracts, valuations are based on quoted prices for identical assets in active markets that the Company has the ability to access at the measurement date. For the Company’s Level 2 and 3 debt securities, typical inputs used by pricing techniques include, but are not limited to, benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers, and/or estimated cash flows, prepayment speeds, and default rates. Derivative instruments are valued using mid-market inputs that are predominantly observable in the market. A description of additional inputs used in the Company’s Level 2 and Level 3 measurements is included in the following discussion: Level 2 The fair values of most of the Company’s Level 2 investments are determined by management after considering prices received from third party pricing services. These investments include most fixed maturities and preferred stocks, including those reported in separate account assets as well as certain derivative instruments. • ABS, CDOs, CMBS and RMBS – Primary inputs also include monthly payment information, collateral performance, which varies by vintage year and includes delinquency rates, collateral valuation loss severity rates, collateral refinancing assumptions, and credit default swap indices. ABS and RMBS prices also include estimates of the rate of future principal prepayments over the remaining life of the securities. These estimates are derived based on the characteristics of the underlying structure and prepayment speeds previously experienced at the interest rate levels projected for the underlying collateral. • Corporates, including investment grade private placements – Primary inputs also include observations of credit default swap curves related to the issuer. • Foreign government/government agencies — Primary inputs also include observations of credit default swap curves related to the issuer and political events in emerging market economies. • Municipals – Primary inputs also include Municipal Securities Rulemaking Board reported trades and material event notices, and issuer financial statements. • Short-term investments – Primary inputs also include material event notices and new issue money market rates. • Credit derivatives – Primary inputs include the swap yield curve and credit default swap curves. • Equity derivatives – Primary inputs include equity index levels. • Foreign exchange derivatives – Primary inputs include the swap yield curve, currency spot and forward rates, and cross currency basis curves. • Interest rate derivatives – Primary input is the swap yield curve. Level 3 Most of the Company's securities classified as Level 3 include less liquid securities such as lower quality ABS, CMBS, commercial real estate ("CRE") CDOs and RMBS primarily backed by sub-prime loans. Also included in Level 3 are securities valued based on broker prices or broker spreads, without adjustments. Primary inputs for non-broker priced investments, including structured securities, are consistent with the typical inputs used in the preceding noted Level 2 measurements, but are Level 3 due to their less liquid markets. Additionally, certain long-dated securities are priced based on third party pricing services, including certain municipal securities, foreign government/government agency securities, and bank loans, which are included with corporate fixed maturities. Primary inputs for these long-dated securities are consistent with the typical inputs used in the preceding noted Level 1 and Level 2 measurements, but include benchmark interest rate or credit spread assumptions that are not observable in the marketplace. Significant inputs for Level 3 derivative contracts primarily include the typical inputs used in the preceding noted Level 1 and Level 2 measurements, but also include equity and interest rate volatility and swap yield curves beyond observable limits. Transfers between Levels Transfers of securities among the levels occur at the beginning of the reporting period. The amount of transfers from Level 1 to Level 2 was $508 and $1,316 , for the three and nine months ended September 30, 2016 and $471 and $995 for the three and nine months ended September 30, 2015 , respectively, which represented previously on-the-run U.S. Treasury securities that are now off-the-run. For the three and nine months ended September 30, 2016 and 2015 , there were no transfers from Level 2 to Level 1. See the fair value roll-forward tables for the three and nine months ended September 30, 2016 and 2015 , for the transfers into and out of Level 3. Significant Unobservable Inputs for Level 3 Assets Measured at Fair Value The following tables present information about significant unobservable inputs used in Level 3 assets measured at fair value. The tables exclude ABS, CRE CDOs, certain CMBS, corporate and municipal securities as well as index options for which fair values are based on broker quotations. Securities Unobservable Inputs As of September 30, 2016 Assets Accounted for at Fair Value on a Recurring Basis Fair Value Predominant Significant Unobservable Input Minimum Maximum Weighted Average [1] Impact of Increase in Input on Fair Value [2] CMBS [3] $ 53 Discounted cash flows Spread (encompasses prepayment, default risk and loss severity) 11 bps 1,274 bps 331 bps Decrease Corporate [3] 508 Discounted cash flows Spread 87 bps 1,364 bps 421 bps Decrease Municipal [3] 109 Discounted cash flows Spread 195 bps 326 bps 252 bps Decrease RMBS 2,055 Discounted cash flows Spread 43 bps 1,736 bps 194 bps Decrease Constant prepayment rate —% 20% 3% Decrease [4] Constant default rate —% 11% 6% Decrease Loss severity —% 100% 79% Decrease As of December 31, 2015 CMBS [3] $ 122 Discounted cash flows Spread (encompasses prepayment, default risk and loss severity) 31 bps 1,505 bps 266 bps Decrease Corporate [3] 339 Discounted cash flows Spread 63 bps 800 bps 306 bps Decrease Municipal [3] 31 Discounted cash flows Spread 193 bps 193 bps 193 bps Decrease RMBS 1,622 Discounted cash flows Spread 30 bps 1,696 bps 178 bps Decrease Constant prepayment rate —% 20% 2% Decrease [4] Constant default rate 1% 10% 6% Decrease Loss severity —% 100% 78% Decrease [1] The weighted average is determined based on the fair value of the securities. [2] Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table. [3] Excludes securities for which the Company bases fair value on broker quotations; however, included are broker priced lower-rated private placement securities for which the Company receives spread and yield information to corroborate the fair value. [4] Decrease for above market rate coupons and increase for below market rate coupons. Freestanding Derivatives Unobservable Inputs As of September 30, 2016 Fair Value Predominant Significant Unobservable Input Minimum Maximum Impact of Increase in Input on Fair Value [1] Interest rate derivative Interest rate swaps $ (34 ) Discounted cash flows Swap curve beyond 30 years 2 % 2 % Decrease Interest rate swaptions [2] 2 Option model Interest rate volatility 1 % 1 % Increase GMWB hedging instruments Equity variance swaps (36 ) Option model Equity volatility 20 % 23 % Increase Equity options 25 Option model Equity volatility 27 % 29 % Increase Customized swaps 142 Discounted cash flows Equity volatility 12 % 30 % Increase Macro hedge program [3] Equity options 195 Option model Equity volatility 15 % 27 % Increase As of December 31, 2015 Interest rate derivative Interest rate swaps $ (30 ) Discounted cash flows Swap curve beyond 30 years 3 % 3 % Decrease Interest rate swaptions [2] 8 Option model Interest rate volatility 1 % 2 % Increase GMWB hedging instruments Equity variance swaps (31 ) Option model Equity volatility 19 % 21 % Increase Equity options 35 Option model Equity volatility 27 % 29 % Increase Customized swaps 131 Discounted cash flows Equity volatility 10 % 40 % Increase Macro hedge program [3] Equity options 179 Option model Equity volatility 14 % 28 % Increase [1] Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table. Changes are based on long positions, unless otherwise noted. Changes in fair value will be inversely impacted for short positions. [2] The swaptions presented are purchased options that have the right to enter into a pay-fixed swap. [3] Excludes derivatives for which the Company bases fair value on broker quotations as noted in the following discussion. Securities and derivatives for which the Company bases fair value on broker quotations include ABS, CDOs, CMBS, corporate, and index options. Due to the lack of transparency in the process brokers use to develop prices for these investments, the Company does not have access to the significant unobservable inputs brokers use to price these securities and derivatives. The Company believes however, the types of inputs brokers may use would likely be similar to those used to price securities and derivatives for which inputs are available to the Company, and therefore may include but not be limited to, loss severity rates, constant prepayment rates, constant default rates and credit spreads. Therefore, similar to non broker priced securities and derivatives, generally, increases in these inputs would cause fair values to decrease. For the three and nine months ended September 30, 2016 , no significant adjustments were made by the Company to broker prices received. Product Derivatives The Company formerly offered certain variable annuity products with GMWB riders. The GMWB provides the policyholder with a guaranteed remaining balance (“GRB”) which is generally equal to premiums less withdrawals. If the policyholder’s account value is reduced to the specified level through a combination of market declines and withdrawals but the GRB still has value, the Company is obligated to continue to make annuity payments to the policyholder until the GRB is exhausted. Certain contract provisions can increase the GRB at contractholder election or after the passage of time. GMWB payments that are not life-contingent represent an embedded derivative in the variable annuity contract. When it is determined that (1) the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract, and (2) a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is bifurcated from the host for measurement purposes. The embedded derivative is carried at fair value, with changes in fair value reported in net realized capital gains and losses. The Company’s GMWB liability, excluding life-contingent benefits, is carried at fair value and reported in other policyholder funds and benefits payable in the Condensed Consolidated Balance Sheets. The notional value of the embedded derivative is the GRB. In valuing the embedded derivative, the Company attributes to the derivative a portion of the fees collected from the contract holder equal to the present value of future GMWB claims (the “Attributed Fees”) as determined at contract issuance. All changes in the fair value of the embedded derivative are recorded in net realized capital gains and losses. The excess of fees collected from the contract holder over the Attributed Fees are associated with the host variable annuity contract and are reported in fee income. GMWB Reinsurance Derivative The Company has reinsurance arrangements in place to transfer a portion of its risk of loss due to GMWB. These arrangements are recognized as derivatives and carried at fair value in reinsurance recove |
Investment Holding Level 1 (Not
Investment Holding Level 1 (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
Schedule of Investments [Abstract] | |
Investment Holdings [Text Block] | Net Realized Capital Gains (Losses) Three Months Ended September 30, Nine Months Ended September 30, (Before tax) 2016 2015 2016 2015 Gross gains on sales $ 114 $ 83 $ 328 $ 401 Gross losses on sales (24 ) (73 ) (157 ) (333 ) Net OTTI losses recognized in earnings (14 ) (40 ) (44 ) (63 ) Valuation allowances on mortgage loans — 1 — (2 ) Periodic net coupon settlements on credit derivatives 2 3 2 8 Results of variable annuity hedge program GMWB derivatives, net 6 (32 ) (8 ) (35 ) Macro hedge program (64 ) 51 (98 ) 24 Total results of variable annuity hedge program (58 ) 19 (106 ) (11 ) Other, net [1] (37 ) (37 ) (142 ) (30 ) Net realized capital gains (losses) $ (17 ) $ (44 ) $ (119 ) $ (30 ) [1] Includes changes in the value of non-qualifying derivatives and transactional foreign currency revaluation gains (losses). For the three months ended September 30, 2016 and 2015 , transactional foreign currency revaluation losses were $(19) and $(17) , respectively, and related to yen denominated fixed payout annuity liabilities as well as the change in equity of the U.K. P&C runoff subsidiaries, currently held for sale, which were largely offset by gains of $18 and $8 , respectively, on derivative instruments used to hedge the foreign currency exposure. For the nine months ended September 30, 2016 and 2015 , the transactional foreign currency revaluation losses were $(150) and $(1) , respectively, while there were also gains (losses) on the related hedging instruments of $135 and $(23) , respectively. The three and nine months ended September 30, 2016 also include an estimated capital loss on sale of the Company's U.K. property and casualty run-off subsidiaries of $59 , before tax. This excludes a related income tax benefit of $65 included within income tax expense on the Condensed Consolidated Statements of Operations, for an estimated after-tax net gain of $6 on the sale. Net realized capital gains and losses from investment sales are reported as a component of revenues and are determined on a specific identification basis. Before tax, net gains (losses) on sales and impairments previously reported as unrealized gains (losses) in AOCI were $77 and $128 , respectively, for the three and nine months ended September 30, 2016 , and $(29) and $14 for the three and nine months ended September 30, 2015 , respectively. Proceeds from sales of AFS securities totaled $4.3 billion and $13.3 billion , respectively, for the three and nine months ended September 30, 2016 , and $4.5 billion and $16.3 billion for three and nine months ended September 30, 2015 , respectively. Recognition and Presentation of Other-Than-Temporary Impairments The Company deems bonds and certain equity securities with debt-like characteristics (collectively “debt securities”) to be other-than-temporarily impaired (“impaired”) if a security meets the following conditions: a) the Company intends to sell or it is more likely than not that the Company will be required to sell the security before a recovery in value, or b) the Company does not expect to recover the entire amortized cost basis of the security. If the Company intends to sell or it is more likely than not that the Company will be required to sell the security before a recovery in value, a charge is recorded in net realized capital losses equal to the difference between the fair value and amortized cost basis of the security. For those impaired debt securities which do not meet the first condition and for which the Company does not expect to recover the entire amortized cost basis, the difference between the security’s amortized cost basis and the fair value is separated into the portion representing a credit OTTI, which is recorded in net realized capital losses, and the remaining non-credit impairment, which is recorded in OCI. Generally, the Company determines a security’s credit impairment as the difference between its amortized cost basis and its best estimate of expected future cash flows discounted at the security’s effective yield prior to impairment. The remaining non-credit impairment is the difference between the security’s fair value and the Company’s best estimate of expected future cash flows discounted at the security’s effective yield prior to the impairment, which typically includes current market liquidity and risk premiums. The previous amortized cost basis less the impairment recognized in net realized capital losses becomes the security’s new cost basis. The Company accretes the new cost basis to the estimated future cash flows over the expected remaining life of the security by prospectively adjusting the security’s yield, if necessary. The Company’s evaluation of whether a credit impairment exists for debt securities includes but is not limited to, the following factors: (a) changes in the financial condition of the security’s underlying collateral, (b) whether the issuer is current on contractually obligated interest and principal payments, (c) changes in the financial condition, credit rating and near-term prospects of the issuer, (d) the extent to which the fair value has been less than the amortized cost of the security and (e) the payment structure of the security. The Company’s best estimate of expected future cash flows used to determine the credit loss amount is a quantitative and qualitative process that incorporates information received from third-party sources along with certain internal assumptions and judgments regarding the future performance of the security. The Company’s best estimate of future cash flows involves assumptions including, but not limited to, earnings multiples, underlying asset valuations and various performance indicators, such as historical and projected default and recovery rates, credit ratings, current and projected delinquency rates, and loan-to-value ("LTV") ratios. In addition, for structured securities, the Company considers factors including, but not limited to, average cumulative collateral loss rates that vary by vintage year, commercial and residential property value declines that vary by property type and location and commercial real estate delinquency levels. These assumptions require the use of significant management judgment and include the probability of issuer default and estimates regarding timing and amount of expected recoveries which may include estimating the underlying collateral value. In addition, projections of expected future debt security cash flows may change based upon new information regarding the performance of the issuer and/or underlying collateral such as changes in the projections of the underlying property value estimates. For equity securities where the decline in the fair value is deemed to be other-than-temporary, a charge is recorded in net realized capital losses equal to the difference between the fair value and cost basis of the security. The previous cost basis less the impairment becomes the security’s new cost basis. The Company asserts its intent and ability to retain those equity securities deemed to be temporarily impaired until the price recovers. Once identified, these securities are systematically restricted from trading unless approved by investment and accounting professionals. The primary factors considered in evaluating whether an impairment exists for an equity security may include, but are not limited to: (a) the length of time and extent to which the fair value has been less than the cost of the security, (b) changes in the financial condition, credit rating and near-term prospects of the issuer, (c) whether the issuer is current on preferred stock dividends and (d) the intent and ability of the Company to retain the investment for a period of time sufficient to allow for recovery. The following table presents the Company's impairments by impairment type. Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Credit impairments $ 13 $ 12 $ 36 $ 16 Intent-to-sell impairments — 21 3 38 Impairments on equity securities 1 6 5 6 Other impairments — 1 — 3 Total impairments $ 14 $ 40 $ 44 $ 63 The following table presents a roll-forward of the Company’s cumulative credit impairments on fixed maturities held. Three Months Ended September 30, Nine Months Ended September 30, (Before tax) 2016 2015 2016 2015 Balance as of beginning of period $ (293 ) $ (388 ) $ (324 ) $ (424 ) Additions for credit impairments recognized on [1]: Securities not previously impaired (4 ) — (25 ) (3 ) Securities previously impaired (9 ) (12 ) (11 ) (13 ) Reductions for credit impairments previously recognized on: Securities that matured or were sold during the period 14 51 50 61 Securities the Company made the decision to sell or more likely than not will be required to sell — — — 2 Securities due to an increase in expected cash flows 5 12 23 40 Balance as of end of period $ (287 ) $ (337 ) $ (287 ) $ (337 ) [1] These additions are included in the net OTTI losses recognized in earnings in the Condensed Consolidated Statements of Operations. Available-for-Sale Securities The following table presents the Company’s AFS securities by type. September 30, 2016 December 31, 2015 Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Non-Credit OTTI [1] Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Non-Credit OTTI [1] ABS $ 2,683 $ 35 $ (33 ) $ 2,685 $ — $ 2,520 $ 24 $ (45 ) $ 2,499 $ — CDOs [2] 2,514 67 (9 ) 2,573 — 2,989 75 (23 ) 3,038 — CMBS 5,066 226 (24 ) 5,268 (7 ) 4,668 105 (56 ) 4,717 (8 ) Corporate 24,615 2,370 (81 ) 26,904 — 25,876 1,342 (416 ) 26,802 (3 ) Foreign govt./govt. agencies 1,106 83 (3 ) 1,186 — 1,321 34 (47 ) 1,308 — Municipal 11,345 1,254 (5 ) 12,594 — 11,124 1,008 (11 ) 12,121 — RMBS 4,815 131 (10 ) 4,936 — 3,986 82 (22 ) 4,046 — U.S. Treasuries 3,598 484 (3 ) 4,079 — 4,481 222 (38 ) 4,665 — Total fixed maturities, AFS $ 55,742 $ 4,650 $ (168 ) $ 60,225 $ (7 ) $ 56,965 $ 2,892 $ (658 ) $ 59,196 $ (11 ) Equity securities, AFS [3] 812 80 (17 ) 875 — 842 38 (41 ) 839 — Total AFS securities $ 56,554 $ 4,730 $ (185 ) $ 61,100 $ (7 ) $ 57,807 $ 2,930 $ (699 ) $ 60,035 $ (11 ) [1] Represents the amount of cumulative non-credit OTTI losses recognized in OCI on securities that also had credit impairments. These losses are included in gross unrealized losses as of September 30, 2016 , and December 31, 2015 . [2] Gross unrealized gains (losses) exclude the fair value of bifurcated embedded derivatives within certain securities. Subsequent changes in value are recorded in net realized capital gains (losses). [3] Excluded equity securities, FVO, with a cost and fair value of $293 and $282 as of December 31, 2015 . The Company held no equity securities, FVO as of September 30, 2016 . The following table presents the Company’s fixed maturities, AFS, by contractual maturity year. September 30, 2016 December 31, 2015 Contractual Maturity Amortized Cost Fair Value Amortized Cost Fair Value One year or less $ 1,832 $ 1,848 $ 2,373 $ 2,405 Over one year through five years 9,623 10,052 10,929 11,200 Over five years through ten years 9,082 9,671 9,322 9,497 Over ten years 20,127 23,192 20,178 21,794 Subtotal 40,664 44,763 42,802 44,896 Mortgage-backed and asset-backed securities 15,078 15,462 14,163 14,300 Total fixed maturities, AFS $ 55,742 $ 60,225 $ 56,965 $ 59,196 Estimated maturities may differ from contractual maturities due to security call or prepayment provisions. Due to the potential for variability in payment speeds (i.e. prepayments or extensions), mortgage-backed and asset-backed securities are not categorized by contractual maturity. Concentration of Credit Risk The Company aims to maintain a diversified investment portfolio including issuer, sector and geographic stratification, where applicable, and has established certain exposure limits, diversification standards and review procedures to mitigate credit risk. The Company had no investment exposure to any credit concentration risk of a single issuer greater than 10% of the Company's stockholders' equity , other than the U.S. government and certain U.S. government agencies as of September 30, 2016 , and December 31, 2015 . Unrealized Losses on AFS Securities The following tables present the Company’s unrealized loss aging for AFS securities by type and length of time the security was in a continuous unrealized loss position. September 30, 2016 Less Than 12 Months 12 Months or More Total Amortized Cost Fair Value Unrealized Losses Amortized Cost Fair Value Unrealized Losses Amortized Cost Fair Value Unrealized Losses ABS $ 321 $ 320 $ (1 ) $ 364 $ 332 $ (32 ) $ 685 $ 652 $ (33 ) CDOs [1] 665 664 (2 ) 1,028 1,021 (7 ) 1,693 1,685 (9 ) CMBS 548 540 (8 ) 259 243 (16 ) 807 783 (24 ) Corporate 1,759 1,725 (34 ) 812 765 (47 ) 2,571 2,490 (81 ) Foreign govt./govt. agencies 105 104 (1 ) 27 25 (2 ) 132 129 (3 ) Municipal 334 331 (3 ) 47 45 (2 ) 381 376 (5 ) RMBS 278 278 — 707 697 (10 ) 985 975 (10 ) U.S. Treasuries 347 344 (3 ) — — — 347 344 (3 ) Total fixed maturities, AFS $ 4,357 $ 4,306 $ (52 ) $ 3,244 $ 3,128 $ (116 ) $ 7,601 $ 7,434 $ (168 ) Equity securities, AFS [2] 171 160 (11 ) 68 62 (6 ) 239 222 (17 ) Total securities in an unrealized loss position $ 4,528 $ 4,466 $ (63 ) $ 3,312 $ 3,190 $ (122 ) $ 7,840 $ 7,656 $ (185 ) December 31, 2015 Less Than 12 Months 12 Months or More Total Amortized Cost Fair Value Unrealized Losses Amortized Cost Fair Value Unrealized Losses Amortized Cost Fair Value Unrealized Losses ABS $ 1,619 $ 1,609 $ (10 ) $ 357 $ 322 $ (35 ) $ 1,976 $ 1,931 $ (45 ) CDOs [1] 1,164 1,154 (10 ) 1,243 1,227 (13 ) 2,407 2,381 (23 ) CMBS 1,726 1,681 (45 ) 189 178 (11 ) 1,915 1,859 (56 ) Corporate 9,206 8,866 (340 ) 656 580 (76 ) 9,862 9,446 (416 ) Foreign govt./govt. agencies 679 646 (33 ) 124 110 (14 ) 803 756 (47 ) Municipal 440 430 (10 ) 18 17 (1 ) 458 447 (11 ) RMBS 1,349 1,340 (9 ) 415 402 (13 ) 1,764 1,742 (22 ) U.S. Treasuries 2,432 2,394 (38 ) 8 8 — 2,440 2,402 (38 ) Total fixed maturities, AFS $ 18,615 $ 18,120 $ (495 ) $ 3,010 $ 2,844 $ (163 ) $ 21,625 $ 20,964 $ (658 ) Equity securities, AFS [2] 480 449 (31 ) 62 52 (10 ) 542 501 (41 ) Total securities in an unrealized loss position $ 19,095 $ 18,569 $ (526 ) $ 3,072 $ 2,896 $ (173 ) $ 22,167 $ 21,465 $ (699 ) [1] Unrealized losses exclude the change in fair value of bifurcated embedded derivatives within certain securities, for which changes in fair value are recorded in net realized capital gains (losses). [2] As of September 30, 2016 , and December 31, 2015 , excludes equity securities, FVO which are included in equity securities, AFS on the Condensed Consolidated Balance Sheets. As of September 30, 2016 , AFS securities in an unrealized loss position consisted of 3,022 securities, primarily in the corporate sector, which were depressed primarily due to widening of credit spreads since the securities were purchased. As of September 30, 2016 , 92% of these securities were depressed less than 20% of cost or amortized cost. The decrease in unrealized losses during 2016 was primarily attributable to a decline in interest rates and tighter credit spreads. Most of the securities depressed for twelve months or more relate to student loan ABS, corporate securities concentrated in the financial services sector, and structured securities with exposure to commercial and residential real estate. Corporate financial services securities and student loan ABS were primarily depressed because the securities have floating-rate coupons and long-dated maturities, and current credit spreads are wider than when these securities were purchased. For certain commercial and residential real estate securities, current spreads are wider than spreads at the securities' respective purchase dates. The Company neither has an intention to sell nor does it expect to be required to sell the securities outlined in the preceding discussion. Mortgage Loans Mortgage Loan Valuation Allowances The Company’s security monitoring process reviews mortgage loans on a quarterly basis to identify potential credit losses. Commercial mortgage loans are considered to be impaired when management estimates that, based upon current information and events, it is probable that the Company will be unable to collect amounts due according to the contractual terms of the loan agreement. Criteria used to determine if an impairment exists include, but are not limited to: current and projected macroeconomic factors, such as unemployment rates, and property-specific factors such as rental rates, occupancy levels, LTV ratios and debt service coverage ratios (“DSCR”). In addition, the Company considers historic, current and projected delinquency rates and property values. These assumptions require the use of significant management judgment and include the probability and timing of borrower default and loss severity estimates. In addition, projections of expected future cash flows may change based upon new information regarding the performance of the borrower and/or underlying collateral such as changes in the projections of the underlying property value estimates. For mortgage loans that are deemed impaired, a valuation allowance is established for the difference between the carrying amount and the Company’s share of either (a) the present value of the expected future cash flows discounted at the loan’s effective interest rate, (b) the loan’s observable market price or, most frequently, (c) the fair value of the collateral. A valuation allowance has been established for either individual loans or as a projected loss contingency for loans with an LTV ratio of 90% or greater and after consideration of other credit quality factors, including DSCR. Changes in valuation allowances are recorded in net realized capital gains and losses. Interest income on impaired loans is accrued to the extent it is deemed collectible and the loans continue to perform under the original or restructured terms. Interest income ceases to accrue for loans when it is probable that the Company will not receive interest and principal payments according to the contractual terms of the loan agreement. Loans may resume accrual status when it is determined that sufficient collateral exists to satisfy the full amount of the loan and interest payments as well as when it is probable cash will be received in the foreseeable future. Interest income on defaulted loans is recognized when received. September 30, 2016 December 31, 2015 Amortized Cost [1] Valuation Allowance Carrying Value Amortized Cost [1] Valuation Allowance Carrying Value Total commercial mortgage loans $ 5,630 $ (19 ) $ 5,611 $ 5,647 $ (23 ) $ 5,624 [1] Amortized cost represents carrying value prior to valuation allowances, if any. As of September 30, 2016 , and December 31, 2015 , the carrying value of mortgage loans associated with the valuation allowance was $31 and $82 , respectively. There were no mortgage loans held-for-sale as of September 30, 2016 , and December 31, 2015 . As of September 30, 2016 , loans within the Company’s mortgage loan portfolio that have had extensions or restructurings other than what is allowable under the original terms of the contract are immaterial. The following table presents the activity within the Company’s valuation allowance for mortgage loans. These loans have been evaluated both individually and collectively for impairment. Loans evaluated collectively for impairment are immaterial. 2016 2015 Balance, as of January 1 $ (23 ) $ (18 ) (Additions)/Reversals — (4 ) Deductions 4 2 Balance, as of September 30 $ (19 ) $ (20 ) The weighted-average LTV ratio of the Company’s commercial mortgage loan portfolio was 53% as of September 30, 2016 , while the weighted-average LTV ratio at origination of these loans was 62% . LTV ratios compare the loan amount to the value of the underlying property collateralizing the loan. The loan values are updated no less than annually through property level reviews of the portfolio. Factors considered in the property valuation include, but are not limited to, actual and expected property cash flows, geographic market data and capitalization rates. DSCR compares a property’s net operating income to the borrower’s principal and interest payments. As of September 30, 2016 , the Company held one delinquent commercial mortgage loan past due by 90 days or more. The loan had a total carrying value and valuation allowance of $15 and $16 , respectively, and was not accruing income. As of December 31, 2015 , the Company held two delinquent commercial mortgage loans, past due by 90 days or more. The loans had a total carrying value and valuation allowance of $17 and $20 , respectively, and were not accruing income. The following table presents the carrying value of the Company’s commercial mortgage loans by LTV and DSCR. Commercial Mortgage Loans Credit Quality September 30, 2016 December 31, 2015 Loan-to-value Carrying Value Avg. Debt-Service Coverage Ratio Carrying Value Avg. Debt-Service Coverage Ratio Greater than 80% $ 15 0.45x $ 24 0.81x 65% - 80% 640 2.06x 623 1.82x Less than 65% 4,956 2.79x 4,977 2.75x Total commercial mortgage loans $ 5,611 2.68x $ 5,624 2.63x The following tables present the carrying value of the Company’s mortgage loans by region and property type. Mortgage Loans by Region September 30, 2016 December 31, 2015 Carrying Value Percent of Total Carrying Value Percent of Total East North Central $ 294 5.2 % $ 289 5.1 % East South Central 14 0.3 % 14 0.2 % Middle Atlantic 418 7.4 % 384 6.8 % Mountain 35 0.6 % 32 0.6 % New England 400 7.1 % 446 7.9 % Pacific 1,635 29.2 % 1,669 29.7 % South Atlantic 1,193 21.3 % 1,174 20.9 % West North Central 29 0.5 % 29 0.5 % West South Central 338 6.0 % 318 5.7 % Other [1] 1,255 22.4 % 1,269 22.6 % Total mortgage loans $ 5,611 100.0 % $ 5,624 100.0 % [1] Primarily represents loans collateralized by multiple properties in various regions. Mortgage Loans by Property Type September 30, 2016 December 31, 2015 Carrying Value Percent of Total Carrying Percent of Total Commercial Agricultural $ 16 0.3 % $ 26 0.5 % Industrial 1,444 25.7 % 1,422 25.3 % Lodging 25 0.4 % 26 0.5 % Multifamily 1,386 24.7 % 1,345 23.9 % Office 1,451 25.9 % 1,547 27.5 % Retail 1,050 18.7 % 1,109 19.7 % Other 239 4.3 % 149 2.6 % Total mortgage loans $ 5,611 100.0 % $ 5,624 100.0 % Mortgage Servicing The Company originates, sells and services commercial mortgage loans on behalf of third parties and recognizes servicing fees over the period that services are performed in fee income. As of September 30, 2016 , the Company serviced commercial mortgage loans under this program with a total outstanding principal of $571 , of which $186 was serviced on behalf of third parties and $385 was retained and reported on the Company’s Condensed Consolidated Balance Sheets, including $104 in separate account assets. As of December 31, 2015 , the Company serviced commercial mortgage loans under this program with a total outstanding principal of $359 , of which $129 was serviced on behalf of third parties and $230 was retained and reported on the Company’s Condensed Consolidated Balance Sheets, including $54 in separate account assets. Servicing rights are carried at the lower of cost or fair value and were zero as of September 30, 2016 and December 31, 2015 , because servicing fees were market-level fees at origination and remain adequate to compensate the Company to administer the servicing. Variable Interest Entities The Company is involved with various special purpose entities and other entities that are deemed to be VIEs primarily as a collateral or investment manager and as an investor through normal investment activities as well as a means of accessing capital through a contingent capital facility. A VIE is an entity that either has investors that lack certain essential characteristics of a controlling financial interest, such as simple majority kick-out rights, or lacks sufficient funds to finance its own activities without financial support provided by other entities. The Company performs ongoing qualitative assessments of its VIEs to determine whether the Company has a controlling financial interest in the VIE and therefore is the primary beneficiary. The Company is deemed to have a controlling financial interest when it has both the ability to direct the activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE. Based on the Company’s assessment, if it determines it is the primary beneficiary, the Company consolidates the VIE in the Company’s Condensed Consolidated Financial Statements. Consolidated VIEs The following table presents the carrying value of assets and liabilities, and the maximum exposure to loss relating to the VIEs for which the Company is the primary beneficiary. Creditors have no recourse against the Company in the event of default by these VIEs nor does the Company have any implied or unfunded commitments to these VIEs. The Company’s financial or other support provided to these VIEs is limited to its collateral or investment management services and original investment. September 30, 2016 December 31, 2015 Total Assets Total Liabilities [1] Maximum Exposure to Loss [2] Total Assets Total Liabilities [1] Maximum Exposure to Loss [2] CDO [3] $ 5 $ 5 $ — $ 5 $ 5 $ — Investment funds [4] — — — 159 7 151 Limited partnerships and other alternative investments [5] — — — 2 — 2 Total $ 5 $ 5 $ — $ 166 $ 12 $ 153 [1] Included in other liabilities on the Company’s Condensed Consolidated Balance Sheets. [2] The maximum exposure to loss represents the maximum loss amount that the Company could recognize as a reduction in net investment income or as a realized capital loss and is the cost basis of the Company’s investment. [3] Total assets included in cash on the Company’s Condensed Consolidated Balance Sheets. [4] Total assets included in fixed maturities, FVO, short-term investments, equity, AFS, and cash on the Company’s Condensed Consolidated Balance Sheets. [5] Total assets included in limited partnerships and other alternative investments on the Company’s Condensed Consolidated Balance Sheets. Effective January 1, 2016, the Company adopted new consolidation guidance and determined that three investment funds, that were previously identified as consolidated VIEs and for which the Company has management and control of the investments, are voting interest entities under the new consolidation guidance. The Company still owns a majority interest in one investment fund that is still consolidated on the Company's Condensed Consolidated Financial Statements; however, as of September 30, 2016 , this fund is not included as VIE in the table above. The remaining two investment funds previously identified as consolidated VIEs were disposed of during the first six months of the year. CDO represents a structured investment vehicle for which the Company has a controlling financial interest as it provides collateral management services, earns a fee for those services and also holds investments in the security issued by this vehicle. For further information on the adoption, see Note 1 - Basis of Presentation and Significant Accounting Policies of Notes to Condensed Consolidated Financial Statements. Non-Consolidated VIEs The Company, through normal investment activities, makes passive investments in limited partnerships and other alternative investments. Upon the adoption of the new consolidation guidance, discussed above, these investments are now considered VIEs. For these non-consolidated VIEs, the Company has determined it is not the primary beneficiary as it has no ability to direct activities that could significantly affect the economic performance of the investments. The Company’s maximum exposure to loss as of September 30, 2016 and December 31, 2015 is limited to the total carrying value of $1.8 billion and $1.5 billion, respectively, which are included in limited partnerships and other alternative investments in the Company's Condensed Consolidated Balance Sheets. As of September 30, 2016 and December 31, 2015 , the Company has outstanding commitments totaling $1.3 billion and $692 million, respectively, whereby the Company is committed to fund these investments and may be called by the partnership during the commitment period to fund the purchase of new investments and partnership expenses. These investments are generally of a passive nature in that the Company does not take an active role in management. For further discussion of these investments, see Equity Method Investments within Note 6 - Investments and Derivatives of Notes to Consolidated Financial Statements included in the Company’s 2015 Form 10-K Annual Report. In addition, the Company also makes passive investments in structured securities issued by VIEs for which the Company is not the manager and, therefore, does not consolidate. These investments are included in ABS, CDOs, CMBS and RMBS in the Available-for-Sale Securities table and fixed maturities, FVO, in the Company’s Condensed Consolidated Balance Sheets. The Company has not provided financial or other support with respect to these investments other than its original investment. For these investments, the Company determined it is not the primary beneficiary due to the relative size of the Company’s investment in comparison to the principal amount of the structured securities issued by the VIEs, the level of credit subordination which reduces the Company’s obligation to absorb losses or right to receive benefits and the Company’s inability to direct the activities that most significantly impact the economic performance of the VIEs. The Company’s maximum exposure to loss on these investments is limited to the amount of the Company’s investment. The Company also holds a significant variable interest in a VIE for which it is not the primary beneficiary. This VIE represents a contingent capital facility ("facility") that has been held by the Company since February 2007 and for which the Company has no implied or unfunded commitments. Assets and liabilities recorded for the contingent capital facility were $2 and $3 , respectively, as of September 30, 2016 , and $7 and $8 , respectively, as of December 31, 2015 . Additionally, the Company has a maximum exposure to loss of $3 and $3 , respectively, as of September 30, 2016 , and December 31, 2015 , which represents the issuance costs that were incurred to establish the facility. The Company does not have a controlling financial interest as it does not manage the assets of the facility nor does it have the obligation to absorb losses or the right to receive benefits that could potentially be significant to the facility, as the asset manager has significant variable interest in the vehicle. The Company’s financial or other support provided to the facility is limited to providing ongoing support to cover the facility’s operating expenses. As such, the Company does not consolidate its variable interest in the facility. For further information on the facility, see Note 11 - Debt of Notes to Consolidated Financial Statements included in The Hartford’s 2015 Form 10-K Annual Report. Securities Lending, Repurchase Agreements, and Similar Transactions and Other Collateral Transactions The Company participates in securities lending programs to generate additional income. Through these programs, certain fixed maturities within the corporate, foreign government/government agencies, and municipal sectors as well as equity securities are loaned from the Company’s portfolio to qualifying third-party borrowers in return for collateral in the form of cash or securities. Borrowers of these securities provide collateral of 102% and 105% of the fair value of the securities lent at the time of the loan for domestic and non-domestic securities, respectively. The borrower will return the securities to the Company for cash or securities collateral at maturity dates generally of 90 days or less. Security collateral on deposit from counterparties in connection with securities lending transactions may not be sold or re-pledged, except in the event of default, and is not reflected on the Company’s consolidated balance sheets. The fair value of the loaned securities is monitored and additional collateral is obtained if the fair value of the collateral falls below 100% of the fair value of the loaned securities. The agreements provide the counterparty the right to sell or re-pledge the securities transferred. If cash, rather than securities, is received as collateral, the cash is typically invest |
Derivatives Instruments Level 1
Derivatives Instruments Level 1 (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | The Company utilizes a variety of OTC, OTC-cleared and exchange traded derivative instruments as a part of its overall risk management strategy as well as to enter into replication transactions. Derivative instruments are used to manage risk associated with interest rate, equity market, commodity market, credit spread, issuer default, price, and currency exchange rate risk or volatility. Replication transactions are used as an economical means to synthetically replicate the characteristics and performance of assets that are permissible investments under the Company’s investment policies. The Company also may enter into and has previously issued financial instruments and products that either are accounted for as free-standing derivatives, such as certain reinsurance contracts, or may contain features that are deemed to be embedded derivative instruments, such as the GMWB rider included with certain variable annuity products. Strategies That Qualify for Hedge Accounting Certain derivatives that the Company enters into satisfy the hedge accounting requirements as outlined in Note 1 - Basis of Presentation and Significant Accounting Policies of Notes to Consolidated Financial Statements, included in The Hartford’s 2015 Form 10-K Annual Report. Typically, these hedge relationships include interest rate swaps and, to a lesser extent, foreign currency swaps where the terms or expected cash flows of the hedged item closely match the terms of the swap. The interest rate swaps are typically used to manage interest rate duration of certain fixed maturity securities or liability contracts. The hedge strategies by hedge accounting designation include: Cash Flow Hedges Interest rate swaps are predominantly used to manage portfolio duration and better match cash receipts from assets with cash disbursements required to fund liabilities. These derivatives primarily convert interest receipts on floating-rate fixed maturity securities to fixed rates. The Company also enters into forward starting swap agreements to hedge the interest rate exposure related to the purchase of fixed-rate securities, primarily to hedge interest rate risk inherent in the assumptions used to price certain liabilities. Foreign currency swaps are used to convert foreign currency-denominated cash flows related to certain investment receipts and liability payments to U.S. dollars in order to reduce cash flow fluctuations due to changes in currency rates. Fair Value Hedges Interest rate swaps are used to hedge the changes in fair value of fixed maturity securities due to fluctuations in interest rates. These swaps are typically used to manage interest rate duration. Non-Qualifying Strategies Derivative relationships that do not qualify for hedge accounting (“non-qualifying strategies”) primarily include the hedge program for the Company's variable annuity products as well as the hedging and replication strategies that utilize credit default swaps. In addition, hedges of interest rate, foreign currency and equity risk of certain fixed maturities, equities and liabilities do not qualify for hedge accounting. The non-qualifying strategies include: Interest Rate Swaps, Swaptions, and Futures The Company uses interest rate swaps, swaptions, and futures to manage duration between assets and liabilities in certain investment portfolios. In addition, the Company enters into interest rate swaps to terminate existing swaps, thereby offsetting the changes in value of the original swap. As of September 30, 2016 , and December 31, 2015 , the notional amount of interest rate swaps in offsetting relationships was $12.1 billion and $12.9 billion , respectively. Foreign Currency Swaps and Forwards Foreign currency forwards are used to hedge non-U.S. dollar denominated cash and equity securities as well as currency impacts on changes in equity of the U.K. property and casualty runoff subsidiaries that is held for sale. For further information on the disposition, see Note 2 - Business Acquisitions and Dispositions of Notes to Condensed Consolidated Financial Statements. The Company also enters into foreign currency swaps and forwards to convert the foreign currency exposures of certain foreign currency-denominated fixed maturity investments to U.S. dollars. Fixed Payout Annuity Hedge The Company reinsures certain yen denominated fixed payout annuities. The Company invests in U.S. dollar denominated assets to support the reinsurance liability. The Company has in place pay U.S. dollar, receive yen swap contracts to hedge the currency and yen interest rate exposure between the U.S. dollar denominated assets and the yen denominated fixed liability reinsurance payments. Credit Contracts Credit default swaps are used to purchase credit protection on an individual entity or referenced index to economically hedge against default risk and credit-related changes in value of fixed maturity securities. Credit default swaps are also used to assume credit risk related to an individual entity or referenced index as a part of replication transactions. These contracts require the Company to pay or receive a periodic fee in exchange for compensation from the counterparty should the referenced security issuers experience a credit event, as defined in the contract. The Company is also exposed to credit risk related to certain structured fixed maturity securities that have embedded credit derivatives, which reference a standard index of corporate securities. In addition, the Company enters into credit default swaps to terminate existing credit default swaps, thereby offsetting the changes in value of the original swap going forward. Equity Index Swaps and Options The Company enters into equity index options to hedge the impact of a decline in the equity markets on the investment portfolio. During 2015, the Company entered into a total return swap to hedge equity risk of specific common stock investments which were accounted for using the fair value option in order to align the accounting treatment within net realized capital gains (losses). The swap matured in January 2016 and the specific common stock investments were sold at that time. In addition, the Company formerly offered certain equity indexed products that remain in force, a portion of which contain embedded derivatives that require bifurcation. The Company uses equity index swaps to economically hedge the equity volatility risk associated with the equity indexed products. Commodity Contracts The Company has used put option contracts on oil futures to partially offset potential losses related to certain fixed maturity securities that could be impacted by changes in oil prices. GMWB Derivatives, Net The Company formerly offered certain variable annuity products with GMWB riders. The GMWB product is a bifurcated embedded derivative (“GMWB product derivatives”) that has a notional value equal to the GRB. The Company uses reinsurance contracts to transfer a portion of its risk of loss due to GMWB. The reinsurance contracts covering GMWB (“GMWB reinsurance contracts”) are accounted for as free-standing derivatives with a notional amount equal to the GRB amount. The Company utilizes derivatives (“GMWB hedging instruments”) as part of a dynamic hedging program designed to hedge a portion of the capital market risk exposures of the non-reinsured GMWB riders due to changes in interest rates, equity market levels, and equity volatility. These derivatives include customized swaps, interest rate swaps and futures, and equity swaps, options and futures, on certain indices including the S&P 500 index, EAFE index and NASDAQ index. The Company retains the risk for differences between assumed and actual policyholder behavior and between the performance of the actively managed funds underlying the separate accounts and their respective indices. The following table presents notional and fair value for GMWB hedging instruments. Notional Amount Fair Value September 30, December 31, 2015 September 30, December 31, 2015 Customized swaps $ 5,366 $ 5,877 $ 142 $ 131 Equity swaps, options, and futures 1,355 1,362 (13 ) 2 Interest rate swaps and futures 3,743 3,740 40 25 Total $ 10,464 $ 10,979 $ 169 $ 158 Macro Hedge Program The Company utilizes equity swaps, options, futures, and forwards to provide partial protection against the statutory tail scenario risk arising from GMWB and guaranteed minimum death benefit ("GMDB") liabilities on the Company's statutory surplus. These derivatives cover some of the residual risks not otherwise covered by the dynamic hedging program. The following table presents notional and fair value for the macro hedge program. Notional Amount Fair Value September 30, December 31, 2015 September 30, December 31, 2015 Equity swaps, options, futures, and forwards $ 6,348 $ 4,548 $ 136 $ 147 Total $ 6,348 $ 4,548 $ 136 $ 147 Contingent Capital Facility Put Option The Company entered into a put option agreement that provides the Company the right to require a third-party trust to purchase, at any time, The Hartford’s junior subordinated notes in a maximum aggregate principal amount of $500 . Under the put option agreement, The Hartford will pay premiums on a periodic basis and will reimburse the trust for certain fees and ordinary expenses. Modified Coinsurance Reinsurance Contracts As of September 30, 2016 , and December 31, 2015 , the Company had approximately $921 and $895 , respectively, of invested assets supporting other policyholder funds and benefits payable reinsured under a modified coinsurance arrangement in connection with the sale of the Individual Life business, which was structured as a reinsurance transaction. The assets are primarily held in a trust established by the Company. The Company pays or receives cash quarterly to settle the results of the reinsured business, including the investment results. As a result of this modified coinsurance arrangement, the Company has an embedded derivative that transfers to the reinsurer certain unrealized changes in fair value due to interest rate and credit risks of these assets. The notional amount of the embedded derivative reinsurance contracts are the invested assets that are carried at fair value supporting the reinsured reserves. Derivative Balance Sheet Classification The following table summarizes the balance sheet classification of the Company’s derivative related net fair value amounts as well as the gross asset and liability fair value amounts. For reporting purposes, the Company has elected to offset within total assets or total liabilities based upon the net of the fair value amounts, income accruals, and related cash collateral receivables and payables of OTC derivative instruments executed in a legal entity and with the same counterparty under a master netting agreement, which provides the Company with the legal right of offset. The Company has also elected to offset within total assets or total liabilities based upon the net of the fair value amounts, income accruals and related cash collateral receivables and payables of OTC-cleared derivative instruments based on clearing house agreements. The following fair value amounts do not include income accruals or related cash collateral receivables and payables, which are netted with derivative fair value amounts to determine balance sheet presentation. Derivative fair value reported as liabilities after taking into account the master netting agreements was $1.4 billion and $ 1.1 billion , respectively, as of September 30, 2016 , and December 31, 2015 . Derivatives in the Company’s separate accounts, where the associated gains and losses accrue directly to