Cover Document
Cover Document - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 17, 2022 | Jun. 30, 2021 | |
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-13958 | ||
Entity Registrant Name | THE HARTFORD FINANCIAL SERVICES GROUP, INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 13-3317783 | ||
Entity Address, Address Line One | One Hartford Plaza | ||
Entity Address, City or Town | Hartford | ||
Entity Address, State or Province | CT | ||
Entity Address, Postal Zip Code | 06155 | ||
City Area Code | 860 | ||
Local Phone Number | 547-5000 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 22 | ||
Entity Common Stock, Shares Outstanding | 331,646,836 | ||
Documents Incorporated by Reference | Portions of the registrant’s definitive proxy statement for its 2022 annual meeting of stockholders are incorporated by reference in Part III of this Form 10-K. | ||
Entity Central Index Key | 0000874766 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Common Stock, par value $0.01 per share | |||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Trading Symbol | HIG | ||
Security Exchange Name | NYSE | ||
6.10% Notes due October 1, 2041 | |||
Title of 12(b) Security | 6.10% Notes due October 1, 2041 | ||
Trading Symbol | HIG 41 | ||
Security Exchange Name | NYSE | ||
7.875% Fixed-to-Floating Rate Junior Subordinated Debentures due 2042 | |||
Title of 12(b) Security | 7.875% Fixed-to-Floating Rate Junior Subordinated Debentures due 2042 | ||
Trading Symbol | HGH | ||
Security Exchange Name | NYSE | ||
Depositary Shares, Each Representing a 1/1,000th Interest in a Share of 6.000% Non-Cumulative Preferred Stock, Series G, par value $0.01 per share | |||
Title of 12(b) Security | Depositary Shares, Each Representing a 1/1,000th Interest in a Share of 6.000% Non-Cumulative Preferred Stock, Series G, par value $0.01 per share | ||
Trading Symbol | HIG PR G | ||
Security Exchange Name | NYSE |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Firm ID | 34 |
Auditor Name | DELOITTE & TOUCHE LLP |
Auditor Location | Hartford, Connecticut |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues | |||
Earned premiums | $ 17,999 | $ 17,288 | $ 16,923 |
Fee income | 1,488 | 1,277 | 1,301 |
Net investment income | 2,313 | 1,846 | 1,951 |
Net realized gains (losses) | 509 | (14) | 395 |
Other revenues | 81 | 126 | 170 |
Total revenues | 22,390 | 20,523 | 20,740 |
Benefits, losses and expenses | |||
Benefits, losses and loss adjustment expenses | 12,729 | 11,805 | 11,472 |
Amortization of deferred policy acquisition costs ("DAC") | 1,680 | 1,706 | 1,622 |
Insurance operating costs and other expenses | 4,779 | 4,480 | 4,580 |
Loss on extinguishment of debt | 0 | 0 | (90) |
Payments for Reinsurance | 0 | 0 | 91 |
Interest expense | 234 | 236 | 259 |
Amortization of other intangible assets | 71 | 72 | 66 |
Restructuring and other costs | 1 | 104 | 0 |
Total benefits, losses and expenses | 19,494 | 18,403 | 18,180 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 2,896 | 2,120 | 2,560 |
Income tax expense | 531 | 383 | 475 |
Net income (loss) | 2,365 | 1,737 | 2,085 |
Preferred stock dividends | 21 | 21 | 21 |
Net income available to common stockholders | $ 2,344 | $ 1,716 | $ 2,064 |
Earnings per common share | |||
Net income (loss) Basic | $ 6.71 | $ 4.79 | $ 5.72 |
Net income (loss) Diluted | $ 6.62 | $ 4.76 | $ 5.66 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 2,365 | $ 1,737 | $ 2,085 |
Other comprehensive income (loss) (“OCI”): | |||
Change in net unrealized gain on fixed maturities | (1,218) | 1,150 | 1,660 |
Change in unrealized losses on fixed maturities for which an allowance for credit losses ("ACL") has been recorded | 0 | 1 | 1 |
Change in net gain on cash flow hedging instruments | (6) | 3 | 14 |
Change in foreign currency translation adjustments | (2) | 9 | 4 |
Change in pension and other postretirement plan adjustments | 228 | (45) | (48) |
OCI, net of tax | (998) | 1,118 | 1,631 |
Comprehensive income | $ 1,367 | $ 2,855 | $ 3,716 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Investments: | ||
Fixed maturities, available-for-sale, at fair value (amortized cost of $40,788 and $41,561, and ACL of $1 and $23) | $ 42,847 | $ 45,035 |
Equity securities, at fair value | 2,094 | 1,438 |
Limited partnerships and other alternative investments | 3,353 | 2,082 |
Other investments | 375 | 201 |
Short-term investments | 3,697 | 3,283 |
Total investments | 57,749 | 56,532 |
Cash | 205 | 151 |
Restricted Cash | 132 | 88 |
Premiums receivable and agents' balances (net of ACL of $105 and $152) | 4,445 | 4,268 |
Reinsurance recoverables (net of allowance for uncollectible reinsurance of $99 and $108) | 6,523 | 6,011 |
Deferred policy acquisition costs | 881 | 789 |
Deferred income taxes, net | 270 | 46 |
Goodwill | 1,911 | 1,911 |
Property and equipment, net | 1,027 | 1,122 |
Other intangible assets, net | 858 | 950 |
Other assets | 2,577 | 2,066 |
Assets held for sale | 0 | 177 |
Total assets | 76,578 | 74,111 |
Liabilities | ||
Unpaid losses and loss adjustment expenses | 39,659 | 37,855 |
Reserve for future policy benefits | 596 | 638 |
Other policyholder funds and benefits payable | 687 | 701 |
Unearned premiums | 7,194 | 6,629 |
Long-term debt | 4,944 | 4,352 |
Other liabilities | 5,655 | 5,222 |
Disposal Group, Including Discontinued Operation, Liabilities | 0 | 158 |
Total liabilities | 58,735 | 55,555 |
Stockholders’ Equity | ||
Preferred stock, $0.01 par value — 50,000,000 shares authorized, 13,800 shares issued at December 31, 2021 and December 31, 2020, aggregate liquidation preference of $345 | 334 | 334 |
Common Stock, Value, Issued | 4 | 4 |
Additional paid-in capital | 3,309 | 4,322 |
Retained earnings | 15,764 | 13,918 |
Treasury Stock, Value | (1,740) | (1,192) |
Accumulated other comprehensive income, net of tax | 172 | 1,170 |
Total stockholders' equity | 17,843 | 18,556 |
Total liabilities and stockholders’ equity | $ 76,578 | $ 74,111 |
Consolidated Balance Sheets Par
Consolidated Balance Sheets Parentheticals - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Fixed maturities, available-for-sale, at fair value (amortized cost of $40,788 and $41,561, and ACL of $1 and $23) | $ 40,788 | $ 41,561 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | (1) | (23) |
Premiums receivable and agents' balances (net of ACL of $105 and $152) | 105 | 152 |
Reinsurance Recoverable, Allowance for Credit Loss | $ 45 | $ 55 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, 13,800 shares issued | 13,800,000 | 13,800,000 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred Stock, Liquidation Preference, Value | $ 345 | $ 345 |
Treasury stock, at cost — 32,034,244 and 26,434,682 shares | 32,034,244 | 26,434,682 |
Common Stock, Shares, Issued | 366,960,228 | 384,923,222 |
Common Stock, Shares Authorized | 1,500,000,000 | 1,500,000,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Uncollectible reinsurance | ||
Reinsurance Recoverable, Allowance for Credit Loss | $ 99 | $ 108 |
Commercial Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss | $ 29 | $ 38 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Millions | Total | Preferred Stock, end of period | Common Stock | Additional Paid-in Capital | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment [Member] | Retained EarningsCumulative Effect, Period of Adoption, Adjusted Balance [Member] | Treasury Stock, at cost | Treasury Stock, at costStock Compensation Plan | Warrant | Accumulated Other Comprehensive Income (Loss), net of tax |
Beginning balance at Dec. 31, 2018 | $ 4,378 | $ 11,055 | $ 0 | $ 11,055 | $ (1,091) | $ (1,579) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Issuance of shares under incentive and stock compensation plans | (100) | ||||||||||
Stock-based compensation plans expense | 114 | ||||||||||
Issuance of shares for warrant exercise | (80) | ||||||||||
Treasury Stock, Retired, Cost Method, Amount | 0 | 0 | |||||||||
Net income | $ 2,085 | 2,085 | |||||||||
Dividends declared on preferred stock | (21) | (21) | |||||||||
Dividends declared on common stock | (434) | ||||||||||
Treasury stock acquired | (200) | (200) | |||||||||
Stock Issued During Period, Value, Treasury Stock Reissued | $ 135 | $ 80 | |||||||||
Net shares acquired related to employee incentive and stock compensation plans | (41) | ||||||||||
Other Comprehensive Income (Loss), Net of Tax | 1,631 | ||||||||||
Ending balance at Dec. 31, 2019 | $ 16,270 | $ 334 | $ 4 | 4,312 | 12,685 | 12,667 | (1,117) | 52 | |||
Ending balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2019 | (18) | ||||||||||
Preferred Shares Outstanding, end of period at Dec. 31, 2019 | 13,800,000 | ||||||||||
Common Shares Outstanding, beginning of period (in thousands) at Dec. 31, 2018 | 359,151,000 | ||||||||||
Common Shares Outstanding | |||||||||||
Treasury stock acquired | (3,400,000) | (3,412,000) | |||||||||
Issuance of shares under incentive and stock compensation plans | 2,906,000 | ||||||||||
Return of shares under incentive and stock compensation plans to treasury stock | (796,000) | ||||||||||
Issuance of shares for warrant exercise | 1,721,000 | ||||||||||
Common Shares Outstanding, end of period at Dec. 31, 2019 | 359,570,000 | ||||||||||
Common Shares Outstanding | |||||||||||
Cash dividends declared per common share | $ 1.20 | ||||||||||
Preferred Stock, Dividends Per Share, Declared | $ 1,500 | ||||||||||
Issuance of shares under incentive and stock compensation plans | (96) | ||||||||||
Stock-based compensation plans expense | 106 | ||||||||||
Issuance of shares for warrant exercise | 0 | ||||||||||
Treasury Stock, Retired, Cost Method, Amount | 0 | 0 | |||||||||
Net income | $ 1,737 | 1,737 | |||||||||
Dividends declared on preferred stock | (21) | (21) | |||||||||
Dividends declared on common stock | (465) | ||||||||||
Treasury stock acquired | (150) | (150) | |||||||||
Stock Issued During Period, Value, Treasury Stock Reissued | 112 | 0 | |||||||||
Net shares acquired related to employee incentive and stock compensation plans | (37) | ||||||||||
Other Comprehensive Income (Loss), Net of Tax | 1,118 | ||||||||||
Ending balance at Dec. 31, 2020 | $ 18,556 | $ 334 | $ 4 | 4,322 | 13,918 | $ 0 | $ 13,918 | (1,192) | 1,170 | ||
Preferred Shares Outstanding, end of period at Dec. 31, 2020 | 13,800,000 | ||||||||||
Common Shares Outstanding | |||||||||||
Treasury stock acquired | (2,700,000) | (2,661,000) | |||||||||
Issuance of shares under incentive and stock compensation plans | 2,298,000 | ||||||||||
Return of shares under incentive and stock compensation plans to treasury stock | (718,000) | ||||||||||
Issuance of shares for warrant exercise | 0 | ||||||||||
Common Shares Outstanding, end of period at Dec. 31, 2020 | 358,489,000 | ||||||||||
Common Shares Outstanding | |||||||||||
Cash dividends declared per common share | $ 1.30 | ||||||||||
Preferred Stock, Dividends Per Share, Declared | $ 1,500 | ||||||||||
Issuance of shares under incentive and stock compensation plans | (90) | ||||||||||
Stock-based compensation plans expense | 116 | ||||||||||
Issuance of shares for warrant exercise | 0 | ||||||||||
Treasury Stock, Retired, Cost Method, Amount | (1,039) | (1,039) | |||||||||
Net income | $ 2,365 | 2,365 | |||||||||
Dividends declared on preferred stock | (21) | (21) | |||||||||
Dividends declared on common stock | (498) | ||||||||||
Treasury stock acquired | (1,700) | (1,702) | |||||||||
Stock Issued During Period, Value, Treasury Stock Reissued | $ 146 | $ 0 | |||||||||
Net shares acquired related to employee incentive and stock compensation plans | (31) | ||||||||||
Other Comprehensive Income (Loss), Net of Tax | (998) | ||||||||||
Ending balance at Dec. 31, 2021 | $ 17,843 | $ 334 | $ 4 | $ 3,309 | $ 15,764 | $ (1,740) | $ 172 | ||||
Preferred Shares Outstanding, end of period at Dec. 31, 2021 | 13,800,000 | ||||||||||
Common Shares Outstanding | |||||||||||
Treasury stock acquired | (25,900,000) | (25,878,000) | |||||||||
Issuance of shares under incentive and stock compensation plans | 2,902,000 | ||||||||||
Return of shares under incentive and stock compensation plans to treasury stock | (587,000) | ||||||||||
Issuance of shares for warrant exercise | 0 | ||||||||||
Common Shares Outstanding, end of period at Dec. 31, 2021 | 334,926,000 | ||||||||||
Common Shares Outstanding | |||||||||||
Cash dividends declared per common share | $ 1.44 | ||||||||||
Preferred Stock, Dividends Per Share, Declared | $ 1,500 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Activities | |||
Net income | $ 2,365 | $ 1,737 | $ 2,085 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Net realized gains | (530) | (34) | (395) |
Additional Cash Flow Elements, Operating Activities | |||
Amortization of deferred policy acquisition costs | 1,680 | 1,706 | 1,622 |
Additions to deferred policy acquisition costs | (1,751) | (1,666) | (1,635) |
Depreciation and amortization | 680 | 562 | 451 |
Loss on extinguishment of debt | 0 | 0 | (90) |
Loss on sale of business | 21 | 48 | 0 |
Other operating activities, net | (133) | 85 | 76 |
Increase in reinsurance recoverables | (582) | (540) | (81) |
Net change in accrued and deferred income taxes | 85 | 459 | 886 |
Increase in insurance liabilities | 2,416 | 1,426 | 768 |
Net change in other assets and other liabilities | (158) | 88 | (378) |
Cash provided by operating activities | 4,093 | 3,871 | 3,489 |
Proceeds from the sale/maturity/prepayment of: | |||
Fixed maturities, available-for-sale | 22,457 | 19,534 | 18,499 |
Proceeds from Sale and Maturity of Marketable Securities | 626 | 1,485 | 1,553 |
Mortgage loans | 1,506 | 948 | 771 |
Partnerships | 537 | 167 | 238 |
Payments for the purchase of: | |||
Fixed maturities, available-for-sale | (21,754) | (21,112) | (19,881) |
Equity securities at fair value | (1,420) | (962) | (1,316) |
Mortgage loans | (2,386) | (1,264) | (1,275) |
Partnerships | (1,317) | (491) | (303) |
Net proceeds from (payments for) derivatives | (7) | 112 | 32 |
Net additions to property and equipment | (133) | (114) | (105) |
Net proceeds from (payments for) short-term investments | (417) | (368) | 1,491 |
Other investing activities, net | (169) | (1) | 49 |
Proceeds from businesses sold, net of cash transferred | 11 | 0 | 0 |
Amounts paid for business acquired, net of cash acquired | 0 | 0 | (1,901) |
Net cash used for investing activities | (2,466) | (2,066) | (2,148) |
Financing Activities | |||
Deposits and other additions to investment and universal life-type contracts | 89 | 60 | 123 |
Withdrawals and other deductions from investment and universal life-type contracts | (75) | (102) | (124) |
Net decrease in securities loaned or sold under agreements to repurchase | 0 | (587) | (323) |
Repayment of debt | 0 | (500) | (1,583) |
Proceeds from the issuance of debt | 588 | 0 | 1,376 |
Net issuance (return of) shares under incentive and stock compensation plans | 25 | (21) | (6) |
Treasury stock acquired | (1,702) | (150) | (200) |
Payments for Repurchase of Preferred Stock and Preference Stock | (21) | (21) | (21) |
Dividends paid on common stock | (485) | (457) | (433) |
Net cash used for financing activities | (1,581) | (1,778) | (1,191) |
Foreign exchange rate effect on cash | (6) | 8 | (9) |
Net increase in cash and restricted cash, including cash classified within assets held for sale | 40 | 35 | 141 |
Less: Net increase (decrease) in cash classified as assets held for sale | (58) | 58 | 0 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total | 98 | (23) | 141 |
Cash and restricted cash — beginning of period | 239 | 262 | 121 |
Cash and restricted cash — end of period | 337 | 239 | 262 |
Supplemental Disclosure of Cash Flow Information | |||
Income tax paid (received) | 496 | (71) | (396) |
Interest paid | $ 214 | $ 232 | $ 261 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | 1. BASIS OF PRESENTATION AND SIGNIFICANT 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 products to individual and business customers in the United States as well as in the United Kingdom, and other international locations (collectively, “The Hartford”, the “Company”, “we” or “our”). On December 29, 2021, the Company completed the sale of all of the issued and outstanding equity of Navigators Holdings (Europe) N.V., a Belgium holding company, and its subsidiaries, Bracht, Deckers & Mackelbert N.V. (“BDM”) and Assurances Contintales Contintale Verzekeringen N.V. (“ASCO”), (collectively referred to as "Continental Europe Operations"). For further discussion of this transaction, see Note 22 - Business Dispositions. On May 23, 2019, the Company completed the acquisition of The Navigators Group, Inc. ("Navigators Group"), a global specialty underwriter, for $70 a share, or $2.137 billion in cash, including transaction expenses. For further discussion of these transactions, see Note 2 - Business Acquisitions and Note 22 - Business Dispositions. The Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. Generally Accepted Accounting Principles”) which differ materially from the accounting practices prescribed by various insurance regulatory authorities. Consolidation The 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. 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. Generally Accepted Accounting Principles ("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 and group long-term disability insurance product reserves, net of reinsurance; evaluation of goodwill for impairment; valuation of investments and derivative instruments; and contingencies relating to corporate litigation and regulatory matters. Reclassifications Certain reclassifications have been made to prior year financial information to conform to the current year presentation. Adoption of New Accounting Standards Goodwill On January 1, 2020, the Company adopted the Financial Accounting Standards Board's ("FASB") updated guidance on testing goodwill for impairment with no effect at adoption. The updated guidance requires impairment of goodwill if the carrying value of the reporting unit is greater than the estimated fair value, with the amount of the impairment not to exceed the carrying value of the reporting unit’s goodwill. Goodwill is reviewed for impairment at least annually and more frequently if events occur or circumstances change that would indicate that a triggering event for a potential impairment has occurred. Under the updated guidance, changes in market-based factors are more likely to result in a goodwill impairment than under the prior accounting guidance, whether a reporting unit's fair value is estimated using an income approach or a market approach. For example, changes in the weighted average cost of capital that is used to discount expected cash flows under the income approach or changes in market-based factors such as peer company price to earnings multiples or price to book multiples under a market approach can significantly affect changes to the estimated fair value of each reporting unit and such changes could result in impairments that have a material effect on our results of operations and financial condition. Financial Instruments - Credit Losses On January 1, 2020, the Company adopted the FASB’s updated guidance for recognition and measurement of credit losses on financial instruments. The new guidance replaces the “incurred loss” approach with an “expected loss” model for recognizing credit losses for financial instruments carried at other than fair value. Under the new model, for financial instruments carried at other than fair value, such as mortgage loans, reinsurance recoverables and receivables, an allowance for credit losses ("ACL") is recognized which is an estimate of credit losses expected over the life of financial instruments. Under the prior accounting model an ACL was recognized using an incurred loss approach. The new guidance also requires that we estimate a liability for credit losses ("LCL") on off balance sheet credit exposures such as financial guarantees and mortgage loan commitments that the Company cannot unconditionally cancel. Credit losses on fixed maturities, available-for-sale ("AFS") carried at fair value continue to be measured based on the present value of expected future cash flows compared to amortized cost; however, the losses are now recognized through an ACL and no longer as an adjustment to the amortized cost. Recoveries of credit losses on fixed maturities, AFS are now recognized as reversals of the ACL and no longer accreted as investment income through an adjustment to the investment yield. The ACL on fixed maturities, AFS cannot cause the net carrying value to be below fair value and, therefore, it is possible that future increases in fair value due to decreases in market interest rates could cause the reversal of the ACL and increase net income. The new guidance also requires 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 Company adopted the guidance effective January 1, 2020, through a cumulative-effect adjustment that decreased retained earnings by $18, representing a net increase to the ACL and LCL, after tax. No ACL was recognized at adoption for fixed maturities, AFS; rather, these investments are evaluated for an ACL prospectively. The Company does not have any purchased financial assets with a more than insignificant amount of credit deterioration since original issuance. Impact of Adoption on Consolidated Balance Sheet Balance as of January 1, 2020 Opening Balance Cumulative Effect of Accounting Change Adjusted Opening Balance Mortgage loans $ 4,215 $ 4,215 ACL on mortgage loans — $ (19) (19) Mortgage loans, net of ACL 4,215 (19) 4,196 Premiums receivable and agents’ balances 4,529 4,529 ACL on premiums receivable and agents' balances (145) 23 (122) Premiums receivable and agents' balances, net of ACL 4,384 23 4,407 Reinsurance recoverables 5,641 5,641 ACL and allowance for disputed amounts on reinsurance recoverables (114) (2) (116) Reinsurance recoverables, net of allowance for uncollectible reinsurance 5,527 (2) 5,525 Deferred income tax asset, net 299 5 304 Other liabilities (5,157) (25) (5,182) Retained Earnings $ 12,685 $ (18) $ 12,667 Summary of Adoption Impacts Net increase to ACL and LCL $ (23) Net tax effects 5 Net decrease to retained earnings $ (18) Reference Rate Reform On March 12, 2020, the Company adopted the FASB’s temporary guidance, which allows The Hartford to account for contract modifications made solely due to rate reform (such as replacing London Inter-Bank Offered Rate ("LIBOR") with another reference rate) as continuations of existing contracts and to maintain hedge accounting when the hedging effectiveness between a financial instrument and its hedge is only affected by the change to a replacement rate. As a result, The Hartford will not recognize gains and losses during the transition period of LIBOR to an alternative reference rate that would otherwise have arisen from accounting assessments and remeasurements. The guidance expires for contract modifications made and hedge relationships entered into or evaluated after December 31, 2022. The Company is not required to measure the effect of adoption on its financial position, cash flows or net income because the guidance provides relief from accounting for the effects of the change to a replacement rate. Future Adoption of New Accounting Standards Reserve for Future Policy Benefits The FASB issued new guidance on accounting for long-duration insurance contracts. The Company’s long-duration insurance contracts include paid-up life insurance and whole-life insurance policies resulting from conversion from group life policies and run-off structured settlement and terminal funding agreement liabilities with total future policy benefit reserves of $596 and $638 as of December 31, 2021 and 2020, respectively. Under existing guidance, a reserve for future policy benefits is calculated as the present value of future benefits and related expenses less the present value of any future premiums using assumptions “locked in” at the time the policies were issued, including discount rate, lapse rate, mortality, and expense assumptions. Under existing guidance, assumptions are only updated if there is an expected premium deficiency. The new guidance will require that underlying cash flow assumptions (such as for lapse rate and mortality) be reviewed and updated at least annually in the same quarter each year. The new guidance also requires that the discount rate assumption be updated each quarter and be based on an upper-medium grade (low-credit-risk) fixed-income investment yield. The change in the reserve estimate as a result of updating cash flow assumptions will be recognized in net income. The change in the reserve estimate as a result of updating the discount rate assumption will be recognized in other comprehensive income. Because reserves will be based on updated assumptions and no longer locked in at contract inception, there will no longer be a test for premium deficiency. The new guidance will be effective January 1, 2023, and will be applied retrospectively to January 1, 2021 (the “transition date”). The Company will not early adopt the updated guidance and will apply a modified retrospective transition method. The Company’s implementation activities are ongoing and include reviewing and validating methodologies, data and assumptions used to estimate the reserve for future policy benefits and developing disclosures as required by the new guidance. The Company expects the adoption of the new guidance to result in an increase to the reserve for future policy benefits and a corresponding decrease to accumulated other comprehensive income ("AOCI") as of the transition date because market upper-medium grade (low-credit-risk) fixed-income investment yields were lower as of the transition date than the locked in rates that were previously used to discount the reserves. The adoption is not expected to have a material effect on the Company’s total liabilities, stockholders’ equity or results of operations. Significant Accounting Policies The Company’s significant accounting policies are as follows: Revenue Recognition Premium Revenue from Direct Insurance and Assumed Reinsurance Property and casualty premiums are earned on a pro rata basis over the policy period and include accruals for policies that have been written by agents but not yet reported to us, as well as ultimate premium revenue anticipated under auditable and retrospectively rated policies. We estimate the amount of premium not yet reported based on current and historical trends of the business being written. Such estimates are regularly reviewed and updated and any resulting adjustments are included in the current year's results. Unearned premiums represent the premiums applicable to the unexpired terms of policies in force, or period of risk. Group life, disability and accident premiums are generally due from policyholders and recognized as revenue on a pro rata basis over the period of the contracts. An estimated ACL is recorded on the basis of periodic evaluations of balances due from insureds and considering historical credit loss information, adjusted for current economic conditions and beginning January 1, 2020, reasonable and supportable forecasts when appropriate . The Company records total credit loss expenses related to premiums receivable in insurance operating costs and other expenses. Write-offs of premiums receivable and agents' balances and any related ACL are recorded in the period in which the balance is deemed uncollectible. Refer to Note 8 - Premiums Receivable and Agents' Balances for further discussion regarding the allowance for doubtful accounts included in premiums receivable and agents’ balances. Revenue from Non-Insurance Contracts with Customers Installment fees are charged on property and casualty insurance contracts for billing the insurance customer in installments over the policy term. These fees are recognized in fee income as earned on collection. Insurance servicing revenues within Personal Lines consist of up-front commissions earned for collecting premiums and processing claims on insurance policies for which The Hartford does not assume underwriting risk, predominantly related to the National Flood Insurance Plan program. These insurance servicing revenues are recognized over the period of the flood program's policy terms. Group Benefits earns fee income from employers for the administration of underwriting, implementation and claims processing for employer self-funded plans and for leave management services. Fees are recognized as services are provided and collected monthly. Hartford Funds provides investment management, administrative and distribution services to mutual funds and exchange-traded products. The Company assesses investment advisory, distribution and other asset management fees primarily based on the average daily net asset values from mutual funds and exchange-traded products, which are recorded in the period in which the services are provided and are collected monthly. Fluctuations in domestic and international markets and related investment performance, volume and mix of sales and redemptions of mutual funds or exchange-traded products, and other changes to the composition of assets under management are all factors that ultimately have a direct effect on fee income earned. Hartford Funds other fees primarily include transfer agent fees, generally assessed as a charge per account, and are recognized as fee income in the period in which the services are provided with payments collected monthly. Corporate investment management and other fees are primarily for managing third party invested assets, including management of a portion of the invested assets of The Hartford’s former life and annuity business. These fees, calculated based on the average quarterly net asset values, are recorded in the period in which the services are provided and are collected quarterly. Fluctuations in markets and interest rates and other changes to the composition of assets under management are all factors that ultimately have a direct effect on fee income earned. Dividends to Policyholders Policyholder dividends are paid to certain property and casualty policyholders. Policies that receive dividends are referred to as participating policies. Participating dividends to policyholders are accrued and reported in insurance operating costs and other expenses and other liabilities using an estimate of the amount to be paid based on underlying contractual obligations under policies and applicable state laws. Net written premiums for participating property and casualty insurance policies represented 7%, 7% and 9% of total net written premiums for the years ended December 31, 2021, 2020 and 2019, respectively. Participating dividends to property and casualty policyholders were $24, $29 and $30 for the years ended December 31, 2021, 2020 and 2019, respectively. There were no additional amounts of income allocated to participating policyholders. Investments Overview The Company’s investments in fixed maturities include bonds, structured securities, and redeemable preferred stock and commercial paper. Most of these investments are classified as AFS and are carried at fair value. The after tax difference between fair value and cost or amortized cost is reflected in stockholders’ equity as a component of AOCI. Equity securities are measured at fair value with any changes in valuation reported in net income. Mortgage loans are recorded at the outstanding principal balance adjusted for amortization of premiums or discounts and net of an ACL. Short-term investments are carried at amortized cost, which approximates fair value. Limited partnerships and other alternative investments are reported at their carrying value and are primarily accounted for under the equity method with the Company’s share of earnings included in net investment income. Recognition of income related to limited partnerships and other alternative investments is delayed due to the availability of the related financial information, as private equity and other funds are generally on a three-month delay. Accordingly, income for the years ended December 31, 2021, 2020, and 2019 may not include the full impact of current year changes in valuation of the underlying assets and liabilities of the funds, which are generally obtained from the limited partnerships. Other investments primarily consist of investments of consolidated investment funds for which the Company has provided seed money and reports the underlying investments at fair value with changes in the fair value recognized in income consistent with accounting requirements for investment companies. Also included in other investments are derivative instruments which are carried at fair value, overseas deposits which are measured at fair value using the net asset value as a practical expedient, equity fund investments, and certain investments for which the Company has elected the fair value option ("FVO"). These investments are carried at fair value and changes in value are recorded in net realized gains and losses. Net Realized Gains and Losses Net realized gains and losses from investment sales are reported as a component of revenues and are determined on a specific identification basis. Net realized gains and losses also result from fair value changes in equity securities, fixed maturities, FVO, and derivatives contracts that do not qualify, or are not designated, as a hedge for accounting purposes. Prior to January 1, 2020, impairments of fixed maturities and changes in mortgage loan valuation allowances were recognized as net realized losses as discussed in Note 6 -Investments. Effective January 1, 2020, the Company records net credit losses on fixed maturities, AFS and changes in the ACL on mortgage loans as a component of net realized gains and losses. For further information, see Financial Instruments - Credit Losses discussion above. Net Investment Income Interest income from fixed maturities and mortgage loans is recognized when earned on the constant effective yield method based on the estimated timing of cash flows. Most premiums and discounts on fixed maturities are amortized to the maturity date. Premiums on callable bonds may be amortized to call dates based on call prices. For securitized financial assets subject to prepayment risk, yields are recalculated and adjusted periodically to reflect historical and/or estimated future prepayments using the retrospective method. For certain other asset-backed securities, including securities that previously had an ACL and interest only securities, any yield adjustments are made using the prospective method. Prepayment fees and make-whole payments on fixed maturities and mortgage loans are recorded in net investment income when earned. For equity securities, dividends are recognized as investment income on the ex-dividend date. Limited partnerships and other alternative investments primarily use the equity method of accounting to recognize the Company’s share of earnings. Prior to January 1, 2020, for impaired fixed maturities, the Company accreted the new amortized cost to the estimated future cash flows over the expected remaining life of the investment by prospectively adjusting the effective yield, if necessary. Effective January 1, 2020, the Company no longer records credit losses as adjustments to the amortized cost of the fixed maturity but rather records an ACL. Future changes in the ACL resulting from improvements in expected future cash flows are not recorded as adjustments to yield through net investment income but are recorded through net realized gains and losses. For fixed maturities with an ACL, net investment income is recognized at the original effective rate and accretion of the ACL is recognized through net realized gains and losses. For further information, see Financial Instruments - Credit Losses discussion above. The Company’s non-income producing investments were not material for the years ended December 31, 2021, 2020 and 2019. Derivative Instruments Overview The Company utilizes a variety of over-the-counter ("OTC") derivatives, derivatives cleared through central clearing houses ("OTC-cleared") and exchange traded derivative instruments as part of its overall risk management strategy as well as to engage in income generation covered call transactions and replication transactions. The types of instruments may include swaps, caps, floors, forwards, futures and options to achieve the following Company-approved objectives: • to hedge risk arising from interest rate, equity market, commodity market, credit spread and issuer default, price or currency exchange rates or volatility; • to manage liquidity; • to control transaction costs; • to enter into income generation covered call transactions and synthetic replication transactions. Interest rate and credit default swaps involve the periodic exchange of cash flows with other parties, at specified intervals, calculated using agreed upon rates or other financial variables and notional principal amounts. Generally, little to no cash or principal payments are exchanged at the inception of the contract. Typically, at the time a swap is entered into, the cash flow streams exchanged by the counterparties are equal in value. The Company clears certain interest rate swap and credit default swap derivative transactions through central clearing houses. OTC-cleared derivatives require initial collateral at the inception of the trade in the form of cash or highly liquid securities, such as U.S. Treasuries and government agency investments. Central clearing houses also require additional cash as variation margin based on daily market value movements. For information on collateral, see the Derivative Collateral Arrangements section in Note 7 - Derivatives. In addition, OTC-cleared transactions include price alignment amounts either received or paid on the variation margin, which are reflected in realized gains and losses or, if characterized as interest, in net investment income. Forward contracts are customized commitments that specify a rate of interest or currency exchange rate to be paid or received on an obligation beginning on a future start date and are typically settled in cash. Financial futures are standardized commitments to either purchase or sell designated financial instruments, at a future date, for a specified price and may be settled in cash or through delivery of the underlying instrument. Futures contracts trade on organized exchanges. Margin requirements for futures are met by pledging securities or cash, and changes in the futures’ contract values are settled daily in cash. Option contracts grant the purchaser, for a premium payment, the right to either purchase from or sell to the issuer a financial instrument at a specified price, within a specified period or on a stated date. The contracts may reference commodities, which grant the purchaser the right to either purchase from or sell to the issuer commodities at a specified price, within a specified period or on a stated date. Option contracts are typically settled in cash. Foreign currency swaps exchange an initial principal amount in two currencies, agreeing to re-exchange the currencies at a future date, at an agreed upon exchange rate. There may also be a periodic exchange of payments at specified intervals calculated using the agreed upon rates and exchanged principal amounts. The Company’s derivative transactions conducted in insurance company subsidiaries are used in strategies permitted under the derivative use plans required by the State of Connecticut, the State of Illinois and the State of New York insurance departments. Accounting and Financial Statement Presentation of Derivative Instruments and Hedging Activities Derivative instruments are recognized on the Consolidated Balance Sheets at fair value and are reported in Other Investments and Other Liabilities. For balance sheet presentation purposes, the Company has elected to offset the fair value amounts, income accruals, and related cash collateral receivables and payables of OTC derivative instruments executed in a legal entity and with the same counterparty or under a master netting agreement, which provides the Company with the legal right of offset. On the date the derivative contract is entered into, the Company designates the derivative as (1) a hedge of the fair value of a recognized asset or liability (“fair value” hedge), (2) a hedge of the variability in cash flows of a forecasted transaction or of amounts to be received or paid related to a recognized asset or liability (“cash flow” hedge), (3) a hedge of a net investment in a foreign operation (“net investment” hedge) or (4) held for other investment and/or risk management purposes, which primarily involve managing asset or liability related risks and do not qualify for hedge accounting. The Company currently does not designate any derivatives as fair value or net investment hedges. Cash Flow Hedges - Changes in the fair value of a derivative that is designated and qualifies as a cash flow hedge, including foreign-currency cash flow hedges, are recorded in AOCI and are reclassified into earnings when the variability of the cash flow of the hedged item impacts earnings. Gains and losses on derivative contracts that are reclassified from AOCI to current period earnings are included in the line item in the Consolidated Statements of Operations in which the cash flows of the hedged item are recorded. Periodic derivative net coupon settlements are recorded in the line item of the Consolidated Statements of Operations in which the cash flows of the hedged item are recorded. Cash flows from cash flow hedges are presented in the same category as the cash flows from the items being hedged in the Consolidated Statement of Cash Flows. Other Investment and/or Risk Management Activities - The Company’s other investment and/or risk management activities primarily relate to strategies used to reduce economic risk or replicate permitted investments and do not receive hedge accounting treatment. Changes in the fair value, including periodic derivative net coupon settlements, of derivative instruments held for other investment and/or risk management purposes are reported in current period earnings as net realized gains and losses. Hedge Documentation and Effectiveness Testing To qualify for hedge accounting treatment, a derivative must be highly effective in mitigating the designated changes in fair value or cash flows of the hedged item. At hedge inception, the Company formally documents all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking each hedge transaction. The documentation process includes linking derivatives that are designated as fair value, cash flow, or net investment hedges to specific assets or liabilities on the balance sheet or to specific forecasted transactions and defining the effectiveness testing methods to be used. The Company also formally assesses both at the hedge’s inception and ongoing on a quarterly basis, whether the derivatives that are used in hedging transactions have been and are expected to continue to be highly effective in offsetting changes in fair values, cash flows or net investment in foreign operations of hedged items. Hedge effectiveness is assessed primarily using quantitative methods as well as using qualitative methods. Quantitative methods include regression or other statistical analysis of changes in fair value or cash flows associated with the hedge relationship. Qualitative methods may include comparison of critical terms of the derivative to the hedged item. Discontinuance of Hedge Accounting The Company discontinues hedge accounting prospectively when (1) it is determined that the qualifying criteria are no longer met; (2) the derivative is no longer designated as a hedging instrument; or (3) the derivative expires or is sold, terminated or exercised. When cash flow hedge accounting is discontinued because the Company becomes aware that it is not probable that the forecasted transaction will occur, the derivative continues to be carried on the balance sheet at its fair value, and gains and losses that were accumulated in AOCI are recognized immediately in earnings. In other situations in which hedge accounting is discontinued, including those where the derivative is sold, terminated or exercised, amounts previously deferred in AOCI are reclassified into earnings when earnings are impacted by the hedged item. Embedded Derivatives The Company may purchase investments that contain embedded derivative instruments. When it is determined that (1) the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract and (2) a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is bifurcated from the host for measurement purposes. The embedded derivative, which is reported with the host instrument in the Consolidated Balance Sheets, is carried at fair value with changes in fair value reported in net realized gains and losses. Credit Risk of Derivative Instruments Credit risk is defined as the risk of financial loss due to uncertainty of an obligor’s or counterparty’s ability or willingness to meet its obligations in accordance with agreed upon terms. Credit exposures are measured using the market value of the derivatives, resulting in amounts owed to the Company by its counterparties or potential payment obligations from the Company to its counterparties. The Company generally requires that OTC derivative contracts, other than certain forward contracts, be governed by International Swaps and Derivatives Association agreements which are structured by legal entity and by counterparty, and permit right of offset. Some agreements require daily collateral settlement based upon agreed upon thresholds. For purposes of daily derivative collateral maintenance, credit exposures are generally quantified based on the prior business day’s market value and collateral is pledged to and held by, or on behalf of, the Company to the extent the current value of the derivatives is greater than zero, subject to minimum transfer thresholds, if applicable. The Co mpany also minimizes the credit risk of derivative instruments by entering into transactions with high quality counterparties primarily rated A or better, which are monitored and evaluated by the Company’s risk management team and reviewed by senior management. OTC-cleared derivatives are governed by clearing house rules. Transactions cleared through a central clearing house reduce risk due to their ability to require daily variation margin and act as an independent valuation source. In addition, the Company monitors counterparty credit exposure on a monthly basis to ensure compliance with Company policies and statutory limitations. Cash and Restricted Cash Cash represents cash on hand and demand deposits with banks or other financial institutions. Restrictions o |
Business Acquisitions
Business Acquisitions | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | 2. BUSINESS ACQUISITIONS Navigators Group On May 23, 2019, The Hartford acquired 100% of the outstanding shares of Navigators Group for $70 a share, or $2.121 billion, comprised of cash of $2.098 billion and a liability for cash awards to replace share-based awards of $23. The acquisition of the specialty underwriter expands product offerings and geographic reach, and adds underwriting and industry talent to strengthen the Company’s value proposition to agents and customers. At acquisition, the Company recorded provisional estimates of the fair value of the assets acquired and liabilities assumed. In the second quarter of 2020, The Hartford finalized its provisional estimates and recorded additional assets of $9 and liabilities of $7 with a net reduction in goodwill of $2. The measurement period adjustments, determined as if the accounting had been completed as of the acquisition date, had no effect on the Consolidated Statements of Operations for the twelve months ended December 31, 2020. The following table presents the preliminary allocation of the purchase price to the assets acquired and liabilities assumed as of the acquisition date, the measurement period adjustments recorded, and the final purchase price allocation. Fair Value of Assets Acquired and Liabilities Assumed at the Acquisition Date Preliminary Values as of May 23, 2019 (as previously reported) Measurement Period Adjustments Adjusted Values as of May 23, 2019 Assets Cash and invested assets $ 3,848 $ 3 $ 3,851 Premiums receivable 492 6 498 Reinsurance recoverables 1,100 (3) 1,097 Prepaid reinsurance premiums 238 — 238 Other intangible assets 580 — 580 Property and equipment 83 — 83 Other assets 99 3 102 Total Assets Acquired 6,440 9 6,449 Liabilities Unpaid losses and loss adjustment expenses 2,823 — 2,823 Unearned premiums 1,219 — 1,219 Long-term debt 284 — 284 Deferred income taxes, net 48 (1) 47 Other liabilities 568 8 576 Total Liabilities Assumed 4,942 7 4,949 Net identifiable assets acquired 1,498 2 1,500 Goodwill [1] 623 (2) 621 Net Assets Acquired $ 2,121 $ — $ 2,121 [1] Non-deductible for income tax purposes. Intangible Assets Recorded in Connection with the Acquisition Asset Amount Weighted Average Expected Life Value of in-force contracts - Property and Casualty ("P&C") $ 180 1 Distribution relationships 302 15 Trade name 17 10 Total finite life intangibles 499 10 Capacity of Lloyd's Syndicate 66 Licenses 15 Total indefinite life intangibles 81 Total other intangible assets $ 580 The value of in-force contracts represents the estimated profits relating to the unexpired contracts in force net of related prepaid reinsurance at the acquisition date through expiry of the contracts. The value of distribution relationships was estimated using net cash flows expected to come from the renewals of in-force contracts and new business sold through existing distribution partners less costs to service the related policies. The value of the trade name was estimated using an assumed cost of a market-based royalty fee applied to net cash flows expected to come from business marketed as Navigators, a brand of The Hartford. Lloyd's of London is an insurance market-place operating worldwide ("Lloyd's"). Lloyd's does not underwrite risks. Corporate members accept underwriting risks through the syndicates that they form. The Company accepts risks as the sole corporate member of Lloyd's Syndicate. The value of the capacity of Lloyd’s Syndicate was estimated using net cash flows attributable to Navigators Group's right to underwrite business up to an approved level of premium in the Lloyd’s market. The values for in-force contracts, the distribution relationships, trade name and the capacity of the Lloyd's Syndicate were estimated using a discounted cash flow method. Significant inputs to the valuation models include estimates of expected new business, premium retention rates, investment returns, claim costs, expenses and discount rates based on a weighted average cost of capital. The value of licenses to write insurance in over 50 U.S. jurisdictions was estimated based on recent transactions for shell companies. Property and equipment includes real estate owned and right of use assets under leases that were valued based on current values and market rental rates, software that was valued based on estimated replacement cost and furniture and equipment. These will be amortized over periods consistent with the Company’s policy. The fair value of unpaid losses and loss adjustment expenses net of related reinsurance recoverables was estimated based on the present value of expected future net unpaid loss and loss adjustment expense payments discounted using a risk-free interest rate as of the acquisition date plus a risk margin. The discount and risk margin amounts substantially offset. Debt assumed in the transaction was valued based on the principal and interest payments discounted at the current market yield. This debt was paid off in August 2019. For further discussion of this transaction, see Note 14 - Debt. The $621 of goodwill recognized is largely attributable to the acquired employee workforce and underwriting talent, leverageable operating platform, improved investment yield and economies of scale. Goodwill is allocated to the Company's Commercial Lines reporting segment. Immediately after closing on the acquisition of Navigators Group, effective May 23, 2019, the Company purchased an aggregate excess of loss reinsurance agreement covering adverse reserve development (“Navigators ADC”) from National Indemnity Company ("NICO") on behalf of Navigators Insurance Company and certain of its affiliates (collectively, “Navigators Insurers”). Under the Navigators ADC, the Navigators Insurers paid NICO a reinsurance premium of $91 in exchange for reinsurance coverage of $300 of adverse net loss reserve development that attaches $100 above the Navigators Insurers' existing net loss and allocated loss adjustment reserves as of December 31, 2018 subject to the treaty of $1.816 billion for accidents and losses prior to December 31, 2018. In addition to recognizing a $91 before tax charge to earnings in 2019 for the Navigators ADC reinsurance premium, the Company recognized a charge against earnings of $97 before tax in the second quarter of 2019 as a result of a review of Navigators Insurers’ net acquired reserves upon acquisition of the business. Navigators Insurers had previously recognized $52 before tax of adverse reserve development in the first quarter of 2019, including $32 of adverse development subject to the Navigators ADC. As such, reserve development of $97 before tax recognized upon acquisition of the business included $68 remaining of the $100 Navigators ADC retention for 2018 and prior accident years and $29 of adverse reserve development related to the 2019 accident year which is not covered by the Navigators ADC. On 2018 and prior accident year reserves subject to the Navigators ADC, the Company recognized a total of $84 of adverse development in 2019, including the $68 of reserve development recorded upon acquisition of the business. The $84 of prior accident year reserve development was net of a $91 net reinsurance benefit recognized under the Navigators ADC. For information about the Navigators ADC after the acquisition date, refer to Note 12 - Reserve for Unpaid Losses and Loss Adjustment Expenses. Since the acquisition date of May 23, 2019, the revenues and net losses of the business acquired have been included in the Company's Consolidated Statements of Operations in the Commercial Lines reporting segment with revenues of $1.0 billion and net losses of $167 during the period from the acquisition date to December 31, 2019, including the $91 before tax ($72 net of tax) of premium paid for the Navigators ADC, a charge of $97 before tax ($77 net of tax) for the increase in acquired reserves following the acquisition, a charge of $16 before tax ($13 net of tax) for the deferred gain on retroactive reinsurance and net investment income of $67 before tax ($54 net of tax). For further discussion of the Navigators ADC, see Note 12 - Reserve for Unpaid Losses and Loss Adjustment Expenses. The Company recognized $17 of acquisition related costs for the twelve months ended December 31, 2019. These costs are included in insurance operating costs and other expenses in the Consolidated Statement of Operations. The following table presents supplemental unaudited pro forma amounts of revenue and net income for the year ended December 31, 2019 for the Company as though the business was acquired on January 1, 2018. Pro forma adjustments include the revenue and earnings of Navigators Group for each period as well as amortization of identifiable intangible assets acquired. Pro Forma Results for the Year Ended December 31 Revenue Earnings 2019 Supplemental (unaudited) combined pro forma $ 21,416 $ 2,080 |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | 3. EARNINGS PER COMMON SHARE Computation of Basic and Diluted Earnings per Common Share For the years ended December 31, (In millions, except for per share data) 2021 2020 2019 Earnings Net income $ 2,365 $ 1,737 $ 2,085 Less: Preferred stock dividends 21 21 21 Net income available to common stockholders $ 2,344 $ 1,716 $ 2,064 Shares Weighted average common shares outstanding, basic 349.1 358.3 360.9 Dilutive effect of warrants [1] — — 0.5 Dilutive effect of stock-based awards under compensation plans 5.0 2.3 3.5 Weighted average common shares outstanding and dilutive potential common shares [2] 354.1 360.6 364.9 Net income available to common stockholders per common share Basic $ 6.71 $ 4.79 $ 5.72 Diluted $ 6.62 $ 4.76 $ 5.66 [1] On June 26, 2019 the Capital Purchase Program warrants issued in 2009 expired. [2] For additional information, see Note 16 - Equity and Note 20 - Stock Compensation Plans of Notes to Consolidated Financial Statements. Basic earnings per common share is computed based on the weighted average number of common shares outstanding during the year. Diluted earnings per common share includes the dilutive effect of assumed exercise or issuance of warrants and stock-based awards under compensation plans. Under the treasury stock method, for warrants and stock-based awards, shares are assumed to be issued and then reduced for |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | 4. SEGMENT INFORMATION The Company conducts business principally in five reporting segments comprising Commercial Lines, Personal Lines, Property & Casualty Other Operations, Group Benefits and Hartford Funds, as well as a Corporate category. Over 95% of the Company’s revenues are generated in the United States (“U.S.”). The remaining revenues are generated in Europe and other international locations. We report our results of operations consistent with the manner in which our chief operating decision maker ("CODM") reviews the business to assess performance, make operating decisions and allocate resources. The Company’s reporting segments, as well as the Corporate category, are as follows: Commercial Lines Commercial Lines provides workers’ compensation, property, automobile, general liability, umbrella, professional liability, bond, marine, livestock and assumed reinsurance to businesses in the U.S. and internationally, along with a variety of customized insurance products and risk management services including professional liability, bond, surety, and specialty casualty coverages. Personal Lines Personal Lines provides standard automobile, homeowners and personal umbrella coverages to individuals across the U.S., including a special program designed exclusively for members of AARP. This agreement provides an important competitive advantage given the size of the 50 plus population and the strength of the AARP brand, and is in place through December 31, 2032. Property & Casualty Other Operations Property & Casualty Other Operations includes certain property and casualty operations, managed by the Company, that have discontinued writing new business and includes substantially all of the Company’s asbestos and environmental exposures. Group Benefits Group Benefits provides employers and associations with group life, accident and disability coverage, along with other products and services, including voluntary benefits, and group retiree health. Hartford Funds Hartford Funds offers investment products for retail and retirement accounts and provides investment management, distribution and administrative services such as product design, implementation and oversight. This business also manages a portion of the mutual funds which support the variable annuity products within the life and annuity business sold in May 2018. Corporate The Company includes in the Corporate category reserves for run-off structured settlement and terminal funding agreement liabilities, restructuring costs, capital raising activities (including equity financing, debt financing and related interest expense), transaction expenses incurred in connection with an acquisition, certain M&A costs, purchase accounting adjustments related to goodwill and other expenses not allocated to the reporting segments. Corporate also includes investment management fees and expenses related to managing third party business, including management a portion of the invested assets of Talcott Resolution Life, Inc. and its subsidiaries as well certain affiliates. In addition, up until June 30, 2021, Corporate included a 9.7% ownership interest in Hopmeadow Holdings LP, the legal entity that acquired Talcott Resolution in May 2018 (Hopmeadow Holdings, LP, Talcott Resolution Life Inc., and its subsidiaries are collectively referred to as "Talcott Resolution"). Refer to Note 6 - Investments for additional information. Financial Measures and Other Segment Information Certain transactions between segments occur during the year that primarily relate to tax settlements, insurance coverage, expense reimbursements, services provided, investment transfers and capital contributions. In addition, certain inter-segment transactions occur that relate to interest income on allocated surplus. Consolidated net income is unaffected by such transactions. Revenues For the years ended December 31, 2021 2020 2019 Earned premiums and fee income: Commercial Lines Workers’ compensation $ 3,172 $ 3,034 $ 3,314 Liability 1,622 1,401 1,064 Marine 228 251 147 Package business 1,665 1,540 1,471 Property 829 793 728 Professional liability 655 595 447 Bond 287 274 261 Assumed reinsurance 328 298 180 Automobile 789 754 713 Total Commercial Lines 9,575 8,940 8,325 Personal Lines Automobile 2,059 2,081 2,248 Homeowners 927 961 987 Total Personal Lines [1] 2,986 3,042 3,235 Property & Casualty Other Operations — — 2 Group Benefits Group disability 2,983 2,832 2,828 Group life 2,388 2,434 2,521 Other 316 270 254 Total Group Benefits 5,687 5,536 5,603 Hartford Funds Mutual fund and Exchange-Traded Products ("ETP") 1,094 903 907 Talcott Resolution life and annuity separate accounts [2] 95 86 92 Total Hartford Funds 1,189 989 999 Corporate 50 58 60 Total earned premiums and fee income 19,487 18,565 18,224 Total net investment income 2,313 1,846 1,951 Net realized gains (losses) 509 (14) 395 Other revenues 81 126 170 Total revenues $ 22,390 $ 20,523 $ 20,740 [1] For 2021, 2020 and 2019, AARP members accounted for earned premiums of $2.7 billion, $2.8 billion and $2.9 billion, respectively. [2] Represents revenues earned on the life and annuity separate account assets under management ("AUM") sold in May 2018 that is still managed by the Company's Hartford Funds segment. Net Income (Loss) For the years ended December 31, 2021 2020 2019 Commercial Lines $ 1,757 $ 856 $ 1,192 Personal Lines 385 718 318 Property & Casualty Other Operations (95) (168) 61 Group Benefits 249 383 536 Hartford Funds 217 170 149 Corporate (148) (222) (171) Net income 2,365 1,737 2,085 Preferred stock dividends 21 21 21 Net income available to common stockholders $ 2,344 $ 1,716 $ 2,064 Net Investment Income For the years ended December 31, 2021 2020 2019 Commercial Lines $ 1,502 $ 1,160 $ 1,129 Personal Lines 157 157 179 Property & Casualty Other Operations 75 55 84 Group Benefits 550 448 486 Hartford Funds 5 4 7 Corporate 24 22 66 Net investment income $ 2,313 $ 1,846 $ 1,951 Amortization of DAC For the years ended December 31, 2021 2020 2019 Commercial Lines $ 1,398 $ 1,397 $ 1,296 Personal Lines 230 244 259 Group Benefits 40 50 54 Hartford Funds 12 14 12 Corporate — 1 1 Total amortization of DAC $ 1,680 $ 1,706 $ 1,622 Amortization of Other Intangible Assets For the years ended December 31, 2021 2020 2019 Commercial Lines $ 29 $ 28 $ 18 Personal Lines 2 4 6 Group Benefits 40 40 41 Corporate — — 1 Total amortization of other intangible assets $ 71 $ 72 $ 66 Income Tax Expense (Benefit) For the years ended December 31, 2021 2020 2019 Commercial Lines $ 402 $ 176 $ 270 Personal Lines 95 184 76 Property & Casualty Other Operations (28) (46) 12 Group Benefits 53 88 126 Hartford Funds 56 44 37 Corporate (47) (63) (46) Total income tax expense $ 531 $ 383 $ 475 Assets As of December 31, 2021 2020 Commercial Lines $ 48,234 $ 45,482 Personal Lines 5,587 5,969 Property & Casualty Other Operations 3,792 3,505 Group Benefits 14,442 14,732 Hartford Funds 720 662 Corporate 3,803 3,761 Total assets $ 76,578 $ 74,111 Revenue from Non-Insurance Contracts with Customers For the years ended December 31, Revenue Line Item 2021 2020 2019 Commercial Lines Installment billing fees Fee income $ 34 $ 30 $ 35 Personal Lines Installment billing fees Fee income 32 34 37 Insurance servicing revenues Other revenues 80 81 83 Group Benefits Administrative services Fee income 183 175 180 Hartford Funds Advisor, distribution and other management fees Fee income 1,086 901 911 Other fees Fee income 103 88 88 Corporate Investment management and other fees Fee income 50 49 50 Transition service revenues Other revenues 1 2 20 Total non-insurance revenues with customers $ 1,569 $ 1,360 $ 1,404 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 5. FAIR VALUE MEASUREMENTS The Company carries certain financial assets and liabilities at estimated fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants. Our fair value framework includes a hierarchy that gives the highest priority to the use of quoted prices in active markets, followed by the use of market observable inputs, followed by the use of unobservable inputs. The fair value hierarchy levels are as follows: Level 1 Fair values based primarily on unadjusted quoted prices for identical assets or liabilities, in active markets that the Company has the ability to access at the measurement date. Level 2 Fair values primarily based on observable inputs, other than quoted prices included in Level 1, or based on prices for similar assets and liabilities. Level 3 Fair values derived when one or more of the significant inputs are unobservable (including assumptions about risk). With little or no observable market, the determination of fair values uses considerable judgment and represents the Company’s best estimate of an amount that could be realized in a market exchange for the asset or liability. Also included are securities that are traded within illiquid markets and/or priced by independent brokers. The Company will classify the financial asset or liability by level based upon the lowest level input that is significant to the determination of the fair value. In most cases, both observable inputs (e.g., changes in interest rates) and unobservable inputs (e.g., changes in risk assumptions) are used to determine fair values that the Company has classified within Level 3. Assets and (Liabilities) Carried at Fair Value by Hierarchy Level as of December 31, 2021 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") $ 1,135 $ — $ 1,135 $ — Collateralized loan obligations ("CLOs") 3,025 — 2,768 257 Commercial mortgage-backed securities ("CMBS") 4,119 — 3,923 196 Corporate 18,707 — 17,089 1,618 Foreign government/government agencies 910 — 905 5 Municipal 8,257 — 8,257 — Residential mortgage-backed securities ("RMBS") 3,643 — 3,315 328 U.S. Treasuries 3,051 882 2,169 — Total fixed maturities 42,847 882 39,561 2,404 Equity securities, at fair value 2,094 1,453 577 64 Derivative assets Credit derivatives 2 — 2 — Foreign exchange derivatives 6 — 5 1 Interest rate derivatives (1) — (1) — Total derivative assets [1] 7 — 6 1 Fixed maturities, at fair value using the fair value option ("FVO") [2] 160 — — 160 Short-term investments 3,697 1,627 1,990 80 Total assets accounted for at fair value on a recurring basis $ 48,805 $ 3,962 $ 42,134 $ 2,709 Liabilities accounted for at fair value on a recurring basis Derivative liabilities Credit derivatives $ (4) $ — $ (4) $ — Foreign exchange derivatives — — 1 (1) Interest rate derivatives (45) — (45) — Total derivative liabilities [3] (49) — (48) (1) Total liabilities accounted for at fair value on a recurring basis $ (49) $ — $ (48) $ (1) Assets and (Liabilities) Carried at Fair Value by Hierarchy Level as of December 31, 2020 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 $ 1,564 $ — $ 1,564 $ — CLOs 2,780 — 2,420 360 CMBS 4,484 — 4,407 77 Corporate 20,273 — 19,392 881 Foreign government/government agencies 919 — 913 6 Municipal 9,503 — 9,503 — RMBS 4,107 — 3,726 381 U.S. Treasuries 1,405 529 876 — Total fixed maturities 45,035 529 42,801 1,705 Equity securities, at fair value 1,438 872 496 70 Derivative assets Credit derivatives 21 — 21 — Foreign exchange derivatives 1 — 1 — Interest rate derivatives 1 — 1 — Total derivative assets [1] 23 — 23 — Short-term investments 3,283 2,663 590 30 Total assets accounted for at fair value on a recurring basis $ 49,779 $ 4,064 $ 43,910 $ 1,805 Liabilities accounted for at fair value on a recurring basis Derivative liabilities Foreign exchange derivatives $ (14) $ — $ (14) $ — Interest rate derivatives (70) — (70) — Total derivative liabilities [3] (84) — (84) — Total liabilities accounted for at fair value on a recurring basis $ (84) $ — $ (84) $ — [1] Includes derivative instruments in a net positive fair value position after consideration of the accrued interest and impact of collateral posting requirements which may be imposed by agreements and applicable law. See footnote 3 to this table for derivative liabilities. [2] Included within other investments on the Consolidated Balance Sheets. [3] Includes derivative instruments in a net negative fair value position (derivative liability) after consideration of the accrued interest and impact of collateral posting requirements which may be imposed by agreements and applicable law. The Company has overseas deposits included in other investments of $65 and $54 as of December 31, 2021 and December 31, 2020, respectively, which are measured at fair value using the net asset value as a practical expedient. FIXED MATURITIES, EQUITY SECURITIES, SHORT-TERM INVESTMENTS, AND DERIVATIVES Valuation Techniques The Company generally determines fair values using valuation techniques that use prices, rates, and other relevant information evident from market transactions involving identical or similar instruments. Valuation techniques also include, where appropriate, estimates of future cash flows that are converted into a single discounted amount using current market expectations. The Company uses a "waterfall" approach comprised of the following pricing sources and techniques, which are listed in priority order: • Quoted prices, unadjusted, for identical assets or liabilities in active markets, which are classified as Level 1. • Prices from third-party pricing services, which primarily utilize a combination of techniques. These services utilize recently reported trades of identical, similar, or benchmark securities making adjustments for market observable inputs available through the reporting date. If there are no recently reported trades, they may use a discounted cash flow technique to develop a price using expected cash flows based upon the anticipated future performance of the underlying collateral discounted at an estimated market rate. Both techniques develop prices that consider the time value of future cash flows and provide a margin for risk, including liquidity and credit risk. Most prices provided by third-party pricing services are classified as Level 2 because the inputs used in pricing the securities are observable. However, some securities that are less liquid or trade less actively are classified as Level 3. Additionally, certain long-dated securities, such as municipal securities and bank loans, include benchmark interest rate or credit spread assumptions that are not observable in the marketplace and are thus classified as Level 3. • Internal matrix pricing is a valuation process internally developed for private placement securities for which the Company is unable to obtain a price from a third-party pricing service. Internal pricing matrices determine credit spreads that, when combined with risk-free rates, are applied to contractual cash flows to develop a price. The Company develops credit spreads using market based data for public securities adjusted for credit spread differentials between public and private securities, which are obtained from a survey of multiple private placement brokers. The market-based reference credit spread considers the issuer’s sector, financial strength, and term to maturity, using an independent public security index, while the credit spread differential considers the non-public nature of the security. Securities priced using internal matrix pricing are classified as Level 2 because the significant inputs are observable or can be corroborated with observable data. • Independent broker quotes, which are typically non-binding, use inputs that can be difficult to corroborate with observable market based data. Brokers may use present value techniques using assumptions specific to the security types, or they may use recent transactions of similar securities. Due to the lack of transparency in the process that brokers use to develop prices, valuations that are based on independent broker quotes are classified as Level 3. The fair value of derivative instruments is determined primarily using a discounted cash flow model or option model technique and incorporates counterparty credit risk. In some cases, quoted market prices for exchange-traded and OTC cleared derivatives may be used and in other cases independent broker quotes may be used. The pricing valuation models primarily use inputs that are observable in the market or can be corroborated by observable market data. The valuation of certain derivatives may include significant inputs that are unobservable, such as volatility levels, and reflect the Company’s view of what other market participants would use when pricing such instruments. Valuation Controls The process for determining the fair value of investments is monitored by the Valuation Committee, which is a cross-functional group of senior management within the Company. The purpose of the Valuation Committee is to provide oversight of the pricing policy, procedures and controls, including approval of valuation methodologies and pricing sources. The Valuation Committee reviews market data trends, pricing statistics and trading statistics to ensure that prices are reasonable and consistent with our fair value framework. Controls and procedures used to assess third-party pricing services are reviewed by the Valuation Committee, including the results of annual due-diligence reviews. Controls include, but are not limited to, reviewing daily and monthly price changes, stale prices, and missing prices and comparing new trade prices to third-party pricing services, weekly price changes to published bond index prices, and daily OTC derivative market valuations to counterparty valuations. The Company has a dedicated pricing group that works with trading and investment professionals to challenge prices received by a third party pricing source if the Company believes that the valuation received does not accurately reflect the fair value. New valuation models and changes to current models require approval by the Valuation Committee. In addition, the Company’s enterprise-wide Operational Risk Management function provides an independent review of the suitability and reliability of model inputs, as well as an analysis of significant changes to current models. Valuation Inputs Quoted prices for identical assets in active markets are considered Level 1 and consist of on-the-run U.S. Treasuries, money market funds, exchange-traded equity securities, open-ended mutual funds, certain short-term investments, and exchange traded derivative instruments. Valuation Inputs Used in Levels 2 and 3 Measurements for Securities and Derivatives Level 2 Primary Observable Inputs Level 3 Primary Unobservable Inputs Fixed Maturity Investments Structured securities (includes ABS, CLOs, CMBS and RMBS) • Benchmark yields and spreads • Monthly payment information • Collateral performance, which varies by vintage year and includes delinquency rates, loss severity rates and refinancing assumptions • Credit default swap indices Other inputs for ABS, CLOs, and RMBS: • Estimate of future principal prepayments, derived from the characteristics of the underlying structure • Prepayment speeds previously experienced at the interest rate levels projected for the collateral • Independent broker quotes • Credit spreads beyond observable curve • Interest rates beyond observable curve Other inputs for less liquid securities or those that trade less actively, including subprime RMBS: • Estimated cash flows • Credit spreads, which include illiquidity premium • Constant prepayment rates • Constant default rates • Loss severity Corporates • Benchmark yields and spreads • Reported trades, bids, offers of the same or similar securities • Issuer spreads and credit default swap curves Other inputs for investment grade privately placed securities that utilize internal matrix pricing : • Credit spreads for public securities of similar quality, maturity, and sector, adjusted for non-public nature • Independent broker quotes Other inputs for below investment grade privately placed securities and private bank loans: U.S Treasuries, Municipals, and Foreign government/government agencies • Benchmark yields and spreads • Issuer credit default swap curves • Political events in emerging market economies • Municipal Securities Rulemaking Board reported trades and material event notices • Issuer financial statements • Credit spreads beyond observable curve • Interest rates beyond observable curve Equity Securities • Quoted prices in markets that are not active • For privately traded equity securities, internal discounted cash flow models utilizing earnings multiples or other cash flow assumptions that are not observable Short-term Investments • Benchmark yields and spreads • Reported trades, bids, offers • Issuer spreads and credit default swap curves • Material event notices and new issue money market rates • Independent broker quotes Derivatives Credit derivatives • Swap yield curve • Credit default swap curves Not applicable Foreign exchange derivatives • Swap yield curve • Currency spot and forward rates • Cross currency basis curves • Independent broker quotes Interest rate derivatives • Swap yield curve • Independent broker quotes • Interest rate volatility Significant Unobservable Inputs for Level 3 - Securities Assets accounted for at fair value on a recurring basis Fair Value Predominant Valuation Technique Significant Unobservable Input Minimum Maximum Weighted Average [1] Impact of Increase in Input on Fair Value [2] As of December 31, 2021 CLOs [3] $ 211 Discounted cash flows Spread 234 bps 258 bps 257 bps Decrease CMBS [3] $ 192 Discounted cash flows Spread (encompasses prepayment, default risk and loss severity) 203 bps 468 bps 266 bps Decrease Corporate [4] $ 1,532 Discounted cash flows Spread 96 bps 1,227 bps 298 bps Decrease RMBS [3] $ 266 Discounted cash flows Spread [6] 48 bps 229 bps 89 bps Decrease Constant prepayment rate [6] 2% 16% 7% Decrease [5] Constant default rate [6] 1% 6% 3% Decrease Loss severity [6] —% 100% 63% Decrease As of December 31, 2020 CLOs [3] $ 340 Discounted cash flows Spread 304 bps 305 bps 304 bps Decrease CMBS [3] $ 20 Discounted cash flows Spread (encompasses prepayment, default risk and loss severity) 255 bps 975 bps 688 bps Decrease Corporate [4] $ 749 Discounted cash flows Spread 110 bps 692 bps 293 bps Decrease RMBS [3] $ 364 Discounted cash flows Spread [6] 7 bps 937 bps 119 bps Decrease Constant prepayment rate [6] —% 10% 5% Decrease [5] Constant default rate [6] 2% 6% 3% Decrease Loss severity [6] —% 100% 84% Decrease [1] The weighted average is determined based on the fair value of the securities. [2] Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table. [3] Excludes securities for which the Company bases fair value on broker quotations. [4] Excludes securities for which the Company bases fair value on broker quotations; however, included are broker priced lower-rated private placement securities for which the Company receives spread and yield information to corroborate the fair value. [5] Decrease for above market rate coupons and increase for below market rate coupons. [6] Generally, a change in the assumption used for the constant default rate would have been accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumption used for constant prepayment rate and would have resulted in wider spreads. As of December 31, 2021 and 2020, the fair values of the Company's level 3 derivatives were less than $1 for both periods. The table above excludes certain securities for which fair values are predominately based on independent broker quotes. While the Company does not have access to the significant unobservable inputs that independent brokers may use in their pricing process, the Company believes brokers likely use inputs similar to those used by the Company and third-party pricing services to price similar instruments. As such, in their pricing models, brokers likely use estimated loss severity rates, prepayment rates, constant default rates and credit spreads. Therefore, similar to non-broker priced securities, increases in these inputs would generally cause fair values to decrease. For the year ended December 31, 2021, no significant adjustments were made by the Company to broker prices received. Contingent Consideration The acquisition of Lattice Strategies LLC ("Lattice") on July 29, 2016 required the Company to make payments to former owners of Lattice of up to $60 contingent upon growth in ETP assets under management ("AUM") over a period of four years beginning on the date of acquisition. The contingent consideration was measured at fair value on a quarterly basis by projecting future eligible ETP AUM over the contingency period to estimate the amount of expected payout. The future expected payout had been discounted back to the valuation date using a risk-adjusted discount rate of 10.0%. The risk-adjusted discount rate is an internally generated and significant unobservable input to fair value. In January 2020, we made a third payment of $10 after Lattice AUM reached $3.0 billion. Given the dramatic market declines and outflows in March, 2020, Lattice AUM declined to $2.3 billion as of March 30, 2020 and the Company reduced the remaining contingent consideration liability to zero, recognizing an $11.9 before tax reduction in expense in first quarter 2020. The earn out period ended on July 29, 2020 with no additional consideration payable. For disclosure of contingent consideration related to the sale of Continental Europe Operations, refer to Note 22 - Business Dispositions. LEVEL 3 ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS USING SIGNIFICANT UNOBSERVABLE INPUTS The Company uses derivative instruments to manage the risk associated with certain assets and liabilities. However, the derivative instrument may not be classified within the same fair value hierarchy level as the associated asset or liability. Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the Year Ended December 31, 2021 Total realized/unrealized gains (losses) Fair value as of January 1, 2021 Included in net income [1] Included in OCI [2] Purchases Settlements Sales Transfers into Level 3 [3] Transfers out of Level 3 [3] Fair value as of December 31, 2021 Assets Fixed Maturities, AFS ABS $ — $ — $ — $ 42 $ — $ (3) $ — $ (39) $ — CLOs 360 — (1) 471 (124) — — (449) 257 CMBS 77 — 1 166 (4) (1) 5 (48) 196 Corporate 881 14 (34) 828 (154) (47) 172 (42) 1,618 Foreign Govt./Govt. Agencies 6 — — 5 — (6) — — 5 RMBS 381 — (4) 369 (193) (14) — (211) 328 Total Fixed Maturities, AFS 1,705 14 (38) 1,881 (475) (71) 177 (789) 2,404 Equity Securities, at fair value 70 42 — 6 (53) (1) — — 64 Fixed maturities, FVO [4] — (6) — 160 6 — — — 160 Short-term investments 30 — — 98 (48) — — — 80 Total Assets $ 1,805 $ 50 $ (38) $ 2,145 $ (570) $ (72) $ 177 $ (789) $ 2,708 Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the Year Ended December 31, 2020 Total realized/unrealized gains (losses) Fair value as of January 1, 2020 Included in net income [1] Included in OCI [2] Purchases Settlements Sales Transfers into Level 3 [3] Transfers out of Level 3 [3] Fair value as of December 31, 2020 Assets Fixed Maturities, AFS ABS $ 15 $ — $ (1) $ 43 $ — $ — $ — $ (57) $ — CLOs 95 — 1 389 (43) — — (82) 360 CMBS 9 — 3 79 (5) — 13 (22) 77 Corporate 732 (31) 31 272 (143) (36) 486 (430) 881 Foreign Govt./Govt. Agencies 3 — — 6 — — — (3) 6 Municipal — (3) 2 — — (6) 7 — — RMBS 560 — (11) 66 (182) (7) — (45) 381 Total Fixed Maturities, AFS 1,414 (34) 25 855 (373) (49) 506 (639) 1,705 Equity Securities, at fair value 73 (10) — 6 — — 1 — 70 Short-term investments 15 — — 30 (15) — — — 30 Total Assets $ 1,502 $ (44) $ 25 $ 891 $ (388) $ (49) $ 507 $ (639) $ 1,805 Liabilities Derivatives, net [5] Equity $ (15) $ 36 $ — $ — $ (21) $ — $ — $ — $ — Total Derivatives, net [5] (15) 36 — — (21) — — — — Contingent Considerations (22) 12 — — 10 — — — — Total Liabilities $ (37) $ 48 $ — $ — $ (11) $ — $ — $ — $ — [1] Amounts in these columns are generally reported in net realized gains (losses). All amounts are before income taxes. [2] All amounts are before income taxes. [3] 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. [4] Included within other investments on the Consolidated Balance Sheets. [5] Derivative instruments are reported in this table on a net basis for asset (liability) positions and reported in the Consolidated Balance Sheets in other investments and other liabilities. Changes in Unrealized Gains (Losses) for Financial Instruments Classified as Level 3 Still Held at Year End December 31, 2021 December 31, 2020 Changes in Unrealized Gain/(Loss) included in Net Income [1] [2] Changes in Unrealized Gain/(Loss) included in OCI [3] Changes in Unrealized Gain/(Loss) included in Net Income [1] [2] Changes in Unrealized Gain/(Loss) included in OCI [3] Assets Fixed Maturities, AFS CLOs $ — $ (1) $ — $ 1 CMBS — 1 — 4 Corporate — (32) (21) 24 RMBS — (4) — (10) Total Fixed Maturities, AFS — (36) (21) 19 Equity Securities, at fair value 4 — (9) — Fixed Maturities, FVO [4] (6) — — — Total Assets $ (2) $ (36) $ (30) $ 19 Liabilities Contingent Consideration $ — $ — $ 12 $ — Total Liabilities $ — $ — $ 12 $ — [1] All amounts in these rows are reported in net gains (losses). All amounts are before income taxes. [2] Amounts presented are for Level 3 only and therefore may not agree to other disclosures included herein. [3] Changes in unrealized gain (loss) on fixed maturities, AFS are reported in changes in net unrealized gain on securities in the Consolidated Statements of Comprehensive Income. [4] Included within other investments on the Consolidated Balance Sheets. FAIR VALUE OPTION The Company has elected the fair value option for certain investments in residual interests of securitizations in order to reflect changes in fair value in earnings. These instruments are included within other investments on the Consolidated Balance Sheets and changes in the fair value of these securities are reported in net realized gains and losses. As of December 31, 2021, the fair value of assets using the fair value option was $160. As of December 31, 2020, the Company did not have any assets using the fair value option. For the year ended December 31, 2021 realized losses related to the change in fair value of assets using the fair value option were $6. For the years ended December 31, 2020 and 2019, there were no realized gains (losses) related to the change in fair value of assets using the fair value option. FINANCIAL INSTRUMENTS NOT CARRIED AT FAIR VALUE Financial Assets and Liabilities Not Carried at Fair Value December 31, 2021 December 31, 2020 Fair Value Hierarchy Level Carrying Amount [1] Fair Value Fair Value Hierarchy Level Carrying Amount [1] Fair Value Assets Mortgage loans Level 3 $ 5,383 $ 5,576 Level 3 $ 4,493 $ 4,792 Liabilities Other policyholder funds and benefits payable Level 3 $ 687 $ 689 Level 3 $ 701 $ 703 Senior notes [2] Level 2 $ 3,854 $ 4,725 Level 2 $ 3,262 $ 4,363 Junior subordinated debentures [2] Level 2 $ 1,090 $ 1,086 Level 2 $ 1,090 $ 1,107 [1] As of December 31, 2021 and December 31, 2020, carrying amount of mortgage loans is net of ACL of $29 and $38 respectively [2] Included in long-term debt in the Consolidated Balance Sheets, except for any current maturities, which are included in short-term debt when applicable. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2021 | |
Investments [Abstract] | |
