Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 30, 2019 | |
Cover [Abstract] | ||
Entity Incorporation, State or Country Code | MO | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2020 | |
Amendment flag | false | |
Entity registrant name | REINSURANCE GROUP OF AMERICA, INCORPORATED | |
Entity central index key | 0000898174 | |
Entity current reporting status | Yes | |
Entity Interactive Data Current | Yes | |
Current fiscal year end date | --12-31 | |
Entity filer category | Large Accelerated Filer | |
Common Shares Outstanding | 61,648,135 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Tax Identification Number | 43-1627032 | |
Document Transition Report | false | |
Entity File Number | 1-11848 |
Document and Entity Informati_2
Document and Entity Information Address | 3 Months Ended |
Mar. 31, 2020 | |
Document Information [Line Items] | |
Entity Address, Address Line One | 16600 Swingley Ridge Road |
Entity Address, City or Town | Chesterfield |
Entity Address, State or Province | MO |
Entity Address, Postal Zip Code | 63017 |
City Area Code | 636 |
Local Phone Number | 736-7000 |
Document and Entity Informati_3
Document and Entity Information Document and Entity Information Entity Listings - NEW YORK STOCK EXCHANGE, INC. [Member] | 3 Months Ended |
Mar. 31, 2020 | |
RGA [Member] | |
Entity Information [Line Items] | |
Title of 12(b) Security | Common Stock, par value $0.01 |
Trading Symbol | RGA |
Security Exchange Name | NYSE |
RZA [Member] | |
Entity Information [Line Items] | |
Title of 12(b) Security | 6.20% Fixed-To-Floating Rate Subordinated Debentures due 2042 |
Trading Symbol | RZA |
Security Exchange Name | NYSE |
RZB [Member] | |
Entity Information [Line Items] | |
Title of 12(b) Security | 5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056 |
Trading Symbol | RZB |
Security Exchange Name | NYSE |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Fixed maturity securities available-for-sale, at fair value (amortized cost of $46,620 and $46,753; allowance for credit losses of $33 at March 31, 2020) | $ 48,555 | $ 51,121 |
Available-for-sale Securities, Equity Securities | 112 | 320 |
Mortgage loans on real estate (net of allowances of $39 and $12) | 6,014 | 5,706 |
Policy loans | 1,314 | 1,319 |
Funds withheld at interest | 5,258 | 5,662 |
Short-term investments | 117 | 64 |
Other invested assets | 2,542 | 2,363 |
Total investments | 63,912 | 66,555 |
Cash and cash equivalents | 2,820 | 1,449 |
Accrued investment income | 510 | 493 |
Premiums receivable and other reinsurance balances | 2,836 | 2,940 |
Reinsurance ceded receivables | 889 | 904 |
Deferred policy acquisition costs | 3,622 | 3,512 |
Other assets | 1,065 | 878 |
Total assets | 75,654 | 76,731 |
Liabilities and Stockholders’ Equity | ||
Future policy benefits | 29,521 | 28,672 |
Interest-sensitive contract liabilities | 23,164 | 22,711 |
Other policy claims and benefits | 5,854 | 5,711 |
Other reinsurance balances | 596 | 557 |
Deferred income taxes | 2,163 | 2,712 |
Other liabilities | 1,505 | 1,188 |
Long-term debt | 2,981 | 2,981 |
Collateral finance and securitization notes | 569 | 598 |
Total liabilities | 66,353 | 65,130 |
Commitments and contingent liabilities (See Note 8) | ||
Stockholders’ Equity: | ||
Preferred stock - par value $.01 per share, 10,000,000 shares authorized, no shares issued or outstanding | 0 | 0 |
Common stock - par value $.01 per share, 140,000,000 shares authorized, 79,137,758 shares issued at March 31, 2020 and December 31, 2019 | 1 | 1 |
Additional paid-in-capital | 1,942 | 1,937 |
Retained earnings | 7,802 | 7,952 |
Treasury stock, at cost - 17,491,415 and 16,481,656 shares | (1,574) | (1,426) |
Accumulated other comprehensive income | 1,130 | 3,137 |
Total stockholders’ equity | 9,301 | 11,601 |
Total liabilities and stockholders’ equity | $ 75,654 | $ 76,731 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS PARENTHETICAL - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Available for Sale at Fair value - Amortized cost | $ 46,620 | $ 46,753 |
Preferred stock par value (per share) | $ 0.01 | $ 0.01 |
Preferred stock shares authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common stock par value (per share) | $ 0.01 | $ 0.01 |
Common stock shares authorized | 140,000,000 | 140,000,000 |
Common Stock, Shares, Issued | 79,137,758 | 79,137,758 |
Common stock shares outstanding | 79,137,758 | 62,656,102 |
Treasury stock, shares | 0 | 16,481,656 |
Allowance for Loan and Lease Losses, Real Estate | $ 39 | $ 12 |
Financing Receivable, Allowance for Credit Loss | $ 33 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenues: | ||
Net premiums | $ 2,819 | $ 2,738 |
Investment income, net of related expenses | 594 | 580 |
Investment related gains (losses), net: | ||
Impairments and change in allowance for credit losses on fixed maturity securities | (34) | (9) |
Other investment related gains (losses), net | (251) | 17 |
Total investment related gains (losses), net | (285) | 8 |
Other revenues | 76 | 94 |
Total revenues | 3,204 | 3,420 |
Benefits and Expenses: | ||
Claims and other policy benefits | 2,664 | 2,508 |
Interest credited | 146 | 133 |
Policy acquisition costs and other insurance expenses | 248 | 312 |