policyholders, are not included in the table below. The Company’s derivative instruments are held for risk management purposes, unless otherwise noted in the following table. The notional amount of derivative contracts represents the basis upon which pay or receive amounts are calculated and is presented in the table to quantify the volume of the Company’s derivative activity. Notional amounts are not necessarily reflective of credit risk. The following tables exclude investments that contain an embedded credit derivative for which the Company has elected the fair value option. For further discussion, see the Fair Value Option section in Note 5 - Fair Value Measurements of Notes to Condensed Consolidated Financial Statements. Net Derivatives Asset Derivatives Liability Derivatives Notional Amount Fair Value Fair Value Fair Value Hedge Designation/ Derivative Type Sep. 30, 2016 Dec. 31, 2015 Sep. 30, 2016 Dec. 31, 2015 Sep. 30, 2016 Dec. 31, 2015 Sep. 30, 2016 Dec. 31, 2015 Cash flow hedges Interest rate swaps $ 3,443 $ 3,527 $ 74 $ 17 $ 84 $ 50 $ (10 ) $ (33 ) Foreign currency swaps 182 143 (17 ) (19 ) 8 7 (25 ) (26 ) Total cash flow hedges 3,625 3,670 57 (2 ) 92 57 (35 ) (59 ) Fair value hedges Interest rate swaps 23 23 — — — — — — Total fair value hedges 23 23 — — — — — — Non-qualifying strategies Interest rate contracts Interest rate swaps, swaptions, and futures 12,816 14,290 (931 ) (814 ) 590 297 (1,521 ) (1,111 ) Foreign exchange contracts Foreign currency swaps and forwards 1,090 653 9 17 15 17 (6 ) — Fixed payout annuity hedge 1,063 1,063 (247 ) (357 ) — — (247 ) (357 ) Credit contracts Credit derivatives that purchase credit protection 185 423 (5 ) 18 — 22 (5 ) (4 ) Credit derivatives that assume credit risk [1] 1,828 2,458 4 (13 ) 15 9 (11 ) (22 ) Credit derivatives in offsetting positions 3,797 4,059 — (2 ) 43 40 (43 ) (42 ) Equity contracts Equity index swaps and options 105 419 (1 ) 15 30 41 (31 ) (26 ) Variable annuity hedge program GMWB product derivatives [2] 13,603 15,099 (348 ) (262 ) — — (348 ) (262 ) GMWB reinsurance contracts 2,809 3,106 98 83 98 83 — — GMWB hedging instruments 10,464 10,979 169 158 307 264 (138 ) (106 ) Macro hedge program 6,348 4,548 136 147 197 179 (61 ) (32 ) Other Contingent capital facility put option 500 500 2 7 2 7 — — Modified coinsurance reinsurance contracts 921 895 31 79 31 79 — — Total non-qualifying strategies 55,529 58,492 (1,083 ) (924 ) 1,328 1,038 (2,411 ) (1,962 ) Total cash flow hedges, fair value hedges, and non-qualifying strategies $ 59,177 $ 62,185 $ (1,026 ) $ (926 ) $ 1,420 $ 1,095 $ (2,446 ) $ (2,021 ) Balance Sheet Location Fixed maturities, available-for-sale $ 416 $ 425 $ 1 $ (3 ) $ 1 $ — $ — $ (3 ) Other investments 10,477 23,253 278 1 350 409 (72 ) (408 ) Other liabilities 30,902 19,358 (1,055 ) (798 ) 940 524 (1,995 ) (1,322 ) Reinsurance recoverables 3,729 4,000 129 162 129 162 — — Other policyholder funds and benefits payable 13,653 15,149 (379 ) (288 ) — — (379 ) (288 ) Total derivatives $ 59,177 $ 62,185 $ (1,026 ) $ (926 ) $ 1,420 $ 1,095 $ (2,446 ) $ (2,021 ) [1] The derivative instruments related to this strategy are held for other investment purposes. [2] These derivatives are embedded within liabilities and are not held for risk management purposes. Change in Notional Amount The net decrease in notional amount of derivatives since December 31, 2015 , was primarily due to the following: • The decline in the combined notional amount associated with the GMWB hedging program, which includes the GMWB product, reinsurance, and hedging derivatives, was primarily driven by policyholder lapses and partial withdrawals. • The decline in notional amount related to non-qualifying interest rate derivatives was primarily driven by the termination of interest rate swaps that were used for duration management. • The decline in notional amount related to the termination of credit derivatives that assume credit risk was a result of re-balancing within certain fixed maturity sectors. The terminated positions related to replication transactions that pair credit derivatives with high quality liquid securities to earn a higher credit spread. • The increase in the notional amount associated with the macro hedge program was primarily due to purchases of equity options and forwards to hedge more of the equity risk. • The increase in the notional amount related to foreign currency derivatives was primarily due to purchases of currency forwards that are used to hedge non-U.S. dollar denominated cash. Change in Fair Value The net decline in the total fair value of derivative instruments since December 31, 2015 , was primarily related to the following: • The decrease in fair value related to the combined GMWB hedging program was primarily due to an increase in the U.S. equity markets, assumption and fund regression updates, partially offset by an increase in fair value driven by favorable policyholder behavior and outperformance of the underlying actively managed funds compared to their respective indices. • The increase in fair value associated with qualifying cash flow hedge interest rate swaps was due to a decline in interest rates and the decrease in fair value related to non-qualifying interest rate swaps was due to the termination of offsetting swaps that were in a net gain position. • The decrease in the fair value associated with modified coinsurance reinsurance contracts, which are accounted for as embedded derivatives and transfer to the reinsurer the investment experience related to the assets supporting the reinsured policies, was primarily driven by a decline in interest rates. • The increase in fair value associated with the fixed payout annuity hedges was primarily driven by an appreciation of the Japanese yen in comparison to the U.S. dollar, slightly offset by a decline in U.S. interest rates. Offsetting of Derivative Assets (Liabilities) The following tables present the gross fair value amounts, the amounts offset, and net position of derivative instruments eligible for offset in the Company's Condensed Consolidated Balance Sheets. Amounts offset include fair value amounts, income accruals and related cash collateral receivables and payables associated with derivative instruments that are traded under a common master netting agreement, as described in the preceding discussion. Also included in the tables are financial collateral receivables and payables, which are contractually permitted to be offset upon an event of default, although are disallowed for offsetting under U.S. GAAP. As of September 30, 2016 (i) (ii) (iii) = (i) - (ii) (iv) (v) = (iii) - (iv) Net Amounts Presented in the Statement of Financial Position Collateral Disallowed for Offset in the Statement of Financial Position Gross Amounts of Recognized Assets Gross Amounts Offset in the Statement of Financial Position Derivative Assets [1] Accrued Interest and Cash Collateral Received [2] Financial Collateral Received [4] Net Amount Description Other investments $ 1,290 $ 1,024 $ 278 $ (12 ) $ 209 $ 57 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Statement of Financial Position Derivative Liabilities [3] Accrued Interest and Cash Collateral Pledged [3] Financial Collateral Pledged [4] Net Amount Description Other liabilities $ (2,067 ) $ (1,049 ) $ (1,055 ) $ 37 $ (974 ) $ (44 ) As of December 31, 2015 (i) (ii) (iii) = (i) - (ii) (iv) (v) = (iii) - (iv) Net Amounts Presented in the Statement of Financial Position Collateral Disallowed for Offset in the Statement of Financial Position Gross Amounts of Recognized Assets Gross Amounts Offset in the Statement of Financial Position Derivative Assets [1] Accrued Interest and Cash Collateral Received [2] Financial Collateral Received [4] Net Amount Description Other investments $ 933 $ 756 $ 1 $ 176 $ 100 $ 77 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Statement of Financial Position Derivative Liabilities [3] Accrued Interest and Cash Collateral Pledged [3] Financial Collateral Pledged [4] Net Amount Description Other liabilities $ (1,730 ) $ (818 ) $ (798 ) $ (114 ) $ (889 ) $ (23 ) [1] Included in other invested assets in the Company's Condensed Consolidated Balance Sheets. [2] Included in other assets in the Company's Condensed Consolidated Balance Sheets and amount presented is limited to the net derivative receivable associated with each counterparty. [3] Included in other liabilities in the Company's Condensed Consolidated Balance Sheets and amount presented is limited to the net derivative payable associated with each counterparty. [4] Excludes collateral associated with exchange-traded derivative instruments. Cash Flow Hedges For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of OCI and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains and losses on the derivative representing hedge ineffectiveness are recognized in current period earnings. All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness. The following tables present the components of the gain or loss on derivatives that qualify as cash flow hedges: Derivatives in Cash Flow Hedging Relationships Gain (Loss) Recognized in OCI on Derivative (Effective Portion) Net Realized Capital Gains(Losses) Recognized in Income on Derivative (Ineffective Portion) Three Months Ended September 30, Nine Months Ended September 30, Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 2016 2015 2016 2015 Interest rate swaps $ (26 ) $ 91 $ 120 $ 76 $ — $ — $ — $ — Foreign currency swaps — — 1 (1 ) — — — — Total $ (26 ) $ 91 $ 121 $ 75 $ — $ — $ — $ — Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) Three Months Ended September 30, Nine Months Ended September 30, Location 2016 2015 2016 2015 Interest rate swaps Net realized capital gains $ — $ 1 $ 7 $ 4 Interest rate swaps Net investment income 16 15 46 47 Foreign currency swaps Net realized capital gains (losses) 1 — 3 (7 ) Total $ 17 $ 16 $ 56 $ 44 As of September 30, 2016 , the before-tax deferred net gains on derivative instruments recorded in AOCI that are expected to be reclassified to earnings during the next twelve months are $29 . This expectation is based on the anticipated interest payments on hedged investments in fixed maturity securities that will occur over the next twelve months, at which time the Company will recognize the deferred net gains (losses) as an adjustment to net investment income over the term of the investment cash flows. The maximum term over which the Company is hedging its exposure to the variability of future cash flows for forecasted transactions, excluding interest payments on existing variable-rate financial instruments, is approximately two years . During the three and nine months ended September 30, 2016 , and September 30, 2015 , the Company had no net reclassifications from AOCI to earnings resulting from the discontinuance of cash-flow hedges due to forecasted transactions that were no longer probable of occurring. Fair Value Hedges For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in current period earnings. The Company includes the gain or loss on the derivative in the same line item as the offsetting loss or gain on the hedged item. All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness. For both the three and nine months ended September 30, 2016 and 2015 , the Company recognized in income losses of less than $1 representing the ineffective portion of fair value hedges for the derivative instrument and the hedged item. Non-Qualifying Strategies For non-qualifying strategies, including embedded derivatives that are required to be bifurcated from their host contracts and accounted for as derivatives, the gain or loss on the derivative is recognized currently in earnings within net realized capital gains (losses). The following table presents the gain or loss recognized in income on non-qualifying strategies: Derivatives Used in Non-Qualifying Strategies Gain or (Loss) Recognized within Net Realized Capital Gains and Losses Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Interest rate contracts Interest rate swaps, swaptions, and futures $ (2 ) $ (11 ) $ (22 ) $ (16 ) Foreign exchange contracts Foreign currency swaps and forwards [1] 4 3 25 11 Fixed payout annuity hedge [2] 13 8 109 (23 ) Credit contracts Credit derivatives that purchase credit protection (12 ) 7 (19 ) 5 Credit derivatives that assume credit risk 24 (23 ) 28 (25 ) Equity contracts Equity index swaps and options (2 ) 1 15 4 Commodity contracts Commodity options — 2 — (8 ) Variable annuity hedge program GMWB product derivatives 87 (150 ) (22 ) (91 ) GMWB reinsurance contracts (15 ) 24 (2 ) 15 GMWB hedging instruments (66 ) 94 16 41 Macro hedge program (64 ) 51 (98 ) 24 Other Contingent capital facility put option (1 ) (2 ) (4 ) (5 ) Modified coinsurance reinsurance contracts (1 ) 2 (48 ) 28 Total [3] $ (35 ) $ 6 $ (22 ) $ (40 ) [1] Not included in this amount is the associated transactional foreign currency revaluation related to changes in equity of the U.K. property and casualty runoff subsidiaries, currently held for sale, adjusted through realized capital losses of $(10) and $ (33) for the three and nine months ended September 30, 2016 . [2] Not included in this amount is the associated liability adjustment for changes in foreign exchange spot rates through realized capital losses of $(10) and $(17) for the three months ended September 30, 2016 and 2015 , respectively, and $(118) and $(1) for the nine months ended September 30, 2016 and 2015 , respectively. [3] Excludes investments that contain an embedded credit derivative for which the Company has elected the fair value option. For further discussion, see the Fair Value Option section in Note 5 - Fair Value Measurements . For the three months ended September 30, 2016 , the net realized capital gain (loss) related to derivatives used in non-qualifying strategies was primarily comprised of the following: • The net gain on fixed payout annuity hedge was primarily driven by an appreciation of the Japanese yen in comparison to the U.S. dollar. • The net gain on credit contracts was primarily driven by credit spread tightening. • The net gain related to the combined GMWB hedging program, which includes the GMWB product, reinsurance, and hedging derivatives, was primarily due to favorable policyholder behavior and outperformance of the underlying actively managed funds compared to their respective indices, partially offset by losses resulting from assumption updates and an increase in interest rates. • The net loss on the macro hedge program was primarily driven by an increase in equity markets, time decay of options, and a decline in equity volatility. For the nine months ended September 30, 2016 , the net realized capital gain (loss) related to derivatives used in non-qualifying strategies was primarily comprised of the following: • The net loss related to interest rate derivatives was primarily driven by a decline in interest rates and terminations of derivative positions used for duration management. • The net gain on foreign currency swaps and forwards primarily related to the U.K. property and casualty runoff subsidiary hedge and was driven by depreciation of the British pound. • The net gain on the fixed annuity payout hedge was driven by an appreciation of the Japanese yen in comparison to the U.S. dollar, slightly offset by a decline in U.S. interest rates. • The net gain on credit contracts was primarily driven by credit spread tightening. • The net loss related to the combined GMWB hedging program was primarily due to an increase in the U.S. equity markets, partially offset by non-market gains. The non-market gains include favorable policyholder behavior and outperformance of the underlying actively managed funds compared to their respective indices, partially offset by assumption and fund regression updates. • The net loss on the macro hedge program was primarily driven by an increase in equity markets and time decay of options. • The loss associated with modified coinsurance reinsurance contracts, which are accounted for as embedded derivatives and transfer to the reinsurer the investment experience related to the assets supporting the reinsured policies, was primarily driven by a decline in interest rates. The assets remain on the Company's books and the Company recorded an offsetting gain in AOCI as a result of the increase in market value of the bonds. For the three and nine months ended September 30, 2015 , the net realized capital gain (loss) related to derivatives used in non-qualifying strategies was primarily comprised of the following: • The losses related to interest rate swaps were driven by a decline in interest rates. • For the nine months September 30, 2015 , the net loss related to the fixed payout annuity hedge was primarily driven by a decline in U.S. interest rates. • The net losses related to credit derivatives were primarily driven by widening credit spreads. • The net losses related to the combined GMWB hedging program which includes the GMWB product, reinsurance, and hedging derivatives, were primarily driven by underperformance of the underlying actively managed funds compared to their respective indices and unfavorable policyholder behavior. • For the three months ended September 30, 2015 , the gain on the macro hedge program was primarily driven by a decline in equity markets. For the nine months ended September 30, 2015 , the gain on the macro hedge program was primarily driven by a decline in equity markets, increased equity volatility, and a decline in interest rates, partially offset by a loss driven by time decay on options. • The gains associated with modified coinsurance reinsurance contracts, which are accounted for as embedded derivatives and transfer to the reinsurer the investment experience related to the assets supporting the reinsured policies, were primarily driven by widening credit spreads, partially offset by a decline in long-term interest rates. For additional disclosures regarding contingent credit related features in derivative agreements, see Note 10 - Commitments and Contingencies of Notes to Condensed Consolidated Financial Statements. Credit Risk Assumed through Credit Derivatives The Company enters into credit default swaps that assume credit risk of a single entity or referenced index in order to synthetically replicate investment transactions that would be permissible under the Company's investment policies. The Company will receive periodic payments based on an agreed upon rate and notional amount and will only make a payment if there is a credit event. A credit event payment will typically be equal to the notional value of the swap contract less the value of the referenced security issuer’s debt obligation after the occurrence of the credit event. A credit event is generally defined as a default on contractually obligated interest or principal payments or bankruptcy of the referenced entity. The credit default swaps in which the Company assumes credit risk primarily reference investment grade single corporate issuers and baskets, which include standard diversified portfolios of corporate and CMBS issuers. The diversified portfolios of corporate issuers are established within sector concentration limits and may be divided into tranches that possess different credit ratings. The following tables present the notional amount, fair value, weighted average years to maturity, underlying referenced credit obligation type and average credit ratings, and offsetting notional amounts and fair value for credit derivatives in which the Company is assuming credit risk as of September 30, 2016 , and December 31, 2015 . As of September 30, 2016 Underlying Referenced Credit Obligation(s) [1] Credit Derivative Type by Derivative Risk Exposure Notional Amount [2] Fair Value Weighted Average Years to Maturity Type Average Credit Rating Offsetting Notional Amount [3] Offsetting Fair Value [3] Single name credit default swaps Investment grade risk exposure $ 169 $ 1 4 years Corporate Credit/ A- $ 50 $ — Below investment grade risk exposure 77 — 1 year Corporate Credit B+ 77 — Basket credit default swaps [4] Investment grade risk exposure 2,446 23 3 years Corporate Credit BBB+ 1,415 (10 ) Below investment grade risk exposure 50 3 5 years Corporate Credit B+ 50 (3 ) Investment grade risk exposure 516 (12 ) 5 years CMBS Credit AA+ 188 1 Below investment grade risk exposure 118 (28 ) 1 year CMBS Credit CCC 118 28 Embedded credit derivatives Investment gra |
Separate Accounts, Death Benefi
Separate Accounts, Death Benefits and Other Insurance Benefit Features Level 1 (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
Separate Accounts Disclosure [Abstract] | |
Separate Accounts, Death Benefits, and Other Insurance Benefit Features [Text Block] | Changes in the gross GMDB/GMWB and universal life secondary guarantee benefits are as follows: GMDB/GMWB [1,2] Universal Life Secondary Guarantees Liability balance as of January 1, 2016 $ 863 $ 2,313 Incurred [3] 50 234 Paid (92 ) — Liability balance as of September 30, 2016 $ 821 $ 2,547 Reinsurance recoverable asset, as of January 1, 2016 $ 523 $ 2,313 Incurred [3] 40 234 Paid (73 ) — Reinsurance recoverable asset, as of September 30, 2016 $ 490 $ 2,547 GMDB/GMWB [1,2] Universal Life Secondary Guarantees Liability balance as of January 1, 2015 $ 812 $ 2,041 Incurred [3] 76 203 Paid (83 ) — Liability balance as of September 30, 2015 $ 805 $ 2,244 Reinsurance recoverable asset, as of January 1, 2015 $ 481 $ 2,041 Incurred [3] 89 203 Paid (66 ) — Reinsurance recoverable asset, as of September 30, 2015 $ 504 $ 2,244 [1] Included in Reserve for future policy benefits and unpaid losses and loss adjustment expenses on the Condensed Consolidated Balance Sheets. [2] These liability balances include all GMDB benefits, plus the life-contingent portion of GMWB benefits in excess of the return of the GRB. GMWB benefits up to the return of the GRB are embedded derivatives held at fair value and are excluded from these balances. [3] Includes the portion of assessments established as additions to reserves as well as changes in estimates affecting the reserves. The following table provides details concerning GMDB/GMWB exposure as of September 30, 2016 : Account Value by GMDB/GMWB Type Maximum anniversary value (“MAV”) [1] Account Value (“AV”) [8] Net Amount at Risk (“NAR”) [9] Retained Net Amount at Risk (“RNAR”) [9] Weighted Average Attained Age of Annuitant MAV only $ 13,815 $ 2,353 $ 359 71 With 5% rollup [2] 1,188 192 61 71 With Earnings Protection Benefit Rider (“EPB”) [3] 3,516 472 75 70 With 5% rollup & EPB 475 104 23 73 Total MAV 18,994 3,121 518 Asset Protection Benefit (“APB”) [4] 10,766 197 131 69 Lifetime Income Benefit (“LIB”) — Death Benefit [5] 480 6 6 69 Reset [6] (5-7 years) 2,457 15 14 70 Return of Premium (“ROP”) [7]/Other 8,999 65 61 68 Subtotal Variable Annuity with GMDB/GMWB [10] 41,696 $ 3,404 $ 730 70 Less: General Account Value with GMDB/GMWB 3,806 Subtotal Separate Account Liabilities with GMDB 37,890 Separate Account Liabilities without GMDB 80,758 Total Separate Account Liabilities $ 118,648 [1] MAV GMDB is the greatest of current AV, net premiums paid and the highest AV on any anniversary before age 80 years (adjusted for withdrawals). [2] Rollup GMDB is the greatest of the MAV, current AV, net premium paid and premiums (adjusted for withdrawals) accumulated at generally 5% simple interest up to the earlier of age 80 years or 100% of adjusted premiums. [3] EPB GMDB is the greatest of the MAV, current AV, or contract value plus a percentage of the contract’s growth. The contract’s growth is AV less premiums net of withdrawals, subject to a cap of 200% of premiums net of withdrawals. [4] APB GMDB is the greater of current AV or MAV, not to exceed current AV plus 25% times the greater of net premiums and MAV (each adjusted for premiums in the past 12 months ). [5] LIB GMDB is the greatest of current AV; net premiums paid; or, for certain contracts, a benefit amount generally based on market performance that ratchets over time. [6] Reset GMDB is the greatest of current AV, net premiums paid and the most recent five to seven year anniversary AV before age 80 years (adjusted for withdrawals). [7] ROP GMDB is the greater of current AV or net premiums paid. [8] AV includes the contract holder’s investment in the separate account and the general account. [9] NAR is defined as the guaranteed benefit in excess of the current AV. RNAR represents NAR reduced for reinsurance. NAR and RNAR are highly sensitive to equity markets movements and increase when equity markets decline. [10] Some variable annuity contracts with GMDB also have a life-contingent GMWB that may provide for benefits in excess of the return of the GRB. Such contracts included in this amount have $6.6 billion of total account value and weighted average attained age of 72 years . There is no NAR or retained NAR related to these contracts. Account balances of contracts with guarantees were invested in variable separate accounts as follows: Asset type As of September 30, 2016 As of December 31, 2015 Equity securities (including mutual funds) $ 34,772 $ 36,970 Cash and cash equivalents 3,118 3,453 Total $ 37,890 $ 40,423 As of September 30, 2016 and December 31, 2015 , approximately 16% and 17% , respectively, of the equity securities (including mutual funds), in the preceding table were funds invested in fixed income securities and approximately 84% and 83% , respectively, were funds invested in equity securities. For further information on guaranteed living benefits that are accounted for at fair value, such as GMWB, see Note 5 - Fair Value Measurements of Notes to Condensed Consolidated Financial Statements. |
Income Taxes Level 1 (Notes)
Income Taxes Level 1 (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | A reconciliation of the tax provision at the U.S. federal statutory rate to the provision (benefit) for income taxes is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Tax provision at U.S. federal statutory rate $ 185 $ 133 $ 378 $ 516 Tax-exempt interest (31 ) (33 ) (94 ) (100 ) Dividends-received deduction ("DRD") (14 ) (36 ) (57 ) (131 ) Decrease in valuation allowance — (60 ) (78 ) (57 ) Sale of U.K. business (50 ) — (50 ) — Other — 3 3 (6 ) Provision for income taxes $ 90 $ 7 $ 102 $ 222 In addition to the effect of tax-exempt interest and DRD, the Company’s effective tax rate for the three and nine months ended September 30, 2016 reflects a federal income tax benefit related to the sale of the Company's U.K. property and casualty runoff subsidiaries. The tax benefit of $50 relates to the difference between the tax basis and book basis of the Company's investment in the subsidiaries. The total estimated tax benefit recognized related to the sale of the U.K. property and casualty runoff subsidiaries was $65 . For discussion of this transaction, see Note 2 - Business Acquisitions and Dispositions of Notes to Condensed Consolidated Financial Statements. The Company’s effective tax rate for the nine months ended September 30, 2016 also reflects a reduction of $78 in deferred tax valuation allowance related to capital loss carryovers, which are fully utilized. The Company's effective tax rate for the three and nine months ended September 30, 2015 reflects a $60 benefit from the reduction of the deferred tax asset valuation allowance on the capital loss carryover due to taxable gains on sales of investments in the third quarter 2015. The Company’s effective tax rate for the nine months ended September 30, 2015 also reflects a $36 net reduction in the provision for income taxes related to uncertain tax positions consisting of a $48 reduction in the provision in second quarter 2015, offset by a $12 increase in the provision for the three months ended September 30, 2015. The separate account DRD is estimated for the current year using information from the most recent return, adjusted for current year equity market performance and other appropriate factors, including estimated levels of corporate dividend payments and level of policy owner equity account balances. The actual current year DRD can vary from estimates based on, but not limited to, changes in eligible dividends received in the mutual funds, amounts of distribution from these mutual funds, amounts of short-term capital gains at the mutual fund level and the Company’s taxable income before the DRD. The Company evaluates its DRD computations on a quarterly basis. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Balance, beginning of period $ 12 $ — $ 12 $ 48 Gross increases - tax positions in prior period — 12 — 12 Gross decreases - tax positions in prior period [1] — — — (48 ) Balance, end of period $ 12 $ 12 $ 12 $ 12 [1] Gross decreases in 2015 relate to conclusion of the Internal Revenue Service audit of the Company's 2007-2011 federal consolidated corporate income tax returns. The entire amount of unrecognized tax benefits, if recognized, would affect the effective tax rate in the period of the release. The federal audit of the years 2012 and 2013 began in March 2015 and is expected to be completed in 2017. Management believes that adequate provision has been made in the financial statements for any potential adjustments that may result from tax examinations and other tax-related matters for all open tax years. Net deferred income taxes include the future tax benefits associated with the net operating loss carryover, foreign tax credit carryover, capital loss carryover, and alternative minimum tax credit carryover as follows: As of September 30, 2016 December 31, 2015 Expiration Carryover amount Expected tax benefit, gross Carryover amount Expected tax benefit, gross Dates Amount Net operating loss carryover - U.S. $ 4,820 $ 1,687 $ 5,182 $ 1,814 2016 - 2020 $ 3 2023 - 2033 $ 4,817 Net operating loss carryover - foreign $ 76 $ 15 $ 89 $ 17 No expiration $ 76 Foreign tax credit carryover $ 65 $ 65 $ 154 $ 154 2020 - 2024 $ 65 Capital loss carryover $ — $ — $ 222 $ 78 $ — Alternative minimum tax credit carryover $ 684 $ 684 $ 639 $ 639 No expiration $ 684 Net Operating Loss Carryover Due to limitations on the use of losses for one subsidiary, a valuation allowance of $1 has been established as of September 30, 2016 and December 31, 2015 in order to recognize only the portion of net operating losses that will more likely than not be realized. Utilization of these loss carryovers is dependent upon the generation of sufficient future taxable income. Most of the net operating loss carryover originated from the Company's U.S. and international annuity business, including from the hedging program. Given the continued runoff of the U.S. fixed and variable annuity business, the exposure to taxable losses from the Talcott Resolution business is significantly lessened. Given the expected earnings of its property and casualty, group benefits and mutual fund businesses, the Company expects to generate sufficient taxable income in the future to utilize its net operating loss carryover net of the recorded valuation allowance. Although the Company projects there will be sufficient future taxable income to fully recover the remainder of the loss carryover, the Company's estimate of the likely realization may change over time. Alternative Minimum Tax Credit and Foreign Tax Credit Carryover These credits are available to offset regular federal income taxes from future taxable income and although the Company believes there will be sufficient future regular federal taxable income, there can be no certainty that future events will not affect the ability to utilize the credits. Additionally, the use of the foreign tax credits generally depends on the generation of sufficient taxable income to first utilize all U.S. net operating loss carryover. However, the Company has identified and begun to purchase certain investments which allow for utilization of the foreign tax credits without first using the net operating loss carryover. Consequently, the Company believes it is more likely than not the foreign tax credit carryover will be fully realized. Accordingly, no valuation allowance has been provided on either the alternative minimum tax carryover or foreign tax credit carryover. |
Commitments and Contingencies L
Commitments and Contingencies Level 1 (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Litigation The Hartford is involved in claims litigation arising in the ordinary course of business, both as a liability insurer defending or providing indemnity for third-party claims brought against insureds and as an insurer defending coverage claims brought against it. The Hartford accounts for such activity through the establishment of unpaid loss and loss adjustment expense reserves. Subject to the uncertainties in the following discussion under the caption “Asbestos and Environmental Claims,” management expects that the ultimate liability, if any, with respect to such ordinary-course claims litigation, after consideration of provisions made for potential losses and costs of defense, will not be material to the consolidated financial condition, results of operations or cash flows of The Hartford. The Hartford is also involved in other kinds of legal actions, some of which assert claims for substantial amounts. These actions include, among others, and in addition to the matters in the following discussion, putative state and federal class actions seeking certification of a state or national class. Such putative class actions have alleged, for example, underpayment of claims or improper underwriting practices in connection with various kinds of insurance policies, such as personal and commercial automobile, property, disability, life and inland marine. The Hartford also is involved in individual actions in which punitive damages are sought, such as claims alleging bad faith in the handling of insurance claims or other allegedly unfair or improper business practices. Like many other insurers, The Hartford also has been joined in actions by asbestos plaintiffs asserting, among other things, that insurers had a duty to protect the public from the dangers of asbestos and that insurers committed unfair trade practices by asserting defenses on behalf of their policyholders in the underlying asbestos cases. Management expects that the ultimate liability, if any, with respect to such lawsuits, after consideration of provisions made for estimated losses, will not be material to the consolidated financial condition of The Hartford. Nonetheless, given the large or indeterminate amounts sought in certain of these actions, and the inherent unpredictability of litigation, the outcome in certain matters could, from time to time, have a material adverse effect on the Company’s results of operations or cash flows in particular quarterly or annual periods. In addition to the inherent difficulty of predicting litigation outcomes, the Mutual Funds Litigation identified below purports to seek substantial damages for unsubstantiated conduct spanning a multi-year period based on novel applications of complex legal theories. The alleged damages are not quantified or factually supported in the complaint, and, in any event, the Company’s experience shows that demands for damages often bear little relation to a reasonable estimate of potential loss. The application of the legal standard identified by the court for assessing the potentially available damages, as described below, is inherently unpredictable, and no legal precedent has been identified that would aid in determining a reasonable estimate of potential loss. Accordingly, management cannot reasonably estimate the possible loss or range of loss, if any. Mutual Funds Litigation — In February 2011, a derivative action was brought on behalf of six Hartford retail mutual funds in the United States District Court for the District of New Jersey, alleging that Hartford Investment Financial Services, LLC (“HIFSCO”), an indirect subsidiary of the Company, received excessive advisory and distribution fees in violation of its statutory fiduciary duty under Section 36(b) of the Investment Company Act of 1940. HIFSCO moved to dismiss and, in September 2011, the motion was granted in part and denied in part, with leave to amend the complaint. In November 2011, plaintiffs filed an amended complaint on behalf of The Hartford Global Health Fund, The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisors Fund, and The Hartford Capital Appreciation Fund. Plaintiffs seek to rescind the investment management agreements and distribution plans between HIFSCO and these funds and to recover the total fees charged thereunder or, in the alternative, to recover any improper compensation HIFSCO received, in addition to lost earnings. HIFSCO filed a partial motion to dismiss the amended complaint and, in December 2012, the court dismissed without prejudice the claims regarding distribution fees and denied the motion with respect to the advisory fees claims. In March 2014, the plaintiffs filed a new complaint that, among other things, added as new plaintiffs The Hartford Floating Rate Fund and The Hartford Small Company Fund and named as a defendant Hartford Funds Management Company, LLC (“HFMC”), an indirect subsidiary of the Company which assumed the role as advisor to the funds as of January 2013. In June 2015, HFMC and HIFSCO moved for summary judgment, and plaintiffs cross-moved for partial summary judgment with respect to The Hartford Capital Appreciation Fund. In March 2016, the court, in large part, denied summary judgment for all parties. The court granted judgment for HFMC and HIFSCO with respect to all claims made by The Hartford Small Company Fund and certain claims made by The Hartford Floating Rate Fund. The court further ruled that the appropriate measure of damages on the surviving claims is the difference, if any, between the actual advisory fees paid through trial and those that could have been paid under the applicable legal standard. A bench trial on the issue of liability is scheduled to be held in November 2016. Asbestos and Environmental Claims – As discussed in Item 2, Management's Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Estimates - Property and Casualty Insurance Product Reserves, Net of Reinsurance - Property & Casualty Other Operations Claims, The Hartford continues to receive asbestos and environmental claims that involve significant uncertainty regarding policy coverage issues. Regarding these claims, The Hartford continually reviews its overall reserve levels and reinsurance coverages, as well as the methodologies it uses to estimate its exposures. Because of the significant uncertainties that limit the ability of insurers and reinsurers to estimate the ultimate reserves necessary for unpaid losses and related expenses, particularly those related to asbestos, the ultimate liabilities may exceed the currently recorded reserves. Any such additional liability cannot be reasonably estimated now but could be material to The Hartford’s consolidated operating results and liquidity. Derivative Commitments Certain of the Company’s derivative agreements contain provisions that are tied to the financial strength ratings, as set by nationally recognized statistical agencies, of the individual legal entity that entered into the derivative agreement. If the legal entity’s financial strength were to fall below certain ratings, the counterparties to the derivative agreements could demand immediate and ongoing full collateralization and in certain instances demand immediate settlement of all outstanding derivative positions traded under each impacted bilateral agreement. The settlement amount is determined by netting the derivative positions transacted under each agreement. If the termination rights were to be exercised by the counterparties, it could impact the legal entity’s ability to conduct hedging activities by increasing the associated costs and decreasing the willingness of counterparties to transact with the legal entity. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that are in a net liability position as of September 30, 2016 is $1.4 billion . Of this $1.4 billion the legal entities have posted collateral of $1.6 billion in the normal course of business. In addition, the Company has posted collateral of $31 associated with a customized GMWB derivative. Based on derivative market values as of September 30, 2016 a downgrade of one or two levels below the current financial strength ratings by either Moody’s or S&P would not require additional assets to be posted as collateral. These collateral amounts could change as derivative market values change, as a result of changes in our hedging activities or to the extent changes in contractual terms are negotiated. The nature of the collateral that we would post, if required, would be primarily in the form of U.S. Treasury bills, U.S. Treasury notes and government agency securities. |
Level 1 (Notes)
Level 1 (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Capital Purchase Program ("CPP") Warrants As of September 30, 2016 and December 31, 2015 , respectively, the Company has 4.1 million and 4.4 million of CPP warrants outstanding and exercisable. CPP warrant exercises were 0.1 million and 1.1 million for the three months ended September 30, 2016 and 2015, respectively and 0.3 million and 2.7 million during the nine months ended September 30, 2016 and 2015 , respectively. The declaration of common stock dividends by the Company in excess of a threshold triggers a provision in the Company's warrant agreement with The Bank of New York Mellon resulting in adjustments to the CPP warrant exercise price. Accordingly, the declaration of a common stock dividend during the three months ended September 30, 2016 resulted in an adjustment to the CPP warrant exercise price. The CPP warrant exercise price was $9.161 as of September 30, 2016 and $9.264 as of December 31, 2015 . Equity Repurchase Program The following summarizes equity repurchase activity in 2016 and remaining repurchase capacity as of September 30, 2016 . Three months ended Common Shares Repurchased Cost of Shares Repurchased Average Price Paid per Share Remaining Capacity Under Share Repurchase Authorization (In millions, except for per share data) March 31, 2016 8.4 $ 350 $ 41.72 June 30, 2016 7.8 $ 350 $ 44.74 September 30, 2016 8.4 $ 350 $ 41.54 Total 24.6 $ 1,050 $ 280 In October 2016, the Board of Directors authorized a new equity repurchase plan for $1.3 billion for the period commencing October 31, 2016 through December 31, 2017. The $1.3 billion authorization is in addition to the Company’s prior equity repurchase plan, which expires on December 31, 2016. During the period October 1, 2016 through October 26, 2016 , the Company repurchased approximately 2.0 million common shares for $85 . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income Loss Level 1 (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | Changes in AOCI, net of tax, by component consist of the following: Three months ended September 30, 2016 Changes in Net Unrealized Gain on Securities OTTI Losses in OCI Net Gain on Cash Flow Hedging Instruments Foreign Currency Translation Adjustments Pension and Other Postretirement Plan Adjustments AOCI, net of tax Beginning balance $ 2,437 $ (10 ) $ 200 $ (68 ) $ (1,659 ) $ 900 OCI before reclassifications 72 4 (17 ) 78 — 137 Amounts reclassified from AOCI (50 ) 1 (11 ) — 10 (50 ) OCI, net of tax 22 5 (28 ) 78 10 87 Ending balance $ 2,459 $ (5 ) $ 172 $ 10 $ (1,649 ) $ 987 Nine months ended September 30, 2016 Changes in Net Unrealized Gain on Securities OTTI Losses in OCI Net Gain on Cash Flow Hedging Instruments Foreign Currency Translation Adjustments Pension and Other Postretirement Plan Adjustments AOCI, net of tax Beginning balance $ 1,279 $ (7 ) $ 130 $ (55 ) $ (1,676 ) $ (329 ) OCI before reclassifications 1,263 (1 ) 78 65 — 1,405 Amounts reclassified from AOCI (83 ) 3 (36 ) — 27 (89 ) OCI, net of tax 1,180 2 42 65 27 1,316 Ending balance $ 2,459 $ (5 ) $ 172 $ 10 $ (1,649 ) $ 987 Reclassifications from AOCI consist of the following: AOCI Amount Reclassified from AOCI Affected Line Item in the Condensed Three Months Ended September 30, 2016 Nine Months Ended September 30, 2016 Net Unrealized Gain on Securities Available-for-sale securities $ 77 $ 128 Net realized capital losses 77 128 Total before tax 27 45 Income tax expense $ 50 $ 83 Net income OTTI Losses in OCI Other than temporary impairments $ (1 ) $ (5 ) Net realized capital losses (1 ) (5 ) Total before tax — (2 ) Income tax expense $ (1 ) $ (3 ) Net income Net Gains on Cash Flow Hedging Instruments Interest rate swaps $ — $ 7 Net realized capital losses Interest rate swaps 16 46 Net investment income Foreign currency swaps 1 3 Net realized capital losses 17 56 Total before tax 6 20 Income tax expense $ 11 $ 36 Net income Pension and Other Postretirement Plan Adjustments Amortization of prior service credit $ 2 $ 5 Insurance operating costs and other expenses Amortization of actuarial loss (17 ) (46 ) Insurance operating costs and other expenses (15 ) (41 ) Total before tax (5 ) (14 ) Income tax expense $ (10 ) $ (27 ) Net income Total amounts reclassified from AOCI $ 50 $ 89 Net income Changes in AOCI, net of tax, by component consist of the following: Three months ended September 30, 2015 Changes in Net Unrealized Gain on Securities OTTI Losses in OCI Net Gain on Cash Flow Hedging Instruments Foreign Currency Translation Adjustments Pension and Other Postretirement Plan Adjustments AOCI, net of tax Beginning balance $ 1,657 $ (7 ) $ 122 $ (24 ) $ (1,560 ) $ 188 OCI before reclassifications (113 ) 2 58 (14 ) (1 ) (68 ) Amounts reclassified from AOCI 19 1 (10 ) — 10 20 OCI, net of tax (94 ) 3 48 (14 ) 9 (48 ) Ending balance $ 1,563 $ (4 ) $ 170 $ (38 ) $ (1,551 ) $ 140 Nine months ended September 30, 2015 Changes in Net Unrealized Gain on Securities OTTI Losses in OCI Net Gain on Cash Flow Hedging Instruments Foreign Currency Translation Adjustments Pension and Other Postretirement Plan Adjustments AOCI, net of tax Beginning balance $ 2,370 $ (5 ) $ 150 $ (8 ) $ (1,579 ) $ 928 OCI before reclassifications (798 ) — 49 (30 ) — (779 ) Amounts reclassified from AOCI (9 ) 1 (29 ) — 28 (9 ) OCI, net of tax (807 ) 1 20 (30 ) 28 (788 ) Ending balance $ 1,563 $ (4 ) $ 170 $ (38 ) $ (1,551 ) $ 140 Reclassifications from AOCI consist of the following: AOCI Amount Reclassified from AOCI Affected Line Item in the Condensed Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Net Unrealized Gain on Securities Available-for-sale securities $ (29 ) $ 14 Net realized capital losses (29 ) 14 Total before tax (10 ) 5 Income tax expense $ (19 ) $ 9 Net income OTTI Losses in OCI Other than temporary impairments $ (1 ) $ (2 ) Net realized capital losses (1 ) (2 ) Total before tax — (1 ) Income tax expense $ (1 ) $ (1 ) Net income Net Gains on Cash Flow Hedging Instruments Interest rate swaps $ 1 $ 4 Net realized capital losses Interest rate swaps 15 47 Net investment income Foreign currency swaps — (7 ) Net realized capital losses 16 44 Total before tax 6 15 Income tax expense $ 10 $ 29 Net income Pension and Other Postretirement Plan Adjustments Amortization of prior service credit $ 2 $ 5 Insurance operating costs and other expenses Amortization of actuarial loss (17 ) (48 ) Insurance operating costs and other expenses (15 ) (43 ) Total before tax (5 ) (15 ) Income tax expense $ (10 ) $ (28 ) Net income Total amounts reclassified from AOCI $ (20 ) $ 9 Net income |
Employee Benefit Plans Level 1
Employee Benefit Plans Level 1 (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Company’s employee benefit plans are described in Note 16 - Employee Benefit Plans of Notes to Consolidated Financial Statements included in The Hartford’s 2015 Annual Report on Form 10-K. Components of Net Periodic Cost (Benefit) Net periodic cost (benefit) included the following components: Pension Benefits Other Postretirement Benefits Three Months Ended September 30, Three Months Ended September 30, 2016 2015 2016 2015 Service cost $ 1 $ — $ — $ — Interest cost 60 60 2 3 Expected return on plan assets (78 ) (77 ) (2 ) (3 ) Amortization of prior service credit — — (2 ) (2 ) Amortization of actuarial loss 15 16 2 1 Net periodic benefit $ (2 ) $ (1 ) $ — $ (1 ) Pension Benefits Other Postretirement Benefits Nine months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Service cost $ 2 $ 1 $ — $ — Interest cost 178 177 8 9 Expected return on plan assets (231 ) (233 ) (7 ) (9 ) Amortization of prior service credit — — (5 ) (5 ) Amortization of actuarial loss 42 45 4 3 Net periodic benefit $ (9 ) $ (10 ) $ — $ (2 ) |
Basis of Presentation and Acc21
Basis of Presentation and Accounting Policies Level 2 (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | The Hartford Financial Services Group, Inc. is a holding company for insurance and financial services subsidiaries that provide property and casualty insurance, group life and disability products, and mutual funds and exchange traded funds to individual and business customers in the United States (collectively, “The Hartford”, the “Company”, “we” or “our”). Also, the Company continues to runoff life and annuity products previously sold. On July 29, 2016, the Company completed the acquisition of Northern Homelands Company, the holding company of Maxum Specialty Insurance Group (collectively "Maxum"). On July 29, 2016, the Company completed the acquisition of Lattice Strategies LLC ("Lattice"). On July 26, 2016, the Company announced the signing of a definitive agreement to sell its United Kingdom ("U.K.") property and casualty run-off subsidiaries. For discussion of these transactions, see Note 2 - Business Acquisitions and Dispositions of Notes to Condensed Consolidated Financial Statements. The Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, which differ materially from the accounting practices prescribed by various insurance regulatory authorities. These Condensed Consolidated Financial Statements and Notes should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in the Company's 2015 Form 10-K Annual Report. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the full year. The accompanying Condensed Consolidated Financial Statements and Notes are unaudited. These financial statements reflect all adjustments (generally consisting only of normal accruals) which are, in the opinion of management, necessary for the fair presentation of the financial position, results of operations and cash flows for the interim periods. The Company's significant accounting policies are summarized in Note 1 - Basis of Presentation and Significant Accounting Policies of Notes to Consolidated Financial Statements included in the Company's 2015 Form 10-K Annual Report. Consolidation The Condensed Consolidated Financial Statements include the accounts of The Hartford Financial Services Group, Inc., and entities in which the Company directly or indirectly has a controlling financial interest. Entities in which the Company has significant influence over the operating and financing decisions but does not control are reported using the equity method. All intercompany transactions and balances between The Hartford and its subsidiaries and affiliates have been eliminated. Use of Estimates The preparation of financial statements, in conformity with U.S. GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates include those used in determining property and casualty insurance product reserves, net of reinsurance; estimated gross profits used in the valuation and amortization of assets and liabilities associated with variable annuity and other universal life-type contracts; evaluation of other-than-temporary impairments on available-for-sale securities and valuation allowances on investments; living benefits required to be fair valued; evaluation of goodwill for impairment; valuation of investments and derivative instruments; valuation allowance on deferred tax assets; and contingencies relating to corporate litigation and regulatory matters. Certain of these estimates are particularly sensitive to market conditions, and deterioration and/or volatility in the worldwide debt or equity markets could have a material impact on the Condensed Consolidated Financial Statements. Reclassifications Certain reclassifications have been made to prior period financial information to conform to the current period presentation. Adoption of New Accounting Standards On January 1, 2016 the Company adopted new consolidation guidance issued by the Financial Accounting Standards Board (“FASB”). The updates revise when to consolidate variable interest entities ("VIEs") and general partners’ investments in limited partnerships, end the deferral granted for applying the VIE guidance to certain investment companies, and reduce the number of circumstances where a decision maker’s or service provider’s fee arrangement is deemed to be a variable interest in an entity. The updates also modify guidance for determining whether limited partnerships are VIEs or voting interest entities. The new guidance did not have a material effect on the Company’s Condensed Consolidated Financial Statements. Future Adoption of New Accounting Standards Financial Instruments - Credit Losses In June 2016, the FASB issued updated guidance for recognition and measurement of credit losses on financial instruments. The new guidance will replace the “incurred loss” approach with an “expected loss” model for recognizing credit losses for instruments carried at other than fair value, which will initially result in the recognition of greater allowances for losses. The allowance will be an estimate of credit losses expected over the life of debt instruments, such as mortgage loans, reinsurance recoverables and receivables. Credit losses on available-for-sale (“AFS”) debt securities carried at fair value will continue to be measured as other-than-temporary impairments (“OTTI”) when incurred; however, the losses will be recognized through an allowance and no longer as an adjustment to the cost basis. Recoveries of OTTI will be recognized as reversals of valuation allowances and no longer accreted as investment income through an adjustment to the investment yield. The allowance on AFS securities cannot cause the net carrying value to be below fair value and, therefore, it is possible that increases in fair value due to decreases in market interest rates could cause the reversal of a valuation allowance and increase net income. The new guidance will also require purchased financial assets with a more-than-insignificant amount of credit deterioration since original issuance to be recorded based on contractual amounts due and an initial allowance recorded at the date of purchase. The guidance is effective January 1, 2020 through a cumulative-effect adjustment to retained earnings for the change in the allowance for credit losses for debt instruments carried at other than fair value. No allowance will be recognized at adoption for AFS debt securities; rather, their cost basis will be evaluated for an allowance for OTTI prospectively. Early adoption is permitted as of January 1, 2019. The Company has not yet determined the timing for adoption or estimated the effect on the Company’s consolidated financial statements. Leases In February 2016, the FASB issued updated guidance on lease accounting. Under the new guidance, lessees with operating leases will be required to recognize a liability for the present value of future minimum lease payments with a corresponding asset for the right of use of the property. Under existing guidance, future minimum lease payments on operating leases are commitments that are not recognized as liabilities on the balance sheet. The updated guidance is to be adopted effective January 1, 2019 through a cumulative effect adjustment to retained earnings for the earliest period presented, with early application permitted. Leases will be classified as financing or operating leases similar to capital and operating leases, respectively, under current accounting guidance. Where the lease is economically similar to a purchase because The Hartford obtains control of the underlying asset, the lease will be a financing lease and the Company will recognize amortization of the right of use asset and interest expense on the liability. Where the lease provides The Hartford with only the right to control the use of the underlying asset over the lease term and the lease term is greater than one year, the lease will be an operating lease and the amortization and interest cost will be recognized as rental expense over the lease term on a straight-line basis. Leases with a term of one year or less will also be expensed over the lease term but will not be recognized on the balance sheet. The Company is currently evaluating the potential impact of the new guidance to the consolidated financial statements, including the timing of adoption. We do not expect a material impact to the consolidated financial statements; however, it is expected that assets and liabilities will increase based on the present value of remaining lease payments for leases in place at the adoption date. Stock Compensation In March 2016, the FASB issued updated guidance on accounting for share-based payments to employees. The updated guidance requires the excess tax benefit or deficiency on vesting or settlement of awards to be recognized in earnings as an income tax benefit or expense, respectively. This recognition of excess tax benefits and deficiencies will result in earnings volatility as current accounting guidance recognizes these amounts as an adjustment to additional paid-in capital. The excess tax benefit was $27 and $6 for the years ended December 31, 2015 and 2014, respectively, which would have increased net income in each of those years. The excess tax benefits or deficiencies are discrete items in the reporting period in which they occur, and so will not be considered in determining the annual estimated effective tax rate. The excess tax benefits or deficiencies will be presented as a cash flow within operating activities instead of within financing activities as is the case under current accounting. The Hartford will adopt the updated guidance January 1, 2017 and will recognize excess tax benefits or deficiencies in net income, as well as the related cash flows in operating activities, on a prospective basis. The impact of the adoption will depend on the excess tax benefits or deficiencies realized on vesting or settlement of awards resulting from the difference between the market value of awards at vesting or settlement and the grant date fair value recognized through compensation expense. |