Investments | 6. INVESTMENTS Net Investment Income For the years ended December 31, (Before tax) 2021 2020 2019 Fixed maturities [1] $ 1,349 $ 1,442 $ 1,559 Equity securities 73 39 46 Mortgage loans 181 172 165 Limited partnerships and other alternative investments 732 222 232 Other investments [2] 58 42 32 Investment expenses (80) (71) (83) Total net investment income $ 2,313 $ 1,846 $ 1,951 [1] Includes net investment income on short-term investments. [2] Primarily includes changes in fair value of certain equity fund investments and income from derivatives that qualify for hedge accounting and are used to hedge fixed maturities. Net Realized Gains (Losses) For the years ended December 31, (Before tax) 2021 2020 2019 Gross gains on sales of fixed maturities $ 319 $ 255 $ 234 Gross losses on sales of fixed maturities (89) (50) (56) Equity securities [1] Net realized gains (losses) on sales of equity securities 81 (118) 78 Change in net unrealized gains (losses) of equity securities 146 (96) 176 Net realized and unrealized gains (losses) on equity securities 227 (214) 254 Net credit losses on fixed maturities, AFS [2] 4 (28) Change in ACL on mortgage loans [3] 9 (19) Intent-to-sell impairments — (5) — Net OTTI losses recognized in earnings (3) Valuation allowances on mortgage loans 1 Other, net [4] 39 47 (35) Net realized gains (losses) $ 509 $ (14) $ 395 [1] The net unrealized gains on equity securities still held as of the end of the period and included in net realized gains (losses) were $155, $53, and $164 for the years ended December 31, 2021, 2020, and 2019, respectively. [2] Due to the adoption of accounting guidance for credit losses on January 1, 2020, realized losses previously reported as OTTI are now presented as credit losses which are net of any recoveries. For further information refer to Note 1 - Basis of Presentation and Significant Accounting Policies. [3] Represents the change in ACL recorded during the period following the adoption of accounting guidance for credit losses on January 1, 2020. For further information refer to Note 1 - Basis of Presentation and Significant Accounting Policies. [4] Includes gains (losses) on non-qualifying derivatives for 2021, 2020, and 2019 of $12, $104, and $(24), respectively, gains (losses) from transactional foreign currency revaluation of $(1), $(1) and $(9), respectively, and a loss of $21 and $48, respectively, on the sale of the Continental Europe Operations for the years ended December 31, 2021 and 2020. For the year ended December 31, 2021, there was also a gain of $46 on the sale of the Company's previously owned interest in Talcott Resolution. Proceeds from the sales of fixed maturities, AFS totaled $15.9 billion, $15.1 billion, and $14.4 billion for the years ended December 31, 2021, 2020, and 2019, respectively. Sales of AFS securities in 2021 were primarily a result of tactical changes to the portfolio driven by changing market conditions, in addition to duration and liquidity management. Accrued Interest Receivable on Fixed Maturities, AFS and Mortgage Loans As of December 31, 2021 and December 31, 2020, the Company reported accrued interest receivable related to fixed maturities, AFS of $299 and $327, respectively, and accrued interest receivable related to mortgage loans of $16 and $14, respectively. These amounts are recorded in other assets on the Consolidated Balance Sheets and are not included in the carrying value of the fixed maturities or mortgage loans. The Company does not include the current accrued interest receivable balance when estimating the ACL. The Company has a policy to write-off accrued interest receivable balances that are more than 90 days past due. Write-offs of accrued interest receivable are recorded as a credit loss component of net realized gains and losses. Interest income on fixed maturities and mortgage loans is accrued unless it is past due over 90 days or management deems the interest uncollectible. Recognition and Presentation of Intent-to-Sell Impairments and ACL on Fixed Maturities, AFS The Company will record an "intent-to-sell impairment" as a reduction to the amortized cost of fixed maturities, AFS in an unrealized loss position if the Company intends to sell or it is more likely than not that the Company will be required to sell the fixed maturity before a recovery in value. A corresponding charge is recorded in net realized losses equal to the difference between the fair value on the impairment date and the amortized cost basis of the fixed maturity before recognizing the impairment. When fixed maturities are in an unrealized loss position and the Company does not record an intent-to-sell impairment, the Company will record an ACL for the portion of the unrealized loss due to a credit loss. Any remaining unrealized loss on a fixed maturity after recording an ACL is the non-credit amount and is recorded in OCI. The ACL is the excess of the amortized cost over the greater of the Company's best estimate of the present value of expected future cash flows or the security's fair value. Cash flows are discounted at the effective yield that is used to record interest income. The ACL cannot exceed the unrealized loss and, therefore, it may fluctuate with changes in the fair value of the fixed maturity if the fair value is greater than the Company's best estimate of the present value of expected future cash flows. The initial ACL and any subsequent changes are recorded in net realized gains and losses. The ACL is written off against the amortized cost in the period in which all or a portion of the related fixed maturity is determined to be uncollectible. Developing the Company’s best estimate of expected future cash flows is a quantitative and qualitative process that incorporates information received from third-party sources along with certain internal assumptions regarding the future performance. The Company's considerations include, but are not limited to, (a) changes in the financial condition of the issuer and/or the underlying collateral, (b) whether the issuer is current on contractually obligated interest and principal payments, (c) credit ratings, (d) payment structure of the security and (e) the extent to which the fair value has been less than the amortized cost of the security. For non-structured securities, assumptions include, but are not limited to, economic and industry-specific trends and fundamentals, instrument-specific developments including changes in credit ratings, industry earnings multiples and the issuer’s ability to restructure, access capital markets, and execute asset sales. For structured securities, assumptions include, but are not limited to, various performance indicators such as historical and projected default and recovery rates, credit ratings, current and projected delinquency rates, loan-to-value ratios ("LTVs"), average cumulative collateral loss rates that vary by vintage year, prepayment speeds, and property value declines. These assumptions require the use of significant management judgment and include the probability of issuer default and estimates regarding timing and amount of expected recoveries which may include estimating the underlying collateral value. Prior to January 1, 2020, the Company recorded an OTTI loss on fixed maturities for which the Company did not expect to recover the entire amortized cost basis. For these securities, the excess of the amortized cost basis over its fair value was separated into the portion representing a credit OTTI, which was recorded in net realized losses, and the remaining non-credit amount, which was recorded in OCI. The Company’s best estimate of discounted expected future cash flows became the new cost basis and accreted prospectively into net investment income over the estimated remaining life of the security. ACL on Fixed Maturities, AFS by Type For the years ended December 31, 2021 2020 (Before tax) Corporate Total Corporate Municipal Total Balance as of beginning of period $ 23 $ 23 $ — $ — $ — Credit losses on fixed maturities where an allowance was not previously recorded 2 2 36 3 39 Reduction due to sales (18) (18) (4) (3) (7) Net increases (decreases) on fixed maturities where an allowance was previously recorded (6) (6) (9) — (9) Balance as of end of period $ 1 $ 1 $ 23 $ — $ 23 Cumulative Credit Impairments on Fixed Maturities, AFS (Before tax) For the year ended December 31, 2019 Balance as of beginning of period $ (19) Additions for credit impairments recognized on [1]: Fixed maturities not previously impaired (3) Reductions for credit impairments previously recognized on: Fixed maturities that matured or were sold during the period 3 Balance as of end of period $ (19) [1] These additions are included in the net OTTI losses recognized in earnings in the Consolidated Statements of Operations. Fixed Maturities, AFS Fixed Maturities, AFS, by Type December 31, 2021 December 31, 2020 Amortized Cost ACL Gross Unrealized Gains Gross Unrealized Losses Fair Value Amortized Cost ACL Gross Unrealized Gains Gross Unrealized Losses Fair Value ABS $ 1,125 $ — $ 13 $ (3) $ 1,135 $ 1,525 $ — $ 39 $ — $ 1,564 CLOs 3,019 — 8 (2) 3,025 2,780 — 7 (7) 2,780 CMBS 3,955 — 179 (15) 4,119 4,219 — 286 (21) 4,484 Corporate 17,744 (1) 1,038 (74) 18,707 18,401 (23) 1,926 (31) 20,273 Foreign govt./govt. agencies 883 — 33 (6) 910 842 — 77 — 919 Municipal 7,473 — 787 (3) 8,257 8,564 — 940 (1) 9,503 RMBS 3,610 — 60 (27) 3,643 3,966 — 144 (3) 4,107 U.S. Treasuries 2,979 — 86 (14) 3,051 1,264 — 141 — 1,405 Total fixed maturities, AFS $ 40,788 $ (1) $ 2,204 $ (144) $ 42,847 $ 41,561 $ (23) $ 3,560 $ (63) $ 45,035 Fixed Maturities, AFS, by Contractual Maturity Year December 31, 2021 December 31, 2020 Amortized Cost Fair Value Amortized Cost Fair Value One year or less $ 1,400 $ 1,419 $ 1,411 $ 1,432 Over one year through five years 8,615 8,894 7,832 8,286 Over five years through ten years 8,303 8,633 7,622 8,354 Over ten years 10,761 11,979 12,206 14,028 Subtotal 29,079 30,925 29,071 32,100 Mortgage-backed and asset-backed securities 11,709 11,922 12,490 12,935 Total fixed maturities, AFS $ 40,788 $ 42,847 $ 41,561 $ 45,035 Estimated maturities may differ from contractual maturities due to 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 as of December 31, 2021 or December 31, 2020, other than the U.S. government and certain U.S. government agencies. As of December 31, 2021, other than U.S. government and certain U.S. government agencies, the Company’s three largest exposures by issuer were the Government of Canada, Apple Inc., and the IBM Corporation each of which comprised less than 1% of total invested assets. As of December 31, 2020, other than U.S. government and certain U.S. government agencies, the Company’s three largest exposures by issuer were Apple Inc., the IBM Corporation, and the New York State Dormitory Authority each of which comprised less than 1% of total invested assets. The Company’s three largest exposures by sector as of December 31, 2021 were the municipal sector, the financial services sector, and the CMBS sector which comprised approximately 14%, 8%, and 7%, respectively, of total invested assets. The Company’s three largest exposures by sector as of December 31, 2020 were the municipal sector, the financial services sector, and CMBS sector which comprised approximately 17%, 9%, and 8%, respectively, of total invested assets. Unrealized Losses on Fixed Maturities, AFS Unrealized Loss Aging for Fixed Maturities, AFS by Type and Length of Time as of December 31, 2021 Less Than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses ABS $ 396 $ (3) $ — $ — $ 396 $ (3) CLOs 1,434 (2) 147 — 1,581 (2) CMBS 594 (7) 82 (8) 676 (15) Corporate 3,698 (65) 234 (9) 3,932 (74) Foreign govt./govt. agencies 340 (5) 16 (1) 356 (6) Municipal 301 (3) 12 — 313 (3) RMBS 1,869 (23) 94 (4) 1,963 (27) U.S. Treasuries 2,301 (13) 23 (1) 2,324 (14) Total fixed maturities, AFS in an unrealized loss position $ 10,933 $ (121) $ 608 $ (23) $ 11,541 $ (144) Unrealized Loss Aging for Fixed Maturities, AFS by Type and Length of Time as of December 31, 2020 Less Than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses ABS $ 44 $ — $ — $ — $ 44 $ — CLOs 758 (2) 715 (5) 1,473 (7) CMBS 410 (17) 19 (4) 429 (21) Corporate 466 (13) 212 (18) 678 (31) Foreign govt./govt. agencies 24 — — — 24 — Municipal 34 (1) — — 34 (1) RMBS 461 (3) 21 — 482 (3) U.S. Treasuries 39 — — — 39 — Total fixed maturities, AFS in an unrealized loss position $ 2,236 $ (36) $ 967 $ (27) $ 3,203 $ (63) As of December 31, 2021, fixed maturities, AFS in an unrealized loss position consisted of 1,500 instruments, primarily in the corporate sectors, most notably financial services and technology and communications, as well as RMBS, CMBS, and U.S. Treasuries which were depressed largely due to higher interest rates and/or wider credit spreads since the purchase date. As of December 31, 2021, 99% of these fixed maturities were depressed less than 20% of cost or amortized cost. The increase in gross unrealized losses during 2021 was primarily attributable to higher interest rates, partially offset by tighter credit spreads. Most of the fixed maturities depressed for twelve months or more relate to the corporate and CMBS sectors which were primarily depressed because current market spreads are wider than at the respective purchase dates. Additionally, certain corporate fixed maturities were also depressed because of their variable-rate coupons and long-dated maturities. The Company neither has an intention to sell nor does it expect to be required to sell the fixed maturities outlined in the preceding discussion. The decision to record credit losses on fixed maturities, AFS in the form of an ACL requires us to make qualitative and quantitative estimates of expected future cash flows. Mortgage Loans ACL on Mortgage Loans The Company reviews mortgage loans on a quarterly basis to estimate the ACL with changes in the ACL recorded in net realized gains and losses. Apart from an ACL recorded on individual mortgage loans where the borrower is experiencing financial difficulties, the Company records an ACL on the pool of mortgage loans based on lifetime expected credit losses. The Company utilizes a third-party forecasting model to estimate lifetime expected credit losses at a loan level under multiple economic scenarios. The scenarios use macroeconomic data provided by an internationally recognized economics firm that generates forecasts of varying economic factors such as GDP growth, unemployment and interest rates. The economic scenarios are projected over 10 years. The first two to four years of the 10-year period assume a specific modeled economic scenario (including moderate upside, moderate recession and severe recession scenarios) and then revert to historical long-term assumptions over the remaining period. Using these economic scenarios, the forecasting model projects property-specific operating income and capitalization rates used to estimate the value of a future operating income stream. The operating income and the property valuations derived from capitalization rates are compared to loan payment and principal amounts to create debt service coverage ratios ("DSCRs") and LTVs over the forecast period. The model overlays historical data about mortgage loan performance based on DSCRs and LTVs and projects the probability of default, amount of loss given a default and resulting expected loss through maturity for each loan under each economic scenario. Economic scenarios are probability-weighted based on a statistical analysis of the forecasted economic factors and qualitative analysis. The Company records the change in the ACL on mortgage loans based on the weighted-average expected credit losses across the selected economic scenarios. When a borrower is experiencing financial difficulty, including when foreclosure is probable, the Company measures an ACL on individual mortgage loans. The ACL is established for any shortfall between the amortized cost of the loan and the fair value of the collateral less costs to sell. Estimates of collectibility from an individual borrower require the use of significant management judgment and include the probability and timing of borrower default and loss severity estimates. In addition, cash flow projections may change based upon new information about the borrower's ability to pay and/or the value of underlying collateral such as changes in projected property value estimates. As of December 31, 2021, the Company did not have any mortgage loans for which an ACL was established on an individual basis. There were no mortgage loans held-for-sale as of December 31, 2021 or December 31, 2020. In addition, as of December 31, 2021 and December 31, 2020, the Company had no mortgage loans that have had extensions or restructurings other than what is allowable under the original terms of the contract. Prior to January 1, 2020, for mortgage loans that were deemed impaired, a valuation allowance was established for the difference between the carrying amount and estimated fair value, which was generally the Company's share of the fair value of the collateral. A valuation allowance also may have been recorded for an individual loan or for a group of loans that had an LTV ratio of 90% or greater, a low DSCR or other lower credit quality characteristics. Changes in valuation allowances were recognized as net realized losses. ACL on Mortgage Loans For the years ended December 31, 2021 2020 2019 ACL as of beginning of period $ 38 $ — $ 1 Cumulative effect of accounting changes [1] 19 Adjusted beginning ACL 38 19 1 Current period provision (release) (9) 19 (1) ACL as of December 31, $ 29 $ 38 $ — [1] Represents the adjustment to the ACL recorded on adoption of accounting guidance for credit losses on January 1, 2020. For further information refer to Note 1 - Basis of Presentation and Significant Accounting Policies. The decrease in the allowance for the year ended December 31, 2021, is the result of improved economic scenarios, including improved GDP growth and unemployment, and higher property valuations as compared to the prior periods, partially offset by an increase driven by net additions of new loans. We continue to monitor the impact on our mortgage loan portfolio from borrower behavior in response to the economic stress caused by the pandemic. Borrowers with lower LTVs have an incentive to continue to make payments of principal and/or interest in order to preserve the equity they have in the underlying commercial real estate properties. During 2020, the Company increased the estimate of the ACL in response to significant economic stress experienced as a result of the COVID-19 pandemic. The weighted-average LTV ratio of the Company’s mortgage loan portfolio was 51% as of December 31, 2021, while the weighted-average LTV ratio at origination of these loans was 60%. LTV ratios compare the loan amount to the value of the underlying property collateralizing the loan with property values based on appraisals updated no less than annually. Factors considered in estimating property values include, among other things, actual and expected property cash flows, geographic market data and the ratio of the property's net operating income to its value. DSCR compares a property’s net operating income to the borrower’s principal and interest payments and are updated no less than annually through reviews of underlying properties. Mortgage Loans LTV & DSCR by Origination Year as of December 31, 2021 2021 2020 2019 2018 2017 2016 & Prior Total Loan-to-value Amortized Cost Avg. DSCR Amortized Cost Avg. DSCR Amortized Cost Avg. DSCR Amortized Cost Avg. DSCR Amortized Cost Avg. DSCR Amortized Cost Avg. DSCR Amortized Cost [1] Avg. DSCR 65% - 80% $ 7 2.37x $ 50 2.63x $ 91 1.57x $ 100 1.00x $ 45 1.37x $ 97 1.80x $ 390 1.61x Less than 65% 1,481 2.70x 645 2.78x 722 2.78x 472 2.23x 417 1.91x 1,285 2.45x 5,022 2.55x Total mortgage loans $ 1,488 2.70x $ 695 2.77x $ 813 2.64x $ 572 2.02x $ 462 1.86x $ 1,382 2.41x $ 5,412 2.48x [1] Amortized cost of mortgage loans excludes ACL of $29. Mortgage Loans LTV & DSCR by Origination Year as of December 31, 2020 2020 2019 2018 2017 2016 2015 & Prior Total Loan-to-value Amortized Cost Avg. DSCR Amortized Cost Avg. DSCR Amortized Cost Avg. DSCR Amortized Cost Avg. DSCR Amortized Cost Avg. DSCR Amortized Cost Avg. DSCR Amortized Cost [1] Avg. DSCR 65% - 80% $ 28 1.62x $ 243 1.58x $ 212 1.33x $ 45 2.02x $ 51 1.92x $ 115 1.74x $ 694 1.59x Less than 65% 659 2.56x 676 2.85x 410 2.25x 446 1.89x 235 2.99x 1,411 3.01x 3,837 2.69x Total mortgage loans $ 687 2.52x $ 919 2.51x $ 622 1.94x $ 491 1.90x $ 286 2.80x $ 1,526 2.92x $ 4,531 2.52x [1] Amortized cost of mortgage loans excludes ACL of $38. Mortgage Loans by Region December 31, 2021 December 31, 2020 Amortized Cost Percent of Total Amortized Cost Percent of Total East North Central $ 284 5.2 % $ 290 6.4 % Middle Atlantic 303 5.6 % 291 6.4 % Mountain 450 8.3 % 254 5.6 % New England 393 7.3 % 397 8.8 % Pacific 1,245 23.0 % 1,001 22.1 % South Atlantic 1,556 28.8 % 1,038 22.9 % West North Central 85 1.6 % 44 1.0 % West South Central 424 7.8 % 433 9.5 % Other [1] 672 12.4 % 783 17.3 % Total mortgage loans $ 5,412 100.0 % $ 4,531 100.0 % ACL (29) (38) Total mortgage loans, net of ACL $ 5,383 $ 4,493 [1] Primarily represents loans collateralized by multiple properties in various regions. Mortgage Loans by Property Type December 31, 2021 December 31, 2020 Amortized Cost Percent of Total Amortized Cost Percent of Total Commercial Industrial $ 1,931 35.7 % $ 1,339 29.5 % Multifamily 1,833 33.9 % 1,498 33.1 % Office 627 11.6 % 774 17.1 % Retail [1] 951 17.6 % 788 17.4 % Single Family 30 0.5 % 92 2.0 % Other 40 0.7 % 40 0.9 % Total mortgage loans $ 5,412 100.0 % $ 4,531 100.0 % ACL (29) (38) Total mortgage loans, net of ACL $ 5,383 $ 4,493 [1] Primarily comprised of grocery-anchored retail centers, with no exposure to regional shopping malls. Past-Due Mortgage Loans Mortgage loans are considered past due if a payment of principal or interest is not received according to the contractual terms of the loan agreement, which typically includes a grace period. As of December 31, 2021 and December 31, 2020, the Company held no mortgage loans considered past due. Mortgage Servicing The Company originates, sells, and services commercial mortgage loans on behalf of third parties and recognizes servicing fee income over the period that services are performed. As of December 31, 2021, under this program, the Company serviced mortgage loans with a total outstanding principal of $8.2 billion, of which $3.9 billion was serviced on behalf of third parties and $4.3 billion was retained and reported in total investments on the Company's Consolidated Balance Sheets. As of December 31, 2020, the Company serviced mortgage loans with a total outstanding principal balance of $6.9 billion, of which $3.7 billion was serviced on behalf of third parties and $3.2 billion was retained and reported in total investments on the Company's Consolidated Balance Sheets. Servicing rights are carried at the lower of cost or fair value and were $0 as of December 31, 2021 and December 31, 2020, because servicing fees were market-level fees at origination and remain adequate to compensate the Company for servicing the loans. Variable Interest Entities The Company is engaged with various special purpose entities and other entities that are deemed to be VIEs primarily as an investor through normal investment activities but also as an investment manager. 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 Consolidated Financial Statements. Consolidated VIEs As of December 31, 2021 and 2020, the Company did not hold any securities for which it is the primary beneficiary. Non-Consolidated VIEs The Company, through normal investment activities, makes passive investments in limited partnerships and other alternative investments. For these non-consolidated VIEs, the Company has determined it is not the primary beneficiary as it has no ability to direct activities that could significantly affect the economic performance of the investments. The Company’s maximum exposure to loss as of December 31, 2021 and 2020 is limited to the total carrying value of $1.9 billion and $1.3 billion, respectively, which are a portion of the investments in limited partnerships and other alternative investments in the Company's Consolidated Balance Sheets that are primarily recorded using the equity method of accounting. As of December 31, 2021 and 2020, the Company has outstanding commitments totaling $1.4 billion and $768, respectively, whereby the Company is committed to fund these investments and may be called by the partnership during the commitment period to fund the purchase of new investments and partnership expenses. These investments are generally of a passive nature in that the Company does not take an active role in management. In addition, the Company makes passive investments in structured securities issued by VIEs for which the Company is not the manager. These investments are included in ABS, CLOs, CMBS, and RMBS and are reported in fixed maturities, AFS, and, for assets where the Company has elected the fair value option, in other investments. 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 Company’s inability to direct the activities that most significantly impact the economic performance of the VIEs, and, where applicable, the level of credit subordination which reduces the Company’s obligation to absorb losses or right to receive benefits. The Company’s maximum exposure to loss on these investments is limited to the amount of the Company’s investment. Securities Lending, Reverse Repurchase Agreements, Other Collateral Transactions and Restricted Investments Securities Lending Under a securities lending program, the Company lends certain fixed maturities within the corporate, foreign government/government agencies, and municipal sectors as well as equity securities to qualifying third-party borrowers in return for collateral in the form of cash or securities. For domestic and non-domestic loaned securities, respectively, borrowers provide collateral of 102% and 105% of the fair value of the securities lent at the time of the loan. Borrowers will return the securities to the Company for cash or securities collateral at maturity dates generally of 90 days or less. Security collateral on deposit from counterparties in connection with securities lending transactions may not be sold or re-pledged, except in the event of default by the counterparty, and is not reflected on the Company’s Consolidated Balance Sheets. Additional collateral is obtained if the fair value of the collateral falls below 100% of the fair value of the loaned securities. The agreements are continuous and do not have stated maturity dates and provide the counterparty the right to sell or re-pledge the securities loaned. If cash, rather than securities, is received as collateral, the cash is typically invested in short-term investments or fixed maturities and is reported as an asset on the Company's Consolidated Balance Sheets. Income associated with securities lending transactions is reported as a component of net investment income in the Company’s Consolidated Statements of Operations. While the Company had securities on loan as part of a securities lending program during 2020, as of December 31, 2021 and December 31, 2020, the Company did not have any securities on loan as part of a securities lending program. Reverse Repurchase Agreements From time to time, the Company enters into reverse repurchase agreements where the Company purchases securities and simultaneously agrees to resell the same or substantially the same securities. The maturity of these transactions is generally within one year. The agreements require additional collateral to be transferred to the Company under specified conditions and the Company has the right to sell or re-pledge the securities received. The Company accounts for reverse repurchase agreements as collateralized financing. As of December 31, 2021 and December 31, 2020, the Company reported $30 and $30, respectively, within short-term investments on the Consolidated Balance Sheets representing a receivable for the amount of cash transferred to purchase the securities. Other Collateral Transactions As of December 31, 2021 and December 31, 2020, the Company pledged collateral of $9 and $34, respectively, of U.S. government securities or cash primarily related to certain bank loan participations committed to through a limited partnership agreement. Amounts also include collateral related to letters of credit. For disclosure of collateral in support of derivative transactions, refer to the Derivative Collateral Arrangements section in Note 7 - Derivatives. Other Restricted Investments The Company is required by law to deposit securities with government agencies in certain states in which it conducts business. In addition, the Company is required to hold fixed maturities and short-term investments in trust for the benefit of syndicate policyholders, hold fixed maturities in a Lloyd's of London ("Lloyd's") trust account to provide a portion of the required capital, and maintain other investments primarily consisting of overseas deposits in various countries with Lloyd's to support underwriting activities in those countries. Lloyd's is an insurance market-place operating worldwide. Lloyd's does not underwrite risks. The Company accepts risks as the sole member of Lloyd's Syndicate 1221 ("Lloyd's Syndicate"). The following table presents the components of the Company’s exposure to other restricted investments. December 31, 2021 December 31, 2020 Fair Value Fair Value Securities on deposit with government agencies $ 2,376 $ 2,600 Fixed maturities in trust for benefit of syndicate policyholders 712 661 Short-term investments in trust for benefit of syndicate policyholders 7 26 Fixed maturities in Lloyd's's trust account 160 175 Other investments 65 54 Total Other Restricted Investments $ 3,320 $ 3,516 Equity Method Investments The majority of the Company's investments in limited partnerships and other alternative investments, including hedge funds, real estate funds, and private equity funds (collectively, “limited partnerships”), are accounted for under the equity method of accounting. The remainder of investments in limited partnerships and other alternative investments consists of investments in insurer-owned life insurance accounted for at cash surrender value. Prior to June 30, 2021, the Company also had a retained 9.7% investment in Hopmeadow Holdings LP, the legal entity that acquired Talcott Resolution in May 2018 (collectively referred to as "Talcott Resolution"), which was |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | 7. DERIVATIVES 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 or income generation covered call transactions. Derivative instruments are used to manage risk associated with interest rate, equity market, credit spread, issuer default, price, and currency exchange rate 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. STRATEGIES THAT QUALIFY FOR HEDGE ACCOUNTING Some of the Company's derivatives satisfy hedge accounting requirements as outlined in Note 1 - Basis of Presentation and Significant Accounting Policies. Typically, these hedging instruments include interest rate swaps and, to a lesser extent, foreign currency swaps where the terms or expected cash flows of the hedged item closely match the terms of the swap. The interest rate swaps are typically used to manage interest rate duration of certain fixed maturity securities or debt instruments issued. 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 variable-rate fixed maturity securities to fixed rates. The Company has also entered into interest rate swaps to convert the variable interest payments on 3 month LIBOR + 2.125% junior subordinated debt to fixed interest payments. For further information, see the Junior Subordinated Debentures section within Note 14 - Debt. Foreign currency swaps are used to convert foreign currency-denominated cash flows related to certain investment receipts to U.S. dollars in order to reduce cash flow fluctuations due to changes in currency rates. The Company also previously entered into forward starting swap agreements to hedge the interest rate exposure related to the future purchase of fixed-rate securities, primarily to hedge interest rate risk inherent in the assumptions used to price certain group benefits liabilities. NON-QUALIFYING STRATEGIES Derivative relationships that do not qualify for hedge accounting (“non-qualifying strategies”) primarily include hedges of interest rate, foreign currency and equity risk of certain fixed maturities and equities. In addition, hedging and replication strategies that utilize credit default swaps do not qualify for hedge accounting. The non-qualifying strategies include: Credit Contracts Credit default swaps are used to purchase credit protection on an individual entity or referenced index to economically hedge against default risk and credit-related changes in the value of fixed maturity securities. Credit default swaps are also used to assume credit risk related to an individual entity or referenced index as a part of replication transactions. These contracts require the Company to pay or receive a periodic fee in exchange for compensation from the counterparty or the Company should the referenced security issuers experience a credit event, as defined in the contract. The Company also enters into credit default swaps to terminate existing credit default swaps, thereby offsetting the changes in value of the original swap going forward. Interest Rate Swaps, Swaptions and Futures The Company uses interest rate swaps and futures to manage interest rate duration between assets and liabilities. In addition, the Company enters into interest rate swaps to terminate existing swaps, thereby offsetting the changes in value of the original swap going forward. As of December 31, 2021 and December 31, 2020, the notional amount of interest rate swaps in offsetting relationships was $7.2 billion and $7.6 billion, respectively. Foreign Currency Swaps and Forwards The Company enters into foreign currency swaps to convert the foreign currency exposures of certain foreign currency-denominated fixed maturity investments to U.S. dollars. Equity Index Options The Company has previously entered into equity index options to hedge the impact of a decline in the equity markets on the investment portfolio. The Company has also entered into covered call options on equity securities to generate additional return. DERIVATIVE BALANCE SHEET CLASSIFICATION For reporting purposes, the Company has elected to offset within assets or liabilities based upon the net of the fair value amounts, income accruals, and related cash collateral receivables and payables of OTC derivative instruments executed in a legal entity and with the same counterparty under a master netting agreement, which provides the Company with the legal right of offset. The following fair value amounts do not include income accruals or related cash collateral receivables and payables, which are netted with derivative fair value amounts to determine balance sheet presentation. 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. Derivative Balance Sheet Presentation Net Derivatives Asset Derivatives Liability Derivatives Notional Amount Fair Value Fair Value Fair Value Hedge Designation/ Derivative Type Dec 31, 2021 Dec 31, 2020 Dec 31, 2021 Dec 31, 2020 Dec 31, 2021 Dec 31, 2020 Dec 31, 2021 Dec 31, 2020 Cash flow hedges Interest rate swaps $ 2,340 $ 2,340 $ — $ — $ — $ — $ — $ — Foreign currency swaps 437 286 6 (13) 11 3 (5) (16) Total cash flow hedges 2,777 2,626 6 (13) 11 3 (5) (16) Non-qualifying strategies Interest rate contracts Interest rate swaps and futures 7,567 8,335 (46) (69) 3 4 (49) (73) Foreign exchange contracts Foreign currency swaps and forwards 558 269 — — — — — — Credit contracts Credit derivatives that purchase credit protection 112 6 (2) — — — (2) — Credit derivatives that assume credit risk [1] — 675 — 21 — 21 — — Credit derivatives in offsetting positions 210 218 — — 3 5 (3) (5) Total non-qualifying strategies 8,447 9,503 (48) (48) 6 30 (54) (78) Total cash flow hedges and non-qualifying strategies $ 11,224 $ 12,129 $ (42) $ (61) $ 17 $ 33 $ (59) $ (94) Balance Sheet Location Fixed maturities, available-for-sale $ 413 $ 269 $ — $ — $ — $ — $ — $ — Other investments 1,452 9,585 7 23 10 25 (3) (2) Other liabilities 9,359 2,275 (49) (84) 7 8 (56) (92) Total derivatives $ 11,224 $ 12,129 $ (42) $ (61) $ 17 $ 33 $ (59) $ (94) [1] The derivative instruments related to this strategy are held for other investment purposes. Offsetting of Derivative Assets/Liabilities The following tables present the gross fair value amounts, the amounts offset, and net position of derivative instruments eligible for offset in the Company's Consolidated Balance Sheets. Amounts offset include fair value amounts, income accruals and related cash collateral receivables and payables associated with derivative instruments that are traded under a common master netting agreement, as described in the preceding discussion. Also included in the tables are financial collateral receivables and payables, which are contractually permitted to be offset upon an event of default, although are disallowed for offsetting under U.S. GAAP. Offsetting Derivative Assets and Liabilities (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 (Liabilities) Gross Amounts Offset in the Statement of Financial Position Derivative Assets [1] (Liabilities) [2] Accrued Interest and Cash Collateral (Received) [3] Pledged [2] Financial Collateral (Received) Pledged [4] Net Amount As of December 31, 2021 Other investments $ 17 $ 13 $ 7 $ (3) $ 4 $ — Other liabilities $ (59) $ (10) $ (49) $ — $ (47) $ (2) As of December 31, 2020 Other investments $ 33 $ 31 $ 23 $ (21) $ 1 $ 1 Other liabilities $ (94) $ (6) $ (84) $ (4) $ (83) $ (5) [1] Included in other investments in the Company's Consolidated Balance Sheets. [2] Included in other liabilities in the Company's Consolidated Balance Sheets and is limited to the net derivative payable associated with each counterparty. [3] Included in other investments in the Company's Consolidated Balance Sheets and is limited to the net derivative receivable associated with each counterparty. [4] Excludes collateral associated with exchange-traded derivative instruments. CASH FLOW HEDGES For derivative instruments that are designated and qualify as cash flow hedges, the gain or loss on the derivative is reported as a component of OCI and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness. Gain (Loss) Recognized in OCI Year Ended December 31, 2021 2020 2019 Interest rate swaps $ 4 $ 38 $ 18 Foreign currency swaps 24 (8) 8 Total $ 28 $ 30 $ 26 Gain (Loss) Reclassified from AOCI into Income Year Ended December 31, 2021 2020 2019 Net Realized Gain/(Loss) Net Investment Income Interest Expense Net Realized Gain/(Loss) Net Investment Income Interest Expense Net Realized Gain/(Loss) Net Investment Income Interest Expense Interest rate swaps $ — $ 41 $ (10) $ — $ 29 $ (7) $ 2 $ 4 $ 1 Foreign currency swaps — 5 — (1) 5 — — 3 — Total $ — $ 46 $ (10) $ (1) $ 34 $ (7) $ 2 $ 7 $ 1 Total amounts presented on the Consolidated Statement of Operations $ 509 $ 2,313 $ 234 $ (14) $ 1,846 $ 236 $ 395 $ 1,951 $ 259 As of December 31, 2021, 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 $25. This expectation is based on the anticipated interest payments on hedged investments in fixed maturity securities and long-term debt that will occur over the next twelve months. At that time, the Company will recognize the deferred net gains (losses) as an adjustment to net investment income or interest expense, as applicable, over the term of the hedged instrument cash flows. During the years ended December 31, 2021, 2020, and 2019, the Company had no net reclassifications from AOCI to earnings resulting from the discontinuance of cash-flow hedges due to forecasted transactions that were no longer probable of occurring. NON-QUALIFYING STRATEGIES For non-qualifying strategies, including embedded derivatives that are required to be bifurcated from their host contracts and accounted for as derivatives, the gain or loss on the derivative is recognized currently in earnings within net realized gains (losses). Non-Qualifying Strategies Recognized within Net Realized Gains (Losses) For the Year Ended December 31, 2021 2020 2019 Interest rate contracts Interest rate swaps, swaptions and futures $ 3 $ 21 $ (35) Credit contracts Credit derivatives that purchase credit protection — 2 (5) Credit derivatives that assume credit risk 7 2 32 Equity contracts Equity options — 76 (17) Foreign exchange contracts Foreign currency swaps and forwards 2 3 1 Total $ 12 $ 104 $ (24) Credit Risk Assumed through Credit Derivatives The Company enters into credit default swaps that assume credit risk of a single entity or referenced index in order to synthetically replicate investment transactions that are permissible under the Company's investment policies. The Company will receive periodic payments based on an agreed upon rate and notional amount and will only make a payment if there is a credit event. A credit event payment will typically be equal to the notional value of the swap contract less the value of the referenced security issuer’s debt obligation after the occurrence of the credit event. A credit event is generally defined as a default on contractually obligated interest or principal payments or bankruptcy of the referenced entity. The credit default swaps in which the Company assumes credit risk primarily reference investment grade single corporate issuers and baskets, which include standard diversified portfolios of corporate and CMBS issuers. The diversified portfolios of corporate issuers are established within sector concentration limits and may be divided into tranches that possess different credit ratings. Credit Risk Assumed Derivatives by Type Underlying Referenced Credit Obligation(s) [1] Notional Amount [2] Fair Value Weighted Average Years to Maturity Type Average Credit Rating Offsetting Notional Amount [3] Offsetting Fair Value [3] As of December 31, 2021 Basket credit default swaps [4] Investment grade risk exposure $ 101 $ — 6 years CMBS Credit AAA $ 101 $ — Below investment grade risk exposure 4 (2) Less than 1 year CMBS Credit CCC 4 2 Total $ 105 $ (2) $ 105 $ 2 As of December 31, 2020 Single name credit default swaps Investment grade risk exposure $ 175 $ 9 5 years Corporate Credit A- $ — $ — Basket credit default swaps [4] Investment grade risk exposure 500 12 5 years Corporate Credit BBB+ — — Investment grade risk exposure 100 1 8 years CMBS Credit AAA 100 (1) Below investment grade risk exposure 9 (4) Less than 1 year CMBS Credit CCC+ 9 4 Total $ 784 $ 18 $ 109 $ 3 [1] The average credit ratings are based on availability and are generally the midpoint of the available ratings among Moody’s, S&P, and Fitch. If no rating is available from a rating agency, then an internally developed rating is used. [2] Notional amount is equal to the maximum potential future loss amount. These derivatives are governed by agreements and applicable law which include collateral posting requirements. There is no additional specific collateral related to these contracts or recourse provisions included in the contracts to offset losses. [3] The Company has entered into offsetting credit default swaps to terminate certain existing credit default swaps, thereby offsetting the future changes in value of, or losses paid related to, the original swap. [4] Comprised of swaps of standard market indices of diversified portfolios of corporate and CMBS issuers referenced through credit default swaps. These swaps are subsequently valued based upon the observable standard market index. DERIVATIVE COLLATERAL ARRANGEMENTS The Company enters into various collateral arrangements in connection with its derivative instruments, which require both the pledging and accepting of collateral. As of December 31, 2021 and 2020, the Company has pledged cash collateral associated with derivative instruments of $2 and $0, respectively. In general, collateral receivable is recorded in other assets or other liabilities on the Company's Consolidated Balance Sheets as determined by the Company's election to offset on the balance sheet. As of December 31, 2021 and 2020, the Company pledged securities collateral associated with derivative instruments with a fair value of $48 and $90, respectively, which have been included in fixed maturities on the Consolidated Balance Sheets. The counterparties have the right to sell or re-pledge these securities. In addition, as of December 31, 2021 and 2020 , the Company has pledged initial margin of cash related to OTC-cleared and exchange traded derivatives with a fair value of $12 and $21, respectively, which is recorded in other investments or other assets on the Company's Consolidated Balance Sheets. As of |
Premiums Receivable
Premiums Receivable | 12 Months Ended |
Dec. 31, 2021 | |
Credit Loss [Abstract] | |
Premiums Receivable Note [Text Block] | 8. PREMIUMS RECEIVABLE AND AGENTS' BALANCES Premiums Receivable and Agents' Balances As of December 31, 2021 2020 Premiums receivable, excluding receivables for losses within a deductible and retrospectively-rated policy premiums ("loss sensitive business") $ 4,130 $ 3,851 Receivables for loss sensitive business, by credit quality: AAA — — AA 130 142 A 52 62 BBB 133 185 BB 64 115 Below BB 41 65 Total receivables for loss sensitive business 420 569 Total Premiums Receivable and Agents' Balances, Gross 4,550 4,420 ACL (105) (152) Total Premiums Receivable and Agents' Balances, Net of ACL $ 4,445 $ 4,268 ACL on Premiums Receivable and Agents' Balances Premiums receivable and agents' balances, excluding receivables for loss sensitive business, are primarily comprised of premiums due from policyholders, which are typically collectible within one year or less. For these balances, the ACL is estimated based on an aging of receivables and recent historical credit loss and collection experience, adjusted for current economic conditions and reasonable and supportable forecasts, when appropriate. Balances are considered past due when amounts that have been billed are not collected within contractually stipulated time periods. The Company had an immaterial amount of receivables with a due date of more than one year that are past-due. A portion of the Company's Commercial Lines business is written with large deductibles or under retrospectively-rated plans (referred to as "loss sensitive business"). Under some commercial insurance contracts with a large deductible, the Company is obligated to pay the claimant the full amount of the claim and the Company is subsequently reimbursed by the policyholder for the deductible amount. As such, the Company is subject to credit risk until reimbursement is made. Retrospectively-rated policies are utilized primarily for workers' compensation coverage, whereby the ultimate premium is adjusted based on actual losses incurred. Although the premium adjustment feature of a retrospectively-rated policy substantially reduces insurance risk for the Company, it presents credit risk to the Company. The Company’s results of operations could be adversely affected if a significant portion of such policyholders failed to reimburse the Company for the deductible amount or the amount of additional premium owed under retrospectively-rated policies. The Company manages these credit risks through credit analysis, collateral requirements, and oversight. The ACL for receivables for loss sensitive business is estimated as the amount of the receivable exposed to loss multiplied by estimated factors for probability of default and the amount of loss given a default. The probability of default is assigned based on each policyholder's credit rating, or a rating is estimated if no external rating is available. Credit ratings are reviewed and updated at least annually. The exposure amount is estimated net of collateral and other credit enhancement, considering the nature of the collateral, potential future changes in collateral values, and historical loss information for the type of collateral obtained. The probability of default factors are historical corporate defaults for receivables with similar durations estimated through multiple economic cycles. Credit ratings are forward-looking and consider a variety of economic outcomes. The loss given default factors are based on a study of historical recovery rates for general creditors through multiple economic cycles. The Company's evaluation of the required ACL for receivables for loss sensitive business considers the current economic environment as well as the probability-weighted macroeconomic scenarios similar to the approach used for estimating the ACL for mortgage loans. See Note 6 - Investments. During 2021, the ACL on premiums receivable decreased as the provision required on premiums written during the year was more than offset by write-offs and a reduction in the provision, primarily reflecting lessening expected impacts of COVID-19 relative to prior assumptions in certain lines of business. In 2020, an increase in the ACL was due to the increasing impacts of COVID-19. Rollforward of ACL on Premiums Receivable and Agents' Balances for the Year Ended December 31, 2021 December 31, 2020 Premiums Receivable and Agents' Balances, Excluding Receivables for Loss Sensitive Business Receivables for Loss Sensitive Business Total Premiums Receivable and Agents' Balances, Excluding Receivables for Loss Sensitive Business Receivables for Loss Sensitive Business Total Beginning ACL $ 117 $ 35 $ 152 $ 85 $ 60 $ 145 Cumulative effect of accounting change [1] (2) (21) (23) Adjusted beginning ACL 117 35 152 83 39 122 Current period provision (release) 17 (13) 4 78 (4) 74 Current period gross write-offs (59) — (59) (49) — (49) Current period gross recoveries 8 — 8 5 — 5 Ending ACL $ 83 $ 22 $ 105 $ 117 $ 35 $ 152 [1] Represents the adjustment to the ACL recorded on adoption of accounting guidance for credit losses on January 1, 2020. The adjusted beginning ACL was based on the Company's historical loss information adjusted for current conditions and the forecasted economic environment at the time the guidance was adopted. For further information refer to Note 1 - Basis of Presentation and Significant Accounting Policies. |
Reinsurance
Reinsurance | 12 Months Ended |
Dec. 31, 2021 | |
Insurance [Abstract] | |
Reinsurance | 9. REINSURANCE The Company cedes insurance risk to reinsurers to enable the Company to manage capital and risk exposure. Such arrangements do not relieve the Company of its primary liability to policyholders. Failure of reinsurers to honor their obligations could result in losses to the Company. The Company's procedures include carefully selecting its reinsurers, structuring agreements to provide collateral funds where necessary, and regularly monitoring the financial condition and ratings of its reinsurers. The Company has two adverse development cover (“ADC”) reinsurance agreements in place, both of which are accounted for as retroactive reinsurance. One agreement covers substantially all asbestos and environmental ("A&E") reserve development for 2016 and prior accident years ("A&E ADC") up to an aggregate limit of $1.5 billion and the other covered substantially all reserve development of Navigators Insurance Company and certain of its affiliates for 2018 and prior accident years (the Navigators ADC) up to an aggregate limit of $300. As the Company has ceded all of the $300 available limit, there is no remaining limit available as of December 31, 2021 under the Navigators ADC. For more information on ADC agreements, see Note 1 -Basis of Presentation and Significant Accounting Policies, and Note 12 -Reserve for Unpaid Losses and Loss Adjustment Expenses. Property and Casualty ceded losses, which reduce losses and loss adjustment expenses incurred, were $1,243, $1,156 and $826 for the years ended December 31, 2021, 2020 and 2019, respectively. Group Benefits ceded losses, which reduce losses and loss adjustment expenses incurred, were $85, $63 and $73 for the years ended December 31, 2021, 2020 and 2019, respectively. Reinsurance Recoverables Reinsurance recoverables include balances due from reinsurance companies and are presented net of an allowance for uncollectible reinsurance. Reinsurance recoverables include an estimate of the amount of gross losses and loss adjustment expense reserves that may be ceded under the terms of the reinsurance agreements, including incurred but not reported unpaid losses. The Company’s estimate of losses and loss adjustment expense reserves ceded to reinsurers is based on assumptions that are consistent with those used in establishing the gross reserves for amounts the Company owes to its claimants. The Company estimates its ceded reinsurance recoverables based on the terms of any applicable facultative and treaty reinsurance, including an estimate of how incurred but not reported losses will ultimately be ceded under reinsurance agreements. Accordingly, the Company’s estimate of reinsurance recoverables is subject to similar risks and uncertainties as the estimate of the gross reserve for unpaid losses and loss adjustment expenses. Reinsurance Recoverables by Credit Quality Indicator As of December 31, 2021 As of December 31, 2020 Property and Casualty Group Benefits Corporate Total Property and Casualty Group Benefits Corporate Total AM Best Financial Strength Rating A++ $ 1,860 $ — $ — $ 1,860 $ 1,598 $ — $ — $ 1,598 A+ 1,999 237 275 2,511 1,788 230 305 2,323 A 713 — — 713 638 — — 638 A- 37 9 — 46 37 9 — 46 B++ 639 — 3 642 666 — 3 669 Below B++ 20 — — 20 21 1 — 22 Total Rated by AM Best 5,268 246 278 5,792 4,748 240 308 5,296 Mandatory (Assigned) and Voluntary Risk Pools 239 — — 239 259 — — 259 Captives 331 — — 331 305 — — 305 Other not rated companies 255 5 — 260 254 5 — 259 Gross Reinsurance Recoverables 6,093 251 278 6,622 5,566 245 308 6,119 Allowance for uncollectible reinsurance (96) (1) (2) (99) (105) (1) (2) (108) Net Reinsurance Recoverables $ 5,997 $ 250 $ 276 $ 6,523 $ 5,461 $ 244 $ 306 $ 6,011 Balances are considered past due when amounts that have been billed are not collected within contractually stipulated time periods, generally 30, 60 or 90 days. To manage reinsurer credit risk, a reinsurance security review committee evaluates the credit standing, financial performance, management and operational quality of each potential reinsurer. In placing reinsurance, the Company considers the nature of the risk reinsured, including the expected liability payout duration, and establishes limits tiered by reinsurer credit rating. Where its contracts permit, the Company secures future claim obligations with various forms of collateral or other credit enhancement, including irrevocable letters of credit, secured trusts, funds held accounts and group wide offsets. As part of its reinsurance recoverable review, the Company analyzes recent developments in commutation activity between reinsurers and cedants, recent trends in arbitration and litigation outcomes in disputes between cedants and reinsurers and the overall credit quality of the Company’s reinsurers. Due to the inherent uncertainties as to collection and the length of time before reinsurance recoverables become due, it is possible that future adjustments to the Company’s reinsurance recoverables, net of the allowance, could be required, which could have a material adverse effect on the Company’s consolidated results of operations or cash flows in a particular quarter or annual period. The allowance for uncollectible reinsurance comprises an ACL and an allowance for disputed balances. The ACL is estimated as the amount of reinsurance recoverables exposed to loss multiplied by estimated factors for the probability of default and the amount of loss given a default. The probability of default is assigned based on each reinsurer's credit rating, or a rating is estimated if no external rating is available. Credit ratings are reviewed on a quarterly basis and any significant changes are reflected in an updated estimate. The probability of default factors are historical insurer and reinsurer defaults for liabilities with similar durations to the reinsured liabilities as estimated through multiple economic cycles. Credit ratings are forward-looking and consider a variety of economic outcomes. The loss given default factors are based on a study of historical recovery rates for general creditors of corporations through multiple economic cycles or, in the case of purchased annuities funding structured settlements accounted for as reinsurance, historical recovery rates for annuity contract holders. As shown in the table above, a portion of the total gross reinsurance recoverable balance relates to the Company’s participation in various mandatory (assigned) and voluntary risk pools. Reinsurance recoverables due from pools are backed by the financial position of all insurance companies participating in the pools and the credit backing the reinsurance recoverable is not limited to the financial strength of each pool. The mandatory pools generally are funded through policy assessments or surcharges and if any participant in the pool defaults, remaining liabilities are apportioned among the other members. The Company's evaluation of the required ACL for reinsurance recoverables considers the current economic environment as well as macroeconomic scenarios similar to the approach used to estimate the ACL for mortgage loans. See Note 6 - Investments. Insurance companies, including reinsurers, are regulated and hold risk-based capital to mitigate the risk of loss due to economic factors and other risks. Non-U.S. reinsurers are either subject to a capital regime substantively equivalent to domestic insurers or we hold collateral to support collection of reinsurance recoverables. As a result, there is limited history of losses from insurer defaults. There were $1 in write-offs for the period ended December 31, 2021 that would impact the ACL. The decrease in the ACL in 2021 was primarily due to a higher-than-expected recovery from one reinsurer on which the Company had recognized an ACL. In 2020, the increase in the ACL includes the increasing impacts of COVID-19. Allowance for Uncollectible Reinsurance As of December 31, 2021 As of December 31, 2020 Property and Casualty Group Benefits Corporate Total Property and Casualty Group Benefits Corporate Total Beginning allowance for uncollectible reinsurance $ 105 $ 1 $ 2 $ 108 $ 114 $ — $ — $ 114 Beginning allowance for disputed amounts 53 — — 53 66 — — 66 Beginning ACL 52 1 2 55 48 — — 48 Cumulative effect of accounting change [1] — 1 1 2 Adjusted beginning ACL 52 1 2 55 48 1 1 50 Current period provision (release) (9) — — (9) 3 — 1 4 Current period gross write-offs (1) — — (1) — — — — Current period gross recoveries — — — — 1 — — 1 Ending ACL 42 1 2 45 52 1 2 55 Ending allowance for disputed amounts 54 — — 54 53 — — 53 Ending allowance for uncollectible reinsurance $ 96 $ 1 $ 2 $ 99 $ 105 $ 1 $ 2 $ 108 [1]Represents the adjustment to the ACL recorded on adoption of accounting guidance for credit losses on January 1, 2020. For further information refer to Note 1 - Basis of Presentation and Significant Accounting Policies Insurance Revenues Property and Casualty Insurance Revenue For the years ended December 31, Premiums Written 2021 2020 2019 Direct $ 13,696 $ 12,537 $ 12,190 Assumed 631 577 371 Ceded (1,378) (1,209) (978) Net $ 12,949 $ 11,905 $ 11,583 Premiums Earned Direct $ 13,204 $ 12,551 $ 12,010 Assumed 568 540 416 Ceded (1,277) (1,173) (936) Net $ 12,495 $ 11,918 $ 11,490 Group Benefits Revenue For the years ended December 31, 2021 2020 2019 Gross earned premiums, fees and other considerations $ 5,663 $ 5,245 $ 4,122 Reinsurance assumed 128 387 1,572 Reinsurance ceded (104) (96) (91) Net earned premiums, fees and other considerations $ 5,687 $ 5,536 $ 5,603 |
Deferred Policy Acquisition Cos
Deferred Policy Acquisition Costs | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Policy Acquisition Costs Disclosures [Abstract] | |
Deferred Policy Acquisition Costs | 10. DEFERRED POLICY ACQUISITION COSTS Changes in DAC For the years ended December 31, 2021 2020 2019 Balance, beginning of period $ 789 $ 785 $ 670 Deferred costs 1,751 1,666 1,635 Amortization — DAC (1,680) (1,706) (1,622) Add back amortization of value of business acquired [1] 21 47 102 DAC transferred to assets held for sale — (3) — Balance, end of period $ 881 $ 789 $ 785 [1] While the value of in-force contracts acquired from the Navigators Group acquisition is included in other intangible assets, the amortization of that asset is recorded as DAC amortization. |
Goodwill & Other Intangible Ass
Goodwill & Other Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill & Other Intangible Assets | 11. GOODWILL & OTHER INTANGIBLE ASSETS Goodwill Carrying Value as of December 31, 2021 Commercial Lines Personal Lines Hartford Funds Group Benefits Corporate [1] Total Balance at December 31, 2019 $ 661 $ 119 $ 180 $ 723 $ 230 $ 1,913 Measurement period adjustments [2] (2) — — — — (2) Balance at December 31, 2020 $ 659 $ 119 $ 180 $ 723 $ 230 $ 1,911 Measurement period adjustments [2] — — — — — — Balance at December 31, 2021 $ 659 $ 119 $ 180 $ 723 $ 230 $ 1,911 [1] The Corporate category includes goodwill that was acquired at a holding company level and not pushed down to a subsidiary within a reportable segment. Carrying value of goodwill within Corporate as of December 31, 2021, 2020, and 2019 includes $138 and $92 for the Group Benefits and Hartford Funds reporting units, respectively. [2] For further discussion on goodwill related to the acquisition of Navigators Group, refer to Note 2 - Business Acquisitions . The annual goodwill assessment for The Hartford's reporting units was completed as of October 31, 2021, 2020, and 2019, which resulted in no write-downs of goodwill in the respective years then ended. In 2021, all reporting units passed their annual impairment test with a significant margin. Other Intangible Assets As of December 31, 2021 As of December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortized Intangible Assets: Value of in-force contracts $ 203 $ (194) $ 9 $ 203 $ (172) $ 31 Customer relationships 636 (177) 459 636 (134) 502 Marketing agreement with Aetna 16 (4) 12 16 (3) 13 Distribution Agreement [1] 79 (68) 11 79 (65) 14 Distribution and Agency relationships & Other 340 (68) 272 340 (45) 295 Total Finite Life Intangibles 1,274 (511) 763 1,274 (419) 855 Total Indefinite Life Intangible Assets 95 95 95 95 Total Other Intangible Assets $ 1,369 $ (511) $ 858 $ 1,369 $ (419) $ 950 [1] On May 28, 2020, the Company amended its distribution agreement to, among other changes in terms, extend the agreement. As a result of this extension in term, The Hartford reassessed the useful life of the distribution agreement to amortize over a remaining life of approximately 6.5 years. Expected Before Tax Amortization Expense [1] for Acquired Intangibles as of December 31, 2021 Value of In-force Contracts Other Intangible Assets 2022 $ 9 $ 70 2023 $ — $ 70 2024 $ — $ 70 2025 $ — $ 70 2026 $ — $ 70 [1] In the Consolidated Statements of Operations, the amortization of value of in-force contracts is reported in amortization of deferred policy acquisition costs and the amortization of other intangible assets is reported in amortization of other intangible assets. |
Reserve for Unpaid Losses and L
Reserve for Unpaid Losses and Loss Adjustment Expenses | 12 Months Ended |
Dec. 31, 2021 | |
Liability for Unpaid Claims and Claims Adjustment Expense, Activity in Liability [Abstract] | |
Reserve for Unpaid Losses and Loss Adjustment Expenses | Rollforward of Liabilities for Unpaid Losses and Loss Adjustment Expenses For the years ended December 31, 2021 2020 2019 Beginning liabilities for unpaid losses and loss adjustment expenses, gross $ 29,622 $ 28,261 $ 24,584 Reinsurance and other recoverables 5,725 5,275 4,232 Beginning liabilities for unpaid losses and loss adjustment expenses, net 23,897 22,986 20,352 Navigators Group acquisition — — 2,001 Provision for unpaid losses and loss adjustment expenses Current accident year 7,911 7,794 7,463 Prior accident year development [1] 199 (136) (65) Total provision for unpaid losses and loss adjustment expenses 8,110 7,658 7,398 Change in deferred gain on retroactive reinsurance included in other liabilities [1] (246) (312) (16) Payments Current accident year (2,276) (2,214) (2,374) Prior accident years (4,119) (4,190) (4,374) Total payments (6,395) (6,404) (6,748) Net change in reserves transferred to liabilities held for sale — (45) — Foreign currency adjustment 2 14 (1) Ending liabilities for unpaid losses and loss adjustment expenses, net 25,368 23,897 22,986 Reinsurance and other recoverables 6,081 5,725 5,275 Ending liabilities for unpaid losses and loss adjustment expenses, gross $ 31,449 $ 29,622 $ 28,261 [1] Prior accident year development does not include the benefit of a portion of losses ceded under the Navigators and A&E ADC which, under retroactive reinsurance accounting, is deferred and is recognized over the period the ceded losses are recovered in cash from NICO. For additional information regarding the two adverse development cover reinsurance agreements, refer to Adverse Development Covers discussion below. Property and Casualty Insurance Products Reserves, Net of Reinsurance, that are Discounted For the years ended December 31, 2021 2020 2019 Liability for unpaid losses and loss adjustment expenses, at undiscounted amounts $ 1,405 $ 1,334 $ 1,331 Amount of discount 355 367 388 Carrying value of liability for unpaid losses and loss adjustment expenses $ 1,050 $ 967 $ 943 Discount accretion included in losses and loss adjustment expenses $ 36 $ 36 $ 33 Weighted average discount rate 2.54 % 2.68 % 2.91 % Range of discount rates 0.83 % - 14.03 % 0.83 % - 14.03 % 1.76 % - 14.03 % Reserves are discounted at rates in effect at the time claims were incurred, ranging from 0.83% for accident year 2020 to 14.03% for accident year 1981. The reserves recorded for the Company’s property and casualty insurance products at December 31, 2021 represent the Company’s best estimate of its ultimate liability for losses and loss adjustment expenses related to losses covered by policies written by the Company. However, because of the significant uncertainties surrounding reserves it is possible that management’s estimate of the ultimate liabilities for these claims may change and that the required adjustment to recorded reserves could exceed the currently recorded reserves by an amount that could be material to the Company’s results of operations or cash flows. Losses and loss adjustment expenses are also impacted by trends including frequency and severity as well as changes in the legislative and regulatory environment. In the case of the reserves for asbestos exposures, factors contributing to the high degree of uncertainty in the ultimate settlement of the liabilities gross of reinsurance include inadequate loss development patterns, plaintiffs’ expanding theories of liability, the risks inherent in major litigation, and inconsistent emerging legal doctrines. In the case of the reserves for environmental exposures before reinsurance, factors contributing to the high degree of uncertainty in gross reserves include expanding theories of liabilities and damages, the risks inherent in major litigation, inconsistent decisions concerning the existence and scope of coverage for environmental claims, and uncertainty as to the monetary amount being sought by the claimant from the insured. (Favorable) Unfavorable Prior Accident Year Development For the years ended December 31, 2021 2020 2019 Workers’ compensation $ (190) $ (110) $ (120) Workers’ compensation discount accretion 35 35 33 General liability 454 237 61 Marine 1 3 8 Package business (91) (58) (47) Commercial property (26) (4) (11) Professional liability (2) (14) 29 Bond (26) (19) (3) Assumed reinsurance (6) (6) 3 Automobile liability - Commercial Lines 9 27 27 Automobile liability - Personal Lines (90) (61) (38) Homeowners 3 7 3 Net asbestos and environmental reserves — (2) — Catastrophes (154) (529) (42) Uncollectible reinsurance (6) (8) (30) Other reserve re-estimates, net 42 54 46 Prior accident year development, including full benefit for the ADC cession (47) (448) (81) Change in deferred gain on retroactive reinsurance included in other liabilities [1] 246 312 16 Total prior accident year development $ 199 $ (136) $ (65) [1]The change in deferred gain for the years ended December 31, 2021 and 2020 included $155 and $210, respectively of adverse development on A&E reserves in excess of ceded premium paid and included $91 and $102, respectively, of adverse development on Navigators 2018 and prior accident year reserves, primarily within professional liability, general liability and marine. 2021 re-estimates of prior accident year reserves Workers’ compensation reserves were decreased within small commercial and middle & large commercial for the 2013 through 2018 accident years driven by lower than previously estimated claim severity. General liability reserves were increased including an increase for sexual molestation and sexual abuse claims above the amount of reserves previously recorded for this exposure, primarily to reflect an increase in reserves for claims made against the Boy Scouts of America ("BSA") as discussed further below, partially offset by reserve decreases for other mass torts and extra contractual liability claims. In addition, the Company recognized reserve increases on Navigators’ wholesale construction business for 2018 and prior accident years, largely included within the change in deferred gain on retroactive reinsurance in the above table. Package business reserves decreased largely due to lower estimated loss adjustment expenses for accident years 2014 to 2018 and a reduction in estimated reserves for extra contractual liability claims. Commercial property reserves were decreased primarily due to favorable development for the 2020 accident year in both middle & large commercial and global specialty. Professional liability reserves were decreased due to lower estimated severity in both large and middle market directors’ and officers’ (“D&O”) insurance for older accident years. More than offsetting this favorable reserve development were reserve increases on legacy Navigators public company directors’ and officers’ insurance for 2019 and prior accident years, a portion of which is reflected within the change in deferred gain on retroactive reinsurance in the above table. Bond reserves were reduced mostly due to favorable emergence on contract surety claims driven by higher than previously anticipated recoveries, largely for the 2016 to 2017 accident years. Automobile liability reserves were decreased in Personal Lines principally due to lower estimated severity on AARP Direct and Agency claims, primarily within accident years 2017 to 2020, and a reduction in estimated reserves for extra contractual liability claims. Catastrophes reserves were decreased in both Commercial and Personal Lines primarily driven by a reduction in reserves for 2018 and 2019 wind and hail events, lower estimated losses from 2018 and 2020 hurricanes, a reduction in estimated losses from the 2017 and 2018 California wildfires, including an expected recovery of subrogation from a utility related to the 2018 Woolsey wildfire in California, and a reduction in losses relating to the 2020 civil unrest. Asbestos and environmental reserves were reviewed in fourth quarter 2021 resulting in a $155 increase in reserves before ADC reinsurance, including $106 for asbestos and $49 for environmental. The Company recognized a $155 deferred gain on retroactive reinsurance, representing the amount of losses ceded to the ADC in excess of ceded premium paid. For additional information related to the adverse development cover with NICO, see the Adverse Development Covers section below and Note 15 - Commitments and Contingencies. Other reserve re-estimates, net, were increased primarily due to an increase in reserves for sexual molestation and sexual abuse claims within P&C Other Operations, principally on assumed reinsurance, as well as an increase in unallocated loss adjustment expense ("ULAE") reserves within P&C Other Operations driven by an increase in gross asbestos and environmental reserves. 2020 re-estimates of prior accident year reserves Workers’ compensation reserves were reduced on national account business within middle & large commercial, driven by lower than previously estimated claim severity for the 2015 and prior accident years, including on captives business, and were reduced in small commercial due to lower than expected claim severity for the 2013 to 2018 accident years . General liability reserves were increased primarily due to a $254 increase in reserves for sexual molestation and sexual abuse claims related to cases brought against religious and other organizations that were insureds of the Company, partly offset by a decrease in reserves for other mass torts and extra contractual liability claims. The sexual molestation and sexual abuse exposures may involve potentially long latency periods and may implicate coverage in multiple policy periods, which can raise complex coverage issues with significant effects on the ultimate scope of coverage. This increase in reserves reflects an increase in claim incidence largely due to reviver statutes, which is legislation passed in a number of states that provides an opportunity for claimants to file claims for a period of time despite the fact that the original statute of limitations had expired. The reserve increase in 2020 was principally from claims asserted against the Boy Scouts of America (“Boy Scouts”). In addition, general liability reserve increases on construction account business were largely offset by decreases in ULAE reserves. Reserves were increased for guaranteed cost construction business for accident years 2014 to 2019 as incurred losses are developing higher than previously expected for premises and operations claims and product liability claims, partly due to a change in industry mix and a heavier concentration of losses in California than initially assumed, as well as increased reserves for middle market and complex liability claims for accident year 2018 largely due to higher than expected severity. Also contributing were increases in reserves on primary layer construction account business within global specialty, mainly related to accident years 2015 to 2017, which is included as a component of the change in deferred gain under retroactive reinsurance in the above table. Marine reserves were increased principally due to an increase in domestic marine liability, mostly in accident years 2017 and 2018 due to a higher number of large losses. The increase in marine reserves is included as a component of the change in deferred gain under retroactive reinsurance in the above table . Package business reserves decreased for accident years 2014 to 2017 largely due to lower estimates of allocated loss adjustment expenses. Commercial property reserves were decreased for accident year 2019 due to favorable developments on marine and middle market property claims. Professional liability reserves were decreased primarily due to lower estimated severity on non-security class action D&O claims and fewer than expected E&O claims with financial institutions for the 2011 to 2018 accident years, partially offset by an increase in D&O reserves for the 2019 accident year driven by higher frequency of class action lawsuits and an increase in large Syndicate D&O losses for the 2016 and 2017 accident years. These Syndicate reserve increases within global specialty are included as a component of the change in deferred gain under retroactive reinsurance in the above table. Bond reserves were reduced within contract surety driven by both favorable loss development on the 2015 to 2017 accident years and higher than expected loss recoveries on older accident years Assumed reinsurance reserves were increased for accident year 2018 mostly due to higher accident and health reserve estimates for medical professionals on assumed casualty business. These reserve increases are included as a component of the change in deferred gain under retroactive reinsurance in the above table . Automobile liability reserves were decreased in Personal Lines principally due to lower than previously expected AARP Direct automobile liability claim severity for the 2017 to 2019 accident years. Automobile liability reserves were increased in Commercial Lines primarily due to higher than expected large losses within middle & large commercial, predominantly within the 2015 to 2019 accident years. Catastrophes reserves were reduced, primarily due to a reduction in estimated reserves for 2017 and 2018 California wildfires and a reduction in estimated catastrophes for wind and hail events in the 2017 to 2019 accident years, partially offset by an increase in reserves for 2019 typhoons Hagibis and Faxai in Asia. The reduction in reserves for the 2017 and 2018 wildfires was largely due to recognizing a $289 subrogation benefit in the second quarter of 2020 from PG&E Corporation and Pacific Gas and Electric Company ("PG&E") as well as a reduction in gross estimated losses on those wildfires. In December, 2019, the judge overseeing the bankruptcy of PG&E approved an $11 billion settlement of insurance subrogation claims to resolve all such claims arising from the 2017 Northern California wildfires and 2018 Camp wildfire. That settlement was contingent upon, among other things, the judge entering an order confirming PG&E’s chapter 11 bankruptcy plan (“PG&E Plan”) incorporating the settlement agreement. On June 20, 2020, the bankruptcy court judge approved the PG&E Plan and PG&E subsequently transferred the $11 billion settlement amount to a trust designed to allocate and distribute the settlement among subrogation holders, including certain of the Company’s insurance subsidiaries. In the second quarter of 2020, the Company recorded an estimated $289 subrogation benefit though the ultimate amount it collects will depend on how the Company’s ultimate paid claims subject to subrogation compare to other insurers’ ultimate paid claims subject to subrogation. Uncollectible reinsurance reserves were reduced due to higher than expected recoveries from reinsurers in older accident years. Asbestos and environmental reserves were reviewed in fourth quarter 2020 resulting in a $218 increase in reserves before ADC reinsurance, including $127 for asbestos and $91 for environmental. Of the $218 increase in A&E reserves, the Company ceded $220 to the A&E ADC resulting in a net reserve release of $2. Of the $220 of adverse development ceded to the A&E ADC, the Company recognized a $210 deferred gain on retroactive reinsurance, representing the amount of losses ceded to the ADC in excess of ceded premium paid. For additional information related to the adverse development cover with NICO, see the Adverse Development Covers section below and Note 15 - Commitments and Contingencies. Other reserve re-estimates, net, primarily represents an increase in ULAE reserves in Property & Casualty Other Operations that was largely driven by an increase in gross asbestos and environmental reserves. 2019 re-estimates of prior accident year reserves Workers’ compensation reserves were reduced, principally in small commercial driven by lower than previously estimated claim severity for the 2014 through 2017 accident years and, to a lesser extent, in national accounts due to lower estimated claim severity, primarily for accident years 2013 and prior. General liability reserves were increased, primarily due to reserve increases in small commercial for accident years 2017 and 2018 due to higher frequency of high-severity bodily injury claims, reserve increases in middle & large commercial for accident years 2015 to 2018 due to higher estimated severity, as well as increased estimated severity on the acquired Navigators Group book of business related to U.S. construction, premises liability, products liability and excess casualty, mostly related to accident years 2014 to 2017. In addition, an increase in reserves for mass torts for 2009 and prior accident years was offset by a decrease in reserves for extra contractual liability claims for more recent accident years, including the 2018 accident year. Marine reserves were increased, principally related to pollution exposure from the 1980s and 1990s related to the Navigators Group book of business. Package business reserves were decreased, primarily due to favorable emergence on property claims related to accident years 2016 through 2018 and due to favorable development of loss adjustment expenses on general liability claims for 2017 and prior accident years. Commercial property reserves were decreased, principally due to favorable emergence of reported losses, including on the acquired Navigators Group book of business, related to offshore energy in accident years 2017 to 2018 and construction engineering across accident years 2015 to 2018. Professional liability reserves were increased, primarily due to increased securities litigation and large loss activity, including wrongful termination and discrimination claims, related to accident years 2017 and 2018 and increased estimated frequency and severity of directors’ and officers’ reserves on the Navigators Group book of business, principally for the 2014 to 2018 accident years. Partially offsetting the increase was a decrease in average severity on public company directors’ and officers’ claim reserves and errors and omissions claim reserves for accident years 2014 and prior. Automobile liability reserves were decreased in Personal Lines and increased in Commercial Lines. The decrease in Personal Lines was due to the emergence of lower estimated severity in automobile liability for accident year 2017. The increase in Commercial Lines was due to higher estimated severity on national accounts, principally in accident years 2017 and 2018, and higher estimated severity for accident year 2018 in small commercial and middle market, partially offset by lower estimated severity for 2017 and prior accident years in small commercial and middle market. Catastrophes reserves were reduced, primarily as a result of lower estimated net losses from 2017 hurricanes Harvey and Irma and the 2017 California wildfires. While gross loss reserve estimates for the 2018 California wildfires were also reduced, this was largely offset by a reduction in reinsurance recoverables resulting in very little change to estimated net losses from those wildfires. Uncollectible reinsurance reserves were reduced due to higher than expected recoveries from reinsurers in older accident years. Other reserve re-estimates, net, primarily represents an increase in ULAE reserves in Property & Casualty Other Operations that was driven by an increase in gross asbestos and environmental reserves, as well as higher than anticipated ULAE costs in recent years, prompting an increase in the projected ULAE run rate. Settlement Agreement with Boy Scouts of America On September 14, 2021, the Company announced that it entered into a new agreement-in-principle with the BSA, related to sexual molestation and sexual abuse claims associated with liability policies issued by various Hartford writing companies in the 1970s and early 1980s, superseding its prior agreement of April 16, 2021, which now includes the BSA, its local councils and the representatives of a majority of the sexual abuse claimants. As part of the agreement-in-principle, The Hartford will pay $787, before tax, for claims associated with policies mostly issued in the 1970s. In exchange for The Hartford’s payment, the BSA and its local councils will fully release The Hartford from any obligation under policies The Hartford issued to the BSA and its local councils. In addition, the representatives for the claimants joining this agreement-in-principle will support a plan of reorganization which incorporates the settlement. The prior agreement of April 16, 2021 to settle these claims for $650 did not include the local councils or representatives of a majority of the claimants. The agreement-in-principle was reached in connection with BSA’s Chapter 11 bankruptcy and will become a final settlement upon the occurrence of certain conditions, including, but not limited to, execution of a definitive settlement agreement, confirmation of BSA’s plan of reorganization, receipt of executed releases from the local councils, and approval of the parties' settlement as part of the confirmation of BSA's plan of reorganization by the bankruptcy and district courts. Assuming that all conditions are satisfied, the parties to the agreement-in-principle expect to receive court approval of the settlement by mid 2022. However, no assurance can be given that all the conditions precedent to the settlement will be satisfied or that final court approval, if obtained, will not be delayed for various procedural reasons. If the bankruptcy court ultimately does not approve BSA’s plan of reorganization including terms of the agreement-in-principle, it is possible that adverse outcomes, if any, could have a material adverse effect on the Company’s consolidated operating results. Adverse Development Covers The Company has an adverse development cover reinsurance agreement with NICO, a subsidiary of Berkshire Hathaway Inc., to reinsure loss development after 2016 on substantially all of the Company’s asbestos and environmental reserves (the “A&E ADC”). Under the A&E ADC, the Company paid a reinsurance premium of $650 for NICO to assume adverse net loss reserve development up to $1.5 billion above the Company’s existing net A&E reserves as of December 31, 2016 of approximately $1.7 billion including reserves for A&E exposure for accident years prior to 1986 that are reported in Property & Casualty Other Operations ("Run-off A&E") and reserves for A&E exposure for accident years 1986 and subsequent from policies underwritten prior to 2016 that are reported in ongoing Commercial Lines and Personal Lines. The $650 reinsurance premium was placed into a collateral trust account as security for NICO’s claim payment obligations to the Company. The Company has retained the risk of collection on amounts due from other third-party reinsurers and continues to be responsible for claims handling and other administrative services, subject to certain conditions. The A&E ADC covers substantially all the Company’s A&E reserve development up to the reinsurance limit. Under retroactive reinsurance accounting, net adverse A&E reserve development after December 31, 2016 results in an offsetting reinsurance recoverable up to the $1.5 billion limit. Cumulative ceded losses up to the $650 reinsurance premium paid have been recognized as a dollar-for-dollar offset to direct losses incurred. Cumulative ceded losses exceeding the $650 reinsurance premium paid result in a deferred gain. As of December 31, 2021, the Company has incurred $1,015 in cumulative adverse development on asbestos and environmental reserves that have been ceded under the A&E ADC treaty with NICO with $485 of available limit remaining under the A&E ADC. As a result, the Company has recorded a $365 deferred gain within other liabilities, representing the difference between the reinsurance recoverable of $1,015 and ceded premium paid of $650. The deferred gain is recognized over the claim settlement period in the proportion of the amount of cumulative ceded losses collected from the reinsurer to the estimated ultimate reinsurance recoveries. Consequently, until periods when the deferred gain is recognized as a benefit to earnings, cumulative adverse development of asbestos and environmental claims will result in charges against earnings which may be significant. Immediately after closing on the acquisition of Navigators Group, effective May 23, 2019, the Company purchased the Navigators ADC, an aggregate excess of loss reinsurance agreement covering adverse reserve development, from NICO on behalf of Navigators Insurers. Under the Navigators ADC, the Navigators Insurers paid NICO a reinsurance premium of $91 in exchange for reinsurance coverage of $300 of adverse net loss reserve development that attaches $100 above the Navigators Insurers' existing net loss and allocated loss adjustment reserves as of December 31, 2018 subject to the treaty of $1.816 billion for accidents and losses prior to December 31, 2018. As of December 31, 2021, the Company has recorded a reinsurance recoverable under the Navigators ADC of $300 as estimated cumulative loss development on the 2018 and prior accident year reserves has exhausted the treaty limit. While the reinsurance recoverable is $300, the Company has recorded a $209 cumulative deferred gain within other liabilities since, under retroactive reinsurance accounting, ceded losses in excess of the $91 of ceded premium paid must be recognized as a deferred gain. Of the $209 of cumulative ceded losses in excess of ceded premium paid, $91, $102 and $16 were recognized as changes in deferred gain in 2021, 2020 and 2019, respectively. Reconciliation of Loss Development to Liability for Unpaid Losses and Loss Adjustment Expenses As of December 31, 2021 Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance Subtotal Reserve Line Cumulative Incurred for Accident Years Displayed in Triangles Cumulative Paid for Accident Years Displayed in Triangles Unpaid for Accident Years not Displayed in Triangles Unpaid Unallocated Loss Adjustment Expenses, Net of Reinsurance Discount Unpaid Losses and Loss Adjustment Expenses, Net of Reinsurance Reinsurance and Other Recoverables Liability for Unpaid Losses and Loss Adjustment Expenses Workers' compensation $ 18,263 $ (9,992) $ 2,981 $ 348 $ (341) $ 11,259 $ 1,793 $ 13,052 General liability 6,731 (3,157) 1,240 146 — 4,960 870 5,830 Marine 1,516 (1,242) 17 12 — 303 235 538 Package business 6,952 (5,208) 77 103 — 1,924 90 2,014 Commercial property 3,830 (3,342) 24 18 — 530 268 798 Commercial automobile liability 3,908 (2,778) 22 23 — 1,175 91 1,266 Commercial automobile physical damage 172 (162) 4 — — 14 (1) 13 Professional liability 2,511 (1,335) 47 38 — 1,261 781 2,042 Bond 625 (254) 32 31 — 434 10 444 Assumed Reinsurance 1,384 (1,106) 3 4 — 285 50 335 Personal automobile liability 11,104 (9,809) 29 66 — 1,390 23 1,413 Personal automobile physical damage 1,200 (1,170) 7 3 — 40 — 40 Homeowners 6,307 (5,982) 5 34 — 364 17 381 Other ongoing business 183 5 (14) 174 310 484 Asbestos and environmental [1] 724 — — 724 1,545 2,269 Other operations [1] 374 157 — 531 (1) 530 Total P&C $ 64,503 $ (45,537) $ 5,769 $ 988 $ (355) $ 25,368 $ 6,081 $ 31,449 [1] Asbestos and environmental and other operations include asbestos, environmental and other latent exposures not foreseen when coverages were written, including, but not limited to, potential liability for pharmaceutical products, silica, talcum powder, head injuries, lead paint, construction defects, sexual molestation and sexual abuse and other long-tail liabilities. These reserve lines do not have significant paid or incurred loss development for the most recent ten accident years and therefore do not have loss development displayed in triangles. The reserve lines in the above table and the loss triangles that follow represent the significant lines of business for which the Company regularly reviews the appropriateness of reserve levels. These reserve lines differ from the reserve lines reported on a statutory basis, as prescribed by the National Association of Insurance Commissioners ("NAIC"). The cumulative incurred losses displayed in the above table include the full reinsurance benefit of ceding $300 of losses to the Navigators ADC even though $209 of that benefit has been recorded as a deferred gain within other liabilities and recognized as a charge to earnings within incurred loss and loss adjustment expenses included in the consolidated statement of operations. The $300 of Navigators Insurers losses ceded to the Navigators ADC included in the following triangles $110 for professional liability,$86 for general liability, $39 for marine, $29 for assumed reinsurance, $16 for commercial automobile and $3 for commercial property and included $17 for older accident years and lines of business that are not in the following triangles. The following loss triangles present historical loss development for incurred and paid claims by accident year, including loss development on Navigators Insurers reserves prior to and after the May 23, 2019 acquisition date. Because the loss triangles include pre-acquisition date changes in ultimate incurred loss estimates for Navigators Insurers’ reserves, changes in reserve development evident in the incurred loss triangles may differ from prior accident year development recorded by the Company as shown in the (Favorable) Unfavorable Prior Accident Year Development table above as that only includes changes in Navigators Insurers’ reserves post acquisition. In addition, the incurred loss triangles include reserve development on both catastrophe and non-catastrophe claims whereas the (Favorable) Unfavorable Prior Accident Year Development table above shows the total amount of catastrophe reserve development across all lines of business on a single line. Triangles are limited to the number of years for which claims incurred typically remain outstanding, not exceeding ten years. Short-tail lines, which represent claims generally expected to be paid within a few years, have three years of claim development displayed. Incurred but not reported ("IBNR") reserves shown in loss triangles include reserves for incurred but not reported claims as well as reserves for expected development on reported claims. Incurred and cumulative paid losses in currencies other than the U.S. dollar have been converted into U.S. dollars using the exchange rates as of December 31, 2021. Workers' Compensation Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended December 31, (Unaudited) Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 IBNR Claims 2012 $ 2,185 $ 2,207 $ 2,207 $ 2,181 $ 2,168 $ 2,169 $ 2,154 $ 2,146 $ 2,135 $ 2,133 $ 310 171,562 2013 2,020 1,981 1,920 1,883 1,861 1,861 1,850 1,831 1,811 346 151,492 2014 1,869 1,838 1,789 1,761 1,713 1,692 1,679 1,654 386 126,288 2015 1,873 1,835 1,801 1,724 1,714 1,699 1,667 412 114,113 2016 1,772 1,772 1,780 1,767 1,748 1,708 489 112,302 2017 1,862 1,869 1,840 1,822 1,757 636 111,800 2018 1,916 1,917 1,915 1,904 726 118,951 2019 1,937 1,935 1,934 844 119,416 2020 1,865 1,864 1,114 90,199 2021 1,831 1,314 93,860 Total $ 18,263 Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended December 31, (Unaudited) Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 359 $ 809 $ 1,106 $ 1,313 $ 1,436 $ 1,529 $ 1,587 $ 1,644 $ 1,678 $ 1,706 2013 304 675 917 1,071 1,175 1,260 1,304 1,339 1,361 2014 275 598 811 960 1,041 1,099 1,137 1,167 2015 261 576 778 909 1,004 1,068 1,117 2016 255 579 779 908 1,003 1,064 2017 261 575 778 900 977 2018 283 624 837 983 2019 291 637 856 2020 223 507 2021 254 Total $ 9,992 General Liability Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended December 31, (Unaudited) Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 IBNR Claims 2012 $ 423 $ 402 $ 399 $ 392 $ 410 $ 408 $ 421 $ 413 $ 407 $ 406 $ 41 16,768 2013 455 442 456 484 488 502 505 508 500 42 14,134 2014 506 475 481 494 513 522 515 505 52 15,242 2015 556 560 554 594 633 647 637 71 15,627 2016 613 583 607 632 632 620 92 16,817 2017 626 614 613 615 613 174 16,447 2018 692 669 697 703 295 17,749 2019 822 827 822 512 16,858 2020 938 923 739 11,991 2021 1,002 929 8,364 Total $ 6,731 Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended December 31, (Unaudited) Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 13 $ 55 $ 101 $ 17 |
Reserve for Future Policy Benef
Reserve for Future Policy Benefits | 12 Months Ended |
Dec. 31, 2021 | |
Insurance Loss Reserves [Abstract] | |