Other operating expenses | 195 | 202 |
Interest expense | 41 | 40 |
Collateral finance and securitization expense | 6 | 8 |
Total benefits and expenses | 3,300 | 3,203 |
Income (loss) before income taxes | (96) | 217 |
Provision for income taxes | (8) | 47 |
Net income (loss) | $ (88) | $ 170 |
Earnings per share: | ||
Basic earnings per share | $ (1.41) | $ 2.70 |
Diluted earnings per share | $ (1.41) | $ 2.65 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Comprehensive income (loss) | ||
Net Income (Loss) Attributable to Parent | $ (88) | $ 170 |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation adjustments | (131) | 21 |
Net unrealized investment gains (losses) | (1,873) | 1,108 |
Defined benefit pension and postretirement plan adjustments | (3) | 0 |
Total other comprehensive income (loss), net of tax | (2,007) | 1,129 |
Total comprehensive income (loss) | $ (2,095) | $ 1,299 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders Equity - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] |
Stockholders' Equity Attributable to Parent | $ 8,450 | $ 1 | $ 1,899 | $ 7,285 | $ (1,371) | $ 636 |
Adoption of New Accounting Standard Current Expected Credit Losses | 0 | 0 | ||||
Net Income (Loss) Attributable to Parent | 170 | |||||
Other Comprehensive Income (Loss), Net of Tax | 1,129 | 1,129 | ||||
Dividends, Common Stock, Cash | (38) | (38) | ||||
Treasury Stock, Value, Acquired, Cost Method | (49) | 49 | ||||
Stock Issued During Period, Value, Treasury Stock Reissued | (8) | (8) | (5) | (5) | ||
Stockholders' Equity Attributable to Parent | 9,670 | 1 | 1,907 | 7,412 | (1,415) | 1,765 |
Stockholders' Equity Attributable to Parent | 11,601 | 1 | 1,937 | 7,952 | (1,426) | 3,137 |
Adoption of New Accounting Standard Current Expected Credit Losses | (12) | (12) | ||||
Net Income (Loss) Attributable to Parent | (88) | |||||
Other Comprehensive Income (Loss), Net of Tax | (2,007) | (2,007) | ||||
Dividends, Common Stock, Cash | (44) | (44) | ||||
Treasury Stock, Value, Acquired, Cost Method | (156) | 156 | ||||
Stock Issued During Period, Value, Treasury Stock Reissued | (7) | (5) | (6) | (8) | ||
Stockholders' Equity Attributable to Parent | $ 9,301 | $ 1 | $ 1,942 | $ 7,802 | $ (1,574) | $ 1,130 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders Equity Parenthetical - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||
Common Stock, Dividends, Per Share, Declared | $ 0.70 | $ 0.60 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash Flows from Operating Activities: | ||
Net Income (Loss) Attributable to Parent | $ (88) | $ 170 |
Change in operating assets and liabilities: | ||
Accrued investment income | (27) | (11) |
Premiums receivable and other reinsurance balances | 2 | 164 |
Deferred policy acquisition costs | (88) | (18) |
Reinsurance ceded receivable balances | 39 | (65) |
Future policy benefits, other policy claims and benefits, and other reinsurance balances | 2,051 | 120 |
Deferred income taxes | (67) | 39 |
Other assets and other liabilities, net | (57) | (107) |
Amortization of net investment premiums, discounts and other | (12) | (17) |
Depreciation, Depletion and Amortization | 4 | 11 |
Investment related (gains) losses, net | 285 | (8) |
Other, net | 165 | 62 |
Net cash provided by operating activities | 2,207 | 340 |
Cash Flows from Investing Activities: | ||
Sales of fixed maturity securities available-for-sale | 2,141 | 3,140 |
Maturities of fixed maturity securities available-for-sale | 283 | 196 |
Proceeds from Sale of Available-for-sale Securities, Equity | 177 | 0 |
Payments to Acquire Mortgage Notes Receivable | (189) | (93) |
Payments to Fund Policy Loans | (4) | (33) |
Payments to Acquire Available-for-sale Securities | 3,157 | 3,010 |
Payments to Acquire Available-for-sale Securities, Equity | (15) | (3) |
Proceeds from Sale and Collection of Mortgage Notes Receivable | (541) | (240) |
Increase (Decrease) in Funds Held under Reinsurance Agreements | 17 | 37 |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | (4) |
Payments to Acquire Property, Plant, and Equipment | (6) | (11) |
Change in short-term investments | (58) | 25 |
Change in other invested assets | (96) | (97) |
Net cash (used in) provided by investing activities | (1,096) | 93 |
Cash Flows from Financing Activities: | ||
Dividends to stockholders | (44) | (38) |
Proceeds from (Repayments of) Secured Debt | (19) | (29) |
Repayments of Long-term Debt | (1) | (1) |
Purchases of treasury stock | (156) | (49) |
Exercise of stock options, net | 1 | 2 |
Change in cash collateral for derivative positions and other arrangements | 51 | (45) |
Deposits on universal life and other investment type policies and contracts | 663 | 45 |
Withdrawals on universal life and other investment type policies and contracts | (188) | (195) |
Net cash (used in) provided by financing activities | 307 | (310) |
Effect of exchange rate changes on cash | (47) | 7 |
Cash and Cash Equivalents, Period Increase (Decrease) | 1,371 | 130 |
Cash and cash equivalents, beginning of period | 1,449 | 1,890 |
Cash and cash equivalents, end of period | 2,820 | 2,020 |
Supplemental disclosures of cash flow information: | ||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 39 | 40 |