New Accounting Pronouncements, Policy [Policy Text Block] | Future Adoption of New Accounting Standards Financial Instruments - Credit Losses In June 2016, the FASB issued updated guidance for recognition and measurement of credit losses on financial instruments. The new guidance will replace the “incurred loss” approach with an “expected loss” model for recognizing credit losses for instruments carried at other than fair value, which will initially result in the recognition of greater allowances for losses. The allowance will be an estimate of credit losses expected over the life of debt instruments, such as mortgage loans, reinsurance recoverables and receivables. Credit losses on available-for-sale (“AFS”) debt securities carried at fair value will continue to be measured as other-than-temporary impairments (“OTTI”) when incurred; however, the losses will be recognized through an allowance and no longer as an adjustment to the cost basis. Recoveries of OTTI will be recognized as reversals of valuation allowances and no longer accreted as investment income through an adjustment to the investment yield. The allowance on AFS securities cannot cause the net carrying value to be below fair value and, therefore, it is possible that increases in fair value due to decreases in market interest rates could cause the reversal of a valuation allowance and increase net income. The new guidance will also require purchased financial assets with a more-than-insignificant amount of credit deterioration since original issuance to be recorded based on contractual amounts due and an initial allowance recorded at the date of purchase. The guidance is effective January 1, 2020 through a cumulative-effect adjustment to retained earnings for the change in the allowance for credit losses for debt instruments carried at other than fair value. No allowance will be recognized at adoption for AFS debt securities; rather, their cost basis will be evaluated for an allowance for OTTI prospectively. Early adoption is permitted as of January 1, 2019. The Company has not yet determined the timing for adoption or estimated the effect on the Company’s consolidated financial statements. Leases In February 2016, the FASB issued updated guidance on lease accounting. Under the new guidance, lessees with operating leases will be required to recognize a liability for the present value of future minimum lease payments with a corresponding asset for the right of use of the property. Under existing guidance, future minimum lease payments on operating leases are commitments that are not recognized as liabilities on the balance sheet. The updated guidance is to be adopted effective January 1, 2019 through a cumulative effect adjustment to retained earnings for the earliest period presented, with early application permitted. Leases will be classified as financing or operating leases similar to capital and operating leases, respectively, under current accounting guidance. Where the lease is economically similar to a purchase because The Hartford obtains control of the underlying asset, the lease will be a financing lease and the Company will recognize amortization of the right of use asset and interest expense on the liability. Where the lease provides The Hartford with only the right to control the use of the underlying asset over the lease term and the lease term is greater than one year, the lease will be an operating lease and the amortization and interest cost will be recognized as rental expense over the lease term on a straight-line basis. Leases with a term of one year or less will also be expensed over the lease term but will not be recognized on the balance sheet. The Company is currently evaluating the potential impact of the new guidance to the consolidated financial statements, including the timing of adoption. We do not expect a material impact to the consolidated financial statements; however, it is expected that assets and liabilities will increase based on the present value of remaining lease payments for leases in place at the adoption date. Stock Compensation In March 2016, the FASB issued updated guidance on accounting for share-based payments to employees. The updated guidance requires the excess tax benefit or deficiency on vesting or settlement of awards to be recognized in earnings as an income tax benefit or expense, respectively. This recognition of excess tax benefits and deficiencies will result in earnings volatility as current accounting guidance recognizes these amounts as an adjustment to additional paid-in capital. The excess tax benefit was $27 and $6 for the years ended December 31, 2015 and 2014, respectively, which would have increased net income in each of those years. The excess tax benefits or deficiencies are discrete items in the reporting period in which they occur, and so will not be considered in determining the annual estimated effective tax rate. The excess tax benefits or deficiencies will be presented as a cash flow within operating activities instead of within financing activities as is the case under current accounting. The Hartford will adopt the updated guidance January 1, 2017 and will recognize excess tax benefits or deficiencies in net income, as well as the related cash flows in operating activities, on a prospective basis. The impact of the adoption will depend on the excess tax benefits or deficiencies realized on vesting or settlement of awards resulting from the difference between the market value of awards at vesting or settlement and the grant date fair value recognized through compensation expense. |
Basis of Presentation | The Hartford Financial Services Group, Inc. is a holding company for insurance and financial services subsidiaries that provide property and casualty insurance, group life and disability products, and mutual funds and exchange traded funds to individual and business customers in the United States (collectively, “The Hartford”, the “Company”, “we” or “our”). Also, the Company continues to runoff life and annuity products previously sold. On July 29, 2016, the Company completed the acquisition of Northern Homelands Company, the holding company of Maxum Specialty Insurance Group (collectively "Maxum"). On July 29, 2016, the Company completed the acquisition of Lattice Strategies LLC ("Lattice"). On July 26, 2016, the Company announced the signing of a definitive agreement to sell its United Kingdom ("U.K.") property and casualty run-off subsidiaries. For discussion of these transactions, see Note 2 - Business Acquisitions and Dispositions of Notes to Condensed Consolidated Financial Statements. The Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, which differ materially from the accounting practices prescribed by various insurance regulatory authorities. These Condensed Consolidated Financial Statements and Notes should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in the Company's 2015 Form 10-K Annual Report. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the full year. The accompanying Condensed Consolidated Financial Statements and Notes are unaudited. These financial statements reflect all adjustments (generally consisting only of normal accruals) which are, in the opinion of management, necessary for the fair presentation of the financial position, results of operations and cash flows for the interim periods. The Company's significant accounting policies are summarized in Note 1 - Basis of Presentation and Significant Accounting Policies of Notes to Consolidated Financial Statements included in the Company's 2015 Form 10-K Annual Report. |
Consolidation | Consolidation The Condensed Consolidated Financial Statements include the accounts of The Hartford Financial Services Group, Inc., and entities in which the Company directly or indirectly has a controlling financial interest. Entities in which the Company has significant influence over the operating and financing decisions but does not control are reported using the equity method. All intercompany transactions and balances between The Hartford and its subsidiaries and affiliates have been eliminated. |
Use of Estimates | Use of Estimates The preparation of financial statements, in conformity with U.S. GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates include those used in determining property and casualty insurance product reserves, net of reinsurance; estimated gross profits used in the valuation and amortization of assets and liabilities associated with variable annuity and other universal life-type contracts; evaluation of other-than-temporary impairments on available-for-sale securities and valuation allowances on investments; living benefits required to be fair valued; evaluation of goodwill for impairment; valuation of investments and derivative instruments; valuation allowance on deferred tax assets; and contingencies relating to corporate litigation and regulatory matters. Certain of these estimates are particularly sensitive to market conditions, and deterioration and/or volatility in the worldwide debt or equity markets could have a material impact on the Condensed Consolidated Financial Statements. |
Reclassification, Policy | Reclassifications Certain reclassifications have been made to prior period financial information to conform to the current period presentation. |
Fair Value Measurements Level 2
Fair Value Measurements Level 2 (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | The Company's estimates of fair value for financial assets and financial liabilities are based on the framework established in the fair value accounting guidance. The framework is based on the inputs used in valuation, gives the highest priority to quoted prices in active markets and requires that observable inputs be used in the valuations when available. The Company categorizes its assets and liabilities measured at estimated fair value based on whether the significant inputs into the valuation are observable. The fair value hierarchy categorizes the inputs in the valuation techniques used to measure fair value into three broad Levels (Level 1, 2 or 3). Level 1 Unadjusted quoted prices for identical assets, or liabilities, in active markets that the Company has the ability to access at the measurement date. Level 2 Observable inputs, other than quoted prices included in Level 1, for the asset or liability, or prices for similar assets and liabilities. Level 3 Valuations that are derived from techniques in which one or more of the significant inputs are unobservable (including assumptions about risk). Because Level 3 fair values, by their nature, contain one or more significant unobservable inputs, as there is little or no observable market for these assets and liabilities, considerable judgment is used to determine the Level 3 fair values. Level 3 fair values represent the Company’s best estimate of an amount that could be realized in a current market exchange absent actual market exchanges. In many situations, inputs used to measure the fair value of an asset or liability position may fall into different levels of the fair value hierarchy. In these situations, the Company will determine the level in which the fair value falls based upon the lowest level input that is significant to the determination of the fair value. In most cases, both observable (e.g., changes in interest rates) and unobservable (e.g., changes in risk assumptions) inputs are used in the determination of fair values that the Company has classified within Level 3. Consequently, these values and the related gains and losses are based upon both observable and unobservable inputs. The Company’s fixed maturities included in Level 3 are classified as such because these securities are primarily within illiquid markets and/or priced by independent brokers. The following tables present assets and (liabilities) carried at fair value by hierarchy level. Upon implementation of the new disclosure guidance effective in 2016, certain NAV-based fair values are no longer included in the fair value level disclosures; however, these amounts are included in the total fair value disclosed. As a result, prior period values for limited partnerships and other alternative investments and certain separate account assets have been removed from Level 2 and Level 3. Valuation Techniques, Procedures and Controls The Company determines the fair values of certain financial assets and liabilities based on quoted market prices where available, and where prices represent a reasonable estimate of fair value. The Company also determines fair value based on future cash flows discounted at the appropriate current market rate. Fair values reflect adjustments for counterparty credit quality, the Company’s default spreads, liquidity, and where appropriate, risk margins on unobservable parameters. The fair value process is monitored by the Valuation Committee, which is a cross-functional group of senior management within the Company that meets at least quarterly. The Valuation Committee is co-chaired by the Heads of Investment Operations and Accounting, and has representation from various investment sector professionals, accounting, operations, legal, compliance, and risk management. The purpose of the committee is to oversee the pricing policy and procedures by ensuring objective and reliable valuation practices and pricing of financial instruments as well as addressing valuation issues and approving changes to valuation methodologies and pricing sources. There are also two working groups under the Valuation Committee, a Securities Fair Value Working Group (“Securities Working Group”) and a Derivatives Fair Value Working Group ("Derivatives Working Group"), which include various investment, operations, accounting and risk management professionals that meet monthly to review market data trends, pricing and trading statistics and results, and any proposed pricing methodology changes. The Company also has an enterprise-wide Operational Risk Management function, led by the Chief Operational Risk Officer, which is responsible for establishing, maintaining and communicating the framework, principles and guidelines of the Company's operational risk management program. This includes model risk management which provides an independent review of the suitability, characteristics and reliability of model inputs as well as an analysis of significant changes to current models. |
Investment Holding Level 2 (Pol
Investment Holding Level 2 (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Schedule of Investments [Abstract] | |
Investment, Policy [Policy Text Block] | Recognition and Presentation of Other-Than-Temporary Impairments The Company deems bonds and certain equity securities with debt-like characteristics (collectively “debt securities”) to be other-than-temporarily impaired (“impaired”) if a security meets the following conditions: a) the Company intends to sell or it is more likely than not that the Company will be required to sell the security before a recovery in value, or b) the Company does not expect to recover the entire amortized cost basis of the security. If the Company intends to sell or it is more likely than not that the Company will be required to sell the security before a recovery in value, a charge is recorded in net realized capital losses equal to the difference between the fair value and amortized cost basis of the security. For those impaired debt securities which do not meet the first condition and for which the Company does not expect to recover the entire amortized cost basis, the difference between the security’s amortized cost basis and the fair value is separated into the portion representing a credit OTTI, which is recorded in net realized capital losses, and the remaining non-credit impairment, which is recorded in OCI. Generally, the Company determines a security’s credit impairment as the difference between its amortized cost basis and its best estimate of expected future cash flows discounted at the security’s effective yield prior to impairment. The remaining non-credit impairment is the difference between the security’s fair value and the Company’s best estimate of expected future cash flows discounted at the security’s effective yield prior to the impairment, which typically includes current market liquidity and risk premiums. The previous amortized cost basis less the impairment recognized in net realized capital losses becomes the security’s new cost basis. The Company accretes the new cost basis to the estimated future cash flows over the expected remaining life of the security by prospectively adjusting the security’s yield, if necessary. The Company’s evaluation of whether a credit impairment exists for debt securities includes but is not limited to, the following factors: (a) changes in the financial condition of the security’s underlying collateral, (b) whether the issuer is current on contractually obligated interest and principal payments, (c) changes in the financial condition, credit rating and near-term prospects of the issuer, (d) the extent to which the fair value has been less than the amortized cost of the security and (e) the payment structure of the security. The Company’s best estimate of expected future cash flows used to determine the credit loss amount is a quantitative and qualitative process that incorporates information received from third-party sources along with certain internal assumptions and judgments regarding the future performance of the security. The Company’s best estimate of future cash flows involves assumptions including, but not limited to, earnings multiples, underlying asset valuations and various performance indicators, such as historical and projected default and recovery rates, credit ratings, current and projected delinquency rates, and loan-to-value ("LTV") ratios. In addition, for structured securities, the Company considers factors including, but not limited to, average cumulative collateral loss rates that vary by vintage year, commercial and residential property value declines that vary by property type and location and commercial real estate delinquency levels. These assumptions require the use of significant management judgment and include the probability of issuer default and estimates regarding timing and amount of expected recoveries which may include estimating the underlying collateral value. In addition, projections of expected future debt security cash flows may change based upon new information regarding the performance of the issuer and/or underlying collateral such as changes in the projections of the underlying property value estimates. For equity securities where the decline in the fair value is deemed to be other-than-temporary, a charge is recorded in net realized capital losses equal to the difference between the fair value and cost basis of the security. The previous cost basis less the impairment becomes the security’s new cost basis. The Company asserts its intent and ability to retain those equity securities deemed to be temporarily impaired until the price recovers. Once identified, these securities are systematically restricted from trading unless approved by investment and accounting professionals. The primary factors considered in evaluating whether an impairment exists for an equity security may include, but are not limited to: (a) the length of time and extent to which the fair value has been less than the cost of the security, (b) changes in the financial condition, credit rating and near-term prospects of the issuer, (c) whether the issuer is current on preferred stock dividends and (d) the intent and ability of the Company to retain the investment for a period of time sufficient to allow for recovery. |
Repurchase Agreements, Valuation, Policy [Policy Text Block] | Securities Lending, Repurchase Agreements, and Similar Transactions and Other Collateral Transactions The Company participates in securities lending programs to generate additional income. Through these programs, certain fixed maturities within the corporate, foreign government/government agencies, and municipal sectors as well as equity securities are loaned from the Company’s portfolio to qualifying third-party borrowers in return for collateral in the form of cash or securities. Borrowers of these securities provide collateral of 102% and 105% of the fair value of the securities lent at the time of the loan for domestic and non-domestic securities, respectively. The borrower will return the securities to the Company for cash or securities collateral at maturity dates generally of 90 days or less. Security collateral on deposit from counterparties in connection with securities lending transactions may not be sold or re-pledged, except in the event of default, and is not reflected on the Company’s consolidated balance sheets. The fair value of the loaned securities is monitored and additional collateral is obtained if the fair value of the collateral falls below 100% of the fair value of the loaned securities. The agreements provide the counterparty the right to sell or re-pledge the securities transferred. If cash, rather than securities, is received as collateral, the cash is typically invested in short-term investments or fixed maturities and is reported as an asset on the consolidated balance sheets. Income associated with securities lending transactions is reported as a component of net investment income on the Company’s consolidated statements of operations. As of September 30, 2016 , the fair value of securities on loan and the associated liability for cash collateral received was $168 and $114 , respectively. The Company also received securities collateral of $57 which was not included in the Company's Condensed Consolidated Balance Sheets. As of December 31, 2015 , the fair value of securities on loan and the associated liability for cash collateral received was $67 and $68 , respectively. From time to time, the Company enters into repurchase agreements and similar transactions to manage liquidity or to earn incremental spread income. A repurchase agreement is a transaction in which one party (transferor) agrees to sell securities to another party (transferee) in return for cash (or securities), with a simultaneous agreement to repurchase the same securities at a specified price at a later date. A dollar roll is a type of repurchase agreement where a mortgage backed security is sold with an agreement to repurchase substantially the same security at a specified time in the future. Repurchase transactions generally have a contractual maturity of ninety days or less. |
Repurchase Agreements, Collateral, Policy [Policy Text Block] | As part of repurchase agreements, the Company transfers collateral of U.S. government and government agency securities and receives cash. For repurchase agreements, the Company obtains cash in an amount equal to at least 95% of the fair value of the securities transferred. The agreements contain contractual provisions that require additional collateral to be transferred when necessary and provide the counterparty the right to sell or re-pledge the securities transferred. The cash received from the repurchase program is typically invested in short-term investments or fixed maturities. Repurchase agreements include master netting provisions that provide the counterparties the right to offset claims and apply securities held by them with respect to their obligations in the event of a default. Although the Company has the contractual right to offset claims, fixed maturities do not meet the specific conditions for net presentation under U.S. GAAP. The Company accounts for the repurchase agreements as collateralized borrowings. The securities transferred under repurchase agreements are included in fixed maturities, AFS with the obligation to repurchase those securities recorded in other liabilities on the Company's Condensed Consolidated Balance Sheets. |
Derivatives Instruments Level 2
Derivatives Instruments Level 2 (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives, Policy [Policy Text Block] | The Company utilizes a variety of OTC, OTC-cleared and exchange traded derivative instruments as a part of its overall risk management strategy as well as to enter into replication transactions. Derivative instruments are used to manage risk associated with interest rate, equity market, commodity market, credit spread, issuer default, price, and currency exchange rate risk or volatility. Replication transactions are used as an economical means to synthetically replicate the characteristics and performance of assets that are permissible investments under the Company’s investment policies. The Company also may enter into and has previously issued financial instruments and products that either are accounted for as free-standing derivatives, such as certain reinsurance contracts, or may contain features that are deemed to be embedded derivative instruments, such as the GMWB rider included with certain variable annuity products. |
Derivatives, Methods of Accounting, Hedge Documentation [Policy Text Block] | Strategies That Qualify for Hedge Accounting Certain derivatives that the Company enters into satisfy the hedge accounting requirements as outlined in Note 1 - Basis of Presentation and Significant Accounting Policies of Notes to Consolidated Financial Statements, included in The Hartford’s 2015 Form 10-K Annual Report. Typically, these hedge relationships include interest rate swaps and, to a lesser extent, foreign currency swaps where the terms or expected cash flows of the hedged item closely match the terms of the swap. The interest rate swaps are typically used to manage interest rate duration of certain fixed maturity securities or liability contracts. The hedge strategies by hedge accounting designation include: Cash Flow Hedges Interest rate swaps are predominantly used to manage portfolio duration and better match cash receipts from assets with cash disbursements required to fund liabilities. These derivatives primarily convert interest receipts on floating-rate fixed maturity securities to fixed rates. The Company also enters into forward starting swap agreements to hedge the interest rate exposure related to the purchase of fixed-rate securities, primarily to hedge interest rate risk inherent in the assumptions used to price certain liabilities. Foreign currency swaps are used to convert foreign currency-denominated cash flows related to certain investment receipts and liability payments to U.S. dollars in order to reduce cash flow fluctuations due to changes in currency rates. Fair Value Hedges Interest rate swaps are used to hedge the changes in fair value of fixed maturity securities due to fluctuations in interest rates. These swaps are typically used to manage interest rate duration. |
Derivatives, Methods of Accounting, Derivatives Not Designated or Qualifying as Hedges [Policy Text Block] | Non-Qualifying Strategies Derivative relationships that do not qualify for hedge accounting (“non-qualifying strategies”) primarily include the hedge program for the Company's variable annuity products as well as the hedging and replication strategies that utilize credit default swaps. In addition, hedges of interest rate, foreign currency and equity risk of certain fixed maturities, equities and liabilities do not qualify for hedge accounting. The non-qualifying strategies include: Interest Rate Swaps, Swaptions, and Futures The Company uses interest rate swaps, swaptions, and futures to manage duration between assets and liabilities in certain investment portfolios. In addition, the Company enters into interest rate swaps to terminate existing swaps, thereby offsetting the changes in value of the original swap. As of September 30, 2016 , and December 31, 2015 , the notional amount of interest rate swaps in offsetting relationships was $12.1 billion and $12.9 billion , respectively. Foreign Currency Swaps and Forwards Foreign currency forwards are used to hedge non-U.S. dollar denominated cash and equity securities as well as currency impacts on changes in equity of the U.K. property and casualty runoff subsidiaries that is held for sale. For further information on the disposition, see Note 2 - Business Acquisitions and Dispositions of Notes to Condensed Consolidated Financial Statements. The Company also enters into foreign currency swaps and forwards to convert the foreign currency exposures of certain foreign currency-denominated fixed maturity investments to U.S. dollars. Fixed Payout Annuity Hedge The Company reinsures certain yen denominated fixed payout annuities. The Company invests in U.S. dollar denominated assets to support the reinsurance liability. The Company has in place pay U.S. dollar, receive yen swap contracts to hedge the currency and yen interest rate exposure between the U.S. dollar denominated assets and the yen denominated fixed liability reinsurance payments. Credit Contracts Credit default swaps are used to purchase credit protection on an individual entity or referenced index to economically hedge against default risk and credit-related changes in value of fixed maturity securities. Credit default swaps are also used to assume credit risk related to an individual entity or referenced index as a part of replication transactions. These contracts require the Company to pay or receive a periodic fee in exchange for compensation from the counterparty should the referenced security issuers experience a credit event, as defined in the contract. The Company is also exposed to credit risk related to certain structured fixed maturity securities that have embedded credit derivatives, which reference a standard index of corporate securities. In addition, the Company enters into credit default swaps to terminate existing credit default swaps, thereby offsetting the changes in value of the original swap going forward. Equity Index Swaps and Options The Company enters into equity index options to hedge the impact of a decline in the equity markets on the investment portfolio. During 2015, the Company entered into a total return swap to hedge equity risk of specific common stock investments which were accounted for using the fair value option in order to align the accounting treatment within net realized capital gains (losses). The swap matured in January 2016 and the specific common stock investments were sold at that time. In addition, the Company formerly offered certain equity indexed products that remain in force, a portion of which contain embedded derivatives that require bifurcation. The Company uses equity index swaps to economically hedge the equity volatility risk associated with the equity indexed products. Commodity Contracts The Company has used put option contracts on oil futures to partially offset potential losses related to certain fixed maturity securities that could be impacted by changes in oil prices. GMWB Derivatives, Net The Company formerly offered certain variable annuity products with GMWB riders. The GMWB product is a bifurcated embedded derivative (“GMWB product derivatives”) that has a notional value equal to the GRB. The Company uses reinsurance contracts to transfer a portion of its risk of loss due to GMWB. The reinsurance contracts covering GMWB (“GMWB reinsurance contracts”) are accounted for as free-standing derivatives with a notional amount equal to the GRB amount. The Company utilizes derivatives (“GMWB hedging instruments”) as part of a dynamic hedging program designed to hedge a portion of the capital market risk exposures of the non-reinsured GMWB riders due to changes in interest rates, equity market levels, and equity volatility. These derivatives include customized swaps, interest rate swaps and futures, and equity swaps, options and futures, on certain indices including the S&P 500 index, EAFE index and NASDAQ index. The Company retains the risk for differences between assumed and actual policyholder behavior and between the performance of the actively managed funds underlying the separate accounts and their respective indices. The following table presents notional and fair value for GMWB hedging instruments. Notional Amount Fair Value September 30, December 31, 2015 September 30, December 31, 2015 Customized swaps $ 5,366 $ 5,877 $ 142 $ 131 Equity swaps, options, and futures 1,355 1,362 (13 ) 2 Interest rate swaps and futures 3,743 3,740 40 25 Total $ 10,464 $ 10,979 $ 169 $ 158 Macro Hedge Program The Company utilizes equity swaps, options, futures, and forwards to provide partial protection against the statutory tail scenario risk arising from GMWB and guaranteed minimum death benefit ("GMDB") liabilities on the Company's statutory surplus. These derivatives cover some of the residual risks not otherwise covered by the dynamic hedging program. The following table presents notional and fair value for the macro hedge program. Notional Amount Fair Value September 30, December 31, 2015 September 30, December 31, 2015 Equity swaps, options, futures, and forwards $ 6,348 $ 4,548 $ 136 $ 147 Total $ 6,348 $ 4,548 $ 136 $ 147 Contingent Capital Facility Put Option The Company entered into a put option agreement that provides the Company the right to require a third-party trust to purchase, at any time, The Hartford’s junior subordinated notes in a maximum aggregate principal amount of $500 . Under the put option agreement, The Hartford will pay premiums on a periodic basis and will reimburse the trust for certain fees and ordinary expenses. Modified Coinsurance Reinsurance Contracts As of September 30, 2016 , and December 31, 2015 , the Company had approximately $921 and $895 , respectively, of invested assets supporting other policyholder funds and benefits payable reinsured under a modified coinsurance arrangement in connection with the sale of the Individual Life business, which was structured as a reinsurance transaction. The assets are primarily held in a trust established by the Company. The Company pays or receives cash quarterly to settle the results of the reinsured business, including the investment results. As a result of this modified coinsurance arrangement, the Company has an embedded derivative that transfers to the reinsurer certain unrealized changes in fair value due to interest rate and credit risks of these assets. The notional amount of the embedded derivative reinsurance contracts are the invested assets that are carried at fair value supporting the reinsured reserves. |
Business Acquisitions and Dis25
Business Acquisitions and Dispositions Level 3 (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The following table summarizes the fair value of the consideration transferred at the acquisition date. Fair value of consideration transferred Cash $ 19 Contingent consideration 23 Total $ 42 The following table summarizes the fair value of assets acquired and liabilities assumed at the acquisition date. As of July 29, 2016 Assets Intangible assets [1] $ 11 Other assets (including cash of $1) 2 Total assets acquired 13 Liabilities Total liabilities assumed 1 Net identifiable assets acquired 12 Goodwill [2] 30 Net assets acquired $ 42 [1] Comprised of an indefinite lived intangible asset of $10 related to customer relationships and $1 of other intangibles, which are amortizable over 5 to 8 years. [2] Deductible for federal income tax purposes. The following table summarizes the fair value of the consideration transferred at the acquisition date. Fair value of consideration transferred Cash $ 19 Contingent consideration 23 Total $ 42 The following table summarizes the fair value of assets acquired and liabilities assumed at the acquisition date. As of July 29, 2016 Assets Cash and investments (including cash of $12) $ 274 Reinsurance recoverables 113 Intangible assets [1] 11 Other assets 80 Total assets acquired 478 Liabilities Unpaid losses 235 Unearned premiums 77 Other liabilities 34 Total liabilities assumed 346 Net identifiable assets acquired 132 Goodwill [2] 37 Net assets acquired $ 169 |
Disposal Groups, Including Discontinued Operations [Table Text Block] | The carrying values of the assets and liabilities to be transferred by the Company to the buyer in connection with the sale are as follows: As of September 30, 2016 Assets Cash and investments $ 695 Reinsurance recoverables [1] 226 Total assets held for sale 921 Liabilities Reserve for future policy benefits and unpaid loss and loss adjustment expenses 638 Other liabilities 15 Total liabilities held for sale $ 653 [1] Includes intercompany reinsurance recoverables of $58 to be settled in cash or securities prior to closing. |
Earnings (Loss) Per Common Sh26
Earnings (Loss) Per Common Share Level 3 (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, (In millions, except for per share data) 2016 2015 2016 2015 Earnings Income from continuing operations Income from continuing operations, net of tax $ 438 $ 372 $ 977 $ 1,252 Income from discontinued operations, net of tax — 9 — 9 Net income $ 438 $ 381 $ 977 $ 1,261 Shares Weighted average common shares outstanding, basic 383.8 413.8 391.4 418.4 Dilutive effect of stock compensation plans 3.2 5.1 3.5 5.0 Dilutive effect of warrants 3.5 4.1 3.6 4.9 Weighted average common shares outstanding and dilutive potential common shares 390.5 423.0 398.5 428.3 Net income per common share Basic Income from continuing operations, net of tax $ 1.14 $ 0.90 $ 2.50 $ 2.99 Income from discontinued operations, net of tax — 0.02 — 0.02 Net income per common share $ 1.14 $ 0.92 $ 2.50 $ 3.01 Diluted Income from continuing operations, net of tax $ 1.12 $ 0.88 $ 2.45 $ 2.92 Income from discontinued operations, net of tax — 0.02 — 0.02 Net income per common share $ 1.12 $ 0.90 $ 2.45 $ 2.94 |
Segment Information Level 3 (Ta
Segment Information Level 3 (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following table presents net income (loss) for each reporting segment, as well as the Corporate category. Three Months Ended September 30, Nine Months Ended September 30, Net Income (Loss) 2016 2015 2016 2015 Commercial Lines $ 272 $ 211 $ 740 $ 710 Personal Lines 29 19 (4 ) 136 Property & Casualty Other Operations 31 16 (106 ) (72 ) Group Benefits 62 42 167 150 Mutual Funds 21 22 61 66 Talcott Resolution 78 74 199 402 Corporate (55 ) (3 ) (80 ) (131 ) Net income $ 438 $ 381 $ 977 $ 1,261 |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | The following table presents revenues by product line for each reporting segment, as well as the Corporate category. Three Months Ended September 30, Nine Months Ended September 30, Revenues 2016 2015 2016 2015 Earned premiums and fee income Commercial Lines Workers’ compensation $ 772 $ 769 $ 2,299 $ 2,273 Liability 156 146 447 423 Package business 313 305 925 896 Automobile 162 156 472 456 Professional liability 57 58 165 168 Bond 56 55 163 163 Property 161 158 479 474 Total Commercial Lines 1,677 1,647 4,950 4,853 Personal Lines Automobile 686 674 2,044 1,994 Homeowners 294 303 887 901 Total Personal Lines [1] 980 977 2,931 2,895 Property & Casualty Other Operations — 1 — 1 Group Benefits Group disability 378 361 1,128 1,106 Group life 383 365 1,134 1,106 Other 51 43 153 133 Total Group Benefits 812 769 2,415 2,345 Mutual Funds Mutual Fund 153 154 442 457 Talcott 25 28 75 88 Total Mutual Funds 178 182 517 545 Talcott Resolution 268 275 796 848 Corporate 1 1 3 6 Total earned premiums and fee income 3,916 3,852 11,612 11,493 Net investment income 772 730 2,203 2,335 Net realized capital losses (17 ) (44 ) (119 ) (30 ) Other revenues 24 24 67 66 Total revenues $ 4,695 $ 4,562 $ 13,763 $ 13,864 |
Fair Value Measurements Level 3
Fair Value Measurements Level 3 (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Assets and (liabilities) carried at fair value by hierarchy level | September 30, 2016 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets accounted for at fair value on a recurring basis Fixed maturities, AFS Asset-backed-securities ("ABS") $ 2,685 $ — $ 2,654 $ 31 Collateralized debt obligations ("CDOs") 2,573 — 2,104 469 Commercial mortgage-backed securities ("CMBS") 5,268 — 5,191 77 Corporate 26,904 — 25,810 1,094 Foreign government/government agencies 1,186 — 1,112 74 Municipal 12,594 — 12,468 126 Residential mortgage-backed securities ("RMBS") 4,936 — 2,881 2,055 U.S. Treasuries 4,079 348 3,731 — Total fixed maturities 60,225 348 55,951 3,926 Fixed maturities, FVO 360 — 351 9 Equity securities, trading [1] 11 11 — — Equity securities, AFS 875 645 130 100 Derivative assets Credit derivatives 8 — 8 — Foreign exchange derivatives 2 — 2 — Interest rate derivatives 104 — 104 — Guaranteed minimum withdrawal benefit ("GMWB") hedging instruments 66 — (15 ) 81 Macro hedge program 96 — — 96 Other derivative contracts 2 — — 2 Total derivative assets [2] 278 — 99 179 Short-term investments 2,219 494 1,725 — Limited partnerships and other alternative investments [3] — — — — Reinsurance recoverable for GMWB 98 — — 98 Modified coinsurance reinsurance contracts 31 — 31 — Separate account assets [4] 116,163 74,870 40,028 325 Total assets accounted for at fair value on a recurring basis $ 180,260 $ 76,368 $ 98,315 $ 4,637 Liabilities accounted for at fair value on a recurring basis Other policyholder funds and benefits payable GMWB $ (348 ) $ — $ — $ (348 ) Equity linked notes (31 ) — — (31 ) Total other policyholder funds and benefits payable (379 ) — — (379 ) Derivative liabilities Credit derivatives (10 ) — (10 ) — Equity derivatives 30 — 30 — Foreign exchange derivatives (257 ) — (257 ) — Interest rate derivatives (961 ) — (929 ) (32 ) GMWB hedging instruments 103 — 53 50 Macro hedge program 40 — (32 ) 72 Total derivative liabilities [5] (1,055 ) — (1,145 ) 90 Contingent consideration [6] 23 — — 23 Total liabilities accounted for at fair value on a recurring basis $ (1,411 ) $ — $ (1,145 ) $ (266 ) December 31, 2015 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets accounted for at fair value on a recurring basis Fixed maturities, AFS ABS $ 2,499 $ — $ 2,462 $ 37 CDOs 3,038 — 2,497 541 CMBS 4,717 — 4,567 150 Corporate 26,802 — 25,948 854 Foreign government/government agencies 1,308 — 1,248 60 Municipal 12,121 — 12,072 49 RMBS 4,046 — 2,424 1,622 U.S. Treasuries 4,665 740 3,925 — Total fixed maturities 59,196 740 55,143 3,313 Fixed maturities, FVO 503 2 485 16 Equity securities, trading [1] 11 11 — — Equity securities, AFS 1,121 874 154 93 Derivative assets Credit derivatives 21 — 21 — Foreign exchange derivatives 15 — 15 — Interest rate derivatives (227 ) — (227 ) — GMWB hedging instruments 111 — 27 84 Macro hedge program 74 — — 74 Other derivative contracts 7 — — 7 Total derivative assets [2] 1 — (164 ) 165 Short-term investments 1,843 333 1,510 — Limited partnerships and other alternative investments [3] 622 — — — Reinsurance recoverable for GMWB 83 — — 83 Modified coinsurance reinsurance contracts 79 — 79 — Separate account assets [4] 118,174 78,110 38,700 140 Total assets accounted for at fair value on a recurring basis $ 181,633 $ 80,070 $ 95,907 $ 3,810 Liabilities accounted for at fair value on a recurring basis Other policyholder funds and benefits payable GMWB $ (262 ) $ — $ — $ (262 ) Equity linked notes (26 ) — — (26 ) Total other policyholder funds and benefits payable (288 ) — — (288 ) Derivative liabilities Credit derivatives (16 ) — (16 ) — Equity derivatives 41 — 41 — Foreign exchange derivatives (374 ) — (374 ) — Interest rate derivatives (569 ) — (547 ) (22 ) GMWB hedging instruments 47 — (4 ) 51 Macro hedge program 73 — — 73 Total derivative liabilities [5] (798 ) — (900 ) 102 Total liabilities accounted for at fair value on a recurring basis $ (1,086 ) $ — $ (900 ) $ (186 ) [1] Included in other investments on the Condensed Consolidated Balance Sheets. [2] Includes over-the-counter ("OTC") and OTC-cleared derivative instruments in a net positive fair value position after consideration of the accrued interest and impact of collateral posting requirements which may be imposed by agreements, clearing house rules and applicable law. See the following footnote 5 for derivative liabilities. [3] Represents hedge funds where investment company accounting was applied to a wholly-owned fund of funds measured at fair value. During 2016, the Company liquidated this fund of funds. [4] Approximately $2.5 billion and $1.8 billion of investment sales receivable, as of September 30, 2016 , and December 31, 2015 , respectively, are excluded from this disclosure requirement because they are trade receivables in the ordinary course of business where the carrying amount approximates fair value. Included in the total fair value amount are $0.9 billion and $1.2 billion of investments, as of September 30, 2016 and December 31, 2015 , for which the fair value is estimated using the net asset value per unit as a practical expedient and which are excluded from the disclosure requirement to classify amounts in the fair value hierarchy in connection with the retrospective adoption of ASU 2015-07, Disclosure for Investments in Certain Entities That Calculate Net Asset Value per Share (or its Equivalent), on January 1, 2016. [5] Includes OTC and OTC-cleared derivative instruments in a net negative fair value position (derivative liability) after consideration of the accrued interest and impact of collateral posting requirements, which may be imposed by agreements, clearing house rules and applicable law. [6] For additional information on the Lattice acquisition, see Note 2 - Business Acquisitions and Dispositions of Notes to Condensed Consolidated Financial Statements. |
Information about significant unobservable inputs used in Level 3 assets measured at fair value | The following tables present information about significant unobservable inputs used in Level 3 assets measured at fair value. The tables exclude ABS, CRE CDOs, certain CMBS, corporate and municipal securities as well as index options for which fair values are based on broker quotations. Securities Unobservable Inputs As of September 30, 2016 Assets Accounted for at Fair Value on a Recurring Basis Fair Value Predominant Significant Unobservable Input Minimum Maximum Weighted Average [1] Impact of Increase in Input on Fair Value [2] CMBS [3] $ 53 Discounted cash flows Spread (encompasses prepayment, default risk and loss severity) 11 bps 1,274 bps 331 bps Decrease Corporate [3] 508 Discounted cash flows Spread 87 bps 1,364 bps 421 bps Decrease Municipal [3] 109 Discounted cash flows Spread 195 bps 326 bps 252 bps Decrease RMBS 2,055 Discounted cash flows Spread 43 bps 1,736 bps 194 bps Decrease Constant prepayment rate —% 20% 3% Decrease [4] Constant default rate —% 11% 6% Decrease Loss severity —% 100% 79% Decrease As of December 31, 2015 CMBS [3] $ 122 Discounted cash flows Spread (encompasses prepayment, default risk and loss severity) 31 bps 1,505 bps 266 bps Decrease Corporate [3] 339 Discounted cash flows Spread 63 bps 800 bps 306 bps Decrease Municipal [3] 31 Discounted cash flows Spread 193 bps 193 bps 193 bps Decrease RMBS 1,622 Discounted cash flows Spread 30 bps 1,696 bps 178 bps Decrease Constant prepayment rate —% 20% 2% Decrease [4] Constant default rate 1% 10% 6% Decrease Loss severity —% 100% 78% Decrease [1] The weighted average is determined based on the fair value of the securities. [2] Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table. [3] Excludes securities for which the Company bases fair value on broker quotations; however, included are broker priced lower-rated private placement securities for which the Company receives spread and yield information to corroborate the fair value. [4] Decrease for above market rate coupons and increase for below market rate coupons. Freestanding Derivatives Unobservable Inputs As of September 30, 2016 Fair Value Predominant Significant Unobservable Input Minimum Maximum Impact of Increase in Input on Fair Value [1] Interest rate derivative Interest rate swaps $ (34 ) Discounted cash flows Swap curve beyond 30 years 2 % 2 % Decrease Interest rate swaptions [2] 2 Option model Interest rate volatility 1 % 1 % Increase GMWB hedging instruments Equity variance swaps (36 ) Option model Equity volatility 20 % 23 % Increase Equity options 25 Option model Equity volatility 27 % 29 % Increase Customized swaps 142 Discounted cash flows Equity volatility 12 % 30 % Increase Macro hedge program [3] Equity options 195 Option model Equity volatility 15 % 27 % Increase As of December 31, 2015 Interest rate derivative Interest rate swaps $ (30 ) Discounted cash flows Swap curve beyond 30 years 3 % 3 % Decrease Interest rate swaptions [2] 8 Option model Interest rate volatility 1 % 2 % Increase GMWB hedging instruments Equity variance swaps (31 ) Option model Equity volatility 19 % 21 % Increase Equity options 35 Option model Equity volatility 27 % 29 % Increase Customized swaps 131 Discounted cash flows Equity volatility 10 % 40 % Increase Macro hedge program [3] Equity options 179 Option model Equity volatility 14 % 28 % Increase Freestanding Derivatives Unobservable Inputs As of September 30, 2016 Fair Value Predominant Significant Unobservable Input Minimum Maximum Impact of Increase in Input on Fair Value [1] Interest rate derivative Interest rate swaps $ (34 ) Discounted cash flows Swap curve beyond 30 years 2 % 2 % Decrease Interest rate swaptions [2] 2 Option model Interest rate volatility 1 % 1 % Increase GMWB hedging instruments Equity variance swaps (36 ) Option model Equity volatility 20 % 23 % Increase Equity options 25 Option model Equity volatility 27 % 29 % Increase Customized swaps 142 Discounted cash flows Equity volatility 12 % 30 % Increase Macro hedge program [3] Equity options 195 Option model Equity volatility 15 % 27 % Increase As of December 31, 2015 Interest rate derivative Interest rate swaps $ (30 ) Discounted cash flows Swap curve beyond 30 years 3 % 3 % Decrease Interest rate swaptions [2] 8 Option model Interest rate volatility 1 % 2 % Increase GMWB hedging instruments Equity variance swaps (31 ) Option model Equity volatility 19 % 21 % Increase Equity options 35 Option model Equity volatility 27 % 29 % Increase Customized swaps 131 Discounted cash flows Equity volatility 10 % 40 % Increase Macro hedge program [3] Equity options 179 Option model Equity volatility 14 % 28 % Increase [1] Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table. Changes are based on long positions, unless otherwise noted. Changes in fair value will be inversely impacted for short positions. [2] The swaptions presented are purchased options that have the right to enter into a pay-fixed swap. [3] Excludes derivatives for which the Company bases fair value on broker quotations as noted in the following discussion As of September 30, 2016 Significant Unobservable Input Unobservable Inputs (Minimum) Unobservable Inputs (Maximum) Impact of Increase in Input on Fair Value Measurement [1] Withdrawal Utilization [2] 20% 100% Increase Withdrawal Rates [3] —% 8% Increase Lapse Rates [4] —% 75% Decrease Reset Elections [5] 20% 75% Increase Equity Volatility [6] 12% 30% Increase As of December 31, 2015 Significant Unobservable Input Unobservable Inputs (Minimum) Unobservable Inputs (Maximum) Impact of Increase in Input Withdrawal Utilization [2] 20% 100% Increase Withdrawal Rates [3] —% 8% Increase Lapse Rates [4] —% 75% Decrease Reset Elections [5] 20% 75% Increase Equity Volatility [6] 10% 40% Increase [1] Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table. [2] Range represents assumed cumulative percentages of policyholders taking withdrawals. [3] Range represents assumed cumulative annual amount withdrawn by policyholders. [4] Range represents assumed annual percentages of full surrender of the underlying variable annuity contracts across all policy durations for in force business. [5] Range represents assumed cumulative percentages of policyholders that would elect to reset their guaranteed benefit base. [6] Range represents implied market volatilities for equity indices based on multiple pricing sources. |