Reserve for Future Policy Benefits | Rollforward of Liabilities for Unpaid Losses and Loss Adjustment Expenses For the years ended December 31, 2021 2020 2019 Beginning liabilities for unpaid losses and loss adjustment expenses, gross $ 29,622 $ 28,261 $ 24,584 Reinsurance and other recoverables 5,725 5,275 4,232 Beginning liabilities for unpaid losses and loss adjustment expenses, net 23,897 22,986 20,352 Navigators Group acquisition — — 2,001 Provision for unpaid losses and loss adjustment expenses Current accident year 7,911 7,794 7,463 Prior accident year development [1] 199 (136) (65) Total provision for unpaid losses and loss adjustment expenses 8,110 7,658 7,398 Change in deferred gain on retroactive reinsurance included in other liabilities [1] (246) (312) (16) Payments Current accident year (2,276) (2,214) (2,374) Prior accident years (4,119) (4,190) (4,374) Total payments (6,395) (6,404) (6,748) Net change in reserves transferred to liabilities held for sale — (45) — Foreign currency adjustment 2 14 (1) Ending liabilities for unpaid losses and loss adjustment expenses, net 25,368 23,897 22,986 Reinsurance and other recoverables 6,081 5,725 5,275 Ending liabilities for unpaid losses and loss adjustment expenses, gross $ 31,449 $ 29,622 $ 28,261 [1] Prior accident year development does not include the benefit of a portion of losses ceded under the Navigators and A&E ADC which, under retroactive reinsurance accounting, is deferred and is recognized over the period the ceded losses are recovered in cash from NICO. For additional information regarding the two adverse development cover reinsurance agreements, refer to Adverse Development Covers discussion below. Property and Casualty Insurance Products Reserves, Net of Reinsurance, that are Discounted For the years ended December 31, 2021 2020 2019 Liability for unpaid losses and loss adjustment expenses, at undiscounted amounts $ 1,405 $ 1,334 $ 1,331 Amount of discount 355 367 388 Carrying value of liability for unpaid losses and loss adjustment expenses $ 1,050 $ 967 $ 943 Discount accretion included in losses and loss adjustment expenses $ 36 $ 36 $ 33 Weighted average discount rate 2.54 % 2.68 % 2.91 % Range of discount rates 0.83 % - 14.03 % 0.83 % - 14.03 % 1.76 % - 14.03 % Reserves are discounted at rates in effect at the time claims were incurred, ranging from 0.83% for accident year 2020 to 14.03% for accident year 1981. The reserves recorded for the Company’s property and casualty insurance products at December 31, 2021 represent the Company’s best estimate of its ultimate liability for losses and loss adjustment expenses related to losses covered by policies written by the Company. However, because of the significant uncertainties surrounding reserves it is possible that management’s estimate of the ultimate liabilities for these claims may change and that the required adjustment to recorded reserves could exceed the currently recorded reserves by an amount that could be material to the Company’s results of operations or cash flows. Losses and loss adjustment expenses are also impacted by trends including frequency and severity as well as changes in the legislative and regulatory environment. In the case of the reserves for asbestos exposures, factors contributing to the high degree of uncertainty in the ultimate settlement of the liabilities gross of reinsurance include inadequate loss development patterns, plaintiffs’ expanding theories of liability, the risks inherent in major litigation, and inconsistent emerging legal doctrines. In the case of the reserves for environmental exposures before reinsurance, factors contributing to the high degree of uncertainty in gross reserves include expanding theories of liabilities and damages, the risks inherent in major litigation, inconsistent decisions concerning the existence and scope of coverage for environmental claims, and uncertainty as to the monetary amount being sought by the claimant from the insured. (Favorable) Unfavorable Prior Accident Year Development For the years ended December 31, 2021 2020 2019 Workers’ compensation $ (190) $ (110) $ (120) Workers’ compensation discount accretion 35 35 33 General liability 454 237 61 Marine 1 3 8 Package business (91) (58) (47) Commercial property (26) (4) (11) Professional liability (2) (14) 29 Bond (26) (19) (3) Assumed reinsurance (6) (6) 3 Automobile liability - Commercial Lines 9 27 27 Automobile liability - Personal Lines (90) (61) (38) Homeowners 3 7 3 Net asbestos and environmental reserves — (2) — Catastrophes (154) (529) (42) Uncollectible reinsurance (6) (8) (30) Other reserve re-estimates, net 42 54 46 Prior accident year development, including full benefit for the ADC cession (47) (448) (81) Change in deferred gain on retroactive reinsurance included in other liabilities [1] 246 312 16 Total prior accident year development $ 199 $ (136) $ (65) [1]The change in deferred gain for the years ended December 31, 2021 and 2020 included $155 and $210, respectively of adverse development on A&E reserves in excess of ceded premium paid and included $91 and $102, respectively, of adverse development on Navigators 2018 and prior accident year reserves, primarily within professional liability, general liability and marine. 2021 re-estimates of prior accident year reserves Workers’ compensation reserves were decreased within small commercial and middle & large commercial for the 2013 through 2018 accident years driven by lower than previously estimated claim severity. General liability reserves were increased including an increase for sexual molestation and sexual abuse claims above the amount of reserves previously recorded for this exposure, primarily to reflect an increase in reserves for claims made against the Boy Scouts of America ("BSA") as discussed further below, partially offset by reserve decreases for other mass torts and extra contractual liability claims. In addition, the Company recognized reserve increases on Navigators’ wholesale construction business for 2018 and prior accident years, largely included within the change in deferred gain on retroactive reinsurance in the above table. Package business reserves decreased largely due to lower estimated loss adjustment expenses for accident years 2014 to 2018 and a reduction in estimated reserves for extra contractual liability claims. Commercial property reserves were decreased primarily due to favorable development for the 2020 accident year in both middle & large commercial and global specialty. Professional liability reserves were decreased due to lower estimated severity in both large and middle market directors’ and officers’ (“D&O”) insurance for older accident years. More than offsetting this favorable reserve development were reserve increases on legacy Navigators public company directors’ and officers’ insurance for 2019 and prior accident years, a portion of which is reflected within the change in deferred gain on retroactive reinsurance in the above table. Bond reserves were reduced mostly due to favorable emergence on contract surety claims driven by higher than previously anticipated recoveries, largely for the 2016 to 2017 accident years. Automobile liability reserves were decreased in Personal Lines principally due to lower estimated severity on AARP Direct and Agency claims, primarily within accident years 2017 to 2020, and a reduction in estimated reserves for extra contractual liability claims. Catastrophes reserves were decreased in both Commercial and Personal Lines primarily driven by a reduction in reserves for 2018 and 2019 wind and hail events, lower estimated losses from 2018 and 2020 hurricanes, a reduction in estimated losses from the 2017 and 2018 California wildfires, including an expected recovery of subrogation from a utility related to the 2018 Woolsey wildfire in California, and a reduction in losses relating to the 2020 civil unrest. Asbestos and environmental reserves were reviewed in fourth quarter 2021 resulting in a $155 increase in reserves before ADC reinsurance, including $106 for asbestos and $49 for environmental. The Company recognized a $155 deferred gain on retroactive reinsurance, representing the amount of losses ceded to the ADC in excess of ceded premium paid. For additional information related to the adverse development cover with NICO, see the Adverse Development Covers section below and Note 15 - Commitments and Contingencies. Other reserve re-estimates, net, were increased primarily due to an increase in reserves for sexual molestation and sexual abuse claims within P&C Other Operations, principally on assumed reinsurance, as well as an increase in unallocated loss adjustment expense ("ULAE") reserves within P&C Other Operations driven by an increase in gross asbestos and environmental reserves. 2020 re-estimates of prior accident year reserves Workers’ compensation reserves were reduced on national account business within middle & large commercial, driven by lower than previously estimated claim severity for the 2015 and prior accident years, including on captives business, and were reduced in small commercial due to lower than expected claim severity for the 2013 to 2018 accident years . General liability reserves were increased primarily due to a $254 increase in reserves for sexual molestation and sexual abuse claims related to cases brought against religious and other organizations that were insureds of the Company, partly offset by a decrease in reserves for other mass torts and extra contractual liability claims. The sexual molestation and sexual abuse exposures may involve potentially long latency periods and may implicate coverage in multiple policy periods, which can raise complex coverage issues with significant effects on the ultimate scope of coverage. This increase in reserves reflects an increase in claim incidence largely due to reviver statutes, which is legislation passed in a number of states that provides an opportunity for claimants to file claims for a period of time despite the fact that the original statute of limitations had expired. The reserve increase in 2020 was principally from claims asserted against the Boy Scouts of America (“Boy Scouts”). In addition, general liability reserve increases on construction account business were largely offset by decreases in ULAE reserves. Reserves were increased for guaranteed cost construction business for accident years 2014 to 2019 as incurred losses are developing higher than previously expected for premises and operations claims and product liability claims, partly due to a change in industry mix and a heavier concentration of losses in California than initially assumed, as well as increased reserves for middle market and complex liability claims for accident year 2018 largely due to higher than expected severity. Also contributing were increases in reserves on primary layer construction account business within global specialty, mainly related to accident years 2015 to 2017, which is included as a component of the change in deferred gain under retroactive reinsurance in the above table. Marine reserves were increased principally due to an increase in domestic marine liability, mostly in accident years 2017 and 2018 due to a higher number of large losses. The increase in marine reserves is included as a component of the change in deferred gain under retroactive reinsurance in the above table . Package business reserves decreased for accident years 2014 to 2017 largely due to lower estimates of allocated loss adjustment expenses. Commercial property reserves were decreased for accident year 2019 due to favorable developments on marine and middle market property claims. Professional liability reserves were decreased primarily due to lower estimated severity on non-security class action D&O claims and fewer than expected E&O claims with financial institutions for the 2011 to 2018 accident years, partially offset by an increase in D&O reserves for the 2019 accident year driven by higher frequency of class action lawsuits and an increase in large Syndicate D&O losses for the 2016 and 2017 accident years. These Syndicate reserve increases within global specialty are included as a component of the change in deferred gain under retroactive reinsurance in the above table. Bond reserves were reduced within contract surety driven by both favorable loss development on the 2015 to 2017 accident years and higher than expected loss recoveries on older accident years Assumed reinsurance reserves were increased for accident year 2018 mostly due to higher accident and health reserve estimates for medical professionals on assumed casualty business. These reserve increases are included as a component of the change in deferred gain under retroactive reinsurance in the above table . Automobile liability reserves were decreased in Personal Lines principally due to lower than previously expected AARP Direct automobile liability claim severity for the 2017 to 2019 accident years. Automobile liability reserves were increased in Commercial Lines primarily due to higher than expected large losses within middle & large commercial, predominantly within the 2015 to 2019 accident years. Catastrophes reserves were reduced, primarily due to a reduction in estimated reserves for 2017 and 2018 California wildfires and a reduction in estimated catastrophes for wind and hail events in the 2017 to 2019 accident years, partially offset by an increase in reserves for 2019 typhoons Hagibis and Faxai in Asia. The reduction in reserves for the 2017 and 2018 wildfires was largely due to recognizing a $289 subrogation benefit in the second quarter of 2020 from PG&E Corporation and Pacific Gas and Electric Company ("PG&E") as well as a reduction in gross estimated losses on those wildfires. In December, 2019, the judge overseeing the bankruptcy of PG&E approved an $11 billion settlement of insurance subrogation claims to resolve all such claims arising from the 2017 Northern California wildfires and 2018 Camp wildfire. That settlement was contingent upon, among other things, the judge entering an order confirming PG&E’s chapter 11 bankruptcy plan (“PG&E Plan”) incorporating the settlement agreement. On June 20, 2020, the bankruptcy court judge approved the PG&E Plan and PG&E subsequently transferred the $11 billion settlement amount to a trust designed to allocate and distribute the settlement among subrogation holders, including certain of the Company’s insurance subsidiaries. In the second quarter of 2020, the Company recorded an estimated $289 subrogation benefit though the ultimate amount it collects will depend on how the Company’s ultimate paid claims subject to subrogation compare to other insurers’ ultimate paid claims subject to subrogation. Uncollectible reinsurance reserves were reduced due to higher than expected recoveries from reinsurers in older accident years. Asbestos and environmental reserves were reviewed in fourth quarter 2020 resulting in a $218 increase in reserves before ADC reinsurance, including $127 for asbestos and $91 for environmental. Of the $218 increase in A&E reserves, the Company ceded $220 to the A&E ADC resulting in a net reserve release of $2. Of the $220 of adverse development ceded to the A&E ADC, the Company recognized a $210 deferred gain on retroactive reinsurance, representing the amount of losses ceded to the ADC in excess of ceded premium paid. For additional information related to the adverse development cover with NICO, see the Adverse Development Covers section below and Note 15 - Commitments and Contingencies. Other reserve re-estimates, net, primarily represents an increase in ULAE reserves in Property & Casualty Other Operations that was largely driven by an increase in gross asbestos and environmental reserves. 2019 re-estimates of prior accident year reserves Workers’ compensation reserves were reduced, principally in small commercial driven by lower than previously estimated claim severity for the 2014 through 2017 accident years and, to a lesser extent, in national accounts due to lower estimated claim severity, primarily for accident years 2013 and prior. General liability reserves were increased, primarily due to reserve increases in small commercial for accident years 2017 and 2018 due to higher frequency of high-severity bodily injury claims, reserve increases in middle & large commercial for accident years 2015 to 2018 due to higher estimated severity, as well as increased estimated severity on the acquired Navigators Group book of business related to U.S. construction, premises liability, products liability and excess casualty, mostly related to accident years 2014 to 2017. In addition, an increase in reserves for mass torts for 2009 and prior accident years was offset by a decrease in reserves for extra contractual liability claims for more recent accident years, including the 2018 accident year. Marine reserves were increased, principally related to pollution exposure from the 1980s and 1990s related to the Navigators Group book of business. Package business reserves were decreased, primarily due to favorable emergence on property claims related to accident years 2016 through 2018 and due to favorable development of loss adjustment expenses on general liability claims for 2017 and prior accident years. Commercial property reserves were decreased, principally due to favorable emergence of reported losses, including on the acquired Navigators Group book of business, related to offshore energy in accident years 2017 to 2018 and construction engineering across accident years 2015 to 2018. Professional liability reserves were increased, primarily due to increased securities litigation and large loss activity, including wrongful termination and discrimination claims, related to accident years 2017 and 2018 and increased estimated frequency and severity of directors’ and officers’ reserves on the Navigators Group book of business, principally for the 2014 to 2018 accident years. Partially offsetting the increase was a decrease in average severity on public company directors’ and officers’ claim reserves and errors and omissions claim reserves for accident years 2014 and prior. Automobile liability reserves were decreased in Personal Lines and increased in Commercial Lines. The decrease in Personal Lines was due to the emergence of lower estimated severity in automobile liability for accident year 2017. The increase in Commercial Lines was due to higher estimated severity on national accounts, principally in accident years 2017 and 2018, and higher estimated severity for accident year 2018 in small commercial and middle market, partially offset by lower estimated severity for 2017 and prior accident years in small commercial and middle market. Catastrophes reserves were reduced, primarily as a result of lower estimated net losses from 2017 hurricanes Harvey and Irma and the 2017 California wildfires. While gross loss reserve estimates for the 2018 California wildfires were also reduced, this was largely offset by a reduction in reinsurance recoverables resulting in very little change to estimated net losses from those wildfires. Uncollectible reinsurance reserves were reduced due to higher than expected recoveries from reinsurers in older accident years. Other reserve re-estimates, net, primarily represents an increase in ULAE reserves in Property & Casualty Other Operations that was driven by an increase in gross asbestos and environmental reserves, as well as higher than anticipated ULAE costs in recent years, prompting an increase in the projected ULAE run rate. Settlement Agreement with Boy Scouts of America On September 14, 2021, the Company announced that it entered into a new agreement-in-principle with the BSA, related to sexual molestation and sexual abuse claims associated with liability policies issued by various Hartford writing companies in the 1970s and early 1980s, superseding its prior agreement of April 16, 2021, which now includes the BSA, its local councils and the representatives of a majority of the sexual abuse claimants. As part of the agreement-in-principle, The Hartford will pay $787, before tax, for claims associated with policies mostly issued in the 1970s. In exchange for The Hartford’s payment, the BSA and its local councils will fully release The Hartford from any obligation under policies The Hartford issued to the BSA and its local councils. In addition, the representatives for the claimants joining this agreement-in-principle will support a plan of reorganization which incorporates the settlement. The prior agreement of April 16, 2021 to settle these claims for $650 did not include the local councils or representatives of a majority of the claimants. The agreement-in-principle was reached in connection with BSA’s Chapter 11 bankruptcy and will become a final settlement upon the occurrence of certain conditions, including, but not limited to, execution of a definitive settlement agreement, confirmation of BSA’s plan of reorganization, receipt of executed releases from the local councils, and approval of the parties' settlement as part of the confirmation of BSA's plan of reorganization by the bankruptcy and district courts. Assuming that all conditions are satisfied, the parties to the agreement-in-principle expect to receive court approval of the settlement by mid 2022. However, no assurance can be given that all the conditions precedent to the settlement will be satisfied or that final court approval, if obtained, will not be delayed for various procedural reasons. If the bankruptcy court ultimately does not approve BSA’s plan of reorganization including terms of the agreement-in-principle, it is possible that adverse outcomes, if any, could have a material adverse effect on the Company’s consolidated operating results. Adverse Development Covers The Company has an adverse development cover reinsurance agreement with NICO, a subsidiary of Berkshire Hathaway Inc., to reinsure loss development after 2016 on substantially all of the Company’s asbestos and environmental reserves (the “A&E ADC”). Under the A&E ADC, the Company paid a reinsurance premium of $650 for NICO to assume adverse net loss reserve development up to $1.5 billion above the Company’s existing net A&E reserves as of December 31, 2016 of approximately $1.7 billion including reserves for A&E exposure for accident years prior to 1986 that are reported in Property & Casualty Other Operations ("Run-off A&E") and reserves for A&E exposure for accident years 1986 and subsequent from policies underwritten prior to 2016 that are reported in ongoing Commercial Lines and Personal Lines. The $650 reinsurance premium was placed into a collateral trust account as security for NICO’s claim payment obligations to the Company. The Company has retained the risk of collection on amounts due from other third-party reinsurers and continues to be responsible for claims handling and other administrative services, subject to certain conditions. The A&E ADC covers substantially all the Company’s A&E reserve development up to the reinsurance limit. Under retroactive reinsurance accounting, net adverse A&E reserve development after December 31, 2016 results in an offsetting reinsurance recoverable up to the $1.5 billion limit. Cumulative ceded losses up to the $650 reinsurance premium paid have been recognized as a dollar-for-dollar offset to direct losses incurred. Cumulative ceded losses exceeding the $650 reinsurance premium paid result in a deferred gain. As of December 31, 2021, the Company has incurred $1,015 in cumulative adverse development on asbestos and environmental reserves that have been ceded under the A&E ADC treaty with NICO with $485 of available limit remaining under the A&E ADC. As a result, the Company has recorded a $365 deferred gain within other liabilities, representing the difference between the reinsurance recoverable of $1,015 and ceded premium paid of $650. The deferred gain is recognized over the claim settlement period in the proportion of the amount of cumulative ceded losses collected from the reinsurer to the estimated ultimate reinsurance recoveries. Consequently, until periods when the deferred gain is recognized as a benefit to earnings, cumulative adverse development of asbestos and environmental claims will result in charges against earnings which may be significant. Immediately after closing on the acquisition of Navigators Group, effective May 23, 2019, the Company purchased the Navigators ADC, an aggregate excess of loss reinsurance agreement covering adverse reserve development, from NICO on behalf of Navigators Insurers. Under the Navigators ADC, the Navigators Insurers paid NICO a reinsurance premium of $91 in exchange for reinsurance coverage of $300 of adverse net loss reserve development that attaches $100 above the Navigators Insurers' existing net loss and allocated loss adjustment reserves as of December 31, 2018 subject to the treaty of $1.816 billion for accidents and losses prior to December 31, 2018. As of December 31, 2021, the Company has recorded a reinsurance recoverable under the Navigators ADC of $300 as estimated cumulative loss development on the 2018 and prior accident year reserves has exhausted the treaty limit. While the reinsurance recoverable is $300, the Company has recorded a $209 cumulative deferred gain within other liabilities since, under retroactive reinsurance accounting, ceded losses in excess of the $91 of ceded premium paid must be recognized as a deferred gain. Of the $209 of cumulative ceded losses in excess of ceded premium paid, $91, $102 and $16 were recognized as changes in deferred gain in 2021, 2020 and 2019, respectively. Reconciliation of Loss Development to Liability for Unpaid Losses and Loss Adjustment Expenses As of December 31, 2021 Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance Subtotal Reserve Line Cumulative Incurred for Accident Years Displayed in Triangles Cumulative Paid for Accident Years Displayed in Triangles Unpaid for Accident Years not Displayed in Triangles Unpaid Unallocated Loss Adjustment Expenses, Net of Reinsurance Discount Unpaid Losses and Loss Adjustment Expenses, Net of Reinsurance Reinsurance and Other Recoverables Liability for Unpaid Losses and Loss Adjustment Expenses Workers' compensation $ 18,263 $ (9,992) $ 2,981 $ 348 $ (341) $ 11,259 $ 1,793 $ 13,052 General liability 6,731 (3,157) 1,240 146 — 4,960 870 5,830 Marine 1,516 (1,242) 17 12 — 303 235 538 Package business 6,952 (5,208) 77 103 — 1,924 90 2,014 Commercial property 3,830 (3,342) 24 18 — 530 268 798 Commercial automobile liability 3,908 (2,778) 22 23 — 1,175 91 1,266 Commercial automobile physical damage 172 (162) 4 — — 14 (1) 13 Professional liability 2,511 (1,335) 47 38 — 1,261 781 2,042 Bond 625 (254) 32 31 — 434 10 444 Assumed Reinsurance 1,384 (1,106) 3 4 — 285 50 335 Personal automobile liability 11,104 (9,809) 29 66 — 1,390 23 1,413 Personal automobile physical damage 1,200 (1,170) 7 3 — 40 — 40 Homeowners 6,307 (5,982) 5 34 — 364 17 381 Other ongoing business 183 5 (14) 174 310 484 Asbestos and environmental [1] 724 — — 724 1,545 2,269 Other operations [1] 374 157 — 531 (1) 530 Total P&C $ 64,503 $ (45,537) $ 5,769 $ 988 $ (355) $ 25,368 $ 6,081 $ 31,449 [1] Asbestos and environmental and other operations include asbestos, environmental and other latent exposures not foreseen when coverages were written, including, but not limited to, potential liability for pharmaceutical products, silica, talcum powder, head injuries, lead paint, construction defects, sexual molestation and sexual abuse and other long-tail liabilities. These reserve lines do not have significant paid or incurred loss development for the most recent ten accident years and therefore do not have loss development displayed in triangles. The reserve lines in the above table and the loss triangles that follow represent the significant lines of business for which the Company regularly reviews the appropriateness of reserve levels. These reserve lines differ from the reserve lines reported on a statutory basis, as prescribed by the National Association of Insurance Commissioners ("NAIC"). The cumulative incurred losses displayed in the above table include the full reinsurance benefit of ceding $300 of losses to the Navigators ADC even though $209 of that benefit has been recorded as a deferred gain within other liabilities and recognized as a charge to earnings within incurred loss and loss adjustment expenses included in the consolidated statement of operations. The $300 of Navigators Insurers losses ceded to the Navigators ADC included in the following triangles $110 for professional liability,$86 for general liability, $39 for marine, $29 for assumed reinsurance, $16 for commercial automobile and $3 for commercial property and included $17 for older accident years and lines of business that are not in the following triangles. The following loss triangles present historical loss development for incurred and paid claims by accident year, including loss development on Navigators Insurers reserves prior to and after the May 23, 2019 acquisition date. Because the loss triangles include pre-acquisition date changes in ultimate incurred loss estimates for Navigators Insurers’ reserves, changes in reserve development evident in the incurred loss triangles may differ from prior accident year development recorded by the Company as shown in the (Favorable) Unfavorable Prior Accident Year Development table above as that only includes changes in Navigators Insurers’ reserves post acquisition. In addition, the incurred loss triangles include reserve development on both catastrophe and non-catastrophe claims whereas the (Favorable) Unfavorable Prior Accident Year Development table above shows the total amount of catastrophe reserve development across all lines of business on a single line. Triangles are limited to the number of years for which claims incurred typically remain outstanding, not exceeding ten years. Short-tail lines, which represent claims generally expected to be paid within a few years, have three years of claim development displayed. Incurred but not reported ("IBNR") reserves shown in loss triangles include reserves for incurred but not reported claims as well as reserves for expected development on reported claims. Incurred and cumulative paid losses in currencies other than the U.S. dollar have been converted into U.S. dollars using the exchange rates as of December 31, 2021. Workers' Compensation Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended December 31, (Unaudited) Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 IBNR Claims 2012 $ 2,185 $ 2,207 $ 2,207 $ 2,181 $ 2,168 $ 2,169 $ 2,154 $ 2,146 $ 2,135 $ 2,133 $ 310 171,562 2013 2,020 1,981 1,920 1,883 1,861 1,861 1,850 1,831 1,811 346 151,492 2014 1,869 1,838 1,789 1,761 1,713 1,692 1,679 1,654 386 126,288 2015 1,873 1,835 1,801 1,724 1,714 1,699 1,667 412 114,113 2016 1,772 1,772 1,780 1,767 1,748 1,708 489 112,302 2017 1,862 1,869 1,840 1,822 1,757 636 111,800 2018 1,916 1,917 1,915 1,904 726 118,951 2019 1,937 1,935 1,934 844 119,416 2020 1,865 1,864 1,114 90,199 2021 1,831 1,314 93,860 Total $ 18,263 Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended December 31, (Unaudited) Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 359 $ 809 $ 1,106 $ 1,313 $ 1,436 $ 1,529 $ 1,587 $ 1,644 $ 1,678 $ 1,706 2013 304 675 917 1,071 1,175 1,260 1,304 1,339 1,361 2014 275 598 811 960 1,041 1,099 1,137 1,167 2015 261 576 778 909 1,004 1,068 1,117 2016 255 579 779 908 1,003 1,064 2017 261 575 778 900 977 2018 283 624 837 983 2019 291 637 856 2020 223 507 2021 254 Total $ 9,992 General Liability Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended December 31, (Unaudited) Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 IBNR Claims 2012 $ 423 $ 402 $ 399 $ 392 $ 410 $ 408 $ 421 $ 413 $ 407 $ 406 $ 41 16,768 2013 455 442 456 484 488 502 505 508 500 42 14,134 2014 506 475 481 494 513 522 515 505 52 15,242 2015 556 560 554 594 633 647 637 71 15,627 2016 613 583 607 632 632 620 92 16,817 2017 626 614 613 615 613 174 16,447 2018 692 669 697 703 295 17,749 2019 822 827 822 512 16,858 2020 938 923 739 11,991 2021 1,002 929 8,364 Total $ 6,731 Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended December 31, (Unaudited) Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 13 $ 55 $ 101 $ 17 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | 14. DEBT The Company’s long-term debt securities are issued by Hartford Financial Services Group, Inc. ("HFSG Holding Company"), are unsecured obligations of HFSG Holding Company, and rank on a parity with all other unsecured and unsubordinated indebtedness of HFSG Holding Company. Debt is carried net of discount and issuance cost. Interest expense on debt is included in the Corporate category for segment reporting. Long-term Debt by Issuance As of December 31, 2021 2020 Revolving Credit Facilities $ — $ — Senior Notes and Debentures 2.8% Notes, due 2029 600 600 5.95% Notes, due 2036 300 300 6.625% Notes, due 2040 295 295 6.1% Notes, due 2041 409 409 6.625% Notes, due 2042 178 178 4.3% Notes, due 2043 300 300 4.4% Notes, due 2048 500 500 3.6% Notes, due 2049 800 800 2.9% Notes, due 2051 600 — Junior Subordinated Debentures 7.875% Notes, due 2042 600 600 3 Month LIBOR + 2.125% Notes, due 2067 [1] 500 500 Total Notes and Debentures 5,082 4,482 Unamortized discount and debt issuance cost [2] (138) (130) Total Debt 4,944 4,352 Less: Current maturities — — Long-Term Debt $ 4,944 $ 4,352 [1] In April 2017, the Company entered into an interest rate swap agreement expiring February 15, 2027 to effectively convert the variable interest payments for this debenture into fixed interest payments of approximately 4.39%. [2] This amount includes unamortized discount of $74 and $75 as of December 31, 2021 and 2020, respectively, on the 6.1% Notes, due 2041. The effective interest rate on the 6.1% senior notes due 2041 is 7.9%. The effective interest rate on the remaining notes does not differ materially from the stated rate. The Company incurred interest expense of $234, $236 and $259 on debt for the years ended December 31, 2021, 2020 and 2019, respectively. Shelf Registrations On May 17, 2019, the Company filed with the Securities and Exchange Commission an automatic shelf registration statement (Registration No. 333-231592) for the potential offering and sale of debt and equity securities. The registration statement allows for the following types of securities to be offered: debt securities, junior subordinated debt securities, guarantees, preferred stock, common stock, depositary shares, warrants, stock purchase contracts, and stock purchase units. In that The Hartford is a well-known seasoned issuer, as defined in Rule 405 under the Securities Act of 1933, the registration statement went effective immediately upon filing and The Hartford may offer and sell an unlimited amount of securities under the registration statement during the three-year life of the registration statement. Senior Notes On September 21, 2021, The Hartford issued $600 of 2.9% senior notes (“2.9% Notes”) due September 15, 2051 for net proceeds of approximately $588, after deducting underwriting discounts and expenses from the offering. Interest is payable semi-annually in arrears on March 15 and September 15, commencing March 15, 2022. The Hartford, at its option, can redeem the 2.9% Notes at any time, in whole or part, at a redemption price equal to the greater of 100% of the principal amount being redeemed or a make-whole amount based on a comparable maturity US Treasury plus 20 basis points, plus any accrued and unpaid interest, except the 2.9% Notes may be redeemed at par within six months of maturity. On March 30, 2020, The Hartford repaid at maturity the $500 principal amount of its 5.5% senior notes. In the Navigators Group acquisition, the Company assumed $265 par value 5.75% Senior notes due on October 15, 2023 with a fair value of $284 as of the acquisition date. On August 19, 2019, The Hartford issued $600 of 2.8% senior notes (“2.8% Notes”) due August 19, 2029 and $800 of 3.6% senior notes (“3.6% Notes”) due August 19, 2049 for net proceeds of approximately $1.38 billion, after deducting underwriting discounts and expenses. Under both senior note issuances, interest is payable semi-annually in arrears on August 19 and February 19, commencing February 19, 2020. The Hartford, at its option, can redeem the 2.8% Notes and the 3.6% Notes at any time, in whole or part, at a redemption price equal to the greater of 100% of the principal amount being redeemed or a make-whole amount based on a comparable maturity US Treasury rate plus a basis point spread, plus any accrued and unpaid interest, except the make-whole amount is not applicable within the final three months of maturity for the 2.8% Notes and the final six months of maturity for the 3.6% Notes. The spread over the comparable maturity US Treasury rates for determining the make-whole amount is 20 and 25 basis points for the 2.8% Notes and 3.6% Notes, respectively. After receiving proceeds from the issuance of the 2.8% Notes and 3.6% Notes, in third quarter 2019, The Hartford repaid $265 of 5.75% senior notes due 2023 that had been assumed in the Navigators Group acquisition and $800 of 5.125% senior notes due 2022 of the Hartford Financial Services Group, Inc., and recognized a loss on extinguishment of debt of $90. On January 15, 2019, The Hartford repaid at maturity the $413 principal amount of its 6.0% senior notes. Junior Subordinated Debentures Junior Subordinated Debentures by Issuance as of December 31, 2021 Issue 7.875% Debentures 3 Month LIBOR + 2.125% Face Value $ 600 $ 500 Interest Rate [1] 7.875 % [2] N/A [3] Call Date April 15, February 15, [4] Interest Rate Subsequent to Call Date [2] 3 Month LIBOR + 5.596% 3 Month LIBOR + 2.125% [5] Final Maturity April 15, February 12, [1] Interest rate in effect until call date. [2] Payable quarterly in arrears. [3] Debentures were issued on the original call date of February 15, 2017. The interest rate is variable and resets quarterly. [4] Although the original call date was February 15, 2017, a Replacement Capital Covenant associated with the debenture prohibits the Company from redeeming all or any portion of the notes on or prior to February 15, 2022, unless consent from covered bondholders is obtained. [5] In April 2017, the company entered into an interest rate swap agreement expiring February 15, 2027 to effectively convert the interest payments for the 3 Month LIBOR + 2.125% debenture into fixed interest payments of approximately 4.39%. The debentures are unsecured, subordinated and junior in right of payment and upon liquidation to all of the Company’s existing and future senior indebtedness. In addition, the debentures are effectively subordinated to all of the Company’s subsidiaries’ existing and future indebtedness and other liabilities, including obligations to policyholders. The debentures do not limit the Company’s or the Company’s subsidiaries’ ability to incur additional debt, including debt that ranks senior in right of payment and upon liquidation to the debentures. The Company has the right to defer interest payments for up to a consecutive ten years without giving rise to an event of default. Deferred interest will continue to accrue and will accrue additional interest at the then applicable interest rate. If the Company defers interest payments, the Company generally may not make payments on or redeem or purchase any shares of its capital stock or any of its debt securities or guarantees that rank upon liquidation, dissolution or winding up equally with or junior to the debentures, subject to certain limited exceptions. The 7.875% and 3 Month LIBOR plus 2.125% debentures may be redeemed in whole prior to the call date upon certain tax or rating agency events, at a price equal to the greater of 100% of the principal amount being redeemed and the applicable make-whole amount plus any accrued and unpaid interest. The Company may elect to redeem the 7.875% and 3 Month LIBOR plus 2.125% debentures in whole or in part on or after the call date for the principal amount being redeemed plus accrued and unpaid interest to the date of redemption. In connection with the offering of the 3 Month LIBOR plus 2.125% debenture, the Company entered into a Replacement Capital Covenant ("RCC") for the benefit of holders of one or more designated series of the Company's indebtedness, initially the Company's 4.3% notes due 2043. Under the terms of the RCC, if the Company redeems the debenture any time prior to February 12, 2047 (or such earlier date on which the RCC terminates by its terms) it can only do so with the proceeds from the sale of certain qualifying replacement securities. The RCC also prohibits the Company from redeeming all or any portion of the notes on or prior to February 15, 2022. In July 2017, the U.K. Financial Conduct Authority ("FCA") announced that by the end of 2021 it intended to stop persuading or compelling banks to report information used to set LIBOR. On March 5, 2021, the FCA announced that publication of certain LIBOR settings in currencies other than U.S. dollars would cease immediately after December 31, 2021, and that publication of U.S. dollar LIBOR on a representative basis would cease for the one-week and two-month settings immediately after December 31, 2021 and for the remaining U.S. dollar settings immediately after June 30, 2023. The Company continues to monitor and assess the potential impacts of the discontinuation of LIBOR on its outstanding junior subordinated debentures. Long-Term Debt Long-term Debt Maturities (at par value) as of December 31, 2021 2022 - Current maturities $ — 2023 $ — 2024 $ — 2025 $ — 2026 $ — Thereafter $ 5,082 Revolving Credit Facility In 2018, The Hartford entered into a $750 senior unsecured five-year revolving credit facility (the "Credit Facility"), with an expiration date of March 29, 2023. On October 27, 2021, The Hartford amended and restated the Credit Facility (as amended, the “2021 Credit Facility”) which, among other changes, extends the term of the facility through October 27, 2026, includes provisions for determining LIBOR successor rates, and resets the level of The Hartford’s minimum consolidated net worth financial covenant to $11.25 billion, excluding AOCI. The 2021 Credit Facility provides up to $750 of unsecured credit, including $100 available to support letters of credit. Under the 2021 Credit Facility: • Revolving loans may be in multiple currencies. • U.S. dollar loans will bear interest at a floating rate equivalent to an indexed rate that varies depending on the type of borrowing plus a basis point spread based on The Hartford's credit rating and will mature no later than October 27, 2026. • Letters of credit bear a fee based on The Hartford's credit rating and expire no later than October 27, 2027. The 2021 Credit Facility limits the ratio of senior debt to capitalization, excluding AOCI, at 35% and includes other customary covenants. The 2021 Credit Facility is for general corporate purposes. As of December 31, 2021, no borrowings were outstanding, no letters of credit were issued under the 2021 Credit Facility and the Company was in compliance with all financial covenants. Lloyd's Letter of Credit Facilities As a result of the acquisition of Navigators Group in 2019, The Hartford had two letter of credit facility agreements: the Club Facility and the Bilateral Facility, which were used to provide a portion of the capital requirements at Lloyd's. As of September 30, 2020, uncollateralized letters of credit with an aggregate face amount of $165 and £60 million, or $78, were outstanding under the Club Facility and £18 million, or $23, was outstanding under the $25 Bilateral Facility. These agreements terminated on November 5, 2020. On November 5, 2020, The Hartford entered into a new committed credit facility agreement with a syndicate of lenders (the “Club Facility”). The Club Facility has two tranches with one tranche extending a $104 commitment and the other tranche extending a £85 million ($115 as of December 31, 2021) commitment. In addition, on November 5, 2020, The Hartford entered into a new non-committed $25 credit facility with a lender (the “Bilateral Facility”). The term of both of these facilities is two years. The purpose of these facilities is to issue letters of credit that may be treated as Funds at Lloyd’s to support underwriting capacity provided by the Navigators Corporate Underwriters Limited to the Lloyd’s Syndicate 1221 for the 2021 and 2022 underwriting years of account (and prior open years). As of December 31, 2021, letters of credit with an aggregate face amount of $104 and £68 million, or $92, were outstanding under the Club Facility and no letters of credit were outstanding under the Bilateral Facility. Among other covenants, the Club Facility and Bilateral Facility contain financial covenants regarding The Hartford’s consolidated net worth and financial leverage and that limit the amount of letters of credit that can support Funds at Lloyd’s, consistent with Lloyd’s requirements. As of December 31, 2021, The Hartford was in compliance with all financial covenants of both facilities. Commercial Paper On December 17, 2020, the Board of Directors terminated the HFSG Holding Company's commercial paper program, under which the maximum borrowings available were $750. Collateralized Advances with Federal Home Loan Bank of Boston The Company’s subsidiaries, Hartford Fire Insurance Company (“Hartford Fire”) and HLA, are members of the Federal Home Loan Bank of Boston ("FHLBB"). Membership allows these subsidiaries access to collateralized advances, which may be short- or long-term with fixed or variable rates. FHLBB membership required the purchase of member stock and requires additional member stock ownership of 3% or 4% of any amount borrowed. Acceptable forms of collateral include real estate backed fixed maturities and mortgage loans and the amount of advances that can be taken is limited to a percentage of the fair value of the assets that ranges from a high of 97% for US government-backed fixed maturities maturing within 3 years to a low of 40% for A-rated commercial mortgage-backed fixed maturities maturing in 5 years or more. In its consolidated balance sheets, The Hartford presents the liability for advances taken based on use of the funds with advances for general corporate purposes presented in short- or long-term debt and advances to earn incremental investment income presented in other liabilities, consistent with other collateralized financing transactions such as securities lending and repurchase agreements. The Connecticut Department of Insurance permits Hartford Fire and HLA to pledge up to $1.3 billion and $0.6 billion in qualifying assets, respectively, without prior approval, to secure FHLBB advances in 2022. The pledge limit is determined quarterly based on statutory admitted assets and capital and surplus of Hartford Fire and HLA, respectively. As of December 31, 2021, there were no advances outstanding under the FHLBB facility. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 15. COMMITMENTS AND CONTINGENCIESManagement evaluates each contingent matter separately. A loss is recorded if probable and reasonably estimable. Management establishes liabilities for these contingencies at its “best estimate,” or, if no one number within the range of possible losses is more probable than any other, the Company records an estimated liability at the low end of the range of losses. 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 related to sexual molestation and sexual abuse claims discussed in Note 12, Reserve for Unpaid Losses and Loss Adjustment Expenses, and in the following discussion under the caption “COVID-19 Pandemic Business Income Insurance Litigation” and under the caption “Run-off 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. In addition to the matter described below, these actions include putative class actions seeking certification of a state or national class. Such putative class actions have alleged, for example, underpayment of claims or improper sales or 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. COVID-19 Pandemic Business Income Insurance Litigation Like many others in the property and casualty insurance industry, beginning in April 2020, various direct and indirect subsidiaries of the Company (collectively the "Hartford Writing Companies”), and in some instances the Company itself, have been served as defendants in lawsuits seeking insurance coverage under commercial insurance policies issued by the Hartford Writing Companies for alleged losses resulting from the shutdown or suspension of their businesses due to the spread of COVID-19. More than 260 such lawsuits have been filed, of which more than 60 purport to be filed on behalf of broad nationwide or statewide classes of policyholders. These lawsuits have been filed in state and federal courts in roughly 34 states. Although the allegations vary, the plaintiffs generally seek a declaration of insurance coverage, damages for breach of contract in unspecified amounts, interest, and attorneys' fees. Many of the lawsuits also allege that the insurance claims were denied in bad faith or otherwise in violation of state laws and seek extra-contractual or punitive damages. Some of the lawsuits also allege that the Hartford Writing Companies engaged in unfair business practices by collecting or retaining excess premium. The Company and its subsidiaries deny the allegations and continue to vigorously defend these suits. The Hartford Writing Companies maintain that they have no coverage obligations with respect to these suits for business income allegedly lost by the plaintiffs due to the COVID-19 pandemic based on the clear terms of the applicable insurance policies. Although the policy terms vary depending, among other things, upon the size, nature, and location of the policyholder’s business, in general, the claims at issue in these lawsuits were denied because the claimant identified no direct physical damage or loss to property at the insured premises, and the governmental orders that led to the complete or partial shutdown of the business were not due to the existence of any direct physical loss or damage in the immediate vicinity of the insured premises and did not prohibit access to the insured premises, as required by the terms of the insurance policies. In addition, the vast majority of the policies at issue expressly exclude from coverage any loss caused directly or indirectly by the presence, growth, proliferation, spread or activity of a virus, subject to a narrow set of exceptions not applicable in connection with this pandemic, and contain a pollution and contamination exclusion that, among other things, expressly excludes from coverage any loss caused by material that threatens human health or welfare. In addition to the inherent difficulty in predicting litigation outcomes, the COVID-19 pandemic business income coverage lawsuits present numerous uncertainties and contingencies that are not yet fully known, including how many policyholders will ultimately file claims, the number of lawsuits that will be filed, the extent to which any state or nationwide classes will be certified, and the size and scope of any such classes. The legal theories advocated by plaintiffs vary significantly by case as do the state laws that govern the policy interpretation. These lawsuits are at various stages of litigation; some are in the earliest stages of litigation, many complaints are in the process of being amended, some have been dismissed voluntarily and may be refiled, while others have been dismissed through rulings in favor of the Hartford Writing Companies. Discovery is underway in certain single plaintiff cases and class actions. More than 40 policyholders have appealed dismissals in favor of the Hartford Writing Companies. The Hartford Writing Companies' first appellate decision was received on December 27, 2021 when the Second Circuit Court of Appeals affirmed a trial court ruling in Sentinel Ins. Co. Ltd.'s favor. The remainder of the Hartford Writing Companies' appeals are at various stages of the process. In addition, business income calculations depend upon a wide range of factors that are particular to the circumstances of each individual policyholder and, here, almost none of the plaintiffs have submitted proofs of loss or otherwise quantified or factually supported any allegedly covered loss, and, in any event, the Company’s experience shows that demands for damages often bear little relation to a reasonable estimate of potential loss. Accordingly, management cannot now reasonably estimate the possible loss or range of loss, if any. Nonetheless, given the large number of claims and potential claims, the indeterminate amounts sought, and the inherent unpredictability of litigation, it is possible that adverse outcomes, if any, in the aggregate, could have a material adverse effect on the Company’s consolidated operating results. Run-off Asbestos and Environmental Claims The Company continues to receive A&E claims. Asbestos claims relate primarily to bodily injuries asserted by people who came in contact with asbestos or products containing asbestos. Environmental claims relate primarily to pollution and related clean-up costs. The vast majority of the Company's exposure to A&E relates to Run-off A&E, reported within the P&C Other Operations segment. In addition, since 1986, the Company has written asbestos and environmental exposures under general liability policies and pollution liability under homeowners policies, which are reported in the Commercial Lines and Personal Lines segments. Prior to 1986, the Company wrote several different categories of insurance contracts that may cover A&E claims. First, the Company wrote primary policies providing the first layer of coverage in an insured’s liability program. Second, the Company wrote excess and umbrella policies providing higher layers of coverage for losses that exhaust the limits of underlying coverage. Third, the Company acted as a reinsurer assuming a portion of those risks assumed by other insurers writing primary, excess, umbrella and reinsurance coverages. Significant uncertainty limits the ability of insurers and reinsurers to estimate the ultimate reserves necessary for unpaid gross losses and expenses related to environmental and particularly asbestos claims. The degree of variability of gross reserve estimates for these exposures is significantly greater than for other more traditional exposures. In the case of the reserves for asbestos exposures, factors contributing to the high degree of uncertainty include inadequate loss development patterns, plaintiffs’ expanding theories of liability, the risks inherent in major litigation, and inconsistent and emerging legal doctrines with respect to the underlying claims and with respect to the Company's coverage obligations. Furthermore, over time, insurers, including the Company, have experienced significant changes in the rate at which asbestos claims are brought, the claims experience of particular insureds, and the value of claims, making predictions of future exposure from past experience uncertain. Plaintiffs and insureds also have sought to use bankruptcy proceedings, including “pre-packaged” bankruptcies, to accelerate and increase loss payments by insurers. In addition, some policyholders have asserted new classes of claims for coverages to which an aggregate limit of liability may not apply. Further uncertainties include insolvencies of other carriers, insolvencies of insureds and unanticipated developments pertaining to the Company’s ability to recover reinsurance for A&E claims. Management believes these issues are not likely to be resolved in the near future. In the case of the reserves for environmental exposures, factors contributing to the high degree of uncertainty include expanding theories of liability and damages against insureds, emerging risks such as PFAS, the risks inherent in major litigation, inconsistent and emerging legal doctrines concerning the existence and scope of coverage for environmental claims, and the scope and level of complexity of the remediation required by regulators. The reporting pattern for assumed reinsurance claims, including those related to A&E claims, is much longer than for direct claims. In many instances, it takes months or years to determine that the policyholder’s own obligations have been met and how the reinsurance in question may apply to such claims. The delay in reporting reinsurance claims and exposures adds to the uncertainty of estimating the related reserves. It is also not possible to predict changes in the legal and legislative environment and their effect on the future development of A&E claims. Given the factors described above, the Company believes the actuarial tools and other techniques it employs to estimate the ultimate cost of claims for more traditional kinds of insurance exposure are less precise in estimating reserves for A&E exposures. For this reason, the Company principally relies on exposure-based analysis to estimate the ultimate costs of these claims, both gross and net of reinsurance, and regularly evaluates new account information in assessing its potential A&E exposures. The Company supplements this exposure-based analysis with evaluations of the Company’s historical direct net loss and expense paid and reported experience, and net loss and expense paid and reported experience by calendar and/or report year, to assess any emerging trends, fluctuations or characteristics suggested by the aggregate paid and reported activity. While the Company believes that its current A&E reserves are appropriate, significant uncertainties limit the ability of insurers and reinsurers to estimate the ultimate reserves necessary for unpaid losses and related expenses. The ultimate liabilities, thus, could exceed the currently recorded reserves, and any such additional liability, while not estimable now, could be material to The Hartford’s consolidated operating results and liquidity. For its Run-off A&E, a s of December 31, 2021, the Company reported $604 of net asbestos and environmental reserves . In addition, the Company has recorded a $365 deferred gain within other liabilities for losses economically ceded to NICO but for which the benefit is not recognized in earnings until later periods. While the Company believes that its current Run-off A&E reserves are appropriate, significant uncertainties limit our ability to estimate the ultimate reserves necessary for unpaid GUARANTY FUNDS AND OTHER INSURANCE-RELATED ASSESSMENTS In all states, insurers licensed to transact certain classes of insurance are required to become members of a guaranty fund. In most states, in the event of the insolvency of an insurer writing any such class of insurance in the state, the guaranty funds may assess its members to pay covered claims of the insolvent insurers. Assessments are based on each member's proportionate share of written premiums in the state for the classes of insurance in which the insolvent insurer was engaged. Assessments are generally limited for any year to one or two percent of the premiums written per year depending on the state. Some states permit member insurers to recover assessments paid through surcharges on policyholders or through full or partial premium tax offsets, while other states permit recovery of assessments through the rate filing process. 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, in certain instances, terminate the agreements and demand immediate settlement of all outstanding derivative positions traded under each impacted bilateral agreement. The settlement amount is determined by netting the derivative positions transacted under each agreement. If the termination rights were to be exercised by the counterparties, it could impact the legal entity’s ability to conduct hedging activities by increasing the associated costs and decreasing the willingness of counterparties to transact with the legal entity. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that are in a net liability position as of December 31, 2021 was $52 for which the legal entities have posted collateral of $50 in the normal course of business. Based on derivative contractual terms as of December 31, 2021, a downgrade of the current financial strength ratings by either Moody's or S&P would not require additional assets to be posted as collateral. This requirement could change as a result of changes in our hedging activities or to the extent changes in contractual terms are negotiated. The nature of the additional 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. GUARANTEES In the ordinary course of selling businesses or entities to third parties, the Company has agreed to indemnify purchasers for losses arising subsequent to the closing due to breaches of representations and warranties with respect to the business or entity being sold or with respect to covenants and obligations of the Company and/or its subsidiaries. These obligations are typically subject to various time limitations, defined by the contract or by operation of law, such as statutes of limitation. In some cases, the maximum potential obligation is subject to contractual limitations, while in other cases such limitations are not specified or applicable. The Company does not expect to make any payments on these guarantees and is not carrying any liabilities associated with these guarantees. The Hartford has guaranteed the timely payment of contractual claims under certain life, accident and health and annuity contracts issued by its former life and annuity business with most of the guaranteed contracts issued between 1990 and 1997 (the "Talcott Guarantees"). Upon the sale of the life and annuity business in May 2018, the purchaser indemnified the Company for any liability arising under the guarantees. The Talcott Guarantees cover contractual obligations only but otherwise have no limitation as to maximum potential future payments. Prior to January 1, 2020, the Company had not recorded a liability because the likelihood of any payment under the Talcott Guarantees is remote. Upon adoption of new credit loss guidance on January 1, 2020, the Company estimated a LCL of $25. For further information refer to Note 1 - Basis of Presentation and Significant Accounting Policies. The LCL is calculated for the estimated amount payable under guaranteed contracts multiplied by the probability of default and the amount of loss given a default. The probability of default is assigned by credit rating of the applicable insurance company that issued the contract and is based on historical insurance industry defaults for liabilities with similar durations estimated through multiple economic cycles. Credit ratings are current and forward-looking and consider a variety of economic outcomes. Because annuities represent the majority of the contracts issued, the loss given default factors are based on a historical study of annuity policyholder recoveries from insolvent estate assets. The Company's exposure is expected to run off over a period that will include more than one economic cycle. The Company's evaluation of the required LCL for the Talcott Guarantees considers the current economic environment as well as macroeconomic scenarios similar to the approach used to estimate the ACL for mortgage loans. See Note 6 - Investments. In 2020, the LCL increased to $26 primarily due to the increasing impacts of COVID-19. During 2021, the LCL decreased to $25 primarily reflecting a decrease in the estimated amount payable under guaranteed contracts as well as lessening expected impacts of COVID-19 relative to prior assumptions. The Company has never experienced a loss on financial guarantees of this nature and we believe the risk of loss is remote. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Equity | 16. EQUITY Equity Repurchase Program In December 2020, the Board of Directors authorized an equity repurchase plan for $1.5 billion for the period commencing January 1, 2021 through December 31, 2022. The Board of Directors increased this authorization by $1 billion in April, 2021 and by $500 in October, 2021, bringing the aggregate repurchase authorization to $3.0 billion through December 31, 2022. For the year ended December 31, 2021, The Hartford repurchased $1.7 billion (25.9 million shares) of common stock under this program. The timing of any repurchases of shares under the remaining equity repurchase authorization is dependent upon several factors, including the market price of the Company's securities, the Company's capital position, consideration of the effect of any repurchases on the Company's financial strength or credit ratings, the Company's blackout periods, and other considerations. Under The Hartford’s previous $1.0 billion share repurchase program authorized by its Board of Directors in February 2019 and which expired on December 31, 2020, the Company repurchased 2.7 million and 3.4 million shares for $150 and $200 during the years ended 2020 and 2019, respectively. Preferred Stock The Company has outstanding 13.8 million depositary shares each representing 1/1000th interest in a share of the Company’s 6.0% Series G non-cumulative perpetual preferred stock (“Preferred Stock”) with a liquidation preference of $25,000 per share (equivalent to $25.00 per depositary share). The Preferred Stock is perpetual and has no maturity date. Dividends are recorded when declared. Dividends are payable, if declared, quarterly in arrears on the 15th day of February, May, August and November of each year. If a dividend is not declared and paid or made payable on all outstanding shares of the Preferred Stock for the latest completed dividend period, no dividends may be paid or declared on The Hartford’s common stock and The Hartford may not purchase, redeem, or otherwise acquire its common stock. The Preferred Stock is redeemable at the Company’s option in whole or in part, on or after November 15, 2023 at a redemption price of $25,000 per share, plus unpaid dividends attributable to the current dividend period. Prior to November 15, 2023, the Preferred Stock is redeemable at the Company’s option, in whole but not in part, within 90 days of the occurrence of (a) a rating agency event at a redemption price equal to $25,500 per share, plus unpaid dividends attributable to the current dividend period in circumstances where a rating agency changes its criteria used to assign equity credit to securities like the Preferred Stock; or (b) a regulatory capital event at a redemption price equal to $25,000 per share, plus unpaid dividends attributable to the current dividend period in circumstances where a capital regulator such as a state insurance regulator changes or proposes to change capital adequacy rules. Capital Purchase Program ("CPP") Warrants CPP warrants were issued in 2009 as part of a program established by the U.S. Department of the Treasury under the Emergency Economic Stabilization Act of 2008. The CPP warrants expired on June 26, 2019. The declaration of common stock dividends by the Company in excess of a threshold triggered a provision in the Company's warrant agreement with The Bank of New York Mellon resulting in adjustments to the CPP warrant exercise price and the number of shares deliverable for each warrant exercised (“Warrant Share Number”). CPP warrant exercises were 1.9 million during the year ended December 31, 2019, and had exercise prices that ranged from $8.750 to $8.836. The exercise price was settled by the Company withholding the number of common shares issuable upon exercise of the warrants equal to the value of the aggregate exercise price of the warrants so exercised determined by reference to the closing price of the Company's common stock on the trading day on which the warrants were exercised and notice was delivered to the warrant agent. STATUTORY RESULTS The U.S. domestic insurance subsidiaries of The Hartford prepare their statutory financial statements in conformity with statutory accounting practices prescribed or permitted by the applicable state insurance department which vary materially from U.S. GAAP. Prescribed statutory accounting practices include publications of the NAIC, as well as state laws, regulations and general administrative rules. The differences between statutory financial statements and financial statements prepared in accordance with U.S. GAAP vary between domestic and foreign jurisdictions. The principal differences are that statutory financial statements do not reflect deferred policy acquisition costs and limit deferred income taxes, recognize a deferred gain on retroactive reinsurance within a special surplus account rather than as other liabilities, predominately use interest rate and mortality assumptions prescribed by the NAIC for life benefit reserves, generally carry bonds at amortized cost, and present reinsurance assets and liabilities net of reinsurance. For reporting purposes, statutory capital and surplus is referred to collectively as "statutory capital". U.S. Statutory Net Income For the years ended December 31, 2021 2020 2019 Group Benefits Insurance Subsidiary $ 32 $ 310 $ 513 Property and Casualty Insurance Subsidiaries 1,774 1,598 1,391 Total $ 1,806 $ 1,908 $ 1,904 U.S. Statutory Capital As of December 31, 2021 2020 Group Benefits Insurance Subsidiary $ 2,410 $ 2,601 Property and Casualty Insurance Subsidiaries 11,914 10,795 Total $ 14,324 $ 13,396 Regulatory Capital Requirements The Company's U.S. insurance companies' states of domicile impose risk-based capital ("RBC") requirements. The requirements provide a means of measuring the minimum amount of statutory capital appropriate for an insurance company to support its overall business operations based on its size and risk profile. Companies below specific trigger points or ratios are classified within certain levels, each of which requires specified corrective action. All of the Company's operating insurance subsidiaries had RBC ratios in excess of the minimum levels required by the applicable insurance regulations. Similar to the RBC ratios that are employed by U.S. insurance regulators, regulatory authorities in the international jurisdictions in which the Company operates generally establish minimum solvency requirements for insurance companies. All of the Company's international insurance subsidiaries expect to maintain capital levels in excess of the minimum levels required by the applicable regulatory authorities. Dividend Restrictions Dividends to HFSG Holding Company from its insurance subsidiaries are restricted by insurance regulation. The Company’s principal insurance subsidiaries are domiciled in the United States and the United Kingdom. The payment of dividends by Connecticut-domiciled insurers is limited under the insurance holding company laws of Connecticut. These laws require notice to and approval by the state insurance commissioner for the declaration or payment of any dividend, which, together with other dividends or distributions made within the preceding twelve months, exceeds the greater of (i) 10% of the insurer’s statutory policyholder surplus as of December 31 of the preceding year or (ii) net income (or net gain from operations, if such company is a life insurance company) for the preceding year, in each case determined under statutory insurance accounting principles. In addition, if any dividend of a Connecticut-domiciled insurer exceeds the insurer’s earned surplus, it requires the prior approval of the Connecticut Insurance Commissioner. Property casualty insurers domiciled in New York, including Navigators Insurance Company ("NIC") and Navigators Specialty Insurance Company ("NSIC"), generally may not, without notice to and approval by the state insurance commissioner, pay dividends out of earned surplus in any twelve‑month period that exceeds the lesser of (i) 10% of the insurer’s statutory policyholders’ surplus as of the most recent financial statement on file, or (ii) 100% of its adjusted net investment income, as defined, for the same twelve month period. Corporate members of Lloyd's Syndicates may pay dividends to its parent to the extent of available profits that have been distributed from the syndicate in excess of the Funds at Lloyd's ("FAL") capital requirement and subject to restrictions imposed under UK Company Law. The FAL is determined based on the syndicate’s solvency capital requirement of the syndicate under the Solvency II capital adequacy model, the current regulatory framework governing UK domiciled insurers, plus a Lloyd’s specific economic capital assessment. Insurers domiciled in the United Kingdom may pay dividends to its parent out of its statutory profits subject to restrictions imposed under U.K. Company law and Solvency II. The insurance holding company laws of the other jurisdictions in which The Hartford’s insurance subsidiaries are incorporated (or deemed commercially domiciled) generally contain similar (although in certain instances more restrictive) limitations on the payment of dividends. In addition to statutory limitations on paying dividends, the Company also takes other items into consideration when determining dividends from subsidiaries. These considerations include, but are not limited to, expected earnings and capitalization of the subsidiaries, regulatory capital requirements, liquidity requirements of the individual operating company and are also dependent on the extent to which COVID-19 impacts our business, results of operations, financial condition, and liquidity. In 2021, the Company received $295 of dividends from HLA and $165 from Hartford Funds. In addition, HFSG Holding Company received $1.1 billion of net dividends from P&C subsidiaries in 2021 which excludes $150 of P&C dividends that were subsequently contributed to P&C subsidiaries and $50 of P&C dividends related to interest payments on an intercompany note owed by Hartford Holding Inc. ("HHI") to Hartford Fire Insurance Company. The Company’s property and casualty insurance subsidiaries have dividend capacity of $2.0 billion for 2022, with $1.3 to $1.4 billion of net dividends expected in 2022. HLA has dividend capacity of $241 in 2022 with $175 to $200 of dividends expected in 2022. There are no current restrictions on HFSG Holding Company's ability to pay dividends to its stockholders. Restricted Net Assets The Company's insurance subsidiaries had net assets of $16.9 billion, determined in accordance with U.S. GAAP, that were restricted from payment to the HFSG Holding Company, without prior regulatory approval at December 31, 2021. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 17. INCOME TAXES INCOME TAX EXPENSE The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions, as applicable. Income before income taxes included income from domestic operations of $2,910, $2,222 and $2,644 for the years ended December 31, 2021, 2020 and 2019, and income (losses) from foreign operations of $(14), $(102) and $(84) for the years ended December 31, 2021, 2020 and 2019. Income Tax Expense For the years ended December 31, 2021 2020 2019 Income tax expense (benefit) Current - U.S. federal $ 486 $ 410 $ 8 Foreign 2 — — Total current 488 410 8 Deferred - U.S. federal 49 (20) 476 Foreign (6) (7) (9) Total deferred 43 (27) 467 Total income tax expense $ 531 $ 383 $ 475 Income Tax Rate Reconciliation For the years ended December 31, 2021 2020 2019 Tax provision at U.S. federal statutory rate $ 608 $ 445 $ 538 Tax-exempt interest (40) (46) (56) Increase in deferred tax valuation allowance 9 9 2 Sale of business (5) (8) — Earnings on corporate owned life insurance (22) (6) (11) Tax credits (9) (5) — Carryback benefit — (5) — Tax law change (8) (6) — Other (2) 5 2 Provision for income taxes $ 531 $ 383 $ 475 DEFERRED TAXES Deferred tax assets and liabilities on the consolidated balance sheets represent the tax consequences of differences between the financial reporting and tax basis of assets and liabilities. The Company predominantly pays non-income state taxes as a percentage of premiums written which are accounted for as policy acquisition costs. State income taxes were $4, $3 and $5 for the years ended December 31, 2021, 2020 and 2019, respectively, and are included in other expenses. The Hartford has not recorded state deferred taxes, including net deferred tax assets from state operating loss carryforwards, because the Company does not expect to earn state taxable income to utilize such state tax benefits. Deferred Tax Assets (Liabilities) As of December 31, 2021 2020 Deferred tax assets Loss reserves and tax discount $ 386 $ 312 Unearned premium reserve and other underwriting related reserves 406 384 Investment-related items 8 125 Employee benefits 225 282 Net operating loss carryover 29 11 Other — 34 Total deferred tax assets 1,054 1,148 Valuation allowance (7) (4) Deferred tax assets, net of valuation allowance 1,047 1,144 Deferred tax liabilities Deferred acquisition costs (129) (120) Net unrealized gains on investments (428) (758) Other depreciable and amortizable assets (216) (220) Other (4) — Total deferred tax liabilities (777) (1,098) Net deferred tax asset $ 270 $ 46 As of December 31, 2021, the Company has foreign net operating losses of $29 for which a valuation allowance of $7 has been established. While the foreign net operating losses ("NOLs") do not expire, this assessment reflects uncertainty in the Company's ability to generate sufficient taxable income in the near term in those specific jurisdictions. Management has assessed the need for a valuation allowance against its deferred tax assets based on tax character and jurisdiction. In making the assessment, management considered future taxable temporary difference reversals, future taxable income exclusive of reversing temporary differences and carryovers, taxable income in open carry back years and other tax planning strategies which management views as prudent and feasible. UNCERTAIN TAX POSITIONS Rollforward of Unrecognized Tax Benefits For the years ended December 31, 2021 2020 2019 Balance, beginning of period $ 15 $ 14 $ 14 Gross increases - tax positions in current period 6 1 — Lapse of statute of limitations (5) — — Balance, end of period $ 16 $ 15 $ 14 The entire amount of unrecognized tax benefits, if recognized, would affect the effective tax rate in the period of the release. The Company recognized $5 of its previously unrecognized tax benefits associated with dividends from segregated asset accounts of the life and annuity business sold in 2018. This liability was subject to a tax indemnification agreement and a corresponding receivable included in other assets has been taken down upon lapse of the statute of limitations. OTHER TAX MATTERS On June 10, 2021, the United Kingdom enacted Finance Bill 2021, which included an increase in the corporate tax rate from 19% to 25%, effective April 1, 2023. In 2021, the Company recorded a tax benefit of $8, which reflects the estimated benefit of the change in tax rate on the deferred tax assets and liabilities of its U.K. subsidiaries. On March 27, 2020, as part of the business stimulus package in response to the COVID-19 pandemic, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security ("CARES") Act. The CARES Act established new tax provisions including, but not limited to: (1) five-year carryback of net operating losses generated in 2018, 2019 and 2020; (2) accelerated refund of alternative minimum tax credit carryforwards; and (3) retroactive changes to allow accelerated depreciation for certain depreciable property. For the year ended December 31, 2020 the Company recorded a tax benefit of $11 related to the expected carryback of losses from the Navigators Group 2019 pre-acquisition tax returns to recover taxes paid in prior years at the previous statutory tax rate of 35%, of which $6 was by virtue of the non-insurance carryback provision of the CARES Act. For the year ended December 31, 2021 and 2020 the Company recorded a tax benefit of $5 and $8 related to the excess of tax basis over GAAP basis on the sale of the continental Europe operations. Refer to Note 22 - Business Dispositions. The federal income tax audits for the Company have been completed through 2013, and the Company is not currently under federal income tax examination for any open years. The statute of limitations is closed through the 2017 tax year with the exception of NOL carryforwards utilized in open tax years. Management believes that adequate provision has been made in the Company's Consolidated Financial Statements for any potential adjustments that may result from tax examinations and other tax-related matters for all open tax years. The Company classifies interest and penalties (if applicable) as income tax expense in the Consolidated Financial Statements. The Company recognized net interest income of $1, $1 and $1 for the years ended December 31, 2021, 2020 and 2019. The Company has no interest payable as of December 31, 2021, 2020 and 2019. The Company does not believe it would be subject to any penalties in any open tax years and, therefore, has not recorded any accrual for penalties. |
Changes in and Reclassification
Changes in and Reclassifications From Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Changes in and Reclassifications From Accumulated Other Comprehensive Income (Loss) | 18. CHANGES IN AND RECLASSIFICATIONS FROM ACCUMULATED OTHER COMPREHENSIVE INCOME Changes in AOCI, Net of Tax for the Year Ended December 31, 2021 Changes in Net Unrealized Gain on Fixed Maturities Unrealized Loss on Fixed Maturities with ACL Net Gain (Loss) on Cash Flow Hedging Instruments Foreign Currency Translation Adjustments Pension and Other Postretirement Plan Adjustments AOCI, net of tax Beginning balance $ 2,834 $ (2) $ 12 $ 43 $ (1,717) $ 1,170 OCI before reclassifications (1,307) — 28 (3) 219 (1,063) Amounts reclassified from AOCI (234) — (36) — 70 (200) OCI, before tax (1,541) — (8) (3) 289 (1,263) Income tax benefit (expense) 323 — 2 1 (61) 265 OCI, net of tax (1,218) — (6) (2) 228 (998) Ending balance $ 1,616 $ (2) $ 6 $ 41 $ (1,489) $ 172 Changes in AOCI, Net of Tax for the Year Ended December 31, 2020 Changes in Net Unrealized Gain on Fixed Maturities Unrealized Loss on Fixed Maturities with ACL Net Gain (Loss) on Cash Flow Hedging Instruments Foreign Currency Translation Adjustments Pension and Other Postretirement Plan Adjustments AOCI, net of tax Beginning balance $ 1,684 $ (3) $ 9 $ 34 $ (1,672) $ 52 OCI before reclassifications 1,627 1 30 11 (117) 1,552 Amounts reclassified from AOCI (171) — (26) — 60 (137) OCI, before tax 1,456 1 4 11 (57) 1,415 Income tax benefit (expense) (306) — (1) (2) 12 (297) OCI, net of tax 1,150 1 3 9 (45) 1,118 Ending balance $ 2,834 $ (2) $ 12 $ 43 $ (1,717) $ 1,170 Changes in AOCI, Net of Tax for the Year ended December 31, 2019 Changes in Net Unrealized Gain on Fixed Maturities 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 $ 24 $ (4) $ (5) $ 30 $ (1,624) $ (1,579) OCI before reclassifications 2,275 1 28 5 (104) 2,205 Amounts reclassified from AOCI (174) — (10) — 43 (141) OCI, before tax 2,101 1 18 5 (61) 2,064 Income tax benefit (expense) (441) — (4) (1) 13 (433) OCI, net of tax 1,660 1 14 4 (48) 1,631 Ending balance $ 1,684 $ (3) $ 9 $ 34 $ (1,672) $ 52 Reclassifications from AOCI AOCI Amount Reclassified from AOCI Affected Line Item in the Consolidated Statement of Operations For the year ended December 31, 2021 For the year ended December 31, 2020 For the year ended December 31, 2019 Net Unrealized Gain on Fixed Maturities Fixed maturities, AFS $ 234 $ 171 $ 174 Net realized gains (losses) 234 171 174 Total before tax 49 36 37 Income tax expense $ 185 $ 135 $ 137 Net income Net Gains on Cash Flow Hedging Instruments Interest rate swaps $ — $ — $ 2 Net realized gains (losses) Interest rate swaps 41 29 4 Net investment income Interest rate swaps (10) (7) 1 Interest expense Foreign currency swaps — (1) — Net realized gains (losses) Foreign currency swaps 5 5 3 Net investment income 36 26 10 Total before tax 8 5 2 Income tax expense $ 28 $ 21 $ 8 Net income Pension and Other Postretirement Plan Adjustments Amortization of prior service credit $ 7 $ 7 $ 7 Insurance operating costs and other expenses Amortization of actuarial loss (77) (67) (50) Insurance operating costs and other expenses (70) (60) (43) Total before tax (15) (13) (9) Income tax expense (55) (47) (34) Net income Total amounts reclassified from AOCI $ 158 $ 109 $ 111 Net income |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | 19. EMPLOYEE BENEFIT PLANS Investment and Savings Plan Substantially all U.S. employees of the Company are eligible to participate in The Hartford Investment and Savings Plan under which designated contributions may be invested in a variety of investments, including up to 10% in a fund consisting largely of common stock of The Hartford. The Company's contributions include a non-elective contribution of 2.0% of eligible compensation and a dollar-for-dollar matching contribution of up to 6.0% of eligible compensation contributed by the employee each pay period. The Company also maintains a non-qualified savings plan, The Hartford Excess Savings Plan, with the dollar-for-dollar matching contributions related to employee compensation in excess of the amount of eligible compensation that can be contributed under the tax-qualified Investment and Savings Plan. An employee's eligible compensation includes overtime and bonuses but for the Investment and Savings Plan and Excess Savings Plan combined, is limited to $1 annually. The total cost to The Hartford for these plans was approximately $147, $153 and $156 for the years ended December 31, 2021, 2020 and 2019, respectively. Additionally, The Hartford has established defined contribution pension plans for certain employees of the Company’s international subsidiaries. The cost to The Hartford for the years ended December 31, 2021, 2020 and 2019 for these plans was immaterial. Postretirement Benefit Plans Defined Benefit Pension Plan - The Company maintains The Hartford Retirement Plan for U.S. Employees, a U.S. qualified defined benefit pension plan (“U.S. Pension Plan”) that covers substantially all U.S. employees hired prior to January 1, 2013. The Company also maintains non-qualified pension plans to provide retirement benefits previously accrued that are in excess of Internal Revenue Code limitations, as well as a Canadian defined benefit pension plan. Together, the non- qualified and Canadian defined benefit plan are referred to as "Other Pension Plans". The U.S. Pension Plan includes two benefit formulas, both of which are frozen: a final average pay formula (for which all accruals ceased as of December 31, 2008) and a cash balance formula for which benefit accruals ceased as of December 31, 2012, although interest will continue to accrue to existing cash balance formula account balances. Employees who were participants as of December 31, 2012 continue to earn vesting credit with respect to their frozen accrued benefits if they continue to work. The interest crediting rate on the cash balance plan is the greater of the average annual yield on 10-year U.S. Treasury Securities or 3.3%. The Hartford Excess Pension Plan I and The Hartford Excess Pension Plan II, the Company's non-qualified excess pension benefit plans for certain highly compensated employees, are also frozen. Group Retiree Health Plan - The Company provides certain health care and life insurance benefits for eligible retired employees. The Company’s contribution for health care benefits are a function of the retiree’s date of retirement and years of service. In addition, the plan has a defined dollar cap for certain retirees which limits average Company contributions. The Hartford has prefunded a portion of the health care obligations where such prefunding can be accomplished on a tax effective basis. Beginning January 1, 2017, for retirees 65 and older who were participating in the Retiree PPO Medical Plan, the Company funds the cost of medical and dental health care benefits through contributions to a Health Reimbursement Account and covered individuals can access a variety of insurance plans from a health care exchange. Effective January 1, 2002, Company-subsidized retiree medical, retiree dental and retiree life insurance benefits were eliminated for employees with original hire dates with the Company on or after January 1, 2002. The Company also amended its postretirement medical, dental and life insurance coverage plans to no longer provide subsidized coverage for employees who retired on or after January 1, 2014. Assumptions Pursuant to accounting principles related to the Company’s pension and other postretirement obligations to employees under its various benefit plans, the Company is required to make a significant number of assumptions in order to calculate the related liabilities and expenses each period. The two economic assumptions that have the most impact on pension and other postretirement expense under the defined benefit pension plans and group retiree health plan are the discount rate and the expected long-term rate of return on plan assets. The assumed discount rates and yield curve is based on high-quality fixed income investments consistent with the maturity profile of the expected liability cash flows. Based on all available market and industry information, it was determined that 2.91% and 2.72% were the appropriate discount rates as of December 31, 2021 to calculate the Company’s U.S. Pension Plan and other postretirement obligations, respectively. The expected long-term rate of return considers the actual compound rates of return earned over various historical time periods. The Company also considers the investment volatility, duration and total returns for various time periods related to the characteristics of the pension obligation, which are influenced by the Company's workforce demographics. In addition, for the pension plan, the Company anticipates an allocation of approximately 73% in fixed income securities and 27% in non fixed income securities (global equities, hedge funds and private market alternatives) to derive an expected long-term rate of return. For the other postretirement plans, the Company anticipates an allocation of approximately 70% in fixed income securities and 30% in non fixed income securities. Based upon these analyses, management determined the long-term rate of return assumption to be 5.40% and 4.90% for the Company's U.S. Pension Plan and other postretirement obligations, respectively, for the year ended December 31, 2021 and 6.00% and 5.60% for the Company's U.S. Pension Plan and other postretirement obligations, respectively, for the year ended December 31, 2020. To determine the Company's 2022 expense, the Company has assumed an expected long-term rate of return on plan assets of 5.10% and 4.80% for the Company's U.S. Pension Plan and other postretirement obligations, respectively. Assumptions Used in Calculating the Benefit Obligations and the Net Amount Recognized For the years ended December 31, 2021 2020 2019 Weighted Average Assumptions used to determine benefit obligations Discount rate: U.S. Pension Plan 2.91 % 2.65 % 3.33 % Other Pension Plans 2.83 % 2.51 % 3.23 % Other postretirement benefits 2.72 % 2.36 % 3.15 % Interest crediting rate on cash balance plan 3.30 % 3.30 % 3.30 % Weighted Average Assumptions used to determine net periodic benefit costs: Discount rate: U.S. Pension Plan 2.66 % 3.33 % 4.35 % Other Pension Plans 2.52 % 3.25 % 4.28 % Other postretirement benefits 2.36 % 3.15 % 4.23 % Expected long-term rate of return on plan assets: U.S. Pension Plan 5.40 % 6.00 % 6.45 % Other Pension Plans 2.90 % 3.90 % 4.50 % Other postretirement benefits 4.90 % 5.60 % 6.00 % Assumed Health Care Cost Trend Rates Pre-65 health care cost trend rate 7.00 % 7.00 % 7.00 % Post-65 health care cost trend rate N/A N/A N/A Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.50 % 4.50 % 4.50 % Year that the rate reaches the ultimate trend rate 2033 2033 2033 Obligations and Funded Status The following tables set forth a reconciliation of beginning and ending balances of the benefit obligation and fair value of plan assets, as well as the funded status of the Company's defined benefit pension and postretirement health care and life insurance benefit plans. Information is presented for the qualified U.S. Pension Plan, Other Pension Plans (including non-qualified plans and the Canadian pension plan) and other postretirement benefits. Obligations and Funded Status U.S. Pension Plan Other Pension Plans Total Pension Plans Other Postretirement Benefits For the years ended December 31, 2021 2020 2021 2020 2021 2020 2021 2020 Change in Benefit Obligation Benefit obligation — beginning of year $ 4,409 $ 4,060 $ 466 $ 438 $ 4,875 $ 4,498 $ 220 $ 223 Service cost 4 4 — — 4 4 — — Interest cost 87 115 9 12 96 127 3 6 Plan participants’ contributions — — — — — — 11 11 Actuarial loss (gain) (7) 8 2 4 (5) 12 1 (2) Changes in assumptions (96) 399 (11) 38 (107) 437 (5) 16 Benefits and expenses paid (187) (177) (26) (26) (213) (203) (33) (34) Foreign exchange adjustment — — (1) — (1) — — — Benefit obligation — end of year [1] $ 4,210 $ 4,409 $ 439 $ 466 $ 4,649 $ 4,875 $ 197 $ 220 Change in Plan Assets Fair value of plan assets — beginning of year $ 4,346 $ 3,899 $ 17 $ 15 $ 4,363 $ 3,914 $ 63 $ 75 Actual return on plan assets 338 566 (1) 2 337 568 4 6 Employer contributions [2] — 70 — — — 70 7 5 Benefits paid [3] (187) (177) (1) — (188) (177) (23) (23) Expenses paid (30) (12) — — (30) (12) — — Fair value of plan assets — end of year $ 4,467 $ 4,346 $ 15 $ 17 $ 4,482 $ 4,363 $ 51 $ 63 Funded status — end of year $ 257 $ (63) $ (424) $ (449) $ (167) $ (512) $ (146) $ (157) Amounts Recognized in the Consolidated Balance Sheets Other assets $ 257 $ — $ — $ — $ 257 $ — $ — $ — Other liabilities $ — $ (63) $ (424) $ (449) $ (424) $ (512) $ (146) $ (157) [1] As of December 31, 2021 and 2020, the Accumulated Benefit Obligation is equal to the Projected Benefit Obligation. [2] Employer contributions in 2020 to the U.S. qualified defined benefit pension plan were discretionary, made in cash, and did not include contributions of the Company’s common stock. [3] Other postretirement benefits paid represent non-key employee postretirement medical benefits paid from the Company's prefunded trust fund. Changes in assumptions for the U.S. Pension Plan in 2021 primarily included a $109 decrease in the benefit obligation for pension benefits as a result of an increase in the discount rate from 2.65% as of the December 31, 2020 valuation to 2.91% as of the December 31, 2021 valuation. Changes in assumptions in 2020 included a $395 increase in the benefit obligation for pension benefits as a result of a decrease in the discount rate from 3.33% as of the December 31, 2019 valuation to 2.65% as of the December 31, 2020 valuation. Changes in assumptions for the Other Pension Plans in 2021 primarily included a $12 decrease in the benefit obligation for pension benefits as a result of an increase in the discount rate from 2.51% as of the December 31, 2020 valuation to 2.83% as of the December 31, 2021 valuation. Changes in assumptions in 2020 included a $39 increase in the benefit obligation for pension benefits as a result of a decrease in the discount rate from 3.23% as of the December 31, 2019 valuation to 2.51% as of the December 31, 2020 valuation. The cash balance plan pension benefit obligation was $414 and $443 as of December 31, 2021 and 2020, respectively. The fair value of assets for total pension plans, and hence the funded status, presented in the table above excludes assets of $210 and $186 as of December 31, 2021 and 2020, respectively, held in rabbi trusts and designated for the Other Pension Plans. The assets do not qualify as plan assets; however, the assets are available to pay benefits for certain retired, terminated and active participants. Such assets are available to the Company’s general creditors in the event of insolvency. The rabbi trust assets consist of equity and fixed income investments. To the extent the fair value of these rabbi trusts were included in the table above, total pension plan assets would have been $4,692 and $4,549 as of December 31, 2021 and 2020, respectively, and the funded status of total pension plans would have been $43 and $(326) as of December 31, 2021 and 2020, respectively. The tables below present an aggregate view of net periodic cost (benefit) and components of other comprehensive income and AOCI for pension plans that includes both the U.S. Pension Plan and Other Pension Plans. Net periodic cost (benefit) is recognized in insurance operating costs and other expenses in the consolidated statement of operations. Net Periodic Cost (Benefit) Pension Benefits Other Postretirement Benefits For the years ended December 31, 2021 2020 2019 2021 2020 2019 Service cost $ 4 $ 4 $ 4 $ — $ — $ — Interest cost 96 127 159 3 6 8 Expected return on plan assets (205) (215) (226) (3) (4) (4) Amortization of prior service credit — — — (7) (7) (7) Amortization of actuarial loss 69 60 44 8 7 6 Net periodic cost (benefit) $ (36) $ (24) $ (19) $ 1 $ 2 $ 3 Amounts Recognized in Other Comprehensive Income (Loss) Pension Benefits Other Postretirement Benefits For the years ended December 31, 2021 2020 2019 2021 2020 2019 Amortization of actuarial loss $ 69 $ 60 $ 44 $ 8 $ 7 $ 6 Amortization of prior service credit — — — (7) (7) (7) Net income (loss) arising during the year 214 (106) (88) 5 (11) (18) Prior service cost (credit) — — — — — 2 Total $ 283 $ (46) $ (44) $ 6 $ (11) $ (17) Amounts in Accumulated Other Comprehensive Income (Loss), Before Tax, not yet Recognized as Components of Net Periodic Benefit Cost Pension Benefits Other Postretirement Benefits As of December 31, 2021 2020 2019 2021 2020 2019 Net loss $ (1,815) $ (2,098) $ (2,052) $ (124) $ (136) $ (132) Prior service credit — — — 54 60 67 Total $ (1,815) $ (2,098) $ (2,052) $ (70) $ (76) $ (65) Pension Plan Assets Investment Strategy and Target Allocation The overall investment strategy of the U.S. Pension Plan is to produce total investment returns that provide sufficient funding for present and anticipated future benefit obligations within the constraints of a prudent level of portfolio risk and diversification. With respect to asset management, the oversight responsibility of the U.S. Pension Plan rests with The Hartford’s Pension Investment Committee composed of individuals whose responsibilities include establishing overall objectives and the setting of investment policy; selecting appropriate investment options and ranges; selecting qualified service providers such as investment managers and investment consultants; reviewing the asset allocation mix and asset allocation targets on a regular basis; and monitoring performance to determine whether or not the rate of return objectives are being met and that policy and guidelines are being followed. The Pension Investment Committee has adopted a de-risking glide path that reduces the target allocation to equity securities and alternative assets and increases the allocation to fixed income securities over time in response to improvement in the funded status of the U.S. Pension Plan. The Company believes that the asset allocation decision will be the single most important factor determining the long-term performance of the U.S. Pension Plan. Target Asset Allocation Pension Plans Other Postretirement Plans Minimum Maximum Minimum Maximum Equity securities 3 % 23 % — % 45 % Fixed income securities 69 % 77 % 55 % 100 % Alternative assets — % 28 % — % — % Divergent market performance among different asset classes and changes in the context of the glide path may, from time to time, cause the asset allocation to deviate from the desired asset allocation ranges. The asset allocation mix is reviewed on a periodic basis. If it is determined that an asset allocation mix rebalancing is required, future portfolio additions and withdrawals will be used first, as necessary, to bring the allocation within tactical ranges, before shifting assets across portfolios. The U.S. Pension Plan invests in investment portfolios, including commingled funds and partnerships, managed by affiliated and unaffiliated managers to gain exposure to emerging markets, equity, hedge funds and other alternative investments. These portfolios encompass multiple asset classes reflecting the current needs of the U.S. Pension Plan, the investment preferences and risk tolerance of the U.S. Pension Plan and the desired degree of diversification. These asset classes include publicly traded equities, bonds and alternative investments and are made up of individual investments in cash and cash equivalents, equity securities, debt securities, asset-backed securities, mortgage loans and hedge funds. Hedge fund investments represent a diversified portfolio of partnership investments in a variety of strategies. In addition, the Company uses U.S. Treasury bond futures contracts and U.S. Treasury STRIPS, in addition to certain other investments, in a duration overlay program to adjust the duration of U.S. Pension Plan assets to better match the duration of the benefit obligation. Pension Plan Assets at Fair Value As of December 31, 2021 As of December 31, 2020 Asset Category Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Short-term investments: $ 120 $ 29 $ — $ 149 $ 75 $ 25 $ — $ 100 Fixed Income Securities: Corporate — 2,333 42 2,375 — 2,303 39 2,342 RMBS — 98 — 98 — 41 1 42 U.S. Treasuries 23 169 — 192 — 47 — 47 Foreign government — 38 2 40 — 16 9 25 CMBS — 56 4 60 — 30 — 30 Other fixed income [1] — 185 1 186 — 137 — 137 Mortgage Loans — — 202 202 — — 161 161 Equity Securities: Domestic 237 — — 237 513 — — 513 International 121 — — 121 271 — — 271 Total pension plan assets at fair value, in the fair value hierarchy [2] $ 501 $ 2,908 $ 251 $ 3,660 $ 859 $ 2,599 $ 210 $ 3,668 Other Investments, at net asset value [3]: Private Market Alternatives 572 451 Hedge funds 199 224 Total pension plan assets at fair value $ 501 $ 2,908 $ 251 $ 4,431 $ 859 $ 2,599 $ 210 $ 4,343 [1] Includes ABS, municipal bonds, and CDOs. [2] Excludes $51 and $20 as of December 31, 2021 and 2020, respectively, of investment receivables net of investment payables that are excluded from this disclosure requirement because they are trade receivables in the ordinary course of business where the carrying amount approximates fair value. [3] Investments that are measured at net asset value per share or an equivalent and have not been classified in the fair value hierarchy. The tables below provide fair value level 3 rollforwards for the U.S. Pension Plan Assets for which significant unobservable inputs ("Level 3") are used in the fair value measurement on a recurring basis. The U.S. Pension Plan classifies the fair value of financial instruments within Level 3 if there are no observable markets for the instruments or, in the absence of active markets, if one or more of the significant inputs used to determine fair value are based on the U.S. Pension Plan’s own assumptions. Therefore, the gains and losses in the tables below include changes in fair value due to both observable and unobservable factors. Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Assets Corporate RMBS Foreign government Mortgage loans Other [1] Totals Fair Value as of January 1, 2021 $ 39 $ 1 $ 9 $ 161 $ — $ 210 Realized gains (losses), net — — — (3) — (3) Changes in unrealized gains, net — — — — — — Purchases 6 — — 55 5 66 Settlements — — — — — — Sales (5) — (7) (11) — (23) Transfers into Level 3 2 — — — — 2 Transfers out of Level 3 — (1) — — — (1) Fair Value as of December 31, 2021 $ 42 $ — $ 2 $ 202 $ 5 $ 251 Fair Value as of January 1, 2020 $ 27 $ — $ 1 $ 131 $ 1 $ 160 Realized gains (losses), net — — — — (1) (1) Changes in unrealized gains, net 1 — — 4 1 6 Purchases 14 1 9 32 — 56 Settlements — — — — — — Sales (3) — — (6) — (9) Transfers into Level 3 — — — — — — Transfers out of Level 3 — — (1) — (1) (2) Fair Value as of December 31, 2020 $ 39 $ 1 $ 9 $ 161 $ — $ 210 [1] "Other" includes U.S. Treasuries, Other fixed income and CMBS investments. During the year ended December 31, 2021, transfers into and (out) of Level 3 are primarily attributable to the appearance of or lack thereof of market observable information and the re-evaluation of the observability of pricing inputs. During the year ended December 31, 2020, transfers into and (out) of Level 3 are primarily attributable to the appearance of or lack thereof of market observable information and the re-evaluation of the observability of pricing inputs. There was less than $1 in Company common stock included in the U.S. Pension Plan’s assets as of December 31, 2021 and 2020. Other Postretirement Plan Assets at Fair Value As of December 31, 2021 As of December 31, 2020 Asset Category Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Short-term investments $ 1 $ — $ — $ 1 $ 2 $ — $ — $ 2 Fixed Income Securities: Corporate — 11 — 11 — 16 — 16 RMBS — 7 — 7 — 9 — 9 U.S. Treasuries 1 13 — 14 — 16 — 16 Foreign government 1 — — 1 — — — — CMBS — — — — — 1 — 1 Other fixed income — 1 — 1 — 2 — 2 Equity Securities: Large-cap 16 — — 16 17 — — 17 Total other postretirement plan assets at fair value $ 19 $ 32 $ — $ 51 $ 19 $ 44 $ — $ 63 There was no Company common stock included in the other postretirement benefit plan assets as of December 31, 2021 and 2020. Concentration of Risk In order to minimize risk, the Pension Plan maintains a listing of permissible and prohibited investments. In addition, the Pension Plan has certain concentration limits and investment quality requirements imposed on permissible investment options. Permissible investments include U.S. equity, international equity, alternative asset and fixed income investments including derivative instruments. Permissible derivative instruments include futures contracts, options, swaps, currency forwards, caps or floors and may be used to control risk or enhance return but will not be used for leverage purposes. Securities specifically prohibited from purchase include, but are not limited to: shares or fixed income instruments issued by The Hartford (other than equity securities purchased on the open market as part of a passively managed strategy), short sales of any type within long-only portfolios, non-derivative securities involving the use of margin, leveraged floaters and inverse floaters, including money market obligations, natural resource real properties such as oil, gas or timber and precious metals. Other than U.S. government and certain U.S. government agencies backed by the full faith and credit of the U.S. government, the Pension Plan does not have any material exposure to any concentration risk of a single issuer. Expected Employer Contributions The Company does not have a 2022 required minimum funding contribution for the U.S. qualified defined benefit pension plan. The Company has not determined whether, and to what extent, contributions may be made to the U. S. qualified defined benefit pension plan in 2022. The Company will monitor the funded status of the U.S. qualified defined benefit pension plan during 2022 to make this determination. Benefit Payments Amounts of Benefits Expected to be Paid over the next Ten Years from Pension and other Postretirement Plans as of December 31, 2021 Pension Benefits Other Postretirement Benefits 2022 $ 228 $ 20 2023 234 18 2024 240 16 2025 250 15 2026 249 14 2027 - 2031 1,265 56 Total $ 2,466 $ 139 |