Roll-forward of Financial Instruments Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) | For the three months ended September 30, 2016 Fixed Maturities, AFS Assets ABS CDOs CMBS Corporate Foreign Govt./Govt. Agencies Municipal RMBS Total Fixed Maturities, AFS Fixed Maturities, FVO Fair value as of June 30, 2016 $ 41 $ 478 $ 79 $ 1,136 $ 72 $ 90 $ 1,873 $ 3,769 $ 6 Total realized/unrealized gains (losses) Included in net income [1] [2] [6] — — (1 ) (12 ) — — — (13 ) — Included in OCI [3] — (3 ) — 27 2 2 15 43 — Purchases 18 1 15 69 9 34 253 399 5 Settlements — (7 ) (6 ) 3 (1 ) — (78 ) (89 ) (1 ) Sales (2 ) — — (52 ) (8 ) — (8 ) (70 ) (1 ) Transfers into Level 3 [4] — — — 115 — — — 115 — Transfers out of Level 3 [4] (26 ) — (10 ) (192 ) — — — (228 ) — Fair value as of September 30, 2016 $ 31 $ 469 $ 77 $ 1,094 $ 74 $ 126 $ 2,055 $ 3,926 $ 9 Changes in unrealized gains (losses) included in net income related to financial instruments still held at September 30, 2016 [2] [7] $ — $ — $ — $ (13 ) $ — $ — $ — $ (13 ) $ — Freestanding Derivatives [5] Assets (Liabilities) Equity Securities, AFS Equity Interest Rate GMWB Hedging Macro Hedge Program Other Contracts Total Free- Standing Derivatives [5] Fair value as of June 30, 2016 $ 97 $ 1 $ (32 ) $ 165 $ 141 $ 4 $ 279 Total realized/unrealized gains (losses) Included in net income [1] [2] [6] (1 ) (1 ) — (34 ) (32 ) (2 ) (69 ) Included in OCI [3] — — — — — — — Purchases 4 — — — 63 — 63 Settlements — — — — (4 ) — (4 ) Sales — — — — — — — Transfers into Level 3 [4] — — — — — — — Transfers out of Level 3 [4] — — — — — — — Fair value as of September 30, 2016 $ 100 $ — $ (32 ) $ 131 $ 168 $ 2 $ 269 Changes in unrealized gains (losses) included in net income related to financial instruments still held at September 30, 2016 [2] [7] $ (1 ) $ — $ — $ (34 ) $ (34 ) $ (2 ) $ (70 ) Assets Reinsurance Recoverable for GMWB Separate Accounts Fair value as of June 30, 2016 $ 106 $ 171 Total realized/unrealized gains (losses) Included in net income [1] [2] [6] (12 ) 1 Included in OCI [3] — (1 ) Purchases — 165 Settlements 4 (3 ) Sales — (11 ) Transfers into Level 3 [4] — 10 Transfers out of Level 3 [4] — (7 ) Fair value as of September 30, 2016 $ 98 $ 325 Changes in unrealized gains (losses) included in net income related to financial instruments still held at September 30, 2016 [2] [7] $ (12 ) $ — Other Policyholder Funds and Benefits Payable Liabilities Guaranteed Withdrawal Benefits Equity Linked Notes Total Other Policyholder Funds and Benefits Payable Contingent Consideration [8] Fair value as of June 30, 2016 $ (412 ) $ (28 ) $ (440 ) $ — Issuance — — — 23 Total realized/unrealized gains (losses) Included in net income [1] [2] [6] 81 (3 ) 78 — Insurance operating costs and other expenses — — — — Settlements (17 ) — (17 ) — Fair value as of September 30, 2016 $ (348 ) $ (31 ) $ (379 ) $ 23 Changes in unrealized gains (losses) included in net income related to financial instruments still held at September 30, 2016 [2] [7] $ 81 $ (3 ) $ 78 $ — For the nine months ended September 30, 2016 Fixed Maturities, AFS Assets ABS CDOs CMBS Corporate Foreign Govt./Govt. Agencies Municipal RMBS Total Fixed Maturities, AFS Fixed Maturities, FVO Fair value as of January 1, 2016 $ 37 $ 541 $ 150 $ 854 $ 60 $ 49 $ 1,622 $ 3,313 $ 16 Total realized/unrealized gains (losses) Included in net income [1] [2] [6] — (1 ) (2 ) (26 ) 1 — — (28 ) (1 ) Included in OCI [3] — (5 ) (3 ) 39 11 7 11 60 — Purchases 18 1 65 136 24 54 683 981 11 Settlements (7 ) (67 ) (24 ) (52 ) (3 ) — (236 ) (389 ) (3 ) Sales (2 ) — (3 ) (143 ) (19 ) — (8 ) (175 ) (4 ) Transfers into Level 3 [4] 18 — 1 628 — 16 5 668 — Transfers out of Level 3 [4] (33 ) — (107 ) (342 ) — — (22 ) (504 ) (10 ) Fair value as of September 30, 2016 $ 31 $ 469 $ 77 $ 1,094 $ 74 $ 126 $ 2,055 $ 3,926 $ 9 Changes in unrealized gains (losses) included in net income related to financial instruments still held at September 30, 2016 [2] [7] $ — $ — $ (1 ) $ (14 ) $ — $ — $ — $ (15 ) $ — Freestanding Derivatives [5] Assets (Liabilities) Equity Securities, AFS Equity Interest Rate GMWB Hedging Macro Hedge Program Other Contracts Total Free-Standing Derivatives [5] Fair value as of January 1, 2016 $ 93 $ — $ (22 ) $ 135 $ 147 $ 7 $ 267 Total realized/unrealized gains (losses) Included in net income [1] [2] [6] (1 ) (16 ) (10 ) (10 ) (36 ) (5 ) (77 ) Included in OCI [3] 7 — — — — — — Purchases 6 16 — — 63 — 79 Settlements — — — — (6 ) — (6 ) Sales (5 ) — — — — — — Transfers into Level 3 [4] — — — — — — — Transfers out of Level 3 [4] — — — 6 — — 6 Fair value as of September 30, 2016 $ 100 $ — $ (32 ) $ 131 $ 168 $ 2 $ 269 Changes in unrealized gains (losses) included in net income related to financial instruments still held at September 30, 2016 [2] [7] $ (1 ) $ — $ (10 ) $ (2 ) $ (31 ) $ (5 ) $ (48 ) Assets Reinsurance Recoverable for GMWB Separate Accounts Fair value as of January 1, 2016 $ 83 $ 139 Total realized/unrealized gains (losses) Included in net income [1] [2] [6] 4 1 Included in OCI [3] — 5 Purchases — 226 Settlements 11 (12 ) Sales — (27 ) Transfers into Level 3 [4] — 16 Transfers out of Level 3 [4] — (23 ) Fair value as of September 30, 2016 $ 98 $ 325 Changes in unrealized gains (losses) included in net income related to financial instruments still held at September 30, 2016 [2] [7] $ 4 $ — Other Policyholder Funds and Benefits Payable Liabilities Guaranteed Withdrawal Benefits Equity Linked Notes Total Other Policyholder Funds and Benefits Payable Contingent Consideration [8] Fair value as of January 1, 2016 $ (262 ) $ (26 ) $ (288 ) $ — Issuance — — — 23 Total realized/unrealized gains (losses) Included in net income [1] [2] [6] (36 ) (5 ) (41 ) — Included in OCI [3] — — — — Insurance operating costs and other expenses — — — — Settlements (50 ) — (50 ) — Fair value as of September 30, 2016 $ (348 ) $ (31 ) $ (379 ) $ 23 Changes in unrealized gains (losses) included in net income related to financial instruments still held at September 30, 2016 [2] [7] $ (36 ) $ (5 ) $ (41 ) $ — For the three months ended September 30, 2015 Fixed Maturities, AFS Assets ABS CDOs CMBS Corporate Foreign Govt./Govt. Agencies Municipal RMBS Total Fixed Maturities, AFS Fixed Maturities, FVO Fair value as of June 30, 2015 $ 53 $ 564 $ 214 $ 931 $ 40 $ 49 $ 1,540 $ 3,391 $ 86 Total realized/unrealized gains (losses) Included in net income [1] [2] [6] — (1 ) 1 (9 ) — — — (9 ) — Included in OCI [3] — (9 ) (5 ) 1 (1 ) 1 (6 ) (19 ) — Purchases 8 — 6 38 3 — 71 126 2 Settlements (2 ) (9 ) (26 ) (22 ) (1 ) — (56 ) (116 ) (24 ) Sales (3 ) — — (47 ) (2 ) — (57 ) (109 ) (1 ) Transfers into Level 3 [4] — — 2 51 11 — — 64 — Transfers out of Level 3 [4] (29 ) — (23 ) (38 ) — — — (90 ) (2 ) Fair value as of September 30, 2015 $ 27 $ 545 $ 169 $ 905 $ 50 $ 50 $ 1,492 $ 3,238 $ 61 Changes in unrealized gains (losses) included in net income related to financial instruments still held at September 30, 2015 [2] [7] $ — $ — $ (1 ) $ (11 ) $ — $ — $ — $ (12 ) $ — Freestanding Derivatives [5] Assets (Liabilities) Equity Securities, AFS Credit Commodity Equity Interest Rate GMWB Hedging Macro Hedge Program Other Contracts Total Free-Standing Derivatives [5] Fair value as of June 30, 2015 $ 97 $ — $ 3 $ 3 $ (14 ) $ 125 $ 165 $ 9 $ 291 Total realized/unrealized gains (losses) Included in net income [1] [2] [6] (6 ) — 4 (3 ) (6 ) 46 18 (1 ) 58 Included in OCI [3] 5 — — — — — — — — Purchases 4 — — — — — — — — Settlements — — — — — — — — — Sales (1 ) — — — — — — — — Transfers into Level 3 [4] — — — — — — — — — Transfers out of Level 3 [4] — — — — — — — — — Fair value as of September 30, 2015 $ 99 $ — $ 7 $ — $ (20 ) $ 171 $ 183 $ 8 $ 349 Changes in unrealized gains (losses) included in net income related to financial instruments still held at September 30, 2015 [2] [7] $ (6 ) $ — $ 4 $ — $ (5 ) $ 48 $ 12 $ (1 ) $ 58 Assets Reinsurance Recoverable for GMWB Separate Accounts Fair value as of June 30, 2015 $ 50 $ 285 Total realized/unrealized gains (losses) Included in net income [1] [2] [6] 46 28 Included in OCI [3] — (2 ) Purchases — 57 Settlements (23 ) (6 ) Sales — (200 ) Transfers into Level 3 [4] — 1 Transfers out of Level 3 [4] — 1 Fair value as of September 30, 2015 $ 73 $ 164 Changes in unrealized gains (losses) included in net income related to financial instruments still held at September 30, 2015 [2] [7] $ 46 $ 31 Other Policyholder Funds and Benefits Payable Liabilities Guaranteed Withdrawal Benefits Equity Linked Notes Total Other Policyholder Funds and Benefits Payable Consumer Notes Fair value as of June 30, 2015 $ (112 ) $ (26 ) $ (138 ) $ (3 ) Total realized/unrealized gains (losses) Included in net income [1] [2] [6] (177 ) 5 (172 ) 3 Included in OCI [3] — — — — Settlements 19 — 19 — Fair value as of September 30, 2015 $ (270 ) $ (21 ) $ (291 ) $ — Changes in unrealized gains (losses) included in net income related to financial instruments still held at September 30, 2015 [2] [7] $ (177 ) $ 5 $ (172 ) $ 3 For the nine months ended September 30, 2015 Fixed Maturities, AFS Assets ABS CDOs CMBS Corporate Foreign Govt./Govt. Agencies Municipal RMBS Total Fixed Maturities, AFS Fixed Maturities, FVO Fair value as of January 1, 2015 $ 122 $ 623 $ 284 $ 1,040 $ 59 $ 66 $ 1,281 $ 3,475 $ 92 Total realized/unrealized gains (losses) Included in net income [1] [2] [6] 1 (5 ) 2 (13 ) — 1 (2 ) (16 ) (7 ) Included in OCI [3] (2 ) 8 (8 ) (41 ) (4 ) (4 ) (6 ) (57 ) — Purchases 79 — 45 61 15 — 516 716 21 Settlements (6 ) (34 ) (64 ) (51 ) (3 ) (13 ) (149 ) (320 ) (24 ) Sales (16 ) — (6 ) (80 ) (28 ) — (142 ) (272 ) (8 ) Transfers into Level 3 [4] 1 — 7 202 11 — 47 268 — Transfers out of Level 3 [4] (152 ) (47 ) (91 ) (213 ) — — (53 ) (556 ) (13 ) Fair value as of September 30, 2015 $ 27 $ 545 $ 169 $ 905 $ 50 $ 50 $ 1,492 $ 3,238 $ 61 Changes in unrealized gains (losses) included in net income related to financial instruments still held at September 30, 2015 [2] [7] $ 1 $ (1 ) $ (2 ) $ (11 ) $ — $ — $ — $ (13 ) $ (2 ) Freestanding Derivatives [5] Assets (Liabilities) Equity Securities, AFS Credit Commodity Equity Interest Rate GMWB Hedging Macro Hedge Program Other Contracts Total Free-Standing Derivatives [5] Fair value as of January 1, 2015 $ 98 $ (9 ) $ — $ 6 $ (7 ) $ 170 $ 141 $ 12 $ 313 Total realized/unrealized gains (losses) Included in net income [1] [2] [6] 6 (1 ) (3 ) 9 (8 ) 21 (5 ) (4 ) 9 Included in OCI [3] 1 — — — — — — — — Purchases 16 (13 ) — — — — 47 — 34 Settlements — — — (15 ) (5 ) (20 ) — — (40 ) Sales (17 ) — — — — — — — — Transfers into Level 3 [4] — — 10 — — — — — 10 Transfers out of Level 3 [4] (5 ) 23 — — — — — — 23 Fair value as of September 30, 2015 $ 99 $ — $ 7 $ — $ (20 ) $ 171 $ 183 $ 8 $ 349 Changes in unrealized gains (losses) included in net income related to financial instruments still held at September 30, 2015 [2] [7] $ (6 ) $ 2 $ (4 ) $ 3 $ (17 ) $ 32 $ (3 ) $ (5 ) $ 8 Assets Reinsurance Recoverable for GMWB Separate Accounts Fair value as of January 1, 2015 $ 56 $ 112 Total realized/unrealized gains (losses) Included in net income [1] [2] [6] 31 29 Included in OCI [3] — (3 ) Purchases — 317 Settlements (14 ) (16 ) Sales — (226 ) Transfers into Level 3 [4] — 7 Transfers out of Level 3 [4] — (56 ) Fair value as of September 30, 2015 $ 73 $ 164 Changes in unrealized gains (losses) included in net income related to financial instruments still held at September 30, 2015 [2] [7] $ 31 $ 32 Other Policyholder Funds and Benefits Payable Liabilities Guaranteed Withdrawal Benefits Equity Linked Notes Total Other Policyholder Funds and Benefits Payable Consumer Notes Fair value as of January 1, 2015 $ (139 ) $ (26 ) $ (165 ) $ (3 ) Total realized/unrealized gains (losses) Included in net income [1] [2] [6] (118 ) 5 (113 ) 3 Settlements (13 ) — (13 ) — Fair value as of September 30, 2015 $ (270 ) $ (21 ) $ (291 ) $ — Changes in unrealized gains (losses) included in net income related to financial instruments still held at September 30, 2015 [2] [7] $ (118 ) $ 5 $ (113 ) $ 3 [1] The Company classifies realized and unrealized gains (losses) on GMWB reinsurance derivatives and GMWB embedded derivatives as unrealized gains (losses) for purposes of disclosure in this table because it is impracticable to track on a contract-by-contract basis the realized gains (losses) for these derivatives and embedded derivatives. [2] All amounts in these rows are reported in net realized capital gains (losses). The realized/unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on net income for the Company. All amounts are before income taxes and amortization of DAC. [3] All amounts are before income taxes and amortization of DAC. [4] Transfers in and/or (out) of Level 3 are primarily attributable to the availability of market observable information and the re-evaluation of the observability of pricing inputs. [5] Derivative instruments are reported in this table on a net basis for asset (liability) positions and reported in the Condensed Consolidated Balance Sheets in other investments and other liabilities. [6] Includes both market and non-market impacts in deriving realized and unrealized gains (losses). [7] Amounts presented are for Level 3 only and therefore may not agree to other disclosures included herein. [8] For additional information, see Note 2 - Business Acquisitions and Dispositions of Notes to Condensed Consolidated Financial Statements for discussion of the contingent consideration in connection with the acquisition of Lattice. |
Fair value of assets and liabilities accounted for using the fair value option | Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Assets Fixed maturities, FVO Corporate $ 1 $ (2 ) $ 1 $ (5 ) CDOs — 1 — 2 Foreign government — (3 ) (1 ) (4 ) RMBS 3 — 8 — Total fixed maturities, FVO $ 4 $ (4 ) $ 8 $ (7 ) Equity, FVO — — (34 ) 3 Total realized capital gains (losses) $ 4 $ (4 ) $ (26 ) $ (4 ) |
Fair value of assets and liabilities accounted for using the fair value option | September 30, 2016 December 31, 2015 Assets Fixed maturities, FVO ABS $ 6 $ 13 CDOs 3 6 CMBS 8 24 Corporate 34 87 Foreign government — 2 U.S government 2 3 RMBS 307 368 Total fixed maturities, FVO $ 360 $ 503 Equity, FVO [1] $ — $ 282 |
Financial Instruments Not Carried at Fair Value | The following table presents carrying amounts and fair values of the Company’s financial instruments not carried at fair value. September 30, 2016 December 31, 2015 Fair Value Hierarchy Level Carrying Amount Fair Value Carrying Amount Fair Value Assets Policy loans Level 3 $ 1,432 $ 1,432 $ 1,447 $ 1,447 Mortgage loans Level 3 5,611 5,857 5,624 5,736 Liabilities Other policyholder funds and benefits payable [1] Level 3 $ 6,607 $ 6,887 $ 6,706 $ 6,898 Senior notes [2] Level 2 4,242 4,894 4,259 4,811 Junior subordinated debentures [2] Level 2 1,083 1,299 1,100 1,304 Consumer notes [3] Level 3 24 24 38 38 Assumed investment contracts [3] Level 3 754 806 619 682 [1] Excludes guarantees on variable annuities, group accident and health and universal life insurance contracts, including corporate owned life insurance. [2] Included in long-term debt in the Condensed Consolidated Balance Sheets, except for current maturities, which are included in short-term debt. [3] Included in other liabilities in the Condensed Consolidated Balance Sheets. |
Investment Holding Level 3 (Tab
Investment Holding Level 3 (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Schedule of Investments [Abstract] | |
Realized Gain (Loss) on Investments [Table Text Block] | Net Realized Capital Gains (Losses) Three Months Ended September 30, Nine Months Ended September 30, (Before tax) 2016 2015 2016 2015 Gross gains on sales $ 114 $ 83 $ 328 $ 401 Gross losses on sales (24 ) (73 ) (157 ) (333 ) Net OTTI losses recognized in earnings (14 ) (40 ) (44 ) (63 ) Valuation allowances on mortgage loans — 1 — (2 ) Periodic net coupon settlements on credit derivatives 2 3 2 8 Results of variable annuity hedge program GMWB derivatives, net 6 (32 ) (8 ) (35 ) Macro hedge program (64 ) 51 (98 ) 24 Total results of variable annuity hedge program (58 ) 19 (106 ) (11 ) Other, net [1] (37 ) (37 ) (142 ) (30 ) Net realized capital gains (losses) $ (17 ) $ (44 ) $ (119 ) $ (30 ) [1] Includes changes in the value of non-qualifying derivatives and transactional foreign currency revaluation gains (losses). For the three months ended September 30, 2016 and 2015 , transactional foreign currency revaluation losses were $(19) and $(17) , respectively, and related to yen denominated fixed payout annuity liabilities as well as the change in equity of the U.K. P&C runoff subsidiaries, currently held for sale, which were largely offset by gains of $18 and $8 , respectively, on derivative instruments used to hedge the foreign currency exposure. For the nine months ended September 30, 2016 and 2015 , the transactional foreign currency revaluation losses were $(150) and $(1) , respectively, while there were also gains (losses) on the related hedging instruments of $135 and $(23) , respectively. The three and nine months ended September 30, 2016 also include an estimated capital loss on sale of the Company's U.K. property and casualty run-off subsidiaries of $59 , before tax. This excludes a related income tax benefit of $65 included within income tax expense on the Condensed Consolidated Statements of Operations, for an estimated after-tax net gain of $6 on the sale. Net realized capital gains and losses from investment sales are reported as a component of revenues and are determined on a specific identification basis. Before tax, net gains (losses) on sales and impairments previously reported as unrealized gains (losses) in AOCI were $77 and $128 , respectively, for the three and nine months ended September 30, 2016 , and $(29) and $14 for the three and nine months ended September 30, 2015 , respectively. Proceeds from sales of AFS securities totaled $4.3 billion and $13.3 billion , respectively, for the three and nine months ended September 30, 2016 , and $4.5 billion and $16.3 billion for three and nine months ended September 30, 2015 , respectively. |
Gain (Loss) on Investments [Table Text Block] | The following table presents the Company's impairments by impairment type. Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Credit impairments $ 13 $ 12 $ 36 $ 16 Intent-to-sell impairments — 21 3 38 Impairments on equity securities 1 6 5 6 Other impairments — 1 — 3 Total impairments $ 14 $ 40 $ 44 $ 63 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block] | The following table presents a roll-forward of the Company’s cumulative credit impairments on fixed maturities held. Three Months Ended September 30, Nine Months Ended September 30, (Before tax) 2016 2015 2016 2015 Balance as of beginning of period $ (293 ) $ (388 ) $ (324 ) $ (424 ) Additions for credit impairments recognized on [1]: Securities not previously impaired (4 ) — (25 ) (3 ) Securities previously impaired (9 ) (12 ) (11 ) (13 ) Reductions for credit impairments previously recognized on: Securities that matured or were sold during the period 14 51 50 61 Securities the Company made the decision to sell or more likely than not will be required to sell — — — 2 Securities due to an increase in expected cash flows 5 12 23 40 Balance as of end of period $ (287 ) $ (337 ) $ (287 ) $ (337 ) [1] These additions are included in the net OTTI losses recognized in earnings in the Condensed Consolidated Statements of Operations. |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Available-for-Sale Securities The following table presents the Company’s AFS securities by type. September 30, 2016 December 31, 2015 Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Non-Credit OTTI [1] Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Non-Credit OTTI [1] ABS $ 2,683 $ 35 $ (33 ) $ 2,685 $ — $ 2,520 $ 24 $ (45 ) $ 2,499 $ — CDOs [2] 2,514 67 (9 ) 2,573 — 2,989 75 (23 ) 3,038 — CMBS 5,066 226 (24 ) 5,268 (7 ) 4,668 105 (56 ) 4,717 (8 ) Corporate 24,615 2,370 (81 ) 26,904 — 25,876 1,342 (416 ) 26,802 (3 ) Foreign govt./govt. agencies 1,106 83 (3 ) 1,186 — 1,321 34 (47 ) 1,308 — Municipal 11,345 1,254 (5 ) 12,594 — 11,124 1,008 (11 ) 12,121 — RMBS 4,815 131 (10 ) 4,936 — 3,986 82 (22 ) 4,046 — U.S. Treasuries 3,598 484 (3 ) 4,079 — 4,481 222 (38 ) 4,665 — Total fixed maturities, AFS $ 55,742 $ 4,650 $ (168 ) $ 60,225 $ (7 ) $ 56,965 $ 2,892 $ (658 ) $ 59,196 $ (11 ) Equity securities, AFS [3] 812 80 (17 ) 875 — 842 38 (41 ) 839 — Total AFS securities $ 56,554 $ 4,730 $ (185 ) $ 61,100 $ (7 ) $ 57,807 $ 2,930 $ (699 ) $ 60,035 $ (11 ) [1] Represents the amount of cumulative non-credit OTTI losses recognized in OCI on securities that also had credit impairments. These losses are included in gross unrealized losses as of September 30, 2016 , and December 31, 2015 . [2] Gross unrealized gains (losses) exclude the fair value of bifurcated embedded derivatives within certain securities. Subsequent changes in value are recorded in net realized capital gains (losses). [3] Excluded equity securities, FVO, with a cost and fair value of $293 and $282 as of December 31, 2015 . The Company held no equity securities, FVO as of September 30, 2016 . |
Investments Classified by Contractual Maturity Date [Table Text Block] | The following table presents the Company’s fixed maturities, AFS, by contractual maturity year. September 30, 2016 December 31, 2015 Contractual Maturity Amortized Cost Fair Value Amortized Cost Fair Value One year or less $ 1,832 $ 1,848 $ 2,373 $ 2,405 Over one year through five years 9,623 10,052 10,929 11,200 Over five years through ten years 9,082 9,671 9,322 9,497 Over ten years 20,127 23,192 20,178 21,794 Subtotal 40,664 44,763 42,802 44,896 Mortgage-backed and asset-backed securities 15,078 15,462 14,163 14,300 Total fixed maturities, AFS $ 55,742 $ 60,225 $ 56,965 $ 59,196 Estimated maturities may differ from contractual maturities due to security call or prepayment provisions. Due to the potential for variability in payment speeds (i.e. prepayments or extensions), mortgage-backed and asset-backed securities are not categorized by contractual maturity. |
Schedule of Unrealized Loss on Investments [Table Text Block] | Unrealized Losses on AFS Securities The following tables present the Company’s unrealized loss aging for AFS securities by type and length of time the security was in a continuous unrealized loss position. September 30, 2016 Less Than 12 Months 12 Months or More Total Amortized Cost Fair Value Unrealized Losses Amortized Cost Fair Value Unrealized Losses Amortized Cost Fair Value Unrealized Losses ABS $ 321 $ 320 $ (1 ) $ 364 $ 332 $ (32 ) $ 685 $ 652 $ (33 ) CDOs [1] 665 664 (2 ) 1,028 1,021 (7 ) 1,693 1,685 (9 ) CMBS 548 540 (8 ) 259 243 (16 ) 807 783 (24 ) Corporate 1,759 1,725 (34 ) 812 765 (47 ) 2,571 2,490 (81 ) Foreign govt./govt. agencies 105 104 (1 ) 27 25 (2 ) 132 129 (3 ) Municipal 334 331 (3 ) 47 45 (2 ) 381 376 (5 ) RMBS 278 278 — 707 697 (10 ) 985 975 (10 ) U.S. Treasuries 347 344 (3 ) — — — 347 344 (3 ) Total fixed maturities, AFS $ 4,357 $ 4,306 $ (52 ) $ 3,244 $ 3,128 $ (116 ) $ 7,601 $ 7,434 $ (168 ) Equity securities, AFS [2] 171 160 (11 ) 68 62 (6 ) 239 222 (17 ) Total securities in an unrealized loss position $ 4,528 $ 4,466 $ (63 ) $ 3,312 $ 3,190 $ (122 ) $ 7,840 $ 7,656 $ (185 ) December 31, 2015 Less Than 12 Months 12 Months or More Total Amortized Cost Fair Value Unrealized Losses Amortized Cost Fair Value Unrealized Losses Amortized Cost Fair Value Unrealized Losses ABS $ 1,619 $ 1,609 $ (10 ) $ 357 $ 322 $ (35 ) $ 1,976 $ 1,931 $ (45 ) CDOs [1] 1,164 1,154 (10 ) 1,243 1,227 (13 ) 2,407 2,381 (23 ) CMBS 1,726 1,681 (45 ) 189 178 (11 ) 1,915 1,859 (56 ) Corporate 9,206 8,866 (340 ) 656 580 (76 ) 9,862 9,446 (416 ) Foreign govt./govt. agencies 679 646 (33 ) 124 110 (14 ) 803 756 (47 ) Municipal 440 430 (10 ) 18 17 (1 ) 458 447 (11 ) RMBS 1,349 1,340 (9 ) 415 402 (13 ) 1,764 1,742 (22 ) U.S. Treasuries 2,432 2,394 (38 ) 8 8 — 2,440 2,402 (38 ) Total fixed maturities, AFS $ 18,615 $ 18,120 $ (495 ) $ 3,010 $ 2,844 $ (163 ) $ 21,625 $ 20,964 $ (658 ) Equity securities, AFS [2] 480 449 (31 ) 62 52 (10 ) 542 501 (41 ) Total securities in an unrealized loss position $ 19,095 $ 18,569 $ (526 ) $ 3,072 $ 2,896 $ (173 ) $ 22,167 $ 21,465 $ (699 ) [1] Unrealized losses exclude the change in fair value of bifurcated embedded derivatives within certain securities, for which changes in fair value are recorded in net realized capital gains (losses). [2] As of September 30, 2016 , and December 31, 2015 , excludes equity securities, FVO which are included in equity securities, AFS on the Condensed Consolidated Balance Sheets. As of September 30, 2016 , AFS securities in an unrealized loss position consisted of 3,022 securities, primarily in the corporate sector, which were depressed primarily due to widening of credit spreads since the securities were purchased. As of September 30, 2016 , 92% of these securities were depressed less than 20% of cost or amortized cost. The decrease in unrealized losses during 2016 was primarily attributable to a decline in interest rates and tighter credit spreads. |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Mortgage Loans Mortgage Loan Valuation Allowances The Company’s security monitoring process reviews mortgage loans on a quarterly basis to identify potential credit losses. Commercial mortgage loans are considered to be impaired when management estimates that, based upon current information and events, it is probable that the Company will be unable to collect amounts due according to the contractual terms of the loan agreement. Criteria used to determine if an impairment exists include, but are not limited to: current and projected macroeconomic factors, such as unemployment rates, and property-specific factors such as rental rates, occupancy levels, LTV ratios and debt service coverage ratios (“DSCR”). In addition, the Company considers historic, current and projected delinquency rates and property values. These assumptions require the use of significant management judgment and include the probability and timing of borrower default and loss severity estimates. In addition, projections of expected future cash flows may change based upon new information regarding the performance of the borrower and/or underlying collateral such as changes in the projections of the underlying property value estimates. For mortgage loans that are deemed impaired, a valuation allowance is established for the difference between the carrying amount and the Company’s share of either (a) the present value of the expected future cash flows discounted at the loan’s effective interest rate, (b) the loan’s observable market price or, most frequently, (c) the fair value of the collateral. A valuation allowance has been established for either individual loans or as a projected loss contingency for loans with an LTV ratio of 90% or greater and after consideration of other credit quality factors, including DSCR. Changes in valuation allowances are recorded in net realized capital gains and losses. Interest income on impaired loans is accrued to the extent it is deemed collectible and the loans continue to perform under the original or restructured terms. Interest income ceases to accrue for loans when it is probable that the Company will not receive interest and principal payments according to the contractual terms of the loan agreement. Loans may resume accrual status when it is determined that sufficient collateral exists to satisfy the full amount of the loan and interest payments as well as when it is probable cash will be received in the foreseeable future. Interest income on defaulted loans is recognized when received. September 30, 2016 December 31, 2015 Amortized Cost [1] Valuation Allowance Carrying Value Amortized Cost [1] Valuation Allowance Carrying Value Total commercial mortgage loans $ 5,630 $ (19 ) $ 5,611 $ 5,647 $ (23 ) $ 5,624 [1] Amortized cost represents carrying value prior to valuation allowances, if any. As of September 30, 2016 , and December 31, 2015 , the carrying value of mortgage loans associated with the valuation allowance was $31 and $82 , respectively. There were no mortgage loans held-for-sale as of September 30, 2016 , and December 31, 2015 . As of September 30, 2016 , loans within the Company’s mortgage loan portfolio that have had extensions or restructurings other than what is allowable under the original terms of the contract are immaterial. The following tables present the carrying value of the Company’s mortgage loans by region and property type. Mortgage Loans by Region September 30, 2016 December 31, 2015 Carrying Value Percent of Total Carrying Value Percent of Total East North Central $ 294 5.2 % $ 289 5.1 % East South Central 14 0.3 % 14 0.2 % Middle Atlantic 418 7.4 % 384 6.8 % Mountain 35 0.6 % 32 0.6 % New England 400 7.1 % 446 7.9 % Pacific 1,635 29.2 % 1,669 29.7 % South Atlantic 1,193 21.3 % 1,174 20.9 % West North Central 29 0.5 % 29 0.5 % West South Central 338 6.0 % 318 5.7 % Other [1] 1,255 22.4 % 1,269 22.6 % Total mortgage loans $ 5,611 100.0 % $ 5,624 100.0 % [1] Primarily represents loans collateralized by multiple properties in various regions. The weighted-average LTV ratio of the Company’s commercial mortgage loan portfolio was 53% as of September 30, 2016 , while the weighted-average LTV ratio at origination of these loans was 62% . LTV ratios compare the loan amount to the value of the underlying property collateralizing the loan. The loan values are updated no less than annually through property level reviews of the portfolio. Factors considered in the property valuation include, but are not limited to, actual and expected property cash flows, geographic market data and capitalization rates. DSCR compares a property’s net operating income to the borrower’s principal and interest payments. As of September 30, 2016 , the Company held one delinquent commercial mortgage loan past due by 90 days or more. The loan had a total carrying value and valuation allowance of $15 and $16 , respectively, and was not accruing income. As of December 31, 2015 , the Company held two delinquent commercial mortgage loans, past due by 90 days or more. The loans had a total carrying value and valuation allowance of $17 and $20 , respectively, and were not accruing income. The following table presents the carrying value of the Company’s commercial mortgage loans by LTV and DSCR. Commercial Mortgage Loans Credit Quality September 30, 2016 December 31, 2015 Loan-to-value Carrying Value Avg. Debt-Service Coverage Ratio Carrying Value Avg. Debt-Service Coverage Ratio Greater than 80% $ 15 0.45x $ 24 0.81x 65% - 80% 640 2.06x 623 1.82x Less than 65% 4,956 2.79x 4,977 2.75x Total commercial mortgage loans $ 5,611 2.68x $ 5,624 2.63x The following table presents the activity within the Company’s valuation allowance for mortgage loans. These loans have been evaluated both individually and collectively for impairment. Loans evaluated collectively for impairment are immaterial. 2016 2015 Balance, as of January 1 $ (23 ) $ (18 ) (Additions)/Reversals — (4 ) Deductions 4 2 Balance, as of September 30 $ (19 ) $ (20 ) Mortgage Loans by Property Type September 30, 2016 December 31, 2015 Carrying Value Percent of Total Carrying Percent of Total Commercial Agricultural $ 16 0.3 % $ 26 0.5 % Industrial 1,444 25.7 % 1,422 25.3 % Lodging 25 0.4 % 26 0.5 % Multifamily 1,386 24.7 % 1,345 23.9 % Office 1,451 25.9 % 1,547 27.5 % Retail 1,050 18.7 % 1,109 19.7 % Other 239 4.3 % 149 2.6 % Total mortgage loans $ 5,611 100.0 % $ 5,624 100.0 % |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | Variable Interest Entities The Company is involved with various special purpose entities and other entities that are deemed to be VIEs primarily as a collateral or investment manager and as an investor through normal investment activities as well as a means of accessing capital through a contingent capital facility. A VIE is an entity that either has investors that lack certain essential characteristics of a controlling financial interest, such as simple majority kick-out rights, or lacks sufficient funds to finance its own activities without financial support provided by other entities. The Company performs ongoing qualitative assessments of its VIEs to determine whether the Company has a controlling financial interest in the VIE and therefore is the primary beneficiary. The Company is deemed to have a controlling financial interest when it has both the ability to direct the activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE. Based on the Company’s assessment, if it determines it is the primary beneficiary, the Company consolidates the VIE in the Company’s Condensed Consolidated Financial Statements. |
Schedule of Variable Interest Entities [Table Text Block] | Consolidated VIEs The following table presents the carrying value of assets and liabilities, and the maximum exposure to loss relating to the VIEs for which the Company is the primary beneficiary. Creditors have no recourse against the Company in the event of default by these VIEs nor does the Company have any implied or unfunded commitments to these VIEs. The Company’s financial or other support provided to these VIEs is limited to its collateral or investment management services and original investment. September 30, 2016 December 31, 2015 Total Assets Total Liabilities [1] Maximum Exposure to Loss [2] Total Assets Total Liabilities [1] Maximum Exposure to Loss [2] CDO [3] $ 5 $ 5 $ — $ 5 $ 5 $ — Investment funds [4] — — — 159 7 151 Limited partnerships and other alternative investments [5] — — — 2 — 2 Total $ 5 $ 5 $ — $ 166 $ 12 $ 153 [1] Included in other liabilities on the Company’s Condensed Consolidated Balance Sheets. [2] The maximum exposure to loss represents the maximum loss amount that the Company could recognize as a reduction in net investment income or as a realized capital loss and is the cost basis of the Company’s investment. [3] Total assets included in cash on the Company’s Condensed Consolidated Balance Sheets. [4] Total assets included in fixed maturities, FVO, short-term investments, equity, AFS, and cash on the Company’s Condensed Consolidated Balance Sheets. [5] Total assets included in limited partnerships and other alternative investments on the Company’s Condensed Consolidated Balance Sheets. Effective January 1, 2016, the Company adopted new consolidation guidance and determined that three investment funds, that were previously identified as consolidated VIEs and for which the Company has management and control of the investments, are voting interest entities under the new consolidation guidance. The Company still owns a majority interest in one investment fund that is still consolidated on the Company's Condensed Consolidated Financial Statements; however, as of September 30, 2016 , this fund is not included as VIE in the table above. The remaining two investment funds previously identified as consolidated VIEs were disposed of during the first six months of the year. CDO represents a structured investment vehicle for which the Company has a controlling financial interest as it provides collateral management services, earns a fee for those services and also holds investments in the security issued by this vehicle. For further information on the adoption, see Note 1 - Basis of Presentation and Significant Accounting Policies of Notes to Condensed Consolidated Financial Statements. |
Derivatives Instruments Level 3
Derivatives Instruments Level 3 (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Derivative [Line Items] | |
Offsetting Liabilities [Table Text Block] | Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Statement of Financial Position Derivative Liabilities [3] Accrued Interest and Cash Collateral Pledged [3] Financial Collateral Pledged [4] Net Amount Description Other liabilities $ (1,730 ) $ (818 ) $ (798 ) $ (114 ) $ (889 ) $ (23 ) Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Statement of Financial Position Derivative Liabilities [3] Accrued Interest and Cash Collateral Pledged [3] Financial Collateral Pledged [4] Net Amount Description Other liabilities $ (2,067 ) $ (1,049 ) $ (1,055 ) $ 37 $ (974 ) $ (44 ) |
Offsetting Assets [Table Text Block] | As of September 30, 2016 (i) (ii) (iii) = (i) - (ii) (iv) (v) = (iii) - (iv) Net Amounts Presented in the Statement of Financial Position Collateral Disallowed for Offset in the Statement of Financial Position Gross Amounts of Recognized Assets Gross Amounts Offset in the Statement of Financial Position Derivative Assets [1] Accrued Interest and Cash Collateral Received [2] Financial Collateral Received [4] Net Amount Description Other investments $ 1,290 $ 1,024 $ 278 $ (12 ) $ 209 $ 57 (i) (ii) (iii) = (i) - (ii) (iv) (v) = (iii) - (iv) Net Amounts Presented in the Statement of Financial Position Collateral Disallowed for Offset in the Statement of Financial Position Gross Amounts of Recognized Assets Gross Amounts Offset in the Statement of Financial Position Derivative Assets [1] Accrued Interest and Cash Collateral Received [2] Financial Collateral Received [4] Net Amount Description Other investments $ 933 $ 756 $ 1 $ 176 $ 100 $ 77 |
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | Fair Value Hedges For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in current period earnings. The Company includes the gain or loss on the derivative in the same line item as the offsetting loss or gain on the hedged item. All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness. For both the three and nine months ended September 30, 2016 and 2015 , the Company recognized in income losses of less than $1 representing the ineffective portion of fair value hedges for the derivative instrument and the hedged item. |
Derivative Instruments, Gain (Loss) [Table Text Block] | Derivatives Used in Non-Qualifying Strategies Gain or (Loss) Recognized within Net Realized Capital Gains and Losses Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Interest rate contracts Interest rate swaps, swaptions, and futures $ (2 ) $ (11 ) $ (22 ) $ (16 ) Foreign exchange contracts Foreign currency swaps and forwards [1] 4 3 25 11 Fixed payout annuity hedge [2] 13 8 109 (23 ) Credit contracts Credit derivatives that purchase credit protection (12 ) 7 (19 ) 5 Credit derivatives that assume credit risk 24 (23 ) 28 (25 ) Equity contracts Equity index swaps and options (2 ) 1 15 4 Commodity contracts Commodity options — 2 — (8 ) Variable annuity hedge program GMWB product derivatives 87 (150 ) (22 ) (91 ) GMWB reinsurance contracts (15 ) 24 (2 ) 15 GMWB hedging instruments (66 ) 94 16 41 Macro hedge program (64 ) 51 (98 ) 24 Other Contingent capital facility put option (1 ) (2 ) (4 ) (5 ) Modified coinsurance reinsurance contracts (1 ) 2 (48 ) 28 Total [3] $ (35 ) $ 6 $ (22 ) $ (40 ) [1] Not included in this amount is the associated transactional foreign currency revaluation related to changes in equity of the U.K. property and casualty runoff subsidiaries, currently held for sale, adjusted through realized capital losses of $(10) and $ (33) for the three and nine months ended September 30, 2016 . [2] Not included in this amount is the associated liability adjustment for changes in foreign exchange spot rates through realized capital losses of $(10) and $(17) for the three months ended September 30, 2016 and 2015 , respectively, and $(118) and $(1) for the nine months ended September 30, 2016 and 2015 , respectively. [3] Excludes investments that contain an embedded credit derivative for which the Company has elected the fair value option. For further discussion, see the Fair Value Option section in Note 5 - Fair Value Measurements |
Disclosure of Credit Derivatives [Table Text Block] | Credit Risk Assumed through Credit Derivatives The Company enters into credit default swaps that assume credit risk of a single entity or referenced index in order to synthetically replicate investment transactions that would be permissible under the Company's investment policies. The Company will receive periodic payments based on an agreed upon rate and notional amount and will only make a payment if there is a credit event. A credit event payment will typically be equal to the notional value of the swap contract less the value of the referenced security issuer’s debt obligation after the occurrence of the credit event. A credit event is generally defined as a default on contractually obligated interest or principal payments or bankruptcy of the referenced entity. The credit default swaps in which the Company assumes credit risk primarily reference investment grade single corporate issuers and baskets, which include standard diversified portfolios of corporate and CMBS issuers. The diversified portfolios of corporate issuers are established within sector concentration limits and may be divided into tranches that possess different credit ratings. The following tables present the notional amount, fair value, weighted average years to maturity, underlying referenced credit obligation type and average credit ratings, and offsetting notional amounts and fair value for credit derivatives in which the Company is assuming credit risk as of September 30, 2016 , and December 31, 2015 . As of September 30, 2016 Underlying Referenced Credit Obligation(s) [1] Credit Derivative Type by Derivative Risk Exposure Notional Amount [2] Fair Value Weighted Average Years to Maturity Type Average Credit Rating Offsetting Notional Amount [3] Offsetting Fair Value [3] Single name credit default swaps Investment grade risk exposure $ 169 $ 1 4 years Corporate Credit/ A- $ 50 $ — Below investment grade risk exposure 77 — 1 year Corporate Credit B+ 77 — Basket credit default swaps [4] Investment grade risk exposure 2,446 23 3 years Corporate Credit BBB+ 1,415 (10 ) Below investment grade risk exposure 50 3 5 years Corporate Credit B+ 50 (3 ) Investment grade risk exposure 516 (12 ) 5 years CMBS Credit AA+ 188 1 Below investment grade risk exposure 118 (28 ) 1 year CMBS Credit CCC 118 28 Embedded credit derivatives Investment grade risk exposure 350 351 1 year Corporate Credit A+ — — Total [5] $ 3,726 $ 338 $ 1,898 $ 16 As of December 31, 2015 Underlying Referenced Credit Obligation(s) [1] Credit Derivative Type by Derivative Risk Exposure Notional Amount [2] Fair Value Weighted Average Years to Maturity Type Average Credit Rating Offsetting Notional Amount [3] Offsetting Fair Value [3] Single name credit default swaps Investment grade risk exposure $ 190 $ (1 ) 1 year Corporate Credit/ BBB+ $ 176 $ (1 ) Below investment grade risk exposure 77 (2 ) 2 years Corporate Credit B 77 1 Basket credit default swaps [4] Investment grade risk exposure 3,036 22 4 years Corporate Credit BBB+ 1,411 (13 ) Investment grade risk exposure 681 (19 ) 6 years CMBS Credit AA+ 212 1 Below investment grade risk exposure 153 (25 ) 1 year CMBS Credit CCC 153 25 Embedded credit derivatives Investment grade risk exposure 350 346 1 year Corporate Credit A+ — — Total [5] $ 4,487 $ 321 $ 2,029 $ 13 [1] The average credit ratings are based on availability and the midpoint of the applicable ratings among Moody’s, S&P, Fitch, and Morningstar. If no rating is available from a rating agency, then an internally developed rating is used. [2] Notional amount is equal to the maximum potential future loss amount. These derivatives are governed by agreements, clearing house rules, and applicable law, which include collateral posting requirements. There is no additional specific collateral related to these contracts or recourse provisions included in the contracts to offset losses. [3] The Company has entered into offsetting credit default swaps to terminate certain existing credit default swaps, thereby offsetting the future changes in value of, or losses paid related to, the original swap. [4] Includes $3.1 billion and $3.9 billion as of September 30, 2016 , and December 31, 2015 , respectively, of standard market indices of diversified portfolios of corporate and CMBS issuers referenced through credit default swaps. These swaps are subsequently valued based upon the observable standard market index. [5] Excludes investments that contain an embedded credit derivative for which the Company has elected the fair value option. For further discussion, see the Fair Value Option section in Note 5 - Fair Value Measurements |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | The Company utilizes a variety of OTC, OTC-cleared and exchange traded derivative instruments as a part of its overall risk management strategy as well as to enter into replication transactions. Derivative instruments are used to manage risk associated with interest rate, equity market, commodity market, credit spread, issuer default, price, and currency exchange rate risk or volatility. Replication transactions are used as an economical means to synthetically replicate the characteristics and performance of assets that are permissible investments under the Company’s investment policies. The Company also may enter into and has previously issued financial instruments and products that either are accounted for as free-standing derivatives, such as certain reinsurance contracts, or may contain features that are deemed to be embedded derivative instruments, such as the GMWB rider included with certain variable annuity products. Strategies That Qualify for Hedge Accounting Certain derivatives that the Company enters into satisfy the hedge accounting requirements as outlined in Note 1 - Basis of Presentation and Significant Accounting Policies of Notes to Consolidated Financial Statements, included in The Hartford’s 2015 Form 10-K Annual Report. Typically, these hedge relationships include interest rate swaps and, to a lesser extent, foreign currency swaps where the terms or expected cash flows of the hedged item closely match the terms of the swap. The interest rate swaps are typically used to manage interest rate duration of certain fixed maturity securities or liability contracts. The hedge strategies by hedge accounting designation include: Cash Flow Hedges Interest rate swaps are predominantly used to manage portfolio duration and better match cash receipts from assets with cash disbursements required to fund liabilities. These derivatives primarily convert interest receipts on floating-rate fixed maturity securities to fixed rates. The Company also enters into forward starting swap agreements to hedge the interest rate exposure related to the purchase of fixed-rate securities, primarily to hedge interest rate risk inherent in the assumptions used to price certain liabilities. Foreign currency swaps are used to convert foreign currency-denominated cash flows related to certain investment receipts and liability payments to U.S. dollars in order to reduce cash flow fluctuations due to changes in currency rates. Fair Value Hedges Interest rate swaps are used to hedge the changes in fair value of fixed maturity securities due to fluctuations in interest rates. These swaps are typically used to manage interest rate duration. Non-Qualifying Strategies Derivative relationships that do not qualify for hedge accounting (“non-qualifying strategies”) primarily include the hedge program for the Company's variable annuity products as well as the hedging and replication strategies that utilize credit default swaps. In addition, hedges of interest rate, foreign currency and equity risk of certain fixed maturities, equities and liabilities do not qualify for hedge accounting. The non-qualifying strategies include: Interest Rate Swaps, Swaptions, and Futures The Company uses interest rate swaps, swaptions, and futures to manage duration between assets and liabilities in certain investment portfolios. In addition, the Company enters into interest rate swaps to terminate existing swaps, thereby offsetting the changes in value of the original swap. As of September 30, 2016 , and December 31, 2015 , the notional amount of interest rate swaps in offsetting relationships was $12.1 billion and $12.9 billion , respectively. Foreign Currency Swaps and Forwards Foreign currency forwards are used to hedge non-U.S. dollar denominated cash and equity securities as well as currency impacts on changes in equity of the U.K. property and casualty runoff subsidiaries that is held for sale. For further information on the disposition, see Note 2 - Business Acquisitions and Dispositions of Notes to Condensed Consolidated Financial Statements. The Company also enters into foreign currency swaps and forwards to convert the foreign currency exposures of certain foreign currency-denominated fixed maturity investments to U.S. dollars. Fixed Payout Annuity Hedge The Company reinsures certain yen denominated fixed payout annuities. The Company invests in U.S. dollar denominated assets to support the reinsurance liability. The Company has in place pay U.S. dollar, receive yen swap contracts to hedge the currency and yen interest rate exposure between the U.S. dollar denominated assets and the yen denominated fixed liability reinsurance payments. Credit Contracts Credit default swaps are used to purchase credit protection on an individual entity or referenced index to economically hedge against default risk and credit-related changes in value of fixed maturity securities. Credit default swaps are also used to assume credit risk related to an individual entity or referenced index as a part of replication transactions. These contracts require the Company to pay or receive a periodic fee in exchange for compensation from the counterparty should the referenced security issuers experience a credit event, as defined in the contract. The Company is also exposed to credit risk related to certain structured fixed maturity securities that have embedded credit derivatives, which reference a standard index of corporate securities. In addition, the Company enters into credit default swaps to terminate existing credit default swaps, thereby offsetting the changes in value of the original swap going forward. Equity Index Swaps and Options The Company enters into equity index options to hedge the impact of a decline in the equity markets on the investment portfolio. During 2015, the Company entered into a total return swap to hedge equity risk of specific common stock investments which were accounted for using the fair value option in order to align the accounting treatment within net realized capital gains (losses). The swap matured in January 2016 and the specific common stock investments were sold at that time. In addition, the Company formerly offered certain equity indexed products that remain in force, a portion of which contain embedded derivatives that require bifurcation. The Company uses equity index swaps to economically hedge the equity volatility risk associated with the equity indexed products. Commodity Contracts The Company has used put option contracts on oil futures to partially offset potential losses related to certain fixed maturity securities that could be impacted by changes in oil prices. GMWB Derivatives, Net The Company formerly offered certain variable annuity products with GMWB riders. The GMWB product is a bifurcated embedded derivative (“GMWB product derivatives”) that has a notional value equal to the GRB. The Company uses reinsurance contracts to transfer a portion of its risk of loss due to GMWB. The reinsurance contracts covering GMWB (“GMWB reinsurance contracts”) are accounted for as free-standing derivatives with a notional amount equal to the GRB amount. The Company utilizes derivatives (“GMWB hedging instruments”) as part of a dynamic hedging program designed to hedge a portion of the capital market risk exposures of the non-reinsured GMWB riders due to changes in interest rates, equity market levels, and equity volatility. These derivatives include customized swaps, interest rate swaps and futures, and equity swaps, options and futures, on certain indices including the S&P 500 index, EAFE index and NASDAQ index. The Company retains the risk for differences between assumed and actual policyholder behavior and between the performance of the actively managed funds underlying the separate accounts and their respective indices. The following table presents notional and fair value for GMWB hedging instruments. Notional Amount Fair Value September 30, December 31, 2015 September 30, December 31, 2015 Customized swaps $ 5,366 $ 5,877 $ 142 $ 131 Equity swaps, options, and futures 1,355 1,362 (13 ) 2 Interest rate swaps and futures 3,743 3,740 40 25 Total $ 10,464 $ 10,979 $ 169 $ 158 Macro Hedge Program The Company utilizes equity swaps, options, futures, and forwards to provide partial protection against the statutory tail scenario risk arising from GMWB and guaranteed minimum death benefit ("GMDB") liabilities on the Company's statutory surplus. These derivatives cover some of the residual risks not otherwise covered by the dynamic hedging program. The following table presents notional and fair value for the macro hedge program. Notional Amount Fair Value September 30, December 31, 2015 September 30, December 31, 2015 Equity swaps, options, futures, and forwards $ 6,348 $ 4,548 $ 136 $ 147 Total $ 6,348 $ 4,548 $ 136 $ 147 Contingent Capital Facility Put Option The Company entered into a put option agreement that provides the Company the right to require a third-party trust to purchase, at any time, The Hartford’s junior subordinated notes in a maximum aggregate principal amount of $500 . Under the put option agreement, The Hartford will pay premiums on a periodic basis and will reimburse the trust for certain fees and ordinary expenses. Modified Coinsurance Reinsurance Contracts As of September 30, 2016 , and December 31, 2015 , the Company had approximately $921 and $895 , respectively, of invested assets supporting other policyholder funds and benefits payable reinsured under a modified coinsurance arrangement in connection with the sale of the Individual Life business, which was structured as a reinsurance transaction. The assets are primarily held in a trust established by the Company. The Company pays or receives cash quarterly to settle the results of the reinsured business, including the investment results. As a result of this modified coinsurance arrangement, the Company has an embedded derivative that transfers to the reinsurer certain unrealized changes in fair value due to interest rate and credit risks of these assets. The notional amount of the embedded derivative reinsurance contracts are the invested assets that are carried at fair value supporting the reinsured reserves. Derivative Balance Sheet Classification The following table summarizes the balance sheet classification of the Company’s derivative related net fair value amounts as well as the gross asset and liability fair value amounts. For reporting purposes, the Company has elected to offset within total assets or total liabilities based upon the net of the fair value amounts, income accruals, and related cash collateral receivables and payables of OTC derivative instruments executed in a legal entity and with the same counterparty under a master netting agreement, which provides the Company with the legal right of offset. The Company has also elected to offset within total assets or total liabilities based upon the net of the fair value amounts, income accruals and related cash collateral receivables and payables of OTC-cleared derivative instruments based on clearing house agreements. The following fair value amounts do not include income accruals or related cash collateral receivables and payables, which are netted with derivative fair value amounts to determine balance sheet presentation. Derivative fair value reported as liabilities after taking into account the master netting agreements was $1.4 billion and $ 1.1 billion , respectively, as of September 30, 2016 , and December 31, 2015 . Derivatives in the Company’s separate accounts, where the associated gains and losses accrue directly to policyholders, are not included in the table below. The Company’s derivative instruments are held for risk management purposes, unless otherwise noted in the