Stock Compensation Plans
Stock Compensation Plans | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock Compensation Plans | 20. STOCK COMPENSATION PLANS The Company's stock-based compensation plans are described below. Shares issued in satisfaction of stock-based compensation may be made available from authorized but unissued shares, shares held by the Company in treasury or from shares purchased in the open market. In 2021, 2020 and 2019, the Company issued shares from treasury in satisfaction of stock-based compensation . The Hartford measures stock compensation at the grant date based on the estimated fair value of the award and recognizes expense on a straight-line basis, net of estimated forfeitures, over the requisite service period. Stock-based compensation expense, included in insurance operating costs and other expenses in the consolidated statement of operations, was as follows: Stock-Based Compensation Expense For the years ended December 31, 2021 2020 2019 Stock-based compensation plans expense $ 128 $ 116 $ 125 Income tax benefit (22) (20) (21) Excess tax benefit on awards vested, exercised and expired (6) (1) (6) Total stock-based compensation plans expense, net of tax $ 100 $ 95 $ 98 The Company did not capitalize any cost of stock-based compensation. As of December 31, 2021, the total compensation cost related to non-vested awards not yet recognized was $71, which is expected to be recognized over a weighted average period of 2 years. Stock Plan Future stock-based awards may be granted under The Hartford's 2020 Stock Incentive Plan (the "Stock Incentive Plan") other than the Subsidiary Stock Plan and the Employee Stock Purchase Plan described below. The Stock Incentive Plan provides for awards to be granted in the form of non-qualified or incentive stock options qualifying under Section 422 of the Internal Revenue Code, stock appreciation rights, performance shares, restricted stock or restricted stock units, or any other form of stock-based award. The maximum number of shares, subject to adjustments set forth in the 2020 Stock Plan, that may be issued to Company employees and third-party service providers during the 10-year duration of the Stock Incentive Plan is the sum of 11,250,000 shares, any shares cancelled subsequent to February 29, 2020, plus any shares used for tax withholding purposes. If any award under an earlier incentive stock plan is forfeited, terminated, surrendered, exchanged, expires unexercised, or is settled in cash in lieu of stock (including to effect tax withholding) or for the net issuance of a lesser number of shares than the number subject to the award, the shares of stock subject to such award (or the relevant portion thereof) shall be available for awards under the Stock Incentive Plan and such shares shall be added to the maximum limit. As of December 31, 2021, there were 9,667,290 shares available for future issuance. The fair values of awards granted under the Stock Incentive Plan are measured as of the grant date and expensed ratably over the awards’ vesting periods, generally 3 years. For stock option awards to retirement-eligible employees, the Company recognizes the expense over a period shorter than the stated vesting period because the employees receive accelerated vesting upon retirement and, therefore, the vesting period is considered non-substantive. Beginning with awards granted in 2017, employees with restricted stock units and performance shares receive accelerated vesting upon meeting certain retirement eligibility criteria. Stock Option Awards Under the Stock Incentive Plan, options granted have an exercise price at least equal to the market price of the Company’s common stock on the date of grant, and an option’s maximum term is not to exceed 10 years. Options generally become exercisable over a period of three years commencing one year from the date of grant. The Company uses a hybrid lattice/Monte-Carlo based option valuation model (the “Plan Valuation Model”) that incorporates the possibility of early exercise of options into the valuation. The Plan Valuation Model also incorporates the Company’s historical termination and exercise experience to determine the option value. The Plan Valuation Model incorporates ranges of assumptions for inputs, and those ranges are disclosed below. The term structure of volatility is generally constructed utilizing implied volatilities from exchange-traded options, historical volatility of the Company’s stock and other factors. The Company uses historical data to estimate option exercise and employee termination within the Plan Valuation Model, and accommodates variations in employee preference and risk-tolerance by segregating the grantee pool into a series of behavioral cohorts and conducting a fair valuation for each cohort individually. The expected term of options granted is derived from the output of the option Plan Valuation Model and represents, in a mathematical sense, the period of time that options are expected to be outstanding. The risk-free rate for periods within the contractual life of the option is based on the U.S. Constant Maturity Treasury yield curve in effect at the time of grant. Stock Options Valuation Assumptions For the years ended December 31, 2021 2020 2019 Expected dividend yield 2.8% 2.6% 2.5% Expected annualized spot volatility 34.1 % - 43.0% 22.2 % - 36.2% 20.7 % - 36.7% Weighted average annualized volatility 39.4% 30.9% 29.3% Risk-free spot rate 0.03 % - 1.4% 1.3 % - 1.6% 2.4 % - 2.6% Expected term 6.4 years 6.6 years 5.9 years Non-qualified Stock Option Activity Under the Stock Incentive Plan Number of Options (in thousands) Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value For the year ended December 31, 2021 Outstanding at beginning of year 6,693 $ 45.54 Granted 930 $ 51.87 Exercised (1,137) $ 39.51 Forfeited (51) $ 53.03 Expired — $ — Outstanding at end of year 6,435 $ 47.46 5.7 $ 139 Outstanding, fully vested and expected to vest 6,385 $ 47.42 5.7 $ 138 Exercisable at end of year 4,749 $ 45.67 4.7 $ 111 Aggregate intrinsic value represents the value of the Company's closing stock price on the last trading day of the period in excess of the exercise price multiplied by the number of options outstanding or exercisable. The aggregate intrinsic value excludes the effect of stock options that have a zero or negative intrinsic value. The weighted average grant-date fair value per share of options granted during the years ended December 31, 2021, 2020, and 2019 was $14.88, $12.97 and $11.71, respectively . For the years ended December 31, 2021, 2020, and 2019, The Hartford received $45, $3, and $24, respectively, in cash from exercised stock options. The Hartford recognized tax benefits of $4, $0, and $2 on stock options exercised for the years ended December 31, 2021, 2020 and 2019, respectively. The total intrinsic value of options exercised during the years ended December 31, 2021, 2020 and 2019 was $28, $2, and $16, respectively. Share Awards Share awards granted under the Stock Incentive Plan and outstanding include restricted stock units and performance shares. Performance shares become payable within a range of 0% to 200% of the number of shares initially granted based upon the attainment of specific performance goals achieved at the end of three years and for the 2021 grant subject to a modifier that will either increase or decrease final performance by 10% based upon results against predetermined year-end 2023 representation goals for women and people of color in executive level roles. Beginning in 2017, performance shares vest at the earlier of an employee's retirement eligibility date or three years. Performance share awards granted prior to 2020 that are not dependent on market conditions are valued equal to the market price of the Company's common stock on the date of grant less a discount for the absence of dividends. Performance share awards granted in 2021 and 2020 that are not dependent on market conditions are valued equal to the market price of the Company’s common stock on the date of grant. Stock-compensation expense for these performance share awards without market conditions is based on a current estimate of the number of awards expected to vest based on the performance level achieved and, therefore, may change during the performance period as new estimates of performance are available. Other performance share awards or portions thereof have a market condition based upon the Company's total stockholder return relative to a group of peer companies within a period of three years from the date of grant. Stock compensation expense for these performance share awards is based on the number of awards expected to vest as estimated at the grant date and, therefore, does not change for changes in estimated performance. The Company uses a risk neutral Monte-Carlo Plan Valuation Model that incorporates time to maturity, implied volatilities of the Company and the peer companies, and correlations between the Company and the peer companies and interest rates. Assumptions for Total Stockholder Return Performance Shares For the years ended December 31, 2021 2020 2019 Volatility of common stock 37.3% 19.6% 19.4% Average volatility of peer companies 27.0 % - 49.0% 18.0 % - 31.0% 16.0 % - 27.0% Average correlation coefficient of peer companies 67.0% 51.0% 50.0% Risk-free spot rate 0.2% 1.2% 2.4% Term 3.0 years 3.0 years 3.0 years Total Share Awards Non-vested Share Award Activity Under the Stock Incentive Plan Restricted Stock Units Performance Shares Number of Shares (in thousands) Weighted-Average Grant-Date Fair Value Number of Shares (in thousands) Weighted-Average Grant date Fair Value Non-vested shares For the year ended December 31, 2021 Non-vested at beginning of year 3,866 $ 52.58 790 $ 54.82 Granted 1,628 $ 52.13 419 $ 56.09 Performance based adjustment, net 225 $ 60.67 Vested (1,160) $ 52.72 (624) $ 56.44 Forfeited (303) $ 51.30 (45) $ 52.89 Non-vested at end of year 4,031 $ 52.45 765 $ 52.53 In addition to the non-vested shares presented in the above table, there are related non-vested dividend equivalent shares. The number of non-vested dividend equivalent shares related to restricted stock units was 209 thousand and 186 thousand as of December 31, 2021 and 2020, respectively, and the number of non-vested dividend equivalent shares related to performance shares was 30 thousand and 11 thousand as of December 31, 2021 and 2020, respectively. The dividend equivalent shares are subject to the same vesting terms as the restricted stock units and performance shares. The weighted average grant-date fair value per share of restricted stock units granted during the years ended December 31, 2021, 2020, and 2019 was $52.13, $54.64 and $50.49, respectively. The weighted average grant- date fair value per share of performance shares granted during the years ended December 31, 2021, 2020, and 2019 was $56.09, $55.62 and $54.07, respectively. The total fair value of shares vested during the years ended December 31, 2021, 2020 and 2019 was $105, $73 and $102, respectively, based on actual or estimated performance factors. The Company did not make cash payments in settlement of stock compensation during the years ended December 31, 2021, 2020 and 2019. Subsidiary Stock Plan In 2013 the Company established a subsidiary stock-based compensation plan similar to the Stock Incentive Plan, except that it awards non-public subsidiary stock as compensation. The Company recognized stock-based compensation plan expense of $11, $11 and $11 in the years ended December 31, 2021, 2020 and 2019, respectively, for the subsidiary stock plan. Upon employee vesting of subsidiary stock, the Company recognizes a noncontrolling equity interest. Employees are restricted from selling vested subsidiary stock to anyone other than the Company and the Company has discretion on the amount of stock to repurchase. Therefore, the subsidiary stock is classified as equity because it is not mandatorily redeemable. For the years ended December 31, 2021, 2020 and 2019, the Company repurchased $16, $10 and $8, respectively, in subsidiary stock. Employee Stock Purchase Plan The Company sponsors The Hartford Employee Stock Purchase Plan ("ESPP"). Under this plan, eligible employees of The Hartford purchase common stock of the Company at a discount rate of 5% of the market price per share on the last trading day of the offering period. Accordingly, the plan is a non-compensatory plan. Employees purchase a variable number of shares of stock through payroll deductions elected as of the beginning of the offering period. The Company may sell up to 15,400,000 shares of stock to eligible employees under the ESPP. As of December 31, 2021, there were 3,544,674 shares available for future issuance. During the years ended December 31, 2021, 2020 and 2019, 199,173 shares, 340,653 shares, and 213,472 shares were sold, respectively. For the years ended December 31, 2021, 2020 and 2019, The Hartford received $13, $13 and $11, respectively, in cash from sales under this plan. |
Leases Leases
Leases Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | 21. LEASES The Hartford has operating leases for real estate and equipment. The right-of-use asset as of December 31, 2021 and 2020 was $167 and $209, respectively, and is included in property and equipment, net, in the Consolidated Balance Sheet. The lease liability as of December 31, 2021 and 2020 was $184 and $221, respectively, and is included in other liabilities in the Consolidated Balance Sheet. Variable lease costs include changes in interest rates on variable rate leases primarily for automobiles. In 2021, variable lease costs of $4 were reported in restructuring and other costs for lease terminations under Hartford Next (see Note 23 - Restructuring and Other Costs for more information), and were excluded from components of lease expense. Components of Lease Expense For the years ended December 31, 2021 2020 2019 Operating lease cost $ 45 $ 52 $ 49 Short-term lease cost — — 2 Variable lease cost 2 — 1 Sublease income (3) (5) (5) Total lease costs included in insurance operating costs and other expenses $ 44 $ 47 $ 47 Supplemental Operating Lease Information For the years ended December 31, 2021 2020 2019 Operating cash flows for operating leases (for the twelve months ended) $ 46 $ 54 $ 50 Right-of-use asset obtained in exchange for new operating lease liabilities 3 49 42 Weighted-average remaining lease term in years for operating leases 6 years 7 years 6 years Weighted-average discount rate for operating leases 3.0 % 3.1 % 3.5 % Maturities of Operating Lease Liabilities as of December 31, 2021 Operating Leases 2022 $ 42 2023 40 2024 31 2025 23 2026 18 Thereafter 46 Total lease payments 200 Less: Discount on lease payments to present value 16 Total lease liability $ 184 |
Business Dispositions (Notes)
Business Dispositions (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract] | |
Business Dispositions and Discontinued Operations | 22. BUSINESS DISPOSITIONS Sale of Continental Europe Operations On December 29, 2021, the Company completed the sale of its Continental Europe Operations for approximately $11 , net of transaction costs. The complete sale of the Continental Europe Operations consists of multiple arrangements designed as a single transaction. The Continental Europe Operations are included in the Commercial Lines segment. Revenues and earnings are not material to the Company's consolidated results of operations for the years ended December 31, 2021, 2020 and 2019. The sale resulted in losses of approximately $21 and $48, before tax, for the periods ended December 31, 2021 and 2020, respectively, which were recorded within net realized gains (losses) in the Consolidated Statements of Operations. The Company also recorded related income tax benefits on the sale of $5 and $18, for after tax losses of $16 and $30, for the years ended December 31, 2021 and 2020, respectively. Total consideration less costs to sell of $11 is subject to change based on how the ultimate amounts required to settle claims on 2020 and prior accident years, as determined at the end of 2024, compare with recorded reserves as currently estimated. The contingent consideration has been estimated at its fair value of $0 and could result in an increase or decrease in consideration depending on how ultimate losses develop. Any change in the estimated fair value of contingent consideration in a future period would increase or decrease the estimated loss on sale in that period. Major Classes of Assets and Liabilities Transferred by the Company to the Buyer in Connection with the Sale Carrying Value as of Closing December 31, 2020 [1][2] Assets Investments and cash $ 150 $ 142 Reinsurance recoverables and other 13 35 Total assets held for sale 163 177 Liabilities Unpaid losses and loss adjustment expenses 81 84 Unearned premiums 19 31 Other liabilities 52 43 Total liabilities held for sale $ 152 $ 158 [1]As of December 31, 2020, the estimated fair value of the disposal group is $14 based on the estimated consideration to be received less cost to sell. Within the disposal group, as of December 31, 2020, investments in fixed maturities and short-term investments, which are measured at fair value on a recurring basis, had a fair value of $84, of which $1 was based on quoted prices in active markets for identical assets and $83 was based on significant observable inputs. The remaining fair value less costs to sell for the disposal group is ($70), which is measured on a nonrecurring basis using significant unobservable inputs. See Note 5—Fair Value Measurements for more information. [2]Classified as assets and liabilities held for sale. |
Restructuring and Related Activ
Restructuring and Related Activities | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure | 23. RESTRUCTURING AND OTHER COSTS In recognition of the need to become more cost efficient and competitive along with enhancing the experience we provide to agents and customers, on July 30, 2020 the Company announced an operational transformation and cost reduction plan it refers to as Hartford Next. Hartford Next is intended to reduce annual insurance operating costs and other expenses through reduction of the Company's headcount, investment in information technology ("IT") to further enhance our capabilities, and other activities. The activities are expected to be substantially complete by the end of 2023. Termination benefits related to workforce reductions and professional fees are included within restructuring and other costs in the Consolidated Statement of Operations and unpaid restructuring costs are included in other liabilities in the Company's Consolidated Balance Sheets. For the year ended December 31, 2021, the severance benefits accrual was reduced $25 due to more recent experience of higher than expected voluntary attrition. Subsequent to December 31, 2021, the Company expects to incur additional costs including, amortization of right of use assets and other lease exit costs, other IT costs to retire applications, and other expenses. Total restructuring and other costs are expected to be approximately $130, before tax, and will be recognized in Corporate for segment reporting. The estimated restructuring and other costs for future periods do not include all costs associated with the real estate consolidation plan as those plans are still being finalized. Restructuring and Other Costs, Before Tax Incurred in the Year Ended December 31, 2020 Incurred in the Year Ended December 31, 2021 Cumulative Incurred Through December 31, 2021 Total Amount Expected to be Incurred Severance benefits $ 73 $ (25) $ 48 $ 48 IT costs 2 9 11 21 Professional fees and other expenses 29 17 46 61 Total restructuring and other costs, before tax $ 104 $ 1 $ 105 $ 130 Accrued Restructuring and Other Costs Year Ended December 31, 2021 Severance Benefits and Related Costs IT Costs Professional Fees and Other Total Restructuring and Other Costs Liability Balance, beginning of period $ 54 $ — $ — $ 54 Incurred (25) 9 17 1 Payments (11) (9) (17) (37) Balance, end of period $ 18 $ — $ — $ 18 Accrued Restructuring and Other Costs Year Ended December 31, 2020 Severance Benefits and Related Costs IT Costs Professional Fees and Other Total Restructuring and Other Costs Liability Balance, beginning of period $ — $ — $ — $ — Incurred 73 2 29 104 Payments (19) (2) (29) (50) Balance, end of period $ 54 $ — $ — $ 54 |
Schedule I Summary of Investmen
Schedule I Summary of Investments - Other Than Investments in Affiliates | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract] | |
Summary of Investments - Other Than Investments in Affiliates | THE HARTFORD FINANCIAL SERVICES GROUP, INC. SCHEDULE I SUMMARY OF INVESTMENTS — OTHER THAN INVESTMENTS IN AFFILIATES (in millions) As of December 31, 2021 Type of Investment Cost Fair Value Amount at Fixed Maturities Bonds and notes U.S. government and government agencies and authorities (guaranteed and sponsored) $ 5,706 $ 5,881 $ 5,881 States, municipalities and political subdivisions 7,473 8,257 8,257 Foreign governments 883 910 910 Public utilities 1,917 2,050 2,050 All other corporate bonds 15,827 16,657 16,657 All other mortgage-backed and asset-backed securities 8,982 9,092 9,092 Total fixed maturities, available-for-sale 40,788 42,847 42,847 Equity Securities Common stocks Industrial, miscellaneous and all other 1,509 1,509 1,509 Non-redeemable preferred stocks 585 585 585 Total equity securities, at fair value 2,094 2,094 2,094 Mortgage loans [1] 5,412 5,576 5,383 Other investments 370 375 375 Short-term investments 3,697 3,697 3,697 Investments in partnerships and trusts 3,353 3,353 Total investments $ 55,714 $ 57,749 [1]Cost of mortgage loans excludes the allowance for credit losses ("ACL") of $29. For further information, refer to Schedule V - Valuation and Qualifying Accounts. |
Schedule II Condensed Financial
Schedule II Condensed Financial Information of the Hartford Financial Services, Inc. | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule II Condensed Financial Information of the Hartford Financial Services, Inc. | THE HARTFORD FINANCIAL SERVICES GROUP, INC. SCHEDULE II CONDENSED FINANCIAL INFORMATION OF THE HARTFORD FINANCIAL SERVICES GROUP, INC. (Registrant) (in millions) As of December 31, Condensed Balance Sheets 2021 2020 Assets Fixed maturities, available-for-sale, at fair value (amortized cost of $174 and $127) $ 173 $ 127 Other investments 12 20 Short-term investments 1,732 1,678 Cash — — Investment in affiliates 22,546 22,986 Deferred income taxes 430 493 Unamortized issue costs 3 2 Other assets 344 66 Total assets $ 25,240 $ 25,372 Liabilities and Stockholders’ Equity Net payable to affiliates $ 1,820 $ 1,757 Long-term debt 4,944 4,352 Other liabilities 633 707 Total liabilities 7,397 6,816 Total stockholders’ equity 17,843 18,556 Total liabilities and stockholders’ equity $ 25,240 $ 25,372 The condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto. THE HARTFORD FINANCIAL SERVICES GROUP, INC. SCHEDULE II CONDENSED FINANCIAL INFORMATION OF THE HARTFORD FINANCIAL SERVICES GROUP, INC. (continued) (Registrant) (in millions) For the years ended December 31, Condensed Statements of Operations and Comprehensive Income 2021 2020 2019 Net investment income $ 2 $ 9 $ 50 Net realized gains (losses) (1) (2) 3 Total revenues 1 7 53 Interest expense 234 236 255 Loss on extinguishment of debt — — 68 Other expense (income) (2) (8) 15 Total expenses 232 228 338 Loss before income taxes and earnings of subsidiaries (231) (221) (285) Income tax expense (benefit) (51) (39) (60) Income (loss) before earnings of subsidiaries (180) (182) (225) Earnings of subsidiaries 2,545 1,919 2,310 Net income 2,365 1,737 2,085 Other comprehensive income (loss) - parent company: Change in net gain or loss on cash-flow hedging instruments 24 (28) (24) Change in net unrealized gain or loss on fixed maturities (1) (1) 5 Change in pension and other postretirement plan adjustments 224 (36) (35) Other comprehensive income (loss), net of taxes before other comprehensive income of subsidiaries 247 (65) (54) Other comprehensive income (loss) of subsidiaries (1,245) 1,183 1,685 Total other comprehensive income (loss) (998) 1,118 1,631 Total comprehensive income $ 1,367 $ 2,855 $ 3,716 The condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto. THE HARTFORD FINANCIAL SERVICES GROUP, INC. SCHEDULE II CONDENSED FINANCIAL INFORMATION OF THE HARTFORD FINANCIAL SERVICES GROUP, INC. (continued) (Registrant) (in millions) For the years ended December 31, Condensed Statements of Cash Flows 2021 2020 2019 Operating Activities Net income $ 2,365 $ 1,737 $ 2,085 Loss on extinguishment of debt — — 68 Dividends received from subsidiaries 1,277 995 18 Equity in net income of subsidiaries (2,545) (1,919) (2,310) Net realized losses (gains) 1 2 3 Change in operating assets and liabilities 36 504 640 Cash provided by operating activities 1,134 1,319 504 Investing Activities Net proceeds from (payments for) short-term investments (54) (802) 1,731 Proceeds from the sale/maturity/prepayment of: Fixed maturities, available-for-sale 25 311 478 Equity securities, at fair value — 124 — Payments for the purchase of: Fixed maturities, available-for-sale (74) (128) — Net payments for derivatives 38 (57) (33) Amount paid for business acquired — — (2,098) Capital returned from (contributions to) subsidiaries 530 386 (20) Cash provided by (used for) investing activities 465 (166) 58 Financing Activities Proceeds from issuance of debt 588 — 1,376 Repayments of debt — (500) (1,278) Treasury stock acquired (1,702) (150) (200) Net issuance (return of) shares under incentive and stock compensation plans 25 (21) (6) Dividends paid on common shares (489) (461) (436) Dividends paid on preferred shares (21) (21) (21) Cash used for financing activities (1,599) (1,153) (565) Net increase (decrease) in cash — — (3) Cash — beginning of period — — 3 Cash — end of period $ — $ — $ — Supplemental Disclosure of Cash Flow Information Interest Paid $ 214 $ 232 $ 255 The condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto. |
Schedule III Supplementary Insu
Schedule III Supplementary Insurance Information | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract] | |
Schedule III Supplementary Insurance Information | THE HARTFORD FINANCIAL SERVICES GROUP, INC. SCHEDULE III SUPPLEMENTARY INSURANCE INFORMATION ( in millions ) Segment Deferred Policy Acquisition Costs Unpaid Losses and Loss Adjustment Expenses Reserve for Future Policy Benefits Unearned Premiums Other Policyholder Funds and Benefits Payable As of December 31, 2021 Commercial Lines $ 742 $ 26,906 $ — $ 5,693 $ — Personal Lines 101 1,844 — 1,459 — Property & Casualty Other Operations — 2,699 — 2 — Group Benefits 31 8,210 399 40 426 Hartford Funds 7 — — — — Corporate — — 197 — 261 Consolidated $ 881 $ 39,659 $ 596 $ 7,194 $ 687 As of December 31, 2020 Commercial Lines $ 641 $ 25,058 $ — $ 5,081 $ — Personal Lines 103 1,836 — 1,506 — Property & Casualty Other Operations — 2,728 — 2 — Group Benefits 38 8,233 420 40 415 Hartford Funds 7 — — — — Corporate — — 218 — 286 Consolidated $ 789 $ 37,855 $ 638 $ 6,629 $ 701 THE HARTFORD FINANCIAL SERVICES GROUP, INC. SCHEDULE III SUPPLEMENTARY INSURANCE INFORMATION (in millions) Segment Earned Premiums, Fee Income and Other Net Investment Income Benefits, Losses and Loss Adjustment Expenses Amortization of Insurance Net Written Premiums [2] For the year December 31, 2021 Commercial Lines $ 9,586 $ 1,502 $ 6,044 $ 1,398 $ 1,747 $ 10,041 Personal Lines 3,066 157 1,864 230 678 2,908 Property & Casualty Other Operations — 75 202 — 9 — Group Benefits 5,687 550 4,612 40 1,413 — Hartford Funds 1,189 5 — 12 913 — Corporate 40 24 7 — 325 — Consolidated $ 19,568 $ 2,313 $ 12,729 $ 1,680 $ 5,085 $ 12,949 For the year December 31, 2020 Commercial Lines $ 8,941 $ 1,160 $ 5,929 $ 1,397 $ 1,683 $ 8,969 Personal Lines 3,123 157 1,466 244 663 2,936 Property & Casualty Other Operations — 55 258 — 10 — Group Benefits 5,536 448 4,137 50 1,348 — Hartford Funds 989 4 — 14 773 — Corporate 102 22 15 1 415 9 Consolidated $ 18,691 $ 1,846 $ 11,805 $ 1,706 $ 4,892 $ 11,914 For the year December 31, 2019 Commercial Lines $ 8,326 $ 1,129 $ 5,192 $ 1,296 $ 1,776 $ 8,452 Personal Lines 3,318 179 2,185 259 702 3,131 Property & Casualty Other Operations 2 84 21 — 12 — Group Benefits 5,603 486 4,055 54 1,352 — Hartford Funds 999 7 — 12 813 — Corporate 146 66 19 1 431 12 Consolidated $ 18,394 $ 1,951 $ 11,472 $ 1,622 $ 5,086 $ 11,595 [1]Includes interest expense, loss on extinguishment of debt, restructuring and other costs, loss on reinsurance transaction and amortization of intangible assets. [2]Excludes life insurance pursuant to Regulation S-X. |
Schedule IV Reinsurance
Schedule IV Reinsurance | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract] | |
Schedule IV Reinsurance | THE HARTFORD FINANCIAL SERVICES GROUP, INC. SCHEDULE IV REINSURANCE (in millions) Gross Amount Ceded Amount Assumed From Other Companies Net Amount Percentage of Amount Assumed to Net For the year ended December 31, 2021 Life insurance in-force $ 1,112,333 $ 22,814 $ 21,230 $ 1,110,749 2 % Insurance revenues Property and casualty insurance $ 13,204 $ 1,277 $ 568 $ 12,495 5 % Life insurance and annuities 2,367 25 46 2,388 2 % Accident and health insurance 3,296 79 82 3,299 2 % Total insurance revenues $ 18,867 $ 1,381 $ 696 $ 18,182 4 % For the year ended December 31, 2020 Life insurance in-force $ 1,134,390 $ 19,055 $ 20,373 $ 1,135,708 2 % Insurance revenues Property and casualty insurance $ 12,551 $ 1,173 $ 540 $ 11,918 5 % Life insurance and annuities 2,251 24 207 2,434 9 % Accident and health insurance 2,994 72 180 3,102 6 % Total insurance revenues $ 17,796 $ 1,269 $ 927 $ 17,454 5 % For the year ended December 31, 2019 Life insurance in-force $ 879,496 $ 18,483 $ 254,739 $ 1,115,752 23 % Insurance revenues Property and casualty insurance $ 12,010 $ 936 $ 416 $ 11,490 4 % Life insurance and annuities 1,739 25 807 2,521 32 % Accident and health insurance 2,383 66 765 3,082 25 % Total insurance revenues $ 16,132 $ 1,027 $ 1,988 $ 17,093 12 % |
Schedule V Valuation and Qualif
Schedule V Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule V Valuation and Qualifying Accounts | THE HARTFORD FINANCIAL SERVICES GROUP, INC. SCHEDULE V VALUATION AND QUALIFYING ACCOUNTS (in millions) Balance Increase (decrease) in Costs and Expenses Write-offs/ Payments/ Other Balance December 31, 2021 Allowance for credit losses ("ACL") on fixed maturities, available-for-sale $ 23 $ (4) $ (18) $ 1 ACL on mortgage loans $ 38 $ (9) $ — $ 29 ACL on premiums receivable and agents' balances $ 152 $ 4 $ (51) $ 105 Allowance for uncollectible reinsurance $ 108 $ 3 $ (12) $ 99 Valuation allowance for deferred taxes $ 4 $ 9 $ (6) $ 7 2020 ACL on fixed maturities, available-for-sale $ 30 $ (7) $ 23 ACL on mortgage loans $ 19 $ 19 $ — $ 38 ACL on premiums receivable and agents' balances $ 122 $ 74 $ (44) $ 152 Allowance for uncollectible reinsurance $ 116 $ 4 $ (12) $ 108 Valuation allowance for deferred taxes $ 4 $ 9 $ (9) $ 4 2019 ACL on mortgage loans $ 1 $ (1) $ — $ — ACL on premiums receivable and agents' balances $ 135 $ 42 $ (32) $ 145 Allowance for uncollectible reinsurance $ 126 $ 2 $ (14) $ 114 Valuation allowance for deferred taxes $ — $ — $ 4 $ 4 [1]The balance as of January 1, 2020 reflects a cumulative effect adjustments recorded to retained earnings of $19, $(23), and $2, for the ACL on mortgage loans, ACL on premiums receivable and agents' balances, and the allowance for uncollectible reinsurance, respectively. For more information see Note 1 - Basis of Presentation and Significant Accounting Policies. |
Significant Accounting (Policie
Significant Accounting (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
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 products to individual and business customers in the United States as well as in the United Kingdom, and other international locations (collectively, “The Hartford”, the “Company”, “we” or “our”). On December 29, 2021, the Company completed the sale of all of the issued and outstanding equity of Navigators Holdings (Europe) N.V., a Belgium holding company, and its subsidiaries, Bracht, Deckers & Mackelbert N.V. (“BDM”) and Assurances Contintales Contintale Verzekeringen N.V. (“ASCO”), (collectively referred to as "Continental Europe Operations"). For further discussion of this transaction, see Note 22 - Business Dispositions. On May 23, 2019, the Company completed the acquisition of The Navigators Group, Inc. ("Navigators Group"), a global specialty underwriter, for $70 a share, or $2.137 billion in cash, including transaction expenses. For further discussion of these transactions, see Note 2 - Business Acquisitions and Note 22 - Business Dispositions. |
Consolidation | ConsolidationThe 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. 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. Generally Accepted Accounting Principles ("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 and group long-term disability insurance product reserves, net of reinsurance; evaluation of goodwill for impairment; valuation of investments and derivative instruments; and contingencies relating to corporate litigation and regulatory matters. |
Reclassifications | Reclassifications Certain reclassifications have been made to prior year financial information to conform to the current year presentation. |
Adoption of New Accounting Standards | Adoption of New Accounting Standards Goodwill On January 1, 2020, the Company adopted the Financial Accounting Standards Board's ("FASB") updated guidance on testing goodwill for impairment with no effect at adoption. The updated guidance requires impairment of goodwill if the carrying value of the reporting unit is greater than the estimated fair value, with the amount of the impairment not to exceed the carrying value of the reporting unit’s goodwill. Goodwill is reviewed for impairment at least annually and more frequently if events occur or circumstances change that would indicate that a triggering event for a potential impairment has occurred. Under the updated guidance, changes in market-based factors are more likely to result in a goodwill impairment than under the prior accounting guidance, whether a reporting unit's fair value is estimated using an income approach or a market approach. For example, changes in the weighted average cost of capital that is used to discount expected cash flows under the income approach or changes in market-based factors such as peer company price to earnings multiples or price to book multiples under a market approach can significantly affect changes to the estimated fair value of each reporting unit and such changes could result in impairments that have a material effect on our results of operations and financial condition. Financial Instruments - Credit Losses On January 1, 2020, the Company adopted the FASB’s updated guidance for recognition and measurement of credit losses on financial instruments. The new guidance replaces the “incurred loss” approach with an “expected loss” model for recognizing credit losses for financial instruments carried at other than fair value. Under the new model, for financial instruments carried at other than fair value, such as mortgage loans, reinsurance recoverables and receivables, an allowance for credit losses ("ACL") is recognized which is an estimate of credit losses expected over the life of financial instruments. Under the prior accounting model an ACL was recognized using an incurred loss approach. The new guidance also requires that we estimate a liability for credit losses ("LCL") on off balance sheet credit exposures such as financial guarantees and mortgage loan commitments that the Company cannot unconditionally cancel. Credit losses on fixed maturities, available-for-sale ("AFS") carried at fair value continue to be measured based on the present value of expected future cash flows compared to amortized cost; however, the losses are now recognized through an ACL and no longer as an adjustment to the amortized cost. Recoveries of credit losses on fixed maturities, AFS are now recognized as reversals of the ACL and no longer accreted as investment income through an adjustment to the investment yield. The ACL on fixed maturities, AFS cannot cause the net carrying value to be below fair value and, therefore, it is possible that future increases in fair value due to decreases in market interest rates could cause the reversal of the ACL and increase net income. The new guidance also requires 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 Company adopted the guidance effective January 1, 2020, through a cumulative-effect adjustment that decreased retained earnings by $18, representing a net increase to the ACL and LCL, after tax. No ACL was recognized at adoption for fixed maturities, AFS; rather, these investments are evaluated for an ACL prospectively. The Company does not have any purchased financial assets with a more than insignificant amount of credit deterioration since original issuance. Impact of Adoption on Consolidated Balance Sheet Balance as of January 1, 2020 Opening Balance Cumulative Effect of Accounting Change Adjusted Opening Balance Mortgage loans $ 4,215 $ 4,215 ACL on mortgage loans — $ (19) (19) Mortgage loans, net of ACL 4,215 (19) 4,196 Premiums receivable and agents’ balances 4,529 4,529 ACL on premiums receivable and agents' balances (145) 23 (122) Premiums receivable and agents' balances, net of ACL 4,384 23 4,407 Reinsurance recoverables 5,641 5,641 ACL and allowance for disputed amounts on reinsurance recoverables (114) (2) (116) Reinsurance recoverables, net of allowance for uncollectible reinsurance 5,527 (2) 5,525 Deferred income tax asset, net 299 5 304 Other liabilities (5,157) (25) (5,182) Retained Earnings $ 12,685 $ (18) $ 12,667 Summary of Adoption Impacts Net increase to ACL and LCL $ (23) Net tax effects 5 Net decrease to retained earnings $ (18) Reference Rate Reform On March 12, 2020, the Company adopted the FASB’s temporary guidance, which allows The Hartford to account for contract modifications made solely due to rate reform (such as replacing London Inter-Bank Offered Rate ("LIBOR") with another reference rate) as continuations of existing contracts and to maintain hedge accounting when the hedging effectiveness between a financial instrument and its hedge is only affected by the change to a replacement rate. As a result, The Hartford will not recognize gains and losses during the transition period of LIBOR to an alternative reference rate that would otherwise have arisen from accounting assessments and remeasurements. The guidance expires for contract modifications made and hedge relationships entered into or evaluated after December 31, 2022. The Company is not required to measure the effect of adoption on its financial position, cash flows or net income because the guidance |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | Future Adoption of New Accounting Standards Reserve for Future Policy Benefits The FASB issued new guidance on accounting for long-duration insurance contracts. The Company’s long-duration insurance contracts include paid-up life insurance and whole-life insurance policies resulting from conversion from group life policies and run-off structured settlement and terminal funding agreement liabilities with total future policy benefit reserves of $596 and $638 as of December 31, 2021 and 2020, respectively. Under existing guidance, a reserve for future policy benefits is calculated as the present value of future benefits and related expenses less the present value of any future premiums using assumptions “locked in” at the time the policies were issued, including discount rate, lapse rate, mortality, and expense assumptions. Under existing guidance, assumptions are only updated if there is an expected premium deficiency. The new guidance will require that underlying cash flow assumptions (such as for lapse rate and mortality) be reviewed and updated at least annually in the same quarter each year. The new guidance also requires that the discount rate assumption be updated each quarter and be based on an upper-medium grade (low-credit-risk) fixed-income investment yield. The change in the reserve estimate as a result of updating cash flow assumptions will be recognized in net income. The change in the reserve estimate as a result of updating the discount rate assumption will be recognized in other comprehensive income. Because reserves will be based on updated assumptions and no longer locked in at contract inception, there will no longer be a test for premium deficiency. The new guidance will be effective January 1, 2023, and will be applied retrospectively to January 1, 2021 (the “transition date”). The Company will not early adopt the updated guidance and will apply a modified retrospective transition method. The Company’s implementation activities are ongoing and include reviewing and validating methodologies, data and assumptions used to estimate the reserve for future policy benefits and developing disclosures as required by the new guidance. The Company expects the adoption of the new guidance to result in an increase to the reserve for future policy benefits and a corresponding decrease to accumulated other comprehensive income ("AOCI") as of the transition date because market upper-medium grade (low-credit-risk) fixed-income investment yields were lower as of the transition date than the locked in rates that were previously used to discount the reserves. The adoption is not expected to have a material effect on the Company’s total liabilities, stockholders’ equity or results of operations. |
Revenue Recognition | Revenue Recognition Premium Revenue from Direct Insurance and Assumed Reinsurance Property and casualty premiums are earned on a pro rata basis over the policy period and include accruals for policies that have been written by agents but not yet reported to us, as well as ultimate premium revenue anticipated under auditable and retrospectively rated policies. We estimate the amount of premium not yet reported based on current and historical trends of the business being written. Such estimates are regularly reviewed and updated and any resulting adjustments are included in the current year's results. Unearned premiums represent the premiums applicable to the unexpired terms of policies in force, or period of risk. Group life, disability and accident premiums are generally due from policyholders and recognized as revenue on a pro rata basis over the period of the contracts. An estimated ACL is recorded on the basis of periodic evaluations of balances due from insureds and considering historical credit loss information, adjusted for current economic conditions and beginning January 1, 2020, reasonable and supportable forecasts when appropriate . The Company records total credit loss expenses related to premiums receivable in insurance operating costs and other expenses. Write-offs of premiums receivable and agents' balances and any related ACL are recorded in the period in which the balance is deemed uncollectible. Refer to Note 8 - Premiums Receivable and Agents' Balances for further discussion regarding the allowance for doubtful accounts included in premiums receivable and agents’ balances. Revenue from Non-Insurance Contracts with Customers Installment fees are charged on property and casualty insurance contracts for billing the insurance customer in installments over the policy term. These fees are recognized in fee income as earned on collection. Insurance servicing revenues within Personal Lines consist of up-front commissions earned for collecting premiums and processing claims on insurance policies for which The Hartford does not assume underwriting risk, predominantly related to the National Flood Insurance Plan program. These insurance servicing revenues are recognized over the period of the flood program's policy terms. Group Benefits earns fee income from employers for the administration of underwriting, implementation and claims processing for employer self-funded plans and for leave management services. Fees are recognized as services are provided and collected monthly. Hartford Funds provides investment management, administrative and distribution services to mutual funds and exchange-traded products. The Company assesses investment advisory, distribution and other asset management fees primarily based on the average daily net asset values from mutual funds and exchange-traded products, which are recorded in the period in which the services are provided and are collected monthly. Fluctuations in domestic and international markets and related investment performance, volume and mix of sales and redemptions of mutual funds or exchange-traded products, and other changes to the composition of assets under management are all factors that ultimately have a direct effect on fee income earned. Hartford Funds other fees primarily include transfer agent fees, generally assessed as a charge per account, and are recognized as fee income in the period in which the services are provided with payments collected monthly. Corporate investment management and other fees are primarily for managing third party invested assets, including management of a portion of the invested assets of The Hartford’s former life and annuity business. These fees, calculated based on the average quarterly net asset values, are recorded in the period in which the services are provided and are collected quarterly. Fluctuations in markets and interest rates and other changes to the composition of assets under management are all factors that ultimately have a direct effect on fee income earned. |
Dividends to Policyholders | Dividends to Policyholders Policyholder dividends are paid to certain property and casualty policyholders. Policies that receive dividends are referred to as participating policies. Participating dividends to policyholders are accrued and reported in insurance operating costs and other expenses and other liabilities using an estimate of the amount to be paid based on underlying contractual obligations under policies and applicable state laws. Net written premiums for participating property and casualty insurance policies represented 7%, 7% and 9% of total net written premiums for the years ended December 31, 2021, 2020 and 2019, respectively. Participating dividends to property and casualty policyholders were $24, $29 and $30 for the years ended December 31, 2021, 2020 and 2019, respectively. There were no additional amounts of income allocated to participating policyholders. |
Investments | Investments Overview The Company’s investments in fixed maturities include bonds, structured securities, and redeemable preferred stock and commercial paper. Most of these investments are classified as AFS and are carried at fair value. The after tax difference between fair value and cost or amortized cost is reflected in stockholders’ equity as a component of AOCI. Equity securities are measured at fair value with any changes in valuation reported in net income. Mortgage loans are recorded at the outstanding principal balance adjusted for amortization of premiums or discounts and net of an ACL. Short-term investments are carried at amortized cost, which approximates fair value. Limited partnerships and other alternative investments are reported at their carrying value and are primarily accounted for under the equity method with the Company’s share of earnings included in net investment income. Recognition of income related to limited partnerships and other alternative investments is delayed due to the availability of the related financial information, as private equity and other funds are generally on a three-month delay. Accordingly, income for the years ended December 31, 2021, 2020, and 2019 may not include the full impact of current year changes in valuation of the underlying assets and liabilities of the funds, which are generally obtained from the limited partnerships. Other investments primarily consist of investments of consolidated investment funds for which the Company has provided seed money and reports the underlying investments at fair value with changes in the fair value recognized in income consistent with accounting requirements for investment companies. Also included in other investments are derivative instruments which are carried at fair value, overseas deposits which are measured at fair value using the net asset value as a practical expedient, equity fund investments, and certain investments for which the Company has elected the fair value option ("FVO"). These investments are carried at fair value and changes in value are recorded in net realized gains and losses. Net Realized Gains and Losses Net realized gains and losses from investment sales are reported as a component of revenues and are determined on a specific identification basis. Net realized gains and losses also result from fair value changes in equity securities, fixed maturities, FVO, and derivatives contracts that do not qualify, or are not designated, as a hedge for accounting purposes. Prior to January 1, 2020, impairments of fixed maturities and changes in mortgage loan valuation allowances were recognized as net realized losses as discussed in Note 6 -Investments. Effective January 1, 2020, the Company records net credit losses on fixed maturities, AFS and changes in the ACL on mortgage loans as a component of net realized gains and losses. For further information, see Financial Instruments - Credit Losses discussion above. Net Investment Income Interest income from fixed maturities and mortgage loans is recognized when earned on the constant effective yield method based on the estimated timing of cash flows. Most premiums and discounts on fixed maturities are amortized to the maturity date. Premiums on callable bonds may be amortized to call dates based on call prices. For securitized financial assets subject to prepayment risk, yields are recalculated and adjusted periodically to reflect historical and/or estimated future prepayments using the retrospective method. For certain other asset-backed securities, including securities that previously had an ACL and interest only securities, any yield adjustments are made using the prospective method. Prepayment fees and make-whole payments on fixed maturities and mortgage loans are recorded in net investment income when earned. For equity securities, dividends are recognized as investment income on the ex-dividend date. Limited partnerships and other alternative investments primarily use the equity method of accounting to recognize the Company’s share of earnings. Prior to January 1, 2020, for impaired fixed maturities, the Company accreted the new amortized cost to the estimated future cash flows over the expected remaining life of the investment by prospectively adjusting the effective yield, if necessary. Effective January 1, 2020, the Company no longer records credit losses as adjustments to the amortized cost of the fixed maturity but rather records an ACL. Future changes in the ACL resulting from improvements in expected future cash flows are not recorded as adjustments to yield through net investment income but are recorded through net realized gains and losses. For fixed maturities with an ACL, net investment income is recognized at |
Derivatives | Derivative Instruments Overview The Company utilizes a variety of over-the-counter ("OTC") derivatives, derivatives cleared through central clearing houses ("OTC-cleared") and exchange traded derivative instruments as part of its overall risk management strategy as well as to engage in income generation covered call transactions and replication transactions. The types of instruments may include swaps, caps, floors, forwards, futures and options to achieve the following Company-approved objectives: • to hedge risk arising from interest rate, equity market, commodity market, credit spread and issuer default, price or currency exchange rates or volatility; • to manage liquidity; • to control transaction costs; • to enter into income generation covered call transactions and synthetic replication transactions. Interest rate and credit default swaps involve the periodic exchange of cash flows with other parties, at specified intervals, calculated using agreed upon rates or other financial variables and notional principal amounts. Generally, little to no cash or principal payments are exchanged at the inception of the contract. Typically, at the time a swap is entered into, the cash flow streams exchanged by the counterparties are equal in value. The Company clears certain interest rate swap and credit default swap derivative transactions through central clearing houses. OTC-cleared derivatives require initial collateral at the inception of the trade in the form of cash or highly liquid securities, such as U.S. Treasuries and government agency investments. Central clearing houses also require additional cash as variation margin based on daily market value movements. For information on collateral, see the Derivative Collateral Arrangements section in Note 7 - Derivatives. In addition, OTC-cleared transactions include price alignment amounts either received or paid on the variation margin, which are reflected in realized gains and losses or, if characterized as interest, in net investment income. Forward contracts are customized commitments that specify a rate of interest or currency exchange rate to be paid or received on an obligation beginning on a future start date and are typically settled in cash. Financial futures are standardized commitments to either purchase or sell designated financial instruments, at a future date, for a specified price and may be settled in cash or through delivery of the underlying instrument. Futures contracts trade on organized exchanges. Margin requirements for futures are met by pledging securities or cash, and changes in the futures’ contract values are settled daily in cash. Option contracts grant the purchaser, for a premium payment, the right to either purchase from or sell to the issuer a financial instrument at a specified price, within a specified period or on a stated date. The contracts may reference commodities, which grant the purchaser the right to either purchase from or sell to the issuer commodities at a specified price, within a specified period or on a stated date. Option contracts are typically settled in cash. Foreign currency swaps exchange an initial principal amount in two currencies, agreeing to re-exchange the currencies at a future date, at an agreed upon exchange rate. There may also be a periodic exchange of payments at specified intervals calculated using the agreed upon rates and exchanged principal amounts. The Company’s derivative transactions conducted in insurance company subsidiaries are used in strategies permitted under the derivative use plans required by the State of Connecticut, the State of Illinois and the State of New York insurance departments. Accounting and Financial Statement Presentation of Derivative Instruments and Hedging Activities Derivative instruments are recognized on the Consolidated Balance Sheets at fair value and are reported in Other Investments and Other Liabilities. For balance sheet presentation purposes, the Company has elected to offset the fair value amounts, income accruals, and related cash collateral receivables and payables of OTC derivative instruments executed in a legal entity and with the same counterparty or under a master netting agreement, which provides the Company with the legal right of offset. On the date the derivative contract is entered into, the Company designates the derivative as (1) a hedge of the fair value of a recognized asset or liability (“fair value” hedge), (2) a hedge of the variability in cash flows of a forecasted transaction or of amounts to be received or paid related to a recognized asset or liability (“cash flow” hedge), (3) a hedge of a net investment in a foreign operation (“net investment” hedge) or (4) held for other investment and/or risk management purposes, which primarily involve managing asset or liability related risks and do not qualify for hedge accounting. The Company currently does not designate any derivatives as fair value or net investment hedges. Cash Flow Hedges - Changes in the fair value of a derivative that is designated and qualifies as a cash flow hedge, including foreign-currency cash flow hedges, are recorded in AOCI and are reclassified into earnings when the variability of the cash flow of the hedged item impacts earnings. Gains and losses on derivative contracts that are reclassified from AOCI to current period earnings are included in the line item in the Consolidated Statements of Operations in which the cash flows of the hedged item are recorded. Periodic derivative net coupon settlements are recorded in the line item of the Consolidated Statements of Operations in which the cash flows of the hedged item are recorded. Cash flows from cash flow hedges are presented in the same category as the cash flows from the items being hedged in the Consolidated Statement of Cash Flows. Other Investment and/or Risk Management Activities - The Company’s other investment and/or risk management activities primarily relate to strategies used to reduce economic risk or replicate permitted investments and do not receive hedge accounting treatment. Changes in the fair value, including periodic derivative net coupon settlements, of derivative instruments held for other investment and/or risk management purposes are reported in current period earnings as net realized gains and losses. Hedge Documentation and Effectiveness Testing To qualify for hedge accounting treatment, a derivative must be highly effective in mitigating the designated changes in fair value or cash flows of the hedged item. At hedge inception, the Company formally documents all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking each hedge transaction. The documentation process includes linking derivatives that are designated as fair value, cash flow, or net investment hedges to specific assets or liabilities on the balance sheet or to specific forecasted transactions and defining the effectiveness testing methods to be used. The Company also formally assesses both at the hedge’s inception and ongoing on a quarterly basis, whether the derivatives that are used in hedging transactions have been and are expected to continue to be highly effective in offsetting changes in fair values, cash flows or net investment in foreign operations of hedged items. Hedge effectiveness is assessed primarily using quantitative methods as well as using qualitative methods. Quantitative methods include regression or other statistical analysis of changes in fair value or cash flows associated with the hedge relationship. Qualitative methods may include comparison of critical terms of the derivative to the hedged item. Discontinuance of Hedge Accounting The Company discontinues hedge accounting prospectively when (1) it is determined that the qualifying criteria are no longer met; (2) the derivative is no longer designated as a hedging instrument; or (3) the derivative expires or is sold, terminated or exercised. When cash flow hedge accounting is discontinued because the Company becomes aware that it is not probable that the forecasted transaction will occur, the derivative continues to be carried on the balance sheet at its fair value, and gains and losses that were accumulated in AOCI are recognized immediately in earnings. In other situations in which hedge accounting is discontinued, including those where the derivative is sold, terminated or exercised, amounts previously deferred in AOCI are reclassified into earnings when earnings are impacted by the hedged item. Embedded Derivatives The Company may purchase investments that contain embedded derivative instruments. When it is determined that (1) the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract and (2) a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is bifurcated from the host for measurement purposes. The embedded derivative, which is reported with the host instrument in the Consolidated Balance Sheets, is carried at fair value with changes in fair value reported in net realized gains and losses. Credit Risk of Derivative Instruments Credit risk is defined as the risk of financial loss due to uncertainty of an obligor’s or counterparty’s ability or willingness to meet its obligations in accordance with agreed upon terms. Credit exposures are measured using the market value of the derivatives, resulting in amounts owed to the Company by its counterparties or potential payment obligations from the Company to its counterparties. The Company generally requires that OTC derivative contracts, other than certain forward contracts, be governed by International Swaps and Derivatives Association agreements which are structured by legal entity and by counterparty, and permit right of offset. Some agreements require daily collateral settlement based upon agreed upon thresholds. For purposes of daily derivative collateral maintenance, credit exposures are generally quantified based on the prior business day’s market value and collateral is pledged to and held by, or on behalf of, the Company to the extent the current value of the derivatives is greater than zero, subject to minimum transfer thresholds, if applicable. The Co mpany also minimizes the credit risk of derivative instruments by entering into transactions with high quality counterparties primarily rated A or better, which are monitored and evaluated by the Company’s risk management team and reviewed by senior management. OTC-cleared derivatives are governed by clearing house rules. Transactions cleared through a central clearing house reduce risk due to their ability to require daily variation margin and act as an independent valuation source. In addition, the Company monitors counterparty credit exposure on a monthly basis to ensure compliance with Company policies and statutory limitations. |
Cash | Cash and Restricted Cash Cash represents cash on hand and demand deposits with banks or other financial institutions. Restrictions on cash primarily relate to funds that are held to support regulatory and contractual obligations. |
Reinsurance | Reinsurance The Company cedes insurance to affiliated and unaffiliated insurers in order to limit its maximum losses and to diversify its exposures and provide statutory surplus relief. Such arrangements do not relieve the Company of its primary liability to policyholders. Failure of reinsurers to honor their obligations could result in losses to the Company. The Company also assumes reinsurance from other insurers and is a member of and participates in reinsurance pools and associations. Assumed reinsurance refers to the Company’s acceptance of certain insurance risks that other insurance companies or pools have underwritten. Reinsurance accounting is followed for ceded and assumed transactions that provide indemnification against loss or liability relating to insurance risk (i.e. risk transfer). To meet risk transfer requirements, a reinsurance agreement must include insurance risk, consisting of underwriting and timing risk, and a reasonable possibility of a significant loss to the reinsurer. If the ceded and assumed transactions do not meet risk transfer requirements, the Company accounts for these transactions as deposit transactions. As of December 31, 2021, the Company's deposit liability was $99 reported in other liabilities. Premiums, benefits, losses and loss adjustment expenses reflect the net effects of ceded and assumed reinsurance transactions. Included in other assets are prepaid reinsurance premiums, which represent the portion of premiums ceded to reinsurers applicable to the unexpired terms of the reinsurance contracts. Reinsurance recoverables are balances due from reinsurance companies for paid and unpaid losses and loss adjustment expenses and are presented net of an allowance for uncollectible reinsurance. Changes in the allowance for uncollectible reinsurance are reported in benefits, losses and loss adjustment expenses in the Company's Consolidated Statements of Operations. The Company periodically evaluates the recoverability of its reinsurance recoverable assets and establishes an allowance for uncollectible reinsurance. The allowance for uncollectible reinsurance reflects management’s best estimate of reinsurance cessions that may be uncollectible in the future due to reinsurers’ unwillingness or inability to pay. The allowance for uncollectible reinsurance comprises an ACL and an allowance for disputed balances. Based on this analysis, the Company may adjust the allowance for uncollectible reinsurance or charge off reinsurer balances that are determined to be uncollectible. The Company records credit losses related to reinsurance recoverables in benefits losses and loss adjustment expenses. Write-offs of reinsurance recoverables and any related ACL are recorded in the period in which the balance is deemed uncollectible. Expected recoveries are included in the estimate of the ACL. |
Deferred Policy Acquisition Costs | Deferred Policy Acquisition Costs DAC represents costs that are directly related to the acquisition of new and renewal insurance contracts and incremental direct costs of contract acquisition that are incurred in transactions with independent third parties or in compensation to employees. Such costs primarily include commissions, premium taxes, costs of policy issuance and underwriting, and certain other expenses that are directly related to successfully issued contracts. For property and casualty insurance products and group life, disability and accident contracts, costs are deferred and amortized ratably over the period the related premiums are earned. Deferred acquisition costs are reviewed to determine if they are recoverable from future income, and if not, are charged to expense. Anticipated investment income is considered in the determination of the recoverability of DAC. |
Income Taxes | Income Taxes The Company recognizes taxes payable or refundable for the current year and deferred taxes for the tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years the temporary differences are expected to reverse. A deferred tax provision is recorded for the tax effects of differences between the Company's current taxable income and its income before tax under generally accepted accounting principles in the Consolidated Statements of Operations. For deferred tax assets, the Company records a valuation allowance that is adequate to reduce the total deferred tax asset to an amount that will more likely than not be realized. |
Goodwill and Intangible Assets | Goodwill Goodwill represents the excess of the cost to acquire a business over the fair value of net assets acquired. Goodwill is not amortized but is reviewed for impairment at least annually or more frequently if events occur or circumstances change that would indicate that a triggering event for a potential impairment has occurred. Goodwill is tested for impairment by comparing the fair value of a reporting unit to its carrying value. Goodwill is impaired up to the amount that the carrying value of the reporting unit exceeds the fair value. A reporting unit is defined as an operating segment or one level below an operating segment. The Company’s reporting units, for which goodwill has been allocated consist of Commercial Lines, Personal Lines, Group Benefits, and Hartford Funds. Management’s determination of the fair value of each reporting unit incorporates multiple inputs into discounted cash flow calculations, including assumptions that market participants would make in valuing the reporting unit. Assumptions include levels of economic capital required to support the business, future business growth, earnings projections, the weighted average cost of capital used for purposes of discounting and, for the Hartford Funds segment, assets under management. Decreases in business growth, decreases in earnings projections and increases in the weighted average cost of capital will all cause a reporting unit’s fair value to decrease, increasing the possibility of impairments. Intangible Assets Acquired intangible assets on the Consolidated Balance Sheets include purchased customer relationship and agency or other distribution rights and licenses measured at fair value at acquisition. The Company amortizes finite-lived other intangible assets over their useful lives generally on a straight-line basis over the period of expected benefit, ranging from 1 to 15 years. Management revises amortization periods if it believes there has been a change in the length of time that an intangible asset will |
Property and Equipment | Property and Equipment Property and equipment, which includes capitalized software, is carried at cost net of accumulated depreciation. Depreciation is based on the estimated useful lives of the various classes of property and equipment and is recognized principally on the straight-line method. Accumulated depreciation was $2.3 billion and $2.1 billion as of December 31, 2021 and 2020, respectively. Depreciation expense was $342, $313, and $283 for the years ended December 31, 2021, 2020 and 2019, respectively. Leases Leases are classified as financing or operating leases. Where the lease is economically similar to a purchase because The Hartford obtains control of the underlying asset, the lease is classified as a financing lease and the Company recognizes 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 is an operating lease and the lease cost is recognized as rental expense over the lease term on a straight-line basis. Leases with a term of one year or less are also expensed over the lease term but not recognized on the balance sheet. |
Unpaid Policy Claims and Claims Adjustment Expenses | Unpaid Losses and Loss Adjustment Expenses For property and casualty and group life and disability insurance and assumed reinsurance products, the Company establishes reserves for unpaid losses and loss adjustment expenses to provide for the estimated costs of paying claims under insurance policies written by the Company. These reserves include estimates for both claims that have been reported and those that have not yet been reported, and include estimates of all losses and loss adjustment expenses associated with processing and settling these claims. Estimating the ultimate cost of future losses and loss adjustment expenses is an uncertain and complex process. This estimation process is based significantly on the assumption that past developments are an appropriate predictor of future events, and involves a variety of actuarial techniques that analyze experience, trends and other relevant factors. The effects of inflation are implicitly considered in the reserving process. A number of complex factors influence the uncertainties involved with the reserving process including social and economic trends and changes in the concepts of legal liability and damage awards. Accordingly, final claim settlements may vary from the present estimates, particularly when those payments may not occur until well into the future. The Company regularly reviews the adequacy of its estimated losses and loss adjustment expense reserves by reserve line within the various reporting segments. Adjustments to previously established reserves are reflected in the operating results of the period in which the adjustment is determined to be necessary. Such adjustments could possibly be significant, reflecting any variety of new and adverse or favorable trends. Most of the Company’s property and casualty insurance products reserves are not discounted. However, the Company has discounted to present value certain reserves for indemnity payments that are due to claimants under workers’ compensation policies because the payment pattern and the ultimate costs are reasonably fixed and determinable on an individual claim basis. The discount rate is based on the risk free rate for the expected claim duration as determined in the year the claims were incurred. The Company also has discounted liabilities for structured settlement agreements that provide fixed periodic payments to claimants. These structured settlements include annuities purchased to fund unpaid losses for permanently disabled claimants. These structured settlement liabilities are discounted to present value using the rate implicit in the purchased annuities and the purchased annuities are accounted for within reinsurance recoverables. Group life and disability contracts with long-tail claim liabilities are discounted because the payment pattern and the ultimate costs are reasonably fixed and determinable on an individual claim basis. The discount rates are estimated based on investment yields expected to be earned on the cash flows net of investment expenses and expected credit losses. The Company establishes discount rates for these reserves in the year the claims are incurred (the incurral year) which is when the estimated settlement pattern is determined. The discount rate for life and disability reserves acquired from Aetna's U.S. group life and disability business were based on interest rates in effect at the acquisition date of November 1, 2017. For further information about how unpaid losses and loss adjustment expenses are established, see Note 12 - Reserve for Unpaid Losses and Loss Adjustment Expenses. |
Foreign Currency | Foreign Currency Foreign currency translation gains and losses are reflected in stockholders’ equity as a component of AOCI. The Company’s foreign subsidiaries’ balance sheet accounts are translated at the exchange rates in effect at each year end and income statement accounts are translated at the average rates of exchange prevailing during the year. The national currencies of the international operations are generally their functional currencies; however, the U.S. dollar is the functional currency of Lloyd's Syndicate 1221 ("Lloyd's Syndicate"), the Lloyd's Syndicate for which the Company is the sole corporate member, in the U.K. Gains and losses resulting from the remeasurement of foreign currency transactions are reflected in earnings in net realized gains (losses) in the period in which they occur |
Derivatives, Methods of Accounting, Hedge Documentation | STRATEGIES THAT QUALIFY FOR HEDGE ACCOUNTING Some of the Company's derivatives satisfy hedge accounting requirements as outlined in Note 1 - Basis of Presentation and Significant Accounting Policies. Typically, these hedging instruments include interest rate swaps and, to a lesser extent, foreign currency swaps where the terms or expected cash flows of the hedged item closely match the terms of the swap. The interest rate swaps are typically used to manage interest rate duration of certain fixed maturity securities or debt instruments issued. 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 variable-rate fixed maturity securities to fixed rates. The Company has also entered into interest rate swaps to convert the variable interest payments on 3 month LIBOR + 2.125% junior subordinated debt to fixed interest payments. For further information, see the Junior Subordinated Debentures section within Note 14 - Debt. Foreign currency swaps are used to convert foreign currency-denominated cash flows related to certain investment receipts to U.S. dollars in order to reduce cash flow fluctuations due to changes in currency rates. The Company also previously entered into forward starting swap agreements to hedge the interest rate exposure related to the future purchase of fixed-rate securities, primarily to hedge interest rate risk inherent in the assumptions used to price certain group benefits liabilities. NON-QUALIFYING STRATEGIES |
Fair Value Measures and Disclos
Fair Value Measures and Disclosures (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments, Policy | The Company carries certain financial assets and liabilities at estimated fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants. Our fair value framework includes a hierarchy that gives the highest priority to the use of quoted prices in active markets, followed by the use of market observable inputs, followed by the use of unobservable inputs. The fair value hierarchy levels are as follows: Level 1 Fair values based primarily on unadjusted quoted prices for identical assets or liabilities, in active markets that the Company has the ability to access at the measurement date. Level 2 Fair values primarily based on observable inputs, other than quoted prices included in Level 1, or based on prices for similar assets and liabilities. Level 3 Fair values derived when one or more of the significant inputs are unobservable (including assumptions about risk). With little or no observable market, the determination of fair values uses considerable judgment and represents the Company’s best estimate of an amount that could be realized in a market exchange for the asset or liability. Also included are securities that are traded within illiquid markets and/or priced by independent brokers. The Company will classify the financial asset or liability by level based upon the lowest level input that is significant to the determination of the fair value. In most cases, both observable inputs (e.g., changes in interest rates) and unobservable inputs (e.g., changes in risk assumptions) are used to determine fair values that the Company has classified within Level 3. Valuation Techniques The Company generally determines fair values using valuation techniques that use prices, rates, and other relevant information evident from market transactions involving identical or similar instruments. Valuation techniques also include, where appropriate, estimates of future cash flows that are converted into a single discounted amount using current market expectations. The Company uses a "waterfall" approach comprised of the following pricing sources and techniques, which are listed in priority order: • Quoted prices, unadjusted, for identical assets or liabilities in active markets, which are classified as Level 1. • Prices from third-party pricing services, which primarily utilize a combination of techniques. These services utilize recently reported trades of identical, similar, or benchmark securities making adjustments for market observable inputs available through the reporting date. If there are no recently reported trades, they may use a discounted cash flow technique to develop a price using expected cash flows based upon the anticipated future performance of the underlying collateral discounted at an estimated market rate. Both techniques develop prices that consider the time value of future cash flows and provide a margin for risk, including liquidity and credit risk. Most prices provided by third-party pricing services are classified as Level 2 because the inputs used in pricing the securities are observable. However, some securities that are less liquid or trade less actively are classified as Level 3. Additionally, certain long-dated securities, such as municipal securities and bank loans, include benchmark interest rate or credit spread assumptions that are not observable in the marketplace and are thus classified as Level 3. • Internal matrix pricing is a valuation process internally developed for private placement securities for which the Company is unable to obtain a price from a third-party pricing service. Internal pricing matrices determine credit spreads that, when combined with risk-free rates, are applied to contractual cash flows to develop a price. The Company develops credit spreads using market based data for public securities adjusted for credit spread differentials between public and private securities, which are obtained from a survey of multiple private placement brokers. The market-based reference credit spread considers the issuer’s sector, financial strength, and term to maturity, using an independent public security index, while the credit spread differential considers the non-public nature of the security. Securities priced using internal matrix pricing are classified as Level 2 because the significant inputs are observable or can be corroborated with observable data. • Independent broker quotes, which are typically non-binding, use inputs that can be difficult to corroborate with observable market based data. Brokers may use present value techniques using assumptions specific to the security types, or they may use recent transactions of similar securities. Due to the lack of transparency in the process that brokers use to develop prices, valuations that are based on independent broker quotes are classified as Level 3. The fair value of derivative instruments is determined primarily using a discounted cash flow model or option model technique and incorporates counterparty credit risk. In some cases, quoted market prices for exchange-traded and OTC cleared derivatives may be used and in other cases independent broker quotes may be used. The pricing valuation models primarily use inputs that are observable in the market or can be corroborated by observable market data. The valuation of certain derivatives may include significant inputs that are unobservable, such as volatility levels, and reflect the Company’s view of what other market participants would use when pricing such instruments. Valuation Controls The process for determining the fair value of investments is monitored by the Valuation Committee, which is a cross-functional group of senior management within the Company. The purpose of the Valuation Committee is to provide oversight of the pricing policy, procedures and controls, including approval of valuation methodologies and pricing sources. The Valuation Committee reviews market data trends, pricing statistics and trading statistics to ensure that prices are reasonable and consistent with our fair value framework. Controls and procedures used to assess third-party pricing services are reviewed by the Valuation Committee, including the results of annual due-diligence reviews. Controls include, but are not limited to, reviewing daily and monthly price changes, stale prices, and missing prices and comparing new trade prices to third-party pricing services, weekly price changes to published bond index prices, and daily OTC derivative market valuations to counterparty valuations. The Company has a dedicated pricing group that works with trading and investment professionals to challenge prices received by a third party pricing source if the Company believes that the valuation received does not accurately reflect the fair value. New valuation models and changes to current models require approval by the Valuation Committee. In addition, the Company’s enterprise-wide Operational Risk Management function provides an independent review of the suitability and reliability of model inputs, as well as an analysis of significant changes to current models. Valuation Inputs Quoted prices for identical assets in active markets are considered Level 1 and consist of on-the-run U.S. Treasuries, money market funds, exchange-traded equity securities, open-ended mutual funds, certain short-term investments, and exchange traded derivative instruments. Valuation Inputs Used in Levels 2 and 3 Measurements for Securities and Derivatives Level 2 Primary Observable Inputs Level 3 Primary Unobservable Inputs Fixed Maturity Investments Structured securities (includes ABS, CLOs, CMBS and RMBS) • Benchmark yields and spreads • Monthly payment information • Collateral performance, which varies by vintage year and includes delinquency rates, loss severity rates and refinancing assumptions • Credit default swap indices Other inputs for ABS, CLOs, and RMBS: • Estimate of future principal prepayments, derived from the characteristics of the underlying structure • Prepayment speeds previously experienced at the interest rate levels projected for the collateral • Independent broker quotes • Credit spreads beyond observable curve • Interest rates beyond observable curve Other inputs for less liquid securities or those that trade less actively, including subprime RMBS: • Estimated cash flows • Credit spreads, which include illiquidity premium • Constant prepayment rates • Constant default rates • Loss severity Corporates • Benchmark yields and spreads • Reported trades, bids, offers of the same or similar securities • Issuer spreads and credit default swap curves Other inputs for investment grade privately placed securities that utilize internal matrix pricing : • Credit spreads for public securities of similar quality, maturity, and sector, adjusted for non-public nature • Independent broker quotes Other inputs for below investment grade privately placed securities and private bank loans: U.S Treasuries, Municipals, and Foreign government/government agencies • Benchmark yields and spreads • Issuer credit default swap curves • Political events in emerging market economies • Municipal Securities Rulemaking Board reported trades and material event notices • Issuer financial statements • Credit spreads beyond observable curve • Interest rates beyond observable curve Equity Securities • Quoted prices in markets that are not active • For privately traded equity securities, internal discounted cash flow models utilizing earnings multiples or other cash flow assumptions that are not observable Short-term Investments • Benchmark yields and spreads • Reported trades, bids, offers • Issuer spreads and credit default swap curves • Material event notices and new issue money market rates • Independent broker quotes Derivatives Credit derivatives • Swap yield curve • Credit default swap curves Not applicable Foreign exchange derivatives • Swap yield curve • Currency spot and forward rates • Cross currency basis curves • Independent broker quotes Interest rate derivatives • Swap yield curve • Independent broker quotes • Interest rate volatility |
Investment Holdings (Policies)
Investment Holdings (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of Investments [Abstract] | |
Financing Receivable, Allowance for Credit Losses, Policy for Uncollectible Amounts | The Company will record an "intent-to-sell impairment" as a reduction to the amortized cost of fixed maturities, AFS in an unrealized loss position if the Company intends to sell or it is more likely than not that the Company will be required to sell the fixed maturity before a recovery in value. A corresponding charge is recorded in net realized losses equal to the difference between the fair value on the impairment date and the amortized cost basis of the fixed maturity before recognizing the impairment. When fixed maturities are in an unrealized loss position and the Company does not record an intent-to-sell impairment, the Company will record an ACL for the portion of the unrealized loss due to a credit loss. Any remaining unrealized loss on a fixed maturity after recording an ACL is the non-credit amount and is recorded in OCI. The ACL is the excess of the amortized cost over the greater of the Company's best estimate of the present value of expected future cash flows or the security's fair value. Cash flows are discounted at the effective yield that is used to record interest income. The ACL cannot exceed the unrealized loss and, therefore, it may fluctuate with changes in the fair value of the fixed maturity if the fair value is greater than the Company's best estimate of the present value of expected future cash flows. The initial ACL and any subsequent changes are recorded in net realized gains and losses. The ACL is written off against the amortized cost in the period in which all or a portion of the related fixed maturity is determined to be uncollectible. |
Commitment and Contingencies (P
Commitment and Contingencies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies, Policy | Management evaluates each contingent matter separately. A loss is recorded if probable and reasonably estimable. Management establishes liabilities for these contingencies at its “best estimate,” or, if no one number within the range of possible losses is more probable than any other, the Company records an estimated liability at the low end of the range of losses. |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Prospective Adoption of New Accounting Pronouncements [Table Text Block] | Impact of Adoption on Consolidated Balance Sheet Balance as of January 1, 2020 Opening Balance Cumulative Effect of Accounting Change Adjusted Opening Balance Mortgage loans $ 4,215 $ 4,215 ACL on mortgage loans — $ (19) (19) Mortgage loans, net of ACL 4,215 (19) 4,196 Premiums receivable and agents’ balances 4,529 4,529 ACL on premiums receivable and agents' balances (145) 23 (122) Premiums receivable and agents' balances, net of ACL 4,384 23 4,407 Reinsurance recoverables 5,641 5,641 ACL and allowance for disputed amounts on reinsurance recoverables (114) (2) (116) Reinsurance recoverables, net of allowance for uncollectible reinsurance 5,527 (2) 5,525 Deferred income tax asset, net 299 5 304 Other liabilities (5,157) (25) (5,182) Retained Earnings $ 12,685 $ (18) $ 12,667 Summary of Adoption Impacts Net increase to ACL and LCL $ (23) Net tax effects 5 Net decrease to retained earnings $ (18) |
Business Acquisitions (Tables)
Business Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | Fair Value of Assets Acquired and Liabilities Assumed at the Acquisition Date Preliminary Values as of May 23, 2019 (as previously reported) Measurement Period Adjustments Adjusted Values as of May 23, 2019 Assets Cash and invested assets $ 3,848 $ 3 $ 3,851 Premiums receivable 492 6 498 Reinsurance recoverables 1,100 (3) 1,097 Prepaid reinsurance premiums 238 — 238 Other intangible assets 580 — 580 Property and equipment 83 — 83 Other assets 99 3 102 Total Assets Acquired 6,440 9 6,449 Liabilities Unpaid losses and loss adjustment expenses 2,823 — 2,823 Unearned premiums 1,219 — 1,219 Long-term debt 284 — 284 Deferred income taxes, net 48 (1) 47 Other liabilities 568 8 576 Total Liabilities Assumed 4,942 7 4,949 Net identifiable assets acquired 1,498 2 1,500 Goodwill [1] 623 (2) 621 Net Assets Acquired $ 2,121 $ — $ 2,121 [1] Non-deductible for income tax purposes. |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | Intangible Assets Recorded in Connection with the Acquisition Asset Amount Weighted Average Expected Life Value of in-force contracts - Property and Casualty ("P&C") $ 180 1 Distribution relationships 302 15 Trade name 17 10 Total finite life intangibles 499 10 Capacity of Lloyd's Syndicate 66 Licenses 15 Total indefinite life intangibles 81 Total other intangible assets $ 580 |
Business Acquisition, Pro Forma Information | Pro Forma Results for the Year Ended December 31 Revenue Earnings 2019 Supplemental (unaudited) combined pro forma $ 21,416 $ 2,080 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Common Share | Computation of Basic and Diluted Earnings per Common Share For the years ended December 31, (In millions, except for per share data) 2021 2020 2019 Earnings Net income $ 2,365 $ 1,737 $ 2,085 Less: Preferred stock dividends 21 21 21 Net income available to common stockholders $ 2,344 $ 1,716 $ 2,064 Shares Weighted average common shares outstanding, basic 349.1 358.3 360.9 Dilutive effect of warrants [1] — — 0.5 Dilutive effect of stock-based awards under compensation plans 5.0 2.3 3.5 Weighted average common shares outstanding and dilutive potential common shares [2] 354.1 360.6 364.9 Net income available to common stockholders per common share Basic $ 6.71 $ 4.79 $ 5.72 Diluted $ 6.62 $ 4.76 $ 5.66 [1] On June 26, 2019 the Capital Purchase Program warrants issued in 2009 expired. [2] For additional information, see Note 16 - Equity and Note 20 - Stock Compensation Plans of Notes to Consolidated Financial Statements. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Reconciliation of Revenue from Segments to Consolidated | Revenues For the years ended December 31, 2021 2020 2019 Earned premiums and fee income: Commercial Lines Workers’ compensation $ 3,172 $ 3,034 $ 3,314 Liability 1,622 1,401 1,064 Marine 228 251 147 Package business 1,665 1,540 1,471 Property 829 793 728 Professional liability 655 595 447 Bond 287 274 261 Assumed reinsurance 328 298 180 Automobile 789 754 713 Total Commercial Lines 9,575 8,940 8,325 Personal Lines Automobile 2,059 2,081 2,248 Homeowners 927 961 987 Total Personal Lines [1] 2,986 3,042 3,235 Property & Casualty Other Operations — — 2 Group Benefits Group disability 2,983 2,832 2,828 Group life 2,388 2,434 2,521 Other 316 270 254 Total Group Benefits 5,687 5,536 5,603 Hartford Funds Mutual fund and Exchange-Traded Products ("ETP") 1,094 903 907 Talcott Resolution life and annuity separate accounts [2] 95 86 92 Total Hartford Funds 1,189 989 999 Corporate 50 58 60 Total earned premiums and fee income 19,487 18,565 18,224 Total net investment income 2,313 1,846 1,951 Net realized gains (losses) 509 (14) 395 Other revenues 81 126 170 Total revenues $ 22,390 $ 20,523 $ 20,740 [1] For 2021, 2020 and 2019, AARP members accounted for earned premiums of $2.7 billion, $2.8 billion and $2.9 billion, respectively. [2] Represents revenues earned on the life and annuity separate account assets under management ("AUM") sold in May 2018 that is still managed by the Company's Hartford Funds segment. |
Reconciliation of Net Income from Segments to Consolidated | Net Income (Loss) For the years ended December 31, 2021 2020 2019 Commercial Lines $ 1,757 $ 856 $ 1,192 Personal Lines 385 718 318 Property & Casualty Other Operations (95) (168) 61 Group Benefits 249 383 536 Hartford Funds 217 170 149 Corporate (148) (222) (171) Net income 2,365 1,737 2,085 Preferred stock dividends 21 21 21 Net income available to common stockholders $ 2,344 $ 1,716 $ 2,064 |
Reconciliation of Other Significant Reconciling Item from Segments to Consolidated | Net Investment Income For the years ended December 31, 2021 2020 2019 Commercial Lines $ 1,502 $ 1,160 $ 1,129 Personal Lines 157 157 179 Property & Casualty Other Operations 75 55 84 Group Benefits 550 448 486 Hartford Funds 5 4 7 Corporate 24 22 66 Net investment income $ 2,313 $ 1,846 $ 1,951 Amortization of DAC For the years ended December 31, 2021 2020 2019 Commercial Lines $ 1,398 $ 1,397 $ 1,296 Personal Lines 230 244 259 Group Benefits 40 50 54 Hartford Funds 12 14 12 Corporate — 1 1 Total amortization of DAC $ 1,680 $ 1,706 $ 1,622 Amortization of Other Intangible Assets For the years ended December 31, 2021 2020 2019 Commercial Lines $ 29 $ 28 $ 18 Personal Lines 2 4 6 Group Benefits 40 40 41 Corporate — — 1 Total amortization of other intangible assets $ 71 $ 72 $ 66 Income Tax Expense (Benefit) For the years ended December 31, 2021 2020 2019 Commercial Lines $ 402 $ 176 $ 270 Personal Lines 95 184 76 Property & Casualty Other Operations (28) (46) 12 Group Benefits 53 88 126 Hartford Funds 56 44 37 Corporate (47) (63) (46) Total income tax expense $ 531 $ 383 $ 475 |