following table. The notional amount of derivative contracts represents the basis upon which pay or receive amounts are calculated and is presented in the table to quantify the volume of the Company’s derivative activity. Notional amounts are not necessarily reflective of credit risk. The following tables exclude investments that contain an embedded credit derivative for which the Company has elected the fair value option. For further discussion, see the Fair Value Option section in Note 5 - Fair Value Measurements of Notes to Condensed Consolidated Financial Statements. Net Derivatives Asset Derivatives Liability Derivatives Notional Amount Fair Value Fair Value Fair Value Hedge Designation/ Derivative Type Sep. 30, 2016 Dec. 31, 2015 Sep. 30, 2016 Dec. 31, 2015 Sep. 30, 2016 Dec. 31, 2015 Sep. 30, 2016 Dec. 31, 2015 Cash flow hedges Interest rate swaps $ 3,443 $ 3,527 $ 74 $ 17 $ 84 $ 50 $ (10 ) $ (33 ) Foreign currency swaps 182 143 (17 ) (19 ) 8 7 (25 ) (26 ) Total cash flow hedges 3,625 3,670 57 (2 ) 92 57 (35 ) (59 ) Fair value hedges Interest rate swaps 23 23 — — — — — — Total fair value hedges 23 23 — — — — — — Non-qualifying strategies Interest rate contracts Interest rate swaps, swaptions, and futures 12,816 14,290 (931 ) (814 ) 590 297 (1,521 ) (1,111 ) Foreign exchange contracts Foreign currency swaps and forwards 1,090 653 9 17 15 17 (6 ) — Fixed payout annuity hedge 1,063 1,063 (247 ) (357 ) — — (247 ) (357 ) Credit contracts Credit derivatives that purchase credit protection 185 423 (5 ) 18 — 22 (5 ) (4 ) Credit derivatives that assume credit risk [1] 1,828 2,458 4 (13 ) 15 9 (11 ) (22 ) Credit derivatives in offsetting positions 3,797 4,059 — (2 ) 43 40 (43 ) (42 ) Equity contracts Equity index swaps and options 105 419 (1 ) 15 30 41 (31 ) (26 ) Variable annuity hedge program GMWB product derivatives [2] 13,603 15,099 (348 ) (262 ) — — (348 ) (262 ) GMWB reinsurance contracts 2,809 3,106 98 83 98 83 — — GMWB hedging instruments 10,464 10,979 169 158 307 264 (138 ) (106 ) Macro hedge program 6,348 4,548 136 147 197 179 (61 ) (32 ) Other Contingent capital facility put option 500 500 2 7 2 7 — — Modified coinsurance reinsurance contracts 921 895 31 79 31 79 — — Total non-qualifying strategies 55,529 58,492 (1,083 ) (924 ) 1,328 1,038 (2,411 ) (1,962 ) Total cash flow hedges, fair value hedges, and non-qualifying strategies $ 59,177 $ 62,185 $ (1,026 ) $ (926 ) $ 1,420 $ 1,095 $ (2,446 ) $ (2,021 ) Balance Sheet Location Fixed maturities, available-for-sale $ 416 $ 425 $ 1 $ (3 ) $ 1 $ — $ — $ (3 ) Other investments 10,477 23,253 278 1 350 409 (72 ) (408 ) Other liabilities 30,902 19,358 (1,055 ) (798 ) 940 524 (1,995 ) (1,322 ) Reinsurance recoverables 3,729 4,000 129 162 129 162 — — Other policyholder funds and benefits payable 13,653 15,149 (379 ) (288 ) — — (379 ) (288 ) Total derivatives $ 59,177 $ 62,185 $ (1,026 ) $ (926 ) $ 1,420 $ 1,095 $ (2,446 ) $ (2,021 ) [1] The derivative instruments related to this strategy are held for other investment purposes. [2] These derivatives are embedded within liabilities and are not held for risk management purposes. Change in Notional Amount The net decrease in notional amount of derivatives since December 31, 2015 , was primarily due to the following: • The decline in the combined notional amount associated with the GMWB hedging program, which includes the GMWB product, reinsurance, and hedging derivatives, was primarily driven by policyholder lapses and partial withdrawals. • The decline in notional amount related to non-qualifying interest rate derivatives was primarily driven by the termination of interest rate swaps that were used for duration management. • The decline in notional amount related to the termination of credit derivatives that assume credit risk was a result of re-balancing within certain fixed maturity sectors. The terminated positions related to replication transactions that pair credit derivatives with high quality liquid securities to earn a higher credit spread. • The increase in the notional amount associated with the macro hedge program was primarily due to purchases of equity options and forwards to hedge more of the equity risk. • The increase in the notional amount related to foreign currency derivatives was primarily due to purchases of currency forwards that are used to hedge non-U.S. dollar denominated cash. Change in Fair Value The net decline in the total fair value of derivative instruments since December 31, 2015 , was primarily related to the following: • The decrease in fair value related to the combined GMWB hedging program was primarily due to an increase in the U.S. equity markets, assumption and fund regression updates, partially offset by an increase in fair value driven by favorable policyholder behavior and outperformance of the underlying actively managed funds compared to their respective indices. • The increase in fair value associated with qualifying cash flow hedge interest rate swaps was due to a decline in interest rates and the decrease in fair value related to non-qualifying interest rate swaps was due to the termination of offsetting swaps that were in a net gain position. • The decrease in the fair value associated with modified coinsurance reinsurance contracts, which are accounted for as embedded derivatives and transfer to the reinsurer the investment experience related to the assets supporting the reinsured policies, was primarily driven by a decline in interest rates. • The increase in fair value associated with the fixed payout annuity hedges was primarily driven by an appreciation of the Japanese yen in comparison to the U.S. dollar, slightly offset by a decline in U.S. interest rates. Offsetting of Derivative Assets (Liabilities) The following tables present the gross fair value amounts, the amounts offset, and net position of derivative instruments eligible for offset in the Company's Condensed Consolidated Balance Sheets. Amounts offset include fair value amounts, income accruals and related cash collateral receivables and payables associated with derivative instruments that are traded under a common master netting agreement, as described in the preceding discussion. Also included in the tables are financial collateral receivables and payables, which are contractually permitted to be offset upon an event of default, although are disallowed for offsetting under U.S. GAAP. As of September 30, 2016 (i) (ii) (iii) = (i) - (ii) (iv) (v) = (iii) - (iv) Net Amounts Presented in the Statement of Financial Position Collateral Disallowed for Offset in the Statement of Financial Position Gross Amounts of Recognized Assets Gross Amounts Offset in the Statement of Financial Position Derivative Assets [1] Accrued Interest and Cash Collateral Received [2] Financial Collateral Received [4] Net Amount Description Other investments $ 1,290 $ 1,024 $ 278 $ (12 ) $ 209 $ 57 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Statement of Financial Position Derivative Liabilities [3] Accrued Interest and Cash Collateral Pledged [3] Financial Collateral Pledged [4] Net Amount Description Other liabilities $ (2,067 ) $ (1,049 ) $ (1,055 ) $ 37 $ (974 ) $ (44 ) As of December 31, 2015 (i) (ii) (iii) = (i) - (ii) (iv) (v) = (iii) - (iv) Net Amounts Presented in the Statement of Financial Position Collateral Disallowed for Offset in the Statement of Financial Position Gross Amounts of Recognized Assets Gross Amounts Offset in the Statement of Financial Position Derivative Assets [1] Accrued Interest and Cash Collateral Received [2] Financial Collateral Received [4] Net Amount Description Other investments $ 933 $ 756 $ 1 $ 176 $ 100 $ 77 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Statement of Financial Position Derivative Liabilities [3] Accrued Interest and Cash Collateral Pledged [3] Financial Collateral Pledged [4] Net Amount Description Other liabilities $ (1,730 ) $ (818 ) $ (798 ) $ (114 ) $ (889 ) $ (23 ) [1] Included in other invested assets in the Company's Condensed Consolidated Balance Sheets. [2] Included in other assets in the Company's Condensed Consolidated Balance Sheets and amount presented is limited to the net derivative receivable associated with each counterparty. [3] Included in other liabilities in the Company's Condensed Consolidated Balance Sheets and amount presented is limited to the net derivative payable associated with each counterparty. [4] Excludes collateral associated with exchange-traded derivative instruments. Cash Flow Hedges For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of OCI and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains and losses on the derivative representing hedge ineffectiveness are recognized in current period earnings. All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness. The following tables present the components of the gain or loss on derivatives that qualify as cash flow hedges: Derivatives in Cash Flow Hedging Relationships Gain (Loss) Recognized in OCI on Derivative (Effective Portion) Net Realized Capital Gains(Losses) Recognized in Income on Derivative (Ineffective Portion) Three Months Ended September 30, Nine Months Ended September 30, Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 2016 2015 2016 2015 Interest rate swaps $ (26 ) $ 91 $ 120 $ 76 $ — $ — $ — $ — Foreign currency swaps — — 1 (1 ) — — — — Total $ (26 ) $ 91 $ 121 $ 75 $ — $ — $ — $ — Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) Three Months Ended September 30, Nine Months Ended September 30, Location 2016 2015 2016 2015 Interest rate swaps Net realized capital gains $ — $ 1 $ 7 $ 4 Interest rate swaps Net investment income 16 15 46 47 Foreign currency swaps Net realized capital gains (losses) 1 — 3 (7 ) Total $ 17 $ 16 $ 56 $ 44 As of September 30, 2016 , the before-tax deferred net gains on derivative instruments recorded in AOCI that are expected to be reclassified to earnings during the next twelve months are $29 . This expectation is based on the anticipated interest payments on hedged investments in fixed maturity securities that will occur over the next twelve months, at which time the Company will recognize the deferred net gains (losses) as an adjustment to net investment income over the term of the investment cash flows. The maximum term over which the Company is hedging its exposure to the variability of future cash flows for forecasted transactions, excluding interest payments on existing variable-rate financial instruments, is approximately two years . During the three and nine months ended September 30, 2016 , and September 30, 2015 , the Company had no net reclassifications from AOCI to earnings resulting from the discontinuance of cash-flow hedges due to forecasted transactions that were no longer probable of occurring. Fair Value Hedges For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in current period earnings. The Company includes the gain or loss on the derivative in the same line item as the offsetting loss or gain on the hedged item. All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness. For both the three and nine months ended September 30, 2016 and 2015 , the Company recognized in income losses of less than $1 representing the ineffective portion of fair value hedges for the derivative instrument and the hedged item. Non-Qualifying Strategies For non-qualifying strategies, including embedded derivatives that are required to be bifurcated from their host contracts and accounted for as derivatives, the gain or loss on the derivative is recognized currently in earnings within net realized capital gains (losses). The following table presents the gain or loss recognized in income on non-qualifying strategies: Derivatives Used in Non-Qualifying Strategies Gain or (Loss) Recognized within Net Realized Capital Gains and Losses Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Interest rate contracts Interest rate swaps, swaptions, and futures $ (2 ) $ (11 ) $ (22 ) $ (16 ) Foreign exchange contracts Foreign currency swaps and forwards [1] 4 3 25 11 Fixed payout annuity hedge [2] 13 8 109 (23 ) Credit contracts Credit derivatives that purchase credit protection (12 ) 7 (19 ) 5 Credit derivatives that assume credit risk 24 (23 ) 28 (25 ) Equity contracts Equity index swaps and options (2 ) 1 15 4 Commodity contracts Commodity options — 2 — (8 ) Variable annuity hedge program GMWB product derivatives 87 (150 ) (22 ) (91 ) GMWB reinsurance contracts (15 ) 24 (2 ) 15 GMWB hedging instruments (66 ) 94 16 41 Macro hedge program (64 ) 51 (98 ) 24 Other Contingent capital facility put option (1 ) (2 ) (4 ) (5 ) Modified coinsurance reinsurance contracts (1 ) 2 (48 ) 28 Total [3] $ (35 ) $ 6 $ (22 ) $ (40 ) [1] Not included in this amount is the associated transactional foreign currency revaluation related to changes in equity of the U.K. property and casualty runoff subsidiaries, currently held for sale, adjusted through realized capital losses of $(10) and $ (33) for the three and nine months ended September 30, 2016 . [2] Not included in this amount is the associated liability adjustment for changes in foreign exchange spot rates through realized capital losses of $(10) and $(17) for the three months ended September 30, 2016 and 2015 , respectively, and $(118) and $(1) for the nine months ended September 30, 2016 and 2015 , respectively. [3] Excludes investments that contain an embedded credit derivative for which the Company has elected the fair value option. For further discussion, see the Fair Value Option section in Note 5 - Fair Value Measurements . For the three months ended September 30, 2016 , the net realized capital gain (loss) related to derivatives used in non-qualifying strategies was primarily comprised of the following: • The net gain on fixed payout annuity hedge was primarily driven by an appreciation of the Japanese yen in comparison to the U.S. dollar. • The net gain on credit contracts was primarily driven by credit spread tightening. • The net gain related to the combined GMWB hedging program, which includes the GMWB product, reinsurance, and hedging derivatives, was primarily due to favorable policyholder behavior and outperformance of the underlying actively managed funds compared to their respective indices, partially offset by losses resulting from assumption updates and an increase in interest rates. • The net loss on the macro hedge program was primarily driven by an increase in equity markets, time decay of options, and a decline in equity volatility. For the nine months ended September 30, 2016 , the net realized capital gain (loss) related to derivatives used in non-qualifying strategies was primarily comprised of the following: • The net loss related to interest rate derivatives was primarily driven by a decline in interest rates and terminations of derivative positions used for duration management. • The net gain on foreign currency swaps and forwards primarily related to the U.K. property and casualty runoff subsidiary hedge and was driven by depreciation of the British pound. • The net gain on the fixed annuity payout hedge was driven by an appreciation of the Japanese yen in comparison to the U.S. dollar, slightly offset by a decline in U.S. interest rates. • The net gain on credit contracts was primarily driven by credit spread tightening. • The net loss related to the combined GMWB hedging program was primarily due to an increase in the U.S. equity markets, partially offset by non-market gains. The non-market gains include favorable policyholder behavior and outperformance of the underlying actively managed funds compared to their respective indices, partially offset by assumption and fund regression updates. • The net loss on the macro hedge program was primarily driven by an increase in equity markets and time decay of options. • The loss associated with modified coinsurance reinsurance contracts, which are accounted for as embedded derivatives and transfer to the reinsurer the investment experience related to the assets supporting the reinsured policies, was primarily driven by a decline in interest rates. The assets remain on the Company's books and the Company recorded an offsetting gain in AOCI as a result of the increase in market value of the bonds. For the three and nine months ended September 30, 2015 , the net realized capital gain (loss) related to derivatives used in non-qualifying strategies was primarily comprised of the following: • The losses related to interest rate swaps were driven by a decline in interest rates. • For the nine months September 30, 2015 , the net loss related to the fixed payout annuity hedge was primarily driven by a decline in U.S. interest rates. • The net losses related to credit derivatives were primarily driven by widening credit spreads. • The net losses related to the combined GMWB hedging program which includes the GMWB product, reinsurance, and hedging derivatives, were primarily driven by underperformance of the underlying actively managed funds compared to their respective indices and unfavorable policyholder behavior. • For the three months ended September 30, 2015 , the gain on the macro hedge program was primarily driven by a decline in equity markets. For the nine months ended September 30, 2015 , the gain on the macro hedge program was primarily driven by a decline in equity markets, increased equity volatility, and a decline in interest rates, partially offset by a loss driven by time decay on options. • The gains associated with modified coinsurance reinsurance contracts, which are accounted for as embedded derivatives and transfer to the reinsurer the investment experience related to the assets supporting the reinsured policies, were primarily driven by widening credit spreads, partially offset by a decline in long-term interest rates. For additional disclosures regarding contingent credit related features in derivative agreements, see Note 10 - Commitments and Contingencies of Notes to Condensed Consolidated Financial Statements. Credit Risk Assumed through Credit Derivatives The Company enters into credit default swaps that assume credit risk of a single entity or referenced index in order to synthetically replicate investment transactions that would be permissible under the Company's investment policies. The Company will receive periodic payments based on an agreed upon rate and notional amount and will only make a payment if there is a credit event. A credit event payment will typically be equal to the notional value of the swap contract less the value of the referenced security issuer’s debt obligation after the occurrence of the credit event. A credit event is generally defined as a default on contractually obligated interest or principal payments or bankruptcy of the referenced entity. The credit default swaps in which the Company assumes credit risk primarily reference investment grade single corporate issuers and baskets, which include standard diversified portfolios of corporate and CMBS issuers. The diversified portfolios of corporate issuers are established within sector concentration limits and may be divided into tranches that possess different credit ratings. The following tables present the notional amount, fair value, weighted average years to maturity, underlying referenced credit obligation type and average credit ratings, and offsetting notional amounts and fair value for credit derivatives in which the Company is assuming credit risk as of September 30, 2016 , and December 31, 2015 . As of September 30, 2016 Underlying Referenced Credit Obligation(s) [1] Credit Derivative Type by Derivative Risk Exposure Notional Amount [2] Fair Value Weighted Average Years to Maturity Type Average Credit Rating Offsetting Notional Amount [3] Offsetting Fair Value [3] Single name credit default swaps Investment grade risk exposure $ 169 $ 1 4 years Corporate Credit/ A- $ 50 $ — Below investment grade risk exposure 77 — 1 year Corporate Credit B+ 77 — Basket credit default swaps [4] Investment grade risk exposure 2,446 23 3 years Corporate Credit BBB+ 1,415 (10 ) Below investment grade risk exposure 50 3 5 years Corporate Credit B+ 50 (3 ) Investment grade risk exposure 516 (12 ) 5 years CMBS Credit AA+ 188 1 Below investment grade risk exposure 118 (28 ) 1 year CMBS Credit CCC 118 28 Embedded credit derivatives Investment gra |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | Cash Flow Hedges For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of OCI and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains and losses on the derivative representing hedge ineffectiveness are recognized in current period earnings. All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness. The following tables present the components of the gain or loss on derivatives that qualify as cash flow hedges: Derivatives in Cash Flow Hedging Relationships Gain (Loss) Recognized in OCI on Derivative (Effective Portion) Net Realized Capital Gains(Losses) Recognized in Income on Derivative (Ineffective Portion) Three Months Ended September 30, Nine Months Ended September 30, Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 2016 2015 2016 2015 Interest rate swaps $ (26 ) $ 91 $ 120 $ 76 $ — $ — $ — $ — Foreign currency swaps — — 1 (1 ) — — — — Total $ (26 ) $ 91 $ 121 $ 75 $ — $ — $ — $ — Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) Three Months Ended September 30, Nine Months Ended September 30, Location 2016 2015 2016 2015 Interest rate swaps Net realized capital gains $ — $ 1 $ 7 $ 4 Interest rate swaps Net investment income 16 15 46 47 Foreign currency swaps Net realized capital gains (losses) 1 — 3 (7 ) Total $ 17 $ 16 $ 56 $ 44 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Derivative Balance Sheet Classification The following table summarizes the balance sheet classification of the Company’s derivative related net fair value amounts as well as the gross asset and liability fair value amounts. For reporting purposes, the Company has elected to offset within total assets or total liabilities based upon the net of the fair value amounts, income accruals, and related cash collateral receivables and payables of OTC derivative instruments executed in a legal entity and with the same counterparty under a master netting agreement, which provides the Company with the legal right of offset. The Company has also elected to offset within total assets or total liabilities based upon the net of the fair value amounts, income accruals and related cash collateral receivables and payables of OTC-cleared derivative instruments based on clearing house agreements. The following fair value amounts do not include income accruals or related cash collateral receivables and payables, which are netted with derivative fair value amounts to determine balance sheet presentation. Derivative fair value reported as liabilities after taking into account the master netting agreements was $1.4 billion and $ 1.1 billion , respectively, as of September 30, 2016 , and December 31, 2015 . Derivatives in the Company’s separate accounts, where the associated gains and losses accrue directly to policyholders, are not included in the table below. The Company’s derivative instruments are held for risk management purposes, unless otherwise noted in the following table. The notional amount of derivative contracts represents the basis upon which pay or receive amounts are calculated and is presented in the table to quantify the volume of the Company’s derivative activity. Notional amounts are not necessarily reflective of credit risk. The following tables exclude investments that contain an embedded credit derivative for which the Company has elected the fair value option. For further discussion, see the Fair Value Option section in Note 5 - Fair Value Measurements of Notes to Condensed Consolidated Financial Statements. Net Derivatives Asset Derivatives Liability Derivatives Notional Amount Fair Value Fair Value Fair Value Hedge Designation/ Derivative Type Sep. 30, 2016 Dec. 31, 2015 Sep. 30, 2016 Dec. 31, 2015 Sep. 30, 2016 Dec. 31, 2015 Sep. 30, 2016 Dec. 31, 2015 Cash flow hedges Interest rate swaps $ 3,443 $ 3,527 $ 74 $ 17 $ 84 $ 50 $ (10 ) $ (33 ) Foreign currency swaps 182 143 (17 ) (19 ) 8 7 (25 ) (26 ) Total cash flow hedges 3,625 3,670 57 (2 ) 92 57 (35 ) (59 ) Fair value hedges Interest rate swaps 23 23 — — — — — — Total fair value hedges 23 23 — — — — — — Non-qualifying strategies Interest rate contracts Interest rate swaps, swaptions, and futures 12,816 14,290 (931 ) (814 ) 590 297 (1,521 ) (1,111 ) Foreign exchange contracts Foreign currency swaps and forwards 1,090 653 9 17 15 17 (6 ) — Fixed payout annuity hedge 1,063 1,063 (247 ) (357 ) — — (247 ) (357 ) Credit contracts Credit derivatives that purchase credit protection 185 423 (5 ) 18 — 22 (5 ) (4 ) Credit derivatives that assume credit risk [1] 1,828 2,458 4 (13 ) 15 9 (11 ) (22 ) Credit derivatives in offsetting positions 3,797 4,059 — (2 ) 43 40 (43 ) (42 ) Equity contracts Equity index swaps and options 105 419 (1 ) 15 30 41 (31 ) (26 ) Variable annuity hedge program GMWB product derivatives [2] 13,603 15,099 (348 ) (262 ) — — (348 ) (262 ) GMWB reinsurance contracts 2,809 3,106 98 83 98 83 — — GMWB hedging instruments 10,464 10,979 169 158 307 264 (138 ) (106 ) Macro hedge program 6,348 4,548 136 147 197 179 (61 ) (32 ) Other Contingent capital facility put option 500 500 2 7 2 7 — — Modified coinsurance reinsurance contracts 921 895 31 79 31 79 — — Total non-qualifying strategies 55,529 58,492 (1,083 ) (924 ) 1,328 1,038 (2,411 ) (1,962 ) Total cash flow hedges, fair value hedges, and non-qualifying strategies $ 59,177 $ 62,185 $ (1,026 ) $ (926 ) $ 1,420 $ 1,095 $ (2,446 ) $ (2,021 ) Balance Sheet Location Fixed maturities, available-for-sale $ 416 $ 425 $ 1 $ (3 ) $ 1 $ — $ — $ (3 ) Other investments 10,477 23,253 278 1 350 409 (72 ) (408 ) Other liabilities 30,902 19,358 (1,055 ) (798 ) 940 524 (1,995 ) (1,322 ) Reinsurance recoverables 3,729 4,000 129 162 129 162 — — Other policyholder funds and benefits payable 13,653 15,149 (379 ) (288 ) — — (379 ) (288 ) Total derivatives $ 59,177 $ 62,185 $ (1,026 ) $ (926 ) $ 1,420 $ 1,095 $ (2,446 ) $ (2,021 ) [1] The derivative instruments related to this strategy are held for other investment purposes. [2] These derivatives are embedded within liabilities and are not held for risk management purposes. |
Schedule of Derivative Instruments [Table Text Block] | Notional Amount Fair Value September 30, December 31, 2015 September 30, December 31, 2015 Customized swaps $ 5,366 $ 5,877 $ 142 $ 131 Equity swaps, options, and futures 1,355 1,362 (13 ) 2 Interest rate swaps and futures 3,743 3,740 40 25 Total $ 10,464 $ 10,979 $ 169 $ 158 Macro Hedge Program The Company utilizes equity swaps, options, futures, and forwards to provide partial protection against the statutory tail scenario risk arising from GMWB and guaranteed minimum death benefit ("GMDB") liabilities on the Company's statutory surplus. These derivatives cover some of the residual risks not otherwise covered by the dynamic hedging program. The following table presents notional and fair value for the macro hedge program. Notional Amount Fair Value September 30, December 31, 2015 September 30, December 31, 2015 Equity swaps, options, futures, and forwards $ 6,348 $ 4,548 $ 136 $ 147 Total $ 6,348 $ 4,548 $ 136 $ 147 |
Derivatives, Methods of Accounting, Hedge Documentation [Policy Text Block] | Strategies That Qualify for Hedge Accounting Certain derivatives that the Company enters into satisfy the hedge accounting requirements as outlined in Note 1 - Basis of Presentation and Significant Accounting Policies of Notes to Consolidated Financial Statements, included in The Hartford’s 2015 Form 10-K Annual Report. Typically, these hedge relationships include interest rate swaps and, to a lesser extent, foreign currency swaps where the terms or expected cash flows of the hedged item closely match the terms of the swap. The interest rate swaps are typically used to manage interest rate duration of certain fixed maturity securities or liability contracts. The hedge strategies by hedge accounting designation include: Cash Flow Hedges Interest rate swaps are predominantly used to manage portfolio duration and better match cash receipts from assets with cash disbursements required to fund liabilities. These derivatives primarily convert interest receipts on floating-rate fixed maturity securities to fixed rates. The Company also enters into forward starting swap agreements to hedge the interest rate exposure related to the purchase of fixed-rate securities, primarily to hedge interest rate risk inherent in the assumptions used to price certain liabilities. Foreign currency swaps are used to convert foreign currency-denominated cash flows related to certain investment receipts and liability payments to U.S. dollars in order to reduce cash flow fluctuations due to changes in currency rates. Fair Value Hedges Interest rate swaps are used to hedge the changes in fair value of fixed maturity securities due to fluctuations in interest rates. These swaps are typically used to manage interest rate duration. |
Derivatives, Methods of Accounting, Derivatives Not Designated or Qualifying as Hedges [Policy Text Block] | Non-Qualifying Strategies Derivative relationships that do not qualify for hedge accounting (“non-qualifying strategies”) primarily include the hedge program for the Company's variable annuity products as well as the hedging and replication strategies that utilize credit default swaps. In addition, hedges of interest rate, foreign currency and equity risk of certain fixed maturities, equities and liabilities do not qualify for hedge accounting. The non-qualifying strategies include: Interest Rate Swaps, Swaptions, and Futures The Company uses interest rate swaps, swaptions, and futures to manage duration between assets and liabilities in certain investment portfolios. In addition, the Company enters into interest rate swaps to terminate existing swaps, thereby offsetting the changes in value of the original swap. As of September 30, 2016 , and December 31, 2015 , the notional amount of interest rate swaps in offsetting relationships was $12.1 billion and $12.9 billion , respectively. Foreign Currency Swaps and Forwards Foreign currency forwards are used to hedge non-U.S. dollar denominated cash and equity securities as well as currency impacts on changes in equity of the U.K. property and casualty runoff subsidiaries that is held for sale. For further information on the disposition, see Note 2 - Business Acquisitions and Dispositions of Notes to Condensed Consolidated Financial Statements. The Company also enters into foreign currency swaps and forwards to convert the foreign currency exposures of certain foreign currency-denominated fixed maturity investments to U.S. dollars. Fixed Payout Annuity Hedge The Company reinsures certain yen denominated fixed payout annuities. The Company invests in U.S. dollar denominated assets to support the reinsurance liability. The Company has in place pay U.S. dollar, receive yen swap contracts to hedge the currency and yen interest rate exposure between the U.S. dollar denominated assets and the yen denominated fixed liability reinsurance payments. Credit Contracts Credit default swaps are used to purchase credit protection on an individual entity or referenced index to economically hedge against default risk and credit-related changes in value of fixed maturity securities. Credit default swaps are also used to assume credit risk related to an individual entity or referenced index as a part of replication transactions. These contracts require the Company to pay or receive a periodic fee in exchange for compensation from the counterparty should the referenced security issuers experience a credit event, as defined in the contract. The Company is also exposed to credit risk related to certain structured fixed maturity securities that have embedded credit derivatives, which reference a standard index of corporate securities. In addition, the Company enters into credit default swaps to terminate existing credit default swaps, thereby offsetting the changes in value of the original swap going forward. Equity Index Swaps and Options The Company enters into equity index options to hedge the impact of a decline in the equity markets on the investment portfolio. During 2015, the Company entered into a total return swap to hedge equity risk of specific common stock investments which were accounted for using the fair value option in order to align the accounting treatment within net realized capital gains (losses). The swap matured in January 2016 and the specific common stock investments were sold at that time. In addition, the Company formerly offered certain equity indexed products that remain in force, a portion of which contain embedded derivatives that require bifurcation. The Company uses equity index swaps to economically hedge the equity volatility risk associated with the equity indexed products. Commodity Contracts The Company has used put option contracts on oil futures to partially offset potential losses related to certain fixed maturity securities that could be impacted by changes in oil prices. GMWB Derivatives, Net The Company formerly offered certain variable annuity products with GMWB riders. The GMWB product is a bifurcated embedded derivative (“GMWB product derivatives”) that has a notional value equal to the GRB. The Company uses reinsurance contracts to transfer a portion of its risk of loss due to GMWB. The reinsurance contracts covering GMWB (“GMWB reinsurance contracts”) are accounted for as free-standing derivatives with a notional amount equal to the GRB amount. The Company utilizes derivatives (“GMWB hedging instruments”) as part of a dynamic hedging program designed to hedge a portion of the capital market risk exposures of the non-reinsured GMWB riders due to changes in interest rates, equity market levels, and equity volatility. These derivatives include customized swaps, interest rate swaps and futures, and equity swaps, options and futures, on certain indices including the S&P 500 index, EAFE index and NASDAQ index. The Company retains the risk for differences between assumed and actual policyholder behavior and between the performance of the actively managed funds underlying the separate accounts and their respective indices. The following table presents notional and fair value for GMWB hedging instruments. Notional Amount Fair Value September 30, December 31, 2015 September 30, December 31, 2015 Customized swaps $ 5,366 $ 5,877 $ 142 $ 131 Equity swaps, options, and futures 1,355 1,362 (13 ) 2 Interest rate swaps and futures 3,743 3,740 40 25 Total $ 10,464 $ 10,979 $ 169 $ 158 Macro Hedge Program The Company utilizes equity swaps, options, futures, and forwards to provide partial protection against the statutory tail scenario risk arising from GMWB and guaranteed minimum death benefit ("GMDB") liabilities on the Company's statutory surplus. These derivatives cover some of the residual risks not otherwise covered by the dynamic hedging program. The following table presents notional and fair value for the macro hedge program. Notional Amount Fair Value September 30, December 31, 2015 September 30, December 31, 2015 Equity swaps, options, futures, and forwards $ 6,348 $ 4,548 $ 136 $ 147 Total $ 6,348 $ 4,548 $ 136 $ 147 Contingent Capital Facility Put Option The Company entered into a put option agreement that provides the Company the right to require a third-party trust to purchase, at any time, The Hartford’s junior subordinated notes in a maximum aggregate principal amount of $500 . Under the put option agreement, The Hartford will pay premiums on a periodic basis and will reimburse the trust for certain fees and ordinary expenses. Modified Coinsurance Reinsurance Contracts As of September 30, 2016 , and December 31, 2015 , the Company had approximately $921 and $895 , respectively, of invested assets supporting other policyholder funds and benefits payable reinsured under a modified coinsurance arrangement in connection with the sale of the Individual Life business, which was structured as a reinsurance transaction. The assets are primarily held in a trust established by the Company. The Company pays or receives cash quarterly to settle the results of the reinsured business, including the investment results. As a result of this modified coinsurance arrangement, the Company has an embedded derivative that transfers to the reinsurer certain unrealized changes in fair value due to interest rate and credit risks of these assets. The notional amount of the embedded derivative reinsurance contracts are the invested assets that are carried at fair value supporting the reinsured reserves. |
Separate Accounts, Death Bene31
Separate Accounts, Death Benefits and Other Insurance Benefit Features Level 3 (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Separate Accounts Disclosure [Abstract] | |
Changes in the gross U.S. GMDB, International GMDB/GMIB, and UL Secondary Guarantee Benefits [Table Text Block] | Changes in the gross GMDB/GMWB and universal life secondary guarantee benefits are as follows: GMDB/GMWB [1,2] Universal Life Secondary Guarantees Liability balance as of January 1, 2016 $ 863 $ 2,313 Incurred [3] 50 234 Paid (92 ) — Liability balance as of September 30, 2016 $ 821 $ 2,547 Reinsurance recoverable asset, as of January 1, 2016 $ 523 $ 2,313 Incurred [3] 40 234 Paid (73 ) — Reinsurance recoverable asset, as of September 30, 2016 $ 490 $ 2,547 GMDB/GMWB [1,2] Universal Life Secondary Guarantees Liability balance as of January 1, 2015 $ 812 $ 2,041 Incurred [3] 76 203 Paid (83 ) — Liability balance as of September 30, 2015 $ 805 $ 2,244 Reinsurance recoverable asset, as of January 1, 2015 $ 481 $ 2,041 Incurred [3] 89 203 Paid (66 ) — Reinsurance recoverable asset, as of September 30, 2015 $ 504 $ 2,244 [1] Included in Reserve for future policy benefits and unpaid losses and loss adjustment expenses on the Condensed Consolidated Balance Sheets. [2] These liability balances include all GMDB benefits, plus the life-contingent portion of GMWB benefits in excess of the return of the GRB. GMWB benefits up to the return of the GRB are embedded derivatives held at fair value and are excluded from these balances. [3] Includes the portion of assessments established as additions to reserves as well as changes in estimates affecting the reserves. |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Table Text Block] | The following table provides details concerning GMDB/GMWB exposure as of September 30, 2016 : Account Value by GMDB/GMWB Type Maximum anniversary value (“MAV”) [1] Account Value (“AV”) [8] Net Amount at Risk (“NAR”) [9] Retained Net Amount at Risk (“RNAR”) [9] Weighted Average Attained Age of Annuitant MAV only $ 13,815 $ 2,353 $ 359 71 With 5% rollup [2] 1,188 192 61 71 With Earnings Protection Benefit Rider (“EPB”) [3] 3,516 472 75 70 With 5% rollup & EPB 475 104 23 73 Total MAV 18,994 3,121 518 Asset Protection Benefit (“APB”) [4] 10,766 197 131 69 Lifetime Income Benefit (“LIB”) — Death Benefit [5] 480 6 6 69 Reset [6] (5-7 years) 2,457 15 14 70 Return of Premium (“ROP”) [7]/Other 8,999 65 61 68 Subtotal Variable Annuity with GMDB/GMWB [10] 41,696 $ 3,404 $ 730 70 Less: General Account Value with GMDB/GMWB 3,806 Subtotal Separate Account Liabilities with GMDB 37,890 Separate Account Liabilities without GMDB 80,758 Total Separate Account Liabilities $ 118,648 [1] MAV GMDB is the greatest of current AV, net premiums paid and the highest AV on any anniversary before age 80 years (adjusted for withdrawals). [2] Rollup GMDB is the greatest of the MAV, current AV, net premium paid and premiums (adjusted for withdrawals) accumulated at generally 5% simple interest up to the earlier of age 80 years or 100% of adjusted premiums. [3] EPB GMDB is the greatest of the MAV, current AV, or contract value plus a percentage of the contract’s growth. The contract’s growth is AV less premiums net of withdrawals, subject to a cap of 200% of premiums net of withdrawals. [4] APB GMDB is the greater of current AV or MAV, not to exceed current AV plus 25% times the greater of net premiums and MAV (each adjusted for premiums in the past 12 months ). [5] LIB GMDB is the greatest of current AV; net premiums paid; or, for certain contracts, a benefit amount generally based on market performance that ratchets over time. [6] Reset GMDB is the greatest of current AV, net premiums paid and the most recent five to seven year anniversary AV before age 80 years (adjusted for withdrawals). [7] ROP GMDB is the greater of current AV or net premiums paid. [8] AV includes the contract holder’s investment in the separate account and the general account. [9] NAR is defined as the guaranteed benefit in excess of the current AV. RNAR represents NAR reduced for reinsurance. NAR and RNAR are highly sensitive to equity markets movements and increase when equity markets decline. [10] Some variable annuity contracts with GMDB also have a life-contingent GMWB that may provide for benefits in excess of the return of the GRB. Such contracts included in this amount have $6.6 billion of total account value and weighted average attained age of 72 years . There is no NAR or retained NAR related to these contracts. Account balances of contracts with guarantees were invested in variable separate accounts as follows: Asset type As of September 30, 2016 As of December 31, 2015 Equity securities (including mutual funds) $ 34,772 $ 36,970 Cash and cash equivalents 3,118 3,453 Total $ 37,890 $ 40,423 |
Income Taxes Level 3 (Tables)
Income Taxes Level 3 (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | A reconciliation of the tax provision at the U.S. federal statutory rate to the provision (benefit) for income taxes is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Tax provision at U.S. federal statutory rate $ 185 $ 133 $ 378 $ 516 Tax-exempt interest (31 ) (33 ) (94 ) (100 ) Dividends-received deduction ("DRD") (14 ) (36 ) (57 ) (131 ) Decrease in valuation allowance — (60 ) (78 ) (57 ) Sale of U.K. business (50 ) — (50 ) — Other — 3 3 (6 ) Provision for income taxes $ 90 $ 7 $ 102 $ 222 |
Summary of Operating Loss Carryforwards [Table Text Block] | As of September 30, 2016 December 31, 2015 Expiration Carryover amount Expected tax benefit, gross Carryover amount Expected tax benefit, gross Dates Amount Net operating loss carryover - U.S. $ 4,820 $ 1,687 $ 5,182 $ 1,814 2016 - 2020 $ 3 2023 - 2033 $ 4,817 Net operating loss carryover - foreign $ 76 $ 15 $ 89 $ 17 No expiration $ 76 Foreign tax credit carryover $ 65 $ 65 $ 154 $ 154 2020 - 2024 $ 65 Capital loss carryover $ — $ — $ 222 $ 78 $ — Alternative minimum tax credit carryover $ 684 $ 684 $ 639 $ 639 No expiration $ 684 |
Accumulated Other Comprehensi33
Accumulated Other Comprehensive Income Loss Level 3 (Tables) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Changes in AOCI, net of tax, by component consist of the following: Three months ended September 30, 2016 Changes in Net Unrealized Gain on Securities OTTI Losses in OCI Net Gain on Cash Flow Hedging Instruments Foreign Currency Translation Adjustments Pension and Other Postretirement Plan Adjustments AOCI, net of tax Beginning balance $ 2,437 $ (10 ) $ 200 $ (68 ) $ (1,659 ) $ 900 OCI before reclassifications 72 4 (17 ) 78 — 137 Amounts reclassified from AOCI (50 ) 1 (11 ) — 10 (50 ) OCI, net of tax 22 5 (28 ) 78 10 87 Ending balance $ 2,459 $ (5 ) $ 172 $ 10 $ (1,649 ) $ 987 Nine months ended September 30, 2016 Changes in Net Unrealized Gain on Securities OTTI Losses in OCI Net Gain on Cash Flow Hedging Instruments Foreign Currency Translation Adjustments Pension and Other Postretirement Plan Adjustments AOCI, net of tax Beginning balance $ 1,279 $ (7 ) $ 130 $ (55 ) $ (1,676 ) $ (329 ) OCI before reclassifications 1,263 (1 ) 78 65 — 1,405 Amounts reclassified from AOCI (83 ) 3 (36 ) — 27 (89 ) OCI, net of tax 1,180 2 42 65 27 1,316 Ending balance $ 2,459 $ (5 ) $ 172 $ 10 $ (1,649 ) $ 987 | Changes in AOCI, net of tax, by component consist of the following: Three months ended September 30, 2015 Changes in Net Unrealized Gain on Securities OTTI Losses in OCI Net Gain on Cash Flow Hedging Instruments Foreign Currency Translation Adjustments Pension and Other Postretirement Plan Adjustments AOCI, net of tax Beginning balance $ 1,657 $ (7 ) $ 122 $ (24 ) $ (1,560 ) $ 188 OCI before reclassifications (113 ) 2 58 (14 ) (1 ) (68 ) Amounts reclassified from AOCI 19 1 (10 ) — 10 20 OCI, net of tax (94 ) 3 48 (14 ) 9 (48 ) Ending balance $ 1,563 $ (4 ) $ 170 $ (38 ) $ (1,551 ) $ 140 Nine months ended September 30, 2015 Changes in Net Unrealized Gain on Securities OTTI Losses in OCI Net Gain on Cash Flow Hedging Instruments Foreign Currency Translation Adjustments Pension and Other Postretirement Plan Adjustments AOCI, net of tax Beginning balance $ 2,370 $ (5 ) $ 150 $ (8 ) $ (1,579 ) $ 928 OCI before reclassifications (798 ) — 49 (30 ) — (779 ) Amounts reclassified from AOCI (9 ) 1 (29 ) — 28 (9 ) OCI, net of tax (807 ) 1 20 (30 ) 28 (788 ) Ending balance $ 1,563 $ (4 ) $ 170 $ (38 ) $ (1,551 ) $ 140 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Reclassifications from AOCI consist of the following: AOCI Amount Reclassified from AOCI Affected Line Item in the Condensed Three Months Ended September 30, 2016 Nine Months Ended September 30, 2016 Net Unrealized Gain on Securities Available-for-sale securities $ 77 $ 128 Net realized capital losses 77 128 Total before tax 27 45 Income tax expense $ 50 $ 83 Net income OTTI Losses in OCI Other than temporary impairments $ (1 ) $ (5 ) Net realized capital losses (1 ) (5 ) Total before tax — (2 ) Income tax expense $ (1 ) $ (3 ) Net income Net Gains on Cash Flow Hedging Instruments Interest rate swaps $ — $ 7 Net realized capital losses Interest rate swaps 16 46 Net investment income Foreign currency swaps 1 3 Net realized capital losses 17 56 Total before tax 6 20 Income tax expense $ 11 $ 36 Net income Pension and Other Postretirement Plan Adjustments Amortization of prior service credit $ 2 $ 5 Insurance operating costs and other expenses Amortization of actuarial loss (17 ) (46 ) Insurance operating costs and other expenses (15 ) (41 ) Total before tax (5 ) (14 ) Income tax expense $ (10 ) $ (27 ) Net income Total amounts reclassified from AOCI $ 50 $ 89 Net income | Reclassifications from AOCI consist of the following: AOCI Amount Reclassified from AOCI Affected Line Item in the Condensed Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Net Unrealized Gain on Securities Available-for-sale securities $ (29 ) $ 14 Net realized capital losses (29 ) 14 Total before tax (10 ) 5 Income tax expense $ (19 ) $ 9 Net income OTTI Losses in OCI Other than temporary impairments $ (1 ) $ (2 ) Net realized capital losses (1 ) (2 ) Total before tax — (1 ) Income tax expense $ (1 ) $ (1 ) Net income Net Gains on Cash Flow Hedging Instruments Interest rate swaps $ 1 $ 4 Net realized capital losses Interest rate swaps 15 47 Net investment income Foreign currency swaps — (7 ) Net realized capital losses 16 44 Total before tax 6 15 Income tax expense $ 10 $ 29 Net income Pension and Other Postretirement Plan Adjustments Amortization of prior service credit $ 2 $ 5 Insurance operating costs and other expenses Amortization of actuarial loss (17 ) (48 ) Insurance operating costs and other expenses (15 ) (43 ) Total before tax (5 ) (15 ) Income tax expense $ (10 ) $ (28 ) Net income Total amounts reclassified from AOCI $ (20 ) $ 9 Net income |
Employee Benefit Plans Level 3
Employee Benefit Plans Level 3 (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Components of net periodic benefit cost | Pension Benefits Other Postretirement Benefits Three Months Ended September 30, Three Months Ended September 30, 2016 2015 2016 2015 Service cost $ 1 $ — $ — $ — Interest cost 60 60 2 3 Expected return on plan assets (78 ) (77 ) (2 ) (3 ) Amortization of prior service credit — — (2 ) (2 ) Amortization of actuarial loss 15 16 2 1 Net periodic benefit $ (2 ) $ (1 ) $ — $ (1 ) |
Basis of Presentation and Acc35
Basis of Presentation and Accounting Policies Level 4 (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | On January 1, 2016 the Company adopted new consolidation guidance issued by the Financial Accounting Standards Board (“FASB”). The updates revise when to consolidate variable interest entities ("VIEs") and general partners’ investments in limited partnerships, end the deferral granted for applying the VIE guidance to certain investment companies, and reduce the number of circumstances where a decision maker’s or service provider’s fee arrangement is deemed to be a variable interest in an entity. The updates also modify guidance for determining whether limited partnerships are VIEs or voting interest entities. The new guidance did not have a material effect on the Company’s Condensed Consolidated Financial Statements. | |||
HIG_Accounting Standards Update 2020 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | In June 2016, the FASB issued updated guidance for recognition and measurement of credit losses on financial instruments. The new guidance will replace the “incurred loss” approach with an “expected loss” model for recognizing credit losses for instruments carried at other than fair value, which will initially result in the recognition of greater allowances for losses. The allowance will be an estimate of credit losses expected over the life of debt instruments, such as mortgage loans, reinsurance recoverables and receivables. Credit losses on available-for-sale (“AFS”) debt securities carried at fair value will continue to be measured as other-than-temporary impairments (“OTTI”) when incurred; however, the losses will be recognized through an allowance and no longer as an adjustment to the cost basis. Recoveries of OTTI will be recognized as reversals of valuation allowances and no longer accreted as investment income through an adjustment to the investment yield. The allowance on AFS securities cannot cause the net carrying value to be below fair value and, therefore, it is possible that increases in fair value due to decreases in market interest rates could cause the reversal of a valuation allowance and increase net income. The new guidance will also require purchased financial assets with a more-than-insignificant amount of credit deterioration since original issuance to be recorded based on contractual amounts due and an initial allowance recorded at the date of purchase. The guidance is effective January 1, 2020 through a cumulative-effect adjustment to retained earnings for the change in the allowance for credit losses for debt instruments carried at other than fair value. No allowance will be recognized at adoption for AFS debt securities; rather, their cost basis will be evaluated for an allowance for OTTI prospectively. Early adoption is permitted as of January 1, 2019. The Company has not yet determined the timing for adoption or estimated the effect on the Company’s consolidated financial statements. | |||
HIG_Accounting Standards Update 2016_09 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Description | In March 2016, the FASB issued updated guidance on accounting for share-based payments to employees. The updated guidance requires the excess tax benefit or deficiency on vesting or settlement of awards to be recognized in earnings as an income tax benefit or expense, respectively. This recognition of excess tax benefits and deficiencies will result in earnings volatility as current accounting guidance recognizes these amounts as an adjustment to additional paid-in capital. | |||
HIG_Accounting Standards Update 2016-02 [Member] [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Description | In February 2016, the FASB issued updated guidance on lease accounting. Under the new guidance, lessees with operating leases will be required to recognize a liability for the present value of future minimum lease payments with a corresponding asset for the right of use of the property. Under existing guidance, future minimum lease payments on operating leases are commitments that are not recognized as liabilities on the balance sheet. The updated guidance is to be adopted effective January 1, 2019 through a cumulative effect adjustment to retained earnings for the earliest period presented, with early application permitted. Leases will be classified as financing or operating leases similar to capital and operating leases, respectively, under current accounting guidance. Where the lease is economically similar to a purchase because The Hartford obtains control of the underlying asset, the lease will be a financing lease and the Company will recognize amortization of the right of use asset and interest expense on the liability. Where the lease provides The Hartford with only the right to control the use of the underlying asset over the lease term and the lease term is greater than one year, the lease will be an operating lease and the amortization and interest cost will be recognized as rental expense over the lease term on a straight-line basis. Leases with a term of one year or less will also be expensed over the lease term but will not be recognized on the balance sheet. The Company is currently evaluating the potential impact of the new guidance to the consolidated financial statements, including the timing of adoption. We do not expect a material impact to the consolidated financial statements; however, it is expected that assets and liabilities will increase based on the present value of remaining lease payments for leases in place at the adoption date. | |||
Additional Paid-in Capital [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | $ 2 | $ 27 | $ 0 | $ 0 |
Business Acquisitions and Dis36
Business Acquisitions and Dispositions Level 4 (Details) - USD ($) | Jul. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2016 | Jul. 29, 2016 | Dec. 31, 2015 |
Goodwill | $ 567,000,000 | $ 567,000,000 | $ 498,000,000 | ||
Fair Value Disclosures [Abstract] | |||||
Intercompany reinsurance recoverables [1] | 23,126,000,000 | 23,126,000,000 | 23,189,000,000 | ||
Other assets | 1,853,000,000 | 1,853,000,000 | 1,829,000,000 | ||
Disposal Group, Including Discontinued Operation, Assets, Current | 921,000,000 | 921,000,000 | 0 | ||
Reserve for future policy benefits and unpaid loss and loss adjustment expenses | 41,852,000,000 | 41,852,000,000 | 41,572,000,000 | ||
Other liabilities | 6,427,000,000 | 6,427,000,000 | 6,597,000,000 | ||
Disposal Group, Including Discontinued Operation, Liabilities, Current | 653,000,000 | 653,000,000 | $ 0 | ||
HFPI estimated tax benefit on disposition | 65,000,000 | ||||
HFPI estimated after tax gain | $ 6,000,000 | ||||
Maxum [Domain] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 274,000,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 11,000,000 | ||||
Payments to Acquire Businesses, Gross | $ 169,000,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 6,000,000 | ||||
Business Combination, Goodwill Recognized, Description | The goodwill recognized is attributable to expected growth from the opportunity to sell both existing products and excess and surplus lines coverage to a broader customer base and will be allocated to the Small Commercial reporting unit within the Commercial Lines reporting segment. | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 113,000,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 80,000,000 | ||||
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense | 235,000,000 | ||||
Unearned Premiums | 77,000,000 | ||||
Other Liabilities | 34,000,000 | ||||
Goodwill | 37,000,000 | ||||
Other Cost and Expense, Operating | $ 1,000,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 478,000,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 346,000,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 132,000,000 | ||||
Fair Value Disclosures [Abstract] | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 169,000,000 | ||||
Maxum [Domain] | Not Amortized [Member] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 5,000,000 | ||||
Lattice [Domain] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 11,000,000 | ||||
Payments to Acquire Businesses, Gross | $ 19,000,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 10,000,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 1,000,000 | ||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 60,000,000 | 60,000,000 | |||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Asset | The contingent consideration was measured at fair value at the acquisition date by projecting future ETF AUM and discounting expected payments back to the valuation date. The projected ETF AUM and risk-adjusted discount rate are significant unobservable inputs to fair value. | ||||
Business Combination, Goodwill Recognized, Description | The goodwill recognized is attributable to the fact that the acquisition of Lattice enables the Company to offer ETFs which are expected to be a significant source of future revenue and earnings growth. Goodwill will be allocated to the Mutual Funds reporting segment. | ||||
Investments and Cash | 200,000,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 2,000,000 | ||||
Goodwill | 30,000,000 | ||||
Other Cost and Expense, Operating | $ 1,000,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 13,000,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 1,000,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 12,000,000 | ||||
Fair Value Disclosures [Abstract] | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 42,000,000 | ||||
P&C Runoff Subsidiaries [Member] | |||||
Investments and Cash | 695,000,000 | 695,000,000 | |||
Disposal Group, Including Discontinued Operation, Consideration | 268,000,000 | 268,000,000 | |||
Fair Value Disclosures [Abstract] | |||||
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net | 226,000,000 | 226,000,000 | |||
Disposal Group, Including Discontinued Operation, Liabilities | 638,000,000 | 638,000,000 | |||
Disposal Group, Including Discontinued Operation, Other Liabilities | 15,000,000 | 15,000,000 | |||
Contingent Consideration Type [Domain] | Lattice [Domain] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Contingent Liability | $ 23,000,000 | ||||
Accounts Receivable [Member] | P&C Runoff Subsidiaries [Member] | |||||
Fair Value Disclosures [Abstract] | |||||
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net | 58,000,000 | 58,000,000 | |||
UNITED KINGDOM | |||||
Fair Value Disclosures [Abstract] | |||||
Gain (Loss) on Disposition of Assets | $ 59,000,000 | $ 0 |
Earnings (Loss) Per Common Sh37
Earnings (Loss) Per Common Share Level 4 (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income (Loss) from Continuing Operations Attributable to Parent | $ 438 | $ 372 | $ 977 | $ 1,252 |
Net Income (Loss) Attributable to Parent [Abstract] | ||||
Net Income (Loss) Attributable to Parent | $ 438 | $ 381 | $ 977 | $ 1,261 |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||||
Weighted Average Number of Shares Outstanding, Basic | 383.8 | 413.8 | 391.4 | 418.4 |
Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants | 3.5 | 4.1 | 3.6 | 4.9 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 3.2 | 5.1 | 3.5 | 5 |
Weighted Average Number of Shares Outstanding, Diluted | 390.5 | 423 | 398.5 | 428.3 |
Earnings Per Share, Basic and Diluted [Abstract] | ||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ 0 | $ 9 | $ 0 | $ 9 |
Income (Loss) from Continuing Operations, Per Basic Share | $ 1.14 | $ 0.90 | $ 2.50 | $ 2.99 |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | 0 | 0.02 | 0 | 0.02 |
Earnings Per Share, Basic | 1.14 | 0.92 | 2.50 | 3.01 |
Income (Loss) from Continuing Operations, Per Diluted Share | 1.12 | 0.88 | 2.45 | 2.92 |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | 0 | 0.02 | 0 | 0.02 |
Earnings Per Share, Diluted | $ 1.12 | $ 0.90 | $ 2.45 | $ 2.94 |
Segment Information Level 4 (De
Segment Information Level 4 (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of company reporting segments | 6 | |||
Segment Reporting Information, Operating Income (Loss) [Abstract] | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 438 | $ 381 | $ 977 | $ 1,261 |
Net Income (Loss) Attributable to Parent | 438 | 381 | 977 | 1,261 |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ||||
Earned premiums and fee income | 3,916 | 3,852 | 11,612 | 11,493 |
Insurance Commissions and Fees | 432 | 448 | 1,280 | 1,376 |
Net Investment Income (Loss) | 772 | 730 | 2,203 | 2,335 |
Total Realized Investment Gains (Losses) | (17) | (44) | (119) | (30) |
Other Income | 24 | 24 | 67 | 66 |
Revenues | 4,695 | 4,562 | 13,763 | 13,864 |
Property and Casualty, Commercial Insurance Product Line [Member] | ||||
Segment Reporting Information, Operating Income (Loss) [Abstract] | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 272 | 211 | 740 | 710 |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ||||
Earned premiums and fee income | 1,677 | 1,647 | 4,950 | 4,853 |
Property and Casualty, Personal Insurance Product Line [Member] | ||||
Segment Reporting Information, Operating Income (Loss) [Abstract] | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 29 | 19 | (4) | 136 |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ||||
Earned premiums and fee income | 980 | 977 | 2,931 | 2,895 |
Affinity Earned Premiums | 825 | 797 | 2,400 | 2,300 |
Property & Casualty Other Operations [Member] | ||||
Segment Reporting Information, Operating Income (Loss) [Abstract] | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 31 | 16 | (106) | (72) |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ||||
Earned premiums and fee income | 0 | 1 | 0 | 1 |
Group Insurance Policies [Member] | ||||
Segment Reporting Information, Operating Income (Loss) [Abstract] | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 62 | 42 | 167 | 150 |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ||||
Earned premiums and fee income | 812 | 769 | 2,415 | 2,345 |
Mutual Funds [Member] | ||||
Segment Reporting Information, Operating Income (Loss) [Abstract] | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 21 | 22 | 61 | 66 |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ||||
Earned premiums and fee income | 178 | 182 | 517 | 545 |
Talcott Resolution [Member] | ||||
Segment Reporting Information, Operating Income (Loss) [Abstract] | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 78 | 74 | 199 | 402 |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ||||
Earned premiums and fee income | 268 | 275 | 796 | 848 |
Corporate Segment [Member] | ||||
Segment Reporting Information, Operating Income (Loss) [Abstract] | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (55) | (3) | (80) | (131) |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ||||
Insurance Commissions and Fees | 1 | 1 | 3 | 6 |
Non Proprietary [Member] | Mutual Funds [Member] | ||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ||||
Earned premiums and fee income | 153 | 154 | 442 | 457 |
Accident and Health Insurance Product Line [Member] | Property and Casualty, Commercial Insurance Product Line [Member] | ||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ||||
Earned premiums and fee income | 772 | 769 | 2,299 | 2,273 |
Accident and Health Insurance Product Line [Member] | Group Insurance Policies [Member] | ||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ||||
Earned premiums and fee income | 378 | 361 | 1,128 | 1,106 |
Package Business [Member] | Property and Casualty, Commercial Insurance Product Line [Member] | ||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ||||
Earned premiums and fee income | 313 | 305 | 925 | 896 |
Automobiles Commercial [Member] | Property and Casualty, Commercial Insurance Product Line [Member] | ||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ||||
Earned premiums and fee income | 162 | 156 | 472 | 456 |
Professional Liability [Member] | Property and Casualty, Commercial Insurance Product Line [Member] | ||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ||||
Earned premiums and fee income | 57 | 58 | 165 | 168 |
Liability [Member] | Property and Casualty, Commercial Insurance Product Line [Member] | ||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ||||
Earned premiums and fee income | 156 | 146 | 447 | 423 |
Surety Product Line [Member] | Property and Casualty, Commercial Insurance Product Line [Member] | ||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ||||
Earned premiums and fee income | 56 | 55 | 163 | 163 |
Property Insurance Product Line [Member] | Property and Casualty, Commercial Insurance Product Line [Member] | ||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ||||
Earned premiums and fee income | 161 | 158 | 479 | 474 |
Automobiles Consumer [Member] | Property and Casualty, Personal Insurance Product Line [Member] | ||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ||||
Earned premiums and fee income | 686 | 674 | 2,044 | 1,994 |
Homeowners [Member] | Property and Casualty, Personal Insurance Product Line [Member] | ||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ||||
Earned premiums and fee income | 294 | 303 | 887 | 901 |
Life Insurance Product Line [Member] | Group Insurance Policies [Member] | ||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ||||
Earned premiums and fee income | 383 | 365 | 1,134 | 1,106 |
Property & Casualty Other Operations [Member] | Group Insurance Policies [Member] | ||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ||||
Earned premiums and fee income | 51 | 43 | 153 | 133 |
Proprietary [Member] | Mutual Funds [Member] | ||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ||||
Earned premiums and fee income | $ 25 | $ 28 | $ 75 | $ 88 |
Fair Value Measurements Level 4
Fair Value Measurements Level 4 Fair Value by Hierarchy (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | |
Fair Value Measurement [Domain] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Alternative Investments, Fair Value Disclosure | $ 0 | $ 0 | $ 622,000,000 | |||||
Separate Account Assets | 116,163,000,000 | 116,163,000,000 | 118,174,000,000 | |||||
Fair Value Measurement [Domain] | Level 1 [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Alternative Investments, Fair Value Disclosure | 0 | 0 | 0 | |||||
Separate Account Assets | 74,870,000,000 | 74,870,000,000 | 78,110,000,000 | |||||
Fair Value Measurement [Domain] | Level 2 [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Alternative Investments, Fair Value Disclosure | 0 | 0 | 0 | |||||
Separate Account Assets | 40,028,000,000 | 40,028,000,000 | 38,700,000,000 | |||||
Fair Value Measurement [Domain] | Level 3 [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Alternative Investments, Fair Value Disclosure | 0 | 0 | 0 | |||||
Separate Account Assets | 325,000,000 | 325,000,000 | 140,000,000 | |||||
Available-for-sale Securities, Debt Securities | 60,225,000,000 | 60,225,000,000 | 59,196,000,000 | |||||
Trading Securities, Equity | 11,000,000 | 11,000,000 | 11,000,000 | |||||
Available-for-sale Securities, Equity Securities | 875,000,000 | 875,000,000 | 1,121,000,000 | |||||
Short-term investments | 2,219,000,000 | 2,219,000,000 | 1,843,000,000 | |||||
Alternative Investments, Fair Value Disclosure | 2,482,000,000 | 2,482,000,000 | 2,874,000,000 | |||||
Reinsurance recoverable for U.S. GMWB | 23,126,000,000 | 23,126,000,000 | 23,189,000,000 | |||||
Separate Account Assets | 118,648,000,000 | 118,648,000,000 | 120,123,000,000 | |||||
Assets, Fair Value Disclosure | 180,260,000,000 | 180,260,000,000 | 181,633,000,000 | |||||
Marketable Securities, Fixed Maturities | 360,000,000 | 360,000,000 | 503,000,000 | |||||
Liabilities, Fair Value Disclosure [Abstract] | ||||||||
Total liabilities accounted for at fair value on a recurring basis | (1,411,000,000) | (1,411,000,000) | (1,086,000,000) | |||||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 44,000,000 | 44,000,000 | 23,000,000 | |||||
HIG_FairValueAssetsLevel2ToLevel1TransfersAmounts | 0 | $ 0 | 0 | $ 0 | ||||
Credit derivative [Member] | Other Investments [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 8,000,000 | 8,000,000 | 21,000,000 | |||||
Credit derivative [Member] | Other liabilities [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | (10,000,000) | (10,000,000) | ||||||
Equity Contract [Member] | Other liabilities [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 30,000,000 | 30,000,000 | ||||||
Foreign Exchange Contract [Member] | Other Investments [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 2,000,000 | 2,000,000 | 15,000,000 | |||||
Foreign Exchange Contract [Member] | Other liabilities [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | (257,000,000) | (257,000,000) | ||||||
Interest Rate Contract [Member] | Other Investments [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 104,000,000 | 104,000,000 | (227,000,000) | |||||
Interest Rate Contract [Member] | Other liabilities [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | (961,000,000) | (961,000,000) | ||||||
Other Contract [Member] | Other Investments [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 2,000,000 | 2,000,000 | 7,000,000 | |||||
Derivative Financial Instruments, Assets [Member] | Other Investments [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 278,000,000 | 278,000,000 | 1,000,000 | |||||
Derivative Financial Instruments, Liabilities [Member] | Other liabilities [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | (1,055,000,000) | (1,055,000,000) | (798,000,000) | |||||
ABS [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Available-for-sale Securities, Debt Securities | 2,685,000,000 | 2,685,000,000 | 2,499,000,000 | |||||
Collateralized Debt Obligations [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Available-for-sale Securities, Debt Securities | 2,573,000,000 | 2,573,000,000 | 3,038,000,000 | |||||
CMBS [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Available-for-sale Securities, Debt Securities | 5,268,000,000 | 5,268,000,000 | 4,717,000,000 | |||||
Corporate [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Available-for-sale Securities, Debt Securities | 26,904,000,000 | 26,904,000,000 | 26,802,000,000 | |||||
Foreign Government Debt Securities [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Available-for-sale Securities, Debt Securities | 1,186,000,000 | 1,186,000,000 | 1,308,000,000 | |||||
Municipal [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Available-for-sale Securities, Debt Securities | 12,594,000,000 | 12,594,000,000 | 12,121,000,000 | |||||
RMBS [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Available-for-sale Securities, Debt Securities | 4,936,000,000 | 4,936,000,000 | 4,046,000,000 | |||||
U.S. Treasuries [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Available-for-sale Securities, Debt Securities | 4,079,000,000 | 4,079,000,000 | 4,665,000,000 | |||||
Liabilities, Fair Value Disclosure [Abstract] | ||||||||
HIG_FairValueAssetsLevel1ToLevel2TransfersAmount | 508,000,000 | 471 | 1,316,000,000 | 995 | ||||
Level 1 [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Available-for-sale Securities, Debt Securities | 348,000,000 | 348,000,000 | 740,000,000 | |||||
Trading Securities, Equity | 11,000,000 | 11,000,000 | 11,000,000 | |||||
Available-for-sale Securities, Equity Securities | 645,000,000 | 645,000,000 | 874,000,000 | |||||
Short-term investments | 494,000,000 | 494,000,000 | 333,000,000 | |||||
Assets, Fair Value Disclosure | 76,368,000,000 | 76,368,000,000 | 80,070,000,000 | |||||
Marketable Securities, Fixed Maturities | 0 | 0 | 2,000,000 | |||||
Liabilities, Fair Value Disclosure [Abstract] | ||||||||
Total liabilities accounted for at fair value on a recurring basis | 0 | 0 | 0 | |||||
Level 1 [Member] | Credit derivative [Member] | Other Investments [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 | 0 | |||||
Level 1 [Member] | Credit derivative [Member] | Other liabilities [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 | ||||||
Level 1 [Member] | Equity Contract [Member] | Other liabilities [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 | ||||||
Level 1 [Member] | Foreign Exchange Contract [Member] | Other Investments [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 | 0 | |||||
Level 1 [Member] | Foreign Exchange Contract [Member] | Other liabilities [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 | ||||||
Level 1 [Member] | Interest Rate Contract [Member] | Other Investments [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 | 0 | |||||
Level 1 [Member] | Interest Rate Contract [Member] | Other liabilities [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 | ||||||
Level 1 [Member] | Other Contract [Member] | Other Investments [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 | 0 | |||||
Level 1 [Member] | Derivative Financial Instruments, Liabilities [Member] | Other liabilities [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 | 0 | |||||
Level 1 [Member] | ABS [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Available-for-sale Securities, Debt Securities | 0 | 0 | 0 | |||||
Level 1 [Member] | Collateralized Debt Obligations [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Available-for-sale Securities, Debt Securities | 0 | 0 | 0 | |||||
Level 1 [Member] | CMBS [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Available-for-sale Securities, Debt Securities | 0 | 0 | 0 | |||||
Level 1 [Member] | Corporate [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Available-for-sale Securities, Debt Securities | 0 | 0 | 0 | |||||
Level 1 [Member] | Foreign Government Debt Securities [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Available-for-sale Securities, Debt Securities | 0 | 0 | 0 | |||||
Level 1 [Member] | Municipal [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Available-for-sale Securities, Debt Securities | 0 | 0 | 0 | |||||
Level 1 [Member] | RMBS [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Available-for-sale Securities, Debt Securities | 0 | 0 | 0 | |||||
Level 1 [Member] | U.S. Treasuries [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Available-for-sale Securities, Debt Securities | 348,000,000 | 348,000,000 | 740,000,000 | |||||
Level 2 [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Available-for-sale Securities, Debt Securities | 55,951,000,000 | 55,951,000,000 | 55,143,000,000 | |||||
Trading Securities, Equity | 0 | 0 | 0 | |||||
Available-for-sale Securities, Equity Securities | 130,000,000 | 130,000,000 | 154,000,000 | |||||
Short-term investments | 1,725,000,000 | 1,725,000,000 | 1,510,000,000 | |||||
Assets, Fair Value Disclosure | 98,315,000,000 | 98,315,000,000 | 95,907,000,000 | |||||
Marketable Securities, Fixed Maturities | 351,000,000 | 351,000,000 | 485,000,000 | |||||
Liabilities, Fair Value Disclosure [Abstract] | ||||||||
Total liabilities accounted for at fair value on a recurring basis | (1,145,000,000) | (1,145,000,000) | (900,000,000) | |||||
Level 2 [Member] | Credit derivative [Member] | Other Investments [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 8,000,000 | 8,000,000 | 21,000,000 | |||||
Level 2 [Member] | Credit derivative [Member] | Other liabilities [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | (10,000,000) | (10,000,000) | ||||||
Level 2 [Member] | Equity Contract [Member] | Other liabilities [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 30,000,000 | 30,000,000 | ||||||
Level 2 [Member] | Foreign Exchange Contract [Member] | Other Investments [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 2,000,000 | 2,000,000 | 15,000,000 | |||||
Level 2 [Member] | Foreign Exchange Contract [Member] | Other liabilities [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | (257,000,000) | (257,000,000) | ||||||
Level 2 [Member] | Interest Rate Contract [Member] | Other Investments [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 104,000,000 | 104,000,000 | (227,000,000) | |||||
Level 2 [Member] | Interest Rate Contract [Member] | Other liabilities [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | (929,000,000) | (929,000,000) | ||||||
Level 2 [Member] | Other Contract [Member] | Other Investments [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 | 0 | |||||
Level 2 [Member] | Derivative Financial Instruments, Assets [Member] | Other Investments [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 99,000,000 | 99,000,000 | (164,000,000) | |||||
Level 2 [Member] | Derivative Financial Instruments, Liabilities [Member] | Other liabilities [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | (1,145,000,000) | (1,145,000,000) | (900,000,000) | |||||
Level 2 [Member] | ABS [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Available-for-sale Securities, Debt Securities | 2,654,000,000 | 2,654,000,000 | 2,462,000,000 | |||||
Level 2 [Member] | Collateralized Debt Obligations [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Available-for-sale Securities, Debt Securities | 2,104,000,000 | 2,104,000,000 | 2,497,000,000 | |||||
Level 2 [Member] | CMBS [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Available-for-sale Securities, Debt Securities | 5,191,000,000 | 5,191,000,000 | 4,567,000,000 | |||||
Level 2 [Member] | Corporate [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Available-for-sale Securities, Debt Securities | 25,810,000,000 | 25,810,000,000 | 25,948,000,000 | |||||
Level 2 [Member] | Foreign Government Debt Securities [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Available-for-sale Securities, Debt Securities | 1,112,000,000 | 1,112,000,000 | 1,248,000,000 | |||||
Level 2 [Member] | Municipal [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Available-for-sale Securities, Debt Securities | 12,468,000,000 | 12,468,000,000 | 12,072,000,000 | |||||
Level 2 [Member] | RMBS [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Available-for-sale Securities, Debt Securities | 2,881,000,000 | 2,881,000,000 | 2,424,000,000 | |||||
Level 2 [Member] | U.S. Treasuries [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Available-for-sale Securities, Debt Securities | 3,731,000,000 | 3,731,000,000 | 3,925,000,000 | |||||
Level 3 [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Available-for-sale Securities, Debt Securities | 3,926,000,000 | 3,926,000,000 | 3,313,000,000 | |||||
Trading Securities, Equity | 0 | 0 | 0 | |||||
Available-for-sale Securities, Equity Securities | 100,000,000 | 100,000,000 | 93,000,000 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 379,000,000 | 379,000,000 | $ (440,000,000) | (288,000,000) | ||||
Short-term investments | 0 | 0 | 0 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 325,000,000 | 164,000,000 | 325,000,000 | 164,000,000 | 171,000,000 | 139,000,000 | $ 285,000,000 | $ 112,000,000 |
Assets, Fair Value Disclosure | 4,637,000,000 | 4,637,000,000 | 3,810,000,000 | |||||
Marketable Securities, Fixed Maturities | 9,000,000 | 9,000,000 | 16,000,000 | |||||
Liabilities, Fair Value Disclosure [Abstract] | ||||||||
Total liabilities accounted for at fair value on a recurring basis | (266,000,000) | (266,000,000) | (186,000,000) | |||||
Level 3 [Member] | Credit derivative [Member] | Other Investments [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 | 0 | |||||
Level 3 [Member] | Credit derivative [Member] | Other liabilities [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 | ||||||
Level 3 [Member] | Equity Contract [Member] | Other liabilities [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 | ||||||
Level 3 [Member] | Foreign Exchange Contract [Member] | Other Investments [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 | 0 | |||||
Level 3 [Member] | Foreign Exchange Contract [Member] | Other liabilities [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 | ||||||
Level 3 [Member] | Interest Rate Contract [Member] | Other Investments [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 | 0 | |||||
Level 3 [Member] | Interest Rate Contract [Member] | Other liabilities [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | (32,000,000) | (32,000,000) | ||||||
Level 3 [Member] | Other Contract [Member] | Other Investments [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 2,000,000 | 2,000,000 | 7,000,000 | |||||
Level 3 [Member] | Derivative Financial Instruments, Assets [Member] | Other Investments [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 179,000,000 | 179,000,000 | 165,000,000 | |||||
Level 3 [Member] | Derivative Financial Instruments, Liabilities [Member] | Other liabilities [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 90,000,000 | 90,000,000 | 102,000,000 | |||||
Level 3 [Member] | ABS [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Available-for-sale Securities, Debt Securities | 31,000,000 | 31,000,000 | 37,000,000 | |||||
Level 3 [Member] | Collateralized Debt Obligations [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Available-for-sale Securities, Debt Securities | 469,000,000 | 469,000,000 | 541,000,000 | |||||
Level 3 [Member] | CMBS [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Available-for-sale Securities, Debt Securities | 77,000,000 | 77,000,000 | 150,000,000 | |||||
Level 3 [Member] | Corporate [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Available-for-sale Securities, Debt Securities | 1,094,000,000 | 1,094,000,000 | 854,000,000 | |||||
Level 3 [Member] | Foreign Government Debt Securities [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Available-for-sale Securities, Debt Securities | 74,000,000 | 74,000,000 | 60,000,000 | |||||
Level 3 [Member] | Municipal [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Available-for-sale Securities, Debt Securities | 126,000,000 | 126,000,000 | 49,000,000 | |||||
Level 3 [Member] | RMBS [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Available-for-sale Securities, Debt Securities | 2,055,000,000 | 2,055,000,000 | 1,622,000,000 | |||||
Level 3 [Member] | U.S. Treasuries [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Available-for-sale Securities, Debt Securities | 0 | 0 | 0 | |||||
Fair Value, Measurements, Recurring [Member] | Credit derivative [Member] | Other liabilities [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | (16,000,000) | |||||||
Fair Value, Measurements, Recurring [Member] | Equity Contract [Member] | Other liabilities [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 41,000,000 | |||||||
Fair Value, Measurements, Recurring [Member] | Foreign Exchange Contract [Member] | Other liabilities [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | (374,000,000) | |||||||
Fair Value, Measurements, Recurring [Member] | Interest Rate Contract [Member] | Other liabilities [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | (569,000,000) | |||||||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Credit derivative [Member] | Other liabilities [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |||||||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Equity Contract [Member] | Other liabilities [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |||||||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Foreign Exchange Contract [Member] | Other liabilities [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |||||||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Interest Rate Contract [Member] | Other liabilities [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |||||||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Credit derivative [Member] | Other liabilities [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | (16,000,000) | |||||||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Equity Contract [Member] | Other liabilities [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 41,000,000 | |||||||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Foreign Exchange Contract [Member] | Other liabilities [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | (374,000,000) | |||||||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Interest Rate Contract [Member] | Other liabilities [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | (547,000,000) | |||||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Other policyholder funds and benefits payable [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | (291,000,000) | (291,000,000) | (138,000,000) | (165,000,000) | ||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Credit derivative [Member] | Other liabilities [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |||||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Equity Contract [Member] | Other liabilities [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |||||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Foreign Exchange Contract [Member] | Other liabilities [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |||||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Interest Rate Contract [Member] | Other liabilities [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | (22,000,000) | |||||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Embedded Derivative Financial Instruments [Member] | Other liabilities [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | 0 | (3,000,000) | (3,000,000) | ||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | CMBS [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Available-for-sale Securities, Debt Securities | 53,000,000 | 53,000,000 | 122,000,000 | |||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | RMBS [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Available-for-sale Securities, Debt Securities | 2,055,000,000 | 2,055,000,000 | 1,622,000,000 | |||||
Liability [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Obligations, Fair Value Disclosure | 379,000,000 | 379,000,000 | 288,000,000 | |||||
Liability [Member] | Level 1 [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Obligations, Fair Value Disclosure | 0 | 0 | 0 | |||||
Liability [Member] | Level 2 [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Obligations, Fair Value Disclosure | 0 | 0 | 0 | |||||
Liability [Member] | Level 3 [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Obligations, Fair Value Disclosure | 379,000,000 | 379,000,000 | 288,000,000 | |||||
Obligations [Member] | Level 3 [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Obligations, Fair Value Disclosure | 23,000,000 | 23,000,000 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 23,000,000 | 23,000,000 | 0 | 0 | ||||
Equity Linked Notes [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Obligations, Fair Value Disclosure | 31,000,000 | 31,000,000 | 26,000,000 | |||||
Equity Linked Notes [Member] | Level 1 [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Obligations, Fair Value Disclosure | 0 | 0 | 0 | |||||
Equity Linked Notes [Member] | Level 2 [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Obligations, Fair Value Disclosure | 0 | 0 | 0 | |||||
Equity Linked Notes [Member] | Level 3 [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Obligations, Fair Value Disclosure | 26,000,000 | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 31,000,000 | 31,000,000 | (28,000,000) | (26,000,000) | ||||
Equity Linked Notes [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Other policyholder funds and benefits payable [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | (21,000,000) | (21,000,000) | (26,000,000) | (26,000,000) | ||||
US GMWB Hedging Instruments [Member] | Other Investments [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 66,000,000 | 66,000,000 | 111,000,000 | |||||
US GMWB Hedging Instruments [Member] | Other liabilities [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 103,000,000 | 103,000,000 | 47,000,000 | |||||
US GMWB Hedging Instruments [Member] | Level 1 [Member] | Other Investments [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 | 0 | |||||
US GMWB Hedging Instruments [Member] | Level 1 [Member] | Other liabilities [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 | 0 | |||||
US GMWB Hedging Instruments [Member] | Level 2 [Member] | Other Investments [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | (15,000,000) | (15,000,000) | 27,000,000 | |||||
US GMWB Hedging Instruments [Member] | Level 2 [Member] | Other liabilities [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 53,000,000 | 53,000,000 | (4,000,000) | |||||
US GMWB Hedging Instruments [Member] | Level 3 [Member] | Other Investments [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 81,000,000 | 81,000,000 | 84,000,000 | |||||
US GMWB Hedging Instruments [Member] | Level 3 [Member] | Other liabilities [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 50,000,000 | 50,000,000 | 51,000,000 | |||||
US GMWB Hedging Instruments [Member] | Level 3 [Member] | Other Contract [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 142,000,000 | 142,000,000 | 131,000,000 | |||||
GMWB Reinsurance [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Reinsurance recoverable for U.S. GMWB | 98,000,000 | 98,000,000 | 83,000,000 | |||||
GMWB Reinsurance [Member] | Level 1 [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Reinsurance recoverable for U.S. GMWB | 0 | 0 | 0 | |||||
GMWB Reinsurance [Member] | Level 2 [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Reinsurance recoverable for U.S. GMWB | 0 | 0 | 0 | |||||
GMWB Reinsurance [Member] | Level 3 [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Reinsurance recoverable for U.S. GMWB | 83,000,000 | |||||||
Coinsurance and Modified Coinsurance Reinsurance Contracts [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Reinsurance recoverable for U.S. GMWB | 31,000,000 | 31,000,000 | 79,000,000 | |||||
Coinsurance and Modified Coinsurance Reinsurance Contracts [Member] | Level 1 [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Reinsurance recoverable for U.S. GMWB | 0 | 0 | 0 | |||||
Coinsurance and Modified Coinsurance Reinsurance Contracts [Member] | Level 2 [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Reinsurance recoverable for U.S. GMWB | 31,000,000 | 31,000,000 | 79,000,000 | |||||
Coinsurance and Modified Coinsurance Reinsurance Contracts [Member] | Level 3 [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Reinsurance recoverable for U.S. GMWB | 0 | 0 | 0 | |||||
Macro Hedge Program [Member] | Other Investments [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 96,000,000 | 96,000,000 | 74,000,000 | |||||
Macro Hedge Program [Member] | Other liabilities [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 40,000,000 | 40,000,000 | 73,000,000 | |||||
Macro Hedge Program [Member] | Level 1 [Member] | Other Investments [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 | 0 | |||||
Macro Hedge Program [Member] | Level 1 [Member] | Other liabilities [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 | 0 | |||||
Macro Hedge Program [Member] | Level 2 [Member] | Other Investments [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 | 0 | |||||
Macro Hedge Program [Member] | Level 2 [Member] | Other liabilities [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | (32,000,000) | (32,000,000) | 0 | |||||
Macro Hedge Program [Member] | Level 3 [Member] | Other Investments [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 96,000,000 | 96,000,000 | 74,000,000 | |||||
Macro Hedge Program [Member] | Level 3 [Member] | Other liabilities [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 72,000,000 | 72,000,000 | 73,000,000 | |||||
Guaranteed Minimum Withdrawal Benefit [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Obligations, Fair Value Disclosure | 348,000,000 | 348,000,000 | 262,000,000 | |||||
Guaranteed Minimum Withdrawal Benefit [Member] | Level 1 [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Obligations, Fair Value Disclosure | 0 | 0 | 0 | |||||
Guaranteed Minimum Withdrawal Benefit [Member] | Level 2 [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Obligations, Fair Value Disclosure | 0 | 0 | 0 | |||||
Guaranteed Minimum Withdrawal Benefit [Member] | Level 3 [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Obligations, Fair Value Disclosure | 262,000,000 | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 348,000,000 | 348,000,000 | $ (412,000,000) | (262,000,000) | ||||
Guaranteed Minimum Withdrawal Benefit [Member] | Level 3 [Member] | Other policyholder funds and benefits payable [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | $ (270,000,000) | $ (270,000,000) | $ (112,000,000) | $ (139,000,000) | ||||
Estimate of Fair Value Measurement [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Separate Account Assets | 900,000,000 | 900,000,000 | 1,200,000,000 | |||||
Portion at Other than Fair Value Measurement [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Separate Account Assets | $ 2,500,000,000 | $ 2,500,000,000 | $ 1,800,000,000 | |||||
Hedge Funds [Member] | Separate Accounts [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Redemption Restriction, Percentage | 39.00% | 39.00% | 28.00% | |||||
Private Equity Funds [Member] | Separate Accounts [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Redemption Restriction, Percentage | 19.00% | 19.00% | 4.00% | |||||
Reinsurance Recoverable [Member] | Level 3 [Member] | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 98,000,000 | $ 98,000,000 | $ 83,000,000 |
Fair Value Measurements Level40
Fair Value Measurements Level 4 Significant Unobservable Inputs (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2014 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Alternative Investments, Fair Value Disclosure | $ 2,482 | $ 2,482 | $ 2,874 | |||||
Available-for-sale Securities, Debt Securities | 60,225 | 60,225 | 59,196 | |||||
Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 325 | $ 164 | 325 | $ 164 | 139 | $ 171 | $ 285 | $ 112 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 1 | 28 | 1 | 29 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (1) | (2) | 5 | (3) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 379 | 379 | (288) | (440) | ||||
Available-for-sale Securities, Debt Securities | 3,926 | 3,926 | 3,313 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 78 | (41) | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | (17) | (50) | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 78 | (41) | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 165 | 57 | 226 | 317 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 3 | 6 | 12 | 16 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 11 | 200 | 27 | 226 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 10 | 1 | 16 | 7 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 7 | 1 | 23 | 56 | ||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 31 | 0 | 32 | |||||
Reinsurance Recoverable [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 98 | 73 | 98 | 73 | 106 | 50 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (12) | 46 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 4 | 23 | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (12) | 46 | ||||||
Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (69) | 58 | (77) | 9 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 63 | 79 | 34 | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (4) | 6 | 40 | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | 10 | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | (6) | (23) | ||||||
Fixed Maturities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 9 | 61 | 9 | 61 | $ 16 | 6 | 86 | 92 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (1) | (7) | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 5 | 2 | 11 | 21 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 1 | 24 | 3 | 24 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 1 | 1 | 4 | 8 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 2 | $ 10 | 13 | |||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (2) | |||||||
CMBS [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Measurements, Valuation Techniques | Discounted cash flows | Discounted cash flows | ||||||
Positive or negative relationship of change in input to change in fair value measurement | Decrease | Decrease | ||||||
CMBS [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Inputs, Counterparty Credit Risk | 1274.00% | 1505.00% | ||||||
CMBS [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Inputs, Counterparty Credit Risk | 11.00% | 31.00% | ||||||
CMBS [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Inputs, Counterparty Credit Risk | 331.00% | 266.00% | ||||||
Corporate [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Measurements, Valuation Techniques | Discounted cash flows | Discounted cash flows | ||||||
Positive or negative relationship of change in input to change in fair value measurement | Decrease | Decrease | ||||||
Corporate [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Inputs, Counterparty Credit Risk | 1364.00% | 800.00% | ||||||
Corporate [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Inputs, Counterparty Credit Risk | 87.00% | 63.00% | ||||||
Corporate [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Inputs, Counterparty Credit Risk | 421.00% | 306.00% | ||||||
Municipal [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Measurements, Valuation Techniques | Discounted cash flows | Discounted cash flows | ||||||
Positive or negative relationship of change in input to change in fair value measurement | Decrease | Decrease | ||||||
Municipal [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Inputs, Treasury Yield | 326.00% | 193.00% | ||||||
Municipal [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Inputs, Treasury Yield | 195.00% | 193.00% | ||||||
Municipal [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Inputs, Treasury Yield | 252.00% | 193.00% | ||||||
RMBS [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Measurements, Valuation Techniques | Discounted cash flows | Discounted cash flows | ||||||
RMBS [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Inputs, Counterparty Credit Risk | 1736.00% | 1696.00% | ||||||
Fair Value Inputs, Prepayment Rate | 20.00% | 20.00% | ||||||
Fair Value Inputs, Probability of Default | 11.00% | 10.00% | ||||||
Fair Value Inputs, Loss Severity | 0.00% | 0.00% | ||||||
RMBS [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Inputs, Counterparty Credit Risk | 43.00% | 30.00% | ||||||
Fair Value Inputs, Prepayment Rate | 0.00% | 0.00% | ||||||
Fair Value Inputs, Probability of Default | 0.00% | 1.00% | ||||||
Fair Value Inputs, Loss Severity | 0.00% | 0.00% | ||||||
RMBS [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Inputs, Counterparty Credit Risk | 194.00% | 178.00% | ||||||
Fair Value Inputs, Prepayment Rate | 3.00% | 2.00% | ||||||
Fair Value Inputs, Probability of Default | 6.00% | 6.00% | ||||||
Fair Value Inputs, Loss Severity | 0.00% | 0.00% | ||||||
Spread [Member] | CMBS [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Measurements, Significant Assumptions | Spread (encompasses prepayment, default risk and loss severity) | Spread (encompasses prepayment, default risk and loss severity) | ||||||
Spread [Member] | Corporate [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Measurements, Significant Assumptions | Spread | Spread | ||||||
Spread [Member] | Municipal [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Measurements, Significant Assumptions | Spread | Spread | ||||||
Spread [Member] | RMBS [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Measurements, Significant Assumptions | Spread | Spread | ||||||
Positive or negative relationship of change in input to change in fair value measurement | Decrease | Decrease | ||||||
Withdrawal Utilization [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Positive or negative relationship of change in input to change in fair value measurement | Increase | Increase | ||||||
Withdrawal Utilization [Member] | Maximum [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Unobservable Input Range | 100.00% | 100.00% | ||||||
Withdrawal Utilization [Member] | Minimum [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Unobservable Input Range | 20.00% | 20.00% | ||||||
Withdrawal Rates [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Positive or negative relationship of change in input to change in fair value measurement | Increase | Increase | ||||||
Withdrawal Rates [Member] | Maximum [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Unobservable Input Range | 8.00% | 8.00% | ||||||
Withdrawal Rates [Member] | Minimum [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Unobservable Input Range | 0.00% | 0.00% | ||||||
Lapse Rates [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Positive or negative relationship of change in input to change in fair value measurement | Decrease | Decrease | ||||||
Lapse Rates [Member] | Maximum [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Unobservable Input Range | 75.00% | 75.00% | ||||||
Lapse Rates [Member] | Minimum [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Unobservable Input Range | 0.00% | 0.00% | ||||||
Reset Elections [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Positive or negative relationship of change in input to change in fair value measurement | Increase | Increase | ||||||
Reset Elections [Member] | Maximum [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Unobservable Input Range | 75.00% | 75.00% | ||||||
Reset Elections [Member] | Minimum [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Unobservable Input Range | 20.00% | 20.00% | ||||||
Equity Volatility [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Positive or negative relationship of change in input to change in fair value measurement | Increase | Increase | ||||||
Prepayment Rate [Member] | RMBS [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Measurements, Significant Assumptions | Constant prepayment rate | Constant prepayment rate | ||||||
Positive or negative relationship of change in input to change in fair value measurement | Decrease [4] | Decrease [4] | ||||||
Probability of Default [Member] | RMBS [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Measurements, Significant Assumptions | Constant default rate | Constant default rate | ||||||
Positive or negative relationship of change in input to change in fair value measurement | Decrease | Decrease | ||||||
Loss Severity [Member] | RMBS [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Measurements, Significant Assumptions | Loss severity | Loss severity | ||||||
Positive or negative relationship of change in input to change in fair value measurement | Decrease | Decrease | ||||||
Asset-backed Securities [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities | 2,685 | $ 2,685 | $ 2,499 | |||||
Asset-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities | 31 | 31 | 37 | |||||
Foreign Government Debt Securities [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities | 1,186 | 1,186 | 1,308 | |||||
Foreign Government Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities | 74 | 74 | 60 | |||||
RMBS [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities | 4,936 | 4,936 | 4,046 | |||||
RMBS [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities | 2,055 | 2,055 | 1,622 | |||||
Municipal [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities | 12,594 | 12,594 | 12,121 | |||||
Municipal [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities | 126 | 126 | 49 | |||||
Corporate [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities | 26,904 | 26,904 | 26,802 | |||||
Corporate [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities | 1,094 | 1,094 | 854 | |||||
CMBS [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities | 5,268 | 5,268 | 4,717 | |||||
CMBS [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities | 77 | 77 | 150 | |||||
Collateralized Debt Obligations [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities | 2,573 | 2,573 | 3,038 | |||||
Collateralized Debt Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities | 469 | 469 | 541 | |||||
Fair Value, Measurements, Recurring [Member] | RMBS [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities | 2,055 | 2,055 | 1,622 | |||||
Fair Value, Measurements, Recurring [Member] | Municipal [Member] | Non-Broker Priced [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities | 109 | 109 | 31 | |||||
Fair Value, Measurements, Recurring [Member] | Corporate [Member] | Non-Broker Priced [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities | 508 | 508 | 339 | |||||
Fair Value, Measurements, Recurring [Member] | CMBS [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities | 53 | $ 53 | $ 122 | |||||
Other Contract [Member] | US GMWB Hedging Instruments [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Measurements, Valuation Techniques | Discounted cash flows | Discounted cash flows | ||||||
Fair Value Measurements, Significant Assumptions | Equity volatility | Equity volatility | ||||||
Positive or negative relationship of change in input to change in fair value measurement | Increase | Increase | ||||||
Derivative Assets (Liabilities), at Fair Value, Net | 142 | $ 142 | $ 131 | |||||
Other Contract [Member] | Maximum [Member] | GMWB Hedging Instruments [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Assumptions, Expected Volatility Rate | 30.00% | 40.00% | ||||||
Other Contract [Member] | Minimum [Member] | GMWB Hedging Instruments [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Assumptions, Expected Volatility Rate | 12.00% | 10.00% | ||||||
Other Contract [Member] | Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (2) | (1) | $ (5) | (4) | ||||
Other Contract [Member] | Equity Volatility [Member] | Maximum [Member] | GMWB Hedging Instruments [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Unobservable Input Range | 30.00% | 40.00% | ||||||
Other Contract [Member] | Equity Volatility [Member] | Minimum [Member] | GMWB Hedging Instruments [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Unobservable Input Range | 12.00% | 10.00% | ||||||
Equity Option [Member] | US Macro Hedge Program [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Measurements, Valuation Techniques | Option model | Option model | ||||||
Fair Value Measurements, Significant Assumptions | Equity volatility | Equity volatility | ||||||
Positive or negative relationship of change in input to change in fair value measurement | Increase | Increase | ||||||
Derivative Assets (Liabilities), at Fair Value, Net | 195 | $ 195 | $ 179 | |||||
Equity Option [Member] | US GMWB Hedging Instruments [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Measurements, Valuation Techniques | Option model | Option model | ||||||
Fair Value Measurements, Significant Assumptions | Equity volatility | Equity volatility | ||||||
Positive or negative relationship of change in input to change in fair value measurement | Increase | Increase | ||||||
Derivative Assets (Liabilities), at Fair Value, Net | 25 | $ 25 | $ 35 | |||||
Equity Option [Member] | Maximum [Member] | GMWB Hedging Instruments [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Assumptions, Expected Volatility Rate | 29.00% | 29.00% | ||||||
Equity Option [Member] | Maximum [Member] | Macro Hedge Program [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Assumptions, Expected Volatility Rate | 27.00% | |||||||
Equity Option [Member] | Maximum [Member] | US Macro Hedge Program [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Assumptions, Expected Volatility Rate | 28.00% | |||||||
Equity Option [Member] | Minimum [Member] | GMWB Hedging Instruments [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Assumptions, Expected Volatility Rate | 27.00% | 27.00% | ||||||
Equity Option [Member] | Minimum [Member] | Macro Hedge Program [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Assumptions, Expected Volatility Rate | 15.00% | |||||||
Equity Option [Member] | Minimum [Member] | US Macro Hedge Program [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Assumptions, Expected Volatility Rate | 14.00% | |||||||
Interest Rate Swap [Member] | Interest Rate Contract [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Measurements, Valuation Techniques | Discounted cash flows | Discounted cash flows | ||||||
Fair Value Measurements, Significant Assumptions | Swap curve beyond 30 years | Swap curve beyond 30 years | ||||||
Positive or negative relationship of change in input to change in fair value measurement | Decrease | Decrease | ||||||
Derivative Assets (Liabilities), at Fair Value, Net | (34) | $ (34) | $ (30) | |||||
Interest Rate Swap [Member] | Maximum [Member] | Interest Rate Contract [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Measurements, Unobservable Swap Curve | 2.00% | 3.00% | ||||||
Interest Rate Swap [Member] | Minimum [Member] | Interest Rate Contract [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Measurements, Unobservable Swap Curve | 2.00% | 3.00% | ||||||
Interest Rate Swaption [Member] | Long [Member] | Interest Rate Contract [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Measurements, Valuation Techniques | Option model | Option model | ||||||
Fair Value Measurements, Significant Assumptions | Interest rate volatility | Interest rate volatility | ||||||
Positive or negative relationship of change in input to change in fair value measurement | Increase | Increase | ||||||
Derivative Assets (Liabilities), at Fair Value, Net | 2 | $ 2 | $ 8 | |||||
Interest Rate Swaption [Member] | Long [Member] | Maximum [Member] | Interest Rate Contract [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Assumptions, Expected Volatility Rate | 1.00% | 2.00% | ||||||
Interest Rate Swaption [Member] | Long [Member] | Minimum [Member] | Interest Rate Contract [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Assumptions, Expected Volatility Rate | 1.00% | 1.00% | ||||||
Variance Swap [Member] | US GMWB Hedging Instruments [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Measurements, Valuation Techniques | Option model | Option model | ||||||
Fair Value Measurements, Significant Assumptions | Equity volatility | Equity volatility | ||||||
Positive or negative relationship of change in input to change in fair value measurement | Increase | Increase | ||||||
Derivative Assets (Liabilities), at Fair Value, Net | (36) | $ (36) | $ (31) | |||||
Variance Swap [Member] | Maximum [Member] | GMWB Hedging Instruments [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Assumptions, Expected Volatility Rate | 23.00% | 21.00% | ||||||
Variance Swap [Member] | Minimum [Member] | GMWB Hedging Instruments [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value Assumptions, Expected Volatility Rate | 20.00% | 19.00% | ||||||