Reconciliation of Assets from Segment to Consolidated | Assets As of December 31, 2021 2020 Commercial Lines $ 48,234 $ 45,482 Personal Lines 5,587 5,969 Property & Casualty Other Operations 3,792 3,505 Group Benefits 14,442 14,732 Hartford Funds 720 662 Corporate 3,803 3,761 Total assets $ 76,578 $ 74,111 |
Disaggregation of Revenue [Table Text Block] | Revenue from Non-Insurance Contracts with Customers For the years ended December 31, Revenue Line Item 2021 2020 2019 Commercial Lines Installment billing fees Fee income $ 34 $ 30 $ 35 Personal Lines Installment billing fees Fee income 32 34 37 Insurance servicing revenues Other revenues 80 81 83 Group Benefits Administrative services Fee income 183 175 180 Hartford Funds Advisor, distribution and other management fees Fee income 1,086 901 911 Other fees Fee income 103 88 88 Corporate Investment management and other fees Fee income 50 49 50 Transition service revenues Other revenues 1 2 20 Total non-insurance revenues with customers $ 1,569 $ 1,360 $ 1,404 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | Assets and (Liabilities) Carried at Fair Value by Hierarchy Level as of December 31, 2021 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") $ 1,135 $ — $ 1,135 $ — Collateralized loan obligations ("CLOs") 3,025 — 2,768 257 Commercial mortgage-backed securities ("CMBS") 4,119 — 3,923 196 Corporate 18,707 — 17,089 1,618 Foreign government/government agencies 910 — 905 5 Municipal 8,257 — 8,257 — Residential mortgage-backed securities ("RMBS") 3,643 — 3,315 328 U.S. Treasuries 3,051 882 2,169 — Total fixed maturities 42,847 882 39,561 2,404 Equity securities, at fair value 2,094 1,453 577 64 Derivative assets Credit derivatives 2 — 2 — Foreign exchange derivatives 6 — 5 1 Interest rate derivatives (1) — (1) — Total derivative assets [1] 7 — 6 1 Fixed maturities, at fair value using the fair value option ("FVO") [2] 160 — — 160 Short-term investments 3,697 1,627 1,990 80 Total assets accounted for at fair value on a recurring basis $ 48,805 $ 3,962 $ 42,134 $ 2,709 Liabilities accounted for at fair value on a recurring basis Derivative liabilities Credit derivatives $ (4) $ — $ (4) $ — Foreign exchange derivatives — — 1 (1) Interest rate derivatives (45) — (45) — Total derivative liabilities [3] (49) — (48) (1) Total liabilities accounted for at fair value on a recurring basis $ (49) $ — $ (48) $ (1) Assets and (Liabilities) Carried at Fair Value by Hierarchy Level as of December 31, 2020 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 $ 1,564 $ — $ 1,564 $ — CLOs 2,780 — 2,420 360 CMBS 4,484 — 4,407 77 Corporate 20,273 — 19,392 881 Foreign government/government agencies 919 — 913 6 Municipal 9,503 — 9,503 — RMBS 4,107 — 3,726 381 U.S. Treasuries 1,405 529 876 — Total fixed maturities 45,035 529 42,801 1,705 Equity securities, at fair value 1,438 872 496 70 Derivative assets Credit derivatives 21 — 21 — Foreign exchange derivatives 1 — 1 — Interest rate derivatives 1 — 1 — Total derivative assets [1] 23 — 23 — Short-term investments 3,283 2,663 590 30 Total assets accounted for at fair value on a recurring basis $ 49,779 $ 4,064 $ 43,910 $ 1,805 Liabilities accounted for at fair value on a recurring basis Derivative liabilities Foreign exchange derivatives $ (14) $ — $ (14) $ — Interest rate derivatives (70) — (70) — Total derivative liabilities [3] (84) — (84) — Total liabilities accounted for at fair value on a recurring basis $ (84) $ — $ (84) $ — [1] Includes derivative instruments in a net positive fair value position after consideration of the accrued interest and impact of collateral posting requirements which may be imposed by agreements and applicable law. See footnote 3 to this table for derivative liabilities. [2] Included within other investments on the Consolidated Balance Sheets. [3] Includes derivative instruments in a net negative fair value position (derivative liability) after consideration of the accrued interest and impact of collateral posting requirements which may be imposed by agreements and applicable law. |
Fair Value Inputs, Assets, Quantitative Information | Significant Unobservable Inputs for Level 3 - Securities Assets accounted for at fair value on a recurring basis Fair Value Predominant Valuation Technique Significant Unobservable Input Minimum Maximum Weighted Average [1] Impact of Increase in Input on Fair Value [2] As of December 31, 2021 CLOs [3] $ 211 Discounted cash flows Spread 234 bps 258 bps 257 bps Decrease CMBS [3] $ 192 Discounted cash flows Spread (encompasses prepayment, default risk and loss severity) 203 bps 468 bps 266 bps Decrease Corporate [4] $ 1,532 Discounted cash flows Spread 96 bps 1,227 bps 298 bps Decrease RMBS [3] $ 266 Discounted cash flows Spread [6] 48 bps 229 bps 89 bps Decrease Constant prepayment rate [6] 2% 16% 7% Decrease [5] Constant default rate [6] 1% 6% 3% Decrease Loss severity [6] —% 100% 63% Decrease As of December 31, 2020 CLOs [3] $ 340 Discounted cash flows Spread 304 bps 305 bps 304 bps Decrease CMBS [3] $ 20 Discounted cash flows Spread (encompasses prepayment, default risk and loss severity) 255 bps 975 bps 688 bps Decrease Corporate [4] $ 749 Discounted cash flows Spread 110 bps 692 bps 293 bps Decrease RMBS [3] $ 364 Discounted cash flows Spread [6] 7 bps 937 bps 119 bps Decrease Constant prepayment rate [6] —% 10% 5% Decrease [5] Constant default rate [6] 2% 6% 3% Decrease Loss severity [6] —% 100% 84% Decrease [1] The weighted average is determined based on the fair value of the securities. [2] Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table. [3] Excludes securities for which the Company bases fair value on broker quotations. [4] Excludes securities for which the Company bases fair value on broker quotations; however, included are broker priced lower-rated private placement securities for which the Company receives spread and yield information to corroborate the fair value. [5] Decrease for above market rate coupons and increase for below market rate coupons. [6] Generally, a change in the assumption used for the constant default rate would have been accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumption used for constant prepayment rate and would have resulted in wider spreads. |
Fair Value, Assets (Liabilities) Measured on Recurring Basis, Unobservable Input Reconciliation | Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the Year Ended December 31, 2021 Total realized/unrealized gains (losses) Fair value as of January 1, 2021 Included in net income [1] Included in OCI [2] Purchases Settlements Sales Transfers into Level 3 [3] Transfers out of Level 3 [3] Fair value as of December 31, 2021 Assets Fixed Maturities, AFS ABS $ — $ — $ — $ 42 $ — $ (3) $ — $ (39) $ — CLOs 360 — (1) 471 (124) — — (449) 257 CMBS 77 — 1 166 (4) (1) 5 (48) 196 Corporate 881 14 (34) 828 (154) (47) 172 (42) 1,618 Foreign Govt./Govt. Agencies 6 — — 5 — (6) — — 5 RMBS 381 — (4) 369 (193) (14) — (211) 328 Total Fixed Maturities, AFS 1,705 14 (38) 1,881 (475) (71) 177 (789) 2,404 Equity Securities, at fair value 70 42 — 6 (53) (1) — — 64 Fixed maturities, FVO [4] — (6) — 160 6 — — — 160 Short-term investments 30 — — 98 (48) — — — 80 Total Assets $ 1,805 $ 50 $ (38) $ 2,145 $ (570) $ (72) $ 177 $ (789) $ 2,708 Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the Year Ended December 31, 2020 Total realized/unrealized gains (losses) Fair value as of January 1, 2020 Included in net income [1] Included in OCI [2] Purchases Settlements Sales Transfers into Level 3 [3] Transfers out of Level 3 [3] Fair value as of December 31, 2020 Assets Fixed Maturities, AFS ABS $ 15 $ — $ (1) $ 43 $ — $ — $ — $ (57) $ — CLOs 95 — 1 389 (43) — — (82) 360 CMBS 9 — 3 79 (5) — 13 (22) 77 Corporate 732 (31) 31 272 (143) (36) 486 (430) 881 Foreign Govt./Govt. Agencies 3 — — 6 — — — (3) 6 Municipal — (3) 2 — — (6) 7 — — RMBS 560 — (11) 66 (182) (7) — (45) 381 Total Fixed Maturities, AFS 1,414 (34) 25 855 (373) (49) 506 (639) 1,705 Equity Securities, at fair value 73 (10) — 6 — — 1 — 70 Short-term investments 15 — — 30 (15) — — — 30 Total Assets $ 1,502 $ (44) $ 25 $ 891 $ (388) $ (49) $ 507 $ (639) $ 1,805 Liabilities Derivatives, net [5] Equity $ (15) $ 36 $ — $ — $ (21) $ — $ — $ — $ — Total Derivatives, net [5] (15) 36 — — (21) — — — — Contingent Considerations (22) 12 — — 10 — — — — Total Liabilities $ (37) $ 48 $ — $ — $ (11) $ — $ — $ — $ — [1] Amounts in these columns are generally reported in net realized gains (losses). All amounts are before income taxes. [2] All amounts are before income taxes. [3] 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. [4] Included within other investments on the Consolidated Balance Sheets. [5] Derivative instruments are reported in this table on a net basis for asset (liability) positions and reported in the Consolidated Balance Sheets in other investments and other liabilities. Changes in Unrealized Gains (Losses) for Financial Instruments Classified as Level 3 Still Held at Year End December 31, 2021 December 31, 2020 Changes in Unrealized Gain/(Loss) included in Net Income [1] [2] Changes in Unrealized Gain/(Loss) included in OCI [3] Changes in Unrealized Gain/(Loss) included in Net Income [1] [2] Changes in Unrealized Gain/(Loss) included in OCI [3] Assets Fixed Maturities, AFS CLOs $ — $ (1) $ — $ 1 CMBS — 1 — 4 Corporate — (32) (21) 24 RMBS — (4) — (10) Total Fixed Maturities, AFS — (36) (21) 19 Equity Securities, at fair value 4 — (9) — Fixed Maturities, FVO [4] (6) — — — Total Assets $ (2) $ (36) $ (30) $ 19 Liabilities Contingent Consideration $ — $ — $ 12 $ — Total Liabilities $ — $ — $ 12 $ — [1] All amounts in these rows are reported in net gains (losses). All amounts are before income taxes. [2] Amounts presented are for Level 3 only and therefore may not agree to other disclosures included herein. [3] Changes in unrealized gain (loss) on fixed maturities, AFS are reported in changes in net unrealized gain on securities in the Consolidated Statements of Comprehensive Income. [4] Included within other investments on the Consolidated Balance Sheets. |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | Financial Assets and Liabilities Not Carried at Fair Value December 31, 2021 December 31, 2020 Fair Value Hierarchy Level Carrying Amount [1] Fair Value Fair Value Hierarchy Level Carrying Amount [1] Fair Value Assets Mortgage loans Level 3 $ 5,383 $ 5,576 Level 3 $ 4,493 $ 4,792 Liabilities Other policyholder funds and benefits payable Level 3 $ 687 $ 689 Level 3 $ 701 $ 703 Senior notes [2] Level 2 $ 3,854 $ 4,725 Level 2 $ 3,262 $ 4,363 Junior subordinated debentures [2] Level 2 $ 1,090 $ 1,086 Level 2 $ 1,090 $ 1,107 [1] As of December 31, 2021 and December 31, 2020, carrying amount of mortgage loans is net of ACL of $29 and $38 respectively [2] Included in long-term debt in the Consolidated Balance Sheets, except for any current maturities, which are included in short-term debt when applicable. |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments [Abstract] | |
Net Investment Income | Net Investment Income For the years ended December 31, (Before tax) 2021 2020 2019 Fixed maturities [1] $ 1,349 $ 1,442 $ 1,559 Equity securities 73 39 46 Mortgage loans 181 172 165 Limited partnerships and other alternative investments 732 222 232 Other investments [2] 58 42 32 Investment expenses (80) (71) (83) Total net investment income $ 2,313 $ 1,846 $ 1,951 [1] Includes net investment income on short-term investments. [2] Primarily includes changes in fair value of certain equity fund investments and income from derivatives that qualify for hedge accounting and are used to hedge fixed maturities. |
Net Realized Capital Gains (Losses) | Net Realized Gains (Losses) For the years ended December 31, (Before tax) 2021 2020 2019 Gross gains on sales of fixed maturities $ 319 $ 255 $ 234 Gross losses on sales of fixed maturities (89) (50) (56) Equity securities [1] Net realized gains (losses) on sales of equity securities 81 (118) 78 Change in net unrealized gains (losses) of equity securities 146 (96) 176 Net realized and unrealized gains (losses) on equity securities 227 (214) 254 Net credit losses on fixed maturities, AFS [2] 4 (28) Change in ACL on mortgage loans [3] 9 (19) Intent-to-sell impairments — (5) — Net OTTI losses recognized in earnings (3) Valuation allowances on mortgage loans 1 Other, net [4] 39 47 (35) Net realized gains (losses) $ 509 $ (14) $ 395 [1] The net unrealized gains on equity securities still held as of the end of the period and included in net realized gains (losses) were $155, $53, and $164 for the years ended December 31, 2021, 2020, and 2019, respectively. [2] Due to the adoption of accounting guidance for credit losses on January 1, 2020, realized losses previously reported as OTTI are now presented as credit losses which are net of any recoveries. For further information refer to Note 1 - Basis of Presentation and Significant Accounting Policies. [3] Represents the change in ACL recorded during the period following the adoption of accounting guidance for credit losses on January 1, 2020. For further information refer to Note 1 - Basis of Presentation and Significant Accounting Policies. [4] Includes gains (losses) on non-qualifying derivatives for 2021, 2020, and 2019 of $12, $104, and $(24), respectively, gains (losses) from transactional foreign currency revaluation of $(1), $(1) and $(9), respectively, and a loss of $21 and $48, respectively, on the sale of the Continental Europe Operations for the years ended December 31, 2021 and 2020. For the year ended December 31, 2021, there was also a gain of $46 on the sale of the Company's previously owned interest in Talcott Resolution. |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Table Text Block] | ACL on Fixed Maturities, AFS by Type For the years ended December 31, 2021 2020 (Before tax) Corporate Total Corporate Municipal Total Balance as of beginning of period $ 23 $ 23 $ — $ — $ — Credit losses on fixed maturities where an allowance was not previously recorded 2 2 36 3 39 Reduction due to sales (18) (18) (4) (3) (7) Net increases (decreases) on fixed maturities where an allowance was previously recorded (6) (6) (9) — (9) Balance as of end of period $ 1 $ 1 $ 23 $ — $ 23 |
Impairments | Cumulative Credit Impairments on Fixed Maturities, AFS (Before tax) For the year ended December 31, 2019 Balance as of beginning of period $ (19) Additions for credit impairments recognized on [1]: Fixed maturities not previously impaired (3) Reductions for credit impairments previously recognized on: Fixed maturities that matured or were sold during the period 3 Balance as of end of period $ (19) [1] These additions are included in the net OTTI losses recognized in earnings in the Consolidated Statements of Operations. |
Schedule of Available-for-sale Securities | Fixed Maturities, AFS, by Type December 31, 2021 December 31, 2020 Amortized Cost ACL Gross Unrealized Gains Gross Unrealized Losses Fair Value Amortized Cost ACL Gross Unrealized Gains Gross Unrealized Losses Fair Value ABS $ 1,125 $ — $ 13 $ (3) $ 1,135 $ 1,525 $ — $ 39 $ — $ 1,564 CLOs 3,019 — 8 (2) 3,025 2,780 — 7 (7) 2,780 CMBS 3,955 — 179 (15) 4,119 4,219 — 286 (21) 4,484 Corporate 17,744 (1) 1,038 (74) 18,707 18,401 (23) 1,926 (31) 20,273 Foreign govt./govt. agencies 883 — 33 (6) 910 842 — 77 — 919 Municipal 7,473 — 787 (3) 8,257 8,564 — 940 (1) 9,503 RMBS 3,610 — 60 (27) 3,643 3,966 — 144 (3) 4,107 U.S. Treasuries 2,979 — 86 (14) 3,051 1,264 — 141 — 1,405 Total fixed maturities, AFS $ 40,788 $ (1) $ 2,204 $ (144) $ 42,847 $ 41,561 $ (23) $ 3,560 $ (63) $ 45,035 |
Investments by Contractual Maturity Year | Fixed Maturities, AFS, by Contractual Maturity Year December 31, 2021 December 31, 2020 Amortized Cost Fair Value Amortized Cost Fair Value One year or less $ 1,400 $ 1,419 $ 1,411 $ 1,432 Over one year through five years 8,615 8,894 7,832 8,286 Over five years through ten years 8,303 8,633 7,622 8,354 Over ten years 10,761 11,979 12,206 14,028 Subtotal 29,079 30,925 29,071 32,100 Mortgage-backed and asset-backed securities 11,709 11,922 12,490 12,935 Total fixed maturities, AFS $ 40,788 $ 42,847 $ 41,561 $ 45,035 |
Unrealized Loss on Investments | Unrealized Loss Aging for Fixed Maturities, AFS by Type and Length of Time as of December 31, 2021 Less Than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses ABS $ 396 $ (3) $ — $ — $ 396 $ (3) CLOs 1,434 (2) 147 — 1,581 (2) CMBS 594 (7) 82 (8) 676 (15) Corporate 3,698 (65) 234 (9) 3,932 (74) Foreign govt./govt. agencies 340 (5) 16 (1) 356 (6) Municipal 301 (3) 12 — 313 (3) RMBS 1,869 (23) 94 (4) 1,963 (27) U.S. Treasuries 2,301 (13) 23 (1) 2,324 (14) Total fixed maturities, AFS in an unrealized loss position $ 10,933 $ (121) $ 608 $ (23) $ 11,541 $ (144) Unrealized Loss Aging for Fixed Maturities, AFS by Type and Length of Time as of December 31, 2020 Less Than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses ABS $ 44 $ — $ — $ — $ 44 $ — CLOs 758 (2) 715 (5) 1,473 (7) CMBS 410 (17) 19 (4) 429 (21) Corporate 466 (13) 212 (18) 678 (31) Foreign govt./govt. agencies 24 — — — 24 — Municipal 34 (1) — — 34 (1) RMBS 461 (3) 21 — 482 (3) U.S. Treasuries 39 — — — 39 — Total fixed maturities, AFS in an unrealized loss position $ 2,236 $ (36) $ 967 $ (27) $ 3,203 $ (63) |
Financing Receivable, Allowance for Credit Loss | ACL on Mortgage Loans For the years ended December 31, 2021 2020 2019 ACL as of beginning of period $ 38 $ — $ 1 Cumulative effect of accounting changes [1] 19 Adjusted beginning ACL 38 19 1 Current period provision (release) (9) 19 (1) ACL as of December 31, $ 29 $ 38 $ — [1] Represents the adjustment to the ACL recorded on adoption of accounting guidance for credit losses on January 1, 2020. For further information refer to Note 1 - Basis of Presentation and Significant Accounting Policies. |
Loans Credit Quality | Mortgage Loans LTV & DSCR by Origination Year as of December 31, 2021 2021 2020 2019 2018 2017 2016 & Prior Total Loan-to-value Amortized Cost Avg. DSCR Amortized Cost Avg. DSCR Amortized Cost Avg. DSCR Amortized Cost Avg. DSCR Amortized Cost Avg. DSCR Amortized Cost Avg. DSCR Amortized Cost [1] Avg. DSCR 65% - 80% $ 7 2.37x $ 50 2.63x $ 91 1.57x $ 100 1.00x $ 45 1.37x $ 97 1.80x $ 390 1.61x Less than 65% 1,481 2.70x 645 2.78x 722 2.78x 472 2.23x 417 1.91x 1,285 2.45x 5,022 2.55x Total mortgage loans $ 1,488 2.70x $ 695 2.77x $ 813 2.64x $ 572 2.02x $ 462 1.86x $ 1,382 2.41x $ 5,412 2.48x [1] Amortized cost of mortgage loans excludes ACL of $29. Mortgage Loans LTV & DSCR by Origination Year as of December 31, 2020 2020 2019 2018 2017 2016 2015 & Prior Total Loan-to-value Amortized Cost Avg. DSCR Amortized Cost Avg. DSCR Amortized Cost Avg. DSCR Amortized Cost Avg. DSCR Amortized Cost Avg. DSCR Amortized Cost Avg. DSCR Amortized Cost [1] Avg. DSCR 65% - 80% $ 28 1.62x $ 243 1.58x $ 212 1.33x $ 45 2.02x $ 51 1.92x $ 115 1.74x $ 694 1.59x Less than 65% 659 2.56x 676 2.85x 410 2.25x 446 1.89x 235 2.99x 1,411 3.01x 3,837 2.69x Total mortgage loans $ 687 2.52x $ 919 2.51x $ 622 1.94x $ 491 1.90x $ 286 2.80x $ 1,526 2.92x $ 4,531 2.52x [1] Amortized cost of mortgage loans excludes ACL of $38. Mortgage Loans by Region December 31, 2021 December 31, 2020 Amortized Cost Percent of Total Amortized Cost Percent of Total East North Central $ 284 5.2 % $ 290 6.4 % Middle Atlantic 303 5.6 % 291 6.4 % Mountain 450 8.3 % 254 5.6 % New England 393 7.3 % 397 8.8 % Pacific 1,245 23.0 % 1,001 22.1 % South Atlantic 1,556 28.8 % 1,038 22.9 % West North Central 85 1.6 % 44 1.0 % West South Central 424 7.8 % 433 9.5 % Other [1] 672 12.4 % 783 17.3 % Total mortgage loans $ 5,412 100.0 % $ 4,531 100.0 % ACL (29) (38) Total mortgage loans, net of ACL $ 5,383 $ 4,493 [1] Primarily represents loans collateralized by multiple properties in various regions. Mortgage Loans by Property Type December 31, 2021 December 31, 2020 Amortized Cost Percent of Total Amortized Cost Percent of Total Commercial Industrial $ 1,931 35.7 % $ 1,339 29.5 % Multifamily 1,833 33.9 % 1,498 33.1 % Office 627 11.6 % 774 17.1 % Retail [1] 951 17.6 % 788 17.4 % Single Family 30 0.5 % 92 2.0 % Other 40 0.7 % 40 0.9 % Total mortgage loans $ 5,412 100.0 % $ 4,531 100.0 % ACL (29) (38) Total mortgage loans, net of ACL $ 5,383 $ 4,493 [1] Primarily comprised of grocery-anchored retail centers, with no exposure to regional shopping malls. |
Schedule of Financial Instruments Owned and Pledged as Collateral | December 31, 2021 December 31, 2020 Fair Value Fair Value Securities on deposit with government agencies $ 2,376 $ 2,600 Fixed maturities in trust for benefit of syndicate policyholders 712 661 Short-term investments in trust for benefit of syndicate policyholders 7 26 Fixed maturities in Lloyd's's trust account 160 175 Other investments 65 54 Total Other Restricted Investments $ 3,320 $ 3,516 |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Balance Sheet Presentation | Derivative Balance Sheet Presentation Net Derivatives Asset Derivatives Liability Derivatives Notional Amount Fair Value Fair Value Fair Value Hedge Designation/ Derivative Type Dec 31, 2021 Dec 31, 2020 Dec 31, 2021 Dec 31, 2020 Dec 31, 2021 Dec 31, 2020 Dec 31, 2021 Dec 31, 2020 Cash flow hedges Interest rate swaps $ 2,340 $ 2,340 $ — $ — $ — $ — $ — $ — Foreign currency swaps 437 286 6 (13) 11 3 (5) (16) Total cash flow hedges 2,777 2,626 6 (13) 11 3 (5) (16) Non-qualifying strategies Interest rate contracts Interest rate swaps and futures 7,567 8,335 (46) (69) 3 4 (49) (73) Foreign exchange contracts Foreign currency swaps and forwards 558 269 — — — — — — Credit contracts Credit derivatives that purchase credit protection 112 6 (2) — — — (2) — Credit derivatives that assume credit risk [1] — 675 — 21 — 21 — — Credit derivatives in offsetting positions 210 218 — — 3 5 (3) (5) Total non-qualifying strategies 8,447 9,503 (48) (48) 6 30 (54) (78) Total cash flow hedges and non-qualifying strategies $ 11,224 $ 12,129 $ (42) $ (61) $ 17 $ 33 $ (59) $ (94) Balance Sheet Location Fixed maturities, available-for-sale $ 413 $ 269 $ — $ — $ — $ — $ — $ — Other investments 1,452 9,585 7 23 10 25 (3) (2) Other liabilities 9,359 2,275 (49) (84) 7 8 (56) (92) Total derivatives $ 11,224 $ 12,129 $ (42) $ (61) $ 17 $ 33 $ (59) $ (94) [1] The derivative instruments related to this strategy are held for other investment purposes. |
Offsetting Liabilities | Offsetting Derivative Assets and Liabilities (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 (Liabilities) Gross Amounts Offset in the Statement of Financial Position Derivative Assets [1] (Liabilities) [2] Accrued Interest and Cash Collateral (Received) [3] Pledged [2] Financial Collateral (Received) Pledged [4] Net Amount As of December 31, 2021 Other investments $ 17 $ 13 $ 7 $ (3) $ 4 $ — Other liabilities $ (59) $ (10) $ (49) $ — $ (47) $ (2) As of December 31, 2020 Other investments $ 33 $ 31 $ 23 $ (21) $ 1 $ 1 Other liabilities $ (94) $ (6) $ (84) $ (4) $ (83) $ (5) [1] Included in other investments in the Company's Consolidated Balance Sheets. [2] Included in other liabilities in the Company's Consolidated Balance Sheets and is limited to the net derivative payable associated with each counterparty. [3] Included in other investments in the Company's Consolidated Balance Sheets and is limited to the net derivative receivable associated with each counterparty. [4] Excludes collateral associated with exchange-traded derivative instruments. |
Derivatives in Cash Flow Hedging Relationships | Gain (Loss) Recognized in OCI Year Ended December 31, 2021 2020 2019 Interest rate swaps $ 4 $ 38 $ 18 Foreign currency swaps 24 (8) 8 Total $ 28 $ 30 $ 26 Gain (Loss) Reclassified from AOCI into Income Year Ended December 31, 2021 2020 2019 Net Realized Gain/(Loss) Net Investment Income Interest Expense Net Realized Gain/(Loss) Net Investment Income Interest Expense Net Realized Gain/(Loss) Net Investment Income Interest Expense Interest rate swaps $ — $ 41 $ (10) $ — $ 29 $ (7) $ 2 $ 4 $ 1 Foreign currency swaps — 5 — (1) 5 — — 3 — Total $ — $ 46 $ (10) $ (1) $ 34 $ (7) $ 2 $ 7 $ 1 Total amounts presented on the Consolidated Statement of Operations $ 509 $ 2,313 $ 234 $ (14) $ 1,846 $ 236 $ 395 $ 1,951 $ 259 |
Non-Qualifying Strategies Recognized within Net Realized Capital Gains (Losses) | Non-Qualifying Strategies Recognized within Net Realized Gains (Losses) For the Year Ended December 31, 2021 2020 2019 Interest rate contracts Interest rate swaps, swaptions and futures $ 3 $ 21 $ (35) Credit contracts Credit derivatives that purchase credit protection — 2 (5) Credit derivatives that assume credit risk 7 2 32 Equity contracts Equity options — 76 (17) Foreign exchange contracts Foreign currency swaps and forwards 2 3 1 Total $ 12 $ 104 $ (24) |
Credit Derivatives by Type | Credit Risk Assumed Derivatives by Type Underlying Referenced Credit Obligation(s) [1] Notional Amount [2] Fair Value Weighted Average Years to Maturity Type Average Credit Rating Offsetting Notional Amount [3] Offsetting Fair Value [3] As of December 31, 2021 Basket credit default swaps [4] Investment grade risk exposure $ 101 $ — 6 years CMBS Credit AAA $ 101 $ — Below investment grade risk exposure 4 (2) Less than 1 year CMBS Credit CCC 4 2 Total $ 105 $ (2) $ 105 $ 2 As of December 31, 2020 Single name credit default swaps Investment grade risk exposure $ 175 $ 9 5 years Corporate Credit A- $ — $ — Basket credit default swaps [4] Investment grade risk exposure 500 12 5 years Corporate Credit BBB+ — — Investment grade risk exposure 100 1 8 years CMBS Credit AAA 100 (1) Below investment grade risk exposure 9 (4) Less than 1 year CMBS Credit CCC+ 9 4 Total $ 784 $ 18 $ 109 $ 3 [1] The average credit ratings are based on availability and are generally the midpoint of the available ratings among Moody’s, S&P, and Fitch. If no rating is available from a rating agency, then an internally developed rating is used. [2] Notional amount is equal to the maximum potential future loss amount. These derivatives are governed by agreements and applicable law which include collateral posting requirements. There is no additional specific collateral related to these contracts or recourse provisions included in the contracts to offset losses. [3] The Company has entered into offsetting credit default swaps to terminate certain existing credit default swaps, thereby offsetting the future changes in value of, or losses paid related to, the original swap. [4] Comprised of swaps of standard market indices of diversified portfolios of corporate and CMBS issuers referenced through credit default swaps. These swaps are subsequently valued based upon the observable standard market index. |
Premiums Receivable (Tables)
Premiums Receivable (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Credit Loss [Abstract] | |
Premium Receivable, Allowance for Credit Loss [Table Text Block] | Premiums Receivable and Agents' Balances As of December 31, 2021 2020 Premiums receivable, excluding receivables for losses within a deductible and retrospectively-rated policy premiums ("loss sensitive business") $ 4,130 $ 3,851 Receivables for loss sensitive business, by credit quality: AAA — — AA 130 142 A 52 62 BBB 133 185 BB 64 115 Below BB 41 65 Total receivables for loss sensitive business 420 569 Total Premiums Receivable and Agents' Balances, Gross 4,550 4,420 ACL (105) (152) Total Premiums Receivable and Agents' Balances, Net of ACL $ 4,445 $ 4,268 Rollforward of ACL on Premiums Receivable and Agents' Balances for the Year Ended December 31, 2021 December 31, 2020 Premiums Receivable and Agents' Balances, Excluding Receivables for Loss Sensitive Business Receivables for Loss Sensitive Business Total Premiums Receivable and Agents' Balances, Excluding Receivables for Loss Sensitive Business Receivables for Loss Sensitive Business Total Beginning ACL $ 117 $ 35 $ 152 $ 85 $ 60 $ 145 Cumulative effect of accounting change [1] (2) (21) (23) Adjusted beginning ACL 117 35 152 83 39 122 Current period provision (release) 17 (13) 4 78 (4) 74 Current period gross write-offs (59) — (59) (49) — (49) Current period gross recoveries 8 — 8 5 — 5 Ending ACL $ 83 $ 22 $ 105 $ 117 $ 35 $ 152 |
Reinsurance (Tables)
Reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Insurance [Abstract] | |
Reinsurance Recoverable, Credit Quality Indicator | Reinsurance Recoverables by Credit Quality Indicator As of December 31, 2021 As of December 31, 2020 Property and Casualty Group Benefits Corporate Total Property and Casualty Group Benefits Corporate Total AM Best Financial Strength Rating A++ $ 1,860 $ — $ — $ 1,860 $ 1,598 $ — $ — $ 1,598 A+ 1,999 237 275 2,511 1,788 230 305 2,323 A 713 — — 713 638 — — 638 A- 37 9 — 46 37 9 — 46 B++ 639 — 3 642 666 — 3 669 Below B++ 20 — — 20 21 1 — 22 Total Rated by AM Best 5,268 246 278 5,792 4,748 240 308 5,296 Mandatory (Assigned) and Voluntary Risk Pools 239 — — 239 259 — — 259 Captives 331 — — 331 305 — — 305 Other not rated companies 255 5 — 260 254 5 — 259 Gross Reinsurance Recoverables 6,093 251 278 6,622 5,566 245 308 6,119 Allowance for uncollectible reinsurance (96) (1) (2) (99) (105) (1) (2) (108) Net Reinsurance Recoverables $ 5,997 $ 250 $ 276 $ 6,523 $ 5,461 $ 244 $ 306 $ 6,011 |
Reinsurance Recoverable, Allowance for Credit Loss | Allowance for Uncollectible Reinsurance As of December 31, 2021 As of December 31, 2020 Property and Casualty Group Benefits Corporate Total Property and Casualty Group Benefits Corporate Total Beginning allowance for uncollectible reinsurance $ 105 $ 1 $ 2 $ 108 $ 114 $ — $ — $ 114 Beginning allowance for disputed amounts 53 — — 53 66 — — 66 Beginning ACL 52 1 2 55 48 — — 48 Cumulative effect of accounting change [1] — 1 1 2 Adjusted beginning ACL 52 1 2 55 48 1 1 50 Current period provision (release) (9) — — (9) 3 — 1 4 Current period gross write-offs (1) — — (1) — — — — Current period gross recoveries — — — — 1 — — 1 Ending ACL 42 1 2 45 52 1 2 55 Ending allowance for disputed amounts 54 — — 54 53 — — 53 Ending allowance for uncollectible reinsurance $ 96 $ 1 $ 2 $ 99 $ 105 $ 1 $ 2 $ 108 [1]Represents the adjustment to the ACL recorded on adoption of accounting guidance for credit losses on January 1, 2020. For further information refer to Note 1 - Basis of Presentation and Significant Accounting Policies |
Property and Casualty Insurance and Group Benefits Revenue | Insurance Revenues Property and Casualty Insurance Revenue For the years ended December 31, Premiums Written 2021 2020 2019 Direct $ 13,696 $ 12,537 $ 12,190 Assumed 631 577 371 Ceded (1,378) (1,209) (978) Net $ 12,949 $ 11,905 $ 11,583 Premiums Earned Direct $ 13,204 $ 12,551 $ 12,010 Assumed 568 540 416 Ceded (1,277) (1,173) (936) Net $ 12,495 $ 11,918 $ 11,490 Group Benefits Revenue For the years ended December 31, 2021 2020 2019 Gross earned premiums, fees and other considerations $ 5,663 $ 5,245 $ 4,122 Reinsurance assumed 128 387 1,572 Reinsurance ceded (104) (96) (91) Net earned premiums, fees and other considerations $ 5,687 $ 5,536 $ 5,603 |
Deferred Policy Acquisition C_2
Deferred Policy Acquisition Costs (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Policy Acquisition Costs Disclosures [Abstract] | |
Changes in the DAC Balance | Changes in DAC For the years ended December 31, 2021 2020 2019 Balance, beginning of period $ 789 $ 785 $ 670 Deferred costs 1,751 1,666 1,635 Amortization — DAC (1,680) (1,706) (1,622) Add back amortization of value of business acquired [1] 21 47 102 DAC transferred to assets held for sale — (3) — Balance, end of period $ 881 $ 789 $ 785 [1] While the value of in-force contracts acquired from the Navigators Group acquisition is included in other intangible assets, the amortization of that asset is recorded as DAC amortization. |
Goodwill & Other Intangible A_2
Goodwill & Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill Carrying Value [Table Text Block] | Goodwill Carrying Value as of December 31, 2021 Commercial Lines Personal Lines Hartford Funds Group Benefits Corporate [1] Total Balance at December 31, 2019 $ 661 $ 119 $ 180 $ 723 $ 230 $ 1,913 Measurement period adjustments [2] (2) — — — — (2) Balance at December 31, 2020 $ 659 $ 119 $ 180 $ 723 $ 230 $ 1,911 Measurement period adjustments [2] — — — — — — Balance at December 31, 2021 $ 659 $ 119 $ 180 $ 723 $ 230 $ 1,911 [1] The Corporate category includes goodwill that was acquired at a holding company level and not pushed down to a subsidiary within a reportable segment. Carrying value of goodwill within Corporate as of December 31, 2021, 2020, and 2019 includes $138 and $92 for the Group Benefits and Hartford Funds reporting units, respectively. [2] For further discussion on goodwill related to the acquisition of Navigators Group, refer to Note 2 - Business Acquisitions . |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Other Intangible Assets As of December 31, 2021 As of December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortized Intangible Assets: Value of in-force contracts $ 203 $ (194) $ 9 $ 203 $ (172) $ 31 Customer relationships 636 (177) 459 636 (134) 502 Marketing agreement with Aetna 16 (4) 12 16 (3) 13 Distribution Agreement [1] 79 (68) 11 79 (65) 14 Distribution and Agency relationships & Other 340 (68) 272 340 (45) 295 Total Finite Life Intangibles 1,274 (511) 763 1,274 (419) 855 Total Indefinite Life Intangible Assets 95 95 95 95 Total Other Intangible Assets $ 1,369 $ (511) $ 858 $ 1,369 $ (419) $ 950 [1] On May 28, 2020, the Company amended its distribution agreement to, among other changes in terms, extend the agreement. As a result of this extension in term, The Hartford reassessed the useful life of the distribution agreement to amortize over a remaining life of approximately 6.5 years. |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Expected Before Tax Amortization Expense [1] for Acquired Intangibles as of December 31, 2021 Value of In-force Contracts Other Intangible Assets 2022 $ 9 $ 70 2023 $ — $ 70 2024 $ — $ 70 2025 $ — $ 70 2026 $ — $ 70 [1] In the Consolidated Statements of Operations, the amortization of value of in-force contracts is reported in amortization of deferred policy acquisition costs and the amortization of other intangible assets is reported in amortization of other intangible assets. |
Reserve for Unpaid Losses and_2
Reserve for Unpaid Losses and Loss Adjustment Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Liability for Unpaid Claims and Claims Adjustment Expense, Activity in Liability [Abstract] | |
Liabilities for Unpaid Losses and Loss Adjustment Expenses | Rollforward of Liabilities for Unpaid Losses and Loss Adjustment Expenses For the years ended December 31, 2021 2020 2019 Beginning liabilities for unpaid losses and loss adjustment expenses, gross $ 29,622 $ 28,261 $ 24,584 Reinsurance and other recoverables 5,725 5,275 4,232 Beginning liabilities for unpaid losses and loss adjustment expenses, net 23,897 22,986 20,352 Navigators Group acquisition — — 2,001 Provision for unpaid losses and loss adjustment expenses Current accident year 7,911 7,794 7,463 Prior accident year development [1] 199 (136) (65) Total provision for unpaid losses and loss adjustment expenses 8,110 7,658 7,398 Change in deferred gain on retroactive reinsurance included in other liabilities [1] (246) (312) (16) Payments Current accident year (2,276) (2,214) (2,374) Prior accident years (4,119) (4,190) (4,374) Total payments (6,395) (6,404) (6,748) Net change in reserves transferred to liabilities held for sale — (45) — Foreign currency adjustment 2 14 (1) Ending liabilities for unpaid losses and loss adjustment expenses, net 25,368 23,897 22,986 Reinsurance and other recoverables 6,081 5,725 5,275 Ending liabilities for unpaid losses and loss adjustment expenses, gross $ 31,449 $ 29,622 $ 28,261 [1] Prior accident year development does not include the benefit of a portion of losses ceded under the Navigators and A&E ADC which, under retroactive reinsurance accounting, is deferred and is recognized over the period the ceded losses are recovered in cash from NICO. For additional information regarding the two adverse development cover reinsurance agreements, refer to Adverse Development Covers discussion below. (Favorable) Unfavorable Prior Accident Year Development For the years ended December 31, 2021 2020 2019 Workers’ compensation $ (190) $ (110) $ (120) Workers’ compensation discount accretion 35 35 33 General liability 454 237 61 Marine 1 3 8 Package business (91) (58) (47) Commercial property (26) (4) (11) Professional liability (2) (14) 29 Bond (26) (19) (3) Assumed reinsurance (6) (6) 3 Automobile liability - Commercial Lines 9 27 27 Automobile liability - Personal Lines (90) (61) (38) Homeowners 3 7 3 Net asbestos and environmental reserves — (2) — Catastrophes (154) (529) (42) Uncollectible reinsurance (6) (8) (30) Other reserve re-estimates, net 42 54 46 Prior accident year development, including full benefit for the ADC cession (47) (448) (81) Change in deferred gain on retroactive reinsurance included in other liabilities [1] 246 312 16 Total prior accident year development $ 199 $ (136) $ (65) [1]The change in deferred gain for the years ended December 31, 2021 and 2020 included $155 and $210, respectively of adverse development on A&E reserves in excess of ceded premium paid and included $91 and $102, respectively, of adverse development on Navigators 2018 and prior accident year reserves, primarily within professional liability, general liability and marine. Rollforward of Liabilities for Unpaid Losses and Loss Adjustment Expenses For the years ended December 31, 2021 2020 2019 Beginning liabilities for unpaid losses and loss adjustment expenses, gross $ 8,233 $ 8,256 $ 8,445 Reinsurance recoverables [1] 237 247 239 Beginning liabilities for unpaid losses and loss adjustment expenses, net 7,996 8,009 8,206 Provision for unpaid losses and loss adjustment expenses Current incurral year 5,021 4,511 4,385 Prior year's discount accretion 201 209 219 Prior incurral year development [2] (458) (445) (410) Total provision for unpaid losses and loss adjustment expenses [3] 4,764 4,275 4,194 Payments Current incurral year (2,631) (2,288) (2,277) Prior incurral years (2,164) (2,000) (2,114) Total payments (4,795) (4,288) (4,391) Ending liabilities for unpaid losses and loss adjustment expenses, net 7,965 7,996 8,009 Reinsurance recoverables 245 237 247 Ending liabilities for unpaid losses and loss adjustment expenses, gross $ 8,210 $ 8,233 $ 8,256 [1] Includes a cumulative effect adjustment of $(1) representing an adjustment to the ACL recorded on adoption of accounting guidance for credit losses on January 1, 2020. See Note 1 - Basis of Presentation and Significant Accounting Policies. [2] Prior incurral year development represents the change in estimated ultimate incurred losses and loss adjustment expenses for prior incurral years on a discounted basis. [3] Includes unallocated loss adjustment expenses of $179, $178 and $178 for the years ended December 31, 2021, 2020 and 2019, respectively, that are recorded in insurance operating costs and other expenses in the Consolidated Statements of Operations. |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance | Property and Casualty Insurance Products Reserves, Net of Reinsurance, that are Discounted For the years ended December 31, 2021 2020 2019 Liability for unpaid losses and loss adjustment expenses, at undiscounted amounts $ 1,405 $ 1,334 $ 1,331 Amount of discount 355 367 388 Carrying value of liability for unpaid losses and loss adjustment expenses $ 1,050 $ 967 $ 943 Discount accretion included in losses and loss adjustment expenses $ 36 $ 36 $ 33 Weighted average discount rate 2.54 % 2.68 % 2.91 % Range of discount rates 0.83 % - 14.03 % 0.83 % - 14.03 % 1.76 % - 14.03 % Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance [1] (Unaudited) Reserve Line 1st Year 2nd Year 3rd Year 4th Year 5th Year 6th Year 7th Year 8th Year 9th Year 10th Year Workers' compensation 15.1 % 18.7 % 12.3 % 8.2 % 5.4 % 4.0 % 2.6 % 2.1 % 1.4 % 1.3 % General liability 2.9 % 7.8 % 14.2 % 18.2 % 16.6 % 11.2 % 6.9 % 4.5 % 3.1 % 4.8 % Marine 25.3 % 31.4 % 17.5 % 8.0 % 6.6 % 3.4 % 1.9 % 3.1 % — % 0.7 % Package business 37.4 % 21.8 % 10.4 % 8.6 % 6.2 % 3.2 % 2.1 % 1.2 % 0.4 % 0.3 % Commercial property 53.5 % 30.6 % 7.7 % 3.0 % 1.0 % 0.5 % 0.1 % (0.1 %) (0.1 %) — % Commercial automobile liability 15.8 % 20.3 % 20.6 % 17.6 % 11.4 % 4.5 % 2.7 % 0.8 % 0.5 % 0.4 % Commercial automobile physical damage 88.0 % 9.7 % (0.4 %) Professional liability 5.3 % 18.4 % 18.7 % 14.3 % 10.8 % 7.6 % 5.9 % 1.1 % 1.6 % 0.7 % Bond 12.2 % 22.2 % 10.3 % 4.6 % (0.2 %) (0.5 %) 4.4 % 1.8 % (0.2 %) (1.6 %) Assumed Reinsurance 35.2 % 36.9 % 9.1 % 4.9 % 7.0 % 2.4 % 1.0 % 0.3 % 0.3 % 0.1 % Personal automobile liability 34.7 % 33.3 % 16.0 % 7.7 % 3.1 % 1.2 % 0.5 % 0.2 % 0.2 % — % Personal automobile physical damage 95.7 % 2.7 % (0.1 %) Homeowners 70.7 % 23.5 % 1.4 % 0.3 % 0.6 % 0.3 % 0.1 % 0.1 % — % — % [1]Negative percentages are generally due to salvage, subrogation or other recoveries. Group Life, Disability and Accident Products Reserves, Net of Reinsurance, that are Discounted For the years ended December 31, 2021 2020 2019 Liability for unpaid losses and loss adjustment expenses, at undiscounted amounts $ 8,176 $ 8,380 $ 8,636 Amount of discount (1,304) (1,353) (1,401) Carrying value of liability for unpaid losses and loss adjustment expenses $ 6,872 $ 7,027 $ 7,235 Weighted average discount rate 3.3 % 3.4 % 3.4 % Range of discount rate 2.1 % - 8.0 % 2.1 % - 8.0 % 2.1 % - 8.0 % Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Unaudited) 1st Year 2nd Year 3rd Year 4th Year 5th Year 6th Year 7th Year 8th Year 9th Year 10th Year Group long-term disability 7.5 % 25.8 % 15.7 % 8.5 % 6.3 % 5.4 % 4.5 % 3.8 % 3.3 % 2.8 % Group life and accident, excluding premium waiver 75.4 % 21.9 % 1.0 % |
Reconciliation of Loss Development to Liability for Unpaid Losses and Loss Adjustment Expenses | Reconciliation of Loss Development to Liability for Unpaid Losses and Loss Adjustment Expenses As of December 31, 2021 Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance Subtotal Reserve Line Cumulative Incurred for Accident Years Displayed in Triangles Cumulative Paid for Accident Years Displayed in Triangles Unpaid for Accident Years not Displayed in Triangles Unpaid Unallocated Loss Adjustment Expenses, Net of Reinsurance Discount Unpaid Losses and Loss Adjustment Expenses, Net of Reinsurance Reinsurance and Other Recoverables Liability for Unpaid Losses and Loss Adjustment Expenses Workers' compensation $ 18,263 $ (9,992) $ 2,981 $ 348 $ (341) $ 11,259 $ 1,793 $ 13,052 General liability 6,731 (3,157) 1,240 146 — 4,960 870 5,830 Marine 1,516 (1,242) 17 12 — 303 235 538 Package business 6,952 (5,208) 77 103 — 1,924 90 2,014 Commercial property 3,830 (3,342) 24 18 — 530 268 798 Commercial automobile liability 3,908 (2,778) 22 23 — 1,175 91 1,266 Commercial automobile physical damage 172 (162) 4 — — 14 (1) 13 Professional liability 2,511 (1,335) 47 38 — 1,261 781 2,042 Bond 625 (254) 32 31 — 434 10 444 Assumed Reinsurance 1,384 (1,106) 3 4 — 285 50 335 Personal automobile liability 11,104 (9,809) 29 66 — 1,390 23 1,413 Personal automobile physical damage 1,200 (1,170) 7 3 — 40 — 40 Homeowners 6,307 (5,982) 5 34 — 364 17 381 Other ongoing business 183 5 (14) 174 310 484 Asbestos and environmental [1] 724 — — 724 1,545 2,269 Other operations [1] 374 157 — 531 (1) 530 Total P&C $ 64,503 $ (45,537) $ 5,769 $ 988 $ (355) $ 25,368 $ 6,081 $ 31,449 [1] Asbestos and environmental and other operations include asbestos, environmental and other latent exposures not foreseen when coverages were written, including, but not limited to, potential liability for pharmaceutical products, silica, talcum powder, head injuries, lead paint, construction defects, sexual molestation and sexual abuse and other long-tail liabilities. These reserve lines do not have significant paid or incurred loss development for the most recent ten accident years and therefore do not have loss development displayed in triangles. Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance Subtotal Reserve Line Cumulative Incurred for Incurral Years Displayed in Triangles Cumulative Paid for Incurral Years Displayed in Triangles Unpaid for Incurral Years not Displayed in Triangles Unpaid Unallocated Loss Adjustment Expenses, Net of Reinsurance Discount Unpaid Losses and Loss Adjustment Expenses, Net of Reinsurance Reinsurance and Other Recoverables Liability for Unpaid Losses and Loss Adjustment Expenses Group long-term disability $ 14,113 $ (8,219) $ 1,546 $ 189 $ (1,192) $ 6,437 $ 234 $ 6,671 Group life and accident, excluding premium waiver 6,323 (5,644) 163 4 (18) 828 5 833 Group short-term disability 124 5 — 129 — 129 Group life premium waiver 620 11 (94) 537 1 538 Group supplemental health 34 — 34 5 39 Total Group Benefits $ 20,436 $ (13,863) $ 2,487 $ 209 $ (1,304) $ 7,965 $ 245 $ 8,210 |
Losses and Allocated Loss Adjustments Expense, Net of Reinsurance | Workers' Compensation Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended December 31, (Unaudited) Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 IBNR Claims 2012 $ 2,185 $ 2,207 $ 2,207 $ 2,181 $ 2,168 $ 2,169 $ 2,154 $ 2,146 $ 2,135 $ 2,133 $ 310 171,562 2013 2,020 1,981 1,920 1,883 1,861 1,861 1,850 1,831 1,811 346 151,492 2014 1,869 1,838 1,789 1,761 1,713 1,692 1,679 1,654 386 126,288 2015 1,873 1,835 1,801 1,724 1,714 1,699 1,667 412 114,113 2016 1,772 1,772 1,780 1,767 1,748 1,708 489 112,302 2017 1,862 1,869 1,840 1,822 1,757 636 111,800 2018 1,916 1,917 1,915 1,904 726 118,951 2019 1,937 1,935 1,934 844 119,416 2020 1,865 1,864 1,114 90,199 2021 1,831 1,314 93,860 Total $ 18,263 Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended December 31, (Unaudited) Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 359 $ 809 $ 1,106 $ 1,313 $ 1,436 $ 1,529 $ 1,587 $ 1,644 $ 1,678 $ 1,706 2013 304 675 917 1,071 1,175 1,260 1,304 1,339 1,361 2014 275 598 811 960 1,041 1,099 1,137 1,167 2015 261 576 778 909 1,004 1,068 1,117 2016 255 579 779 908 1,003 1,064 2017 261 575 778 900 977 2018 283 624 837 983 2019 291 637 856 2020 223 507 2021 254 Total $ 9,992 General Liability Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended December 31, (Unaudited) Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 IBNR Claims 2012 $ 423 $ 402 $ 399 $ 392 $ 410 $ 408 $ 421 $ 413 $ 407 $ 406 $ 41 16,768 2013 455 442 456 484 488 502 505 508 500 42 14,134 2014 506 475 481 494 513 522 515 505 52 15,242 2015 556 560 554 594 633 647 637 71 15,627 2016 613 583 607 632 632 620 92 16,817 2017 626 614 613 615 613 174 16,447 2018 692 669 697 703 295 17,749 2019 822 827 822 512 16,858 2020 938 923 739 11,991 2021 1,002 929 8,364 Total $ 6,731 Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended December 31, (Unaudited) Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 13 $ 55 $ 101 $ 170 $ 233 $ 280 $ 305 $ 323 $ 332 $ 352 2013 13 53 141 233 320 372 398 422 442 2014 15 42 130 214 304 358 402 423 2015 10 55 156 278 409 477 524 2016 12 52 131 283 368 447 2017 15 67 156 255 344 2018 21 84 177 288 2019 29 100 193 2020 45 110 2021 34 Total $ 3,157 Marine Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended December 31, (Unaudited) Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 IBNR Claims 2012 $ 196 $ 220 $ 180 $ 169 $ 163 $ 164 $ 168 $ 164 $ 164 $ 165 $ 1 6,789 2013 149 152 134 136 140 135 138 140 139 (2) 6,629 2014 163 160 158 165 164 169 167 171 1 7,137 2015 158 146 146 148 134 138 140 (3) 10,137 2016 140 143 138 148 150 147 (17) 13,178 2017 160 187 175 174 180 (8) 15,586 2018 144 161 154 161 (8) 14,037 2019 144 142 140 15 8,413 2020 150 142 26 4,730 2021 131 72 3,499 Total $ 1,516 [1] Contributing to the negative IBNR reserves for some accident years is a lag in the timing of expected reinsurance recoveries under the Navigators ADC with NICO. Recoveries from NICO will not be collected until the Company has cumulative loss payments for all covered lines of more than the attachment point. Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended December 31, (Unaudited) Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 51 $ 101 $ 125 $ 139 $ 148 $ 152 $ 155 $ 159 $ 158 $ 159 2013 42 82 100 112 119 121 126 133 134 2014 41 81 116 131 151 157 159 162 2015 40 85 116 126 134 140 141 2016 35 80 106 123 132 141 2017 48 111 142 154 163 2018 37 104 138 148 2019 36 83 101 2020 32 69 2021 24 Total $ 1,242 Package Business Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended December 31, (Unaudited) Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 IBNR Claims 2012 $ 736 $ 725 $ 728 $ 731 $ 736 $ 735 $ 739 $ 732 $ 732 $ 727 $ 24 59,921 2013 579 565 573 585 586 592 586 587 583 22 43,675 2014 566 578 601 602 603 603 593 581 29 43,321 2015 582 588 585 583 588 581 567 34 42,232 2016 655 638 632 625 611 595 51 44,079 2017 695 702 692 657 644 73 46,638 2018 719 724 688 667 114 44,822 2019 813 769 749 175 43,073 2020 915 893 316 61,161 2021 946 412 40,792 Total $ 6,952 Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended December 31, (Unaudited) Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 286 $ 486 $ 560 $ 616 $ 652 $ 673 $ 687 $ 694 $ 697 $ 699 2013 225 339 414 467 504 522 541 549 552 2014 226 345 416 468 507 525 535 542 2015 212 332 383 445 486 505 513 2016 225 353 410 465 500 521 2017 235 372 447 496 534 2018 237 402 451 498 2019 254 413 488 2020 326 493 2021 368 Total $ 5,208 Commercial Property Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended December 31, (Unaudited) Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 IBNR Claims 2012 $ 369 $ 333 $ 334 $ 335 $ 337 $ 335 $ 334 $ 333 $ 332 $ 332 $ — 26,861 2013 268 252 254 252 249 248 247 247 247 — 21,620 2014 293 281 282 280 279 280 280 279 (1) 21,030 2015 299 301 302 301 305 304 301 — 21,029 2016 406 420 399 406 408 408 3 23,781 2017 577 516 456 439 441 5 24,382 2018 450 437 424 403 8 21,715 2019 480 440 419 4 21,002 2020 501 469 96 20,327 2021 531 108 16,394 Total $ 3,830 Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended December 31, (Unaudited) Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 182 $ 296 $ 317 $ 326 $ 331 $ 331 $ 331 $ 330 $ 330 $ 330 2013 161 223 238 243 242 244 245 245 245 2014 170 250 270 279 279 279 280 280 2015 179 257 285 296 302 303 302 2016 215 342 379 396 402 406 2017 229 378 412 427 433 2018 188 344 379 386 2019 215 351 383 2020 221 336 2021 241 Total $ 3,342 Commercial Automobile Liability Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended December 31, (Unaudited) Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 IBNR Claims 2012 $ 311 $ 377 $ 391 $ 402 $ 395 $ 389 $ 387 $ 388 $ 388 $ 387 $ 6 36,053 2013 311 318 334 341 340 339 336 334 333 7 32,242 2014 309 317 331 337 341 334 333 332 6 29,613 2015 308 358 372 356 356 359 360 10 28,565 2016 385 393 390 391 391 395 15 29,167 2017 372 383 379 383 381 11 26,341 2018 349 396 405 406 36 24,610 2019 425 439 450 114 28,216 2020 428 424 227 21,557 2021 440 340 17,404 Total $ 3,908 Cumulative Paid Losses & Allocated Loss Adjustment Expense, Net of Reinsurance For the years ended December 31 (Unaudited) Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 65 $ 143 $ 234 $ 307 $ 346 $ 359 $ 372 $ 376 $ 378 $ 379 2013 62 130 202 259 295 311 320 323 324 2014 59 131 197 252 299 309 318 320 2015 62 142 207 267 314 335 344 2016 65 147 232 303 339 357 2017 60 134 211 285 328 2018 62 153 238 305 2019 67 160 247 2020 55 119 2021 55 Total $ 2,778 Commercial Automobile Physical Damage Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended December 31, (Unaudited) Accident Year 2019 2020 2021 IBNR Claims 2019 $ 63 $ 64 $ 63 $ 1 19,853 2020 51 51 1 14,671 2021 58 2 14,253 Total $ 172 Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended December 31, (Unaudited) Accident Year 2019 2020 2021 2019 $ 56 $ 62 $ 62 2020 45 50 2021 50 Total $ 162 Professional Liability Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended December 31, (Unaudited) Claims Made Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 IBNR Claims 2012 $ 242 $ 238 $ 238 $ 218 $ 221 $ 221 $ 219 $ 225 $ 217 $ 212 $ (3) 7,037 2013 207 195 187 174 174 173 171 171 169 14 5,979 2014 187 183 181 178 179 182 183 174 21 6,734 2015 164 174 180 190 214 207 200 15 7,245 2016 183 176 204 197 196 197 27 8,391 2017 205 203 232 226 241 47 9,466 2018 248 281 278 278 74 10,040 2019 298 317 336 150 9,654 2020 370 365 259 7,713 2021 339 310 5,450 Total $ 2,511 Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended December 31, (Unaudited) Claims Made Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 17 $ 67 $ 100 $ 139 $ 155 $ 169 $ 172 $ 175 $ 175 $ 176 2013 10 44 67 88 116 131 137 142 148 2014 8 38 74 108 131 135 146 145 2015 9 40 85 107 125 141 164 2016 8 51 88 112 125 149 2017 11 48 88 123 151 2018 15 73 130 166 2019 21 78 150 2020 19 71 2021 15 Total $ 1,335 Bond Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended December 31, (Unaudited) Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 IBNR Claims 2012 $ 71 $ 70 $ 61 $ 55 $ 49 $ 49 $ 45 $ 48 $ 48 $ 46 $ 11 1,729 2013 64 58 55 48 49 39 35 34 34 13 1,468 2014 71 67 66 67 59 59 60 60 8 1,387 2015 67 67 63 60 54 48 47 17 1,395 2016 61 61 61 55 51 45 23 1,339 2017 63 90 101 94 79 36 1,724 2018 68 68 72 71 36 1,664 2019 72 73 74 58 1,779 2020 83 84 71 1,889 2021 85 68 1,960 Total $ 625 Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended December 31, (Unaudited) Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 12 $ 25 $ 26 $ 24 $ 26 $ 26 $ 34 $ 35 $ 35 $ 34 2013 3 9 17 19 19 19 20 20 20 2014 18 31 40 43 43 44 46 47 2015 9 20 24 31 34 32 30 2016 2 12 15 20 22 22 2017 5 46 55 54 42 2018 6 16 23 24 2019 3 13 15 2020 4 12 2021 8 Total $ 254 Assumed Reinsurance Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended December 31, (Unaudited) Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 IBNR Claims 2012 $ 107 $ 99 $ 93 $ 88 $ 115 $ 120 $ 119 $ 120 $ 120 $ 120 $ — 1,468 2013 115 119 103 105 102 102 103 103 103 (1) 1,656 2014 119 142 122 118 115 116 116 115 (1) 1,820 2015 102 92 94 94 95 96 96 — 1,582 2016 89 91 98 100 102 102 (5) 1,730 2017 129 153 162 157 153 (3) 2,166 2018 129 128 130 135 (13) 2,263 2019 181 190 187 20 2,522 2020 183 181 71 1,623 2021 192 104 584 Total $ 1,384 [1] Contributing to the negative IBNR reserves for some accident years is a lag in the timing of expected reinsurance recoveries under the Navigators ADC with NICO. Recoveries from NICO will not be collected until the Company has cumulative loss payments for all covered lines of more than the attachment point. Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended December 31, (Unaudited) Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 38 $ 77 $ 83 $ 85 $ 112 $ 118 $ 118 $ 119 $ 119 $ 119 2013 53 83 91 98 100 101 103 103 103 2014 66 119 106 109 112 113 114 115 2015 42 65 77 83 91 94 95 2016 36 66 84 90 95 97 2017 44 116 135 145 147 2018 25 112 134 140 2019 62 132 154 2020 50 90 2021 46 Total $ 1,106 Personal Automobile Liability Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended December 31, (Unaudited) Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 IBNR Claims 2012 $ 1,141 $ 1,149 $ 1,146 $ 1,142 $ 1,133 $ 1,130 $ 1,130 $ 1,130 $ 1,129 $ 1,128 $ 4 210,757 2013 1,131 1,145 1,144 1,153 1,152 1,153 1,157 1,156 1,155 6 205,485 2014 1,146 1,153 1,198 1,200 1,199 1,202 1,201 1,199 6 209,022 2015 1,195 1,340 1,338 1,330 1,331 1,328 1,324 8 216,889 2016 1,407 1,402 1,393 1,397 1,395 1,386 11 215,839 2017 1,277 1,275 1,228 1,214 1,200 18 187,513 2018 1,108 1,104 1,072 1,058 51 156,152 2019 1,018 1,010 991 97 139,360 2020 805 782 192 95,755 2021 881 444 94,494 Total $ 11,104 Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended December 31, (Unaudited) Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 441 $ 818 $ 986 $ 1,067 $ 1,104 $ 1,114 $ 1,120 $ 1,122 $ 1,123 $ 1,123 2013 442 816 1,002 1,091 1,121 1,135 1,142 1,144 1,148 2014 430 843 1,032 1,125 1,165 1,182 1,186 1,190 2015 475 935 1,142 1,243 1,292 1,304 1,310 2016 505 968 1,188 1,308 1,345 1,363 2017 441 836 1,033 1,123 1,161 2018 359 710 888 965 2019 323 654 816 2020 238 486 2021 247 Total $ 9,809 Personal Automobile Physical Damage Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended December 31, (Unaudited) Accident Year 2019 2020 2021 IBNR Claims 2019 $ 445 $ 442 $ 441 $ — 277,060 2020 349 346 5 210,783 2021 413 (6) 213,209 Total $ 1,200 Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended December 31, (Unaudited) Accident Year 2019 2020 2021 2019 $ 427 $ 441 $ 441 2020 333 341 2021 388 Total $ 1,170 Homeowners Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended December 31, (Unaudited) Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 IBNR Claims 2012 $ 774 $ 741 $ 741 $ 741 $ 739 $ 738 $ 738 $ 738 $ 737 $ 737 $ — 142,860 2013 673 638 637 634 632 630 629 630 629 1 113,552 2014 710 707 702 700 698 698 698 698 — 121,923 2015 690 703 690 684 684 684 684 1 119,997 2016 669 673 663 658 658 658 2 119,793 2017 866 889 884 783 775 6 124,713 2018 903 910 673 642 (6) 102,784 2019 501 475 470 13 84,536 2020 525 512 26 87,841 2021 502 107 71,196 Total $ 6,307 Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended December 31, (Unaudited) Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 547 $ 696 $ 719 $ 727 $ 731 $ 734 $ 735 $ 736 $ 736 $ 736 2013 467 590 611 622 626 627 628 628 628 2014 526 663 684 691 695 697 697 698 2015 487 645 665 674 680 681 681 2016 481 621 640 649 653 655 2017 538 747 795 757 761 2018 484 712 616 619 2019 318 425 445 2020 335 454 2021 305 Total $ 5,982 Group Long-Term Disability Undiscounted Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended December 31, (Unaudited) Incurral Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 IBNR Reserves Claims Reported 2012 $ 1,829 $ 1,605 $ 1,539 $ 1,532 $ 1,530 $ 1,515 $ 1,504 $ 1,486 $ 1,479 $ 1,474 $ — 35,814 2013 1,660 1,479 1,429 1,429 1,416 1,413 1,399 1,385 1,378 — 30,757 2014 1,636 1,473 1,430 1,431 1,431 1,408 1,395 1,389 — 31,927 2015 1,595 1,442 1,422 1,420 1,401 1,385 1,380 — 32,727 2016 1,651 1,481 1,468 1,437 1,417 1,409 — 33,301 2017 1,597 1,413 1,358 1,316 1,304 1 30,902 2018 1,647 1,387 1,309 1,277 1 28,403 2019 1,650 1,424 1,327 5 27,375 2020 1,686 1,407 29 25,503 2021 1,768 881 17,132 Total $ 14,113 Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended December 31, (Unaudited) Incurral Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 108 $ 483 $ 708 $ 835 $ 933 $ 1,014 $ 1,080 $ 1,138 $ 1,185 $ 1,227 2013 102 443 664 791 881 954 1,016 1,067 1,113 2014 103 448 675 801 884 960 1,025 1,079 2015 108 460 687 806 891 962 1,025 2016 112 479 705 819 907 981 2017 109 452 658 757 842 2018 105 447 639 743 2019 101 454 650 2020 100 458 2021 101 Total $ 8,219 Group Life and Accident, excluding Premium Waiver Undiscounted Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended December 31, (Unaudited) Incurral Year 2019 2020 2021 IBNR Reserves Claims Reported 2019 $ 1,902 $ 1,866 $ 1,867 $ 9 57,811 2020 2,072 2,072 21 60,509 2021 2,384 467 51,507 Total $ 6,323 Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended December 31, (Unaudited) Incurral Year 2019 2020 2021 2019 $ 1,471 $ 1,830 $ 1,847 2020 1,524 2,033 2021 1,764 Total $ 5,644 |
Reserve for Future Policy Ben_2
Reserve for Future Policy Benefits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Insurance Loss Reserves [Abstract] | |
Changes in Reserves for Future Policy Benefits | Changes in Reserves for Future Policy Benefits [1] For the years ended December 31, 2021 2020 Beginning liability balance $ 638 $ 635 Incurred 61 85 Paid (94) (85) Change in unrealized investment gains and losses (9) 3 Ending liability balance $ 596 $ 638 Ending reinsurance recoverable asset $ 22 $ 28 [1] Reserve for future policy benefits includes paid-up life insurance and whole-life policies resulting from conversion from group life policies included within the Group Benefits segment and reserves for run-off structured settlement and terminal funding agreement liabilities, which are in the Corporate category. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Long-term Debt by Issuance As of December 31, 2021 2020 Revolving Credit Facilities $ — $ — Senior Notes and Debentures 2.8% Notes, due 2029 600 600 5.95% Notes, due 2036 300 300 6.625% Notes, due 2040 295 295 6.1% Notes, due 2041 409 409 6.625% Notes, due 2042 178 178 4.3% Notes, due 2043 300 300 4.4% Notes, due 2048 500 500 3.6% Notes, due 2049 800 800 2.9% Notes, due 2051 600 — Junior Subordinated Debentures 7.875% Notes, due 2042 600 600 3 Month LIBOR + 2.125% Notes, due 2067 [1] 500 500 Total Notes and Debentures 5,082 4,482 Unamortized discount and debt issuance cost [2] (138) (130) Total Debt 4,944 4,352 Less: Current maturities — — Long-Term Debt $ 4,944 $ 4,352 [1] In April 2017, the Company entered into an interest rate swap agreement expiring February 15, 2027 to effectively convert the variable interest payments for this debenture into fixed interest payments of approximately 4.39%. [2] This amount includes unamortized discount of $74 and $75 as of December 31, 2021 and 2020, respectively, on the 6.1% Notes, due 2041. |
Schedule of Subordinated Borrowing | Junior Subordinated Debentures by Issuance as of December 31, 2021 Issue 7.875% Debentures 3 Month LIBOR + 2.125% Face Value $ 600 $ 500 Interest Rate [1] 7.875 % [2] N/A [3] Call Date April 15, February 15, [4] Interest Rate Subsequent to Call Date [2] 3 Month LIBOR + 5.596% 3 Month LIBOR + 2.125% [5] Final Maturity April 15, February 12, [1] Interest rate in effect until call date. [2] Payable quarterly in arrears. [3] Debentures were issued on the original call date of February 15, 2017. The interest rate is variable and resets quarterly. [4] Although the original call date was February 15, 2017, a Replacement Capital Covenant associated with the debenture prohibits the Company from redeeming all or any portion of the notes on or prior to February 15, 2022, unless consent from covered bondholders is obtained. [5] In April 2017, the company entered into an interest rate swap agreement expiring February 15, 2027 to effectively convert the interest payments for the 3 Month LIBOR + 2.125% debenture into fixed interest payments of approximately 4.39%. |
Long-Term Debt Maturities | Long-term Debt Maturities (at par value) as of December 31, 2021 2022 - Current maturities $ — 2023 $ — 2024 $ — 2025 $ — 2026 $ — Thereafter $ 5,082 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Statutory Accounting Practices Disclosure | U.S. Statutory Net Income For the years ended December 31, 2021 2020 2019 Group Benefits Insurance Subsidiary $ 32 $ 310 $ 513 Property and Casualty Insurance Subsidiaries 1,774 1,598 1,391 Total $ 1,806 $ 1,908 $ 1,904 U.S. Statutory Capital As of December 31, 2021 2020 Group Benefits Insurance Subsidiary $ 2,410 $ 2,601 Property and Casualty Insurance Subsidiaries 11,914 10,795 Total $ 14,324 $ 13,396 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Income Tax Expense For the years ended December 31, 2021 2020 2019 Income tax expense (benefit) Current - U.S. federal $ 486 $ 410 $ 8 Foreign 2 — — Total current 488 410 8 Deferred - U.S. federal 49 (20) 476 Foreign (6) (7) (9) Total deferred 43 (27) 467 Total income tax expense $ 531 $ 383 $ 475 |
Income Tax Rate Reconciliation | Income Tax Rate Reconciliation For the years ended December 31, 2021 2020 2019 Tax provision at U.S. federal statutory rate $ 608 $ 445 $ 538 Tax-exempt interest (40) (46) (56) Increase in deferred tax valuation allowance 9 9 2 Sale of business (5) (8) — Earnings on corporate owned life insurance (22) (6) (11) Tax credits (9) (5) — Carryback benefit — (5) — Tax law change (8) (6) — Other (2) 5 2 Provision for income taxes $ 531 $ 383 $ 475 |
Deferred Tax Assets (Liabilities) | Deferred Tax Assets (Liabilities) As of December 31, 2021 2020 Deferred tax assets Loss reserves and tax discount $ 386 $ 312 Unearned premium reserve and other underwriting related reserves 406 384 Investment-related items 8 125 Employee benefits 225 282 Net operating loss carryover 29 11 Other — 34 Total deferred tax assets 1,054 1,148 Valuation allowance (7) (4) Deferred tax assets, net of valuation allowance 1,047 1,144 Deferred tax liabilities Deferred acquisition costs (129) (120) Net unrealized gains on investments (428) (758) Other depreciable and amortizable assets (216) (220) Other (4) — Total deferred tax liabilities (777) (1,098) Net deferred tax asset $ 270 $ 46 |
Roll-forward of Unrecognized Tax Benefits | Rollforward of Unrecognized Tax Benefits For the years ended December 31, 2021 2020 2019 Balance, beginning of period $ 15 $ 14 $ 14 Gross increases - tax positions in current period 6 1 — Lapse of statute of limitations (5) — — Balance, end of period $ 16 $ 15 $ 14 |
Changes in and Reclassificati_2
Changes in and Reclassifications From Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Changes in AOCI, Net of Tax | Changes in AOCI, Net of Tax for the Year Ended December 31, 2021 Changes in Net Unrealized Gain on Fixed Maturities Unrealized Loss on Fixed Maturities with ACL Net Gain (Loss) on Cash Flow Hedging Instruments Foreign Currency Translation Adjustments Pension and Other Postretirement Plan Adjustments AOCI, net of tax Beginning balance $ 2,834 $ (2) $ 12 $ 43 $ (1,717) $ 1,170 OCI before reclassifications (1,307) — 28 (3) 219 (1,063) Amounts reclassified from AOCI (234) — (36) — 70 (200) OCI, before tax (1,541) — (8) (3) 289 (1,263) Income tax benefit (expense) 323 — 2 1 (61) 265 OCI, net of tax (1,218) — (6) (2) 228 (998) Ending balance $ 1,616 $ (2) $ 6 $ 41 $ (1,489) $ 172 Changes in AOCI, Net of Tax for the Year Ended December 31, 2020 Changes in Net Unrealized Gain on Fixed Maturities Unrealized Loss on Fixed Maturities with ACL Net Gain (Loss) on Cash Flow Hedging Instruments Foreign Currency Translation Adjustments Pension and Other Postretirement Plan Adjustments AOCI, net of tax Beginning balance $ 1,684 $ (3) $ 9 $ 34 $ (1,672) $ 52 OCI before reclassifications 1,627 1 30 11 (117) 1,552 Amounts reclassified from AOCI (171) — (26) — 60 (137) OCI, before tax 1,456 1 4 11 (57) 1,415 Income tax benefit (expense) (306) — (1) (2) 12 (297) OCI, net of tax 1,150 1 3 9 (45) 1,118 Ending balance $ 2,834 $ (2) $ 12 $ 43 $ (1,717) $ 1,170 Changes in AOCI, Net of Tax for the Year ended December 31, 2019 Changes in Net Unrealized Gain on Fixed Maturities 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 $ 24 $ (4) $ (5) $ 30 $ (1,624) $ (1,579) OCI before reclassifications 2,275 1 28 5 (104) 2,205 Amounts reclassified from AOCI (174) — (10) — 43 (141) OCI, before tax 2,101 1 18 5 (61) 2,064 Income tax benefit (expense) (441) — (4) (1) 13 (433) OCI, net of tax 1,660 1 14 4 (48) 1,631 Ending balance $ 1,684 $ (3) $ 9 $ 34 $ (1,672) $ 52 |
Reclassifications from AOCI | Reclassifications from AOCI AOCI Amount Reclassified from AOCI Affected Line Item in the Consolidated Statement of Operations For the year ended December 31, 2021 For the year ended December 31, 2020 For the year ended December 31, 2019 Net Unrealized Gain on Fixed Maturities Fixed maturities, AFS $ 234 $ 171 $ 174 Net realized gains (losses) 234 171 174 Total before tax 49 36 37 Income tax expense $ 185 $ 135 $ 137 Net income Net Gains on Cash Flow Hedging Instruments Interest rate swaps $ — $ — $ 2 Net realized gains (losses) Interest rate swaps 41 29 4 Net investment income Interest rate swaps (10) (7) 1 Interest expense Foreign currency swaps — (1) — Net realized gains (losses) Foreign currency swaps 5 5 3 Net investment income 36 26 10 Total before tax 8 5 2 Income tax expense $ 28 $ 21 $ 8 Net income Pension and Other Postretirement Plan Adjustments Amortization of prior service credit $ 7 $ 7 $ 7 Insurance operating costs and other expenses Amortization of actuarial loss (77) (67) (50) Insurance operating costs and other expenses (70) (60) (43) Total before tax (15) (13) (9) Income tax expense (55) (47) (34) Net income Total amounts reclassified from AOCI $ 158 $ 109 $ 111 Net income |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Assumptions Used in Calculating the Benefit Obligations and the Net Amount Recognized | Assumptions Used in Calculating the Benefit Obligations and the Net Amount Recognized For the years ended December 31, 2021 2020 2019 Weighted Average Assumptions used to determine benefit obligations Discount rate: U.S. Pension Plan 2.91 % 2.65 % 3.33 % Other Pension Plans 2.83 % 2.51 % 3.23 % Other postretirement benefits 2.72 % 2.36 % 3.15 % Interest crediting rate on cash balance plan 3.30 % 3.30 % 3.30 % Weighted Average Assumptions used to determine net periodic benefit costs: Discount rate: U.S. Pension Plan 2.66 % 3.33 % 4.35 % Other Pension Plans 2.52 % 3.25 % 4.28 % Other postretirement benefits 2.36 % 3.15 % 4.23 % Expected long-term rate of return on plan assets: U.S. Pension Plan 5.40 % 6.00 % 6.45 % Other Pension Plans 2.90 % 3.90 % 4.50 % Other postretirement benefits 4.90 % 5.60 % 6.00 % Assumed Health Care Cost Trend Rates Pre-65 health care cost trend rate 7.00 % 7.00 % 7.00 % Post-65 health care cost trend rate N/A N/A N/A Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.50 % 4.50 % 4.50 % Year that the rate reaches the ultimate trend rate 2033 2033 2033 |
Schedule of Net Funded Status | Obligations and Funded Status U.S. Pension Plan Other Pension Plans Total Pension Plans Other Postretirement Benefits For the years ended December 31, 2021 2020 2021 2020 2021 2020 2021 2020 Change in Benefit Obligation Benefit obligation — beginning of year $ 4,409 $ 4,060 $ 466 $ 438 $ 4,875 $ 4,498 $ 220 $ 223 Service cost 4 4 — — 4 4 — — Interest cost 87 115 9 12 96 127 3 6 Plan participants’ contributions — — — — — — 11 11 Actuarial loss (gain) (7) 8 2 4 (5) 12 1 (2) Changes in assumptions (96) 399 (11) 38 (107) 437 (5) 16 Benefits and expenses paid (187) (177) (26) (26) (213) (203) (33) (34) Foreign exchange adjustment — — (1) — (1) — — — Benefit obligation — end of year [1] $ 4,210 $ 4,409 $ 439 $ 466 $ 4,649 $ 4,875 $ 197 $ 220 Change in Plan Assets Fair value of plan assets — beginning of year $ 4,346 $ 3,899 $ 17 $ 15 $ 4,363 $ 3,914 $ 63 $ 75 Actual return on plan assets 338 566 (1) 2 337 568 4 6 Employer contributions [2] — 70 — — — 70 7 5 Benefits paid [3] (187) (177) (1) — (188) (177) (23) (23) Expenses paid (30) (12) — — (30) (12) — — Fair value of plan assets — end of year $ 4,467 $ 4,346 $ 15 $ 17 $ 4,482 $ 4,363 $ 51 $ 63 Funded status — end of year $ 257 $ (63) $ (424) $ (449) $ (167) $ (512) $ (146) $ (157) Amounts Recognized in the Consolidated Balance Sheets Other assets $ 257 $ — $ — $ — $ 257 $ — $ — $ — Other liabilities $ — $ (63) $ (424) $ (449) $ (424) $ (512) $ (146) $ (157) [1] As of December 31, 2021 and 2020, the Accumulated Benefit Obligation is equal to the Projected Benefit Obligation. [2] Employer contributions in 2020 to the U.S. qualified defined benefit pension plan were discretionary, made in cash, and did not include contributions of the Company’s common stock. [3] Other postretirement benefits paid represent non-key employee postretirement medical benefits paid from the Company's prefunded trust fund. |
Net Periodic Cost (Benefit) | Net Periodic Cost (Benefit) Pension Benefits Other Postretirement Benefits For the years ended December 31, 2021 2020 2019 2021 2020 2019 Service cost $ 4 $ 4 $ 4 $ — $ — $ — Interest cost 96 127 159 3 6 8 Expected return on plan assets (205) (215) (226) (3) (4) (4) Amortization of prior service credit — — — (7) (7) (7) Amortization of actuarial loss 69 60 44 8 7 6 Net periodic cost (benefit) $ (36) $ (24) $ (19) $ 1 $ 2 $ 3 |
Amounts Recognized in Other Comprehensive Income (Loss) | Amounts Recognized in Other Comprehensive Income (Loss) Pension Benefits Other Postretirement Benefits For the years ended December 31, 2021 2020 2019 2021 2020 2019 Amortization of actuarial loss $ 69 $ 60 $ 44 $ 8 $ 7 $ 6 Amortization of prior service credit — — — (7) (7) (7) Net income (loss) arising during the year 214 (106) (88) 5 (11) (18) Prior service cost (credit) — — — — — 2 Total $ 283 $ (46) $ (44) $ 6 $ (11) $ (17) |
Amounts in Accumulated Other Comprehensive Income (Loss), Before Tax, not yet Recognized as Components of Net Periodic Benefit Cost | Amounts in Accumulated Other Comprehensive Income (Loss), Before Tax, not yet Recognized as Components of Net Periodic Benefit Cost Pension Benefits Other Postretirement Benefits As of December 31, 2021 2020 2019 2021 2020 2019 Net loss $ (1,815) $ (2,098) $ (2,052) $ (124) $ (136) $ (132) Prior service credit — — — 54 60 67 Total $ (1,815) $ (2,098) $ (2,052) $ (70) $ (76) $ (65) |
Pension Plan Assets Fair Value Measurements Using Significant Unobservable Inputs | Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Assets Corporate RMBS Foreign government Mortgage loans Other [1] Totals Fair Value as of January 1, 2021 $ 39 $ 1 $ 9 $ 161 $ — $ 210 Realized gains (losses), net — — — (3) — (3) Changes in unrealized gains, net — — — — — — Purchases 6 — — 55 5 66 Settlements — — — — — — Sales (5) — (7) (11) — (23) Transfers into Level 3 2 — — — — 2 Transfers out of Level 3 — (1) — — — (1) Fair Value as of December 31, 2021 $ 42 $ — $ 2 $ 202 $ 5 $ 251 Fair Value as of January 1, 2020 $ 27 $ — $ 1 $ 131 $ 1 $ 160 Realized gains (losses), net — — — — (1) (1) Changes in unrealized gains, net 1 — — 4 1 6 Purchases 14 1 9 32 — 56 Settlements — — — — — — Sales (3) — — (6) — (9) Transfers into Level 3 — — — — — — Transfers out of Level 3 — — (1) — (1) (2) Fair Value as of December 31, 2020 $ 39 $ 1 $ 9 $ 161 $ — $ 210 [1] "Other" includes U.S. Treasuries, Other fixed income and CMBS investments. |
Plan Assets | Target Asset Allocation Pension Plans Other Postretirement Plans Minimum Maximum Minimum Maximum Equity securities 3 % 23 % — % 45 % Fixed income securities 69 % 77 % 55 % 100 % Alternative assets — % 28 % — % — % Pension Plan Assets at Fair Value As of December 31, 2021 As of December 31, 2020 Asset Category Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Short-term investments: $ 120 $ 29 $ — $ 149 $ 75 $ 25 $ — $ 100 Fixed Income Securities: Corporate — 2,333 42 2,375 — 2,303 39 2,342 RMBS — 98 — 98 — 41 1 42 U.S. Treasuries 23 169 — 192 — 47 — 47 Foreign government — 38 2 40 — 16 9 25 CMBS — 56 4 60 — 30 — 30 Other fixed income [1] — 185 1 186 — 137 — 137 Mortgage Loans — — 202 202 — — 161 161 Equity Securities: Domestic 237 — — 237 513 — — 513 International 121 — — 121 271 — — 271 Total pension plan assets at fair value, in the fair value hierarchy [2] $ 501 $ 2,908 $ 251 $ 3,660 $ 859 $ 2,599 $ 210 $ 3,668 Other Investments, at net asset value [3]: Private Market Alternatives 572 451 Hedge funds 199 224 Total pension plan assets at fair value $ 501 $ 2,908 $ 251 $ 4,431 $ 859 $ 2,599 $ 210 $ 4,343 [1] Includes ABS, municipal bonds, and CDOs. [2] Excludes $51 and $20 as of December 31, 2021 and 2020, respectively, of investment receivables net of investment payables that are excluded from this disclosure requirement because they are trade receivables in the ordinary course of business where the carrying amount approximates fair value. [3] Investments that are measured at net asset value per share or an equivalent and have not been classified in the fair value hierarchy. Other Postretirement Plan Assets at Fair Value As of December 31, 2021 As of December 31, 2020 Asset Category Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Short-term investments $ 1 $ — $ — $ 1 $ 2 $ — $ — $ 2 Fixed Income Securities: Corporate — 11 — 11 — 16 — 16 RMBS — 7 — 7 — 9 — 9 U.S. Treasuries 1 13 — 14 — 16 — 16 Foreign government 1 — — 1 — — — — CMBS — — — — — 1 — 1 Other fixed income — 1 — 1 — 2 — 2 Equity Securities: Large-cap 16 — — 16 17 — — 17 Total other postretirement plan assets at fair value $ 19 $ 32 $ — $ 51 $ 19 $ 44 $ — $ 63 |
Amounts of Benefits Expected to be Paid over the next Ten Years from Pension and other Postretirement Plans | Amounts of Benefits Expected to be Paid over the next Ten Years from Pension and other Postretirement Plans as of December 31, 2021 Pension Benefits Other Postretirement Benefits 2022 $ 228 $ 20 2023 234 18 2024 240 16 2025 250 15 2026 249 14 2027 - 2031 1,265 56 Total $ 2,466 $ 139 |
Stock Compensation Plans (Table
Stock Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation Expense | Stock-Based Compensation Expense For the years ended December 31, 2021 2020 2019 Stock-based compensation plans expense $ 128 $ 116 $ 125 Income tax benefit (22) (20) (21) Excess tax benefit on awards vested, exercised and expired (6) (1) (6) Total stock-based compensation plans expense, net of tax $ 100 $ 95 $ 98 |
Stock Compensation Valuation Assumptions | Stock Options Valuation Assumptions For the years ended December 31, 2021 2020 2019 Expected dividend yield 2.8% 2.6% 2.5% Expected annualized spot volatility 34.1 % - 43.0% 22.2 % - 36.2% 20.7 % - 36.7% Weighted average annualized volatility 39.4% 30.9% 29.3% Risk-free spot rate 0.03 % - 1.4% 1.3 % - 1.6% 2.4 % - 2.6% Expected term 6.4 years 6.6 years 5.9 years |
Non-qualified Stock Option Activity Under the Incentive Stock Plan | Non-qualified Stock Option Activity Under the Stock Incentive Plan Number of Options (in thousands) Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value For the year ended December 31, 2021 Outstanding at beginning of year 6,693 $ 45.54 Granted 930 $ 51.87 Exercised (1,137) $ 39.51 Forfeited (51) $ 53.03 Expired — $ — Outstanding at end of year 6,435 $ 47.46 5.7 $ 139 Outstanding, fully vested and expected to vest 6,385 $ 47.42 5.7 $ 138 Exercisable at end of year 4,749 $ 45.67 4.7 $ 111 |
Assumptions | Assumptions for Total Stockholder Return Performance Shares For the years ended December 31, 2021 2020 2019 Volatility of common stock 37.3% 19.6% 19.4% Average volatility of peer companies 27.0 % - 49.0% 18.0 % - 31.0% 16.0 % - 27.0% Average correlation coefficient of peer companies 67.0% 51.0% 50.0% Risk-free spot rate 0.2% 1.2% 2.4% Term 3.0 years 3.0 years 3.0 years |
Non-vested Share Award Activity Under the Incentive Stock Plan | Non-vested Share Award Activity Under the Stock Incentive Plan Restricted Stock Units Performance Shares Number of Shares (in thousands) Weighted-Average Grant-Date Fair Value Number of Shares (in thousands) Weighted-Average Grant date Fair Value Non-vested shares For the year ended December 31, 2021 Non-vested at beginning of year 3,866 $ 52.58 790 $ 54.82 Granted 1,628 $ 52.13 419 $ 56.09 Performance based adjustment, net 225 $ 60.67 Vested (1,160) $ 52.72 (624) $ 56.44 Forfeited (303) $ 51.30 (45) $ 52.89 Non-vested at end of year 4,031 $ 52.45 765 $ 52.53 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lease, Cost | Components of Lease Expense For the years ended December 31, 2021 2020 2019 Operating lease cost $ 45 $ 52 $ 49 Short-term lease cost — — 2 Variable lease cost 2 — 1 Sublease income (3) (5) (5) Total lease costs included in insurance operating costs and other expenses $ 44 $ 47 $ 47 Supplemental Operating Lease Information For the years ended December 31, 2021 2020 2019 Operating cash flows for operating leases (for the twelve months ended) $ 46 $ 54 $ 50 Right-of-use asset obtained in exchange for new operating lease liabilities 3 49 42 Weighted-average remaining lease term in years for operating leases 6 years 7 years 6 years Weighted-average discount rate for operating leases 3.0 % 3.1 % 3.5 % |
Future Minimum Lease Payments | Maturities of Operating Lease Liabilities as of December 31, 2021 Operating Leases 2022 $ 42 2023 40 2024 31 2025 23 2026 18 Thereafter 46 Total lease payments 200 Less: Discount on lease payments to present value 16 Total lease liability $ 184 |
Business Dispositions (Tables)
Business Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Major Classes of Assets and Liabilities Transferred by the Company to the Buyer in Connection with the Sale Carrying Value as of Closing December 31, 2020 [1][2] Assets Investments and cash $ 150 $ 142 Reinsurance recoverables and other 13 35 Total assets held for sale 163 177 Liabilities Unpaid losses and loss adjustment expenses 81 84 Unearned premiums 19 31 Other liabilities 52 43 Total liabilities held for sale $ 152 $ 158 [1]As of December 31, 2020, the estimated fair value of the disposal group is $14 based on the estimated consideration to be received less cost to sell. Within the disposal group, as of December 31, 2020, investments in fixed maturities and short-term investments, which are measured at fair value on a recurring basis, had a fair value of $84, of which $1 was based on quoted prices in active markets for identical assets and $83 was based on significant observable inputs. The remaining fair value less costs to sell for the disposal group is ($70), which is measured on a nonrecurring basis using significant unobservable inputs. See Note 5—Fair Value Measurements for more information. [2]Classified as assets and liabilities held for sale. |
Restructuring and Related Act_2
Restructuring and Related Activities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | Restructuring and Other Costs, Before Tax Incurred in the Year Ended December 31, 2020 Incurred in the Year Ended December 31, 2021 Cumulative Incurred Through December 31, 2021 Total Amount Expected to be Incurred Severance benefits $ 73 $ (25) $ 48 $ 48 IT costs 2 9 11 21 Professional fees and other expenses 29 17 46 61 Total restructuring and other costs, before tax $ 104 $ 1 $ 105 $ 130 |
Schedule of Restructuring Reserve by Type of Cost | Accrued Restructuring and Other Costs Year Ended December 31, 2021 Severance Benefits and Related Costs IT Costs Professional Fees and Other Total Restructuring and Other Costs Liability Balance, beginning of period $ 54 $ — $ — $ 54 Incurred (25) 9 17 1 Payments (11) (9) (17) (37) Balance, end of period $ 18 $ — $ — $ 18 Accrued Restructuring and Other Costs Year Ended December 31, 2020 Severance Benefits and Related Costs IT Costs Professional Fees and Other Total Restructuring and Other Costs Liability Balance, beginning of period $ — $ — $ — $ — Incurred 73 2 29 104 Payments (19) (2) (29) (50) Balance, end of period $ 54 $ — $ — $ 54 |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies (Details) - USD ($) | May 23, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2020 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Reserve for future policy benefits | $ 596,000,000 | $ 638,000,000 | |||
Participating dividends to policyholders | 24,000,000 | 29,000,000 | $ 30,000,000 | ||
Accumulated depreciation | 2,300,000,000 | 2,100,000,000 | |||
Depreciation expense | 342,000,000 | 313,000,000 | 283,000,000 | ||
Deposit Contracts, Liabilities | $ 99,000,000 | ||||
Minimum | Other Intangible Assets | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Useful lives | 1 year | ||||
Maximum | Other Intangible Assets | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Useful lives | 15 years | ||||
Retroactive Reinsurance [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Paid loss and loss adjustment expenses | $ 1,300,000,000 | 1,100,000,000 | |||
Adverse Development Cover Navigators Group [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Deferred Revenue | 209,000,000 | ||||
Deferred Revenue, Additions | 246,000,000 | 312,000,000 | $ 16,000,000 | ||
Adverse Development Cover Navigators Group [Member] | Other liabilities | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Deferred Revenue | $ 574,000,000 | $ 328,000,000 | |||
Property and Casualty Insurance Subsidiaries | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Participating Insurance, Percentage of Premium Income | 7.00% | 7.00% | 9.00% | ||
Accounting Standards Update 2017-04 [Member] | Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 0 | ||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 2,000,000 | ||||
Accounting Standards Update 2016-13 [Member] | Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (18,000,000) | ||||
Accounting Standards Update 2016-13 [Member] | Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment [Member] | Other liabilities | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 25,000,000 | ||||
The Navigators Group, Inc. [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Business Acquisition, Share Price | $ 70 | ||||
Business Combination, Consideration Transferred | $ 2,137,000,000 |
Basis of Presentation and Sig_4
Basis of Presentation and Significant Accounting Policies Impact of Accounting Changes (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Financing Receivable, before Allowance for Credit Loss | $ 4,215 | ||||
Mortgage loans (net of ACL of $29 and $38) | 0 | ||||
Financing Receivable, after Allowance for Credit Loss | 4,215 | ||||
Premiums Receivable, Gross | $ 4,550 | $ 4,420 | 4,529 | ||
Premium Receivable, Allowance for Credit Loss | (105) | (152) | (145) | ||
Premiums Receivable, Net | 4,445 | 4,268 | 4,384 | ||
Reinsurance Recoverables, Gross | 6,622 | 6,119 | 5,641 | ||
Allowance for uncollectible reinsurance | (45) | (55) | (48) | ||
Reinsurance recoverables, net | 6,523 | 6,011 | 5,527 | ||
Deferred income taxes | 270 | 46 | 299 | ||
Other Liabilities | (5,655) | (5,222) | (5,157) | ||
Retained Earnings (Accumulated Deficit) | 15,764 | 13,918 | 12,685 | ||
Commercial Loan [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Financing Receivable, before Allowance for Credit Loss | 5,412 | 4,531 | |||
Mortgage loans (net of ACL of $29 and $38) | (29) | (38) | 0 | $ (1) | |
Financing Receivable, after Allowance for Credit Loss | 5,383 | 4,493 | |||
Uncollectible reinsurance | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for uncollectible reinsurance | $ (99) | $ (108) | (114) | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (2) | ||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | Commercial Loan [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Retained Earnings (Accumulated Deficit) | $ 19 | ||||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Financing Receivable, before Allowance for Credit Loss | 4,215 | ||||
Mortgage loans (net of ACL of $29 and $38) | (19) | ||||
Financing Receivable, after Allowance for Credit Loss | 4,196 | ||||
Premiums Receivable, Gross | 4,529 | ||||
Premium Receivable, Allowance for Credit Loss | (122) | (122) | |||
Premiums Receivable, Net | 4,407 | ||||
Reinsurance Recoverables, Gross | 5,641 | ||||
Allowance for uncollectible reinsurance | $ (50) | ||||
Reinsurance recoverables, net | 5,525 | ||||
Deferred income taxes | 304 | ||||
Other Liabilities | (5,182) | ||||
Retained Earnings (Accumulated Deficit) | 12,667 | ||||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Commercial Loan [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Mortgage loans (net of ACL of $29 and $38) | (19) | ||||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Uncollectible reinsurance | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for uncollectible reinsurance | (116) | ||||
Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 18 | ||||
Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | Reinsurance Recoverable Including Reinsurance Premium Paid [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (2) | ||||
Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | Deferred Income Tax Asset, Net [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (5) | ||||
Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | Other liabilities | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (25) | ||||
Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | Total Change to LCL and ACL [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 23 | ||||
Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | Premiums Receivable [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (23) | ||||
Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | Commercial Loan [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (19) |
Business Acquisitions - Additio
Business Acquisitions - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | May 23, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Business Acquisition [Line Items] | |||||||
Goodwill, Purchase Accounting Adjustments | $ 0 | $ (2) | |||||
Goodwill | $ 1,913 | 1,911 | 1,911 | $ 1,913 | |||
Reinsurance premium | 0 | 0 | 91 | ||||
Revenues | 22,390 | 20,523 | 20,740 | ||||
Net income (loss) available to common stockholders | 2,344 | 1,716 | 2,064 | ||||
Net investment income | 2,313 | 1,846 | 1,951 | ||||
Adverse Development Cover Navigators Group [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Reinsurance premium | $ 91 | ||||||
Adverse development from comprehensive annual review | 300 | ||||||
Change in Deferred Gain on Retroactive Reinsurance | 91 | 102 | 16 | ||||
Adverse Development Cover Navigators Group [Member] | Maximum | |||||||
Business Acquisition [Line Items] | |||||||
Reinsurance Retention Policy, Excess Retention, Amount Reinsured | 300 | ||||||
Adverse Development Cover Navigators Group [Member] | Retention Layer Above Reserve for the Covered Liabilities as of the Inception Date [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Reinsurance Retention Policy, Amount Retained | 100 | ||||||
Adverse Development Cover Navigators Group [Member] | Retention Layer for Reserve for the Covered Liabilities as of the Inception Date [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Reinsurance Retention Policy, Amount Retained | $ 1,816 | ||||||
The Navigators Group, Inc. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Acquisition, Effective Date of Acquisition | May 23, 2019 | ||||||
Business Acquisition, Name of Acquired Entity | Navigators Group | ||||||
Business Acquisition, Share Price | $ 70 | ||||||
Payments to Acquire Businesses, Gross | $ 2,121 | ||||||
Business Combination, Consideration Transferred, Other | 23 | ||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Total Assets | $ 9 | ||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Total Liabilities | 7 | ||||||
Goodwill, Purchase Accounting Adjustments | $ (2) | ||||||
Goodwill | 623 | $ 621 | |||||
Revenues | 1,000 | ||||||
Net income (loss) available to common stockholders | 167 | ||||||
Net investment income | 67 | ||||||
Net Investment Income, after Tax | 54 | ||||||
Business Combination, Acquisition Related Costs | 17 | ||||||
The Navigators Group, Inc. [Member] | Adverse Development Cover Navigators Group [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Reinsurance premium | 91 | 91 | |||||
Reinsurance Retention Policy, Amount Retained | $ 68 | 68 | |||||
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims | 97 | 97 | 84 | ||||
Current accident year | $ 29 | ||||||
Use of Retention Layer by Acquiree Prior to Acquisition | 32 | ||||||
Adverse development from comprehensive annual review | 91 | ||||||
Change in Deferred Gain on Retroactive Reinsurance | 16 | ||||||
The Navigators Group, Inc. [Member] | Adverse Development Cover Navigators Group [Member] | After tax [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Reinsurance premium | 72 | ||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims | 77 | ||||||
Change in Deferred Gain on Retroactive Reinsurance | $ 13 | ||||||
The Navigators Group, Inc. [Member] | Adverse Development Cover Navigators Group [Member] | Maximum | |||||||
Business Acquisition [Line Items] | |||||||
Reinsurance Retention Policy, Excess Retention, Amount Reinsured | 300 | ||||||
The Navigators Group, Inc. [Member] | Adverse Development Cover Navigators Group [Member] | Retention Layer Above Reserve for the Covered Liabilities as of the Inception Date [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Reinsurance Retention Policy, Amount Retained | 100 | ||||||
The Navigators Group, Inc. [Member] | Adverse Development Cover Navigators Group [Member] | Retention Layer for Reserve for the Covered Liabilities as of the Inception Date [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Reinsurance Retention Policy, Amount Retained | $ 1,816 | ||||||
The Navigators Group, Inc. [Member] | Recorded by Acquiree Prior to Acquisition [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Current accident year | 52 | ||||||
The Navigators Group, Inc. [Member] | Cash | |||||||
Business Acquisition [Line Items] | |||||||
Payments to Acquire Businesses, Gross | $ 2,098 |
Business Acquisitions - Fair Va
Business Acquisitions - Fair Value of Assets Acquired and Liabilities Assumed at the Acquisition Date (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | May 23, 2019 | |
Business Acquisition [Line Items] | |||||
Goodwill | $ 1,911 | $ 1,911 | $ 1,913 | ||
Goodwill, Purchase Accounting Adjustments | $ 0 | (2) | |||
The Navigators Group, Inc. [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 3,851 | $ 3,848 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Premiums Receivable | 498 | 492 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Reinsurance Recoverables | 1,097 | 1,100 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Prepaid Reinsurance Premiums | 238 | 238 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 580 | 580 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 83 | 83 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 102 | 99 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 6,449 | 6,440 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Unpaid Losses and Loss Adjustment Expenses | 2,823 | 2,823 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue | 1,219 | 1,219 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 284 | 284 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | 47 | 48 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | 576 | 568 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 4,949 | 4,942 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 1,500 | 1,498 | |||
Goodwill | 621 | 623 | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 2,121 | $ 2,121 | |||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Cash and Cash Equivalents | $ 3 | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Premiums Receivable | 6 | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Reinsurance Recoverables | (3) | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Prepaid Reinsurance Premiums | 0 | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | 0 | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | 0 | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Other Assets | 3 | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Total Assets | 9 | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Unpaid Loss and Loss Adjustment Expenses | 0 | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Liability for Future Policy Benefits | 0 | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Long-term Debt | 0 | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Deferred Income Taxes | (1) | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Other Liabilities | 8 | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Total Liabilities | 7 | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Assets and Liabilities, Net | 2 | ||||
Goodwill, Purchase Accounting Adjustments | (2) | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Assets Liabilities and Goodwill, Net | $ 0 |
Business Acquisitions - Intangi
Business Acquisitions - Intangible Assets Recorded in Connection with the Acquisition (Details) - The Navigators Group, Inc. [Member] - USD ($) $ in Millions | May 23, 2019 | Dec. 31, 2020 |
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 499 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 81 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 580 | $ 580 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | |
Lloyd's Syndicate Capacity [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | $ 66 | |
License [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 15 | |
Value of in-force contracts | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 180 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 1 year | |
Distribution relationships [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 302 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | |
Trade Names [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 17 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years |
Business Acquisitions - Pro For
Business Acquisitions - Pro Forma Information (Details) - The Navigators Group, Inc. [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Business Acquisition [Line Items] | |
Total Revenue | $ 21,416 |
Net Income | $ 2,080 |
Earnings Per Common Share - Com
Earnings Per Common Share - Computation of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings | |||
Income from continuing operations, net of tax | $ 2,365 | $ 1,737 | $ 2,085 |
Less: Preferred stock dividends | 21 | 21 | 21 |
Net income available to common stockholders | $ 2,344 | $ 1,716 | $ 2,064 |
Shares | |||
Weighted average common shares outstanding, basic | 349.1 | 358.3 | 360.9 |
Dilutive effect of warrants [1] | 0 | 0 | 0.5 |
Dilutive effect of stock-based awards under compensation plans | 5 | 2.3 | 3.5 |
Weighted average common shares outstanding and dilutive potential common shares [2] | 354.1 | 360.6 | 364.9 |
Basic | |||
Net income available to common stockholders | $ 6.71 | $ 4.79 | $ 5.72 |
Diluted | |||
Net income available to common stockholders | $ 6.62 | $ 4.76 | $ 5.66 |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2021segment | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 5 |
Disclosure on Geographic Areas, Description of Revenue from External Customers | Over 95% of the Company’s revenues are generated in the United States (“U.S.”). The remaining revenues are generated in Europe and other international locations. |
Segment Information - Revenues
Segment Information - Revenues (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Earned premiums and fee income | $ 19,487 | $ 18,565 | $ 18,224 |
Total net investment income | 2,313 | 1,846 | 1,951 |
Net realized gains (losses) | 509 | (14) | 395 |
Other revenues | 81 | 126 | 170 |
Revenues | 22,390 | 20,523 | 20,740 |
P&C Personal Lines | AARP Members | |||
Segment Reporting Information [Line Items] | |||
Earned premiums and fee income | 2,700 | 2,800 | 2,900 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Earned premiums and fee income | 50 | 58 | 60 |
Total net investment income | 24 | 22 | 66 |
Operating Segments | P&C Commercial Lines | |||
Segment Reporting Information [Line Items] | |||
Earned premiums and fee income | 9,575 | 8,940 | 8,325 |
Total net investment income | 1,502 | 1,160 | 1,129 |
Operating Segments | P&C Commercial Lines | Workers’ compensation | |||
Segment Reporting Information [Line Items] | |||
Earned premiums and fee income | 3,172 | 3,034 | 3,314 |
Operating Segments | P&C Commercial Lines | Liability | |||
Segment Reporting Information [Line Items] | |||
Earned premiums and fee income | 1,622 | 1,401 | 1,064 |
Operating Segments | P&C Commercial Lines | Marine [Member] | |||
Segment Reporting Information [Line Items] | |||
Earned premiums and fee income | 228 | 251 | 147 |
Operating Segments | P&C Commercial Lines | Package business | |||
Segment Reporting Information [Line Items] | |||
Earned premiums and fee income | 1,665 | 1,540 | 1,471 |
Operating Segments | P&C Commercial Lines | Property | |||
Segment Reporting Information [Line Items] | |||
Earned premiums and fee income | 829 | 793 | 728 |
Operating Segments | P&C Commercial Lines | Professional liability | |||
Segment Reporting Information [Line Items] | |||
Earned premiums and fee income | 655 | 595 | 447 |
Operating Segments | P&C Commercial Lines | Bond | |||
Segment Reporting Information [Line Items] | |||
Earned premiums and fee income | 287 | 274 | 261 |
Operating Segments | P&C Commercial Lines | Assumed Reinsurance [Member] | |||
Segment Reporting Information [Line Items] | |||
Earned premiums and fee income | 328 | 298 | 180 |
Operating Segments | P&C Commercial Lines | Automobile | |||
Segment Reporting Information [Line Items] | |||
Earned premiums and fee income | 789 | 754 | 713 |
Operating Segments | P&C Personal Lines | |||
Segment Reporting Information [Line Items] | |||
Earned premiums and fee income | 2,986 | 3,042 | 3,235 |
Total net investment income | 157 | 157 | 179 |
Operating Segments | P&C Personal Lines | Property | |||
Segment Reporting Information [Line Items] | |||
Earned premiums and fee income | 927 | 961 | 987 |
Operating Segments | P&C Personal Lines | Automobile | |||
Segment Reporting Information [Line Items] | |||
Earned premiums and fee income | 2,059 | 2,081 | 2,248 |
Operating Segments | Property & Casualty Other Operations | |||
Segment Reporting Information [Line Items] | |||
Earned premiums and fee income | 0 | 0 | 2 |
Total net investment income | 75 | 55 | 84 |
Operating Segments | Group Benefits [Member] | |||
Segment Reporting Information [Line Items] | |||
Earned premiums and fee income | 5,687 | 5,536 | 5,603 |
Total net investment income | 550 | 448 | 486 |
Operating Segments | Group Benefits [Member] | Group disability | |||
Segment Reporting Information [Line Items] | |||
Earned premiums and fee income | 2,983 | 2,832 | 2,828 |
Operating Segments | Group Benefits [Member] | Group life | |||
Segment Reporting Information [Line Items] | |||
Earned premiums and fee income | 2,388 | 2,434 | 2,521 |
Operating Segments | Group Benefits [Member] | Other | |||
Segment Reporting Information [Line Items] | |||
Earned premiums and fee income | 316 | 270 | 254 |
Operating Segments | Hartford Funds | |||
Segment Reporting Information [Line Items] | |||
Earned premiums and fee income | 1,189 | 989 | 999 |
Total net investment income | 5 | 4 | 7 |
Operating Segments | Hartford Funds | Third party retail customers [Member] | |||
Segment Reporting Information [Line Items] | |||
Earned premiums and fee income | 1,094 | 903 | 907 |
Operating Segments | Hartford Funds | Talcott Resolution [Member] | |||
Segment Reporting Information [Line Items] | |||
Earned premiums and fee income | $ 95 | $ 86 | $ 92 |
Segment Information - Net Incom
Segment Information - Net Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Net income (loss) | $ 2,365 | $ 1,737 | $ 2,085 |
Preferred stock dividends | 21 | 21 | 21 |
Net income (loss) available to common stockholders | 2,344 | 1,716 | 2,064 |
Operating Segments | P&C Commercial Lines | |||
Segment Reporting Information [Line Items] | |||
Net income (loss) | 1,757 | 856 | 1,192 |
Operating Segments | P&C Personal Lines | |||
Segment Reporting Information [Line Items] | |||
Net income (loss) | 385 | 718 | 318 |
Operating Segments | Property & Casualty Other Operations | |||
Segment Reporting Information [Line Items] | |||
Net income (loss) | (95) | (168) | 61 |
Operating Segments | Group Benefits [Member] | |||
Segment Reporting Information [Line Items] | |||
Net income (loss) | 249 | 383 | 536 |
Operating Segments | Hartford Funds | |||
Segment Reporting Information [Line Items] | |||
Net income (loss) | 217 | 170 | 149 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Net income (loss) | $ (148) | $ (222) | $ (171) |
Segment Information - Net Inves
Segment Information - Net Investment Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Net investment income | $ 2,313 | $ 1,846 | $ 1,951 |
Operating Segments | P&C Commercial Lines | |||
Segment Reporting Information [Line Items] | |||
Net investment income | 1,502 | 1,160 | 1,129 |
Operating Segments | P&C Personal Lines | |||
Segment Reporting Information [Line Items] | |||
Net investment income | 157 | 157 | 179 |
Operating Segments | Property & Casualty Other Operations | |||
Segment Reporting Information [Line Items] | |||
Net investment income | 75 | 55 | 84 |
Operating Segments | Group Benefits [Member] | |||
Segment Reporting Information [Line Items] | |||
Net investment income | 550 | 448 | 486 |
Operating Segments | Hartford Funds | |||
Segment Reporting Information [Line Items] | |||
Net investment income | 5 | 4 | 7 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Net investment income | $ 24 | $ 22 | $ 66 |
Segment Information - Amortizat
Segment Information - Amortization of Deferred Policy Acquisition Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Amortization of deferred policy acquisition costs ("DAC") | $ 1,680 | $ 1,706 | $ 1,622 |
Operating Segments | P&C Commercial Lines | |||
Segment Reporting Information [Line Items] | |||
Amortization of deferred policy acquisition costs ("DAC") | 1,398 | 1,397 | 1,296 |
Operating Segments | P&C Personal Lines | |||
Segment Reporting Information [Line Items] | |||
Amortization of deferred policy acquisition costs ("DAC") | 230 | 244 | 259 |
Operating Segments | Group Benefits [Member] | |||
Segment Reporting Information [Line Items] | |||
Amortization of deferred policy acquisition costs ("DAC") | 40 | 50 | 54 |
Operating Segments | Hartford Funds | |||
Segment Reporting Information [Line Items] | |||
Amortization of deferred policy acquisition costs ("DAC") | 12 | 14 | 12 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Amortization of deferred policy acquisition costs ("DAC") | $ 0 | $ 1 | $ 1 |
Segment Information - Amortiz_2
Segment Information - Amortization of Other Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Amortization of other intangible assets | $ 71 | $ 72 | $ 66 |
Corporate, Non-Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Amortization of other intangible assets | 0 | 0 | 1 |
Operating Segments | P&C Commercial Lines | |||
Segment Reporting Information [Line Items] | |||
Amortization of other intangible assets | 29 | 28 | 18 |
Operating Segments | P&C Personal Lines | |||
Segment Reporting Information [Line Items] | |||
Amortization of other intangible assets | 2 | 4 | 6 |
Operating Segments | Group Benefits [Member] | |||
Segment Reporting Information [Line Items] | |||
Amortization of other intangible assets | $ 40 | $ 40 | $ 41 |
Segment Information - Income Ta
Segment Information - Income Tax Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Income tax expense | $ 531 | $ 383 | $ 475 |
Operating Segments | P&C Commercial Lines | |||
Segment Reporting Information [Line Items] | |||
Income tax expense | 402 | 176 | 270 |
Operating Segments | P&C Personal Lines | |||
Segment Reporting Information [Line Items] | |||
Income tax expense | 95 | 184 | 76 |
Operating Segments | Property & Casualty Other Operations | |||
Segment Reporting Information [Line Items] | |||
Income tax expense | (28) | (46) | 12 |
Operating Segments | Group Benefits [Member] | |||
Segment Reporting Information [Line Items] | |||
Income tax expense | 53 | 88 | 126 |
Operating Segments | Hartford Funds | |||
Segment Reporting Information [Line Items] | |||
Income tax expense | 56 | 44 | 37 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Income tax expense | $ (47) | $ (63) | $ (46) |
Segment Information - Assets (D
Segment Information - Assets (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 76,578 | $ 74,111 |
Operating Segments | P&C Commercial Lines | ||
Segment Reporting Information [Line Items] | ||
Total assets | 48,234 | 45,482 |
Operating Segments | P&C Personal Lines | ||
Segment Reporting Information [Line Items] | ||
Total assets | 5,587 | 5,969 |
Operating Segments | Property & Casualty Other Operations | ||
Segment Reporting Information [Line Items] | ||
Total assets | 3,792 | 3,505 |
Operating Segments | Group Benefits [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 14,442 | 14,732 |
Operating Segments | Hartford Funds | ||
Segment Reporting Information [Line Items] | ||
Total assets | 720 | 662 |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 3,803 | $ 3,761 |
Segment Information - Non-insur
Segment Information - Non-insurance Revenue from Customers (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Fee income | $ 1,488 | $ 1,277 | $ 1,301 |
Other Income | 81 | 126 | 170 |
Revenue from Contract with Customer, Excluding Assessed Tax | 1,569 | 1,360 | 1,404 |
Installment billing fees [Member] | Operating Segments | P&C Commercial Lines | |||
Segment Reporting Information [Line Items] | |||
Fee income | 34 | 30 | 35 |
Installment billing fees [Member] | Operating Segments | P&C Personal Lines | |||
Segment Reporting Information [Line Items] | |||
Fee income | 32 | 34 | 37 |
Insurance servicing fees [Member] | Operating Segments | P&C Personal Lines | |||
Segment Reporting Information [Line Items] | |||
Other Income | 80 | 81 | 83 |
Administrative services fees [Member] | Operating Segments | Group Benefits [Member] | |||
Segment Reporting Information [Line Items] | |||
Fee income | 183 | 175 | 180 |
Advisor, distribution and other management fees [Member] | Operating Segments | Hartford Funds | |||
Segment Reporting Information [Line Items] | |||
Fee income | 1,086 | 901 | 911 |
Other fees [Member] | Operating Segments | Hartford Funds | |||
Segment Reporting Information [Line Items] | |||
Fee income | 103 | 88 | 88 |
Investment management and other fees [Member] | Corporate | |||
Segment Reporting Information [Line Items] | |||
Fee income | 50 | 49 | 50 |
Transition service fees [Member] | Corporate | |||
Segment Reporting Information [Line Items] | |||
Other Income | $ 1 | $ 2 | $ 20 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value by Hierarchy (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Assets accounted for at fair value on a recurring basis | ||
Total fixed maturities | $ 42,847 | $ 45,035 |
Equity securities, at fair value | 2,094 | 1,438 |
Derivative assets | 7 | 23 |
Fixed maturities, at fair value using the fair value option | 160 | 0 |
Short-term investments | 3,697 | 3,283 |
Total assets accounted for at fair value on a recurring basis | 48,805 | 49,779 |
Liabilities accounted for at fair value on a recurring basis | ||
Derivative liabilities | (49) | (84) |
Total liabilities accounted for at fair value on a recurring basis | (49) | (84) |
Credit derivatives | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative assets | 2 | 21 |
Liabilities accounted for at fair value on a recurring basis | ||
Derivative liabilities | (4) | |
Foreign exchange derivatives | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative assets | 6 | 1 |
Liabilities accounted for at fair value on a recurring basis | ||
Derivative liabilities | 0 | (14) |
Interest rate derivatives | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative assets | (1) | 1 |
Liabilities accounted for at fair value on a recurring basis | ||
Derivative liabilities | (45) | (70) |
Asset backed securities ("ABS") | ||
Assets accounted for at fair value on a recurring basis | ||
Total fixed maturities | 1,135 | 1,564 |
CLOs | ||
Assets accounted for at fair value on a recurring basis | ||
Total fixed maturities | 3,025 | 2,780 |
Commercial mortgage-backed securities ("CMBS") | ||
Assets accounted for at fair value on a recurring basis | ||
Total fixed maturities | 4,119 | 4,484 |
Corporate | ||
Assets accounted for at fair value on a recurring basis | ||
Total fixed maturities | 18,707 | 20,273 |
Foreign government/government agencies | ||
Assets accounted for at fair value on a recurring basis | ||
Total fixed maturities | 910 | 919 |
Municipal | ||
Assets accounted for at fair value on a recurring basis | ||
Total fixed maturities | 8,257 | 9,503 |
Residential mortgage-backed securities ("RMBS") | ||
Assets accounted for at fair value on a recurring basis | ||
Total fixed maturities | 3,643 | 4,107 |
U.S. Treasuries | ||
Assets accounted for at fair value on a recurring basis | ||
Total fixed maturities | 3,051 | 1,405 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets accounted for at fair value on a recurring basis | ||
Total fixed maturities | 882 | 529 |
Equity securities, at fair value | 1,453 | 872 |
Derivative assets | 0 | 0 |
Fixed maturities, at fair value using the fair value option | 0 | |
Short-term investments | 1,627 | 2,663 |
Total assets accounted for at fair value on a recurring basis | 3,962 | 4,064 |
Liabilities accounted for at fair value on a recurring basis | ||
Derivative liabilities | 0 | 0 |
Total liabilities accounted for at fair value on a recurring basis | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Credit derivatives | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative assets | 0 | 0 |
Liabilities accounted for at fair value on a recurring basis | ||
Derivative liabilities | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign exchange derivatives | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative assets | 0 | 0 |
Liabilities accounted for at fair value on a recurring basis | ||
Derivative liabilities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Interest rate derivatives | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative assets | 0 | 0 |
Liabilities accounted for at fair value on a recurring basis | ||
Derivative liabilities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Asset backed securities ("ABS") | ||
Assets accounted for at fair value on a recurring basis | ||
Total fixed maturities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | CLOs | ||
Assets accounted for at fair value on a recurring basis | ||
Total fixed maturities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial mortgage-backed securities ("CMBS") | ||
Assets accounted for at fair value on a recurring basis | ||
Total fixed maturities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate | ||
Assets accounted for at fair value on a recurring basis | ||
Total fixed maturities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign government/government agencies | ||
Assets accounted for at fair value on a recurring basis | ||
Total fixed maturities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Municipal | ||
Assets accounted for at fair value on a recurring basis | ||
Total fixed maturities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Residential mortgage-backed securities ("RMBS") | ||
Assets accounted for at fair value on a recurring basis | ||
Total fixed maturities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Treasuries | ||
Assets accounted for at fair value on a recurring basis | ||
Total fixed maturities | 882 | 529 |
Significant Observable Inputs (Level 2) | ||
Assets accounted for at fair value on a recurring basis | ||
Total fixed maturities | 39,561 | 42,801 |
Equity securities, at fair value | 577 | 496 |
Derivative assets | 6 | 23 |
Fixed maturities, at fair value using the fair value option | 0 | |
Short-term investments | 1,990 | 590 |
Total assets accounted for at fair value on a recurring basis | 42,134 | 43,910 |
Liabilities accounted for at fair value on a recurring basis | ||
Derivative liabilities | (48) | (84) |
Total liabilities accounted for at fair value on a recurring basis | (48) | (84) |
Significant Observable Inputs (Level 2) | Credit derivatives | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative assets | 2 | 21 |
Liabilities accounted for at fair value on a recurring basis | ||
Derivative liabilities | (4) | |
Significant Observable Inputs (Level 2) | Foreign exchange derivatives | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative assets | 5 | 1 |
Liabilities accounted for at fair value on a recurring basis | ||
Derivative liabilities | 1 | (14) |
Significant Observable Inputs (Level 2) | Interest rate derivatives | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative assets | (1) | 1 |
Liabilities accounted for at fair value on a recurring basis | ||
Derivative liabilities | (45) | (70) |
Significant Observable Inputs (Level 2) | Asset backed securities ("ABS") | ||
Assets accounted for at fair value on a recurring basis | ||
Total fixed maturities | 1,135 | 1,564 |
Significant Observable Inputs (Level 2) | CLOs | ||
Assets accounted for at fair value on a recurring basis | ||
Total fixed maturities | 2,768 | 2,420 |
Significant Observable Inputs (Level 2) | Commercial mortgage-backed securities ("CMBS") | ||
Assets accounted for at fair value on a recurring basis | ||
Total fixed maturities | 3,923 | 4,407 |
Significant Observable Inputs (Level 2) | Corporate | ||
Assets accounted for at fair value on a recurring basis | ||
Total fixed maturities | 17,089 | 19,392 |
Significant Observable Inputs (Level 2) | Foreign government/government agencies | ||
Assets accounted for at fair value on a recurring basis | ||
Total fixed maturities | 905 | 913 |
Significant Observable Inputs (Level 2) | Municipal | ||
Assets accounted for at fair value on a recurring basis | ||
Total fixed maturities | 8,257 | 9,503 |
Significant Observable Inputs (Level 2) | Residential mortgage-backed securities ("RMBS") | ||
Assets accounted for at fair value on a recurring basis | ||
Total fixed maturities | 3,315 | 3,726 |
Significant Observable Inputs (Level 2) | U.S. Treasuries | ||
Assets accounted for at fair value on a recurring basis | ||
Total fixed maturities | 2,169 | 876 |
Significant Unobservable Inputs (Level 3) | ||
Assets accounted for at fair value on a recurring basis | ||
Total fixed maturities | 2,404 | 1,705 |
Equity securities, at fair value | 64 | 70 |
Derivative assets | 1 | 0 |
Fixed maturities, at fair value using the fair value option | 160 | |
Short-term investments | 80 | 30 |
Total assets accounted for at fair value on a recurring basis | 2,709 | 1,805 |
Liabilities accounted for at fair value on a recurring basis | ||
Derivative liabilities | (1) | 0 |
Total liabilities accounted for at fair value on a recurring basis | (1) | 0 |
Significant Unobservable Inputs (Level 3) | Credit derivatives | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative assets | 0 | 0 |
Liabilities accounted for at fair value on a recurring basis | ||
Derivative liabilities | 0 | |
Significant Unobservable Inputs (Level 3) | Foreign exchange derivatives | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative assets | 1 | 0 |
Liabilities accounted for at fair value on a recurring basis | ||
Derivative liabilities | (1) | 0 |
Significant Unobservable Inputs (Level 3) | Interest rate derivatives | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative assets | 0 | 0 |
Liabilities accounted for at fair value on a recurring basis | ||
Derivative liabilities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Asset backed securities ("ABS") | ||
Assets accounted for at fair value on a recurring basis | ||
Total fixed maturities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | CLOs | ||
Assets accounted for at fair value on a recurring basis | ||
Total fixed maturities | 257 | 360 |
Significant Unobservable Inputs (Level 3) | Commercial mortgage-backed securities ("CMBS") | ||
Assets accounted for at fair value on a recurring basis | ||
Total fixed maturities | 196 | 77 |
Significant Unobservable Inputs (Level 3) | Corporate | ||
Assets accounted for at fair value on a recurring basis | ||
Total fixed maturities | 1,618 | 881 |
Significant Unobservable Inputs (Level 3) | Foreign government/government agencies | ||
Assets accounted for at fair value on a recurring basis | ||
Total fixed maturities | 5 | 6 |
Significant Unobservable Inputs (Level 3) | Municipal | ||
Assets accounted for at fair value on a recurring basis | ||
Total fixed maturities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Residential mortgage-backed securities ("RMBS") | ||
Assets accounted for at fair value on a recurring basis | ||
Total fixed maturities | 328 | 381 |
Significant Unobservable Inputs (Level 3) | U.S. Treasuries | ||
Assets accounted for at fair value on a recurring basis | ||
Total fixed maturities | 0 | 0 |
Fair Value Measured at Net Asset Value Per Share [Member] | ||
Liabilities accounted for at fair value on a recurring basis | ||
Deposit Assets | $ 65 | $ 54 |
Fair Value Measurements - Signi
Fair Value Measurements - Significant Unobservable Inputs - Securities (Details) $ in Millions | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fixed maturities | $ 42,847 | $ 45,035 |
CLOs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fixed maturities | 3,025 | 2,780 |
CMBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fixed maturities | 4,119 | 4,484 |
Corporate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fixed maturities | 18,707 | 20,273 |
Residential mortgage-backed securities ("RMBS") | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fixed maturities | 3,643 | 4,107 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fixed maturities | 2,404 | 1,705 |
Significant Unobservable Inputs (Level 3) | CLOs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fixed maturities | 257 | 360 |
Significant Unobservable Inputs (Level 3) | CMBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fixed maturities | 196 | 77 |
Significant Unobservable Inputs (Level 3) | Corporate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fixed maturities | 1,618 | 881 |
Significant Unobservable Inputs (Level 3) | Residential mortgage-backed securities ("RMBS") | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fixed maturities | 328 | 381 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | CLOs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fixed maturities | $ 211 | $ 340 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | CLOs | Measurement Input, Credit Spread [Member] | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 2.34 | 3.04 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | CLOs | Measurement Input, Credit Spread [Member] | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 2.58 | 3.05 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | CLOs | Measurement Input, Credit Spread [Member] | Weighted Average Expected Life | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 2.57 | 3.04 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | CMBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fixed maturities | $ 192 | $ 20 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | CMBS | Measurement Input, Credit Spread [Member] | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 2.03 | 2.55 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | CMBS | Measurement Input, Credit Spread [Member] | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 4.68 | 9.75 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | CMBS | Measurement Input, Credit Spread [Member] | Weighted Average Expected Life | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 2.66 | 6.88 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Corporate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fixed maturities | $ 1,532 | $ 749 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Corporate | Measurement Input, Credit Spread [Member] | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.96 | 1.10 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Corporate | Measurement Input, Credit Spread [Member] | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 12.27 | 6.92 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Corporate | Measurement Input, Credit Spread [Member] | Weighted Average Expected Life | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 2.98 | 2.93 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Residential mortgage-backed securities ("RMBS") | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fixed maturities | $ 266 | $ 364 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Residential mortgage-backed securities ("RMBS") | Measurement Input, Credit Spread [Member] | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.48 | 0.07 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Residential mortgage-backed securities ("RMBS") | Measurement Input, Credit Spread [Member] | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 2.29 | 9.37 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Residential mortgage-backed securities ("RMBS") | Measurement Input, Credit Spread [Member] | Weighted Average Expected Life | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.89 | 1.19 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Residential mortgage-backed securities ("RMBS") | Measurement Input, Constant Prepayment Rate [Member] | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.02 | 0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Residential mortgage-backed securities ("RMBS") | Measurement Input, Constant Prepayment Rate [Member] | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.16 | 0.10 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Residential mortgage-backed securities ("RMBS") | Measurement Input, Constant Prepayment Rate [Member] | Weighted Average Expected Life | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.07 | 0.05 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Residential mortgage-backed securities ("RMBS") | Measurement Input, Default Rate [Member] | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.01 | 0.02 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Residential mortgage-backed securities ("RMBS") | Measurement Input, Default Rate [Member] | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.06 | 0.06 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Residential mortgage-backed securities ("RMBS") | Measurement Input, Default Rate [Member] | Weighted Average Expected Life | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.03 | 0.03 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Residential mortgage-backed securities ("RMBS") | Measurement Input, Loss Severity [Member] | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Residential mortgage-backed securities ("RMBS") | Measurement Input, Loss Severity [Member] | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 1 | 1 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Residential mortgage-backed securities ("RMBS") | Measurement Input, Loss Severity [Member] | Weighted Average Expected Life | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.63 | 0.84 |
Fair Value Measurements - Sig_2
Fair Value Measurements - Significant Unobservable Inputs - Freestanding Derivatives (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value Inputs and Valuation Techniques | ||
Adjustment Resulting from Broker Prices Received | $ 0 | |
Significant Unobservable Inputs (Level 3) | ||
Fair Value Inputs and Valuation Techniques | ||
Derivative Assets (Liabilities), at Fair Value, Net | $ 1 | $ 1 |
Fair Value Measurements - Fai_2
Fair Value Measurements - Fair Value Recurring Basis, Unobservable Input (Details) - Significant Unobservable Inputs (Level 3) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Liabilities | ||
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss) | $ 0 | $ 12 |
Fair Value, Measurements, Recurring | ||
Assets | ||
Beginning balance | 1,805 | 1,502 |
Total realized/unrealized gains (losses), Included in net income | 50 | (44) |
Total realized/unrealized gains (losses), Included in OCI | (38) | 25 |
Purchases | 2,145 | 891 |
Settlements | (570) | (388) |
Sales | (72) | (49) |
Transfers into Level 3 | 177 | 507 |
Transfers out of Level 3 | (789) | (639) |
Ending balance | 2,708 | 1,805 |
Fair Value, Measurements, Recurring | Contingent Consideration | ||
Liabilities | ||
Beginning balance | 0 | (22) |
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 12 |
Total realized/unrealized gains (losses), Included in OCI | 0 | |
Purchases | 0 | |
Settlements | 10 | |
Sales | 0 | |
Transfers into Level 3 | 0 | |
Transfers out of Level 3 | 0 | |
Ending balance | 0 | |
Fair Value, Measurements, Recurring | Liability [Member] | ||
Liabilities | ||
Beginning balance | 0 | (37) |
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss) | 48 | |
Total realized/unrealized gains (losses), Included in OCI | 0 | |
Purchases | 0 | |
Settlements | (11) | |
Sales | 0 | |
Transfers into Level 3 | 0 | |
Transfers out of Level 3 | 0 | |
Ending balance | 0 | |
Fair Value, Measurements, Recurring | Other liabilities | ||
Freestanding Derivatives, net | ||
Beginning balance | 0 | (15) |
Total realized/unrealized gains (losses), Included in net income | 36 | |
Total realized/unrealized gains (losses), Included in OCI | 0 | |
Purchases | 0 | |
Settlements | (21) | |
Sales | 0 | |
Transfers into Level 3 | 0 | |
Transfers out of Level 3 | 0 | |
Ending balance | 0 | |
Fair Value, Measurements, Recurring | Equity | ||
Freestanding Derivatives, net | ||
Beginning balance | 0 | (15) |
Total realized/unrealized gains (losses), Included in net income | 36 | |
Total realized/unrealized gains (losses), Included in OCI | 0 | |
Purchases | 0 | |
Settlements | (21) | |
Sales | 0 | |
Transfers into Level 3 | 0 | |
Transfers out of Level 3 | 0 | |
Ending balance | 0 | |
Fair Value, Measurements, Recurring | Equity Securities [Member] | ||
Assets | ||
Beginning balance | 70 | 73 |
Total realized/unrealized gains (losses), Included in net income | 42 | (10) |
Total realized/unrealized gains (losses), Included in OCI | 0 | 0 |
Purchases | 6 | 6 |
Settlements | (53) | 0 |
Sales | (1) | 0 |
Transfers into Level 3 | 0 | 1 |
Transfers out of Level 3 | 0 | 0 |
Ending balance | 64 | 70 |
Fair Value, Measurements, Recurring | Short-term Investments [Member] | ||
Assets | ||
Beginning balance | 30 | 15 |
Total realized/unrealized gains (losses), Included in net income | 0 | 0 |
Total realized/unrealized gains (losses), Included in OCI | 0 | 0 |
Purchases | 98 | 30 |
Settlements | (48) | (15) |
Sales | 0 | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Ending balance | 80 | 30 |
Fair Value, Measurements, Recurring | Securities available-for-sale and other | Total fixed maturities | ||
Assets | ||
Beginning balance | 1,705 | 1,414 |
Total realized/unrealized gains (losses), Included in net income | 14 | (34) |
Total realized/unrealized gains (losses), Included in OCI | (38) | 25 |
Purchases | 1,881 | 855 |
Settlements | (475) | (373) |
Sales | (71) | (49) |
Transfers into Level 3 | 177 | 506 |
Transfers out of Level 3 | (789) | (639) |
Ending balance | 2,404 | 1,705 |
Fair Value, Measurements, Recurring | Securities available-for-sale and other | ABS | Total fixed maturities | ||
Assets | ||
Beginning balance | 0 | 15 |
Total realized/unrealized gains (losses), Included in net income | 0 | 0 |
Total realized/unrealized gains (losses), Included in OCI | 0 | (1) |
Purchases | 42 | 43 |
Settlements | 0 | 0 |
Sales | (3) | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | (39) | (57) |
Ending balance | 0 | 0 |
Fair Value, Measurements, Recurring | Securities available-for-sale and other | CLOs | Total fixed maturities | ||
Assets | ||
Beginning balance | 360 | 95 |
Total realized/unrealized gains (losses), Included in net income | 0 | 0 |
Total realized/unrealized gains (losses), Included in OCI | (1) | 1 |
Purchases | 471 | 389 |
Settlements | (124) | (43) |
Sales | 0 | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | (449) | (82) |
Ending balance | 257 | 360 |
Fair Value, Measurements, Recurring | Securities available-for-sale and other | CMBS | Total fixed maturities | ||
Assets | ||
Beginning balance | 77 | 9 |
Total realized/unrealized gains (losses), Included in net income | 0 | 0 |
Total realized/unrealized gains (losses), Included in OCI | 1 | 3 |
Purchases | 166 | 79 |
Settlements | (4) | (5) |
Sales | (1) | 0 |
Transfers into Level 3 | 5 | 13 |
Transfers out of Level 3 | (48) | (22) |
Ending balance | 196 | 77 |
Fair Value, Measurements, Recurring | Securities available-for-sale and other | Corporate | Total fixed maturities | ||
Assets | ||
Beginning balance | 881 | 732 |
Total realized/unrealized gains (losses), Included in net income | 14 | (31) |
Total realized/unrealized gains (losses), Included in OCI | (34) | 31 |
Purchases | 828 | 272 |
Settlements | (154) | (143) |
Sales | (47) | (36) |
Transfers into Level 3 | 172 | 486 |
Transfers out of Level 3 | (42) | (430) |
Ending balance | 1,618 | 881 |
Fair Value, Measurements, Recurring | Securities available-for-sale and other | Foreign government/government agencies | Total fixed maturities | ||
Assets | ||
Beginning balance | 6 | 3 |
Total realized/unrealized gains (losses), Included in net income | 0 | 0 |
Total realized/unrealized gains (losses), Included in OCI | 0 | 0 |
Purchases | 5 | 6 |
Settlements | 0 | 0 |
Sales | (6) | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | (3) |
Ending balance | 5 | 6 |
Fair Value, Measurements, Recurring | Securities available-for-sale and other | Municipal | Total fixed maturities | ||
Assets | ||
Beginning balance | 0 | 0 |
Total realized/unrealized gains (losses), Included in net income | (3) | |
Total realized/unrealized gains (losses), Included in OCI | 2 | |
Purchases | 0 | |
Settlements | 0 | |
Sales | (6) | |
Transfers into Level 3 | 7 | |
Transfers out of Level 3 | 0 | |
Ending balance | 0 | |
Fair Value, Measurements, Recurring | Securities available-for-sale and other | Residential mortgage-backed securities ("RMBS") | Total fixed maturities | ||
Assets | ||
Beginning balance | 381 | 560 |
Total realized/unrealized gains (losses), Included in net income | 0 | 0 |
Total realized/unrealized gains (losses), Included in OCI | (4) | (11) |
Purchases | 369 | 66 |
Settlements | (193) | (182) |
Sales | (14) | (7) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | (211) | (45) |
Ending balance | 328 | 381 |
Fair Value, Measurements, Recurring | Fair Value Option, Other Eligible Items | CLOs | Total fixed maturities | ||
Assets | ||
Beginning balance | 0 | |
Total realized/unrealized gains (losses), Included in net income | (6) | |
Total realized/unrealized gains (losses), Included in OCI | 0 | |
Purchases | 160 | |
Settlements | 6 | |
Sales | 0 | |
Transfers into Level 3 | 0 | |
Transfers out of Level 3 | 0 | |
Ending balance | $ 160 | $ 0 |
Fair Value Measurements - Chang
Fair Value Measurements - Changes in Unrealized Gains (Losses) Included in Net Income for Financial Instruments Classified as Level 3 Still Held at Year End (Details) - Significant Unobservable Inputs (Level 3) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Changes in Unrealized Gain/(Loss) Included in Net Income, Liabilities | $ 0 | $ 12 |
Other Comprehensive Income (Loss) [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Changes in Unrealized Gain/(Loss) Included in Net Income, Liabilities | 0 | 0 |
Securities available-for-sale and other | Total fixed maturities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Changes in Unrealized Gain/(Loss) Included in Net Income, Assets | (21) | |
Securities available-for-sale and other | Total fixed maturities | Other Comprehensive Income (Loss) [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Changes in Unrealized Gain/(Loss) Included in Net Income, Assets | (36) | 19 |
Fair Value, Recurring [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Changes in Unrealized Gain/(Loss) Included in Net Income, Assets | (2) | (30) |
Fair Value, Recurring [Member] | Contingent Consideration | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Changes in Unrealized Gain/(Loss) Included in Net Income, Liabilities | 0 | 12 |
Fair Value, Recurring [Member] | Equity securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Changes in Unrealized Gain/(Loss) Included in Net Income, Assets | 4 | (9) |
Fair Value, Recurring [Member] | Other Comprehensive Income (Loss) [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Changes in Unrealized Gain/(Loss) Included in Net Income, Assets | (36) | 19 |
Fair Value, Recurring [Member] | Other Comprehensive Income (Loss) [Member] | Contingent Consideration | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Changes in Unrealized Gain/(Loss) Included in Net Income, Liabilities | 0 | 0 |
Fair Value, Recurring [Member] | Other Comprehensive Income (Loss) [Member] | Equity securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Changes in Unrealized Gain/(Loss) Included in Net Income, Assets | 0 | 0 |
Fair Value, Recurring [Member] | Securities available-for-sale and other | Total fixed maturities | CLOs | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Changes in Unrealized Gain/(Loss) Included in Net Income, Assets | 0 | 0 |
Fair Value, Recurring [Member] | Securities available-for-sale and other | Total fixed maturities | CMBS | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Changes in Unrealized Gain/(Loss) Included in Net Income, Assets | 0 | 0 |
Fair Value, Recurring [Member] | Securities available-for-sale and other | Total fixed maturities | Corporate | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Changes in Unrealized Gain/(Loss) Included in Net Income, Assets | 0 | (21) |
Fair Value, Recurring [Member] | Securities available-for-sale and other | Total fixed maturities | Residential mortgage-backed securities ("RMBS") | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Changes in Unrealized Gain/(Loss) Included in Net Income, Assets | 0 | 0 |
Fair Value, Recurring [Member] | Securities available-for-sale and other | Total fixed maturities | Other Comprehensive Income (Loss) [Member] | CLOs | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Changes in Unrealized Gain/(Loss) Included in Net Income, Assets | (1) | 1 |
Fair Value, Recurring [Member] | Securities available-for-sale and other | Total fixed maturities | Other Comprehensive Income (Loss) [Member] | CMBS | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Changes in Unrealized Gain/(Loss) Included in Net Income, Assets | 1 | 4 |
Fair Value, Recurring [Member] | Securities available-for-sale and other | Total fixed maturities | Other Comprehensive Income (Loss) [Member] | Corporate | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Changes in Unrealized Gain/(Loss) Included in Net Income, Assets | (32) | 24 |
Fair Value, Recurring [Member] | Securities available-for-sale and other | Total fixed maturities | Other Comprehensive Income (Loss) [Member] | Residential mortgage-backed securities ("RMBS") | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Changes in Unrealized Gain/(Loss) Included in Net Income, Assets | (4) | (10) |
Fair Value, Recurring [Member] | Fair Value Option, Other Eligible Items | Total fixed maturities | CLOs | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Changes in Unrealized Gain/(Loss) Included in Net Income, Assets | (6) | 0 |
Fair Value, Recurring [Member] | Fair Value Option, Other Eligible Items | Total fixed maturities | Other Comprehensive Income (Loss) [Member] | CLOs | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Changes in Unrealized Gain/(Loss) Included in Net Income, Assets | $ 0 | $ 0 |
Fair Value Measurements - Fai_3
Fair Value Measurements - Fair Value Option (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |||
Fixed maturities, at fair value using the fair value option | $ 160 | $ 0 | |
Changes in fair value of assets using fair value option | $ 6 | $ 0 | $ 0 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, carrying value | $ 76,578 | $ 74,111 | ||
Assets, fair value | 48,805 | 49,779 | ||
Liabilities, carrying value | 58,735 | 55,555 | ||
Financing Receivable, Allowance for Credit Loss | $ 0 | |||
Commercial Loan [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financing Receivable, Allowance for Credit Loss | 29 | 38 | $ 0 | $ 1 |
Significant Unobservable Inputs (Level 3) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, fair value | 2,709 | 1,805 | ||
Significant Unobservable Inputs (Level 3) | Other policyholder funds and benefits payable | Carrying Amount [1] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Liabilities, carrying value | 687 | 701 | ||
Significant Unobservable Inputs (Level 3) | Other policyholder funds and benefits payable | Fair Value | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Liabilities, fair value | 689 | 703 | ||
Significant Unobservable Inputs (Level 3) | Mortgage loans | Carrying Amount [1] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, carrying value | 5,383 | 4,493 | ||
Significant Unobservable Inputs (Level 3) | Mortgage loans | Fair Value | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, fair value | 5,576 | 4,792 | ||
Significant Observable Inputs (Level 2) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, fair value | 42,134 | 43,910 | ||
Significant Observable Inputs (Level 2) | Senior Notes | Carrying Amount [1] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Liabilities, carrying value | 3,854 | 3,262 | ||
Significant Observable Inputs (Level 2) | Senior Notes | Fair Value | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Liabilities, fair value | 4,725 | 4,363 | ||
Significant Observable Inputs (Level 2) | Junior Subordinated Debentures | Carrying Amount [1] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Liabilities, carrying value | 1,090 | 1,090 | ||
Significant Observable Inputs (Level 2) | Junior Subordinated Debentures | Fair Value | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Liabilities, fair value | $ 1,086 | $ 1,107 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - Lattice - USD ($) $ in Millions | Jul. 29, 2016 | Jan. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Jul. 29, 2020 | Dec. 31, 2019 |
Business Acquisition [Line Items] | ||||||
Contingent consideration | $ 60 | |||||
Contingent consideration period | 4 years | |||||
Payment for Contingent Consideration Liability, Operating Activities | $ 10 | |||||
Business Combination, Contingent Consideration, Liability | $ 0 | $ 0 | ||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 11.9 | |||||
AUM Value [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Contingent Consideration, Liability, Measurement Input [Extensible List] | $ 2,300 | $ 3,000 | ||||
Contingent Consideration | ||||||
Business Acquisition [Line Items] | ||||||
Discount rate | 10.00% |
Investments - Net Investment In
Investments - Net Investment Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net Investment Income [Line Items] | |||
Investment expenses | $ (80) | $ (71) | $ (83) |
Total net investment income | 2,313 | 1,846 | 1,951 |
Total fixed maturities | |||
Net Investment Income [Line Items] | |||
Gross investment income | 1,349 | 1,442 | 1,559 |
Equity securities | |||
Net Investment Income [Line Items] | |||
Gross investment income | 73 | 39 | 46 |
Mortgage loans | |||
Net Investment Income [Line Items] | |||
Gross investment income | 181 | 172 | 165 |
Limited partnerships and other alternative investments | |||
Net Investment Income [Line Items] | |||
Gross investment income | 732 | 222 | 232 |
Other investments | |||
Net Investment Income [Line Items] | |||
Gross investment income | $ 58 | $ 42 | $ 32 |
Investments - Net Realized Capi
Investments - Net Realized Capital Gains (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Investments [Line Items] | |||
Equity Securities, FV-NI, Unrealized Gain (Loss) | $ 155 | $ 53 | $ 164 |
Total net realized capital gains (losses) | 509 | (14) | 395 |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | (21) | (48) | 0 |
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Continental Europe Operations [Member] | Gain (Loss) on Investments [Member] | |||
Schedule of Investments [Line Items] | |||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 21 | 48 | |
Non-qualifying | |||
Schedule of Investments [Line Items] | |||
Non-qualifying foreign currency derivatives | 12 | 104 | (24) |
Translation Adjustment Functional to Reporting Currency, Increase (Decrease), Gross of Tax | (1) | (1) | |
Non-qualifying | Other Credit Derivatives [Member] | |||
Schedule of Investments [Line Items] | |||
Non-qualifying foreign currency derivatives | (9) | ||
Other investments | |||
Schedule of Investments [Line Items] | |||
Other, net | 39 | 47 | (35) |
Equity Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Equity Securities, FV-NI, Realized Gain (Loss) | 81 | (118) | 78 |
Equity Securities, FV-NI, Unrealized Gain (Loss) | 146 | (96) | 176 |
Debt and Equity Securities, Gain (Loss) | 227 | (214) | 254 |
Total fixed maturities | |||
Schedule of Investments [Line Items] | |||
Debt Securities, Available-for-sale, Realized Gain | 319 | 255 | 234 |
Debt Securities, Available-for-sale, Realized Loss | (89) | (50) | (56) |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Period Increase (Decrease) | 4 | (28) | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Sell before Recovery | 0 | (5) | 0 |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | (3) | ||
Mortgage loans | |||
Schedule of Investments [Line Items] | |||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | $ 9 | $ (19) | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Increase (Decrease) Adjustment | $ (1) |
Investments - Accrued Interest
Investments - Accrued Interest Receivable on Fixed Maturities, AFS and Mortgage Loans (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Fixed maturities | ||
Schedule of Investments [Line Items] | ||
Interest Receivable | $ 299 | $ 327 |
Mortgage loans | ||
Schedule of Investments [Line Items] | ||
Interest Receivable | $ 16 | $ 14 |
Investments - Investments - ACL
Investments - Investments - ACL on Fixed Maturities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||
Beginning Balance | $ (23) | $ 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | 2 | 39 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold | (18) | (7) |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Period Increase (Decrease) | (6) | (9) |
Ending Balance | (1) | (23) |
Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||
Beginning Balance | (23) | 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | 2 | 36 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold | (18) | (4) |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Period Increase (Decrease) | (6) | (9) |
Ending Balance | (1) | (23) |
Municipal | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||
Beginning Balance | 0 | 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | 3 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold | (3) | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Period Increase (Decrease) | 0 | |
Ending Balance | $ 0 | $ 0 |
Investments - Other Than Tempor
Investments - Other Than Temporary Impairment (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Cumulative Credit Impairments | |
Beginning balance | $ (19) |
Fixed maturities not previously impaired | (3) |
Fixed maturities that matured or were sold during the period | 3 |
Ending balance | $ (19) |
Investments - Available-for-Sal
Investments - Available-for-Sale Securities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | |||
Fixed maturities, available-for-sale, at fair value, amortized cost | $ 40,788 | $ 41,561 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | (1) | (23) | $ 0 |
Gross Unrealized Gains, fixed maturities, available-for-sale | 2,204 | 3,560 | |
Gross Unrealized Losses, fixed maturities, available-for-sale | (144) | (63) | |
Total fixed maturities | 42,847 | 45,035 | |
Amortized Cost | |||
One year or less | 1,400 | 1,411 | |
Over one year through five years | 8,615 | 7,832 | |
Over five years through ten years | 8,303 | 7,622 | |
Over ten years | 10,761 | 12,206 | |
Subtotal | 29,079 | 29,071 | |
Mortgage-backed and asset-backed securities | 11,709 | 12,490 | |
Fair Value | |||
One year or less | 1,419 | 1,432 | |
Over one year through five years | 8,894 | 8,286 | |
Over five years through ten years | 8,633 | 8,354 | |
Over ten years | 11,979 | 14,028 | |
Subtotal | 30,925 | 32,100 | |
Mortgage-backed and asset-backed securities | 11,922 | 12,935 | |
ABS | |||
Debt Securities, Available-for-sale [Line Items] | |||
Fixed maturities, available-for-sale, at fair value, amortized cost | 1,125 | 1,525 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | |
Gross Unrealized Gains, fixed maturities, available-for-sale | 13 | 39 | |
Gross Unrealized Losses, fixed maturities, available-for-sale | (3) | 0 | |
Total fixed maturities | 1,135 | 1,564 | |
CLOs | |||
Debt Securities, Available-for-sale [Line Items] | |||
Fixed maturities, available-for-sale, at fair value, amortized cost | 3,019 | 2,780 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | |
Gross Unrealized Gains, fixed maturities, available-for-sale | 8 | 7 | |
Gross Unrealized Losses, fixed maturities, available-for-sale | (2) | (7) | |
Total fixed maturities | 3,025 | 2,780 | |
CMBS | |||
Debt Securities, Available-for-sale [Line Items] | |||
Fixed maturities, available-for-sale, at fair value, amortized cost | 3,955 | 4,219 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | |
Gross Unrealized Gains, fixed maturities, available-for-sale | 179 | 286 | |
Gross Unrealized Losses, fixed maturities, available-for-sale | (15) | (21) | |
Total fixed maturities | 4,119 | 4,484 | |
Corporate | |||
Debt Securities, Available-for-sale [Line Items] | |||
Fixed maturities, available-for-sale, at fair value, amortized cost | 17,744 | 18,401 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | (1) | (23) | 0 |
Gross Unrealized Gains, fixed maturities, available-for-sale | 1,038 | 1,926 | |
Gross Unrealized Losses, fixed maturities, available-for-sale | (74) | (31) | |
Total fixed maturities | 18,707 | 20,273 | |
Foreign government/government agencies | |||
Debt Securities, Available-for-sale [Line Items] | |||
Fixed maturities, available-for-sale, at fair value, amortized cost | 883 | 842 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | |
Gross Unrealized Gains, fixed maturities, available-for-sale | 33 | 77 | |
Gross Unrealized Losses, fixed maturities, available-for-sale | (6) | 0 | |
Total fixed maturities | 910 | 919 | |
Municipal | |||
Debt Securities, Available-for-sale [Line Items] | |||
Fixed maturities, available-for-sale, at fair value, amortized cost | 7,473 | 8,564 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | $ 0 |
Gross Unrealized Gains, fixed maturities, available-for-sale | 787 | 940 | |
Gross Unrealized Losses, fixed maturities, available-for-sale | (3) | (1) | |
Total fixed maturities | 8,257 | 9,503 | |
Residential mortgage-backed securities ("RMBS") | |||
Debt Securities, Available-for-sale [Line Items] | |||
Fixed maturities, available-for-sale, at fair value, amortized cost | 3,610 | 3,966 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | |
Gross Unrealized Gains, fixed maturities, available-for-sale | 60 | 144 | |
Gross Unrealized Losses, fixed maturities, available-for-sale | (27) | (3) | |
Total fixed maturities | 3,643 | 4,107 | |
U.S. Treasuries | |||
Debt Securities, Available-for-sale [Line Items] | |||
Fixed maturities, available-for-sale, at fair value, amortized cost | 2,979 | 1,264 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | |
Gross Unrealized Gains, fixed maturities, available-for-sale | 86 | 141 | |
Gross Unrealized Losses, fixed maturities, available-for-sale | (14) | 0 | |
Total fixed maturities | $ 3,051 | $ 1,405 |
Investments - Concentration of
Investments - Concentration of Credit Risk (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Investments [Line Items] | ||
Fair Value, Concentration of Risk, Investments | $ 0 | $ 0 |
CMBS | ||
Schedule of Investments [Line Items] | ||
Largest exposure by sector, percent of invested assets | 7.00% | 8.00% |
Financial Services Sector [Member] | ||
Schedule of Investments [Line Items] | ||
Largest exposure by sector, percent of invested assets | 8.00% | 9.00% |
Debt Security, Government, Non-US [Member] | Government of Canada | ||
Schedule of Investments [Line Items] | ||
Largest exposure by issuer, percent of invested assets (less than) | 1.00% | |
Municipal | ||
Schedule of Investments [Line Items] | ||
Largest exposure by sector, percent of invested assets | 14.00% | 17.00% |
Municipal | New York State Dormitory Authority [Member] | ||
Schedule of Investments [Line Items] | ||
Largest exposure by issuer, percent of invested assets (less than) | 1.00% | |
Debt Security, Corporate, US | Apple Inc. [Member] | ||
Schedule of Investments [Line Items] | ||
Largest exposure by issuer, percent of invested assets (less than) | 1.00% | 1.00% |
Debt Security, Corporate, US | IBM Corporation [Member] | ||
Schedule of Investments [Line Items] | ||
Largest exposure by issuer, percent of invested assets (less than) | 1.00% | 1.00% |
Investments - Unrealized Losses
Investments - Unrealized Losses on AFS Securities (Details) $ in Millions | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 1,500 | |
Percentage of Gross Unrealized Losses Depressed Less than Twenty Percent of Cost or Amortized Cost | 99.00% | |
ABS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 396 | $ 44 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (3) | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 396 | 44 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (3) | 0 |
CLOs | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 1,434 | 758 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (2) | (2) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 147 | 715 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | (5) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 1,581 | 1,473 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (2) | (7) |
CMBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 594 | 410 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (7) | (17) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 82 | 19 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (8) | (4) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 676 | 429 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (15) | (21) |
Corporate | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 3,698 | 466 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (65) | (13) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 234 | 212 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (9) | (18) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 3,932 | 678 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (74) | (31) |
Foreign government/government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 340 | 24 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (5) | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 16 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (1) | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 356 | 24 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (6) | 0 |
Municipal | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 301 | 34 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (3) | (1) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 12 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 313 | 34 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (3) | (1) |
Residential mortgage-backed securities ("RMBS") | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 1,869 | 461 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (23) | (3) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 94 | 21 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (4) | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 1,963 | 482 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (27) | (3) |
U.S. Treasuries | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 2,301 | 39 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (13) | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 23 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (1) | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 2,324 | 39 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (14) | 0 |
Securities available-for-sale and other | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 10,933 | 2,236 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (121) | (36) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 608 | 967 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (23) | (27) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 11,541 | 3,203 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (144) | $ (63) |
Investments - Mortgage Loans- A
Investments - Mortgage Loans- ACL (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2020 | Dec. 31, 2018 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss | $ 0 | ||||
Retained Earnings (Accumulated Deficit) | $ 15,764 | $ 13,918 | 12,685 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss | $ 19 | ||||
Retained Earnings (Accumulated Deficit) | 12,667 | ||||
Commercial Loan [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss | 29 | 38 | 0 | $ 1 | |
Financing Receivable, Credit Loss, Expense (Reversal) | $ (9) | $ 19 | $ (1) | ||
Commercial Loan [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Retained Earnings (Accumulated Deficit) | 19 | ||||
Commercial Loan [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss | $ 19 |
Investments - Commercial Mortga
Investments - Commercial Mortgage Loans LTV & DSCR (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Schedule of Investments [Line Items] | ||||
Number of loans held-for-sale | 0 | 0 | ||
Financing Receivable, Modifications, Number of Contracts | 0 | 0 | ||
LTV ratio | 51.00% | |||
LTV ratio at origination | 60.00% | |||
Financing Receivable, before Allowance for Credit Loss | $ 4,215 | |||
Financing Receivable, Allowance for Credit Loss | 0 | |||
Commercial Loan [Member] | ||||
Schedule of Investments [Line Items] | ||||
Financing Receivable, Individually Evaluated for Impairment | $ 0 | |||
Avg. Debt-Service Coverage Ratio | 2.48 | 2.52 | ||
Financing Receivable, before Allowance for Credit Loss | $ 5,412 | $ 4,531 | ||
Financing Receivable, Allowance for Credit Loss | $ 29 | $ 38 | $ 0 | $ 1 |
Commercial Loan [Member] | 65% - 80% | ||||
Schedule of Investments [Line Items] | ||||
Avg. Debt-Service Coverage Ratio | 1.61 | 1.59 | ||
Commercial Loan [Member] | Less than 65% | ||||
Schedule of Investments [Line Items] | ||||
Avg. Debt-Service Coverage Ratio | 2.55 | 2.69 | ||
Amortized Cost [Member] | Commercial Loan [Member] | ||||
Schedule of Investments [Line Items] | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | $ 1,488 | $ 687 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 695 | 919 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 813 | 622 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 572 | 491 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 462 | 286 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,382 | 1,526 | ||
Financing Receivable, before Allowance for Credit Loss | 5,412 | 4,531 | ||
Amortized Cost [Member] | Commercial Loan [Member] | 65% - 80% | ||||
Schedule of Investments [Line Items] | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 7 | 28 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 50 | 243 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 91 | 212 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 100 | 45 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 45 | 51 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 97 | 115 | ||
Financing Receivable, before Allowance for Credit Loss | 390 | 694 | ||
Amortized Cost [Member] | Commercial Loan [Member] | Less than 65% | ||||
Schedule of Investments [Line Items] | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,481 | 659 | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 645 | 676 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 722 | 410 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 472 | 446 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 417 | 235 | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,285 | 1,411 | ||
Financing Receivable, before Allowance for Credit Loss | $ 5,022 | $ 3,837 | ||
Originated in Current Fiscal Year [Member] | Commercial Loan [Member] | ||||
Schedule of Investments [Line Items] | ||||
Avg. Debt-Service Coverage Ratio | 2.70 | 2.52 | ||
Originated in Current Fiscal Year [Member] | Commercial Loan [Member] | 65% - 80% | ||||
Schedule of Investments [Line Items] | ||||
Avg. Debt-Service Coverage Ratio | 2.37 | 1.62 | ||
Originated in Current Fiscal Year [Member] | Commercial Loan [Member] | Less than 65% | ||||
Schedule of Investments [Line Items] | ||||
Avg. Debt-Service Coverage Ratio | 2.70 | 2.56 | ||
Originated in Fiscal Year before Latest Fiscal Year [Member] | Commercial Loan [Member] | ||||
Schedule of Investments [Line Items] | ||||
Avg. Debt-Service Coverage Ratio | 2.77 | 2.51 | ||
Originated in Fiscal Year before Latest Fiscal Year [Member] | Commercial Loan [Member] | 65% - 80% | ||||
Schedule of Investments [Line Items] | ||||
Avg. Debt-Service Coverage Ratio | 2.63 | 1.58 | ||
Originated in Fiscal Year before Latest Fiscal Year [Member] | Commercial Loan [Member] | Less than 65% | ||||
Schedule of Investments [Line Items] | ||||
Avg. Debt-Service Coverage Ratio | 2.78 | 2.85 | ||
Originated Two Years before Latest Fiscal Year [Member] | Commercial Loan [Member] | ||||
Schedule of Investments [Line Items] | ||||
Avg. Debt-Service Coverage Ratio | 2.64 | 1.94 | ||
Originated Two Years before Latest Fiscal Year [Member] | Commercial Loan [Member] | 65% - 80% | ||||
Schedule of Investments [Line Items] | ||||
Avg. Debt-Service Coverage Ratio | 1.57 | 1.33 | ||
Originated Two Years before Latest Fiscal Year [Member] | Commercial Loan [Member] | Less than 65% | ||||
Schedule of Investments [Line Items] | ||||
Avg. Debt-Service Coverage Ratio | 2.78 | 2.25 | ||
Originated Three Years before Latest Fiscal Year [Member] | Commercial Loan [Member] | ||||
Schedule of Investments [Line Items] | ||||
Avg. Debt-Service Coverage Ratio | 2.02 | 1.90 | ||
Originated Three Years before Latest Fiscal Year [Member] | Commercial Loan [Member] | 65% - 80% | ||||
Schedule of Investments [Line Items] | ||||
Avg. Debt-Service Coverage Ratio | 1 | 2.02 | ||
Originated Three Years before Latest Fiscal Year [Member] | Commercial Loan [Member] | Less than 65% | ||||
Schedule of Investments [Line Items] | ||||
Avg. Debt-Service Coverage Ratio | 2.23 | 1.89 | ||
Originated Four Years before Latest Fiscal Year [Member] | Commercial Loan [Member] | ||||
Schedule of Investments [Line Items] | ||||
Avg. Debt-Service Coverage Ratio | 1.86 | 2.80 | ||
Originated Four Years before Latest Fiscal Year [Member] | Commercial Loan [Member] | 65% - 80% | ||||
Schedule of Investments [Line Items] | ||||
Avg. Debt-Service Coverage Ratio | 1.37 | 1.92 | ||
Originated Four Years before Latest Fiscal Year [Member] | Commercial Loan [Member] | Less than 65% | ||||
Schedule of Investments [Line Items] | ||||
Avg. Debt-Service Coverage Ratio | 1.91 | 2.99 | ||
Originated Five or More Years before Latest Fiscal Year [Member] | Commercial Loan [Member] | ||||
Schedule of Investments [Line Items] | ||||
Avg. Debt-Service Coverage Ratio | 2.41 | 2.92 | ||
Originated Five or More Years before Latest Fiscal Year [Member] | Commercial Loan [Member] | 65% - 80% | ||||
Schedule of Investments [Line Items] | ||||
Avg. Debt-Service Coverage Ratio | 1.80 | 1.74 | ||
Originated Five or More Years before Latest Fiscal Year [Member] | Commercial Loan [Member] | Less than 65% | ||||
Schedule of Investments [Line Items] | ||||
Avg. Debt-Service Coverage Ratio | 2.45 | 3.01 |
Investments - Mortgage Loans by
Investments - Mortgage Loans by Region and Property Type (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | $ 4,215 | |||
Financing Receivable, Allowance for Credit Loss | 0 | |||
Financing Receivable, after Allowance for Credit Loss | 4,215 | |||
Commercial Loan [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | $ 5,412 | $ 4,531 | ||
Percent of Total | 100.00% | 100.00% | ||
Financing Receivable, Allowance for Credit Loss | $ 29 | $ 38 | $ 0 | $ 1 |
Financing Receivable, after Allowance for Credit Loss | 5,383 | 4,493 | ||
Commercial Loan [Member] | Industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | $ 1,931 | $ 1,339 | ||
Percent of Total | 35.70% | 29.50% | ||
Commercial Loan [Member] | Multifamily | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | $ 1,833 | $ 1,498 | ||
Percent of Total | 33.90% | 33.10% | ||
Commercial Loan [Member] | Office | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | $ 627 | $ 774 | ||
Percent of Total | 11.60% | 17.10% | ||
Commercial Loan [Member] | Retail | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | $ 951 | $ 788 | ||
Percent of Total | 17.60% | 17.40% | ||
Commercial Loan [Member] | Residential Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | $ 30 | $ 92 | ||
Percent of Total | 0.50% | 2.00% | ||
Commercial Loan [Member] | Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | $ 40 | $ 40 | ||
Percent of Total | 0.70% | 0.90% | ||
Commercial Loan [Member] | Mortgage loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Percent of Total | 100.00% | 100.00% | ||
Commercial Loan [Member] | Mortgage loans | Financial Asset, Past Due | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | $ 0 | $ 0 | ||
Commercial Loan [Member] | East North Central | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | $ 284 | $ 290 | ||
Commercial Loan [Member] | East North Central | Mortgage loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Percent of Total | 5.20% | 6.40% | ||
Commercial Loan [Member] | Middle Atlantic | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | $ 303 | $ 291 | ||
Commercial Loan [Member] | Middle Atlantic | Mortgage loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Percent of Total | 5.60% | 6.40% | ||
Commercial Loan [Member] | Mountain | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | $ 450 | $ 254 | ||
Commercial Loan [Member] | Mountain | Mortgage loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Percent of Total | 8.30% | 5.60% | ||
Commercial Loan [Member] | New England | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | $ 393 | $ 397 | ||
Commercial Loan [Member] | New England | Mortgage loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Percent of Total | 7.30% | 8.80% | ||
Commercial Loan [Member] | Pacific | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | $ 1,245 | $ 1,001 | ||
Commercial Loan [Member] | Pacific | Mortgage loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Percent of Total | 23.00% | 22.10% | ||
Commercial Loan [Member] | South Atlantic | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | $ 1,556 | $ 1,038 | ||
Commercial Loan [Member] | South Atlantic | Mortgage loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Percent of Total | 28.80% | 22.90% | ||
Commercial Loan [Member] | West North Central | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | $ 85 | $ 44 | ||
Commercial Loan [Member] | West North Central | Mortgage loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Percent of Total | 1.60% | 1.00% | ||
Commercial Loan [Member] | West South Central | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | $ 424 | $ 433 | ||
Commercial Loan [Member] | West South Central | Mortgage loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Percent of Total | 7.80% | 9.50% | ||
Commercial Loan [Member] | Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | $ 672 | $ 783 | ||
Commercial Loan [Member] | Other | Mortgage loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Percent of Total | 12.40% | 17.30% |
Investments - Past-Due Mortgage
Investments - Past-Due Mortgage Loans (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | $ 4,215 | ||
Commercial Loan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | $ 5,412 | $ 4,531 | |
Commercial Loan [Member] | Mortgage loans | Financial Asset, Past Due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | $ 0 | $ 0 |
Investments - Investments - Mor
Investments - Investments - Mortgage Servicing (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Continuing Involvement with Transferred Financial Assets, Principal Amount Outstanding | $ 8,200 | $ 6,900 |
Loans serviced on behalf of third parties | 3,900 | 3,700 |
Servicing rights | 0 | 0 |
Investments [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Loans serviced on behalf of third parties, retained and reported as assets | $ 4,300 | $ 3,200 |
Investments - Restricted Invest
Investments - Restricted Investments (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Security Owned Not Readily Marketable [Line Items] | ||
Assets Held by Insurance Regulators | $ 2,376 | $ 2,600 |
Restricted Investments | 3,320 | 3,516 |
Fair Value Measured at Net Asset Value Per Share [Member] | ||
Security Owned Not Readily Marketable [Line Items] | ||
Deposit Assets | 65 | 54 |
Syndicate Policyholders [Member] | Fixed maturities | ||
Security Owned Not Readily Marketable [Line Items] | ||
Debt Securities, Available-for-sale, Restricted | 712 | 661 |
Syndicate Policyholders [Member] | Short-term Investments [Member] | ||
Security Owned Not Readily Marketable [Line Items] | ||
Restricted Investments, Current | 7 | 26 |
Lloyd's of London [Member] | Fixed maturities | ||
Security Owned Not Readily Marketable [Line Items] | ||
Debt Securities, Available-for-sale, Restricted | $ 160 | $ 175 |
Investments - Additional Inform
Investments - Additional Information (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Investments [Line Items] | ||||
Variable Interest Entity, Primary Beneficiary, Maximum Loss Exposure, Amount | $ 0 | $ 0 | ||
Proceeds from Sale of Debt Securities, Available-for-sale | 22,457 | 19,534 | $ 18,499 | |
Maximum exposure to loss for variable interest | $ 1,900 | 1,300 | ||
Required collateral under securities lending | 100.00% | |||
Securities Loaned | $ 0 | 0 | ||
Securities for Reverse Repurchase Agreements | 30 | 30 | ||
Income (Loss) from Equity Method Investments | 630 | 244 | 267 | |
Equity method investments | 2,900 | |||
Commitments to fund limited partnership and alternative investments | $ 1,600 | |||
Aggregate investment income from limited partnerships and other alternative investments | 10.00% | |||
Total assets | $ 76,578 | 74,111 | ||
Total liabilities | 58,735 | 55,555 | ||
Total net investment income | 2,313 | 1,846 | 1,951 | |
Life and Annuity Insurance Product Line, Run-off Business | ||||
Schedule of Investments [Line Items] | ||||
Proceeds from Sale of Equity Method Investments | $ 217 | |||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 46 | 46 | ||
Limited Partner [Member] | ||||
Schedule of Investments [Line Items] | ||||
Total net investment income | 2,100 | 954 | 618 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Limited Partner [Member] | ||||
Schedule of Investments [Line Items] | ||||
Total assets | 249,800 | 339,600 | ||
Total liabilities | 41,000 | 181,500 | ||
Total net investment income | $ 46,700 | 7,400 | 13,400 | |
Maximum | ||||
Schedule of Investments [Line Items] | ||||
Term of security lending agreement | 90 days | |||
Variable Interest Entity, Not Primary Beneficiary [Member] | ||||
Schedule of Investments [Line Items] | ||||
Commitments for variable interest | $ 1,400 | 768 | ||
US Treasury Securities [Member] | ||||
Schedule of Investments [Line Items] | ||||
Debt Securities, Available-for-sale, Restricted | 9 | 34 | ||
Fixed maturities | ||||
Schedule of Investments [Line Items] | ||||
Proceeds from Sale of Debt Securities, Available-for-sale | $ 15,900 | $ 15,100 | $ 14,400 | |
Domestic [Member] | ||||
Schedule of Investments [Line Items] | ||||
Collateral provided by borrowers under securities lending | 102.00% | |||
Non-domestic [Member] | ||||
Schedule of Investments [Line Items] | ||||
Collateral provided by borrowers under securities lending | 105.00% |
Derivatives - Derivative Balanc
Derivatives - Derivative Balance Sheet Classification (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 11,224 | $ 12,129 |
Fair Value | (42) | (61) |
Asset Derivatives | 17 | 33 |
Liability Derivatives | (59) | (94) |
Fixed maturities, available-for-sale | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 413 | 269 |
Fair Value | 0 | 0 |
Asset Derivatives | 0 | 0 |
Liability Derivatives | 0 | 0 |
Other investments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 1,452 | 9,585 |
Fair Value | 7 | 23 |
Asset Derivatives | 10 | 25 |
Liability Derivatives | (3) | (2) |
Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 9,359 | 2,275 |
Fair Value | (49) | (84) |
Asset Derivatives | 7 | 8 |
Liability Derivatives | (56) | (92) |
Cash Flow Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 2,777 | 2,626 |
Fair Value | 6 | (13) |
Asset Derivatives | 11 | 3 |
Liability Derivatives | (5) | (16) |
Designated as Hedging Instrument | Interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 2,340 | 2,340 |
Fair Value | 0 | 0 |
Asset Derivatives | 0 | 0 |
Liability Derivatives | 0 | 0 |
Designated as Hedging Instrument | Foreign currency swaps | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 437 | 286 |
Fair Value | 6 | (13) |
Asset Derivatives | 11 | 3 |
Liability Derivatives | (5) | (16) |
Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 8,447 | 9,503 |
Fair Value | (48) | (48) |
Asset Derivatives | 6 | 30 |
Liability Derivatives | (54) | (78) |
Not Designated as Hedging Instrument | Interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 7,200 | 7,600 |
Not Designated as Hedging Instrument | Interest rate swaps and futures | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 7,567 | 8,335 |
Fair Value | (46) | (69) |
Asset Derivatives | 3 | 4 |
Liability Derivatives | (49) | (73) |
Not Designated as Hedging Instrument | Foreign currency swaps and forwards | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 558 | 269 |
Fair Value | 0 | 0 |
Asset Derivatives | 0 | 0 |
Liability Derivatives | 0 | 0 |
Not Designated as Hedging Instrument | Credit derivatives that purchase credit protection | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 112 | 6 |
Fair Value | (2) | 0 |
Asset Derivatives | 0 | 0 |
Liability Derivatives | (2) | 0 |
Not Designated as Hedging Instrument | Credit derivatives that assume credit risk | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 0 | 675 |
Fair Value | 0 | 21 |
Asset Derivatives | 0 | 21 |
Liability Derivatives | 0 | 0 |
Not Designated as Hedging Instrument | Credit derivatives in offsetting positions | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 210 | 218 |
Fair Value | 0 | 0 |
Asset Derivatives | 3 | 5 |
Liability Derivatives | $ (3) | $ (5) |
Derivatives - Offsetting Deriva
Derivatives - Offsetting Derivative Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Asset Derivatives | $ 17 | $ 33 |
Derivative assets | 7 | 23 |
Gross Amounts of Recognized (Liabilities) | (59) | (94) |
Derivative liabilities | (49) | (84) |
Derivative Liabilities | ||
Derivative [Line Items] | ||
Derivative, Collateral, Obligation to Return Cash | 0 | (4) |
Gross Amounts of Recognized (Liabilities) | (59) | (94) |
Gross Amounts Offset in the Statement of Financial Position, liabilities | (10) | (6) |
Derivative liabilities | (49) | (84) |
Financial Collateral (Received) | (47) | (83) |
Net amount, liabilities | (2) | (5) |
Derivative Assets | ||
Derivative [Line Items] | ||
Asset Derivatives | 17 | 33 |
Gross Amounts Offset in the Statement of Financial Position, assets | 13 | 31 |
Derivative assets | 7 | 23 |
Derivative, Collateral, Obligation to Return Cash | (3) | (21) |
Financial Collateral Pledged | 4 | 1 |
Net Amount, assets | $ 0 | $ 1 |
Derivatives - Cash Flow Hedges
Derivatives - Cash Flow Hedges (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Net realized gains (losses) | $ 509 | $ (14) | $ 395 |
Net investment income | 2,313 | 1,846 | 1,951 |
Interest Expense | 234 | 236 | 259 |
Interest rate swaps | Reclassification out of Accumulated Other Comprehensive Income | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Net realized gains (losses) | 0 | 0 | 2 |
Net investment income | 41 | 29 | 4 |
Interest Expense | (10) | (7) | 1 |
Foreign currency swaps | Reclassification out of Accumulated Other Comprehensive Income | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Net realized gains (losses) | 0 | (1) | 0 |
Net investment income | 5 | 5 | 3 |
Designated as Hedging Instrument | Cash Flow Hedging | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 28 | 30 | 26 |
Designated as Hedging Instrument | Cash Flow Hedging | Reclassification out of Accumulated Other Comprehensive Income | Gain (Loss) on Investments [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Gain Reclassified from AOCI into Income | 0 | (1) | 2 |
Designated as Hedging Instrument | Cash Flow Hedging | Reclassification out of Accumulated Other Comprehensive Income | Foreign currency swaps | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Gain Reclassified from AOCI into Income | 46 | 34 | 7 |
Designated as Hedging Instrument | Cash Flow Hedging | Reclassification out of Accumulated Other Comprehensive Income | Interest Expense [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Gain Reclassified from AOCI into Income | (10) | (7) | 1 |
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate swaps | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 4 | 38 | 18 |
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate swaps | Reclassification out of Accumulated Other Comprehensive Income | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | Gain (Loss) on Investments [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Gain Reclassified from AOCI into Income | 0 | 0 | 2 |
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate swaps | Reclassification out of Accumulated Other Comprehensive Income | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | Foreign currency swaps | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Gain Reclassified from AOCI into Income | 41 | 29 | 4 |
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate swaps | Reclassification out of Accumulated Other Comprehensive Income | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | Interest Expense [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Gain Reclassified from AOCI into Income | (10) | (7) | 1 |
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency swaps | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 24 | (8) | 8 |
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency swaps | Reclassification out of Accumulated Other Comprehensive Income | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | Gain (Loss) on Investments [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Gain Reclassified from AOCI into Income | 0 | (1) | 0 |
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency swaps | Reclassification out of Accumulated Other Comprehensive Income | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | Foreign currency swaps | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Gain Reclassified from AOCI into Income | 5 | 5 | 3 |
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency swaps | Reclassification out of Accumulated Other Comprehensive Income | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | Interest Expense [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Gain Reclassified from AOCI into Income | $ 0 | $ 0 | $ 0 |
Derivatives - Fair Value Hedges
Derivatives - Fair Value Hedges - Non-qualifying Strategies (Details) - Not Designated as Hedging Instrument - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Non-qualifying foreign currency derivatives | $ 12 | $ 104 | $ (24) |
Interest rate swaps, swaptions and futures | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Non-qualifying foreign currency derivatives | 3 | 21 | (35) |
Credit derivatives | Credit derivatives that purchase credit protection | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Non-qualifying foreign currency derivatives | 0 | 2 | (5) |
Credit derivatives | Credit derivatives that assume credit risk | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Non-qualifying foreign currency derivatives | 7 | 2 | 32 |
Equity index swaps and options | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Non-qualifying foreign currency derivatives | 0 | 76 | (17) |
Foreign Exchange Forward [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Non-qualifying foreign currency derivatives | $ 2 | $ 3 | $ 1 |
Derivatives - Credit Risk Assum
Derivatives - Credit Risk Assumed through Credit Derivatives (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Credit Derivatives [Line Items] | ||
Derivative, Notional Amount | $ 11,224 | $ 12,129 |
Fair Value | (42) | (61) |
Credit derivatives | ||
Credit Derivatives [Line Items] | ||
Derivative, Notional Amount | 105 | 784 |
Fair Value | (2) | 18 |
Offsetting Notional Amount | 105 | 109 |
Offsetting Fair Value | 2 | 3 |
Credit derivatives | Single name credit default swaps | A Minus | Investment grade risk exposure | ||
Credit Derivatives [Line Items] | ||
Derivative, Notional Amount | 175 | |
Fair Value | $ 9 | |
Weighted Average Years to Maturity | 5 years | |
Offsetting Notional Amount | $ 0 | |
Offsetting Fair Value | 0 | |
Credit derivatives | Basket credit default swaps | BBB Plus | Investment grade risk exposure | ||
Credit Derivatives [Line Items] | ||
Derivative, Notional Amount | 500 | |
Fair Value | $ 12 | |
Weighted Average Years to Maturity | 5 years | |
Offsetting Notional Amount | $ 0 | |
Offsetting Fair Value | 0 | |
Credit derivatives | Basket credit default swaps | Standard & Poor's, AAA Rating [Member] | Investment grade risk exposure | ||
Credit Derivatives [Line Items] | ||
Derivative, Notional Amount | 101 | 100 |
Fair Value | $ 0 | $ 1 |
Weighted Average Years to Maturity | 6 years | 8 years |
Offsetting Notional Amount | $ 101 | $ 100 |
Offsetting Fair Value | 0 | (1) |
Credit derivatives | Basket credit default swaps | Standard & Poor's, CCC+ Rating | Below investment grade risk exposure | ||
Credit Derivatives [Line Items] | ||
Derivative, Notional Amount | 9 | |
Fair Value | $ (4) | |
Average Term of Credit Risk Derivatives Less than 1 Year | Less than 1 year | |
Offsetting Notional Amount | $ 9 | |
Offsetting Fair Value | $ 4 | |
Credit derivatives | Basket credit default swaps | CCC | Below investment grade risk exposure | ||
Credit Derivatives [Line Items] | ||
Derivative, Notional Amount | 4 | |
Fair Value | $ (2) | |
Average Term of Credit Risk Derivatives Less than 1 Year | Less than 1 year | |
Offsetting Notional Amount | $ 4 | |
Offsetting Fair Value | $ 2 |
Derivatives - Additional Inform
Derivatives - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | $ 11,224,000,000 | $ 12,129,000,000 | |
Derivative, Collateral, Right to Reclaim Cash | 2,000,000 | 0 | |
Pledged collateral, securities | 48,000,000 | 90,000,000 | |
Cash collateral held | 7,000,000 | 24,000,000 | |
Securities collateral held or repledged | 5,000,000 | 1,000,000 | |
Collateral Securities Repledged, Delivered, or Used | 0 | 0 | |
Over the Counter [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Pledged collateral, securities | 82,000,000 | 62,000,000 | |
Collateral Pledged | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Collateral, Right to Reclaim Cash | 12,000,000 | 21,000,000 | |
Reclassification out of Accumulated Other Comprehensive Income | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
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 | 0 | 0 | $ 0 |
Accumulated Other Comprehensive Income (Loss), net of tax | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Deferred net gains on derivative instruments recorded in AOCI that are expected to be reclassified to earnings during the next twelve months | 25,000,000 | ||
Not Designated as Hedging Instrument | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | 8,447,000,000 | 9,503,000,000 | |
Interest rate swaps | Not Designated as Hedging Instrument | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | $ 7,200,000,000 | $ 7,600,000,000 |
Premiums Receivable - Premiums
Premiums Receivable - Premiums Receivable and Agents' Balances (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Premiums Receivable, Gross | $ 4,550 | $ 4,420 | $ 4,529 |
Premium Receivable, Allowance for Credit Loss | (105) | (152) | (145) |
Premiums Receivable, Net | 4,445 | 4,268 | 4,384 |
Premiums Receivable, Due in One Year or Less, Excluding Receivables for Loss within a Deductible and Retrospectively-Rated Policy Premiums [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Premiums Receivable, Gross | 4,130 | 3,851 | |
Premium Receivable, Allowance for Credit Loss | (83) | (117) | (85) |
Premiums Receivable, Loss Within a Deductible and Retrospectively-Rated Policy Premiums [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Premiums Receivable, Gross | 420 | 569 | |
Premium Receivable, Allowance for Credit Loss | (22) | (35) | $ (60) |
Premiums Receivable, Loss Within a Deductible and Retrospectively-Rated Policy Premiums [Member] | Standard & Poor's, AAA Rating [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Premiums Receivable, Gross | 0 | 0 | |
Premiums Receivable, Loss Within a Deductible and Retrospectively-Rated Policy Premiums [Member] | Standard & Poor's, AA Rating | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Premiums Receivable, Gross | 130 | 142 | |
Premiums Receivable, Loss Within a Deductible and Retrospectively-Rated Policy Premiums [Member] | Standard & Poor's, A Rating [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Premiums Receivable, Gross | 52 | 62 | |
Premiums Receivable, Loss Within a Deductible and Retrospectively-Rated Policy Premiums [Member] | Standard & Poor's, BBB Rating | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Premiums Receivable, Gross | 133 | 185 | |
Premiums Receivable, Loss Within a Deductible and Retrospectively-Rated Policy Premiums [Member] | Standard & Poor's, BB Rating | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Premiums Receivable, Gross | 64 | 115 | |
Premiums Receivable, Loss Within a Deductible and Retrospectively-Rated Policy Premiums [Member] | Standard & Poor's, Below BB Rating | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Premiums Receivable, Gross | $ 41 | $ 65 |
Premiums Receivable - Rollforwa
Premiums Receivable - Rollforward of Premiums Receivable and Agents' Balances (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Premium Receivable, Allowance for Credit Loss | $ (152) | $ (145) |
Premium Receivable, Credit Loss Expense (Reversal) | 4 | 74 |
Premium Receivable, Allowance for Credit Loss, Writeoff | 59 | 49 |
Premium Receivable, Allowance for Credit Loss, Recovery | (8) | (5) |
Premium Receivable, Allowance for Credit Loss | (105) | (152) |
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Premium Receivable, Allowance for Credit Loss | (122) | |
Premiums Receivable, Due in One Year or Less, Excluding Receivables for Loss within a Deductible and Retrospectively-Rated Policy Premiums [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Premium Receivable, Allowance for Credit Loss | (117) | (85) |
Premium Receivable, Credit Loss Expense (Reversal) | 17 | 78 |
Premium Receivable, Allowance for Credit Loss, Writeoff | 59 | 49 |
Premium Receivable, Allowance for Credit Loss, Recovery | (8) | (5) |
Premium Receivable, Allowance for Credit Loss | (83) | (117) |
Premiums Receivable, Due in One Year or Less, Excluding Receivables for Loss within a Deductible and Retrospectively-Rated Policy Premiums [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Premium Receivable, Allowance for Credit Loss | (83) | |
Premiums Receivable, Loss Within a Deductible and Retrospectively-Rated Policy Premiums [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Premium Receivable, Allowance for Credit Loss | (35) | (60) |
Premium Receivable, Credit Loss Expense (Reversal) | (13) | (4) |
Premium Receivable, Allowance for Credit Loss, Writeoff | 0 | 0 |
Premium Receivable, Allowance for Credit Loss, Recovery | 0 | 0 |
Premium Receivable, Allowance for Credit Loss | $ (22) | (35) |
Premiums Receivable, Loss Within a Deductible and Retrospectively-Rated Policy Premiums [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Premium Receivable, Allowance for Credit Loss | (39) | |
Premiums Receivable [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Premium Receivable, Allowance for Credit Loss | 23 | |
Premiums Receivable [Member] | Accounting Standards Update 2016-13 [Member] | Premiums Receivable, Due in One Year or Less, Excluding Receivables for Loss within a Deductible and Retrospectively-Rated Policy Premiums [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Premium Receivable, Allowance for Credit Loss | 2 | |
Premiums Receivable [Member] | Accounting Standards Update 2016-13 [Member] | Premiums Receivable, Loss Within a Deductible and Retrospectively-Rated Policy Premiums [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Premium Receivable, Allowance for Credit Loss | $ 21 |
Reinsurance - Additional Inform
Reinsurance - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | 60 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2021 | |
Reinsurance, Loss on Uncollectible Accounts in Period, Amount | $ (1) | $ 0 | ||
Asbestos and Environmental | ||||
Policyholder Benefits and Claims Incurred, Ceded | 220 | $ 1,015 | ||
Reinsurance Retention Policy, Excess Retention, Amount Reinsured | 485 | |||
Adverse Development Cover Navigators Group [Member] | ||||
Policyholder Benefits and Claims Incurred, Ceded | 300 | |||
Adverse Development Cover Navigators Group [Member] | Remaining [Member] | ||||
Reinsurance Retention Policy, Excess Retention, Amount Reinsured | 0 | |||
Asbestos and Environmental | ||||
Policyholder Benefits and Claims Incurred, Ceded | 220 | |||
Asbestos and Environmental | Asbestos and Environmental | ||||
Policyholder Benefits and Claims Incurred, Ceded | 1,015 | |||
Asbestos and Environmental | Remaining [Member] | Asbestos and Environmental | ||||
Reinsurance Retention Policy, Excess Retention, Amount Reinsured | 485 | |||
The Navigators Group, Inc. [Member] | Adverse Development Cover Navigators Group [Member] | ||||
Policyholder Benefits and Claims Incurred, Ceded | $ 91 | |||
Maximum | Asbestos and Environmental | ||||
Reinsurance Retention Policy, Excess Retention, Amount Reinsured | 1,500 | |||
Maximum | Adverse Development Cover Navigators Group [Member] | ||||
Reinsurance Retention Policy, Excess Retention, Amount Reinsured | 300 | |||
Maximum | Asbestos and Environmental | Asbestos and Environmental | ||||
Reinsurance Retention Policy, Excess Retention, Amount Reinsured | 1,500 | |||
Maximum | The Navigators Group, Inc. [Member] | Adverse Development Cover Navigators Group [Member] | ||||
Reinsurance Retention Policy, Excess Retention, Amount Reinsured | 300 | |||
Property and Casualty Insurance Products | ||||
Policyholder Benefits and Claims Incurred, Ceded | 1,243 | 1,156 | 826 | |
Group Insurance Policy [Member] | ||||
Policyholder Benefits and Claims Incurred, Ceded | $ 85 | $ 63 | $ 73 |
Reinsurance - Credit Quality In
Reinsurance - Credit Quality Information (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | $ 6,622 | $ 6,119 | $ 5,641 |
Allowance for uncollectible reinsurance | (45) | (55) | (48) |
Reinsurance Recoverables, Including Reinsurance Premium Paid | 6,523 | 6,011 | 5,527 |
Uncollectible reinsurance | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Allowance for uncollectible reinsurance | (99) | (108) | (114) |
Mandatory and Voluntary Risk Pools | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 239 | 259 | |
Captives | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 331 | 305 | |
Other not rated companies | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 260 | 259 | |
AMBestRated [Member] | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 5,792 | 5,296 | |
AM Best, A++ Rating | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 1,860 | 1,598 | |
AM Best, A+ Rating | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 2,511 | 2,323 | |
AM Best, A Rating | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 713 | 638 | |
AM Best, A- Rating | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 46 | 46 | |
AM Best, B++ Rating | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 642 | 669 | |
AM Best, Below B plus plus Rating | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 20 | 22 | |
Corporate | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 278 | 308 | |
Allowance for uncollectible reinsurance | (2) | (2) | 0 |
Reinsurance Recoverables, Including Reinsurance Premium Paid | 276 | 306 | |
Corporate | Uncollectible reinsurance | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Allowance for uncollectible reinsurance | (2) | (2) | 0 |
Corporate | Mandatory and Voluntary Risk Pools | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 0 | 0 | |
Corporate | Captives | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 0 | 0 | |
Corporate | Other not rated companies | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 0 | 0 | |
Corporate | AMBestRated [Member] | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 278 | 308 | |
Corporate | AM Best, A++ Rating | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 0 | 0 | |
Corporate | AM Best, A+ Rating | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 275 | 305 | |
Corporate | AM Best, A Rating | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 0 | 0 | |
Corporate | AM Best, A- Rating | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 0 | 0 | |
Corporate | AM Best, B++ Rating | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 3 | 3 | |
Corporate | AM Best, Below B plus plus Rating | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 0 | 0 | |
Property and Casualty Insurance Products | Operating Segments | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 6,093 | 5,566 | |
Allowance for uncollectible reinsurance | (42) | (52) | (48) |
Reinsurance Recoverables, Including Reinsurance Premium Paid | 5,997 | 5,461 | |
Property and Casualty Insurance Products | Operating Segments | Uncollectible reinsurance | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Allowance for uncollectible reinsurance | (96) | (105) | (114) |