Available-for-sale Securities [Member] | Fixed Maturities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 3,926 | 3,238 | $ 3,926 | 3,238 | $ 3,313 | 3,769 | 3,391 | 3,475 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (13) | (9) | (28) | (16) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 43 | (19) | 60 | (57) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 399 | 126 | 981 | 716 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 89 | 116 | 389 | 320 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 70 | 109 | 175 | 272 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 115 | 64 | 668 | 268 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 228 | 90 | 504 | 556 | ||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (13) | (12) | (15) | (13) | ||||
Available-for-sale Securities [Member] | Asset-backed Securities [Member] | Fixed Maturities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 31 | 27 | 31 | 27 | 37 | 41 | 53 | 122 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 1 | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (2) | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 18 | 8 | 18 | 79 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 2 | 7 | 6 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 2 | 3 | 2 | 16 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 18 | 1 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 26 | 29 | 33 | 152 | ||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 1 | |||||||
Available-for-sale Securities [Member] | Foreign Government Debt Securities [Member] | Fixed Maturities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 74 | 50 | 74 | 50 | 60 | 72 | 40 | 59 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 1 | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 2 | (1) | 11 | (4) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 9 | 3 | 24 | 15 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 1 | 1 | 3 | 3 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 8 | 2 | 19 | 28 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 11 | 11 | ||||||
Available-for-sale Securities [Member] | RMBS [Member] | Fixed Maturities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 2,055 | 1,492 | 2,055 | 1,492 | 1,622 | 1,873 | 1,540 | 1,281 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (2) | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 15 | (6) | 11 | (6) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 253 | 71 | 683 | 516 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 78 | 56 | 236 | 149 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 8 | 57 | 8 | 142 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 5 | 47 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 22 | 53 | ||||||
Available-for-sale Securities [Member] | Municipal [Member] | Fixed Maturities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 126 | 50 | 126 | 50 | 49 | 90 | 49 | 66 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 1 | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 2 | 1 | 7 | (4) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 34 | 54 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 13 | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 16 | |||||||
Available-for-sale Securities [Member] | Corporate [Member] | Fixed Maturities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 1,094 | 905 | 1,094 | 905 | 854 | 1,136 | 931 | 1,040 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (12) | (9) | (26) | (13) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 27 | 1 | 39 | (41) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 69 | 38 | 136 | 61 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 3 | 22 | 52 | 51 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 52 | 47 | 143 | 80 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 115 | 51 | 628 | 202 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 192 | 38 | 342 | 213 | ||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (13) | (11) | (14) | (11) | ||||
Available-for-sale Securities [Member] | CMBS [Member] | Fixed Maturities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 77 | 169 | 77 | 169 | 150 | 79 | 214 | 284 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (1) | 1 | (2) | 2 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (5) | (3) | (8) | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 15 | 6 | 65 | 45 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 6 | 26 | 24 | 64 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 3 | 6 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 2 | 1 | 7 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 10 | 23 | 107 | 91 | ||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (1) | (1) | (2) | |||||
Available-for-sale Securities [Member] | Collateralized Debt Obligations [Member] | Fixed Maturities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 469 | 545 | 469 | 545 | 541 | 478 | 564 | 623 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (1) | (1) | (5) | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (3) | (9) | (5) | 8 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 1 | 1 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 7 | 9 | 67 | 34 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 47 | |||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (1) | |||||||
UNITED STATES | Reinsurance Recoverable [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 73 | 73 | 56 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 31 | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 14 | |||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 31 | |||||||
UNITED STATES | Derivative [Member] | US Macro Hedge Program [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (32) | 18 | (36) | (5) | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 63 | 63 | 47 | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (4) | 6 | ||||||
UNITED STATES | Derivative [Member] | US GMWB Hedging Instruments [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (34) | 46 | (10) | 21 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 20 | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | (6) | |||||||
Other Liabilities [Member] | Macro Hedge Program [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 40 | 40 | 73 | |||||
Other Liabilities [Member] | Macro Hedge Program [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 72 | 72 | 73 | |||||
Other Liabilities [Member] | US GMWB Hedging Instruments [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 103 | 103 | 47 | |||||
Other Liabilities [Member] | US GMWB Hedging Instruments [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | $ 50 | $ 50 | $ 51 | |||||
Other Liabilities [Member] | Embedded Derivative Financial Instruments [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | 0 | $ (3) | $ (3) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 3 | 3 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | 0 | |||||||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | $ 3 | $ 3 | ||||||
Separate Accounts [Member] | Hedge Funds [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Redemption Restriction, Percentage | 39.00% | 39.00% | 28.00% | |||||
Separate Accounts [Member] | Private Equity Funds [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Redemption Restriction, Percentage | 19.00% | 19.00% | 4.00% | |||||
Equity Linked Notes [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | $ 31 | $ 31 | $ (26) | (28) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | (3) | (5) | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | 0 | 0 | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (3) | (5) | ||||||
Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 23 | 23 | 0 | 0 | ||||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings | 0 | 0 | ||||||
Opening balance [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Issuances | 23 | 23 | ||||||
Guaranteed Minimum Withdrawal Benefit [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 348 | 348 | $ (262) | $ (412) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 81 | (36) | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | (17) | (50) | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | $ 81 | $ (36) |
Fair Value Measurements Level41
Fair Value Measurements Level 4 Fair Value Level 3 Roll Forward (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2014 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Available-for-sale Equity Securities, Amortized Cost Basis | $ 812 | $ 812 | $ 1,135 | |||||
Available-for-sale Securities, Debt Securities | 60,225 | 60,225 | 59,196 | |||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 1,411 | 1,411 | 1,086 | |||||
Other Short-term Investments | 2,219 | 2,219 | 1,843 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Marketable Securities, Fixed Maturities | 360 | 360 | 503 | |||||
Trading Securities, Equity | 11 | 11 | 11 | |||||
Available-for-sale Securities, Equity Securities | 875 | 875 | 1,121 | |||||
Separate Account Assets | 118,648 | 118,648 | 120,123 | |||||
Assets, Fair Value Disclosure | 180,260 | 180,260 | 181,633 | |||||
Fixed Maturities [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Assets, Fair Value Disclosure | 360 | 360 | 503 | |||||
Equity Securities [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Assets, Fair Value Disclosure | 0 | 0 | 282 | |||||
Fair Value, Inputs, Level 1 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities | 348 | 348 | 740 | |||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 | 0 | |||||
Other Short-term Investments | 494 | 494 | 333 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Marketable Securities, Fixed Maturities | 0 | 0 | 2 | |||||
Trading Securities, Equity | 11 | 11 | 11 | |||||
Available-for-sale Securities, Equity Securities | 645 | 645 | 874 | |||||
Assets, Fair Value Disclosure | 76,368 | 76,368 | 80,070 | |||||
Fair Value, Inputs, Level 2 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities | 55,951 | 55,951 | 55,143 | |||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 1,145 | 1,145 | 900 | |||||
Other Short-term Investments | 1,725 | 1,725 | 1,510 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Marketable Securities, Fixed Maturities | 351 | 351 | 485 | |||||
Trading Securities, Equity | 0 | 0 | 0 | |||||
Available-for-sale Securities, Equity Securities | 130 | 130 | 154 | |||||
Assets, Fair Value Disclosure | 98,315 | 98,315 | 95,907 | |||||
Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities | 3,926 | 3,926 | 3,313 | |||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 266 | 266 | 186 | |||||
Other Short-term Investments | 0 | 0 | 0 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 325 | $ 164 | 325 | $ 164 | 139 | $ 171 | $ 285 | $ 112 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 1 | 28 | 1 | 29 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (1) | (2) | 5 | (3) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 165 | 57 | 226 | 317 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 3 | 6 | 12 | 16 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 11 | 200 | 27 | 226 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 10 | 1 | 16 | 7 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 7 | 1 | 23 | 56 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | (379) | (379) | 288 | 440 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 78 | (41) | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | (17) | (50) | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 31 | 0 | 32 | |||||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 78 | (41) | ||||||
Marketable Securities, Fixed Maturities | 9 | 9 | 16 | |||||
Trading Securities, Equity | 0 | 0 | 0 | |||||
Available-for-sale Securities, Equity Securities | 100 | 100 | 93 | |||||
Assets, Fair Value Disclosure | 4,637 | 4,637 | 3,810 | |||||
Fair Value, Inputs, Level 3 [Member] | Reinsurance Recoverable [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 98 | 98 | 83 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 4 | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 11 | |||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 4 | |||||||
Fair Value, Inputs, Level 3 [Member] | Fixed Maturities [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 9 | 61 | 9 | 61 | 16 | 6 | 86 | 92 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (1) | (7) | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 5 | 2 | 11 | 21 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 1 | 24 | 3 | 24 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 1 | 1 | 4 | 8 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 2 | 10 | 13 | |||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (2) | |||||||
Fair Value, Inputs, Level 3 [Member] | Derivative [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | 10 | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | 6 | 23 | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 269 | 349 | 269 | 349 | 267 | 279 | 291 | 313 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (69) | 58 | (77) | 9 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 4 | (6) | (40) | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 63 | 79 | 34 | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (70) | 58 | (48) | 8 | ||||
Guaranteed Minimum Withdrawal Benefit [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | (348) | (348) | 262 | 412 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 81 | (36) | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | (17) | (50) | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 81 | (36) | ||||||
Reinsurance Recoverable [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 98 | 73 | 98 | 73 | 106 | 50 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (12) | 46 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 4 | 23 | ||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (12) | 46 | ||||||
Credit Risk Contract [Member] | Fair Value, Inputs, Level 3 [Member] | Derivative [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | 23 | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 0 | 0 | 0 | (9) | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (1) | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | (13) | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 2 | |||||||
Commodity Contract [Member] | Fair Value, Inputs, Level 3 [Member] | Derivative [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | 10 | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 7 | 7 | 3 | 0 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 4 | (3) | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 4 | (4) | ||||||
Equity Contract [Member] | Fair Value, Inputs, Level 3 [Member] | Derivative [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 0 | 0 | 0 | 0 | 0 | 1 | 3 | 6 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (1) | (3) | (16) | 9 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (15) | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 16 | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 3 | |||||||
Interest Rate Contract [Member] | Fair Value, Inputs, Level 3 [Member] | Derivative [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | (32) | (20) | (32) | (20) | (22) | (32) | (14) | (7) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (6) | (10) | (8) | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (5) | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (5) | (10) | (17) | |||||
Other Contract [Member] | Fair Value, Inputs, Level 3 [Member] | Derivative [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 2 | 8 | 2 | 8 | 7 | 4 | 9 | 12 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (2) | (1) | (5) | (4) | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (2) | (1) | (5) | (5) | ||||
Other Policyholder Funds and Benefits Payable [Member] | Guaranteed Minimum Withdrawal Benefit [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 270 | 270 | 112 | 139 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | (177) | (118) | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | 19 | (13) | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (177) | (118) | ||||||
Equity Linked Notes [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | (31) | (31) | 26 | 28 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | (3) | (5) | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | 0 | 0 | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (3) | (5) | ||||||
Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | (23) | (23) | 0 | 0 | ||||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings | 0 | 0 | ||||||
Opening balance [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Issuances | 23 | 23 | ||||||
Fair Value, Measurements, Recurring [Member] | Other Liabilities [Member] | Embedded Derivative Financial Instruments [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | 0 | 3 | 3 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 3 | 3 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | 0 | |||||||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 3 | 3 | ||||||
Fair Value, Measurements, Recurring [Member] | Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 291 | 291 | 138 | 165 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | (172) | (113) | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | 19 | (13) | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (172) | (113) | ||||||
Fair Value, Measurements, Recurring [Member] | Equity Linked Notes [Member] | Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 21 | 21 | 26 | 26 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 5 | 5 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | 0 | 0 | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 5 | 5 | ||||||
UNITED STATES | US GMWB Hedging Instruments [Member] | Fair Value, Inputs, Level 3 [Member] | Derivative [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | 6 | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 131 | 171 | 131 | 171 | 135 | 165 | 125 | 170 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (34) | 46 | (10) | 21 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (20) | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (34) | 48 | (2) | 32 | ||||
UNITED STATES | US Macro Hedge Program [Member] | Fair Value, Inputs, Level 3 [Member] | Derivative [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 168 | 183 | 168 | 183 | 147 | 141 | 165 | 141 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (32) | 18 | (36) | (5) | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 4 | (6) | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 63 | 63 | 47 | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (34) | 12 | (31) | (3) | ||||
UNITED STATES | Reinsurance Recoverable [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 73 | 73 | 56 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 31 | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 14 | |||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 31 | |||||||
Non-US [Member] | Fair Value, Measurements, Recurring [Member] | Other Policyholder Funds and Benefits Payable [Member] | Guaranteed Minimum Withdrawal Benefit [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | 0 | |||||||
Equity Securities [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Available-for-sale Equity Securities, Amortized Cost Basis | 0 | 0 | 293 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Available-for-sale Securities, Equity Securities | 0 | 0 | 282 | |||||
Available-for-sale Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed Maturities [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 3,926 | 3,238 | 3,926 | 3,238 | 3,313 | 3,769 | 3,391 | 3,475 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (13) | (9) | (28) | (16) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 43 | (19) | 60 | (57) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 399 | 126 | 981 | 716 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 89 | 116 | 389 | 320 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 70 | 109 | 175 | 272 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 115 | 64 | 668 | 268 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 228 | 90 | 504 | 556 | ||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (13) | (12) | (15) | (13) | ||||
Available-for-sale Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 100 | 99 | 100 | 99 | 93 | 97 | 97 | 98 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (1) | (6) | (1) | 6 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 5 | 7 | 1 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 4 | 4 | 6 | 16 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 1 | 5 | 17 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 5 | |||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (1) | (6) | (1) | (6) | ||||
US Treasury Securities [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities | 4,079 | 4,079 | 4,665 | |||||
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities | 348 | 348 | 740 | |||||
US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities | 3,731 | 3,731 | 3,925 | |||||
US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities | 0 | 0 | 0 | |||||
Residential Mortgage Backed Securities [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities | 4,936 | 4,936 | 4,046 | |||||
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities | 0 | 0 | 0 | |||||
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities | 2,881 | 2,881 | 2,424 | |||||
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities | 2,055 | 2,055 | 1,622 | |||||
Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities | 2,055 | 2,055 | 1,622 | |||||
Residential Mortgage Backed Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed Maturities [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 2,055 | 1,492 | 2,055 | 1,492 | 1,622 | 1,873 | 1,540 | 1,281 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (2) | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 15 | (6) | 11 | (6) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 253 | 71 | 683 | 516 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 78 | 56 | 236 | 149 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 8 | 57 | 8 | 142 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 5 | 47 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 22 | 53 | ||||||
Corporate Debt Securities [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities | 26,904 | 26,904 | 26,802 | |||||
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities | 0 | 0 | 0 | |||||
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities | 25,810 | 25,810 | 25,948 | |||||
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities | 1,094 | 1,094 | 854 | |||||
Corporate Debt Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed Maturities [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 1,094 | 905 | 1,094 | 905 | 854 | 1,136 | 931 | 1,040 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (12) | (9) | (26) | (13) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 27 | 1 | 39 | (41) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 69 | 38 | 136 | 61 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 3 | 22 | 52 | 51 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 52 | 47 | 143 | 80 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 115 | 51 | 628 | 202 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 192 | 38 | 342 | 213 | ||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (13) | (11) | (14) | (11) | ||||
US States and Political Subdivisions Debt Securities [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities | 12,594 | 12,594 | 12,121 | |||||
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities | 0 | 0 | 0 | |||||
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities | 12,468 | 12,468 | 12,072 | |||||
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities | 126 | 126 | 49 | |||||
US States and Political Subdivisions Debt Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed Maturities [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 126 | 50 | 126 | 50 | 49 | 90 | 49 | 66 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 1 | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 2 | 1 | 7 | (4) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 34 | 54 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 13 | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 16 | |||||||
Collateralized Debt Obligations [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities | 2,573 | 2,573 | 3,038 | |||||
Collateralized Debt Obligations [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities | 0 | 0 | 0 | |||||
Collateralized Debt Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities | 2,104 | 2,104 | 2,497 | |||||
Collateralized Debt Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities | 469 | 469 | 541 | |||||
Collateralized Debt Obligations [Member] | Available-for-sale Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed Maturities [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 469 | 545 | 469 | 545 | 541 | 478 | 564 | 623 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (1) | (1) | (5) | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (3) | (9) | (5) | 8 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 1 | 1 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 7 | 9 | 67 | 34 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 47 | |||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (1) | |||||||
Commercial Mortgage Backed Securities [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities | 5,268 | 5,268 | 4,717 | |||||
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities | 0 | 0 | 0 | |||||
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities | 5,191 | 5,191 | 4,567 | |||||
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities | 77 | 77 | 150 | |||||
Commercial Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities | 53 | 53 | 122 | |||||
Commercial Mortgage Backed Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed Maturities [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 77 | 169 | 77 | 169 | 150 | 79 | 214 | 284 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (1) | 1 | (2) | 2 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (5) | (3) | (8) | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 15 | 6 | 65 | 45 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 6 | 26 | 24 | 64 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 3 | 6 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 2 | 1 | 7 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 10 | 23 | 107 | 91 | ||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (1) | (1) | (2) | |||||
Asset-backed Securities [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities | 2,685 | 2,685 | 2,499 | |||||
Asset-backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities | 0 | 0 | 0 | |||||
Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities | 2,654 | 2,654 | 2,462 | |||||
Asset-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities | 31 | 31 | 37 | |||||
Asset-backed Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed Maturities [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 31 | 27 | 31 | 27 | 37 | 41 | 53 | 122 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 1 | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (2) | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 18 | 8 | 18 | 79 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 2 | 7 | 6 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 2 | 3 | 2 | 16 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 18 | 1 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 26 | 29 | 33 | 152 | ||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 1 | |||||||
Foreign Government Debt Securities [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities | 1,186 | 1,186 | 1,308 | |||||
Foreign Government Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities | 0 | 0 | 0 | |||||
Foreign Government Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities | 1,112 | 1,112 | 1,248 | |||||
Foreign Government Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities | 74 | 74 | 60 | |||||
Foreign Government Debt Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed Maturities [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 74 | 50 | 74 | 50 | $ 60 | $ 72 | $ 40 | $ 59 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 1 | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 2 | (1) | 11 | (4) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 9 | 3 | 24 | 15 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 1 | 1 | 3 | 3 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | $ 8 | 2 | $ 19 | 28 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | $ 11 | $ 11 |
Fair Value Measurements Level42
Fair Value Measurements Level 4 Pricing Controls and Broker Inputs to Valuation (Details) | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Financial Instruments, Assets [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Measurements, Valuation Techniques | Derivative instruments are fair valued using pricing valuation models for OTC derivatives that utilize independent market data inputs, quoted market prices for exchange-traded and OTC-cleared derivatives, or independent broker quotations. Excluding embedded and reinsurance related derivatives, as of September 30, 2016 and December 31, 2015, 97% and 96%, respectively, of derivatives, based upon notional values, were priced by valuation models, including discounted cash flow models and option-pricing models that utilize present value techniques, or quoted market prices. The remaining derivatives were priced by broker quotations. |
Fair Value Measurements Level43
Fair Value Measurements Level 4 Credit Standing Adjustments and Behavior Risk Margins (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Derivative, Gain (Loss) on Derivative, Net | $ (58) | $ 19 | $ (106) | $ (11) | |
Derivative Credit Risk Valuation Adjustment, Derivative Liabilities | (1) | (1) | $ 0 | ||
Credit standing adjustment assumption net of reinsurance [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | (1) | (1) | |
Gain (Loss) Due to Changes in Assumptions [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | |||
GMWB Derivatives, Net [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Behavior Risk Margin | 42 | 42 | $ 45 | ||
GMWB Derivatives, Net [Member] | Behavior Risk Margin Update Due to Underlying Fund Performance [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Derivative, Gain (Loss) on Derivative, Net | $ 11 | $ (21) | $ 24 | $ (10) |
Fair Value Measurements Level44
Fair Value Measurements Level 4 Fair Value Option (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Available-for-sale Securities, Equity Securities | $ 875 | $ 875 | $ 1,121 | ||
Available-for-sale Equity Securities, Amortized Cost Basis | 812 | 812 | 1,135 | ||
Fair Value of Assets Accounted for Using Fair Value Option | 180,260 | 180,260 | 181,633 | ||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 4 | $ (4) | (26) | $ (4) | |
Corporate Debt Securities [Member] | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 1 | (2) | 1 | (5) | |
Collateralized Debt Obligations [Member] | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 0 | 1 | 0 | 2 | |
Foreign Government Debt Securities [Member] | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 0 | (3) | (1) | (4) | |
Residential Mortgage Backed Securities [Member] | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 3 | 0 | 8 | 0 | |
Fixed Maturities [Member] | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 4 | (4) | 8 | (7) | |
Equity Securities [Member] | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Available-for-sale Securities, Equity Securities | 0 | 0 | 282 | ||
Available-for-sale Equity Securities, Amortized Cost Basis | 0 | 0 | 293 | ||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 0 | $ 0 | (34) | $ 3 | |
Equity Securities [Member] | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Fair Value of Assets Accounted for Using Fair Value Option | 0 | 0 | 282 | ||
Fixed Maturities [Member] | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Fair Value of Assets Accounted for Using Fair Value Option | 360 | 360 | 503 | ||
Fixed Maturities [Member] | Asset-backed Securities [Member] | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Fair Value of Assets Accounted for Using Fair Value Option | 6 | 6 | 13 | ||
Fixed Maturities [Member] | Corporate Debt Securities [Member] | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Fair Value of Assets Accounted for Using Fair Value Option | 34 | 34 | 87 | ||
Fixed Maturities [Member] | Collateralized Debt Obligations [Member] | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Fair Value of Assets Accounted for Using Fair Value Option | 3 | 3 | 6 | ||
Fixed Maturities [Member] | Commercial Mortgage Backed Securities [Member] | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Fair Value of Assets Accounted for Using Fair Value Option | 8 | 8 | 24 | ||
Fixed Maturities [Member] | Foreign Government Debt Securities [Member] | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Fair Value of Assets Accounted for Using Fair Value Option | 0 | 0 | 2 | ||
Fixed Maturities [Member] | Residential Mortgage Backed Securities [Member] | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Fair Value of Assets Accounted for Using Fair Value Option | 307 | 307 | 368 | ||
Fixed Maturities [Member] | US Treasury Bond Securities [Member] | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Fair Value of Assets Accounted for Using Fair Value Option | $ 2 | $ 2 | $ 3 |
Fair Value Measurements Level45
Fair Value Measurements Level 4 Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | $ 228,430 | $ 228,348 |
Assets, Fair Value Disclosure | 180,260 | 181,633 |
Liabilities | 209,772 | 210,706 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 4,637 | 3,810 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 98,315 | 95,907 |
Reported Value Measurement [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 24 | 38 |
Reported Value Measurement [Member] | Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 6,607 | 6,706 |
Reported Value Measurement [Member] | Senior Notes [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 4,242 | 4,259 |
Reported Value Measurement [Member] | Junior Subordinated Debt [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 1,083 | 1,100 |
Reported Value Measurement [Member] | Investment Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 754 | 619 |
Reported Value Measurement [Member] | Policy Loans [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 1,432 | 1,447 |
Reported Value Measurement [Member] | Mortgages [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 5,611 | 5,624 |
Estimate of Fair Value Measurement [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Liabilities Fair Value Disclosure | 24 | 38 |
Estimate of Fair Value Measurement [Member] | Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Liabilities Fair Value Disclosure | 6,887 | 6,898 |
Estimate of Fair Value Measurement [Member] | Senior Notes [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Liabilities Fair Value Disclosure | 4,894 | 4,811 |
Estimate of Fair Value Measurement [Member] | Junior Subordinated Debt [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Liabilities Fair Value Disclosure | 1,299 | 1,304 |
Estimate of Fair Value Measurement [Member] | Investment Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Liabilities Fair Value Disclosure | 806 | 682 |
Estimate of Fair Value Measurement [Member] | Policy Loans [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 1,432 | 1,447 |
Estimate of Fair Value Measurement [Member] | Mortgages [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | $ 5,857 | $ 5,736 |
Investment Holding Level 4 Net
Investment Holding Level 4 Net Realized Capital Gains (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Available-for-sale Securities, Gross Realized Gains | $ 114,000,000 | $ 83,000,000 | $ 328,000,000 | $ 401,000,000 |
Available-for-sale Securities, Gross Realized Losses | 24,000,000 | 73,000,000 | 157,000,000 | 333,000,000 |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | 14,000,000 | 40,000,000 | 44,000,000 | 63,000,000 |
Periodic Net Coupon Settlements on Credit Derivatives | 2,000,000 | 3,000,000 | 2,000,000 | 8,000,000 |
Derivative, Gain (Loss) on Derivative, Net | (58,000,000) | 19,000,000 | (106,000,000) | (11,000,000) |
Realized Investment Gains (Losses) | (17,000,000) | (44,000,000) | (119,000,000) | (30,000,000) |
HFPI estimated tax benefit on disposition | 65,000,000 | |||
Effective Income Tax Rate Reconciliation, Disposition of Business, Amount | (50,000,000) | 0 | (50,000,000) | 0 |
HFPI estimated after tax gain | 6,000,000 | |||
Foreign Currency Transaction Gain (Loss), Realized | (19,000,000) | (17,000,000) | (150,000,000) | (1,000,000) |
Gain (Loss) on Investments, Excluding Other than Temporary Impairments | (3,000,000) | (4,000,000) | (75,000,000) | 33,000,000 |
Proceeds from Sale of Available-for-sale Securities | 4,300,000,000 | 4,500,000,000 | 13,300,000,000 | 16,300,000,000 |
UNITED KINGDOM | ||||
Gain (Loss) on Disposition of Assets | 59,000,000 | 0 | ||
Not Designated as Hedging Instrument [Member] | ||||
Derivative, Gain (Loss) on Derivative, Net | (35,000,000) | 6,000,000 | (22,000,000) | (40,000,000) |
Not Designated as Hedging Instrument [Member] | UNITED KINGDOM | ||||
Derivative, Gain (Loss) on Derivative, Net | 18,000,000 | 8,000,000 | 135,000,000 | (23,000,000) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||
Gain (Loss) on Investments, Excluding Other than Temporary Impairments | 77,000,000 | (29,000,000) | 128,000,000 | 14,000,000 |
Mortgages [Member] | ||||
Valuation Allowances and Reserves, Adjustments | 0 | (1,000,000) | 0 | 2,000,000 |
GMWB Derivatives, Net [Member] | ||||
Derivative, Gain (Loss) on Derivative, Net | 6,000,000 | (32,000,000) | (8,000,000) | (35,000,000) |
Macro Hedge Program [Member] | ||||
Derivative, Gain (Loss) on Derivative, Net | (64,000,000) | 51,000,000 | (98,000,000) | 24,000,000 |
Other Investments [Member] | ||||
Realized Investment Gains (Losses) | $ (37,000,000) | $ (37,000,000) | $ (142,000,000) | $ (30,000,000) |
Investment Holding Level 4 Othe
Investment Holding Level 4 Other-Than-Temporary Impairment Losses (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||||||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Held-to-maturity Securities | $ 13 | $ 12 | $ 36 | $ 16 | ||||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Available-for-sale Securities | 14 | 40 | 44 | 63 | ||||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | 14 | 40 | 44 | 63 | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||||||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held | 287 | 337 | 287 | 337 | $ 293 | $ 324 | $ 388 | $ 424 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, No Previous Impairment | 4 | 0 | 25 | 3 | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, Additional Credit Losses | 9 | 12 | 11 | 13 | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Securities Sold | 14 | 51 | 50 | 61 | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Change in Status | 0 | 0 | 0 | 2 | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Cash Flows | 5 | 12 | 23 | 40 | ||||
Available-for-sale Securities [Member] | ||||||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||||||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Available-for-sale Securities | 0 | 21 | 3 | 38 | ||||
Equity Securities [Member] | ||||||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||||||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | 1 | 6 | 5 | 6 | ||||
Other Equity Securities [Member] | ||||||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||||||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | $ 0 | $ 1 | $ 0 | $ 3 |
Investment Holding Level 4 Avai
Investment Holding Level 4 Available-for-Sale Securities (Details) $ in Millions | Sep. 30, 2016USD ($)securities | Dec. 31, 2015USD ($) |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | $ 55,742 | $ 56,965 |
Available-for-sale Equity Securities, Amortized Cost Basis | 812 | 1,135 |
Available-for-sale Securities, Amortized Cost Basis | 56,554 | 57,807 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 4,650 | 2,892 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 4,730 | 2,930 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 168 | 658 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 185 | 699 |
Available-for-sale Securities, Debt Securities | 60,225 | 59,196 |
Available-for-sale Securities, Equity Securities | 875 | 1,121 |
Available-for-sale Securities | 60,035 | |
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract] | ||
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Amortized Cost Basis | 1,832 | 2,373 |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Amortized Cost Basis | 9,623 | 10,929 |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Amortized Cost Basis | 9,082 | 9,322 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis | 20,127 | 20,178 |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Amortized Cost Basis | 15,078 | 14,163 |
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | 1,848 | 2,405 |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 10,052 | 11,200 |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | 9,671 | 9,497 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 23,192 | 21,794 |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Fair Value | 15,462 | 14,300 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 4,528 | 19,095 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 4,466 | 18,569 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 63 | 526 |
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 3,312 | 3,072 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 3,190 | 2,896 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 122 | 173 |
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 7,840 | 22,167 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 7,656 | 21,465 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 185 | 699 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | securities | 3,022 | |
Percentage of Gross Unrealized Losses Depressed Less than Twenty Percent of Cost or Amortized Cost | 92.00% | |
Fixed maturities available-for-sale, excluding mortgage-backed and asset-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | $ 40,664 | 42,802 |
Available-for-sale Securities, Debt Securities | 44,763 | 44,896 |
Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 2,683 | 2,520 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 35 | 24 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 33 | 45 |
Available-for-sale Securities, Debt Securities | 2,685 | 2,499 |
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 321 | 1,619 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 320 | 1,609 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1 | 10 |
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 364 | 357 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 332 | 322 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 32 | 35 |
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 685 | 1,976 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 652 | 1,931 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 33 | 45 |
Collateralized Debt Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 2,514 | 2,989 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 67 | 75 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 9 | 23 |
Available-for-sale Securities, Debt Securities | 2,573 | 3,038 |
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 665 | 1,164 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 664 | 1,154 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 2 | 10 |
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 1,028 | 1,243 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,021 | 1,227 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 7 | 13 |
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 1,693 | 2,407 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,685 | 2,381 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 9 | 23 |
Commercial Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 5,066 | 4,668 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 226 | 105 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 24 | 56 |
Available-for-sale Securities, Debt Securities | 5,268 | 4,717 |
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | 7 | 8 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 548 | 1,726 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 540 | 1,681 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 8 | 45 |
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 259 | 189 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 243 | 178 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 16 | 11 |
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 807 | 1,915 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 783 | 1,859 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 24 | 56 |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 24,615 | 25,876 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 2,370 | 1,342 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 81 | 416 |
Available-for-sale Securities, Debt Securities | 26,904 | 26,802 |
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | 0 | 3 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 1,759 | 9,206 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,725 | 8,866 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 34 | 340 |
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 812 | 656 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 765 | 580 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 47 | 76 |
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 2,571 | 9,862 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 2,490 | 9,446 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 81 | 416 |
Foreign Government Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 1,106 | 1,321 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 83 | 34 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 3 | 47 |
Available-for-sale Securities, Debt Securities | 1,186 | 1,308 |
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 105 | 679 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 104 | 646 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1 | 33 |
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 27 | 124 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 25 | 110 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 2 | 14 |
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 132 | 803 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 129 | 756 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 3 | 47 |
Municipal Bonds [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 334 | 440 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 331 | 430 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 3 | 10 |
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 47 | 18 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 45 | 17 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 2 | 1 |
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 381 | 458 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 376 | 447 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 5 | 11 |
US States and Political Subdivisions Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 11,345 | 11,124 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 1,254 | 1,008 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 5 | 11 |
Available-for-sale Securities, Debt Securities | 12,594 | 12,121 |
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | 0 | 0 |
Residential Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 4,815 | 3,986 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 131 | 82 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 10 | 22 |
Available-for-sale Securities, Debt Securities | 4,936 | 4,046 |
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 278 | 1,349 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 278 | 1,340 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 9 |
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 707 | 415 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 697 | 402 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 10 | 13 |
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 985 | 1,764 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 975 | 1,742 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 10 | 22 |
US Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 3,598 | 4,481 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 484 | 222 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 3 | 38 |
Available-for-sale Securities, Debt Securities | 4,079 | 4,665 |
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 347 | 2,432 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 344 | 2,394 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 3 | 38 |
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 0 | 8 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 8 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 347 | 2,440 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 344 | 2,402 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 3 | 38 |
Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | 7 | 11 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 4,357 | 18,615 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 4,306 | 18,120 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 52 | 495 |
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 3,244 | 3,010 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 3,128 | 2,844 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 116 | 163 |
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 7,601 | 21,625 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 7,434 | 20,964 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 168 | 658 |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Equity Securities, Amortized Cost Basis | 812 | 842 |
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 80 | 38 |
Available-for-sale Equity Securities, Accumulated Gross Unrealized Loss, before Tax | 17 | 41 |
Available-for-sale Securities, Equity Securities | 875 | 839 |
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 171 | 480 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 160 | 449 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 11 | 31 |
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 68 | 62 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 62 | 52 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 6 | 10 |
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 239 | 542 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 222 | 501 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 17 | 41 |
Available-for-sale Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 61,100 | |
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | 7 | 11 |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Equity Securities, Amortized Cost Basis | 0 | 293 |
Available-for-sale Securities, Equity Securities | $ 0 | $ 282 |
Investment Holding Level 4 Conc
Investment Holding Level 4 Concentration of Credit Risk (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Fair Value, Concentration of Risk, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Fair Value, Concentration of Risk, Investments | $ 0 | $ 0 |
Risks and Uncertainties [Abstract] | ||
Concentration Risk, Additional Characteristic | greater than 10% of the Company's stockholders' equity | greater than 10% of the Company's stockholders' equity |
Investment Holding Level 4 Mort
Investment Holding Level 4 Mortgage Loans (Details) | 9 Months Ended | |||
Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 5,611,000,000 | $ 5,624,000,000 | ||
Movement in Mortgage Loans on Real Estate [Roll Forward] | ||||
Current Weighted Average Loan to Value Ratio of Commercial Mortgage Loan | 53.00% | |||
Original Weighted Average Loan to Value Ratio of Commercial Mortgage loan | 62.00% | |||
Servicing Asset [Abstract] | ||||
Servicing Asset at Fair Value, Amount | $ 0 | 0 | ||
Commercial Loan [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Loans on Real Estate | 5,630,000,000 | 5,647,000,000 | ||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 5,611,000,000 | 5,624,000,000 | ||
Movement in Mortgage Loans on Real Estate [Roll Forward] | ||||
Allowance for Loan and Lease Losses, Real Estate | 19,000,000 | $ 20,000,000 | $ 23,000,000 | $ 18,000,000 |
Allowance for Loan and Lease Losses, Period Increase (Decrease) | 0 | 4,000,000 | ||
Allowance for Loan and Lease Losses, Write-offs | $ 4,000,000 | $ 2,000,000 | ||
Average Debt Service Coverage Ratio | 2.68 | 2.63 | ||
Allowance for Loan and Lease Losses [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 31,000,000 | $ 82,000,000 | ||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 0 | 0 | ||
Nonperforming Financial Instruments [Member] | Commercial Loan [Member] | ||||
Movement in Mortgage Loans on Real Estate [Roll Forward] | ||||
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans | 1 | 2 | ||
Mortgages [Member] | Commercial Loan [Member] | ||||
Movement in Mortgage Loans on Real Estate [Roll Forward] | ||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 15,000,000 | 17,000,000 | ||
Financing Receivable, Allowance for Credit Losses | 16,000,000 | 20,000,000 | ||
LTV 80 to 100 Percent [Member] | Commercial Loan [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 15,000,000 | $ 24,000,000 | ||
Movement in Mortgage Loans on Real Estate [Roll Forward] | ||||
Average Debt Service Coverage Ratio | 0.45 | 0.81 | ||
LTV Between 65 to 80 Percent [Member] | Commercial Loan [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 640,000,000 | $ 623,000,000 | ||
Movement in Mortgage Loans on Real Estate [Roll Forward] | ||||
Average Debt Service Coverage Ratio | 2.06 | 1.82 | ||
LTV Less than 65 Percent [Member] | Commercial Loan [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 4,956,000,000 | $ 4,977,000,000 | ||
Movement in Mortgage Loans on Real Estate [Roll Forward] | ||||
Average Debt Service Coverage Ratio | 2.79 | 2.75 | ||
East North Central [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 294,000,000 | $ 289,000,000 | ||
East South Central [Member] [Domain] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 14,000,000 | 14,000,000 | ||
Middle Atlantic [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 418,000,000 | 384,000,000 | ||
Mountain [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 35,000,000 | 32,000,000 | ||
New England [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 400,000,000 | 446,000,000 | ||
Pacific [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 1,635,000,000 | 1,669,000,000 | ||
South Atlantic [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 1,193,000,000 | 1,174,000,000 | ||
West North Central [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 29,000,000 | 29,000,000 | ||
West South Central [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 338,000,000 | 318,000,000 | ||
Region Others [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 1,255,000,000 | $ 1,269,000,000 | ||
Mortgages [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Investment Owned, Percent of Net Assets | 100.00% | 100.00% | ||