Property and Casualty Insurance Products | Operating Segments | Mandatory and Voluntary Risk Pools | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 239 | 259 | |
Property and Casualty Insurance Products | Operating Segments | Captives | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 331 | 305 | |
Property and Casualty Insurance Products | Operating Segments | Other not rated companies | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 255 | 254 | |
Property and Casualty Insurance Products | Operating Segments | AMBestRated [Member] | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 5,268 | 4,748 | |
Property and Casualty Insurance Products | Operating Segments | AM Best, A++ Rating | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 1,860 | 1,598 | |
Property and Casualty Insurance Products | Operating Segments | AM Best, A+ Rating | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 1,999 | 1,788 | |
Property and Casualty Insurance Products | Operating Segments | AM Best, A Rating | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 713 | 638 | |
Property and Casualty Insurance Products | Operating Segments | AM Best, A- Rating | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 37 | 37 | |
Property and Casualty Insurance Products | Operating Segments | AM Best, B++ Rating | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 639 | 666 | |
Property and Casualty Insurance Products | Operating Segments | AM Best, Below B plus plus Rating | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 20 | 21 | |
Group Insurance Policy [Member] | Operating Segments | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 251 | 245 | |
Allowance for uncollectible reinsurance | (1) | (1) | 0 |
Reinsurance Recoverables, Including Reinsurance Premium Paid | 250 | 244 | |
Group Insurance Policy [Member] | Operating Segments | Uncollectible reinsurance | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Allowance for uncollectible reinsurance | (1) | (1) | $ 0 |
Group Insurance Policy [Member] | Operating Segments | Mandatory and Voluntary Risk Pools | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 0 | 0 | |
Group Insurance Policy [Member] | Operating Segments | Captives | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 0 | 0 | |
Group Insurance Policy [Member] | Operating Segments | Other not rated companies | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 5 | 5 | |
Group Insurance Policy [Member] | Operating Segments | AMBestRated [Member] | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 246 | 240 | |
Group Insurance Policy [Member] | Operating Segments | AM Best, A++ Rating | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 0 | 0 | |
Group Insurance Policy [Member] | Operating Segments | AM Best, A+ Rating | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 237 | 230 | |
Group Insurance Policy [Member] | Operating Segments | AM Best, A Rating | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 0 | 0 | |
Group Insurance Policy [Member] | Operating Segments | AM Best, A- Rating | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 9 | 9 | |
Group Insurance Policy [Member] | Operating Segments | AM Best, B++ Rating | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 0 | 0 | |
Group Insurance Policy [Member] | Operating Segments | AM Best, Below B plus plus Rating | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | $ 0 | $ 1 |
Reinsurance - Reinsurance Recov
Reinsurance - Reinsurance Recoverable, ACL (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | |
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward] | ||||
Reinsurance Recoverable, Credit Loss Expense (Reversal) | $ (9) | $ 4 | ||
Reinsurance, Loss on Uncollectible Accounts in Period, Amount | 1 | 0 | ||
Reinsurance Recoverable, Allowance for Credit Loss, Recovery | 0 | 1 | ||
Reinsurance Recoverable, Allowance for Credit Loss | 45 | 55 | $ 48 | |
Corporate | ||||
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward] | ||||
Reinsurance Recoverable, Credit Loss Expense (Reversal) | 0 | 1 | ||
Reinsurance, Loss on Uncollectible Accounts in Period, Amount | 0 | 0 | ||
Reinsurance Recoverable, Allowance for Credit Loss, Recovery | 0 | 0 | ||
Reinsurance Recoverable, Allowance for Credit Loss | 2 | 2 | 0 | |
Operating Segments | Property and Casualty Insurance Subsidiaries | ||||
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward] | ||||
Reinsurance Recoverable, Credit Loss Expense (Reversal) | (9) | 3 | ||
Reinsurance, Loss on Uncollectible Accounts in Period, Amount | 1 | 0 | ||
Reinsurance Recoverable, Allowance for Credit Loss, Recovery | 0 | 1 | ||
Reinsurance Recoverable, Allowance for Credit Loss | 42 | 52 | 48 | |
Operating Segments | Group Insurance Policy [Member] | ||||
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward] | ||||
Reinsurance Recoverable, Credit Loss Expense (Reversal) | 0 | 0 | ||
Reinsurance, Loss on Uncollectible Accounts in Period, Amount | 0 | 0 | ||
Reinsurance Recoverable, Allowance for Credit Loss, Recovery | 0 | 0 | ||
Reinsurance Recoverable, Allowance for Credit Loss | 1 | 1 | 0 | |
Uncollectible reinsurance | ||||
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward] | ||||
Reinsurance Recoverable, Allowance for Credit Loss | 99 | 108 | 114 | |
Uncollectible reinsurance | Corporate | ||||
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward] | ||||
Reinsurance Recoverable, Allowance for Credit Loss | 2 | 2 | 0 | |
Uncollectible reinsurance | Operating Segments | Property and Casualty Insurance Subsidiaries | ||||
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward] | ||||
Reinsurance Recoverable, Allowance for Credit Loss | 96 | 105 | 114 | |
Uncollectible reinsurance | Operating Segments | Group Insurance Policy [Member] | ||||
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward] | ||||
Reinsurance Recoverable, Allowance for Credit Loss | 1 | 1 | 0 | |
Disputes [Member] | ||||
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward] | ||||
Reinsurance Recoverable, Allowance for Credit Loss | 54 | 53 | 66 | |
Disputes [Member] | Corporate | ||||
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward] | ||||
Reinsurance Recoverable, Allowance for Credit Loss | 0 | 0 | 0 | |
Disputes [Member] | Operating Segments | Property and Casualty Insurance Subsidiaries | ||||
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward] | ||||
Reinsurance Recoverable, Allowance for Credit Loss | 54 | 53 | 66 | |
Disputes [Member] | Operating Segments | Group Insurance Policy [Member] | ||||
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward] | ||||
Reinsurance Recoverable, Allowance for Credit Loss | $ 0 | $ 0 | 0 | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2 | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | Corporate | ||||
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1 | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | Operating Segments | Property and Casualty Insurance Subsidiaries | ||||
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 0 | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | Operating Segments | Group Insurance Policy [Member] | ||||
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1 | |||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward] | ||||
Reinsurance Recoverable, Allowance for Credit Loss | 50 | |||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Corporate | ||||
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward] | ||||
Reinsurance Recoverable, Allowance for Credit Loss | 1 | |||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Operating Segments | Property and Casualty Insurance Subsidiaries | ||||
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward] | ||||
Reinsurance Recoverable, Allowance for Credit Loss | 48 | |||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Operating Segments | Group Insurance Policy [Member] | ||||
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward] | ||||
Reinsurance Recoverable, Allowance for Credit Loss | $ 1 | |||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Uncollectible reinsurance | ||||
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward] | ||||
Reinsurance Recoverable, Allowance for Credit Loss | $ 116 |
Reinsurance - Insurance Revenue
Reinsurance - Insurance Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Premiums Earned | |||
Direct | $ 18,867 | $ 17,796 | $ 16,132 |
Assumed | 696 | 927 | 1,988 |
Ceded | (1,381) | (1,269) | (1,027) |
Premiums Earned, Net | 17,999 | 17,288 | 16,923 |
Property and Casualty Insurance Products | |||
Premiums Written | |||
Direct | 13,696 | 12,537 | 12,190 |
Assumed | 631 | 577 | 371 |
Ceded | (1,378) | (1,209) | (978) |
Net | 12,949 | 11,905 | 11,583 |
Premiums Earned | |||
Direct | 13,204 | 12,551 | 12,010 |
Assumed | 568 | 540 | 416 |
Ceded | (1,277) | (1,173) | (936) |
Premiums Earned, Net | 12,495 | 11,918 | 11,490 |
Group Insurance Policy [Member] | |||
Premiums Earned | |||
Direct | 5,663 | 5,245 | 4,122 |
Assumed | 128 | 387 | 1,572 |
Ceded | (104) | (96) | (91) |
Premiums Earned, Net | $ 5,687 | $ 5,536 | $ 5,603 |
Deferred Policy Acquisition C_3
Deferred Policy Acquisition Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Deferred Policy Acquisition Cost [Line Items] | |||
Balance, beginning of period | $ 789 | $ 785 | $ 670 |
Deferred costs | 1,751 | 1,666 | 1,635 |
Amortization — DAC | (1,680) | (1,706) | (1,622) |
Balance, end of period | 881 | 789 | 785 |
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Continental Europe Operations [Member] | |||
Deferred Policy Acquisition Cost [Line Items] | |||
DAC transferred to assets held for sale | 0 | (3) | 0 |
The Navigators Group, Inc. [Member] | Customer relationships | |||
Deferred Policy Acquisition Cost [Line Items] | |||
Add back amortization of value of business acquired [1] | $ 21 | $ 47 | $ 102 |
Goodwill & Other Intangible A_3
Goodwill & Other Intangible Assets - Goodwill Carrying Value (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill [Roll Forward] | |||
Beginning balance | $ 1,911,000,000 | $ 1,913,000,000 | |
Goodwill, Purchase Accounting Adjustments | 0 | (2,000,000) | |
Ending balance | 1,911,000,000 | 1,911,000,000 | $ 1,913,000,000 |
Goodwill, Impairment Loss | 0 | 0 | 0 |
Operating Segments | P&C Commercial Lines | |||
Goodwill [Roll Forward] | |||
Beginning balance | 659,000,000 | 661,000,000 | |
Goodwill, Purchase Accounting Adjustments | 0 | (2,000,000) | |
Ending balance | 659,000,000 | 659,000,000 | 661,000,000 |
Operating Segments | P&C Personal Lines | |||
Goodwill [Roll Forward] | |||
Beginning balance | 119,000,000 | 119,000,000 | |
Goodwill, Purchase Accounting Adjustments | 0 | 0 | |
Ending balance | 119,000,000 | 119,000,000 | 119,000,000 |
Operating Segments | Hartford Funds | |||
Goodwill [Roll Forward] | |||
Beginning balance | 180,000,000 | 180,000,000 | |
Goodwill, Purchase Accounting Adjustments | 0 | 0 | |
Ending balance | 180,000,000 | 180,000,000 | 180,000,000 |
Operating Segments | Group Benefits [Member] | |||
Goodwill [Roll Forward] | |||
Beginning balance | 723,000,000 | 723,000,000 | |
Goodwill, Purchase Accounting Adjustments | 0 | 0 | |
Ending balance | 723,000,000 | 723,000,000 | 723,000,000 |
Corporate | |||
Goodwill [Roll Forward] | |||
Beginning balance | 230,000,000 | 230,000,000 | |
Goodwill, Purchase Accounting Adjustments | 0 | 0 | |
Ending balance | 230,000,000 | 230,000,000 | 230,000,000 |
Corporate | Hartford Funds | |||
Goodwill [Roll Forward] | |||
Beginning balance | 92,000,000 | 92,000,000 | |
Ending balance | 92,000,000 | 92,000,000 | 92,000,000 |
Corporate | Group Benefits [Member] | |||
Goodwill [Roll Forward] | |||
Beginning balance | 138,000,000 | 138,000,000 | |
Ending balance | $ 138,000,000 | $ 138,000,000 | $ 138,000,000 |
Goodwill & Other Intangible A_4
Goodwill & Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Millions | May 28, 2020 | Dec. 31, 2021 | Dec. 31, 2020 |
Amortized Intangible Assets: | |||
Finite-Lived Intangible Assets, Gross | $ 1,274 | $ 1,274 | |
Accumulated Amortization | (511) | (419) | |
Net Carrying Amount | 763 | 855 | |
Total Indefinite Life Intangible Assets | 95 | 95 | |
Total Other Intangible Assets | 1,369 | 1,369 | |
Total Other Intangible Assets | 858 | 950 | |
Value of in-force contracts | |||
Amortized Intangible Assets: | |||
Finite-Lived Intangible Assets, Gross | 203 | 203 | |
Accumulated Amortization | (194) | (172) | |
Net Carrying Amount | 9 | 31 | |
Customer relationships | |||
Amortized Intangible Assets: | |||
Finite-Lived Intangible Assets, Gross | 636 | 636 | |
Accumulated Amortization | (177) | (134) | |
Net Carrying Amount | 459 | 502 | |
Marketing agreement with Aetna | |||
Amortized Intangible Assets: | |||
Finite-Lived Intangible Assets, Gross | 16 | 16 | |
Accumulated Amortization | (4) | (3) | |
Net Carrying Amount | 12 | 13 | |
Distribution Agreement [1] | |||
Amortized Intangible Assets: | |||
Finite-Lived Intangible Assets, Gross | 79 | 79 | |
Accumulated Amortization | (68) | (65) | |
Net Carrying Amount | 11 | 14 | |
Finite-Lived Intangible Asset, Useful Life | 6 years 6 months | ||
Distribution and Agency relationships & Other | |||
Amortized Intangible Assets: | |||
Finite-Lived Intangible Assets, Gross | 340 | 340 | |
Accumulated Amortization | (68) | (45) | |
Net Carrying Amount | $ 272 | $ 295 |
Goodwill & Other Intangible A_5
Goodwill & Other Intangible Assets - Expected Future Amortization Expense (Details) $ in Millions | Dec. 31, 2021USD ($) |
Value of in-force contracts | |
Finite-Lived Intangible Assets [Line Items] | |
2022 | $ 9 |
2023 | 0 |
2024 | 0 |
2025 | 0 |
2026 | 0 |
Other Intangible Assets [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
2022 | 70 |
2023 | 70 |
2024 | 70 |
2025 | 70 |
2026 | $ 70 |
Reserve for Unpaid Losses and_3
Reserve for Unpaid Losses and Loss Adjustment Expenses - P&C Liabilities for Unpaid Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Millions | 3 Months Ended | 7 Months Ended | 12 Months Ended | |||
Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||||||
Beginning liabilities for unpaid losses and loss adjustment expenses, gross | $ 37,855 | |||||
Payments | ||||||
Ending liabilities for unpaid losses and loss adjustment expenses, gross | 39,659 | $ 37,855 | ||||
Adverse Development Cover Navigators Group [Member] | ||||||
Provision for unpaid losses and loss adjustment expenses | ||||||
Increase (Decrease) in Deferred Revenue | (91) | (102) | $ (16) | |||
Property and Casualty Insurance Subsidiaries | ||||||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||||||
Beginning liabilities for unpaid losses and loss adjustment expenses, gross | 29,622 | 28,261 | 24,584 | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | $ 5,275 | 6,081 | 5,725 | 5,275 | $ 4,232 | |
Beginning liabilities for unpaid losses and loss adjustment expenses, net | 23,897 | 22,986 | 20,352 | |||
Provision for unpaid losses and loss adjustment expenses | ||||||
Current accident year | 7,911 | 7,794 | 7,463 | |||
Prior accident year development [1] | 199 | (136) | (65) | |||
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims | 8,110 | 7,658 | 7,398 | |||
Payments | ||||||
Current accident year | (2,276) | (2,214) | (2,374) | |||
Prior accident years | (4,119) | (4,190) | (4,374) | |||
Total payments | (6,395) | (6,404) | (6,748) | |||
Foreign currency adjustment | 2 | 14 | (1) | |||
Unpaid Losses and Loss Adjustment Expenses, Net of Reinsurance | 22,986 | 25,368 | 23,897 | 22,986 | $ 20,352 | |
Ending liabilities for unpaid losses and loss adjustment expenses, gross | 28,261 | 31,449 | 29,622 | 28,261 | ||
Property and Casualty Insurance Subsidiaries | Continental Europe Operations [Member] | ||||||
Payments | ||||||
Net change in reserves transferred to liabilities held for sale | 0 | 0 | (45) | 0 | ||
Property and Casualty Insurance Subsidiaries | Adverse Development Cover Navigators Group [Member] | ||||||
Provision for unpaid losses and loss adjustment expenses | ||||||
Increase (Decrease) in Deferred Revenue | (246) | (312) | (16) | |||
The Navigators Group, Inc. [Member] | Adverse Development Cover Navigators Group [Member] | ||||||
Provision for unpaid losses and loss adjustment expenses | ||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims | $ 97 | 97 | 84 | |||
Increase (Decrease) in Deferred Revenue | (16) | |||||
Payments | ||||||
Current accident year | $ (29) | |||||
The Navigators Group, Inc. [Member] | Property and Casualty Insurance Subsidiaries | ||||||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Reserves net Reinsurance and Other Recoverables | $ 2,001 | $ 0 | $ 0 | $ 2,001 |
Reserve for Unpaid Losses and_4
Reserve for Unpaid Losses and Loss Adjustment Expenses - Discounted Reserves, P&C (Details) - Property and Casualty Insurance Products - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Weighted Average Discount Rate [Line Items] | |||
Liability for unpaid losses and loss adjustment expenses, at undiscounted amounts | $ 1,405 | $ 1,334 | $ 1,331 |
Amount of discount | 355 | 367 | 388 |
Carrying value of liability for unpaid losses and loss adjustment expenses | 1,050 | 967 | 943 |
Discount accretion included in losses and loss adjustment expenses | $ 36 | $ 36 | $ 33 |
Minimum | |||
Weighted Average Discount Rate [Line Items] | |||
Discount Rate | 0.83% | 0.83% | 1.76% |
Maximum | |||
Weighted Average Discount Rate [Line Items] | |||
Discount Rate | 14.03% | 14.03% | 14.03% |
Weighted Average Expected Life | |||
Weighted Average Discount Rate [Line Items] | |||
Discount Rate | 2.54% | 2.68% | 2.91% |
Reserve for Unpaid Losses and_5
Reserve for Unpaid Losses and Loss Adjustment Expenses - Prior Accident Years Reserve Development (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reconciling Items | |||
Prior accident years reserve development | |||
Change in Deferred Gain on Retroactive Reinsurance | $ 246 | $ 312 | $ 16 |
Adverse Development Cover Navigators Group [Member] | |||
Prior accident years reserve development | |||
Change in Deferred Gain on Retroactive Reinsurance | 91 | 102 | 16 |
Catastrophes | Segment Reconciling Items | |||
Prior accident years reserve development | |||
Prior accident year development [1] | (154) | (529) | (42) |
Asbestos and Environmental | |||
Prior accident years reserve development | |||
Prior accident year development [1] | 218 | ||
Change in Deferred Gain on Retroactive Reinsurance | 155 | 210 | |
Asbestos and Environmental | Segment Reconciling Items | |||
Prior accident years reserve development | |||
Prior accident year development [1] | 0 | (2) | 0 |
Workers’ compensation | Segment Reconciling Items | |||
Prior accident years reserve development | |||
Prior accident year development [1] | (190) | (110) | (120) |
Workers’ compensation discount accretion | Segment Reconciling Items | |||
Prior accident years reserve development | |||
Prior accident year development [1] | 35 | 35 | 33 |
General liability | Segment Reconciling Items | |||
Prior accident years reserve development | |||
Prior accident year development [1] | 454 | 237 | 61 |
Marine [Member] | Segment Reconciling Items | |||
Prior accident years reserve development | |||
Prior accident year development [1] | 1 | 3 | 8 |
Package business | Segment Reconciling Items | |||
Prior accident years reserve development | |||
Prior accident year development [1] | (91) | (58) | (47) |
Professional liability | Segment Reconciling Items | |||
Prior accident years reserve development | |||
Prior accident year development [1] | (2) | (14) | 29 |
Bond | Segment Reconciling Items | |||
Prior accident years reserve development | |||
Prior accident year development [1] | (26) | (19) | (3) |
Assumed Reinsurance [Member] | Segment Reconciling Items | |||
Prior accident years reserve development | |||
Prior accident year development [1] | (6) | (6) | 3 |
Uncollectible reinsurance | Segment Reconciling Items | |||
Prior accident years reserve development | |||
Prior accident year development [1] | (6) | (8) | (30) |
Other | Segment Reconciling Items | |||
Prior accident years reserve development | |||
Prior accident year development [1] | 42 | 54 | 46 |
Property and Casualty Insurance Products | |||
Prior accident years reserve development | |||
Prior accident year development [1] | 199 | (136) | (65) |
Prior Year Claims and Claims Adjustment Expense, net of retroactive reinsurance benefit | (47) | (448) | (81) |
Property and Casualty Insurance Products | Adverse Development Cover Navigators Group [Member] | |||
Prior accident years reserve development | |||
Change in Deferred Gain on Retroactive Reinsurance | 246 | 312 | 16 |
P&C Commercial Lines | Property | Segment Reconciling Items | |||
Prior accident years reserve development | |||
Prior accident year development [1] | (26) | (4) | (11) |
P&C Commercial Lines | Automobile liability | Segment Reconciling Items | |||
Prior accident years reserve development | |||
Prior accident year development [1] | 9 | 27 | 27 |
P&C Personal Lines | Property | Segment Reconciling Items | |||
Prior accident years reserve development | |||
Prior accident year development [1] | 3 | 7 | 3 |
P&C Personal Lines | Automobile liability | Segment Reconciling Items | |||
Prior accident years reserve development | |||
Prior accident year development [1] | $ (90) | $ (61) | $ (38) |
Reserve for Unpaid Losses and_6
Reserve for Unpaid Losses and Loss Adjustment Expenses - Reconciliation of Loss Development to Liability for Unpaid Losses and Loss Adjustment Expenses, P&C (Details) - USD ($) $ in Millions | 12 Months Ended | 60 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2018 | |
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Unpaid losses and loss adjustment expenses | $ 39,659 | $ 37,855 | $ 39,659 | ||
Asbestos and Environmental | |||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Unpaid for Accident Years not Displayed in Triangles | 604 | 604 | |||
Policyholder Benefits and Claims Incurred, Ceded | 220 | 1,015 | |||
Adverse Development Cover Navigators Group [Member] | |||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Policyholder Benefits and Claims Incurred, Ceded | 300 | ||||
Deferred Revenue | 209 | 209 | |||
Segment Reconciling Items | Asbestos and Environmental | |||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Unpaid for Accident Years not Displayed in Triangles | 724 | 724 | |||
Unpaid Unallocated Loss Adjustment Expenses, Net of Reinsurance | 0 | 0 | |||
Amount of discount | 0 | 0 | |||
Unpaid Losses and Loss Adjustment Expenses, Net of Reinsurance | 724 | 724 | |||
Reinsurance and Other Recoverables | 1,545 | 1,545 | |||
Unpaid losses and loss adjustment expenses | 2,269 | 2,269 | |||
Workers’ compensation | Segment Reconciling Items | |||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Cumulative Incurred for Accident Years Displayed in Triangles | 18,263 | 18,263 | |||
Cumulative Paid for Accident Years Displayed in Triangles | (9,992) | (9,992) | |||
Unpaid for Accident Years not Displayed in Triangles | 2,981 | 2,981 | |||
Unpaid Unallocated Loss Adjustment Expenses, Net of Reinsurance | 348 | 348 | |||
Amount of discount | 341 | 341 | |||
Unpaid Losses and Loss Adjustment Expenses, Net of Reinsurance | 11,259 | 11,259 | |||
Reinsurance and Other Recoverables | 1,793 | 1,793 | |||
Unpaid losses and loss adjustment expenses | 13,052 | 13,052 | |||
General liability | Adverse Development Cover Navigators Group [Member] | |||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Policyholder Benefits and Claims Incurred, Ceded | 86 | ||||
General liability | Segment Reconciling Items | |||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Cumulative Incurred for Accident Years Displayed in Triangles | 6,731 | 6,731 | |||
Cumulative Paid for Accident Years Displayed in Triangles | (3,157) | (3,157) | |||
Unpaid for Accident Years not Displayed in Triangles | 1,240 | 1,240 | |||
Unpaid Unallocated Loss Adjustment Expenses, Net of Reinsurance | 146 | 146 | |||
Amount of discount | 0 | 0 | |||
Unpaid Losses and Loss Adjustment Expenses, Net of Reinsurance | 4,960 | 4,960 | |||
Reinsurance and Other Recoverables | 870 | 870 | |||
Unpaid losses and loss adjustment expenses | 5,830 | 5,830 | |||
Marine [Member] | Adverse Development Cover Navigators Group [Member] | |||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Policyholder Benefits and Claims Incurred, Ceded | 39 | ||||
Marine [Member] | Segment Reconciling Items | |||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Cumulative Incurred for Accident Years Displayed in Triangles | 1,516 | 1,516 | |||
Cumulative Paid for Accident Years Displayed in Triangles | (1,242) | (1,242) | |||
Unpaid for Accident Years not Displayed in Triangles | 17 | 17 | |||
Unpaid Unallocated Loss Adjustment Expenses, Net of Reinsurance | 12 | 12 | |||
Amount of discount | 0 | 0 | |||
Unpaid Losses and Loss Adjustment Expenses, Net of Reinsurance | 303 | 303 | |||
Reinsurance and Other Recoverables | 235 | 235 | |||
Unpaid losses and loss adjustment expenses | 538 | 538 | |||
Package business | Segment Reconciling Items | |||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Cumulative Incurred for Accident Years Displayed in Triangles | 6,952 | 6,952 | |||
Cumulative Paid for Accident Years Displayed in Triangles | (5,208) | (5,208) | |||
Unpaid for Accident Years not Displayed in Triangles | 77 | 77 | |||
Unpaid Unallocated Loss Adjustment Expenses, Net of Reinsurance | 103 | 103 | |||
Amount of discount | 0 | 0 | |||
Unpaid Losses and Loss Adjustment Expenses, Net of Reinsurance | 1,924 | 1,924 | |||
Reinsurance and Other Recoverables | 90 | 90 | |||
Unpaid losses and loss adjustment expenses | 2,014 | 2,014 | |||
Property | P&C Commercial Lines | Adverse Development Cover Navigators Group [Member] | |||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Policyholder Benefits and Claims Incurred, Ceded | 3 | ||||
Property | P&C Commercial Lines | Segment Reconciling Items | |||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Cumulative Incurred for Accident Years Displayed in Triangles | 3,830 | 3,830 | |||
Cumulative Paid for Accident Years Displayed in Triangles | (3,342) | (3,342) | |||
Unpaid for Accident Years not Displayed in Triangles | 24 | 24 | |||
Unpaid Unallocated Loss Adjustment Expenses, Net of Reinsurance | 18 | 18 | |||
Amount of discount | 0 | 0 | |||
Unpaid Losses and Loss Adjustment Expenses, Net of Reinsurance | 530 | 530 | |||
Reinsurance and Other Recoverables | 268 | 268 | |||
Unpaid losses and loss adjustment expenses | 798 | 798 | |||
Automobile liability | P&C Commercial Lines | Adverse Development Cover Navigators Group [Member] | |||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Policyholder Benefits and Claims Incurred, Ceded | 16 | ||||
Automobile liability | P&C Commercial Lines | Segment Reconciling Items | |||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Cumulative Incurred for Accident Years Displayed in Triangles | 3,908 | 3,908 | |||
Cumulative Paid for Accident Years Displayed in Triangles | (2,778) | (2,778) | |||
Unpaid for Accident Years not Displayed in Triangles | 22 | 22 | |||
Unpaid Unallocated Loss Adjustment Expenses, Net of Reinsurance | 23 | 23 | |||
Amount of discount | 0 | 0 | |||
Unpaid Losses and Loss Adjustment Expenses, Net of Reinsurance | 1,175 | 1,175 | |||
Reinsurance and Other Recoverables | 91 | 91 | |||
Unpaid losses and loss adjustment expenses | 1,266 | 1,266 | |||
Automobile liability | P&C Personal Lines | Segment Reconciling Items | |||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Cumulative Incurred for Accident Years Displayed in Triangles | 11,104 | 11,104 | |||
Cumulative Paid for Accident Years Displayed in Triangles | (9,809) | (9,809) | |||
Unpaid for Accident Years not Displayed in Triangles | 29 | 29 | |||
Unpaid Unallocated Loss Adjustment Expenses, Net of Reinsurance | 66 | 66 | |||
Amount of discount | 0 | 0 | |||
Unpaid Losses and Loss Adjustment Expenses, Net of Reinsurance | 1,390 | 1,390 | |||
Reinsurance and Other Recoverables | 23 | 23 | |||
Unpaid losses and loss adjustment expenses | 1,413 | 1,413 | |||
Commercial automobile physical damage | P&C Commercial Lines | Segment Reconciling Items | |||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Cumulative Incurred for Accident Years Displayed in Triangles | 172 | 172 | |||
Cumulative Paid for Accident Years Displayed in Triangles | (162) | (162) | |||
Unpaid for Accident Years not Displayed in Triangles | 4 | 4 | |||
Unpaid Unallocated Loss Adjustment Expenses, Net of Reinsurance | 0 | 0 | |||
Amount of discount | 0 | 0 | |||
Unpaid Losses and Loss Adjustment Expenses, Net of Reinsurance | 14 | 14 | |||
Reinsurance and Other Recoverables | (1) | (1) | |||
Unpaid losses and loss adjustment expenses | 13 | 13 | |||
Professional liability | Adverse Development Cover Navigators Group [Member] | |||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Policyholder Benefits and Claims Incurred, Ceded | 110 | ||||
Professional liability | Segment Reconciling Items | |||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Cumulative Incurred for Accident Years Displayed in Triangles | 2,511 | 2,511 | |||
Cumulative Paid for Accident Years Displayed in Triangles | (1,335) | (1,335) | |||
Unpaid for Accident Years not Displayed in Triangles | 47 | 47 | |||
Unpaid Unallocated Loss Adjustment Expenses, Net of Reinsurance | 38 | 38 | |||
Amount of discount | 0 | 0 | |||
Unpaid Losses and Loss Adjustment Expenses, Net of Reinsurance | 1,261 | 1,261 | |||
Reinsurance and Other Recoverables | 781 | 781 | |||
Unpaid losses and loss adjustment expenses | 2,042 | 2,042 | |||
Bond | Segment Reconciling Items | |||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Cumulative Incurred for Accident Years Displayed in Triangles | 625 | 625 | |||
Cumulative Paid for Accident Years Displayed in Triangles | (254) | (254) | |||
Unpaid for Accident Years not Displayed in Triangles | 32 | 32 | |||
Unpaid Unallocated Loss Adjustment Expenses, Net of Reinsurance | 31 | 31 | |||
Amount of discount | 0 | 0 | |||
Unpaid Losses and Loss Adjustment Expenses, Net of Reinsurance | 434 | 434 | |||
Reinsurance and Other Recoverables | 10 | 10 | |||
Unpaid losses and loss adjustment expenses | 444 | 444 | |||
Assumed Reinsurance [Member] | Adverse Development Cover Navigators Group [Member] | |||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Policyholder Benefits and Claims Incurred, Ceded | 29 | ||||
Assumed Reinsurance [Member] | Segment Reconciling Items | |||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Cumulative Incurred for Accident Years Displayed in Triangles | 1,384 | 1,384 | |||
Cumulative Paid for Accident Years Displayed in Triangles | (1,106) | (1,106) | |||
Unpaid for Accident Years not Displayed in Triangles | 3 | 3 | |||
Unpaid Unallocated Loss Adjustment Expenses, Net of Reinsurance | 4 | 4 | |||
Amount of discount | 0 | 0 | |||
Unpaid Losses and Loss Adjustment Expenses, Net of Reinsurance | 285 | 285 | |||
Reinsurance and Other Recoverables | 50 | 50 | |||
Unpaid losses and loss adjustment expenses | 335 | 335 | |||
Personal automobile physical damage | Segment Reconciling Items | |||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Cumulative Incurred for Accident Years Displayed in Triangles | 1,200 | 1,200 | |||
Cumulative Paid for Accident Years Displayed in Triangles | (1,170) | (1,170) | |||
Unpaid for Accident Years not Displayed in Triangles | 7 | 7 | |||
Unpaid Unallocated Loss Adjustment Expenses, Net of Reinsurance | 3 | 3 | |||
Amount of discount | 0 | 0 | |||
Unpaid Losses and Loss Adjustment Expenses, Net of Reinsurance | 40 | 40 | |||
Reinsurance and Other Recoverables | 0 | 0 | |||
Unpaid losses and loss adjustment expenses | 40 | 40 | |||
Homeowners | Segment Reconciling Items | |||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Cumulative Incurred for Accident Years Displayed in Triangles | 6,307 | 6,307 | |||
Cumulative Paid for Accident Years Displayed in Triangles | (5,982) | (5,982) | |||
Unpaid for Accident Years not Displayed in Triangles | 5 | 5 | |||
Unpaid Unallocated Loss Adjustment Expenses, Net of Reinsurance | 34 | 34 | |||
Amount of discount | 0 | 0 | |||
Unpaid Losses and Loss Adjustment Expenses, Net of Reinsurance | 364 | 364 | |||
Reinsurance and Other Recoverables | 17 | 17 | |||
Unpaid losses and loss adjustment expenses | 381 | 381 | |||
Homeowners | P&C Personal Lines | Segment Reconciling Items | |||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Cumulative Paid for Accident Years Displayed in Triangles | (5,982) | (5,982) | |||
Other ongoing business | Adverse Development Cover Navigators Group [Member] | |||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Policyholder Benefits and Claims Incurred, Ceded | 17 | ||||
Other ongoing business | Segment Reconciling Items | |||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Unpaid for Accident Years not Displayed in Triangles | 183 | 183 | |||
Unpaid Unallocated Loss Adjustment Expenses, Net of Reinsurance | 5 | 5 | |||
Amount of discount | 14 | 14 | |||
Unpaid Losses and Loss Adjustment Expenses, Net of Reinsurance | 174 | 174 | |||
Reinsurance and Other Recoverables | 310 | 310 | |||
Unpaid losses and loss adjustment expenses | 484 | 484 | |||
Other operations | Segment Reconciling Items | |||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Unpaid for Accident Years not Displayed in Triangles | 374 | 374 | |||
Unpaid Unallocated Loss Adjustment Expenses, Net of Reinsurance | 157 | 157 | |||
Amount of discount | 0 | 0 | |||
Unpaid Losses and Loss Adjustment Expenses, Net of Reinsurance | 531 | 531 | |||
Reinsurance and Other Recoverables | (1) | (1) | |||
Unpaid losses and loss adjustment expenses | 530 | 530 | |||
Property and Casualty Insurance Products | |||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Cumulative Incurred for Accident Years Displayed in Triangles | 64,503 | 64,503 | |||
Cumulative Paid for Accident Years Displayed in Triangles | (45,537) | (45,537) | |||
Unpaid for Accident Years not Displayed in Triangles | 5,769 | 5,769 | |||
Unpaid Unallocated Loss Adjustment Expenses, Net of Reinsurance | 988 | 988 | |||
Amount of discount | 355 | 367 | $ 388 | 355 | |
Unpaid Losses and Loss Adjustment Expenses, Net of Reinsurance | 25,368 | 23,897 | 22,986 | 25,368 | $ 20,352 |
Reinsurance and Other Recoverables | 6,081 | 5,725 | 5,275 | 6,081 | 4,232 |
Unpaid losses and loss adjustment expenses | 31,449 | 29,622 | 28,261 | $ 31,449 | $ 24,584 |
Policyholder Benefits and Claims Incurred, Ceded | $ 1,243 | $ 1,156 | $ 826 |
Reserve for Unpaid Losses and_7
Reserve for Unpaid Losses and Loss Adjustment Expenses - Historical Loss Development Triangles, P&C (Details) claim in Millions, $ in Millions | Dec. 31, 2021USD ($)claim | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) |
Workers’ compensation | Segment Reconciling Items | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 18,263 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 9,992 | |||||||||
Workers’ compensation | 2012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 2,133 | $ 2,135 | $ 2,146 | $ 2,154 | $ 2,169 | $ 2,168 | $ 2,181 | $ 2,207 | $ 2,207 | $ 2,185 |
IBNR Reserves | $ 310 | |||||||||
Claims Reported | claim | 171,562 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 1,706 | 1,678 | 1,644 | 1,587 | 1,529 | 1,436 | 1,313 | 1,106 | 809 | 359 |
Workers’ compensation | 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 1,811 | 1,831 | 1,850 | 1,861 | 1,861 | 1,883 | 1,920 | 1,981 | 2,020 | |
IBNR Reserves | $ 346 | |||||||||
Claims Reported | claim | 151,492 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 1,361 | 1,339 | 1,304 | 1,260 | 1,175 | 1,071 | 917 | 675 | 304 | |
Workers’ compensation | 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 1,654 | 1,679 | 1,692 | 1,713 | 1,761 | 1,789 | 1,838 | 1,869 | ||
IBNR Reserves | $ 386 | |||||||||
Claims Reported | claim | 126,288 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 1,167 | 1,137 | 1,099 | 1,041 | 960 | 811 | 598 | 275 | ||
Workers’ compensation | 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 1,667 | 1,699 | 1,714 | 1,724 | 1,801 | 1,835 | 1,873 | |||
IBNR Reserves | $ 412 | |||||||||
Claims Reported | claim | 114,113 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 1,117 | 1,068 | 1,004 | 909 | 778 | 576 | 261 | |||
Workers’ compensation | 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 1,708 | 1,748 | 1,767 | 1,780 | 1,772 | 1,772 | ||||
IBNR Reserves | $ 489 | |||||||||
Claims Reported | claim | 112,302 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 1,064 | 1,003 | 908 | 779 | 579 | 255 | ||||
Workers’ compensation | 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 1,757 | 1,822 | 1,840 | 1,869 | 1,862 | |||||
IBNR Reserves | $ 636 | |||||||||
Claims Reported | claim | 111,800 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 977 | 900 | 778 | 575 | 261 | |||||
Workers’ compensation | 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 1,904 | 1,915 | 1,917 | 1,916 | ||||||
IBNR Reserves | $ 726 | |||||||||
Claims Reported | claim | 118,951 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 983 | 837 | 624 | 283 | ||||||
Workers’ compensation | 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 1,934 | 1,935 | 1,937 | |||||||
IBNR Reserves | $ 844 | |||||||||
Claims Reported | claim | 119,416 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 856 | 637 | 291 | |||||||
Workers’ compensation | 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 1,864 | 1,865 | ||||||||
IBNR Reserves | $ 1,114 | |||||||||
Claims Reported | claim | 90,199 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 507 | 223 | ||||||||
Workers’ compensation | 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 1,831 | |||||||||
IBNR Reserves | $ 1,314 | |||||||||
Claims Reported | claim | 93,860 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 254 | |||||||||
General liability | Segment Reconciling Items | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 6,731 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 3,157 | |||||||||
General liability | 2012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 406 | 407 | 413 | 421 | 408 | 410 | 392 | 399 | 402 | 423 |
IBNR Reserves | $ 41 | |||||||||
Claims Reported | claim | 16,768 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 352 | 332 | 323 | 305 | 280 | 233 | 170 | 101 | 55 | 13 |
General liability | 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 500 | 508 | 505 | 502 | 488 | 484 | 456 | 442 | 455 | |
IBNR Reserves | $ 42 | |||||||||
Claims Reported | claim | 14,134 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 442 | 422 | 398 | 372 | 320 | 233 | 141 | 53 | 13 | |
General liability | 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 505 | 515 | 522 | 513 | 494 | 481 | 475 | 506 | ||
IBNR Reserves | $ 52 | |||||||||
Claims Reported | claim | 15,242 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 423 | 402 | 358 | 304 | 214 | 130 | 42 | 15 | ||
General liability | 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 637 | 647 | 633 | 594 | 554 | 560 | 556 | |||
IBNR Reserves | $ 71 | |||||||||
Claims Reported | claim | 15,627 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 524 | 477 | 409 | 278 | 156 | 55 | 10 | |||
General liability | 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 620 | 632 | 632 | 607 | 583 | 613 | ||||
IBNR Reserves | $ 92 | |||||||||
Claims Reported | claim | 16,817 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 447 | 368 | 283 | 131 | 52 | 12 | ||||
General liability | 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 613 | 615 | 613 | 614 | 626 | |||||
IBNR Reserves | $ 174 | |||||||||
Claims Reported | claim | 16,447 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 344 | 255 | 156 | 67 | 15 | |||||
General liability | 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 703 | 697 | 669 | 692 | ||||||
IBNR Reserves | $ 295 | |||||||||
Claims Reported | claim | 17,749 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 288 | 177 | 84 | 21 | ||||||
General liability | 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 822 | 827 | 822 | |||||||
IBNR Reserves | $ 512 | |||||||||
Claims Reported | claim | 16,858 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 193 | 100 | 29 | |||||||
General liability | 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 923 | 938 | ||||||||
IBNR Reserves | $ 739 | |||||||||
Claims Reported | claim | 11,991 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 110 | 45 | ||||||||
General liability | 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 1,002 | |||||||||
IBNR Reserves | $ 929 | |||||||||
Claims Reported | claim | 8,364 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 34 | |||||||||
Marine [Member] | Segment Reconciling Items | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 1,516 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 1,242 | |||||||||
Marine [Member] | 2012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 165 | 164 | 164 | 168 | 164 | 163 | 169 | 180 | 220 | 196 |
IBNR Reserves | $ 1 | |||||||||
Claims Reported | claim | 6,789 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 159 | 158 | 159 | 155 | 152 | 148 | 139 | 125 | 101 | 51 |
Marine [Member] | 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 139 | 140 | 138 | 135 | 140 | 136 | 134 | 152 | 149 | |
IBNR Reserves | $ (2) | |||||||||
Claims Reported | claim | 6,629 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 134 | 133 | 126 | 121 | 119 | 112 | 100 | 82 | 42 | |
Marine [Member] | 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 171 | 167 | 169 | 164 | 165 | 158 | 160 | 163 | ||
IBNR Reserves | $ 1 | |||||||||
Claims Reported | claim | 7,137 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 162 | 159 | 157 | 151 | 131 | 116 | 81 | 41 | ||
Marine [Member] | 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 140 | 138 | 134 | 148 | 146 | 146 | 158 | |||
IBNR Reserves | $ (3) | |||||||||
Claims Reported | claim | 10,137 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 141 | 140 | 134 | 126 | 116 | 85 | 40 | |||
Marine [Member] | 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 147 | 150 | 148 | 138 | 143 | 140 | ||||
IBNR Reserves | $ (17) | |||||||||
Claims Reported | claim | 13,178 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 141 | 132 | 123 | 106 | 80 | 35 | ||||
Marine [Member] | 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 180 | 174 | 175 | 187 | 160 | |||||
IBNR Reserves | $ (8) | |||||||||
Claims Reported | claim | 15,586 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 163 | 154 | 142 | 111 | 48 | |||||
Marine [Member] | 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 161 | 154 | 161 | 144 | ||||||
IBNR Reserves | $ (8) | |||||||||
Claims Reported | claim | 14,037 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 148 | 138 | 104 | 37 | ||||||
Marine [Member] | 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 140 | 142 | 144 | |||||||
IBNR Reserves | $ 15 | |||||||||
Claims Reported | claim | 8,413 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 101 | 83 | 36 | |||||||
Marine [Member] | 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 142 | 150 | ||||||||
IBNR Reserves | $ 26 | |||||||||
Claims Reported | claim | 4,730 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 69 | 32 | ||||||||
Marine [Member] | 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 131 | |||||||||
IBNR Reserves | $ 72 | |||||||||
Claims Reported | claim | 3,499 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 24 | |||||||||
Package business | Segment Reconciling Items | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 6,952 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 5,208 | |||||||||
Package business | 2012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 727 | 732 | 732 | 739 | 735 | 736 | 731 | 728 | 725 | 736 |
IBNR Reserves | $ 24 | |||||||||
Claims Reported | claim | 59,921 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 699 | 697 | 694 | 687 | 673 | 652 | 616 | 560 | 486 | 286 |
Package business | 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 583 | 587 | 586 | 592 | 586 | 585 | 573 | 565 | 579 | |
IBNR Reserves | $ 22 | |||||||||
Claims Reported | claim | 43,675 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 552 | 549 | 541 | 522 | 504 | 467 | 414 | 339 | 225 | |
Package business | 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 581 | 593 | 603 | 603 | 602 | 601 | 578 | 566 | ||
IBNR Reserves | $ 29 | |||||||||
Claims Reported | claim | 43,321 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 542 | 535 | 525 | 507 | 468 | 416 | 345 | 226 | ||
Package business | 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 567 | 581 | 588 | 583 | 585 | 588 | 582 | |||
IBNR Reserves | $ 34 | |||||||||
Claims Reported | claim | 42,232 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 513 | 505 | 486 | 445 | 383 | 332 | 212 | |||
Package business | 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 595 | 611 | 625 | 632 | 638 | 655 | ||||
IBNR Reserves | $ 51 | |||||||||
Claims Reported | claim | 44,079 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 521 | 500 | 465 | 410 | 353 | 225 | ||||
Package business | 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 644 | 657 | 692 | 702 | 695 | |||||
IBNR Reserves | $ 73 | |||||||||
Claims Reported | claim | 46,638 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 534 | 496 | 447 | 372 | 235 | |||||
Package business | 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 667 | 688 | 724 | 719 | ||||||
IBNR Reserves | $ 114 | |||||||||
Claims Reported | claim | 44,822 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 498 | 451 | 402 | 237 | ||||||
Package business | 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 749 | 769 | 813 | |||||||
IBNR Reserves | $ 175 | |||||||||
Claims Reported | claim | 43,073 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 488 | 413 | 254 | |||||||
Package business | 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 893 | 915 | ||||||||
IBNR Reserves | $ 316 | |||||||||
Claims Reported | claim | 61,161 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 493 | 326 | ||||||||
Package business | 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 946 | |||||||||
IBNR Reserves | $ 412 | |||||||||
Claims Reported | claim | 40,792 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 368 | |||||||||
Property | P&C Commercial Lines | Segment Reconciling Items | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 3,830 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 3,342 | |||||||||
Property | P&C Commercial Lines | 2012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 332 | 332 | 333 | 334 | 335 | 337 | 335 | 334 | 333 | 369 |
IBNR Reserves | $ 0 | |||||||||
Claims Reported | claim | 26,861 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 330 | 330 | 330 | 331 | 331 | 331 | 326 | 317 | 296 | 182 |
Property | P&C Commercial Lines | 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 247 | 247 | 247 | 248 | 249 | 252 | 254 | 252 | 268 | |
IBNR Reserves | $ 0 | |||||||||
Claims Reported | claim | 21,620 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 245 | 245 | 245 | 244 | 242 | 243 | 238 | 223 | 161 | |
Property | P&C Commercial Lines | 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 279 | 280 | 280 | 279 | 280 | 282 | 281 | 293 | ||
IBNR Reserves | $ (1) | |||||||||
Claims Reported | claim | 21,030 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 280 | 280 | 279 | 279 | 279 | 270 | 250 | 170 | ||
Property | P&C Commercial Lines | 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 301 | 304 | 305 | 301 | 302 | 301 | 299 | |||
IBNR Reserves | $ 0 | |||||||||
Claims Reported | claim | 21,029 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 302 | 303 | 302 | 296 | 285 | 257 | 179 | |||
Property | P&C Commercial Lines | 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 408 | 408 | 406 | 399 | 420 | 406 | ||||
IBNR Reserves | $ 3 | |||||||||
Claims Reported | claim | 23,781 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 406 | 402 | 396 | 379 | 342 | 215 | ||||
Property | P&C Commercial Lines | 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 441 | 439 | 456 | 516 | 577 | |||||
IBNR Reserves | $ 5 | |||||||||
Claims Reported | claim | 24,382 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 433 | 427 | 412 | 378 | 229 | |||||
Property | P&C Commercial Lines | 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 403 | 424 | 437 | 450 | ||||||
IBNR Reserves | $ 8 | |||||||||
Claims Reported | claim | 21,715 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 386 | 379 | 344 | 188 | ||||||
Property | P&C Commercial Lines | 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 419 | 440 | 480 | |||||||
IBNR Reserves | $ 4 | |||||||||
Claims Reported | claim | 21,002 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 383 | 351 | 215 | |||||||
Property | P&C Commercial Lines | 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 469 | 501 | ||||||||
IBNR Reserves | $ 96 | |||||||||
Claims Reported | claim | 20,327 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 336 | 221 | ||||||||
Property | P&C Commercial Lines | 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 531 | |||||||||
IBNR Reserves | $ 108 | |||||||||
Claims Reported | claim | 16,394 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 241 | |||||||||
Automobile liability | P&C Commercial Lines | Segment Reconciling Items | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 3,908 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 2,778 | |||||||||
Automobile liability | P&C Commercial Lines | 2012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 387 | 388 | 388 | 387 | 389 | 395 | 402 | 391 | 377 | 311 |
IBNR Reserves | $ 6 | |||||||||
Claims Reported | claim | 36,053 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 379 | 378 | 376 | 372 | 359 | 346 | 307 | 234 | 143 | 65 |
Automobile liability | P&C Commercial Lines | 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 333 | 334 | 336 | 339 | 340 | 341 | 334 | 318 | 311 | |
IBNR Reserves | $ 7 | |||||||||
Claims Reported | claim | 32,242 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 324 | 323 | 320 | 311 | 295 | 259 | 202 | 130 | 62 | |
Automobile liability | P&C Commercial Lines | 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 332 | 333 | 334 | 341 | 337 | 331 | 317 | 309 | ||
IBNR Reserves | $ 6 | |||||||||
Claims Reported | claim | 29,613 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 320 | 318 | 309 | 299 | 252 | 197 | 131 | 59 | ||
Automobile liability | P&C Commercial Lines | 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 360 | 359 | 356 | 356 | 372 | 358 | 308 | |||
IBNR Reserves | $ 10 | |||||||||
Claims Reported | claim | 28,565 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 344 | 335 | 314 | 267 | 207 | 142 | 62 | |||
Automobile liability | P&C Commercial Lines | 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 395 | 391 | 391 | 390 | 393 | 385 | ||||
IBNR Reserves | $ 15 | |||||||||
Claims Reported | claim | 29,167 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 357 | 339 | 303 | 232 | 147 | 65 | ||||
Automobile liability | P&C Commercial Lines | 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 381 | 383 | 379 | 383 | 372 | |||||
IBNR Reserves | $ 11 | |||||||||
Claims Reported | claim | 26,341 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 328 | 285 | 211 | 134 | 60 | |||||
Automobile liability | P&C Commercial Lines | 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 406 | 405 | 396 | 349 | ||||||
IBNR Reserves | $ 36 | |||||||||
Claims Reported | claim | 24,610 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 305 | 238 | 153 | 62 | ||||||
Automobile liability | P&C Commercial Lines | 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 450 | 439 | 425 | |||||||
IBNR Reserves | $ 114 | |||||||||
Claims Reported | claim | 28,216 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 247 | 160 | 67 | |||||||
Automobile liability | P&C Commercial Lines | 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 424 | 428 | ||||||||
IBNR Reserves | $ 227 | |||||||||
Claims Reported | claim | 21,557 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 119 | 55 | ||||||||
Automobile liability | P&C Commercial Lines | 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 440 | |||||||||
IBNR Reserves | $ 340 | |||||||||
Claims Reported | claim | 17,404 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 55 | |||||||||
Automobile liability | P&C Personal Lines | Segment Reconciling Items | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 11,104 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 9,809 | |||||||||
Automobile liability | P&C Personal Lines | 2012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 1,128 | 1,129 | 1,130 | 1,130 | 1,130 | 1,133 | 1,142 | 1,146 | 1,149 | 1,141 |
IBNR Reserves | $ 4 | |||||||||
Claims Reported | claim | 210,757 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 1,123 | 1,123 | 1,122 | 1,120 | 1,114 | 1,104 | 1,067 | 986 | 818 | 441 |
Automobile liability | P&C Personal Lines | 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 1,155 | 1,156 | 1,157 | 1,153 | 1,152 | 1,153 | 1,144 | 1,145 | 1,131 | |
IBNR Reserves | $ 6 | |||||||||
Claims Reported | claim | 205,485 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 1,148 | 1,144 | 1,142 | 1,135 | 1,121 | 1,091 | 1,002 | 816 | 442 | |
Automobile liability | P&C Personal Lines | 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 1,199 | 1,201 | 1,202 | 1,199 | 1,200 | 1,198 | 1,153 | 1,146 | ||
IBNR Reserves | $ 6 | |||||||||
Claims Reported | claim | 209,022 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 1,190 | 1,186 | 1,182 | 1,165 | 1,125 | 1,032 | 843 | 430 | ||
Automobile liability | P&C Personal Lines | 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 1,324 | 1,328 | 1,331 | 1,330 | 1,338 | 1,340 | 1,195 | |||
IBNR Reserves | $ 8 | |||||||||
Claims Reported | claim | 216,889 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 1,310 | 1,304 | 1,292 | 1,243 | 1,142 | 935 | 475 | |||
Automobile liability | P&C Personal Lines | 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 1,386 | 1,395 | 1,397 | 1,393 | 1,402 | 1,407 | ||||
IBNR Reserves | $ 11 | |||||||||
Claims Reported | claim | 215,839 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 1,363 | 1,345 | 1,308 | 1,188 | 968 | 505 | ||||
Automobile liability | P&C Personal Lines | 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 1,200 | 1,214 | 1,228 | 1,275 | 1,277 | |||||
IBNR Reserves | $ 18 | |||||||||
Claims Reported | claim | 187,513 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 1,161 | 1,123 | 1,033 | 836 | 441 | |||||
Automobile liability | P&C Personal Lines | 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 1,058 | 1,072 | 1,104 | 1,108 | ||||||
IBNR Reserves | $ 51 | |||||||||
Claims Reported | claim | 156,152 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 965 | 888 | 710 | 359 | ||||||
Automobile liability | P&C Personal Lines | 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 991 | 1,010 | 1,018 | |||||||
IBNR Reserves | $ 97 | |||||||||
Claims Reported | claim | 139,360 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 816 | 654 | 323 | |||||||
Automobile liability | P&C Personal Lines | 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 782 | 805 | ||||||||
IBNR Reserves | $ 192 | |||||||||
Claims Reported | claim | 95,755 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 486 | 238 | ||||||||
Automobile liability | P&C Personal Lines | 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 881 | |||||||||
IBNR Reserves | $ 444 | |||||||||
Claims Reported | claim | 94,494 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 247 | |||||||||
Commercial automobile physical damage | P&C Commercial Lines | Segment Reconciling Items | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 172 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 162 | |||||||||
Commercial automobile physical damage | P&C Commercial Lines | 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 63 | 64 | 63 | |||||||
IBNR Reserves | $ 1 | |||||||||
Claims Reported | claim | 19,853 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 62 | 62 | 56 | |||||||
Commercial automobile physical damage | P&C Commercial Lines | 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 51 | 51 | ||||||||
IBNR Reserves | $ 1 | |||||||||
Claims Reported | claim | 14,671 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 50 | 45 | ||||||||
Commercial automobile physical damage | P&C Commercial Lines | 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 58 | |||||||||
IBNR Reserves | $ 2 | |||||||||
Claims Reported | claim | 14,253 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 50 | |||||||||
Professional liability | Segment Reconciling Items | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 2,511 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 1,335 | |||||||||
Professional liability | 2012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 212 | 217 | 225 | 219 | 221 | 221 | 218 | 238 | 238 | 242 |
IBNR Reserves | $ (3) | |||||||||
Claims Reported | claim | 7,037 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 176 | 175 | 175 | 172 | 169 | 155 | 139 | 100 | 67 | 17 |
Professional liability | 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 169 | 171 | 171 | 173 | 174 | 174 | 187 | 195 | 207 | |
IBNR Reserves | $ 14 | |||||||||
Claims Reported | claim | 5,979 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 148 | 142 | 137 | 131 | 116 | 88 | 67 | 44 | 10 | |
Professional liability | 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 174 | 183 | 182 | 179 | 178 | 181 | 183 | 187 | ||
IBNR Reserves | $ 21 | |||||||||
Claims Reported | claim | 6,734 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 145 | 146 | 135 | 131 | 108 | 74 | 38 | 8 | ||
Professional liability | 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 200 | 207 | 214 | 190 | 180 | 174 | 164 | |||
IBNR Reserves | $ 15 | |||||||||
Claims Reported | claim | 7,245 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 164 | 141 | 125 | 107 | 85 | 40 | 9 | |||
Professional liability | 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 197 | 196 | 197 | 204 | 176 | 183 | ||||
IBNR Reserves | $ 27 | |||||||||
Claims Reported | claim | 8,391 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 149 | 125 | 112 | 88 | 51 | 8 | ||||
Professional liability | 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 241 | 226 | 232 | 203 | 205 | |||||
IBNR Reserves | $ 47 | |||||||||
Claims Reported | claim | 9,466 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 151 | 123 | 88 | 48 | 11 | |||||
Professional liability | 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 278 | 278 | 281 | 248 | ||||||
IBNR Reserves | $ 74 | |||||||||
Claims Reported | claim | 10,040 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 166 | 130 | 73 | 15 | ||||||
Professional liability | 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 336 | 317 | 298 | |||||||
IBNR Reserves | $ 150 | |||||||||
Claims Reported | claim | 9,654 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 150 | 78 | 21 | |||||||
Professional liability | 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 365 | 370 | ||||||||
IBNR Reserves | $ 259 | |||||||||
Claims Reported | claim | 7,713 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 71 | 19 | ||||||||
Professional liability | 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 339 | |||||||||
IBNR Reserves | $ 310 | |||||||||
Claims Reported | claim | 5,450 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 15 | |||||||||
Bond | Segment Reconciling Items | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 625 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 254 | |||||||||
Bond | 2012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 46 | 48 | 48 | 45 | 49 | 49 | 55 | 61 | 70 | 71 |
IBNR Reserves | $ 11 | |||||||||
Claims Reported | claim | 1,729 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 34 | 35 | 35 | 34 | 26 | 26 | 24 | 26 | 25 | 12 |
Bond | 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 34 | 34 | 35 | 39 | 49 | 48 | 55 | 58 | 64 | |
IBNR Reserves | $ 13 | |||||||||
Claims Reported | claim | 1,468 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 20 | 20 | 20 | 19 | 19 | 19 | 17 | 9 | 3 | |
Bond | 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 60 | 60 | 59 | 59 | 67 | 66 | 67 | 71 | ||
IBNR Reserves | $ 8 | |||||||||
Claims Reported | claim | 1,387 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 47 | 46 | 44 | 43 | 43 | 40 | 31 | 18 | ||
Bond | 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 47 | 48 | 54 | 60 | 63 | 67 | 67 | |||
IBNR Reserves | $ 17 | |||||||||
Claims Reported | claim | 1,395 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 30 | 32 | 34 | 31 | 24 | 20 | 9 | |||
Bond | 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 45 | 51 | 55 | 61 | 61 | 61 | ||||
IBNR Reserves | $ 23 | |||||||||
Claims Reported | claim | 1,339 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 22 | 22 | 20 | 15 | 12 | 2 | ||||
Bond | 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 79 | 94 | 101 | 90 | 63 | |||||
IBNR Reserves | $ 36 | |||||||||
Claims Reported | claim | 1,724 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 42 | 54 | 55 | 46 | 5 | |||||
Bond | 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 71 | 72 | 68 | 68 | ||||||
IBNR Reserves | $ 36 | |||||||||
Claims Reported | claim | 1,664 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 24 | 23 | 16 | 6 | ||||||
Bond | 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 74 | 73 | 72 | |||||||
IBNR Reserves | $ 58 | |||||||||
Claims Reported | claim | 1,779 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 15 | 13 | 3 | |||||||
Bond | 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 84 | 83 | ||||||||
IBNR Reserves | $ 71 | |||||||||
Claims Reported | claim | 1,889 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 12 | 4 | ||||||||
Bond | 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 85 | |||||||||
IBNR Reserves | $ 68 | |||||||||
Claims Reported | claim | 1,960 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 8 | |||||||||
Assumed Reinsurance [Member] | Segment Reconciling Items | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 1,384 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 1,106 | |||||||||
Assumed Reinsurance [Member] | 2012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 120 | 120 | 120 | 119 | 120 | 115 | 88 | 93 | 99 | 107 |
IBNR Reserves | $ 0 | |||||||||
Claims Reported | claim | 1,468 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 119 | 119 | 119 | 118 | 118 | 112 | 85 | 83 | 77 | 38 |
Assumed Reinsurance [Member] | 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 103 | 103 | 103 | 102 | 102 | 105 | 103 | 119 | 115 | |
IBNR Reserves | $ (1) | |||||||||
Claims Reported | claim | 1,656 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 103 | 103 | 103 | 101 | 100 | 98 | 91 | 83 | 53 | |
Assumed Reinsurance [Member] | 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 115 | 116 | 116 | 115 | 118 | 122 | 142 | 119 | ||
IBNR Reserves | $ (1) | |||||||||
Claims Reported | claim | 1,820 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 115 | 114 | 113 | 112 | 109 | 106 | 119 | 66 | ||
Assumed Reinsurance [Member] | 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 96 | 96 | 95 | 94 | 94 | 92 | 102 | |||
IBNR Reserves | $ 0 | |||||||||
Claims Reported | claim | 1,582 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 95 | 94 | 91 | 83 | 77 | 65 | 42 | |||
Assumed Reinsurance [Member] | 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 102 | 102 | 100 | 98 | 91 | 89 | ||||
IBNR Reserves | $ (5) | |||||||||
Claims Reported | claim | 1,730 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 97 | 95 | 90 | 84 | 66 | 36 | ||||
Assumed Reinsurance [Member] | 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 153 | 157 | 162 | 153 | 129 | |||||
IBNR Reserves | $ (3) | |||||||||
Claims Reported | claim | 2,166 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 147 | 145 | 135 | 116 | 44 | |||||
Assumed Reinsurance [Member] | 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 135 | 130 | 128 | 129 | ||||||
IBNR Reserves | $ (13) | |||||||||
Claims Reported | claim | 2,263 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 140 | 134 | 112 | 25 | ||||||
Assumed Reinsurance [Member] | 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 187 | 190 | 181 | |||||||
IBNR Reserves | $ 20 | |||||||||
Claims Reported | claim | 2,522 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 154 | 132 | 62 | |||||||
Assumed Reinsurance [Member] | 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 181 | 183 | ||||||||
IBNR Reserves | $ 71 | |||||||||
Claims Reported | claim | 1,623 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 90 | 50 | ||||||||
Assumed Reinsurance [Member] | 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 192 | |||||||||
IBNR Reserves | $ 104 | |||||||||
Claims Reported | claim | 584 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 46 | |||||||||
Personal automobile physical damage | Segment Reconciling Items | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 1,200 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 1,170 | |||||||||
Personal automobile physical damage | 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 441 | 442 | 445 | |||||||
IBNR Reserves | $ 0 | |||||||||
Claims Reported | claim | 277,060 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 441 | 441 | 427 | |||||||
Personal automobile physical damage | 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 346 | 349 | ||||||||
IBNR Reserves | $ 5 | |||||||||
Claims Reported | claim | 210,783 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 341 | 333 | ||||||||
Personal automobile physical damage | 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 413 | |||||||||
IBNR Reserves | $ (6) | |||||||||
Claims Reported | claim | 213,209 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 388 | |||||||||
Homeowners | Segment Reconciling Items | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 6,307 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 5,982 | |||||||||
Homeowners | 2012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 737 | 737 | 738 | 738 | 738 | 739 | 741 | 741 | 741 | 774 |
IBNR Reserves | $ 0 | |||||||||
Claims Reported | claim | 142,860 | |||||||||
Homeowners | 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 629 | 630 | 629 | 630 | 632 | 634 | 637 | 638 | 673 | |
IBNR Reserves | $ 1 | |||||||||
Claims Reported | claim | 113,552 | |||||||||
Homeowners | 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 698 | 698 | 698 | 698 | 700 | 702 | 707 | 710 | ||
IBNR Reserves | $ 0 | |||||||||
Claims Reported | claim | 121,923 | |||||||||
Homeowners | 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 684 | 684 | 684 | 684 | 690 | 703 | 690 | |||
IBNR Reserves | $ 1 | |||||||||
Claims Reported | claim | 119,997 | |||||||||
Homeowners | 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 658 | 658 | 658 | 663 | 673 | 669 | ||||
IBNR Reserves | $ 2 | |||||||||
Claims Reported | claim | 119,793 | |||||||||
Homeowners | 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 775 | 783 | 884 | 889 | 866 | |||||
IBNR Reserves | $ 6 | |||||||||
Claims Reported | claim | 124,713 | |||||||||
Homeowners | 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 642 | 673 | 910 | 903 | ||||||
IBNR Reserves | $ (6) | |||||||||
Claims Reported | claim | 102,784 | |||||||||
Homeowners | 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 470 | 475 | 501 | |||||||
IBNR Reserves | $ 13 | |||||||||
Claims Reported | claim | 84,536 | |||||||||
Homeowners | 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 512 | 525 | ||||||||
IBNR Reserves | $ 26 | |||||||||
Claims Reported | claim | 87,841 | |||||||||
Homeowners | 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 502 | |||||||||
IBNR Reserves | $ 107 | |||||||||
Claims Reported | claim | 71,196 | |||||||||
Homeowners | P&C Personal Lines | Segment Reconciling Items | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 5,982 | |||||||||
Homeowners | P&C Personal Lines | 2012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 736 | 736 | 736 | 735 | 734 | 731 | 727 | 719 | 696 | $ 547 |
Homeowners | P&C Personal Lines | 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 628 | 628 | 628 | 627 | 626 | 622 | 611 | 590 | $ 467 | |
Homeowners | P&C Personal Lines | 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 698 | 697 | 697 | 695 | 691 | 684 | 663 | $ 526 | ||
Homeowners | P&C Personal Lines | 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 681 | 681 | 680 | 674 | 665 | 645 | $ 487 | |||
Homeowners | P&C Personal Lines | 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 655 | 653 | 649 | 640 | 621 | $ 481 | ||||
Homeowners | P&C Personal Lines | 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 761 | 757 | 795 | 747 | $ 538 | |||||
Homeowners | P&C Personal Lines | 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 619 | 616 | 712 | $ 484 | ||||||
Homeowners | P&C Personal Lines | 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 445 | 425 | $ 318 | |||||||
Homeowners | P&C Personal Lines | 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 454 | $ 335 | ||||||||
Homeowners | P&C Personal Lines | 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 305 |
Reserve for Unpaid Losses and_8
Reserve for Unpaid Losses and Loss Adjustment Expenses - Average Annual Payout of Incurred Claims by Age, P&C (Details) | Dec. 31, 2021 |
P&C Commercial Lines | Workers’ compensation | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
1st Year | 15.10% |
2nd Year | 18.70% |
3rd Year | 12.30% |
4th Year | 8.20% |
5th Year | 5.40% |
6th Year | 4.00% |
7th Year | 2.60% |
8th Year | 2.10% |
9th Year | 1.40% |
10th Year | 1.30% |
P&C Commercial Lines | General liability | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
1st Year | 2.90% |
2nd Year | 7.80% |
3rd Year | 14.20% |
4th Year | 18.20% |
5th Year | 16.60% |
6th Year | 11.20% |
7th Year | 6.90% |
8th Year | 4.50% |
9th Year | 3.10% |
10th Year | 4.80% |
P&C Commercial Lines | Marine [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
1st Year | 25.30% |
2nd Year | 31.40% |
3rd Year | 17.50% |
4th Year | 8.00% |
5th Year | 6.60% |
6th Year | 3.40% |
7th Year | 1.90% |
8th Year | 3.10% |
9th Year | 0.00% |
10th Year | 0.70% |
P&C Commercial Lines | Package business | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
1st Year | 37.40% |
2nd Year | 21.80% |
3rd Year | 10.40% |
4th Year | 8.60% |
5th Year | 6.20% |
6th Year | 3.20% |
7th Year | 2.10% |
8th Year | 1.20% |
9th Year | 0.40% |
10th Year | 0.30% |
P&C Commercial Lines | Property | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
1st Year | 53.50% |
2nd Year | 30.60% |
3rd Year | 7.70% |
4th Year | 3.00% |
5th Year | 1.00% |
6th Year | 0.50% |
7th Year | 0.10% |
8th Year | (0.10%) |
9th Year | (0.10%) |
10th Year | 0.00% |
P&C Commercial Lines | Automobile liability | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
1st Year | 15.80% |
2nd Year | 20.30% |
3rd Year | 20.60% |
4th Year | 17.60% |
5th Year | 11.40% |
6th Year | 4.50% |
7th Year | 2.70% |
8th Year | 0.80% |
9th Year | 0.50% |
10th Year | 0.40% |
P&C Commercial Lines | Commercial automobile physical damage | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
1st Year | 88.00% |
2nd Year | 9.70% |
3rd Year | (0.40%) |
P&C Commercial Lines | Professional liability | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
1st Year | 5.30% |
2nd Year | 18.40% |
3rd Year | 18.70% |
4th Year | 14.30% |
5th Year | 10.80% |
6th Year | 7.60% |
7th Year | 5.90% |
8th Year | 1.10% |
9th Year | 1.60% |
10th Year | 0.70% |
P&C Commercial Lines | Bond | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
1st Year | 12.20% |
2nd Year | 22.20% |
3rd Year | 10.30% |
4th Year | 4.60% |
5th Year | (0.20%) |
6th Year | (0.50%) |
7th Year | 4.40% |
8th Year | 1.80% |
9th Year | (0.20%) |
10th Year | (1.60%) |
P&C Commercial Lines | Assumed Reinsurance [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
1st Year | 35.20% |
2nd Year | 36.90% |
3rd Year | 9.10% |
4th Year | 4.90% |
5th Year | 7.00% |
6th Year | 2.40% |
7th Year | 1.00% |
8th Year | 0.30% |
9th Year | 0.30% |
10th Year | 0.10% |
P&C Personal Lines | Automobile liability | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
1st Year | 34.70% |
2nd Year | 33.30% |
3rd Year | 16.00% |
4th Year | 7.70% |
5th Year | 3.10% |
6th Year | 1.20% |
7th Year | 0.50% |
8th Year | 0.20% |
9th Year | 0.20% |
10th Year | 0.00% |
P&C Personal Lines | Personal automobile physical damage | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
1st Year | 95.70% |
2nd Year | 2.70% |
3rd Year | (0.10%) |
P&C Personal Lines | Homeowners | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
1st Year | 70.70% |
2nd Year | 23.50% |
3rd Year | 1.40% |
4th Year | 0.30% |
5th Year | 0.60% |
6th Year | 0.30% |
7th Year | 0.10% |
8th Year | 0.10% |
9th Year | 0.00% |
10th Year | 0.00% |
Reserve for Unpaid Losses and_9
Reserve for Unpaid Losses and Loss Adjustment Expenses - PC Additional Information (Details) - USD ($) $ in Millions | May 23, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2016 | Dec. 31, 2021 | Dec. 31, 2018 |
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||||
Benefits, losses and loss adjustment expenses | $ 12,729 | $ 11,805 | $ 11,472 | ||||
Unpaid losses and loss adjustment expenses | 39,659 | 37,855 | $ 39,659 | ||||
us-gaap_SupplementalInformationForPropertyCasualtyInsuranceUnderwritersPriorYearClaimsAndClaimsAdjustmentExpense_BSASettlement | 650 | ||||||
Reinsurance premium | 0 | 0 | 91 | ||||
Asbestos and Environmental | |||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||||
Liability for Asbestos and Environmental Claims, Gross, Period Increase (Decrease) | 155 | 218 | |||||
Prior accident year development [1] | 218 | ||||||
Change in Deferred Gain on Retroactive Reinsurance | 155 | 210 | |||||
Adverse development from comprehensive annual review | 220 | 1,015 | |||||
Reinsurance Retention Policy, Excess Retention, Amount Reinsured | 485 | ||||||
Reinsurance Retention Policy, Amount Retained | $ 1,700 | ||||||
Net asbestos reserves | |||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||||
Prior accident year development [1] | 106 | 127 | |||||
Net environmental reserves | |||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||||
Prior accident year development [1] | 49 | 91 | |||||
Adverse Development Cover Navigators Group [Member] | |||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||||
Change in Deferred Gain on Retroactive Reinsurance | 91 | 102 | 16 | ||||
Adverse development from comprehensive annual review | 300 | ||||||
Reinsurance premium | $ 91 | ||||||
Deferred Revenue | 209 | 209 | |||||
Adverse Development Cover Navigators Group [Member] | Remaining [Member] | |||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||||
Reinsurance Retention Policy, Excess Retention, Amount Reinsured | 0 | ||||||
Adverse Development Cover Navigators Group [Member] | Retention Layer for Reserve for the Covered Liabilities as of the Inception Date [Member] | |||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||||
Reinsurance Retention Policy, Amount Retained | 1,816 | ||||||
Adverse Development Cover Navigators Group [Member] | Retention Layer Above Reserve for the Covered Liabilities as of the Inception Date [Member] | |||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||||
Reinsurance Retention Policy, Amount Retained | 100 | ||||||
Asbestos and Environmental | |||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||||
Adverse development from comprehensive annual review | 220 | ||||||
Benefits, losses and loss adjustment expenses | 2 | ||||||
Asbestos and Environmental | Asbestos and Environmental | |||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||||
Adverse development from comprehensive annual review | 1,015 | ||||||
Reinsurance premium | 650 | ||||||
Reinsurance Retention Policy, Amount Retained | $ 1,700 | ||||||
Deferred Revenue | 365 | 365 | |||||
Asbestos and Environmental | Remaining [Member] | Asbestos and Environmental | |||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||||
Reinsurance Retention Policy, Excess Retention, Amount Reinsured | 485 | ||||||
Liability | Abuse Claims [Member] | |||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||||
Prior accident year development [1] | 254 | ||||||
Unpaid losses and loss adjustment expenses | 787 | 787 | |||||
Liability | Adverse Development Cover Navigators Group [Member] | |||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||||
Adverse development from comprehensive annual review | 86 | ||||||
Property and Casualty Insurance Subsidiaries | |||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||||
Prior accident year development [1] | 199 | (136) | (65) | ||||
Adverse development from comprehensive annual review | 1,243 | 1,156 | 826 | ||||
Unpaid losses and loss adjustment expenses | 31,449 | 29,622 | 28,261 | $ 31,449 | $ 24,584 | ||
Property and Casualty Insurance Subsidiaries | Adverse Development Cover Navigators Group [Member] | |||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||||
Change in Deferred Gain on Retroactive Reinsurance | 246 | $ 312 | $ 16 | ||||
Automobile | Adverse Development Cover Navigators Group [Member] | P&C Commercial Lines | |||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||||
Adverse development from comprehensive annual review | 16 | ||||||
Maximum | Asbestos and Environmental | |||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||||
Reinsurance Retention Policy, Excess Retention, Amount Reinsured | 1,500 | ||||||
Maximum | Adverse Development Cover Navigators Group [Member] | |||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||||
Reinsurance Retention Policy, Excess Retention, Amount Reinsured | 300 | ||||||
Maximum | Asbestos and Environmental | Asbestos and Environmental | |||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||||
Reinsurance Retention Policy, Excess Retention, Amount Reinsured | $ 1,500 | ||||||
Maximum | Property and Casualty Insurance Subsidiaries | |||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||||
Weighted average discount rate | 14.03% | 14.03% | 14.03% | 14.03% | |||
Minimum [Member] | Property and Casualty Insurance Subsidiaries | |||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||||
Weighted average discount rate | 0.83% | 0.83% | 1.76% | 0.83% | |||
PG&E [Member] | |||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||||
Former Gain Contingency, Recognized in Current Period | $ 289 |
Reserve for Unpaid Losses an_10
Reserve for Unpaid Losses and Loss Adjustment Expenses - Group Benefits Liabilities for Unpaid Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2020 | Dec. 31, 2018 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||
Beginning liabilities for unpaid losses and loss adjustment expenses, gross | $ 37,855 | ||||
Payments | |||||
Ending liabilities for unpaid losses and loss adjustment expenses, gross | 39,659 | $ 37,855 | |||
Group Insurance Policy [Member] | |||||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||
Beginning liabilities for unpaid losses and loss adjustment expenses, gross | 8,233 | 8,256 | $ 8,445 | ||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 245 | 237 | 247 | $ 239 | |
Beginning liabilities for unpaid losses and loss adjustment expenses, net | 7,996 | 8,009 | 8,206 | ||
Provision for unpaid losses and loss adjustment expenses | |||||
Current accident year | 5,021 | 4,511 | 4,385 | ||
Prior year's discount accretion | 201 | 209 | 219 | ||
Prior accident year development [1] | (458) | (445) | (410) | ||
Total provision for unpaid losses and loss adjustment expenses | 4,764 | 4,275 | 4,194 | ||
Payments | |||||
Current incurral year | (2,631) | (2,288) | (2,277) | ||
Prior incurral years | (2,164) | (2,000) | (2,114) | ||
Total payments | (4,795) | (4,288) | (4,391) | ||
Ending liabilities for unpaid losses and loss adjustment expenses, net | 7,965 | 7,996 | 8,009 | ||
Ending liabilities for unpaid losses and loss adjustment expenses, gross | 8,210 | 8,233 | 8,256 | ||
Group Insurance Policy [Member] | Group supplemental health | |||||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 5 | ||||
Provision for unpaid losses and loss adjustment expenses | |||||
Prior accident year development [1] | 10 | 15 | |||
Payments | |||||
Ending liabilities for unpaid losses and loss adjustment expenses, net | 34 | ||||
Ending liabilities for unpaid losses and loss adjustment expenses, gross | 39 | ||||
Group Insurance Policy [Member] | Other Operating Income (Expense) [Member] | |||||
Provision for unpaid losses and loss adjustment expenses | |||||
Total provision for unpaid losses and loss adjustment expenses | $ 179 | $ 178 | $ 178 | ||
Group Insurance Policy [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | Reinsurance Recoverable Including Reinsurance Premium Paid [Member] | |||||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | $ 1 |
Reserve for Unpaid Losses an_11
Reserve for Unpaid Losses and Loss Adjustment Expenses - Discounted Reserves, Group (Details) - Group Benefits - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Weighted Average Discount Rate [Line Items] | |||
Liability for unpaid losses and loss adjustment expenses, at undiscounted amounts | $ 8,176 | $ 8,380 | $ 8,636 |
Discount | (1,304) | (1,353) | (1,401) |
Carrying value of liability for unpaid losses and loss adjustment expenses | $ 6,872 | $ 7,027 | $ 7,235 |
Minimum | |||
Weighted Average Discount Rate [Line Items] | |||
Weighted average discount rate | 2.10% | 2.10% | 2.10% |
Maximum | |||
Weighted Average Discount Rate [Line Items] | |||
Weighted average discount rate | 8.00% | 8.00% | 8.00% |
Weighted Average Expected Life | |||
Weighted Average Discount Rate [Line Items] | |||
Weighted average discount rate | 3.30% | 3.40% | 3.40% |
Reserve for Unpaid Losses an_12
Reserve for Unpaid Losses and Loss Adjustment Expenses - Reconciliation of Loss Development to Liability for Unpaid Losses and Loss Adjustment Expenses, Group (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Unpaid losses and loss adjustment expenses | $ 39,659 | $ 37,855 | ||
Group Benefits | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Cumulative Incurred for Accident Years Displayed in Triangles | 20,436 | |||
Cumulative Paid for Accident Years Displayed in Triangles | (13,863) | |||
Unpaid for Accident Years not Displayed in Triangles | 2,487 | |||
Unpaid Unallocated Loss Adjustment Expenses, Net of Reinsurance | 209 | |||
Discount | (1,304) | (1,353) | $ (1,401) | |
Unpaid Losses and Loss Adjustment Expenses, Net of Reinsurance | 7,965 | 7,996 | 8,009 | $ 8,206 |
Reinsurance and Other Recoverables | (245) | (237) | (247) | (239) |
Unpaid losses and loss adjustment expenses | 8,210 | $ 8,233 | $ 8,256 | $ 8,445 |
Group long-term disability | Group Benefits | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Cumulative Incurred for Accident Years Displayed in Triangles | 14,113 | |||
Cumulative Paid for Accident Years Displayed in Triangles | (8,219) | |||
Unpaid for Accident Years not Displayed in Triangles | 1,546 | |||
Unpaid Unallocated Loss Adjustment Expenses, Net of Reinsurance | 189 | |||
Discount | (1,192) | |||
Unpaid Losses and Loss Adjustment Expenses, Net of Reinsurance | 6,437 | |||
Reinsurance and Other Recoverables | (234) | |||
Unpaid losses and loss adjustment expenses | 6,671 | |||
Group life and accident, excluding premium waiver | Group Benefits | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Cumulative Incurred for Accident Years Displayed in Triangles | 6,323 | |||
Cumulative Paid for Accident Years Displayed in Triangles | (5,644) | |||
Unpaid for Accident Years not Displayed in Triangles | 163 | |||
Unpaid Unallocated Loss Adjustment Expenses, Net of Reinsurance | 4 | |||
Discount | (18) | |||
Unpaid Losses and Loss Adjustment Expenses, Net of Reinsurance | 828 | |||
Reinsurance and Other Recoverables | (5) | |||
Unpaid losses and loss adjustment expenses | 833 | |||
Group short-term disability | Group Benefits | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Unpaid for Accident Years not Displayed in Triangles | 124 | |||
Unpaid Unallocated Loss Adjustment Expenses, Net of Reinsurance | 5 | |||
Discount | 0 | |||
Unpaid Losses and Loss Adjustment Expenses, Net of Reinsurance | 129 | |||
Reinsurance and Other Recoverables | 0 | |||
Unpaid losses and loss adjustment expenses | 129 | |||
Group life premium waiver | Group Benefits | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Unpaid for Accident Years not Displayed in Triangles | 620 | |||
Unpaid Unallocated Loss Adjustment Expenses, Net of Reinsurance | 11 | |||
Discount | (94) | |||
Unpaid Losses and Loss Adjustment Expenses, Net of Reinsurance | 537 | |||
Reinsurance and Other Recoverables | (1) | |||
Unpaid losses and loss adjustment expenses | 538 | |||
Group supplemental health | Group Benefits | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Unpaid for Accident Years not Displayed in Triangles | 34 | |||
Unpaid Unallocated Loss Adjustment Expenses, Net of Reinsurance | 0 | |||
Discount | ||||
Unpaid Losses and Loss Adjustment Expenses, Net of Reinsurance | 34 | |||
Reinsurance and Other Recoverables | (5) | |||
Unpaid losses and loss adjustment expenses | $ 39 |
Reserve for Unpaid Losses an_13
Reserve for Unpaid Losses and Loss Adjustment Expenses - Historical Loss Development Triangles, Group (Details) - Group Benefits claim in Millions, $ in Millions | Dec. 31, 2021USD ($)claim | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) |
Claims Development [Line Items] | ||||||||||
Cumulative Incurred for Accident Years Displayed in Triangles | $ 20,436 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 13,863 | |||||||||
Group long-term disability | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Incurred for Accident Years Displayed in Triangles | 14,113 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 8,219 | |||||||||
Group life and accident, excluding premium waiver | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Incurred for Accident Years Displayed in Triangles | 6,323 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | 5,644 | |||||||||
2012 | Group long-term disability | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Incurred for Accident Years Displayed in Triangles | 1,474 | $ 1,479 | $ 1,486 | $ 1,504 | $ 1,515 | $ 1,530 | $ 1,532 | $ 1,539 | $ 1,605 | $ 1,829 |
IBNR Reserves | $ 0 | |||||||||
Claims Reported | claim | 35,814 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 1,227 | 1,185 | 1,138 | 1,080 | 1,014 | 933 | 835 | 708 | 483 | $ 108 |
2013 | Group long-term disability | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Incurred for Accident Years Displayed in Triangles | 1,378 | 1,385 | 1,399 | 1,413 | 1,416 | 1,429 | 1,429 | 1,479 | 1,660 | |
IBNR Reserves | $ 0 | |||||||||
Claims Reported | claim | 30,757 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 1,113 | 1,067 | 1,016 | 954 | 881 | 791 | 664 | 443 | $ 102 | |
2014 | Group long-term disability | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Incurred for Accident Years Displayed in Triangles | 1,389 | 1,395 | 1,408 | 1,431 | 1,431 | 1,430 | 1,473 | 1,636 | ||
IBNR Reserves | $ 0 | |||||||||
Claims Reported | claim | 31,927 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 1,079 | 1,025 | 960 | 884 | 801 | 675 | 448 | $ 103 | ||
2015 | Group long-term disability | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Incurred for Accident Years Displayed in Triangles | 1,380 | 1,385 | 1,401 | 1,420 | 1,422 | 1,442 | 1,595 | |||
IBNR Reserves | $ 0 | |||||||||
Claims Reported | claim | 32,727 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 1,025 | 962 | 891 | 806 | 687 | 460 | $ 108 | |||
2016 | Group long-term disability | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Incurred for Accident Years Displayed in Triangles | 1,409 | 1,417 | 1,437 | 1,468 | 1,481 | 1,651 | ||||
IBNR Reserves | $ 0 | |||||||||
Claims Reported | claim | 33,301 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 981 | 907 | 819 | 705 | 479 | $ 112 | ||||
2017 | Group long-term disability | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Incurred for Accident Years Displayed in Triangles | 1,304 | 1,316 | 1,358 | 1,413 | 1,597 | |||||
IBNR Reserves | $ 1 | |||||||||
Claims Reported | claim | 30,902 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 842 | 757 | 658 | 452 | $ 109 | |||||
2018 | Group long-term disability | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Incurred for Accident Years Displayed in Triangles | 1,277 | 1,309 | 1,387 | 1,647 | ||||||
IBNR Reserves | $ 1 | |||||||||
Claims Reported | claim | 28,403 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 743 | 639 | 447 | $ 105 | ||||||
2019 | Group long-term disability | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Incurred for Accident Years Displayed in Triangles | 1,327 | 1,424 | 1,650 | |||||||
IBNR Reserves | $ 5 | |||||||||
Claims Reported | claim | 27,375 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 650 | 454 | 101 | |||||||
2019 | Group life and accident, excluding premium waiver | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Incurred for Accident Years Displayed in Triangles | 1,867 | 1,866 | 1,902 | |||||||
IBNR Reserves | $ 9 | |||||||||
Claims Reported | claim | 57,811 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 1,847 | 1,830 | $ 1,471 | |||||||
2020 | Group long-term disability | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Incurred for Accident Years Displayed in Triangles | 1,407 | 1,686 | ||||||||
IBNR Reserves | $ 29 | |||||||||
Claims Reported | claim | 25,503 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 458 | 100 | ||||||||
2020 | Group life and accident, excluding premium waiver | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Incurred for Accident Years Displayed in Triangles | 2,072 | 2,072 | ||||||||
IBNR Reserves | $ 21 | |||||||||
Claims Reported | claim | 60,509 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 2,033 | $ 1,524 | ||||||||
2021 | Group long-term disability | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Incurred for Accident Years Displayed in Triangles | 1,768 | |||||||||
IBNR Reserves | $ 881 | |||||||||
Claims Reported | claim | 17,132 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 101 | |||||||||
2021 | Group life and accident, excluding premium waiver | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Incurred for Accident Years Displayed in Triangles | 2,384 | |||||||||
IBNR Reserves | $ 467 | |||||||||
Claims Reported | claim | 51,507 | |||||||||
Cumulative Paid Losses & Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 1,764 |
Reserve for Unpaid Losses an_14
Reserve for Unpaid Losses and Loss Adjustment Expenses - Average Annual Payout of Incurred Claims by Age, Group (Details) - Group Benefits | Dec. 31, 2021 |
Group life and accident, excluding premium waiver | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
1st Year | 75.40% |
2nd Year | 21.90% |
3rd Year | 1.00% |
Group long-term disability | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
1st Year | 7.50% |
2nd Year | 25.80% |
3rd Year | 15.70% |
4th Year | 8.50% |
5th Year | 6.30% |
6th Year | 5.40% |
7th Year | 4.50% |
8th Year | 3.80% |
9th Year | 3.30% |
10th Year | 2.80% |
Reserve for Unpaid Losses an_15
Reserve for Unpaid Losses and Loss Adjustment Expenses - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Unpaid losses and loss adjustment expenses | $ 39,659 | $ 37,855 | ||
Group Benefits | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Prior accident year development [1] | (458) | (445) | $ (410) | |
Unpaid losses and loss adjustment expenses | 8,210 | 8,233 | 8,256 | $ 8,445 |
Group Benefits | Group long-term disability | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Prior accident year development [1] | 380 | 365 | 340 | |
Unpaid losses and loss adjustment expenses | 6,671 | |||
Group Benefits | Group life and accident, excluding premium waiver | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Prior accident year development [1] | 65 | 65 | $ 60 | |
Unpaid losses and loss adjustment expenses | 833 | |||
Group Benefits | Group supplemental health | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Prior accident year development [1] | 10 | 15 | ||
Unpaid losses and loss adjustment expenses | 39 | |||
Liability | Abuse Claims [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Prior accident year development [1] | $ 254 | |||
Unpaid losses and loss adjustment expenses | $ 787 |
Reserve for Future Policy Ben_3
Reserve for Future Policy Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Reinsurance Recoverable Asset | ||
Reserve for future policy benefits | $ 596 | $ 638 |
Annuitization Benefit | ||
Liability | ||
Beginning balance | 638 | 635 |
Incurred | 61 | 85 |
Paid | (94) | (85) |
Change in unrealized investment gains and losses | (9) | 3 |
Ending balance | 638 | |
Reinsurance Recoverable Asset | ||
Ending reinsurance recoverable asset | $ 22 | $ 28 |
Debt - Short-term and Long-term
Debt - Short-term and Long-term Debt by Issuance (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |
Apr. 30, 2017 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Debt [Line Items] | |||
Revolving Credit Facilities | $ 0 | $ 0 | |
Total Notes and Debentures | 5,082 | 4,482 | |
Unamortized discount and debt issuance cost [2] | 138 | 130 | |
Total Debt | 4,944 | 4,352 | |
Less: Current maturities | 0 | 0 | |
Long-Term Debt | $ 4,944 | 4,352 | |
Derivative, Fixed Interest Rate | 4.39% | 4.39% | |
Interest rate derivatives | |||
Schedule of Debt [Line Items] | |||
Derivative, Maturity Date | Feb. 15, 2027 | ||
2.8% Notes, due 2029 | |||
Schedule of Debt [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.80% | ||
Senior Notes and Debentures | $ 600 | 600 | |
5.95% Notes, due 2036 | |||
Schedule of Debt [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.95% | ||
Senior Notes and Debentures | $ 300 | 300 | |
6.625% Notes, due 2040 | |||
Schedule of Debt [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.625% | ||
Senior Notes and Debentures | $ 295 | 295 | |
6.1% Notes, due 2041 | |||
Schedule of Debt [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.10% | ||
Senior Notes and Debentures | $ 409 | 409 | |
Debt Instrument, Unamortized Discount | $ 74 | 75 | |
6.625% Notes, due 2042 | |||
Schedule of Debt [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.625% | ||
Senior Notes and Debentures | $ 178 | 178 | |
4.3% Notes, due 2043 | |||
Schedule of Debt [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.30% | ||
Senior Notes and Debentures | $ 300 | 300 | |
4.4% Notes, due 2048 | |||
Schedule of Debt [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.40% | ||
Senior Notes and Debentures | $ 500 | 500 | |
3.6% Notes, due 2049 | |||
Schedule of Debt [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.60% | ||
Senior Notes and Debentures | $ 800 | 800 | |
2.9% Notes, due 2051 | |||
Schedule of Debt [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.90% | ||
Senior Notes and Debentures | $ 600 | 0 | |
7.875% Notes, due 2042 | |||
Schedule of Debt [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 7.875% | ||
Junior Subordinated Debentures | $ 600 | 600 | |
7.875% Notes, due 2042 | Interest Rate Subsequent to Call Date [Member] | |||
Schedule of Debt [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 5.596% | ||
LIBOR Plus Two Point One Two Five Percent Junior Subordinated Notes Due Two Thousand Sixty Seven [Member] | |||
Schedule of Debt [Line Items] | |||
Junior Subordinated Debentures | $ 500 | $ 500 | |
LIBOR Plus Two Point One Two Five Percent Junior Subordinated Notes Due Two Thousand Sixty Seven [Member] | Interest Rate Subsequent to Call Date [Member] | |||
Schedule of Debt [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.125% | 2.125% |
Debt - Junior Subordinated Debt
Debt - Junior Subordinated Debt (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |
Apr. 30, 2017 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate in Effect Until Call Date | 7.875% | ||
Derivative, Fixed Interest Rate | 4.39% | 4.39% | |
Interest rate derivatives | |||
Debt Instrument [Line Items] | |||
Derivative, Maturity Date | Feb. 15, 2027 | ||
Junior Subordinated Notes Seven Point Eight Seventy Five Percent Due in Two Thousand Forty Two | |||
Debt Instrument [Line Items] | |||
Junior Subordinated Debentures | $ 600 | $ 600 | |
Debt Instrument, Call Date, Earliest | Apr. 15, 2022 | ||
Debt Instrument, Maturity Date | Apr. 15, 2042 | ||
Junior Subordinated Notes Seven Point Eight Seventy Five Percent Due in Two Thousand Forty Two | Interest Rate Subsequent to Call Date [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 5.596% | ||
LIBOR Plus Two Point One Two Five Percent Junior Subordinated Notes Due Two Thousand Sixty Seven | |||
Debt Instrument [Line Items] | |||
Junior Subordinated Debentures | $ 500 | $ 500 | |
Debt Instrument, Call Date, Earliest | Feb. 15, 2022 | ||
Debt Instrument, Maturity Date | Feb. 12, 2067 | ||
LIBOR Plus Two Point One Two Five Percent Junior Subordinated Notes Due Two Thousand Sixty Seven | Interest Rate Subsequent to Call Date [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.125% | 2.125% |
Debt - Long-Term Debt Maturitie
Debt - Long-Term Debt Maturities (Details) $ in Millions | Dec. 31, 2021USD ($) |
Debt Disclosure [Abstract] | |
2022 - Current maturities | $ 0 |
Long-Term Debt, Maturity, Year Two | 0 |
Long-Term Debt, Maturity, Year Three | 0 |
Long-Term Debt, Maturity, Year Four | 0 |
Long-Term Debt, Maturity, Year Five | 0 |
Thereafter | $ 5,082 |
Debt - Additional Information (
Debt - Additional Information (Details) £ in Millions | 1 Months Ended | 12 Months Ended | ||||||||||||||
Jun. 17, 2019 | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2021GBP (£) | Sep. 30, 2021USD ($) | Sep. 30, 2021GBP (£) | Sep. 21, 2021USD ($) | Dec. 17, 2020USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2020GBP (£) | Mar. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Aug. 19, 2019USD ($) | May 23, 2019USD ($) | Jan. 15, 2019USD ($) | |
Debt Instrument [Line Items] | ||||||||||||||||
Interest Expense | $ 234,000,000 | $ 236,000,000 | $ 259,000,000 | |||||||||||||
Registration Payment Arrangement, Term | three | |||||||||||||||
Proceeds from Debt, Net of Issuance Costs | 1,380,000,000 | |||||||||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 100.00% | |||||||||||||||
Gain (Loss) on Extinguishment of Debt | $ 0 | $ 0 | $ 90,000,000 | |||||||||||||
Debt Instrument, Payment Terms | The Company has the right to defer interest payments for up to a consecutive ten years without giving rise to an event of default. Deferred interest will continue to accrue and will accrue additional interest at the then applicable interest rate. If the Company defers interest payments, the Company generally may not make payments on or redeem or purchase any shares of its capital stock or any of its debt securities or guarantees that rank upon liquidation, dissolution or winding up equally with or junior to the debentures, subject to certain limited exceptions. | |||||||||||||||
Line of Credit Facility, Description | In 2018, The Hartford entered into a $750 senior unsecured five-year revolving credit facility (the "Credit Facility"), with an expiration date of March 29, 2023. On October 27, 2021, The Hartford amended and restated the Credit Facility (as amended, the “2021 Credit Facility”) which, among other changes, extends the term of the facility through October 27, 2026, includes provisions for determining LIBOR successor rates, and resets the level of The Hartford’s minimum consolidated net worth financial covenant to $11.25 billion, excluding AOCI. The 2021 Credit Facility provides up to $750 of unsecured credit, including $100 available to support letters of credit. Under the 2021 Credit Facility: •Revolving loans may be in multiple currencies. •U.S. dollar loans will bear interest at a floating rate equivalent to an indexed rate that varies depending on the type of borrowing plus a basis point spread based on The Hartford's credit rating and will mature no later than October 27, 2026. •Letters of credit bear a fee based on The Hartford's credit rating and expire no later than October 27, 2027. The 2021 Credit Facility limits the ratio of senior debt to capitalization, excluding AOCI, at 35% and includes other customary covenants. The 2021 Credit Facility is for general corporate purposes. | |||||||||||||||
Line of Credit Facility, Borrowing Capacity, Description | In 2018, The Hartford entered into a $750 senior unsecured five-year revolving credit facility (the "Credit Facility"), with an expiration date of March 29, 2023. On October 27, 2021, The Hartford amended and restated the Credit Facility (as amended, the “2021 Credit Facility”) which, among other changes, extends the term of the facility through October 27, 2026, includes provisions for determining LIBOR successor rates, and resets the level of The Hartford’s minimum consolidated net worth financial covenant to $11.25 billion, excluding AOCI. The 2021 Credit Facility provides up to $750 of unsecured credit, including $100 available to support letters of credit. Under the 2021 Credit Facility: •Revolving loans may be in multiple currencies. •U.S. dollar loans will bear interest at a floating rate equivalent to an indexed rate that varies depending on the type of borrowing plus a basis point spread based on The Hartford's credit rating and will mature no later than October 27, 2026. •Letters of credit bear a fee based on The Hartford's credit rating and expire no later than October 27, 2027. The 2021 Credit Facility limits the ratio of senior debt to capitalization, excluding AOCI, at 35% and includes other customary covenants. The 2021 Credit Facility is for general corporate purposes. | |||||||||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 0 | |||||||||||||||
Proceeds from Lines of Credit | 0 | |||||||||||||||
Credit facility | $ 750,000,000 | |||||||||||||||
Federal Home Loan Bank, Advances, Affordable Housing Program, Principal Outstanding | 0 | |||||||||||||||
Maximum | Hartford Fire Insurance Company [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Collateral Amount | 1,300,000,000 | |||||||||||||||
Maximum | Hartford Life and Accident Insurance Company [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Collateral Amount | 600,000,000 | |||||||||||||||
Club Facility [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | $ 165,000,000 | |||||||||||||||
Letters of Credit Outstanding, Amount | $ 78,000,000 | £ 60 | ||||||||||||||
Club Facility [Member] | Tranche One [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | 104,000,000 | |||||||||||||||
Letters of Credit Outstanding, Amount | 104,000,000 | |||||||||||||||
Club Facility [Member] | Tranche Two [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | 115,000,000 | £ 85 | ||||||||||||||
Letters of Credit Outstanding, Amount | 92,000,000 | £ 68 | ||||||||||||||
Bilateral Facility [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | 25,000,000 | 25,000,000 | ||||||||||||||
Letters of Credit Outstanding, Amount | $ 0 | $ 23,000,000 | £ 18 | |||||||||||||
Senior Note Six Point One Percent Due in Two Thousand Forty One [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 7.90% | 7.90% | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.10% | 6.10% | ||||||||||||||
Senior Note Two Point Nine Percent Due In Twenty Fifty One | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | $ 600,000,000 | |||||||||||||||
Proceeds from Debt, Net of Issuance Costs | $ 588,000,000 | |||||||||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 100.00% | |||||||||||||||
Debt Instrument, Interest Rate, Increase (Decrease) | 20.00% | |||||||||||||||
Senior Note Five Point Five Percent Due in Two Thousand Twenty [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 550.00% | |||||||||||||||
Senior Note Five Point Five Percent Due in Two Thousand Twenty [Member] | Senior Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt repaid | $ 500,000,000 | |||||||||||||||
Senior Note Six Point Zero Percent Due in Two Thousand Nineteen [Member] | Senior Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt repaid | $ 413,000,000 | |||||||||||||||
Senior Note Five Point Seven Five Percent Due in Two Thousand Twenty Three [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt repaid | $ 265,000,000 | |||||||||||||||
Senior Note Five Point Seven Five Percent Due in Two Thousand Twenty Three [Member] | Par Value [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ 265,000,000 | |||||||||||||||
Senior Note Five Point Seven Five Percent Due in Two Thousand Twenty Three [Member] | Fair Value [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ 284,000,000 | |||||||||||||||
Senior Note Two Point Eight due in Two Thousand Twenty Nine [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Interest Rate, Increase (Decrease) | 20.00% | |||||||||||||||
Senior Note Two Point Eight due in Two Thousand Twenty Nine [Member] | Senior Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | $ 600,000,000 | |||||||||||||||
Senior Note Three Point Six due in Two Thousand Forty Nine [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Interest Rate, Increase (Decrease) | 25.00% | |||||||||||||||
Senior Note Three Point Six due in Two Thousand Forty Nine [Member] | Senior Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | $ 800,000,000 | |||||||||||||||
Senior Note Five Point One Twenty Five due in Two Thousand Twenty Two [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt repaid | $ 800 |
Commitments and Contingencies -
Commitments and Contingencies - Commitments and Contingencies (Details) - USD ($) $ in Millions | 12 Months Ended | 60 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2016 | Dec. 31, 2021 | Jan. 01, 2020 | |
Loss Contingencies [Line Items] | |||||
Other Commitment | $ 2,400 | $ 2,400 | |||
Loss Contingency, Undiscounted Amount of Insurance-related Assessment Liability | 74 | $ 83 | |||
Premium tax offsets | 0 | 0 | 0 | ||
Fair value of derivative instrument in a net liability position | 52 | 52 | |||
Collateral already posted | 50 | 50 | |||
Asbestos and Environmental | |||||
Loss Contingencies [Line Items] | |||||
Liability for unpaid losses and loss adjustment expenses, at undiscounted amounts | 604 | 604 | |||
Reinsurance Retention Policy, Excess Retention, Amount Reinsured | 485 | ||||
Reinsurance Retention Policy, Amount Retained | $ 1,700 | ||||
Adverse development from comprehensive annual review | 220 | 1,015 | |||
Other liabilities | Retained Earnings | |||||
Loss Contingencies [Line Items] | |||||
Off-Balance Sheet, Credit Loss, Liability | $ 25 | $ 26 | 25 | ||
Other liabilities | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | Retained Earnings | |||||
Loss Contingencies [Line Items] | |||||
Off-Balance Sheet, Credit Loss, Liability | $ 25 | ||||
Insurance-related Assessments [Member] | |||||
Loss Contingencies [Line Items] | |||||
Minimum Percentage of Premiums Written Per Year to be Considered for Assessment Under Guaranty Fund | 1.00% | ||||
Maximum Percentage of Premiums Written Per Year to be Considered for Assessment Under Guaranty Fund | 2.00% | ||||
Limited partnerships and other alternative investments | |||||
Loss Contingencies [Line Items] | |||||
Other Commitment | $ 1,600 | 1,600 | |||
Private Placement Securities | |||||
Loss Contingencies [Line Items] | |||||
Other Commitment | 185 | 185 | |||
Mortgage loans | |||||
Loss Contingencies [Line Items] | |||||
Other Commitment | 679 | 679 | |||
Cancelable mortgage loan [Member] | |||||
Loss Contingencies [Line Items] | |||||
Other Commitment | $ 382 | $ 382 |
Equity - Equity Repurchase Prog
Equity - Equity Repurchase Program (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Oct. 28, 2021 | Apr. 01, 2021 | |
Equity, Class of Treasury Stock [Line Items] | |||||
Stock Repurchase Program, Authorized Amount | $ 3,000 | ||||
Treasury Stock, Value, Acquired, Cost Method | $ 1,700 | $ 150 | $ 200 | ||
Treasury Stock, Shares, Acquired | 25,900,000 | 2,700,000 | 3,400,000 | ||
1/1/2020-12/31/2022 [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Stock Repurchase Program, Authorized Amount | $ 1,500 | ||||
Stock Repurchase Program, Increase Authorized Amount | $ 500 | $ 1,000 | |||
2/4/2019-12/31/2020 [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Stock Repurchase Program, Authorized Amount | $ 1,000 |
Equity - Preferred Stock (Detai
Equity - Preferred Stock (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Class of Stock [Line Items] | ||
Issuance of preferred shares | 13,800,000 | 13,800,000 |
Preferred Stock, Liquidation Preference, Value | $ 345,000,000 | $ 345,000,000 |
Preferred Stock, Redemption Date | Nov. 15, 2023 | |
Preferred Stock, end of period | ||
Class of Stock [Line Items] | ||
Issuance of preferred shares | 13,800,000 | |
Preferred Stock, Liquidation Preference, Value | $ 25,000 | |
Share Price | $ 25 | |
Other Restrictions on Payment of Dividends | no | |
Preferred Stock, Redemption Price Per Share | $ 25,000 | |
Preferred Stock, Redemption Terms | 90 | |
Preferred Stock, end of period | Rating Agency Event [Member] | ||
Class of Stock [Line Items] | ||
Preferred Stock, Redemption Price Per Share | $ 25,500 | |
Preferred Stock, end of period | Regulatory Capital Event [Member] | ||
Class of Stock [Line Items] | ||
Preferred Stock, Redemption Price Per Share | $ 25,000 |
Equity - Capital Purchase Progr
Equity - Capital Purchase Program, Additional Information (Details) shares in Millions | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Minimum [Member] | |
Class of Warrant or Right [Line Items] | |
Warrant exercise price (in USD per share) | $ 8.750 |
Maximum | |
Class of Warrant or Right [Line Items] | |
Warrant exercise price (in USD per share) | $ 8.836 |
Warrant | |
Class of Warrant or Right [Line Items] | |
Warrants exercised (in shares) | shares | 1.9 |
Equity - Statutory Results (Det
Equity - Statutory Results (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statutory Accounting Practices [Line Items] | |||
Statutory Net Income | $ 1,806 | $ 1,908 | $ 1,904 |
Statutory Capital | 14,324 | 13,396 | |
Group Insurance Policy [Member] | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Net Income | 32 | 310 | 513 |
Statutory Capital | 2,410 | 2,601 | |
Property and Casualty Insurance Subsidiaries | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Net Income | 1,774 | 1,598 | $ 1,391 |
Statutory Capital | $ 11,914 | $ 10,795 |
Equity - Regulatory Capital Req
Equity - Regulatory Capital Requirements (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Statutory Accounting Practices, Risk Based Capital Requirements Compliance Assertion | All of the Company's international insurance subsidiaries expect to maintain capital levels in excess of the minimum levels required by the applicable regulatory authorities. |
Equity - Dividend Restrictions,
Equity - Dividend Restrictions, Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2022 | |
Class of Stock [Line Items] | ||
Percent of insurer's policyholder surplus available for dividends | 10.00% | |
Statutory Dividend Payment Restrictions Disclosure | There are no current restrictions on HFSG Holding Company's ability to pay dividends to its stockholders. | |
HLA | ||
Class of Stock [Line Items] | ||
Proceeds from Dividends Received | $ 295 | |
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments with Regulatory Approval | 241 | |
P&C Subsidiaries | ||
Class of Stock [Line Items] | ||
Proceeds from Dividends Received | 1,100 | |
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments with Regulatory Approval | 2,000 | |
Mutual Fund [Member] | ||
Class of Stock [Line Items] | ||
Proceeds from Dividends Received | 165 | |
Harford Holdings, Inc. [Member] | ||
Class of Stock [Line Items] | ||
Proceeds from Dividends Received | 50 | |
P&C Runoff Subsidiaries | ||
Class of Stock [Line Items] | ||
Proceeds from Dividends Received | $ 150 | |
Minimum | HLA | Scenario, Forecast | ||
Class of Stock [Line Items] | ||
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments with Regulatory Approval | $ 175 | |
Minimum | P&C Subsidiaries | Scenario, Forecast | ||
Class of Stock [Line Items] | ||
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments with Regulatory Approval | 1,300 | |
Maximum | HLA | Scenario, Forecast | ||
Class of Stock [Line Items] | ||
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments with Regulatory Approval | 200 | |
Maximum | P&C Subsidiaries | Scenario, Forecast | ||
Class of Stock [Line Items] | ||
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments with Regulatory Approval | $ 1,400 |
Equity - Restricted Net Assets,
Equity - Restricted Net Assets, Additional Information (Details) $ in Billions | Dec. 31, 2021USD ($) |
Equity [Abstract] | |
Restricted net assets | $ 16.9 |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Current - U.S. Federal | $ 486 | $ 410 | $ 8 |
International | 2 | 0 | 0 |
Total current | 488 | 410 | 8 |
Deferred - U.S. Federal | 49 | (20) | 476 |
International | (6) | (7) | (9) |
Total deferred | 43 | (27) | 467 |
Total income tax expense (benefit) | $ 531 | $ 383 | $ 475 |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Tax provision at U.S. federal statutory rate | $ 608 | $ 445 | $ 538 |
Tax-exempt interest | (40) | (46) | (56) |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 9 | 9 | 2 |
Effective Income Tax Rate Reconciliation, Disposition of Business, Amount | (5) | (8) | 0 |
Effective Income Tax Rate Reconciliation, Deduction, Other, Amount | (22) | (6) | (11) |
Effective Income Tax Rate Reconciliation, Tax Credit, Amount | (9) | (5) | 0 |
Effective Income Tax Rate Reconciliation, Noncontrolling Interest Income (Loss), Amount | 0 | (5) | 0 |
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Amount | 8 | 6 | 0 |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 2 | (5) | (2) |
Total income tax expense (benefit) | $ 531 | $ 383 | $ 475 |
Income Taxes - Deferred tax ass
Income Taxes - Deferred tax assets (liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred Tax Assets | |||
Loss reserves and tax discount | $ 386 | $ 312 | |
Unearned premium reserve and other underwriting related reserves | 406 | 384 | |
Investment-related items | 8 | 125 | |
Employee benefits | 225 | 282 | |
Net operating loss carryover | 29 | 11 | |
Other | 0 | 34 | |
Total Deferred Tax Assets | 1,054 | 1,148 | |
Deferred Tax Assets, Valuation Allowance | (7) | (4) | |
Deferred Tax Assets, Net of Valuation Allowance | 1,047 | 1,144 | |
Deferred Tax Liabilities | |||
Deferred acquisition costs | (129) | (120) | |
Net unrealized gains on investments | (428) | (758) | |
Other depreciable and amortizable assets | (216) | (220) | |
Deferred Tax Liabilities, Other | 4 | 0 | |
Total Deferred Tax Liabilities | (777) | (1,098) | |
Net Deferred Tax Asset | $ 270 | $ 46 | $ 299 |
Income Taxes - Unrecognized tax
Income Taxes - Unrecognized tax benefit (expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance, beginning of period | $ 15 | $ 14 | $ 14 |
Gross increases - tax positions in current period | 6 | 1 | 0 |
Lapse of statute of limitations | 5 | 0 | 0 |
Balance, end of period | $ 16 | $ 15 | $ 14 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Income from domestic operations | $ 2,910 | $ 2,222 | $ 2,644 |
Losses from foreign operations | (14) | 102 | (84) |
Current State and Local Tax Expense (Benefit) | 4 | 3 | 5 |
Deferred Tax Assets, Operating Loss Carryforwards | 29 | 11 | |
Deferred Tax Assets, Valuation Allowance | 7 | 4 | |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | 8 | ||
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Amount | (8) | (6) | 0 |
Effective Income Tax Rate Reconciliation, Disposition of Business, Amount | 5 | 8 | 0 |
Income Tax Examination, Penalties and Interest Expense | 1 | 1 | 1 |
Income Tax Examination, Interest Accrued | 0 | 0 | $ 0 |
Non-insurance carryback [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Amount | $ (11) | ||
Foreign Tax Authority [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards | 29 | ||
Deferred Tax Assets, Valuation Allowance | $ 7 |
Changes in and Reclassificati_3
Changes in and Reclassifications From Accumulated Other Comprehensive Income (Loss) - AOCI Rollforward (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | $ 18,556 | $ 16,270 | |
OCI, net of tax | (998) | 1,118 | $ 1,631 |
Ending balance | 17,843 | 18,556 | 16,270 |
Net Unrealized Gain on Fixed Maturities | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | 2,834 | 1,684 | 24 |
OCI, before Reclassifications, before Tax, Attributable to Parent | (1,307) | 1,627 | 2,275 |
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent | 234 | 171 | 174 |
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent | (1,541) | 1,456 | 2,101 |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | 323 | (306) | (441) |
OCI, net of tax | (1,218) | 1,150 | 1,660 |
Ending balance | 1,616 | 2,834 | 1,684 |
AOCI, Gain (Loss), Debt Securities, Available-for-sale, with Allowance for Credit Loss, Parent | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | (2) | (3) | (4) |
OCI, before Reclassifications, before Tax, Attributable to Parent | 0 | 1 | 1 |
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent | 0 | 0 | 0 |
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent | 0 | 1 | 1 |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | 0 | 0 | 0 |
OCI, net of tax | 0 | 1 | 1 |
Ending balance | (2) | (2) | (3) |
Net Gain (Loss) on Cash Flow Hedging Instruments | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | 12 | 9 | (5) |
OCI, before Reclassifications, before Tax, Attributable to Parent | 28 | 30 | 28 |
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent | 36 | 26 | 10 |
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent | (8) | 4 | 18 |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | 2 | (1) | (4) |
OCI, net of tax | (6) | 3 | 14 |
Ending balance | 6 | 12 | 9 |
Foreign Currency Translation Adjustments | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | 43 | 34 | 30 |
OCI, before Reclassifications, before Tax, Attributable to Parent | (3) | 11 | 5 |
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent | 0 | 0 | 0 |
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent | (3) | 11 | 5 |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | 1 | (2) | (1) |
OCI, net of tax | (2) | 9 | 4 |
Ending balance | 41 | 43 | 34 |
Pension and Other Postretirement Plan Adjustments | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | (1,717) | (1,672) | (1,624) |
OCI, before Reclassifications, before Tax, Attributable to Parent | 219 | (117) | (104) |
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent | (70) | (60) | (43) |
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent | 289 | (57) | (61) |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | (61) | 12 | 13 |
OCI, net of tax | 228 | (45) | (48) |
Ending balance | (1,489) | (1,717) | (1,672) |
AOCI, net of tax | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | 1,170 | 52 | (1,579) |
OCI, before Reclassifications, before Tax, Attributable to Parent | (1,063) | 1,552 | 2,205 |
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent | 200 | 137 | 141 |
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent | (1,263) | 1,415 | 2,064 |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | 265 | (297) | (433) |
OCI, net of tax | (998) | 1,118 | 1,631 |
Ending balance | $ 172 | $ 1,170 | $ 52 |
Changes in and Reclassificati_4
Changes in and Reclassifications From Accumulated Other Comprehensive Income (Loss) - Reclassification from AOCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net realized gains (losses) | $ 509 | $ (14) | $ 395 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 2,896 | 2,120 | 2,560 |
Income tax expense | 531 | 383 | 475 |
Net investment income | 2,313 | 1,846 | 1,951 |
Interest Expense | 234 | 236 | 259 |
Net income | 2,365 | 1,737 | 2,085 |
Amount Reclassified from AOCI | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net income | 158 | 109 | 111 |
Net Unrealized Gain on Fixed Maturities | Amount Reclassified from AOCI | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net realized gains (losses) | 234 | 171 | 174 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 234 | 171 | 174 |
Income tax expense | 49 | 36 | 37 |
Net income | 185 | 135 | 137 |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | Amount Reclassified from AOCI | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 36 | 26 | 10 |
Income tax expense | 8 | 5 | 2 |
Net income | 28 | 21 | 8 |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | Amount Reclassified from AOCI | Interest rate swaps | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net realized gains (losses) | 0 | 0 | 2 |
Net investment income | 41 | 29 | 4 |
Interest Expense | (10) | (7) | 1 |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | Amount Reclassified from AOCI | Foreign currency swaps | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net realized gains (losses) | 0 | (1) | 0 |
Net investment income | 5 | 5 | 3 |
Amortization of prior service credit | Amount Reclassified from AOCI | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Insurance operating costs and other expenses | 7 | 7 | 7 |
Amortization of actuarial loss | Amount Reclassified from AOCI | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Insurance operating costs and other expenses | (77) | (67) | (50) |
Pension and Other Postretirement Plan Adjustments | Amount Reclassified from AOCI | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (70) | (60) | (43) |
Income tax expense | (15) | (13) | (9) |
Net income | $ (55) | $ (47) | $ (34) |
Employee Benefit Plans - Assump
Employee Benefit Plans - Assumptions Used in Calculating the Benefit Obligations and the Net Amount Recognized (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan Health Care Cost Trend Rate Assumed for Pre Retirement | 7.00% | 7.00% | 7.00% |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 4.50% | 4.50% | 4.50% |
Year that the rate reaches the ultimate trend rate | 2033 | 2033 | 2033 |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.91% | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 5.40% | 6.00% | |
Pension Plan [Member] | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.91% | 2.65% | 3.33% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 2.66% | 3.33% | 4.35% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 5.40% | 6.00% | 6.45% |
Pension Plan [Member] | Other Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.83% | 2.51% | 3.23% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 2.52% | 3.25% | 4.28% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 2.90% | 3.90% | 4.50% |
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.72% | 2.36% | 3.15% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Weighted-Average Interest Crediting Rate | 3.30% | 3.30% | 3.30% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 2.36% | 3.15% | 4.23% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 4.90% | 5.60% | 6.00% |
Employee Benefit Plans - Schedu
Employee Benefit Plans - Schedule of Funded Status (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
schedule of net funded status [Line Items] | |||
Fair value of plan assets had fair value of rabbi trusts been included | $ 4,692 | $ 4,549 | |
Funded status of plan had fair value of rabbi trust assets been included | 43 | 326 | |
Change in Assumptions for Defined Benefit Plans [Member] | UNITED STATES | |||
schedule of net funded status [Line Items] | |||
Defined Benefit Plan, Benefit Obligation, Period Increase (Decrease) | $ 109 | $ 395 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.91% | 2.65% | 3.33% |
Change in Assumptions for Defined Benefit Plans [Member] | Other Pension Plans [Member] | |||
schedule of net funded status [Line Items] | |||
Defined Benefit Plan, Benefit Obligation, Period Increase (Decrease) | $ 12 | $ 39 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.83% | 2.51% | 3.23% |
Pension Plan [Member] | |||
schedule of net funded status [Line Items] | |||
Defined Benefit Plan, Benefit Obligation, Beginning Balance | $ 4,875 | $ 4,498 | |
Service cost | 4 | 4 | $ 4 |
Interest cost | 96 | 127 | 159 |
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 5 | (12) | |
Defined Benefit Plan, Changes in Assumptions | (107) | 437 | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 213 | 203 | |
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss) | (1) | 0 | |
Defined Benefit Plan, Benefit Obligation, Ending Balance | 4,649 | 4,875 | 4,498 |
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 4,363 | 3,914 | |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 337 | 568 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 0 | 70 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | 188 | 177 | |
Defined Benefit Plan, Plan Assets, Administration Expense | 30 | 12 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 4,482 | 4,363 | 3,914 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (167) | (512) | |
Assets for Plan Benefits, Defined Benefit Plan | 257 | 0 | |
Liability, Defined Benefit Plan | $ 424 | 512 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.91% | ||
Assets held in rabbi trusts and designated for the non-qualified pension plans | $ 210 | 186 | |
Pension Plan [Member] | UNITED STATES | |||
schedule of net funded status [Line Items] | |||
Defined Benefit Plan, Benefit Obligation, Beginning Balance | 4,409 | 4,060 | |
Service cost | 4 | 4 | |
Interest cost | 87 | 115 | |
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 7 | (8) | |
Defined Benefit Plan, Changes in Assumptions | (96) | 399 | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 187 | 177 | |
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss) | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, Ending Balance | 4,210 | 4,409 | 4,060 |
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 4,346 | 3,899 | |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 338 | 566 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 0 | 70 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | 187 | 177 | |
Defined Benefit Plan, Plan Assets, Administration Expense | 30 | 12 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 4,467 | 4,346 | $ 3,899 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | 257 | (63) | |
Assets for Plan Benefits, Defined Benefit Plan | 257 | 0 | |
Liability, Defined Benefit Plan | $ 0 | $ 63 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.91% | 2.65% | 3.33% |
Pension Plan [Member] | Other Pension Plans [Member] | |||
schedule of net funded status [Line Items] | |||
Defined Benefit Plan, Benefit Obligation, Beginning Balance | $ 466 | $ 438 | |
Service cost | 0 | 0 | |
Interest cost | 9 | 12 | |
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | (2) | (4) | |
Defined Benefit Plan, Changes in Assumptions | (11) | 38 | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 26 | 26 | |
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss) | (1) | 0 | |
Defined Benefit Plan, Benefit Obligation, Ending Balance | 439 | 466 | $ 438 |
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 17 | 15 | |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | (1) | 2 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | 1 | 0 | |
Defined Benefit Plan, Plan Assets, Administration Expense | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 15 | 17 | $ 15 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (424) | (449) | |
Assets for Plan Benefits, Defined Benefit Plan | 0 | 0 | |
Liability, Defined Benefit Plan | $ 424 | $ 449 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.83% | 2.51% | 3.23% |
Other Postretirement Benefits Plan [Member] | |||
schedule of net funded status [Line Items] | |||
Defined Benefit Plan, Benefit Obligation, Beginning Balance | $ 220 | $ 223 | |
Service cost | 0 | 0 | $ 0 |
Interest cost | 3 | 6 | 8 |
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | 11 | 11 | |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | (1) | 2 | |
Defined Benefit Plan, Changes in Assumptions | (5) | 16 | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 33 | 34 | |
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss) | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, Ending Balance | 197 | 220 | 223 |
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 63 | 75 | |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 4 | 6 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 7 | 5 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | 23 | 23 | |
Defined Benefit Plan, Plan Assets, Administration Expense | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 51 | 63 | $ 75 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (146) | (157) | |
Assets for Plan Benefits, Defined Benefit Plan | 0 | 0 | |
Liability, Defined Benefit Plan | $ 146 | $ 157 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.72% | 2.36% | 3.15% |
Cash Balance Pension Plan [Member] | |||
schedule of net funded status [Line Items] | |||
Defined Benefit Plan, Benefit Obligation, Beginning Balance | $ 443 | ||
Defined Benefit Plan, Benefit Obligation, Ending Balance | $ 414 | $ 443 |
Employee Benefit Plans - Net Pe
Employee Benefit Plans - Net Periodic Benefits Cost and Other Recognized in the OCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Pension Plan [Member] | |||
Defined Benefit Plan, Net Periodic Cost (Benefit) | |||
Service cost | $ (4) | $ (4) | $ (4) |
Interest cost | 96 | 127 | 159 |
Expected return on plan assets | (205) | (215) | (226) |
Amortization of prior service credit | 0 | 0 | 0 |
Amortization of actuarial loss | 69 | 60 | 44 |
Net periodic cost (benefit) | (36) | (24) | (19) |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) | |||
Amortization of actuarial loss | 69 | 60 | 44 |
Amortization of prior service credit | 0 | 0 | 0 |
Prior service cost (credit) | 214 | (106) | (88) |
Prior service cost | 0 | 0 | 0 |
Total | 283 | (46) | (44) |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract] | |||
Net loss | (1,815) | (2,098) | (2,052) |
Prior service credit | 0 | 0 | 0 |
Total | (1,815) | (2,098) | (2,052) |
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan, Net Periodic Cost (Benefit) | |||
Service cost | 0 | 0 | 0 |
Interest cost | 3 | 6 | 8 |
Expected return on plan assets | (3) | (4) | (4) |
Amortization of prior service credit | (7) | (7) | (7) |
Amortization of actuarial loss | 8 | 7 | 6 |
Net periodic cost (benefit) | 1 | 2 | 3 |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) | |||
Amortization of actuarial loss | 8 | 7 | 6 |
Amortization of prior service credit | (7) | (7) | (7) |
Prior service cost (credit) | 5 | (11) | (18) |
Prior service cost | 0 | 0 | 2 |
Total | 6 | (11) | (17) |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract] | |||
Net loss | (124) | (136) | (132) |
Prior service credit | 54 | 60 | 67 |
Total | $ (70) | $ (76) | $ (65) |
Employee Benefit Plans - Define
Employee Benefit Plans - Defined Benefit Plan, Information about Plan Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Significant Unobservable Inputs (Level 3) | ||
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Settlements | $ 0 | $ 0 |
Corporate | Significant Unobservable Inputs (Level 3) | ||
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Settlements | 0 | 0 |
Residential mortgage-backed securities ("RMBS") | Significant Unobservable Inputs (Level 3) | ||
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Settlements | 0 | 0 |
Foreign government/government agencies | Significant Unobservable Inputs (Level 3) | ||
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Settlements | 0 | 0 |
Mortgage loans | Significant Unobservable Inputs (Level 3) | ||
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Settlements | 0 | 0 |
Other investments | Significant Unobservable Inputs (Level 3) | ||
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Settlements | 0 | 0 |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 4,363 | 3,914 |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 4,363 | 3,914 |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 4,482 | 4,363 |
Defined Benefit Plan, Fair Value of Plan Assets, Excluded Investment Payables | 51 | 20 |
Pension Plan [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 859 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 859 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 501 | 859 |
Pension Plan [Member] | Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 2,599 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 2,599 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 2,908 | 2,599 |
Pension Plan [Member] | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 210 | 160 |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 210 | 160 |
Realized gains (losses), net | (3) | (1) |
Changes in unrealized gains, net | 0 | 6 |
Purchases | 66 | 56 |
Sales | (23) | (9) |
Transfers into Level 3 | 2 | 0 |
Transfers out of Level 3 | (1) | (2) |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 251 | 210 |
Pension Plan [Member] | Fair Value, Inputs, Level 1, 2 and 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 4,343 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 4,343 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | $ 4,431 | 4,343 |
Pension Plan [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target asset allocation | 27.00% | |
Pension Plan [Member] | Fixed income securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target asset allocation | 73.00% | |
Pension Plan [Member] | Short-term Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | $ 100 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 100 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 149 | 100 |
Pension Plan [Member] | Short-term Investments [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 75 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 75 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 120 | 75 |
Pension Plan [Member] | Short-term Investments [Member] | Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 25 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 25 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 29 | 25 |
Pension Plan [Member] | Short-term Investments [Member] | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 0 | 0 |
Pension Plan [Member] | Corporate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 2,342 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 2,342 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 2,375 | 2,342 |
Pension Plan [Member] | Corporate | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 0 | 0 |
Pension Plan [Member] | Corporate | Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 2,303 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 2,303 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 2,333 | 2,303 |
Pension Plan [Member] | Corporate | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 39 | 27 |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 39 | 27 |
Realized gains (losses), net | 0 | 0 |
Changes in unrealized gains, net | 0 | 1 |
Purchases | 6 | 14 |
Sales | (5) | (3) |
Transfers into Level 3 | 2 | 0 |
Transfers out of Level 3 | 0 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 42 | 39 |
Pension Plan [Member] | Residential mortgage-backed securities ("RMBS") | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 42 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 42 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 98 | 42 |
Pension Plan [Member] | Residential mortgage-backed securities ("RMBS") | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 0 | 0 |
Pension Plan [Member] | Residential mortgage-backed securities ("RMBS") | Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 41 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 41 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 98 | 41 |
Pension Plan [Member] | Residential mortgage-backed securities ("RMBS") | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 1 | 0 |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 1 | 0 |
Realized gains (losses), net | 0 | 0 |
Changes in unrealized gains, net | 0 | 0 |
Purchases | 0 | 1 |
Sales | 0 | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | (1) | 0 |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 0 | 1 |
Pension Plan [Member] | U.S. Treasuries | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 47 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 47 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 192 | 47 |
Pension Plan [Member] | U.S. Treasuries | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 23 | 0 |
Pension Plan [Member] | U.S. Treasuries | Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 47 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 47 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 169 | 47 |
Pension Plan [Member] | U.S. Treasuries | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 0 | 0 |
Pension Plan [Member] | Foreign government/government agencies | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 25 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 25 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 40 | 25 |
Pension Plan [Member] | Foreign government/government agencies | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 0 | 0 |
Pension Plan [Member] | Foreign government/government agencies | Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 16 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 16 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 38 | 16 |
Pension Plan [Member] | Foreign government/government agencies | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 9 | 1 |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 9 | 1 |
Realized gains (losses), net | 0 | 0 |
Changes in unrealized gains, net | 0 | 0 |
Purchases | 0 | 9 |
Sales | (7) | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | (1) |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 2 | 9 |
Pension Plan [Member] | CMBS | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 30 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 30 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 60 | 30 |
Pension Plan [Member] | CMBS | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 0 | 0 |
Pension Plan [Member] | CMBS | Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 30 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 30 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 56 | 30 |
Pension Plan [Member] | CMBS | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 4 | 0 |
Pension Plan [Member] | Other Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 137 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 137 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 186 | 137 |
Pension Plan [Member] | Other Fixed Income [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 0 | 0 |
Pension Plan [Member] | Other Fixed Income [Member] | Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 137 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 137 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 185 | 137 |
Pension Plan [Member] | Other Fixed Income [Member] | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 1 | 0 |
Pension Plan [Member] | Mortgage loans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 161 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 161 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 202 | 161 |
Pension Plan [Member] | Mortgage loans | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 0 | 0 |
Pension Plan [Member] | Mortgage loans | Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 0 | 0 |
Pension Plan [Member] | Mortgage loans | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 161 | 131 |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 161 | 131 |
Realized gains (losses), net | (3) | 0 |
Changes in unrealized gains, net | 0 | 4 |
Purchases | 55 | 32 |
Sales | (11) | (6) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 202 | 161 |
Pension Plan [Member] | Domestic | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 513 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 513 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 237 | 513 |
Pension Plan [Member] | Domestic | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 513 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 513 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 237 | 513 |
Pension Plan [Member] | Domestic | Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 0 | 0 |
Pension Plan [Member] | Domestic | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 0 | 0 |
Pension Plan [Member] | International | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 271 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 271 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 121 | 271 |
Pension Plan [Member] | International | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 271 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 271 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 121 | 271 |
Pension Plan [Member] | International | Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 0 | 0 |
Pension Plan [Member] | International | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 0 | 0 |
Pension Plan [Member] | Total pension plan assets at fair value, in the fair value hierarchy | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 3,668 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 3,668 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 3,660 | 3,668 |
Pension Plan [Member] | Total pension plan assets at fair value, in the fair value hierarchy | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 859 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 859 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 501 | 859 |
Pension Plan [Member] | Total pension plan assets at fair value, in the fair value hierarchy | Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 2,599 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 2,599 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 2,908 | 2,599 |
Pension Plan [Member] | Total pension plan assets at fair value, in the fair value hierarchy | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 210 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 210 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 251 | 210 |
Pension Plan [Member] | Private Market Alternatives | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 451 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 451 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 572 | 451 |
Pension Plan [Member] | Hedge funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 224 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 224 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 199 | 224 |
Pension Plan [Member] | Other investments | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | 1 |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | 1 |
Realized gains (losses), net | 0 | (1) |
Changes in unrealized gains, net | 0 | 1 |
Purchases | 5 | 0 |
Sales | 0 | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | (1) | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 5 | 0 |
Pension Plan [Member] | Defined Benefit Plan, Equity Securities, Common Stock [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 1 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 1 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 1 | 1 |
Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 63 | 75 |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 63 | 75 |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 51 | 63 |
Other Postretirement Benefits Plan [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 19 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 19 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 19 | 19 |
Other Postretirement Benefits Plan [Member] | Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 44 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 44 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 32 | 44 |
Other Postretirement Benefits Plan [Member] | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | $ 0 | 0 |
Other Postretirement Benefits Plan [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target asset allocation | 30.00% | |
Other Postretirement Benefits Plan [Member] | Fixed income securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target asset allocation | 70.00% | |
Other Postretirement Benefits Plan [Member] | Short-term Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | $ 2 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 2 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 1 | 2 |
Other Postretirement Benefits Plan [Member] | Short-term Investments [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 2 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 2 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 1 | 2 |
Other Postretirement Benefits Plan [Member] | Short-term Investments [Member] | Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 0 | 0 |
Other Postretirement Benefits Plan [Member] | Short-term Investments [Member] | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 0 | 0 |
Other Postretirement Benefits Plan [Member] | Corporate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 16 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 16 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 11 | 16 |
Other Postretirement Benefits Plan [Member] | Corporate | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 0 | 0 |
Other Postretirement Benefits Plan [Member] | Corporate | Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 16 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 16 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 11 | 16 |
Other Postretirement Benefits Plan [Member] | Corporate | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 0 | 0 |
Other Postretirement Benefits Plan [Member] | Residential mortgage-backed securities ("RMBS") | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 9 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 9 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 7 | 9 |
Other Postretirement Benefits Plan [Member] | Residential mortgage-backed securities ("RMBS") | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 0 | 0 |
Other Postretirement Benefits Plan [Member] | Residential mortgage-backed securities ("RMBS") | Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 9 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 9 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 7 | 9 |
Other Postretirement Benefits Plan [Member] | Residential mortgage-backed securities ("RMBS") | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 0 | 0 |
Other Postretirement Benefits Plan [Member] | U.S. Treasuries | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 16 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 16 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 14 | 16 |
Other Postretirement Benefits Plan [Member] | U.S. Treasuries | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 1 | 0 |
Other Postretirement Benefits Plan [Member] | U.S. Treasuries | Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 16 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 16 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 13 | 16 |
Other Postretirement Benefits Plan [Member] | U.S. Treasuries | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 0 | 0 |
Other Postretirement Benefits Plan [Member] | Foreign government/government agencies | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 1 | 0 |
Other Postretirement Benefits Plan [Member] | Foreign government/government agencies | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 1 | 0 |
Other Postretirement Benefits Plan [Member] | Foreign government/government agencies | Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 0 | 0 |
Other Postretirement Benefits Plan [Member] | Foreign government/government agencies | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 0 | 0 |
Other Postretirement Benefits Plan [Member] | CMBS | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 1 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 1 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 0 | 1 |
Other Postretirement Benefits Plan [Member] | CMBS | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 0 | 0 |
Other Postretirement Benefits Plan [Member] | CMBS | Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 1 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 1 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 0 | 1 |
Other Postretirement Benefits Plan [Member] | CMBS | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 0 | 0 |
Other Postretirement Benefits Plan [Member] | Other Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 2 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 2 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 1 | 2 |
Other Postretirement Benefits Plan [Member] | Other Fixed Income [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 0 | 0 |
Other Postretirement Benefits Plan [Member] | Other Fixed Income [Member] | Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 2 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 2 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 1 | 2 |
Other Postretirement Benefits Plan [Member] | Other Fixed Income [Member] | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 0 | 0 |
Other Postretirement Benefits Plan [Member] | Large-cap | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 17 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 17 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 16 | 17 |
Other Postretirement Benefits Plan [Member] | Large-cap | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 17 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 17 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 16 | 17 |
Other Postretirement Benefits Plan [Member] | Large-cap | Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 0 | 0 |
Other Postretirement Benefits Plan [Member] | Large-cap | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 0 | 0 |
Other Postretirement Benefits Plan [Member] | Defined Benefit Plan, Equity Securities, Common Stock [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance | 0 | |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | $ 0 | $ 0 |
Minimum | Pension Plan [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target asset allocation | 3.00% | |
Minimum | Pension Plan [Member] | Fixed income securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target asset allocation | 69.00% | |
Minimum | Pension Plan [Member] | Alternative assets | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target asset allocation | 0.00% | |
Minimum | Other Postretirement Benefits Plan [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target asset allocation | 0.00% | |
Minimum | Other Postretirement Benefits Plan [Member] | Fixed income securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target asset allocation | 55.00% | |
Minimum | Other Postretirement Benefits Plan [Member] | Alternative assets | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target asset allocation | 0.00% | |
Maximum | Pension Plan [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target asset allocation | 23.00% | |
Maximum | Pension Plan [Member] | Fixed income securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target asset allocation | 77.00% | |
Maximum | Pension Plan [Member] | Alternative assets | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target asset allocation | 28.00% | |
Maximum | Other Postretirement Benefits Plan [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target asset allocation | 45.00% | |
Maximum | Other Postretirement Benefits Plan [Member] | Fixed income securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target asset allocation | 100.00% | |
Maximum | Other Postretirement Benefits Plan [Member] | Alternative assets | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target asset allocation | 0.00% |
Employee Benefit Plans - Expect
Employee Benefit Plans - Expected Employer Contributions (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year, Description | The Company does not have a 2022 required minimum funding contribution for the U.S. qualified defined benefit pension plan. The Company has not determined whether, and to what extent, contributions may be made to the U. S. qualified defined benefit pension plan in 2022. |
Employee Benefit Plans - Benefi
Employee Benefit Plans - Benefit Payments (Details) $ in Millions | Dec. 31, 2021USD ($) |
Pension Benefits | |
Defined Benefit Plan, Expected Future Benefit Payments [Abstract] | |
2022 | $ 228 |
2023 | 234 |
2024 | 240 |
2025 | 250 |
2026 | 249 |
2027 - 2031 | 1,265 |
Total | 2,466 |
Other Postretirement Benefits Plan [Member] | |
Defined Benefit Plan, Expected Future Benefit Payments [Abstract] | |
2022 | 20 |
2023 | 18 |
2024 | 16 |
2025 | 15 |
2026 | 14 |
2027 - 2031 | 56 |
Total | $ 139 |
Employee Benefit Plans - Invest
Employee Benefit Plans - Investment and Savings Plan, Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |||
Maximum percentage of plan assets that can be in the common stock of Hartford | 10.00% | ||
Non-elective contribution percent | 2.00% | ||
Percent of employer matching contribution | 6.00% | ||
Limit of employee compensation annually | $ 1,000,000 | ||
Total cost to company related to Investment and Savings Plan | $ 147,000,000 | $ 153,000,000 | $ 156,000,000 |
Employee Benefit Plans - Post R
Employee Benefit Plans - Post Retirement Benefit Plans, Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used in Calculation, Description | The interest crediting rate on the cash balance plan is the greater of the average annual yield on 10-year U.S. Treasury Securities or 3.3%. | ||
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.91% | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 5.40% | 6.00% | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Expected Long-Term Return On Assets Rate | 5.10% | ||
Pension Plan [Member] | Fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 73.00% | ||
Pension Plan [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 27.00% | ||
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.72% | 2.36% | 3.15% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 4.90% | 5.60% | 6.00% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Expected Long-Term Return On Assets Rate | 4.80% | ||
Other Postretirement Benefits Plan [Member] | Fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 70.00% | ||
Other Postretirement Benefits Plan [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 30.00% |
Stock Compensation Plans - Stoc
Stock Compensation Plans - Stock Compensation Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |||
Stock-based compensation plans expense | $ 128 | $ 116 | $ 125 |
Income tax benefit | (22) | (20) | (21) |
Excess tax benefit on awards vested, exercised and expired | (6) | (1) | (6) |
Total stock-based compensation plans expense, after-tax | $ 100 | $ 95 | $ 98 |
Stock Compensation Plans - St_2
Stock Compensation Plans - Stock Option Awards (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Number of Options (in thousands) | |||
Outstanding at beginning of year (in shares) | 6,693 | ||
Granted (in shares) | 930 | ||
Exercised (in shares) | (1,137) | ||
Forfeited (in shares) | (51) | ||
Expired (in shares) | 0 | ||
Outstanding at end of year (in shares) | 6,435 | 6,693 | |
Number of Options (in thousands), Outstanding, fully vested and expected to vest (in shares) | 6,385 | ||
Number of Options (in thousands), Exercisable at end of year (in shares) | 4,749 | ||
Weighted Average Exercise Price | |||
Outstanding at beginning of year (in USD per share) | $ 45.54 | ||
Granted (in USD per share) | 51.87 | ||
Exercised (in USD per share) | 39.51 | ||
Forfeited (in USD per share) | 53.03 | ||
Expired (in USD per share) | 0 | ||
Outstanding at end of year (in USD per share) | 47.46 | $ 45.54 | |
Weighted Average Exercise Price, Outstanding, fully vested and expected to vest (in USD per share) | 47.42 | ||
Weighted Average Exercise Price, Exercisable at end of year (in USD per share) | $ 45.67 | ||
Weighted Average Remaining Contractual Term, Outstanding at end of year | 5 years 8 months 12 days | ||
Weighted Average Remaining Contractual Term, Outstanding, fully vested and expected to vest | 5 years 8 months 12 days | ||
Weighted Average Remaining Contractual Term, Exercisable at end of year | 4 years 8 months 12 days | ||
Aggregate Intrinsic Value, Outstanding at end of year | $ 139 | ||
Aggregate Intrinsic Value, Outstanding, fully vested and expected to vest | 138 | ||
Aggregate Intrinsic Value, Exercisable at end of year | $ 111 | ||
Employee Stock Option | |||
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items] | |||
Expected dividend yield | 2.80% | 2.60% | 2.50% |
Expected annualized spot volatility minimum | 34.10% | 22.20% | 20.70% |
Expected annualized spot volatility maximum | 43.00% | 36.20% | 36.70% |
Weighted average annualized volatility | 39.40% | 30.90% | 29.30% |
Risk-free spot rate minimum | 0.03% | 1.30% | 2.40% |
Risk-free spot rate maximum | 1.40% | 1.60% | 2.60% |
Expected term | 6 years 4 months 24 days | 6 years 7 months 6 days | 5 years 10 months 24 days |
Stock Compensation Plans - Perf
Stock Compensation Plans - Performance Shares (Details) - Performance Shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Volatility of common stock | 37.30% | 19.60% | 19.40% |
Average correlation coefficient of peer companies | 67.00% | 51.00% | 50.00% |
Risk-free spot rate | 0.20% | 1.20% | 2.40% |
Term | 3 years | 3 years | 3 years |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Average volatility of peer companies | 27.00% | 18.00% | 16.00% |
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Average volatility of peer companies | 49.00% | 31.00% | 27.00% |
Stock Compensation Plans - Tota
Stock Compensation Plans - Total Share Awards (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
The Hartford 2020 Incentive Stock Plan (ISOP) [Member] | |||
Weighted-Average Grant-Date Fair Value | |||
Term | 10 years | ||
Restricted Stock Units | |||
Number of Shares (in thousands) | |||
Non-vested at beginning of year (in shares) | 3,866 | ||
Granted (in shares) | 1,628 | ||
Vested (in shares) | (1,160) | ||
Forfeited (in shares) | (303) | ||
Non-vested at end of year (in shares) | 4,031 | 3,866 | |
Weighted-Average Grant-Date Fair Value | |||
Non-vested at beginning of year (in USD per share) | $ 52.58 | ||
Granted (in USD per share) | 52.13 | $ 54.64 | $ 50.49 |
Vested (in USD per share) | 52.72 | ||
Forfeited (in USD per share) | 51.30 | ||
Non-vested at end of year (in USD per share) | $ 52.45 | $ 52.58 | |
Performance Shares | |||
Number of Shares (in thousands) | |||
Non-vested at beginning of year (in shares) | 790 | ||
Granted (in shares) | 419 | ||
Performance based adjustment (in shares) | 225 | ||
Vested (in shares) | (624) | ||
Forfeited (in shares) | (45) | ||
Non-vested at end of year (in shares) | 765 | 790 | |
Weighted-Average Grant-Date Fair Value | |||
Non-vested at beginning of year (in USD per share) | $ 54.82 | ||
Granted (in USD per share) | 56.09 | $ 55.62 | $ 54.07 |
Performance based adjustment (in USD per share) | 60.67 | ||
Vested (in USD per share) | 56.44 | ||
Forfeited (in USD per share) | 52.89 | ||
Non-vested at end of year (in USD per share) | $ 52.53 | $ 54.82 | |
Term | 3 years | 3 years | 3 years |
Stock Compensation Plans - Addi
Stock Compensation Plans - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total compensation cost related to non-vested awards not yet recognized | $ 71 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years | ||
Maximum number of shares that may be issued (in shares) | 15,400,000 | ||
Shares available for future issuance (in shares) | 3,544,674 | ||
Award vesting period | 3 years | ||
Weighted average grant-date fair value of options granted during period (in shares) | $ 14.88 | $ 12.97 | $ 11.71 |
Proceeds from Stock Options Exercised | $ 45 | $ 3 | $ 24 |
Share-based Payment Arrangement, Exercise of Option, Tax Benefit | 4 | 0 | 2 |
Total intrinsic value of options exercised during period | 28 | 2 | 16 |
Share-based Payment Arrangement, Cash Used to Settle Award | 0 | 0 | 0 |
Stock-based compensation plans expense | $ 128 | $ 116 | $ 125 |
Discount rate for employee stock purchase plan | 5.00% | ||
Shares sold during period (in shares) | 199,173 | 340,653 | 213,472 |
Share-based Compensation Arrangement by Share-based Payment Award, Cash Received from Shares Issued in Period | $ 13 | $ 13 | $ 11 |
Subsidiary Stock Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation plans expense | 11 | 11 | 11 |
Subsidiary stock repurchased | $ 16 | $ 10 | $ 8 |
Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Term | 3 years | 3 years | 3 years |
Award vesting period | 3 years | ||
Stock-based Compensation Arrangement by Share-based Payment Award, Performance Period | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 765,000 | 790,000 | |
Weighted average grant-date fair value (in USD per share) | $ 56.09 | $ 55.62 | $ 54.07 |
Total fair value of shares vested during period | $ 105 | $ 73 | $ 102 |
Performance Shares | Dividend Equivalent Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 30,000 | 11,000 | |
Performance Shares | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Target performance ratio | 200.00% | ||
Performance Shares | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Target performance ratio | 0.00% | ||
Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 4,031,000 | 3,866,000 | |
Weighted average grant-date fair value (in USD per share) | $ 52.13 | $ 54.64 | $ 50.49 |
Restricted Stock Units | Dividend Equivalent Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 209,000 | 186,000 | |
The Hartford 2020 Incentive Stock Plan (ISOP) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Term | 10 years | ||
Maximum number of shares that may be issued (in shares) | 11,250,000 | ||
Shares available for future issuance (in shares) | 9,667,290 | ||
The Hartford 2020 Incentive Stock Plan (ISOP) [Member] | Employee Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 3 years | ||
Service period | 1 year | ||
The Hartford 2020 Incentive Stock Plan (ISOP) [Member] | Employee Stock Option | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Term | 10 years |
Leases Components of Lease Expe
Leases Components of Lease Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Operating lease cost | $ 45 | $ 52 | $ 49 |
Short-term lease cost | 0 | 0 | 2 |
Variable lease cost | 2 | 0 | 1 |
Sublease income | (3) | (5) | (5) |
Total lease costs included in insurance operating costs and other expenses | $ 44 | $ 47 | $ 47 |
Leases Supplemental Operating L
Leases Supplemental Operating Lease Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Operating cash flows for operating leases (for the nine months ended) | $ 46 | $ 54 | $ 50 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 3 | $ 49 | $ 42 |
Weighted-average remaining lease term in years for operating leases | 6 years | 7 years | 6 years |
Weighted-average discount rate for operating leases | 3.00% | 3.10% | 3.50% |
Leases Maturities of Operating
Leases Maturities of Operating Lease Liabilities (Details) $ in Millions | Dec. 31, 2021USD ($) |
Leases [Abstract] | |
Lessee, Operating Lease, Liability, Payments, Due Next Rolling Twelve Months | $ 42 |
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Two | 40 |
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Three | 31 |
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Four | 23 |
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Five | 18 |
Lessee, Operating Lease, Liability, Payments, Due after Rolling Year Five | 46 |
Lessee, Operating Lease, Liability, to be Paid | 200 |
Less: Discount on lease payments to present value | $ 16 |
Leases Additional Information (
Leases Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Lessee, Lease, Description [Line Items] | |||
Variable lease cost | $ 2 | $ 0 | $ 1 |
Hartford Next Program | |||
Lessee, Lease, Description [Line Items] | |||
Variable lease cost | 4 | ||
Property, Plant and Equipment [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Operating Lease, Right-of-Use Asset | 167 | 209 | |
Other liabilities | |||
Lessee, Lease, Description [Line Items] | |||
Operating Lease, Liability | $ 184 | $ 221 |
Business Dispositions - Additio
Business Dispositions - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ (21) | $ (48) | $ 0 |
Income tax expense | 531 | 383 | $ 475 |
Continental Europe Operations [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Disposal Group, Including Discontinued Operation, Consideration | 11 | 14 | |
HIG:DisposalGroupNotDiscontinuedOperationGainLossOnDisposalAfterTax | 16 | 30 | |
Business Combination, Contingent Consideration, Liability | 0 | ||
Gain (Loss) on Investments [Member] | Continental Europe Operations [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 21 | 48 | |
Income tax expense | $ 5 | $ 18 |
Business Dispositions - Carryin
Business Dispositions - Carrying Value of Assets and Liabilities to be Transferred in Sale (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held for sale | $ 0 | $ 177 |
Disposal Group, Including Discontinued Operation, Liabilities, Total | 0 | 158 |
Continental Europe Operations [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents | 150 | 142 |
Disposal Group, Including Discontinued Operation, Other Assets | 13 | 35 |
Assets held for sale | 163 | 177 |
Net change in reserves transferred to liabilities held for sale | 81 | 84 |
Disposal Group, Including Discontinued Operation, Deferred Revenue | 19 | 31 |
Disposal Group, Including Discontinued Operation, Other Liabilities | 52 | 43 |
Disposal Group, Including Discontinued Operation, Liabilities, Total | 152 | 158 |
Disposal Group, Including Discontinued Operation, Consideration | $ 11 | 14 |
Continental Europe Operations [Member] | Fair Value, Recurring [Member] | Fixed Maturities and Short-Term Investments [Member] | Securities available-for-sale and other | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets Held-for-sale, Long Lived, Fair Value Disclosure | 84 | |
Continental Europe Operations [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Recurring [Member] | Fixed Maturities and Short-Term Investments [Member] | Securities available-for-sale and other | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets Held-for-sale, Long Lived, Fair Value Disclosure | 1 | |
Continental Europe Operations [Member] | Significant Observable Inputs (Level 2) | Fair Value, Recurring [Member] | Fixed Maturities and Short-Term Investments [Member] | Securities available-for-sale and other | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets Held-for-sale, Long Lived, Fair Value Disclosure | 83 | |
Continental Europe Operations [Member] | Significant Unobservable Inputs (Level 3) | Fair Value, Nonrecurring [Member] | Fixed Maturities and Short-Term Investments [Member] | Securities available-for-sale and other | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets Held-for-sale, Long Lived, Fair Value Disclosure | $ 70 |
Restructuring and Other Costs,
Restructuring and Other Costs, Before Tax (Details) - Other Operating Income (Expense) [Member] - Hartford Next Program - USD ($) $ in Millions | 12 Months Ended | 18 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | $ 1 | $ 104 | $ 105 |
Restructuring and Related Cost, Expected Cost | 130 | 130 | |
Employee Severance | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 25 | 73 | 48 |
Restructuring and Related Cost, Expected Cost | 48 | 48 | |
Information Technology | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 9 | 2 | 11 |
Restructuring and Related Cost, Expected Cost | 21 | 21 | |
Professional fees and other expenses | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 17 | $ 29 | 46 |
Restructuring and Related Cost, Expected Cost | $ 61 | $ 61 |
Accrued Restructuring and Other
Accrued Restructuring and Other Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other costs | $ 1 | $ 104 | $ 0 |
Hartford Next Program | |||
Restructuring Cost and Reserve [Line Items] | |||
Payments for Restructuring | (37) | (50) | |
Employee Severance | Hartford Next Program | |||
Restructuring Cost and Reserve [Line Items] | |||
Payments for Restructuring | (11) | (19) | |
Information Technology | Hartford Next Program | |||
Restructuring Cost and Reserve [Line Items] | |||
Payments for Restructuring | (9) | (2) | |
Professional fees and other expenses | Hartford Next Program | |||
Restructuring Cost and Reserve [Line Items] | |||
Payments for Restructuring | (17) | (29) | |
Other Operating Income (Expense) [Member] | Hartford Next Program | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other costs | 1 | 104 | |
Other Operating Income (Expense) [Member] | Employee Severance | Hartford Next Program | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other costs | 25 | 73 | |
Other Operating Income (Expense) [Member] | Information Technology | Hartford Next Program | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other costs | 9 | 2 | |
Other Operating Income (Expense) [Member] | Professional fees and other expenses | Hartford Next Program | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other costs | 17 | 29 | |
Other liabilities | Hartford Next Program | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve, Beginning Balance | 54 | 0 | |
Restructuring Reserve, Ending Balance | 18 | 54 | 0 |
Other liabilities | Employee Severance | Hartford Next Program | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve, Beginning Balance | 54 | 0 | |
Restructuring Reserve, Ending Balance | 18 | 54 | 0 |
Other liabilities | Information Technology | Hartford Next Program | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve, Beginning Balance | 0 | 0 | |
Restructuring Reserve, Ending Balance | 0 | 0 | 0 |
Other liabilities | Professional fees and other expenses | Hartford Next Program | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve, Beginning Balance | 0 | 0 | |
Restructuring Reserve, Ending Balance | $ 0 | $ 0 | $ 0 |
Restructuring and Related Act_3
Restructuring and Related Activities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other costs | $ 1 | $ 104 | $ 0 |
Hartford Next Program | |||
Restructuring Cost and Reserve [Line Items] | |||
Payments for Restructuring | (37) | (50) | |
Hartford Next Program | Employee Severance | |||
Restructuring Cost and Reserve [Line Items] | |||
Payments for Restructuring | (11) | (19) | |
Hartford Next Program | Information Technology | |||
Restructuring Cost and Reserve [Line Items] | |||
Payments for Restructuring | (9) | (2) | |
Hartford Next Program | Professional fees and other expenses | |||
Restructuring Cost and Reserve [Line Items] | |||
Payments for Restructuring | (17) | (29) | |
Hartford Next Program | Other liabilities | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 18 | 54 | 0 |
Hartford Next Program | Other liabilities | Employee Severance | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 18 | 54 | 0 |
Restructuring Reserve, Period Increase (Decrease) | 25 | ||
Hartford Next Program | Other liabilities | Information Technology | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 0 | 0 | 0 |
Hartford Next Program | Other liabilities | Professional fees and other expenses | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 0 | 0 | $ 0 |
Other Operating Income (Expense) [Member] | Hartford Next Program | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Expected Cost | 130 | ||
Restructuring and other costs | 1 | 104 | |
Other Operating Income (Expense) [Member] | Hartford Next Program | Employee Severance | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Expected Cost | 48 | ||
Restructuring and other costs | 25 | 73 | |
Other Operating Income (Expense) [Member] | Hartford Next Program | Information Technology | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Expected Cost | 21 | ||
Restructuring and other costs | 9 | 2 | |
Other Operating Income (Expense) [Member] | Hartford Next Program | Professional fees and other expenses | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Expected Cost | 61 | ||
Restructuring and other costs | $ 17 | $ 29 |
Schedule I Summary of Investm_2
Schedule I Summary of Investments - Other Than Investments in Affiliates (Details) $ in Millions | Dec. 31, 2021USD ($) |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | $ 55,714 |
Amount at which shown on Balance Sheet | 57,749 |
U.S. government and government agencies and authorities (guaranteed and sponsored) | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 5,706 |
Fair Value | 5,881 |
Amount at which shown on Balance Sheet | 5,881 |
States, municipalities and political subdivisions | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 7,473 |
Fair Value | 8,257 |
Amount at which shown on Balance Sheet | 8,257 |
Foreign government/government agencies | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 883 |
Fair Value | 910 |
Amount at which shown on Balance Sheet | 910 |
Public utilities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 1,917 |
Fair Value | 2,050 |
Amount at which shown on Balance Sheet | 2,050 |
All other corporate bonds | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 15,827 |
Fair Value | 16,657 |
Amount at which shown on Balance Sheet | 16,657 |
Industrial, miscellaneous and all other | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 1,509 |
Fair Value | 1,509 |
Amount at which shown on Balance Sheet | 1,509 |
Non-redeemable preferred stocks | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 585 |
Fair Value | 585 |
Amount at which shown on Balance Sheet | 585 |
Equity securities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 2,094 |
Fair Value | 2,094 |
Amount at which shown on Balance Sheet | 2,094 |
Mortgage loans [1] | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Fair Value | 5,576 |
Amount at which shown on Balance Sheet | 5,383 |
Other investments | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 370 |
Fair Value | 375 |
Amount at which shown on Balance Sheet | 375 |
Short-term investments | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 3,697 |
Fair Value | 3,697 |
Amount at which shown on Balance Sheet | 3,697 |
Investments in partnerships and trusts | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 3,353 |
Amount at which shown on Balance Sheet | 3,353 |
All other mortgage-backed and asset-backed securities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 8,982 |
Fair Value | 9,092 |
Amount at which shown on Balance Sheet | 9,092 |
Total fixed maturities, available-for-sale | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 40,788 |
Fair Value | 42,847 |
Amount at which shown on Balance Sheet | $ 42,847 |
Schedule II Condensed Financi_2
Schedule II Condensed Financial Information of the Hartford Financial Services, Inc. - Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | |||
Debt Securities, Available-for-sale, Amortized Cost | $ 40,788 | $ 41,561 | |
Total fixed maturities | 42,847 | 45,035 | |
Short-term investments | 3,697 | 3,283 | |
Cash | 205 | 151 | |
Deferred income taxes, net | 270 | 46 | |
Other assets | 2,577 | 2,066 | |
Total assets | 76,578 | 74,111 | |
Liabilities and Stockholders’ Equity | |||
Long-term debt | 4,944 | 4,352 | |
Other liabilities | 5,655 | 5,222 | $ 5,157 |
Total liabilities | 58,735 | 55,555 | |
Total stockholders’ equity | 17,843 | 18,556 | $ 16,270 |
Total liabilities and stockholders’ equity | 76,578 | 74,111 | |
Parent Company | |||
Assets | |||
Debt Securities, Available-for-sale, Amortized Cost | 174 | 127 | |
Total fixed maturities | 173 | 127 | |
Other investments | 12 | 20 | |
Short-term investments | 1,732 | 1,678 | |
Cash | 0 | 0 | |
Investment in affiliates | 22,546 | 22,986 | |
Deferred income taxes, net | 430 | 493 | |
Unamortized issue costs | 3 | 2 | |
Other assets | 344 | 66 | |
Total assets | 25,240 | 25,372 | |
Liabilities and Stockholders’ Equity | |||
Net payable to affiliates | 1,820 | 1,757 | |
Long-term debt | 4,944 | 4,352 | |
Other liabilities | 633 | 707 | |
Total liabilities | 7,397 | 6,816 | |
Total stockholders’ equity | 17,843 | 18,556 | |
Total liabilities and stockholders’ equity | $ 25,240 | $ 25,372 |
Schedule II Condensed Financi_3
Schedule II Condensed Financial Information of the Hartford Financial Services, Inc. - Statements of Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Consolidated Statements of Operations and Comprehensive Income | |||
Net investment income | $ 2,313 | $ 1,846 | $ 1,951 |
Net realized gains (losses) | 509 | (14) | 395 |
Revenues | 22,390 | 20,523 | 20,740 |
Interest expense | 234 | 236 | 259 |
Loss on extinguishment of debt | 0 | 0 | (90) |
Insurance operating costs and other expenses | 4,779 | 4,480 | 4,580 |
Total benefits, losses and expenses | 19,494 | 18,403 | 18,180 |
Income tax expense | 531 | 383 | 475 |
Net income | 2,365 | 1,737 | 2,085 |
Other comprehensive income (loss) - parent company: | |||
Change in net gain on cash flow hedging instruments | (6) | 3 | 14 |
OCI, net of tax | (998) | 1,118 | 1,631 |
Comprehensive income | 1,367 | 2,855 | 3,716 |
Parent Company | |||
Consolidated Statements of Operations and Comprehensive Income | |||
Net investment income | 2 | 9 | 50 |
Net realized gains (losses) | (1) | (2) | 3 |
Revenues | 1 | 7 | 53 |
Interest expense | 234 | 236 | 255 |
Loss on extinguishment of debt | 0 | 0 | (68) |
Insurance operating costs and other expenses | (2) | (8) | 15 |
Total benefits, losses and expenses | 232 | 228 | 338 |
Loss before income taxes and earnings of subsidiaries | (231) | (221) | (285) |
Income tax expense | (51) | (39) | (60) |
Income (loss) before earnings of subsidiaries | (180) | (182) | (225) |
Earnings of subsidiaries | 2,545 | 1,919 | 2,310 |
Net income | 2,365 | 1,737 | 2,085 |
Other comprehensive income (loss) - parent company: | |||
Change in net gain on cash flow hedging instruments | 24 | (28) | (24) |
Change in net unrealized gain or loss on fixed maturities | (1) | (1) | 5 |
Change in pension and other postretirement plan adjustments | 224 | (36) | (35) |
Other comprehensive income (loss), net of taxes before other comprehensive income of subsidiaries | 247 | (65) | (54) |
Other comprehensive income (loss) of subsidiaries | (1,245) | 1,183 | 1,685 |
OCI, net of tax | (998) | 1,118 | 1,631 |
Comprehensive income | $ 1,367 | $ 2,855 | $ 3,716 |
Schedule II Condensed Financi_4
Schedule II Condensed Financial Information of the Hartford Financial Services, Inc. - Cash Flow Disclosures (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Activities | |||
Net income | $ 2,365 | $ 1,737 | $ 2,085 |
Loss on extinguishment of debt | 0 | 0 | (90) |
Gain (Loss) on Investments | (530) | (34) | (395) |
Cash provided by operating activities | 4,093 | 3,871 | 3,489 |
Investing Activities | |||
Net proceeds from (payments for) short-term investments | (417) | (368) | 1,491 |
Proceeds from Sale of Debt Securities, Available-for-sale | (22,457) | (19,534) | (18,499) |
Proceeds from Sale and Maturity of Marketable Securities | 626 | 1,485 | 1,553 |
Payments to Acquire Debt Securities, Available-for-sale | (21,754) | (21,112) | (19,881) |
Payments for (Proceeds from) Other Investing Activities | (169) | (1) | 49 |
Net cash used for investing activities | (2,466) | (2,066) | (2,148) |
Financing Activities | |||
Treasury stock acquired | (1,702) | (150) | (200) |
Dividends paid on common shares | (485) | (457) | (433) |
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | 21 | 21 | 21 |
Net cash used for financing activities | (1,581) | (1,778) | (1,191) |
Cash and restricted cash — beginning of period | 239 | 262 | 121 |
Cash and restricted cash — end of period | 337 | 239 | 262 |
Parent Company | |||
Operating Activities | |||
Net income | 2,365 | 1,737 | 2,085 |
Loss on extinguishment of debt | 0 | 0 | (68) |
Dividends from subsidiaries | 1,277 | 995 | 18 |
Equity in net income of subsidiaries | (2,545) | (1,919) | (2,310) |
Gain (Loss) on Investments | 1 | 2 | 3 |
Change in operating assets and liabilities | 36 | 504 | 640 |
Cash provided by operating activities | 1,134 | 1,319 | 504 |
Investing Activities | |||
Net proceeds from (payments for) short-term investments | (54) | (802) | 1,731 |
Proceeds from Sale of Debt Securities, Available-for-sale | (25) | (311) | (478) |
Proceeds from Sale and Maturity of Marketable Securities | 0 | 124 | 0 |
Payments to Acquire Debt Securities, Available-for-sale | (74) | (128) | 0 |
Payments for (Proceeds from) Other Investing Activities | 38 | (57) | (33) |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | 0 | (2,098) |
Capital returned from (contributions to) subsidiaries | 530 | 386 | (20) |
Net cash used for investing activities | 465 | (166) | 58 |
Financing Activities | |||
Proceeds from issuance of debt | 588 | 0 | 1,376 |
Repayments of long-term debt | 0 | (500) | (1,278) |
Treasury stock acquired | (1,702) | (150) | (200) |
Net issuance (return of) shares under incentive and stock compensation plans | 25 | (21) | (6) |
Dividends paid on common shares | (489) | (461) | (436) |
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | 21 | 21 | 21 |
Net cash used for financing activities | (1,599) | (1,153) | (565) |
Net increase (decrease) in cash | 0 | 0 | (3) |
Cash and restricted cash — beginning of period | 0 | 0 | 3 |
Cash and restricted cash — end of period | 0 | 0 | 0 |
Supplemental Disclosure of Cash Flow Information | |||
Interest Paid | $ 214 | $ 232 | $ 255 |
Schedule III Supplementary In_2
Schedule III Supplementary Insurance Information (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Supplementary Insurance Information [Abstract] | ||||
Deferred Policy Acquisition Costs | $ 881 | $ 789 | ||
Unpaid Losses and Loss Adjustment Expenses | 39,659 | 37,855 | ||
Reserve for Future Policy Benefits | 596 | 638 | ||
Unearned Premiums | 7,194 | 6,629 | ||
Other Policyholder Funds and Benefits Payable | 687 | 701 | ||
Earned Premiums, Fee Income and Other | 19,568 | 18,691 | $ 18,394 | |
Net Investment Income | 2,313 | 1,846 | 1,951 | |
Benefits, Losses and Loss Adjustment Expenses | 12,729 | 11,805 | 11,472 | |
Amortization of Deferred Policy Acquisition Costs | 1,680 | 1,706 | 1,622 | |
Insurance Operating Costs and Other Expenses | 5,085 | 4,892 | 5,086 | |
Net Written Premiums | 12,949 | 11,914 | 11,595 | |
Group Insurance Policy [Member] | ||||
Schedule of Supplementary Insurance Information [Abstract] | ||||
Unpaid Losses and Loss Adjustment Expenses | 8,210 | 8,233 | 8,256 | $ 8,445 |
Operating Segments | Property and Casualty, Commercial Insurance [Member] | ||||
Schedule of Supplementary Insurance Information [Abstract] | ||||
Deferred Policy Acquisition Costs | 742 | 641 | ||
Unpaid Losses and Loss Adjustment Expenses | 26,906 | 25,058 | ||
Reserve for Future Policy Benefits | 0 | 0 | ||
Unearned Premiums | 5,693 | 5,081 | ||
Other Policyholder Funds and Benefits Payable | 0 | 0 | ||
Earned Premiums, Fee Income and Other | 9,586 | 8,941 | 8,326 | |
Net Investment Income | 1,502 | 1,160 | 1,129 | |
Benefits, Losses and Loss Adjustment Expenses | 6,044 | 5,929 | 5,192 | |
Amortization of Deferred Policy Acquisition Costs | 1,398 | 1,397 | 1,296 | |
Insurance Operating Costs and Other Expenses | 1,747 | 1,683 | 1,776 | |
Net Written Premiums | 10,041 | 8,969 | 8,452 | |
Operating Segments | Property and Casualty, Personal Insurance [Member] | ||||
Schedule of Supplementary Insurance Information [Abstract] | ||||
Deferred Policy Acquisition Costs | 101 | 103 | ||
Unpaid Losses and Loss Adjustment Expenses | 1,844 | 1,836 | ||
Reserve for Future Policy Benefits | 0 | 0 | ||
Unearned Premiums | 1,459 | 1,506 | ||
Other Policyholder Funds and Benefits Payable | 0 | 0 | ||
Earned Premiums, Fee Income and Other | 3,066 | 3,123 | 3,318 | |
Net Investment Income | 157 | 157 | 179 | |
Benefits, Losses and Loss Adjustment Expenses | 1,864 | 1,466 | 2,185 | |
Amortization of Deferred Policy Acquisition Costs | 230 | 244 | 259 | |
Insurance Operating Costs and Other Expenses | 678 | 663 | 702 | |
Net Written Premiums | 2,908 | 2,936 | 3,131 | |
Operating Segments | Property & Casualty Other Operations | ||||
Schedule of Supplementary Insurance Information [Abstract] | ||||
Deferred Policy Acquisition Costs | 0 | 0 | ||
Unpaid Losses and Loss Adjustment Expenses | 2,699 | 2,728 | ||
Reserve for Future Policy Benefits | 0 | 0 | ||
Unearned Premiums | 2 | 2 | ||
Other Policyholder Funds and Benefits Payable | 0 | 0 | ||
Earned Premiums, Fee Income and Other | 0 | 0 | 2 | |
Net Investment Income | 75 | 55 | 84 | |
Benefits, Losses and Loss Adjustment Expenses | 202 | 258 | 21 | |
Amortization of Deferred Policy Acquisition Costs | 0 | 0 | 0 | |
Insurance Operating Costs and Other Expenses | 9 | 10 | 12 | |
Net Written Premiums | 0 | 0 | 0 | |
Operating Segments | Group Insurance Policy [Member] | ||||
Schedule of Supplementary Insurance Information [Abstract] | ||||
Deferred Policy Acquisition Costs | 31 | 38 | ||
Unpaid Losses and Loss Adjustment Expenses | 8,210 | 8,233 | ||
Reserve for Future Policy Benefits | 399 | 420 | ||
Unearned Premiums | 40 | 40 | ||
Other Policyholder Funds and Benefits Payable | 426 | 415 | ||
Earned Premiums, Fee Income and Other | 5,687 | 5,536 | 5,603 | |
Net Investment Income | 550 | 448 | 486 | |
Benefits, Losses and Loss Adjustment Expenses | 4,612 | 4,137 | 4,055 | |
Amortization of Deferred Policy Acquisition Costs | 40 | 50 | 54 | |
Insurance Operating Costs and Other Expenses | 1,413 | 1,348 | 1,352 | |
Net Written Premiums | 0 | 0 | 0 | |
Operating Segments | Hartford Funds | ||||
Schedule of Supplementary Insurance Information [Abstract] | ||||
Deferred Policy Acquisition Costs | 7 | 7 | ||
Unpaid Losses and Loss Adjustment Expenses | 0 | 0 | ||
Reserve for Future Policy Benefits | 0 | 0 | ||
Unearned Premiums | 0 | 0 | ||
Other Policyholder Funds and Benefits Payable | 0 | 0 | ||
Earned Premiums, Fee Income and Other | 1,189 | 989 | 999 | |
Net Investment Income | 5 | 4 | 7 | |
Benefits, Losses and Loss Adjustment Expenses | 0 | 0 | 0 | |
Amortization of Deferred Policy Acquisition Costs | 12 | 14 | 12 | |
Insurance Operating Costs and Other Expenses | 913 | 773 | 813 | |
Net Written Premiums | 0 | 0 | 0 | |
Corporate | ||||
Schedule of Supplementary Insurance Information [Abstract] | ||||
Deferred Policy Acquisition Costs | 0 | 0 | ||
Unpaid Losses and Loss Adjustment Expenses | 0 | 0 | ||
Reserve for Future Policy Benefits | 197 | 218 | ||
Unearned Premiums | 0 | 0 | ||
Other Policyholder Funds and Benefits Payable | 261 | 286 | ||
Earned Premiums, Fee Income and Other | 40 | 102 | 146 | |
Net Investment Income | 24 | 22 | 66 | |
Benefits, Losses and Loss Adjustment Expenses | 7 | 15 | 19 | |
Amortization of Deferred Policy Acquisition Costs | 0 | 1 | 1 | |
Insurance Operating Costs and Other Expenses | 325 | 415 | 431 | |
Net Written Premiums | $ 0 | $ 9 | $ 12 |
Schedule IV Reinsurance (Detail
Schedule IV Reinsurance (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Life insurance in-force | |||
Gross Amount | $ 1,112,333 | $ 1,134,390 | $ 879,496 |
Ceded Amount | 22,814 | 19,055 | 18,483 |
Assumed From Other Companies | 21,230 | 20,373 | 254,739 |
Net Amount | $ 1,110,749 | $ 1,135,708 | $ 1,115,752 |
Percentage of Amount Assumed to Net | 2.00% | 2.00% | 23.00% |
Insurance revenues | |||
Gross Amount | $ 18,867 | $ 17,796 | $ 16,132 |
Ceded Amount | 1,381 | 1,269 | 1,027 |
Assumed From Other Companies | 696 | 927 | 1,988 |
Premiums Earned, Net | $ 17,999 | $ 17,288 | $ 16,923 |
Percentage of Amount Assumed to Net | 4.00% | 5.00% | 12.00% |
Earned premiums and fees [Member] | |||
Insurance revenues | |||
Premiums Earned, Net | $ 18,182 | $ 17,454 | $ 17,093 |
Property and Casualty Insurance Products | |||
Insurance revenues | |||
Gross Amount | 13,204 | 12,551 | 12,010 |
Ceded Amount | 1,277 | 1,173 | 936 |
Assumed From Other Companies | 568 | 540 | 416 |
Premiums Earned, Net | $ 12,495 | $ 11,918 | $ 11,490 |
Percentage of Amount Assumed to Net | 5.00% | 5.00% | 4.00% |
Life insurance and annuities | |||
Insurance revenues | |||
Gross Amount | $ 2,367 | $ 2,251 | $ 1,739 |
Ceded Amount | 25 | 24 | 25 |
Assumed From Other Companies | 46 | 207 | 807 |
Premiums Earned, Net | $ 2,388 | $ 2,434 | $ 2,521 |
Percentage of Amount Assumed to Net | 2.00% | 9.00% | 32.00% |
Accident and health insurance | |||
Insurance revenues | |||
Gross Amount | $ 3,296 | $ 2,994 | $ 2,383 |
Ceded Amount | 79 | 72 | 66 |
Assumed From Other Companies | 82 | 180 | 765 |
Premiums Earned, Net | $ 3,299 | $ 3,102 | $ 3,082 |
Percentage of Amount Assumed to Net | 2.00% | 6.00% | 25.00% |
Schedule V Valuation and Qual_2
Schedule V Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2021 | Jan. 01, 2020 | Jan. 01, 2019 | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||||
Movement in Valuation allowance and reserves | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 2 | |||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | Retained Earnings | ||||||
Movement in Valuation allowance and reserves | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (18) | |||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | Retained Earnings | Reinsurance Recoverable Including Reinsurance Premium Paid [Member] | ||||||
Movement in Valuation allowance and reserves | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2 | |||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | Retained Earnings | Premiums Receivable [Member] | ||||||
Movement in Valuation allowance and reserves | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 23 | |||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | Retained Earnings | Commercial Loan [Member] | ||||||
Movement in Valuation allowance and reserves | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 19 | |||||
SEC Schedule, 12-09, Allowance, Loss on Finance Receivable | ||||||
Movement in Valuation allowance and reserves | ||||||
Valuation allowances and reserves | $ 1 | $ 23 | $ 23 | |||
Increase (decrease) in Costs and Expenses | (4) | 30 | ||||
Write-offs/ Payments/ Other | (18) | (7) | ||||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount | 1 | 23 | 23 | |||
SEC Schedule, 12-09, Allowance, Loan and Lease Loss, Real Estate [Member] | ||||||
Movement in Valuation allowance and reserves | ||||||
Valuation allowances and reserves | 29 | 38 | 0 | 38 | 19 | $ 1 |
Increase (decrease) in Costs and Expenses | (9) | 19 | (1) | |||
Write-offs/ Payments/ Other | 0 | 0 | 0 | |||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount | 29 | 38 | 0 | 38 | 19 | 1 |
SEC Schedule, 12-09, Allowance, Uncollectible Premium Receivable | ||||||
Movement in Valuation allowance and reserves | ||||||
Valuation allowances and reserves | 105 | 152 | 145 | 152 | 122 | 135 |
Increase (decrease) in Costs and Expenses | 4 | 74 | 42 | |||
Write-offs/ Payments/ Other | (51) | (44) | (32) | |||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount | 105 | 152 | 145 | 152 | 122 | 135 |
SEC Schedule, 12-09, Allowance, Reinsurance Recoverable [Member] | ||||||
Movement in Valuation allowance and reserves | ||||||
Valuation allowances and reserves | 99 | 108 | 114 | 108 | 116 | 126 |
Increase (decrease) in Costs and Expenses | 3 | 4 | 2 | |||
Write-offs/ Payments/ Other | (12) | (12) | (14) | |||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount | 99 | 108 | 114 | 108 | 116 | 126 |
Valuation allowance for deferred taxes | ||||||
Movement in Valuation allowance and reserves | ||||||
Valuation allowances and reserves | 7 | 4 | 4 | 4 | 4 | 0 |
Increase (decrease) in Costs and Expenses | 9 | 9 | 0 | |||
Write-offs/ Payments/ Other | (6) | (9) | 4 | |||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount | $ 7 | $ 4 | $ 4 | $ 4 | $ 4 | $ 0 |
Schedule VI Supplementary Infor
Schedule VI Supplementary Information Concerning Property and Casualty Insurance Operations (Details) - Property and Casualty Insurance Products - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items] | |||
Discount Deducted From Liabilities | $ 355 | $ 367 | $ 388 |
Losses and Loss Adjustment Expenses Incurred Related to: Current Year | 7,911 | 7,794 | 7,463 |
Losses and Loss Adjustment Expenses Incurred Related to: Prior Year | 199 | (136) | (65) |
Paid Losses and Loss Adjustment Expenses | $ 6,395 | $ 6,404 | $ 6,748 |