Mortgages [Member] | East North Central [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Investment Owned, Percent of Net Assets | 5.20% | 5.10% | ||
Mortgages [Member] | East South Central [Member] [Domain] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Investment Owned, Percent of Net Assets | 0.30% | 0.20% | ||
Mortgages [Member] | Middle Atlantic [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Investment Owned, Percent of Net Assets | 7.40% | 6.80% | ||
Mortgages [Member] | Mountain [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Investment Owned, Percent of Net Assets | 0.60% | 0.60% | ||
Mortgages [Member] | New England [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Investment Owned, Percent of Net Assets | 7.10% | 7.90% | ||
Mortgages [Member] | Pacific [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Investment Owned, Percent of Net Assets | 29.20% | 29.70% | ||
Mortgages [Member] | South Atlantic [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Investment Owned, Percent of Net Assets | 21.30% | 20.90% | ||
Mortgages [Member] | West North Central [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Investment Owned, Percent of Net Assets | 0.50% | 0.50% | ||
Mortgages [Member] | West South Central [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Investment Owned, Percent of Net Assets | 6.00% | 5.70% | ||
Mortgages [Member] | Region Others [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Investment Owned, Percent of Net Assets | 22.40% | 22.60% | ||
agriculture loans [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 16,000,000 | $ 26,000,000 | ||
agriculture loans [Member] | Mortgages [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Investment Owned, Percent of Net Assets | 0.30% | 0.50% | ||
Industrial Property [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 1,444,000,000 | $ 1,422,000,000 | ||
Industrial Property [Member] | Mortgages [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Investment Owned, Percent of Net Assets | 25.70% | 25.30% | ||
Hotel [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 25,000,000 | $ 26,000,000 | ||
Hotel [Member] | Mortgages [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Investment Owned, Percent of Net Assets | 0.40% | 0.50% | ||
Multifamily [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 1,386,000,000 | $ 1,345,000,000 | ||
Multifamily [Member] | Mortgages [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Investment Owned, Percent of Net Assets | 24.70% | 23.90% | ||
Office Building [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 1,451,000,000 | $ 1,547,000,000 | ||
Office Building [Member] | Mortgages [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Investment Owned, Percent of Net Assets | 25.90% | 27.50% | ||
Retail Site [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 1,050,000,000 | $ 1,109,000,000 | ||
Retail Site [Member] | Mortgages [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Investment Owned, Percent of Net Assets | 18.70% | 19.70% | ||
Other Property [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 239,000,000 | $ 149,000,000 | ||
Other Property [Member] | Mortgages [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Investment Owned, Percent of Net Assets | 4.30% | 2.60% | ||
Commercial Loan [Member] | ||||
Servicing Asset [Abstract] | ||||
Servicing Asset at Amortized Cost, Fair Value | $ 571,000,000 | $ 359,000,000 | ||
Continuing Involvement with Derecognized Transferred Financial Assets, Amount Outstanding | 186,000,000 | 129,000,000 | ||
Investments [Member] | Commercial Loan [Member] | ||||
Servicing Asset [Abstract] | ||||
Continuing Involvement with Continued to be Recognized Transferred Financial Assets, Amount Outstanding | 385,000,000 | 230,000,000 | ||
Separate Accounts [Member] | Commercial Loan [Member] | ||||
Servicing Asset [Abstract] | ||||
Continuing Involvement with Continued to be Recognized Transferred Financial Assets, Amount Outstanding | $ 104,000,000 | $ 54,000,000 |
Investment Holding Level 4 Vari
Investment Holding Level 4 Variable Interest Entities (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | $ 5,000,000 | $ 166,000,000 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 0 | 153,000,000 |
Variable Interest Entity, Nonconsolidated, Comparison of Carrying Amount of Assets and Liabilities to Maximum Loss Exposure [Abstract] | ||
Variable Interest Entity, Nonconsolidated, Comparison of Carrying Amount of Assets and Liabilities to Maximum Loss Exposure | $ 1,800,000,000 | $ 1,500,000,000 |
Variable Interest Entity, Commitments by Third Parties, Liquidity and Other Arrangements | 1.3 | 692 |
Collateralized Debt Obligations [Member] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | $ 5,000,000 | $ 5,000,000 |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | 5,000,000 | 5,000,000 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 0 | 0 |
Fixed Income Funds [Member] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 0 | 159,000,000 |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | 0 | 7,000,000 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 0 | 151,000,000 |
Partnership Interest [Member] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 0 | |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | 0 | 0 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 0 | 2,000,000 |
Other Liabilities [Member] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | 5,000,000 | 12,000,000 |
Partnership Interest [Member] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 0 | 2,000,000 |
Unfunded Loan Commitment [Member] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | ||
Commitments to Fund Limited Partnership and Other Alternative Investments | 0 | |
Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets | 2,000,000 | 7,000,000 |
Variable Interest Entity, Nonconsolidated, Carrying Amount, Liabilities | 3,000,000 | 8,000,000 |
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | ||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 3,000,000 | $ 3,000,000 |
Investment Holding Level 4 Repu
Investment Holding Level 4 Repurchase Agreements, Dollar Roll Transactions and Other (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Secured Debt, Dollar Rolls | $ 0 | $ 0 |
Interest-bearing Deposit Liabilities, Domestic | 2,600,000,000 | 2,500,000,000 |
Securities Held as Collateral, at Fair Value | 114,000,000 | 68,000,000 |
Securities Received as Collateral | 57,000,000 | |
Securities Loaned | 168,000,000 | 67,000,000 |
Fixed Maturities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Available-for-sale Securities Pledged as Collateral | 358,000,000 | 440,000,000 |
Cash [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Available-for-sale Securities Pledged as Collateral | 5,000,000 | |
Other Liabilities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 356,000,000 | 445,000,000 |
US Treasury Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Available-for-sale Securities Pledged as Collateral | $ 75,000,000 | $ 35,000,000 |
Derivatives Instruments Level 4
Derivatives Instruments Level 4 Non-qualifying Strategies for Hedge Accounting (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2016 | Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative, Gain (Loss) on Derivative, Net | $ (58) | $ 19 | $ (106) | $ (11) | ||
Derivative, Notional Amount | 59,177 | 59,177 | $ 62,185 | |||
Derivative, Fair Value, Net | (1,026) | (1,026) | (926) | |||
Interest Rate Swap [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative, Notional Amount | 12,100 | 12,100 | 12,900 | |||
Coinsurance and Modified Coinsurance Reinsurance Contracts [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative, Fair Value, Net | 31 | 31 | 79 | |||
GMWB Hedging Instruments [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative, Notional Amount | 10,464 | 10,464 | 10,979 | |||
Derivative, Fair Value, Net | 169 | 169 | 158 | |||
Macro Hedge Program [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative, Notional Amount | 6,348 | 6,348 | 4,548 | |||
Derivative, Fair Value, Net | 136 | 136 | 147 | |||
Macro Hedge Program [Member] | Equity Option [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative, Notional Amount | 6,348 | 6,348 | 4,548 | |||
Derivative, Fair Value, Net | 136 | 136 | 147 | |||
Other Contract [Member] | GMWB Hedging Instruments [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative, Notional Amount | 5,366 | 5,366 | 5,877 | |||
Derivative, Fair Value, Net | 142 | 142 | 131 | |||
Equity Contract [Member] | GMWB Hedging Instruments [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative, Notional Amount | 1,355 | 1,355 | 1,362 | |||
Derivative, Fair Value, Net | (13) | (13) | 2 | |||
Interest Rate Contract [Member] | GMWB Hedging Instruments [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative, Notional Amount | 3,743 | 3,743 | 3,740 | |||
Derivative, Fair Value, Net | 40 | 40 | 25 | |||
Not Designated as Hedging Instrument [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative, Gain (Loss) on Derivative, Net | (35) | 6 | (22) | (40) | ||
Derivative, Notional Amount | 55,529 | 55,529 | 58,492 | |||
Derivative, Fair Value, Net | (1,083) | (1,083) | (924) | |||
Not Designated as Hedging Instrument [Member] | Other Contract [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative, Gain (Loss) on Derivative, Net | (1) | 2 | (48) | 28 | ||
Not Designated as Hedging Instrument [Member] | Coinsurance and Modified Coinsurance Reinsurance Contracts [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative, Notional Amount | 921 | 921 | 895 | |||
Not Designated as Hedging Instrument [Member] | GMWB Product Derivatives [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative, Gain (Loss) on Derivative, Net | 87 | (150) | (22) | (91) | ||
Derivative, Notional Amount | 13,603 | 13,603 | 15,099 | |||
Derivative, Fair Value, Net | (348) | (348) | (262) | |||
Not Designated as Hedging Instrument [Member] | GMWB Reinsurance [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative, Gain (Loss) on Derivative, Net | (15) | 24 | (2) | 15 | ||
Derivative, Notional Amount | 2,809 | 2,809 | 3,106 | |||
Derivative, Fair Value, Net | 98 | 98 | 83 | |||
Not Designated as Hedging Instrument [Member] | Commodity Option [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative, Gain (Loss) on Derivative, Net | 0 | 2 | 0 | (8) | ||
Not Designated as Hedging Instrument [Member] | Equity Contract [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative, Gain (Loss) on Derivative, Net | (2) | 1 | 15 | 4 | ||
Derivative, Notional Amount | 105 | 105 | 419 | |||
Derivative, Fair Value, Net | (1) | (1) | 15 | |||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative, Gain (Loss) on Derivative, Net | 4 | 3 | 25 | 11 | ||
Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative, Gain (Loss) on Derivative, Net | (2) | (11) | (22) | (16) | ||
Derivative, Notional Amount | 12,816 | 12,816 | 14,290 | |||
Derivative, Fair Value, Net | (931) | (931) | (814) | |||
Not Designated as Hedging Instrument [Member] | GMWB Hedging Instruments [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative, Gain (Loss) on Derivative, Net | (66) | 94 | 16 | 41 | ||
Derivative, Notional Amount | 10,464 | 10,464 | 10,979 | |||
Derivative, Fair Value, Net | 169 | 169 | 158 | |||
Not Designated as Hedging Instrument [Member] | Credit Default Swap, Buying Protection [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative, Notional Amount | 185 | 185 | 423 | |||
Derivative, Fair Value, Net | (5) | (5) | 18 | |||
Not Designated as Hedging Instrument [Member] | Credit Default Swap, Selling Protection [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative, Notional Amount | 1,828 | 1,828 | 2,458 | |||
Derivative, Fair Value, Net | 4 | 4 | (13) | |||
Not Designated as Hedging Instrument [Member] | Put Option [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative, Gain (Loss) on Derivative, Net | (1) | (2) | (4) | (5) | ||
Not Designated as Hedging Instrument [Member] | Put Option [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative, Notional Amount | $ 500 | 500 | ||||
Derivative, Fair Value, Net | $ 2 | 7 | ||||
Not Designated as Hedging Instrument [Member] | Macro Hedge Program [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative, Gain (Loss) on Derivative, Net | (64) | 51 | (98) | 24 | ||
Not Designated as Hedging Instrument [Member] | UNITED KINGDOM | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative, Gain (Loss) on Derivative, Net | 18 | 8 | 135 | (23) | ||
Not Designated as Hedging Instrument [Member] | UNITED KINGDOM | Foreign Exchange Contract [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | ||||
Not Designated as Hedging Instrument [Member] | JAPAN | Three Win Related Foreign Currency Swaps [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative, Gain (Loss) on Derivative, Net | 13 | 8 | ||||
Derivative, Notional Amount | 1,063 | 1,063 | 1,063 | |||
Derivative, Fair Value, Net | (247) | (247) | (357) | |||
Not Designated as Hedging Instrument [Member] | JAPAN | Fixed Annuity Hedging Instruments [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative, Gain (Loss) on Derivative, Net | 109 | (23) | ||||
Fair Value Hedging [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative, Notional Amount | 23 | 23 | 23 | |||
Derivative, Fair Value, Net | 0 | 0 | 0 | |||
Fair Value Hedging [Member] | JAPAN | Three Win Related Foreign Currency Swaps [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Change in Unrealized Gain (Loss) on Hedged Item in Foreign Currency Fair Value Hedge | (10) | (17) | (118) | (1) | ||
Credit Default Swap, Buying Protection [Member] | Not Designated as Hedging Instrument [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative, Gain (Loss) on Derivative, Net | (12) | 7 | (19) | 5 | ||
Credit Default Swap, Selling Protection [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative, Notional Amount | 3,726 | 3,726 | $ 4,487 | |||
Credit Default Swap, Selling Protection [Member] | Not Designated as Hedging Instrument [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative, Gain (Loss) on Derivative, Net | $ 24 | $ (23) | $ 28 | $ (25) |
Derivatives Instruments Level54
Derivatives Instruments Level 4 Derivative Balance Sheet Classification (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Derivatives, Fair Value [Line Items] | |||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | $ 1,400 | $ 1,100 | |
Derivative, Notional Amount | 59,177 | 62,185 | |
Derivative, Fair Value, Net | (1,026) | (926) | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 1,420 | 1,095 | |
Derivative Asset, Fair Value, Gross Asset | 1,290 | 933 | |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 1,024 | 756 | |
Derivative, Collateral, Obligation to Return Cash | 12 | 176 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | (2,446) | (2,021) | |
Derivative Asset, Fair Value of Collateral | 209 | 100 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 57 | 77 | |
Derivative Liability, Fair Value, Gross Liability | (2,067) | (1,730) | |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 1,049 | 818 | |
Derivative, Collateral, Right to Reclaim Cash | 37 | 114 | |
Derivative Liability, Fair Value of Collateral | 974 | 889 | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 44 | 23 | |
Other Policyholder Funds and Benefits Payable [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 13,653 | 15,149 | |
Derivative, Fair Value, Net | (379) | (288) | |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |
Derivative Liability, Fair Value, Gross Liability | (379) | (288) | |
Reinsurance Recoverable [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 3,729 | 4,000 | |
Derivative, Fair Value, Net | 129 | 162 | |
Derivative Asset, Fair Value, Gross Asset | 129 | 162 | |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | |
Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 30,902 | 19,358 | |
Derivative, Fair Value, Net | (1,055) | (798) | |
Derivative Asset, Fair Value, Gross Asset | 940 | 524 | |
Derivative Liability, Fair Value, Gross Liability | (1,995) | (1,322) | |
Other Investments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 10,477 | 23,253 | |
Derivative, Fair Value, Net | 278 | 1 | |
Derivative Asset, Fair Value, Gross Asset | 350 | 409 | |
Derivative Liability, Fair Value, Gross Liability | (72) | (408) | |
Fixed Maturities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 416 | 425 | |
Derivative, Fair Value, Net | 1 | (3) | |
Derivative Asset, Fair Value, Gross Asset | 1 | 0 | |
Derivative Liability, Fair Value, Gross Liability | 0 | (3) | |
Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 55,529 | 58,492 | |
Derivative, Fair Value, Net | (1,083) | (924) | |
Derivative Asset, Fair Value, Gross Asset | 1,328 | 1,038 | |
Derivative Liability, Fair Value, Gross Liability | (2,411) | (1,962) | |
Derivative Financial Instruments, Liabilities [Member] | Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Assets (Liabilities), at Fair Value, Net | (1,055) | (798) | |
Derivative Financial Instruments, Assets [Member] | Other Investments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 278 | 1 | |
Foreign Exchange Contract [Member] | Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Assets (Liabilities), at Fair Value, Net | (257) | ||
Foreign Exchange Contract [Member] | Other Investments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 2 | 15 | |
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Fair Value, Net | (17) | ||
Interest Rate Contract [Member] | Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Assets (Liabilities), at Fair Value, Net | (961) | ||
Interest Rate Contract [Member] | Other Investments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 104 | (227) | |
Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 12,816 | 14,290 | |
Derivative, Fair Value, Net | (931) | (814) | |
Derivative Asset, Fair Value, Gross Asset | 590 | 297 | |
Derivative Liability, Fair Value, Gross Liability | (1,521) | (1,111) | |
Cash Flow Hedging [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 3,625 | 3,670 | |
Derivative, Fair Value, Net | 57 | (2) | |
Derivative Asset, Fair Value, Gross Asset | 92 | 57 | |
Derivative Liability, Fair Value, Gross Liability | (35) | (59) | |
Currency Swap [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 1,090 | 653 | |
Derivative, Fair Value, Net | 9 | 17 | |
Derivative Asset, Fair Value, Gross Asset | 15 | 17 | |
Derivative Liability, Fair Value, Gross Liability | (6) | 0 | |
Credit Default Swap, Buying Protection [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 185 | 423 | |
Derivative, Fair Value, Net | (5) | 18 | |
Derivative Asset, Fair Value, Gross Asset | 0 | 22 | |
Derivative Liability, Fair Value, Gross Liability | (5) | (4) | |
Credit Default Swap, Selling Protection [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 1,828 | 2,458 | |
Derivative, Fair Value, Net | 4 | (13) | |
Derivative Asset, Fair Value, Gross Asset | 15 | 9 | |
Derivative Liability, Fair Value, Gross Liability | (11) | (22) | |
Credit Derivatives in Offsetting Positions [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 3,797 | 4,059 | |
Derivative, Fair Value, Net | 0 | (2) | |
Derivative Asset, Fair Value, Gross Asset | 43 | 40 | |
Derivative Liability, Fair Value, Gross Liability | (43) | (42) | |
Equity Contract [Member] | Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 30 | ||
Equity Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 105 | 419 | |
Derivative, Fair Value, Net | (1) | 15 | |
Derivative Asset, Fair Value, Gross Asset | 30 | 41 | |
Derivative Liability, Fair Value, Gross Liability | (31) | (26) | |
GMWB Product Derivatives [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 13,603 | 15,099 | |
Derivative, Fair Value, Net | (348) | (262) | |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |
Derivative Liability, Fair Value, Gross Liability | (348) | (262) | |
GMWB Reinsurance [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 2,809 | 3,106 | |
Derivative, Fair Value, Net | 98 | 83 | |
Derivative Asset, Fair Value, Gross Asset | 98 | 83 | |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | |
GMWB Hedging Instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 10,464 | 10,979 | |
Derivative, Fair Value, Net | 169 | 158 | |
GMWB Hedging Instruments [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 10,464 | 10,979 | |
Derivative, Fair Value, Net | 169 | 158 | |
Derivative Asset, Fair Value, Gross Asset | 307 | 264 | |
Derivative Liability, Fair Value, Gross Liability | (138) | (106) | |
Macro Hedge Program [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 6,348 | 4,548 | |
Derivative, Fair Value, Net | 136 | 147 | |
Derivative Asset, Fair Value, Gross Asset | 197 | 179 | |
Derivative Liability, Fair Value, Gross Liability | (61) | (32) | |
Coinsurance and Modified Coinsurance Reinsurance Contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Fair Value, Net | 31 | 79 | |
Derivative Asset, Fair Value, Gross Asset | 31 | 79 | |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | |
Coinsurance and Modified Coinsurance Reinsurance Contracts [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 921 | 895 | |
Fair Value Hedging [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 23 | 23 | |
Derivative, Fair Value, Net | 0 | 0 | |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | |
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 182 | 143 | |
Derivative, Fair Value, Net | (19) | ||
Derivative Asset, Fair Value, Gross Asset | 8 | 7 | |
Derivative Liability, Fair Value, Gross Liability | (25) | (26) | |
Cash Flow Hedging [Member] | Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 3,443 | 3,527 | |
Derivative, Fair Value, Net | 74 | 17 | |
Derivative Asset, Fair Value, Gross Asset | 84 | 50 | |
Derivative Liability, Fair Value, Gross Liability | (10) | (33) | |
JAPAN | Three Win Related Foreign Currency Swaps [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 1,063 | 1,063 | |
Derivative, Fair Value, Net | (247) | (357) | |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |
Derivative Liability, Fair Value, Gross Liability | $ (247) | (357) | |
Put Option [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | $ 500 | 500 | |
Derivative, Fair Value, Net | 2 | 7 | |
Derivative Asset, Fair Value, Gross Asset | 2 | 7 | |
Derivative Liability, Fair Value, Gross Liability | $ 0 | $ 0 |
Derivatives Instruments Level55
Derivatives Instruments Level 4 Cash Flow Hedges (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Maximum Length of Time Hedged in Cash Flow Hedge | 2 years | |||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 29,000,000 | |||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ (26,000,000) | $ 91,000,000 | 121,000,000 | $ 75,000,000 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | 0 | 0 |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | (26,000,000) | 91,000,000 | 120,000,000 | 76,000,000 |
Currency Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 1,000,000 | (1,000,000) | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 17,000,000 | 16,000,000 | 56,000,000 | 44,000,000 |
Gain (Loss) on Investments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 7,000,000 | ||
Gain (Loss) on Investments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 1,000,000 | 7,000,000 | 4,000,000 |
Gain (Loss) on Investments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Currency Swap [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 1,000,000 | 3,000,000 | ||
Gain (Loss) on Investments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Currency Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 1,000,000 | 0 | 3,000,000 | (7,000,000) |
Investment Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 16,000,000 | 46,000,000 | ||
Investment Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 16,000,000 | 15,000,000 | 46,000,000 | 47,000,000 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Loss on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring | $ 0 | $ 0 | $ 0 | $ 0 |
Derivatives Instruments Level56
Derivatives Instruments Level 4 Fair Value Hedges (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Ineffectiveness on Interest Rate Fair Value Hedges is Immaterial | 1 | 1 | 1 | 1 |
Derivatives Instruments Level57
Derivatives Instruments Level 4 Credit Risk Assumed through Credit Derivatives (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Credit Derivatives [Line Items] | ||
Derivative, Notional Amount | $ 59,177 | $ 62,185 |
Credit Default Swap, Selling Protection [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative, Notional Amount | 3,726 | 4,487 |
Credit Risk Derivatives, at Fair Value, Net | $ 338 | $ 321 |
Single Name Credit Default Swaps [Member] | Credit Default Swap, Selling Protection [Member] | Debt Securities Payable [Member] | Standard & Poor's, A- Rating [Member] | External Credit Rating, Investment Grade [Member] | ||
Credit Derivatives [Line Items] | ||
Average Term of Credit Risk Derivatives | 4 years | |
Derivative, Notional Amount | $ 169 | |
Credit Risk Derivatives, at Fair Value, Net | $ 1 | |
Single Name Credit Default Swaps [Member] | Credit Default Swap, Selling Protection [Member] | Debt Securities Payable [Member] | Standard & Poor's, B+ Rating [Member] | External Credit Rating, Non Investment Grade [Member] | ||
Credit Derivatives [Line Items] | ||
Average Term of Credit Risk Derivatives | 1 year | |
Derivative, Notional Amount | $ 77 | |
Credit Risk Derivatives, at Fair Value, Net | 0 | |
Single Name Credit Default Swaps [Member] | Credit Default Swap, Selling Protection [Member] | Debt Securities Payable [Member] | Standard & Poor's, BBB+ Rating [Member] | External Credit Rating, Investment Grade [Member] | ||
Credit Derivatives [Line Items] | ||
Average Term of Credit Risk Derivatives | 1 year | |
Derivative, Notional Amount | $ 190 | |
Credit Risk Derivatives, at Fair Value, Net | $ (1) | |
Single Name Credit Default Swaps [Member] | Credit Default Swap, Selling Protection [Member] | Debt Securities Payable [Member] | Standard & Poor's, B Rating [Member] | External Credit Rating, Non Investment Grade [Member] | ||
Credit Derivatives [Line Items] | ||
Average Term of Credit Risk Derivatives | 2 years | |
Derivative, Notional Amount | $ 77 | |
Credit Risk Derivatives, at Fair Value, Net | (2) | |
Basket Credit Default Swaps [Member] | ||
Credit Derivatives [Line Items] | ||
Amount of Standard Market Indices of Diversified Portfolios of Corporate Issuers | $ 3,100 | $ 3,900 |
Basket Credit Default Swaps [Member] | Credit Default Swap, Selling Protection [Member] | Debt Securities Payable [Member] | Standard & Poor's, B+ Rating [Member] | External Credit Rating, Non Investment Grade [Member] | ||
Credit Derivatives [Line Items] | ||
Average Term of Credit Risk Derivatives | 5 years | |
Derivative, Notional Amount | $ 50 | |
Credit Risk Derivatives, at Fair Value, Net | $ 3 | |
Basket Credit Default Swaps [Member] | Credit Default Swap, Selling Protection [Member] | Debt Securities Payable [Member] | Standard & Poor's, BBB+ Rating [Member] | External Credit Rating, Investment Grade [Member] | ||
Credit Derivatives [Line Items] | ||
Average Term of Credit Risk Derivatives | 3 years | 4 years |
Derivative, Notional Amount | $ 2,446 | $ 3,036 |
Credit Risk Derivatives, at Fair Value, Net | $ 23 | $ 22 |
Basket Credit Default Swaps [Member] | Credit Default Swap, Selling Protection [Member] | Collateralized Mortgage Backed Securities [Member] | Standard & Poor's, AA+ Rating [Member] | External Credit Rating, Investment Grade [Member] | ||
Credit Derivatives [Line Items] | ||
Average Term of Credit Risk Derivatives | 5 years | 6 years |
Derivative, Notional Amount | $ 516 | $ 681 |
Credit Risk Derivatives, at Fair Value, Net | $ (12) | $ (19) |
Basket Credit Default Swaps [Member] | Credit Default Swap, Selling Protection [Member] | Collateralized Mortgage Backed Securities [Member] | Standard & Poor's, CCC Rating [Member] | External Credit Rating, Non Investment Grade [Member] | ||
Credit Derivatives [Line Items] | ||
Average Term of Credit Risk Derivatives | 1 year | 1 year |
Derivative, Notional Amount | $ 118 | $ 153 |
Credit Risk Derivatives, at Fair Value, Net | $ (28) | $ (25) |
Embedded Derivative Financial Instruments [Member] | Credit Default Swap, Selling Protection [Member] | Debt Securities Payable [Member] | Standard & Poor's, A+ Rating [Member] | External Credit Rating, Investment Grade [Member] | ||
Credit Derivatives [Line Items] | ||
Average Term of Credit Risk Derivatives | 1 year | 1 year |
Derivative, Notional Amount | $ 350 | $ 350 |
Credit Risk Derivatives, at Fair Value, Net | 351 | 346 |
Credit Derivatives in Offsetting Positions [Member] | Credit Default Swap, Selling Protection [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative, Notional Amount | 1,898 | 2,029 |
Credit Risk Derivatives, at Fair Value, Net | 16 | 13 |
Credit Derivatives in Offsetting Positions [Member] | Single Name Credit Default Swaps [Member] | Credit Default Swap, Selling Protection [Member] | Debt Securities Payable [Member] | Standard & Poor's, A- Rating [Member] | External Credit Rating, Investment Grade [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative, Notional Amount | 50 | |
Credit Risk Derivatives, at Fair Value, Net | 0 | |
Credit Derivatives in Offsetting Positions [Member] | Single Name Credit Default Swaps [Member] | Credit Default Swap, Selling Protection [Member] | Debt Securities Payable [Member] | Standard & Poor's, B+ Rating [Member] | External Credit Rating, Non Investment Grade [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative, Notional Amount | 77 | |
Credit Risk Derivatives, at Fair Value, Net | 0 | |
Credit Derivatives in Offsetting Positions [Member] | Single Name Credit Default Swaps [Member] | Credit Default Swap, Selling Protection [Member] | Debt Securities Payable [Member] | Standard & Poor's, BBB+ Rating [Member] | External Credit Rating, Investment Grade [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative, Notional Amount | 176 | |
Credit Risk Derivatives, at Fair Value, Net | (1) | |
Credit Derivatives in Offsetting Positions [Member] | Single Name Credit Default Swaps [Member] | Credit Default Swap, Selling Protection [Member] | Debt Securities Payable [Member] | Standard & Poor's, B Rating [Member] | External Credit Rating, Non Investment Grade [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative, Notional Amount | 77 | |
Credit Risk Derivatives, at Fair Value, Net | 1 | |
Credit Derivatives in Offsetting Positions [Member] | Basket Credit Default Swaps [Member] | Credit Default Swap, Selling Protection [Member] | Debt Securities Payable [Member] | Standard & Poor's, B+ Rating [Member] | External Credit Rating, Non Investment Grade [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative, Notional Amount | 50 | |
Credit Risk Derivatives, at Fair Value, Net | (3) | |
Credit Derivatives in Offsetting Positions [Member] | Basket Credit Default Swaps [Member] | Credit Default Swap, Selling Protection [Member] | Debt Securities Payable [Member] | Standard & Poor's, BBB+ Rating [Member] | External Credit Rating, Investment Grade [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative, Notional Amount | 1,415 | 1,411 |
Credit Risk Derivatives, at Fair Value, Net | (10) | (13) |
Credit Derivatives in Offsetting Positions [Member] | Basket Credit Default Swaps [Member] | Credit Default Swap, Selling Protection [Member] | Collateralized Mortgage Backed Securities [Member] | Standard & Poor's, AA+ Rating [Member] | External Credit Rating, Investment Grade [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative, Notional Amount | 188 | 212 |
Credit Risk Derivatives, at Fair Value, Net | 1 | 1 |
Credit Derivatives in Offsetting Positions [Member] | Basket Credit Default Swaps [Member] | Credit Default Swap, Selling Protection [Member] | Collateralized Mortgage Backed Securities [Member] | Standard & Poor's, CCC Rating [Member] | External Credit Rating, Non Investment Grade [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative, Notional Amount | 118 | 153 |
Credit Risk Derivatives, at Fair Value, Net | 28 | 25 |
Credit Derivatives in Offsetting Positions [Member] | Embedded Derivative Financial Instruments [Member] | Credit Default Swap, Selling Protection [Member] | Debt Securities Payable [Member] | Standard & Poor's, A+ Rating [Member] | External Credit Rating, Investment Grade [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative, Notional Amount | 0 | 0 |
Credit Risk Derivatives, at Fair Value, Net | $ 0 | $ 0 |
Derivatives Instruments Level58
Derivatives Instruments Level 4 Derivative Collateral Arrangements (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Derivative [Line Items] | ||
Security Owned and Pledged as Collateral, Fair Value | $ 403 | $ 488 |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 378 | 369 |
Securities Received as Collateral | 57 | |
Fair Value of Securities Received as Collateral that Can be Resold or Repledged | $ 207 | $ 100 |
Information about Sources and Uses of Collateral that is Received Through Resale Agreements and Securities Borrowing Agreements | As of September 30, 2016, and December 31, 2015, the Company had no repledged securities and did not sell any securities. In addition, as of September 30, 2016, and December 31, 2015, non-cash collateral accepted was held in separate custodial accounts and was not included in the Company’s Condensed Consolidated Balance Sheets. | As of September 30, 2016, and December 31, 2015, the Company had no repledged securities and did not sell any securities. In addition, as of September 30, 2016, and December 31, 2015, non-cash collateral accepted was held in separate custodial accounts and was not included in the Company’s Condensed Consolidated Balance Sheets. |
Collateral Pledged [Member] | ||
Derivative [Line Items] | ||
Security Owned and Pledged as Collateral, Fair Value | $ 1,200 | $ 1,100 |
Liability [Member] | ||
Derivative [Line Items] | ||
Securities Received as Collateral | $ 219 | $ 100 |
Separate Accounts, Death Bene59
Separate Accounts, Death Benefits and Other Insurance Benefit Features Level 4 (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Minimum Guarantees, Net Amount at Risk [Abstract] | ||||
Net Amount at Risk by Product and Guarantee, General Account Value | $ 18,994,000,000 | $ 18,994,000,000 | ||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 3,121,000,000 | 3,121,000,000 | ||
Separate Accounts, Liability | 118,648,000,000 | 118,648,000,000 | $ 120,123,000,000 | |
Net Amount at Risk by Product and Guarantee, Separate Account Value | 80,758,000,000 | 80,758,000,000 | ||
Separate Accounts by Major Category of Investment [Abstract] | ||||
Schedule of Fair Value of Separate Accounts by Major Category of Investment, Fair Value | $ 37,890,000,000 | $ 37,890,000,000 | $ 40,423,000,000 | |
Invested in Fixed Income Securities | 16.00% | 16.00% | 17.00% | |
Invested in Equity Securities | 84.00% | 84.00% | 83.00% | |
MAV Only [Member] | ||||
Minimum Guarantees, Net Amount at Risk [Abstract] | ||||
Net Amount at Risk by Product and Guarantee, General Account Value | $ 13,815,000,000 | $ 13,815,000,000 | ||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 71 years | |||
With Five Percent Rollup [Member] | ||||
Minimum Guarantees, Net Amount at Risk [Abstract] | ||||
Net Amount at Risk by Product and Guarantee, General Account Value | 1,188,000,000 | $ 1,188,000,000 | ||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 71 years | |||
With Earnings Protection Benefit Rider (EPB) [Member] | ||||
Minimum Guarantees, Net Amount at Risk [Abstract] | ||||
Net Amount at Risk by Product and Guarantee, General Account Value | 3,516,000,000 | $ 3,516,000,000 | ||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 70 years | |||
With Five Percent Rollup and EPB [Member] | ||||
Minimum Guarantees, Net Amount at Risk [Abstract] | ||||
Net Amount at Risk by Product and Guarantee, General Account Value | 475,000,000 | $ 475,000,000 | ||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 73 years | |||
Asset Protection Benefit [Member] | ||||
Minimum Guarantees, Net Amount at Risk [Abstract] | ||||
Net Amount at Risk by Product and Guarantee, General Account Value | 10,766,000,000 | $ 10,766,000,000 | ||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 69 years | |||
Lifetime Income Benefit [Member] | ||||
Minimum Guarantees, Net Amount at Risk [Abstract] | ||||
Net Amount at Risk by Product and Guarantee, General Account Value | 480,000,000 | $ 480,000,000 | ||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 69 years | |||
Reset [Member] | ||||
Minimum Guarantees, Net Amount at Risk [Abstract] | ||||
Net Amount at Risk by Product and Guarantee, General Account Value | 2,457,000,000 | $ 2,457,000,000 | ||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 70 years | |||
Return of Net Deposit [Member] | ||||
Minimum Guarantees, Net Amount at Risk [Abstract] | ||||
Net Amount at Risk by Product and Guarantee, General Account Value | 8,999,000,000 | $ 8,999,000,000 | ||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 68 years | |||
Annuitization Benefit [Member] | ||||
Minimum Guarantees, Net Amount at Risk [Abstract] | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 518,000,000 | $ 518,000,000 | ||
Guaranteed Minimum Death Benefit [Member] | ||||
Movement in Changes in the gross U.S. GMDB, International GMDB/GMIB, and UL Secondary Guarantee Benefits [Roll Forward] | ||||
Liability, balance as of January 1 | 863,000,000 | $ 812,000,000 | ||
Incurred | 50,000,000 | 76,000,000 | ||
Liabilities for Guarantees on Long-Duration Contracts, Benefits Paid | (92,000,000) | (83,000,000) | ||
Liability balance as of September 30 | 821,000,000 | 821,000,000 | 805,000,000 | |
Reinsurance recoverable asset, as of January 1 | 523,000,000 | 481,000,000 | ||
Incurred | 40,000,000 | 40,000,000 | 89,000,000 | |
Paid | (73,000,000) | (73,000,000) | (66,000,000) | |
Reinsurance recoverable asset, as of September 30 | 490,000,000 | 490,000,000 | 504,000,000 | |
Minimum Guarantees, Net Amount at Risk [Abstract] | ||||
Net Amount at Risk by Product and Guarantee, General Account Value | 3,806,000,000 | $ 3,806,000,000 | ||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 70 years | |||
Separate Accounts, Liability | 37,890,000,000 | $ 37,890,000,000 | ||
Guaranteed Minimum Withdrawal Benefit [Member] | ||||
Minimum Guarantees, Net Amount at Risk [Abstract] | ||||
Net Amount at Risk by Product and Guarantee, General Account Value | 6,600,000,000 | 6,600,000,000 | ||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | $ 0 | 0 | ||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 72 years | |||
Variable Annuity [Member] | Guaranteed Minimum Death Benefit [Member] | ||||
Minimum Guarantees, Net Amount at Risk [Abstract] | ||||
Net Amount at Risk by Product and Guarantee, General Account Value | $ 41,696,000,000 | 41,696,000,000 | ||
Universal Life [Member] | Secondary Guarantees [Member] | ||||
Movement in Changes in the gross U.S. GMDB, International GMDB/GMIB, and UL Secondary Guarantee Benefits [Roll Forward] | ||||
Liability, balance as of January 1 | 2,313,000,000 | 2,041,000,000 | ||
Incurred | 234,000,000 | 203,000,000 | ||
Liability balance as of September 30 | 2,547,000,000 | 2,547,000,000 | 2,244,000,000 | |
Reinsurance recoverable asset, as of January 1 | 2,313,000,000 | 2,041,000,000 | ||
Incurred | 234,000,000 | 234,000,000 | 203,000,000 | |
Reinsurance recoverable asset, as of September 30 | 2,547,000,000 | 2,547,000,000 | $ 2,244,000,000 | |
MAV Only [Member] | ||||
Minimum Guarantees, Net Amount at Risk [Abstract] | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 2,353,000,000 | 2,353,000,000 | ||
MAV Only [Member] | Annuitization Benefit [Member] | ||||
Minimum Guarantees, Net Amount at Risk [Abstract] | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 359,000,000 | 359,000,000 | ||
With Five Percent Rollup [Member] | ||||
Minimum Guarantees, Net Amount at Risk [Abstract] | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 192,000,000 | 192,000,000 | ||
With Five Percent Rollup [Member] | Annuitization Benefit [Member] | ||||
Minimum Guarantees, Net Amount at Risk [Abstract] | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 61,000,000 | 61,000,000 | ||
With Earnings Protection Benefit Rider (EPB) [Member] | ||||
Minimum Guarantees, Net Amount at Risk [Abstract] | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 472,000,000 | 472,000,000 | ||
With Earnings Protection Benefit Rider (EPB) [Member] | Annuitization Benefit [Member] | ||||
Minimum Guarantees, Net Amount at Risk [Abstract] | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 75,000,000 | 75,000,000 | ||
With Five Percent Rollup and EPB [Member] | ||||
Minimum Guarantees, Net Amount at Risk [Abstract] | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 104,000,000 | 104,000,000 | ||
With Five Percent Rollup and EPB [Member] | Annuitization Benefit [Member] | ||||
Minimum Guarantees, Net Amount at Risk [Abstract] | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 23,000,000 | 23,000,000 | ||
Asset Protection Benefit [Member] | ||||
Minimum Guarantees, Net Amount at Risk [Abstract] | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 197,000,000 | 197,000,000 | ||
Asset Protection Benefit [Member] | Annuitization Benefit [Member] | ||||
Minimum Guarantees, Net Amount at Risk [Abstract] | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 131,000,000 | 131,000,000 | ||
Lifetime Income Benefit [Member] | ||||
Minimum Guarantees, Net Amount at Risk [Abstract] | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 6,000,000 | 6,000,000 | ||
Lifetime Income Benefit [Member] | Annuitization Benefit [Member] | ||||
Minimum Guarantees, Net Amount at Risk [Abstract] | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 6,000,000 | 6,000,000 | ||
Reset [Member] | ||||
Minimum Guarantees, Net Amount at Risk [Abstract] | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 15,000,000 | 15,000,000 | ||
Reset [Member] | Annuitization Benefit [Member] | ||||
Minimum Guarantees, Net Amount at Risk [Abstract] | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 14,000,000 | 14,000,000 | ||
Return of Net Deposit [Member] | ||||
Minimum Guarantees, Net Amount at Risk [Abstract] | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 65,000,000 | 65,000,000 | ||
Return of Net Deposit [Member] | Annuitization Benefit [Member] | ||||
Minimum Guarantees, Net Amount at Risk [Abstract] | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 61,000,000 | 61,000,000 | ||
Guaranteed Minimum Death Benefit [Member] | ||||
Minimum Guarantees, Net Amount at Risk [Abstract] | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 3,404,000,000 | 3,404,000,000 | ||
Guaranteed Minimum Death Benefit [Member] | Annuitization Benefit [Member] | ||||
Minimum Guarantees, Net Amount at Risk [Abstract] | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 730,000,000 | 730,000,000 | ||
Equity Securities [Member] | ||||
Separate Accounts by Major Category of Investment [Abstract] | ||||
Schedule of Fair Value of Separate Accounts by Major Category of Investment, Fair Value | 34,772,000,000 | 34,772,000,000 | $ 36,970,000,000 | |
Cash and Cash Equivalents [Member] | ||||
Separate Accounts by Major Category of Investment [Abstract] | ||||
Schedule of Fair Value of Separate Accounts by Major Category of Investment, Fair Value | $ 3,118,000,000 | $ 3,118,000,000 | $ 3,453,000,000 |
Income Taxes Level 4 Effective
Income Taxes Level 4 Effective Income Tax Rate Reconciliation (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Contingency [Line Items] | ||||||||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ 185,000,000 | $ 133,000,000 | $ 378,000,000 | $ 516,000,000 | ||||
Effective Income Tax Rate Reconciliation, Tax Exempt Income, Amount | (31,000,000) | (33,000,000) | (94,000,000) | (100,000,000) | ||||
Effective Income Tax Rate Reconciliation, Deduction, Dividends, Amount | (14,000,000) | (36,000,000) | (57,000,000) | (131,000,000) | ||||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 0 | (60,000,000) | (78,000,000) | (57,000,000) | ||||
Effective Income Tax Rate Reconciliation, Disposition of Business, Amount | (50,000,000) | 0 | (50,000,000) | 0 | ||||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 0 | 3,000,000 | 3,000,000 | (6,000,000) | ||||
Income Tax Expense (Benefit) | 90,000,000 | 7,000,000 | 102,000,000 | 222,000,000 | ||||
HFPI estimated tax benefit on disposition | 65,000,000 | |||||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 60,000,000 | 60,000,000 | ||||||
Unrecognized Tax Benefits, Period Increase (Decrease) | 36,000,000 | |||||||
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | 0 | 0 | $ (48,000,000) | 0 | (48,000,000) | |||
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 0 | 12,000,000 | 0 | 12,000,000 | ||||
Unrecognized Tax Benefits | $ 12,000,000 | $ 12,000,000 | $ 0 | $ 12,000,000 | $ 12,000,000 | $ 12,000,000 | $ 12,000,000 | $ 48,000,000 |
Income Tax Examination, Description | The federal audit of the years 2012 and 2013 began in March 2015 and is expected to be completed in 2017. Management believes that adequate provision has been made in the financial statements for any potential adjustments that may result from tax examinations and other tax-related matters for all open tax years. |
Income Taxes Level 4 Net Operat
Income Taxes Level 4 Net Operating Loss Carryover (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Operating Loss Carryforwards [Line Items] | ||
Tax Credit Carryforward, Valuation Allowance | $ 1 | |
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | 1,814 | |
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 17 | |
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | $ 684 | 639 |
Operating Loss Carryforwards, Valuation Allowance | $ 1 | |
Earliest Tax Year [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2016 | |
Expiring within Tax Years 2016 to 2020 [Domain] | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $ 3 | |
Latest Tax Year [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2033 | |
Expiring within Tax Years 2023 to 2033 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $ 4,817 | |
No expiration tax year [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 76 | |
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | 684 | |
Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 4,820 | |
Deferred Tax Assets, Operating Loss Carryforwards | 1,687 | |
Operating Loss Carryforwards | 5,182 | |
Foreign Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 76 | |
Deferred Tax Assets, Operating Loss Carryforwards | $ 15 | |
Operating Loss Carryforwards | $ 89 |
Income Taxes Level 4 AMT credit
Income Taxes Level 4 AMT credit and foreign tax credit carryover (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | $ 65 | $ 154 |
Earliest Tax Year [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Tax Credit Carryforward, Expiration Date | Dec. 31, 2020 | |
Latest Tax Year [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Tax Credit Carryforward, Expiration Date | Dec. 31, 2024 | |
Expiring within Tax Years 2019 to 2024 [Member] [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | $ 65 | |
Before Tax [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Tax Credit Carryforward, Deferred Tax Asset | $ 65 | $ 154 |
Income Taxes Level 4 Capital Lo
Income Taxes Level 4 Capital Loss Carryover (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Capital Loss Carryforwards | $ 0 | $ 78 |
Expiring Tax Year 2019 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Capital Loss Carryforwards | 0 | |
Before Tax [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Tax Credit Carryforward, Amount | $ 0 | $ 222 |
Commitments and Contingencies64
Commitments and Contingencies Level 4 (Details) $ in Millions | Sep. 30, 2016USD ($) |
Derivative Commitments [Line Items] | |
Derivative, Net Liability Position, Aggregate Fair Value | $ 1,400 |
Collateral Already Posted, Aggregate Fair Value | 1,600 |
GMWB Product Derivatives [Member] | |
Derivative Commitments [Line Items] | |
Collateral Already Posted, Aggregate Fair Value | $ 31 |
Equity Level 4 (Details)
Equity Level 4 (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Oct. 26, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Class of Warrant or Right [Line Items] | ||||||||
Treasury stock acquired | 8.4 | 7.8 | 8.4 | 24.6 | ||||
Payments for Repurchase of Common Stock | $ 350 | $ 350 | $ 350 | $ 1,050 | $ 800 | |||
Accelerated Share Repurchases, Final Price Paid Per Share | $ 41,540,000 | $ 44,740,000 | $ 41,720,000 | |||||
Warrants outstanding | 4.1 | 4.1 | 4.4 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 9.161 | $ 9.161 | $ 9.264 | |||||
Stock Repurchase Program, Authorized Amount | $ 1,300 | $ 1,300 | ||||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 280 | 280 | ||||||
Warrant [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Warrants Exercised | 0.1 | 1.1 | 0.3 | 2.7 | ||||
Treasury Stock [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 1,050 | $ 800 | ||||||
Common Stock [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Treasury stock acquired | 24,652 | 18,625 | ||||||
Subsequent Event [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 85 | |||||||
Treasury stock acquired | 2 |
Accumulated Other Comprehensi66
Accumulated Other Comprehensive Income Loss Level 4 (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 987 | $ 140 | $ 987 | $ 140 | $ 900 | $ (329) | $ 188 | $ 928 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 137 | (68) | 1,405 | (779) | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (50) | 20 | (89) | (9) | ||||
Other Comprehensive Income (Loss), Net of Tax | 87 | (48) | 1,316 | (788) | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Gain (Loss) on Investments, Excluding Other than Temporary Impairments | (3) | (4) | (75) | 33 | ||||
Income Tax Expense (Benefit) | 90 | 7 | 102 | 222 | ||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 50 | 89 | ||||||
Other Postretirement Benefit Plan [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (20) | 9 | ||||||
Gain (Loss) on Investments [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 7 | ||||||
Gain (Loss) on Investments [Member] | Currency Swap [Member] | Cash Flow Hedging [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 1 | 3 | ||||||
Investment Income [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 16 | 46 | ||||||
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,459 | 1,563 | 2,459 | 1,563 | 2,437 | 1,279 | 1,657 | 2,370 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 72 | (113) | 1,263 | (798) | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (50) | 19 | (83) | (9) | ||||
Other Comprehensive Income (Loss), Net of Tax | 22 | (94) | 1,180 | (807) | ||||
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 50 | (19) | 83 | 9 | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Gain (Loss) on Investments, Excluding Other than Temporary Impairments | 77 | (29) | 128 | 14 | ||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 77 | (29) | 128 | 14 | ||||
Income Tax Expense (Benefit) | 27 | (10) | 45 | 5 | ||||
Accumulated Other-than-Temporary Impairment [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (5) | (4) | (5) | (4) | (10) | (7) | (7) | (5) |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 4 | 2 | (1) | 0 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1 | 1 | 3 | 1 | ||||
Other Comprehensive Income (Loss), Net of Tax | 5 | 3 | 2 | 1 | ||||
Accumulated Other-than-Temporary Impairment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (1) | (1) | (3) | (1) | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Gain (Loss) on Investments, Excluding Other than Temporary Impairments | (1) | (1) | (5) | (2) | ||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | (1) | (1) | (5) | (2) | ||||
Income Tax Expense (Benefit) | 0 | 0 | (2) | (1) | ||||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 172 | 170 | 172 | 170 | 200 | 130 | 122 | 150 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (17) | 58 | 78 | 49 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (11) | (10) | (36) | (29) | ||||
Other Comprehensive Income (Loss), Net of Tax | (28) | 48 | 42 | 20 | ||||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Cash Flow Hedging [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 11 | 10 | 36 | 29 | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 17 | 16 | 56 | 44 | ||||
Income Tax Expense (Benefit) | 6 | 6 | 20 | 15 | ||||
Accumulated Translation Adjustment [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 10 | (38) | 10 | (38) | (68) | (55) | (24) | (8) |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 78 | (14) | 65 | (30) | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | 0 | 0 | ||||
Other Comprehensive Income (Loss), Net of Tax | 78 | (14) | 65 | (30) | ||||
Accumulated Defined Benefit Plans Adjustment [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (1,649) | (1,551) | (1,649) | (1,551) | $ (1,659) | $ (1,676) | $ (1,560) | $ (1,579) |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | (1) | 0 | 0 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 10 | 10 | 27 | 28 | ||||
Other Comprehensive Income (Loss), Net of Tax | 10 | 9 | 27 | 28 | ||||
Accumulated Defined Benefit Plans Adjustment [Member] | Other Postretirement Benefit Plan [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (10) | (10) | (27) | (28) | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 2 | 2 | 5 | 5 | ||||
Defined Benefit Plan, Actuarial Gain (Loss) | (17) | (17) | (46) | (48) | ||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | (15) | (15) | (41) | (43) | ||||
Income Tax Expense (Benefit) | (5) | (5) | (14) | (15) | ||||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 17 | 16 | 56 | 44 | ||||
Designated as Hedging Instrument [Member] | Gain (Loss) on Investments [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 1 | 7 | 4 | ||||
Designated as Hedging Instrument [Member] | Gain (Loss) on Investments [Member] | Currency Swap [Member] | Cash Flow Hedging [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 1 | 0 | 3 | (7) | ||||
Designated as Hedging Instrument [Member] | Investment Income [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 16 | $ 15 | $ 46 | $ 47 |
Employee Benefit Plans Level 4
Employee Benefit Plans Level 4 (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Pension Benefits [Member] | ||||
Component of periodic benefit cost | ||||
Defined Benefit Plan, Service Cost | $ 1 | $ 0 | $ 2 | $ 1 |
Interest cost | 60 | 60 | 178 | 177 |
Expected return on plan assets | (78) | (77) | (231) | (233) |
Amortization of prior service credit | 0 | 0 | 0 | 0 |
Amortization of actuarial loss | 15 | 16 | 42 | 45 |
Net periodic benefit cost | (2) | (1) | (9) | (10) |
Other Postretirement Benefits [Member] | ||||
Component of periodic benefit cost | ||||
Defined Benefit Plan, Service Cost | 0 | 0 | 0 | 0 |
Interest cost | 2 | 3 | 8 | 9 |
Expected return on plan assets | (2) | (3) | (7) | (9) |
Amortization of prior service credit | 2 | 2 | 5 | 5 |
Amortization of actuarial loss | 2 | 1 | 4 | 3 |
Net periodic benefit cost | $ 0 | $ (1) | $ 0 | $ (2) |