Income Taxes Paid, Net | (31) | 3 |
Transfer to Investments | 0 | 721 |
Capital Expenditures Incurred but Not yet Paid | 0 | 1 |
Noncash or Part Noncash Acquisition, Value of Assets Acquired | 0 | 8 |
Noncash or Part Noncash Acquisition, Value of Liabilities Assumed | 0 | (12) |
Payments to Acquire Businesses, Gross | $ 0 | $ (4) |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS PARENTHETICAL - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Cash Flows [Abstract] | ||
Cash Acquired from Acquisition | $ 0 | $ 27 |
Business and Basis of Presentat
Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Business and Basis of Presentation Business Reinsurance Group of America, Incorporated (“RGA”) is an insurance holding company that was formed on December 31, 1992. RGA and its subsidiaries (collectively, the “Company”) is engaged in providing traditional reinsurance, which includes individual and group life and health, disability, and critical illness reinsurance. The Company also provides financial solutions, which includes longevity reinsurance, asset-intensive products, primarily annuities, financial reinsurance, capital solutions and stable value products. Basis of Presentation The unaudited condensed consolidated financial statements of the Company have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). Accordingly, these condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the Company’s 2019 Annual Report on Form 10-K filed with the SEC on February 27, 2020 (the “2019 Annual Report”). In the opinion of management, all adjustments, including normal recurring adjustments necessary for a fair presentation have been included. Interim results are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. Consolidation These unaudited condensed consolidated financial statements include the accounts of RGA and its subsidiaries and all intercompany accounts and transactions have been eliminated. Entities in which the Company has significant influence over the operating and financing decisions but are not required to be consolidated are reported under the equity method of accounting. Significant Accounting Policies – Update The Company’s significant accounting policies are discussed in Note 2 – “Significant Accounting Policies and Pronouncements” of the 2019 Annual Report. The significant accounting policies discussed below reflect the impact of the adoption of Financial Instruments - Credit Losses on January 1, 2020. Allowance for Credit Losses and Impairments – Fixed Maturity Securities Available-for-Sale Beginning on January 1, 2020, credit losses are recognized through an allowance account. The Company identifies fixed maturity securities that could potentially have an allowance for credit losses by monitoring market events that could impact issuers’ credit ratings, business climates, management changes, litigation, government actions and other similar factors. The Company also monitors late payments, pricing levels, rating agency actions, key financial ratios, financial statements, revenue forecasts and cash flow projections as indicators of credit issues. The Company reviews all securities on a case-by-case basis to determine whether a decline in value exists and whether an allowance for credit losses or impairment for non-credit losses should be recognized. The Company considers relevant facts and circumstances in evaluating whether a security is impaired due to credit or non-credit components. Relevant facts and circumstances considered include: (1) the reasons for the decline in fair value; (2) the issuer’s financial position and access to capital; and (3) the Company’s intent to sell a security or whether it is more likely than not it will be required to sell the security before the recovery of its amortized cost that, in some cases, may extend to maturity. To the extent the Company determines a security is deemed to be impaired, an allowance is recorded for credit losses and an impairment loss is recognized in accumulated other comprehensive income (“AOCI”) for non-credit losses. Impairment losses on fixed maturity securities recognized in the financial statements are dependent on the facts and circumstances related to the specific security. If the Company intends to sell a security or it is more likely than not that it would be required to sell a security before the recovery of its amortized cost, less any recorded credit loss, it recognizes an impairment loss in investment related gains (losses), net on the condensed consolidated statements of income for the difference between amortized cost and fair value. The Company estimates the amount of the credit loss component of a fixed maturity security impairment as the difference between amortized cost and the present value of the expected cash flows of the security. The Company excludes accrued interest from the amortized cost and the present value of the expected cash flows of the security. The present value is determined using the best estimate cash flows discounted at the effective interest rate implicit to the security at the date of purchase or the current yield to accrete an asset-backed or floating rate security. The techniques and assumptions for establishing the best estimate cash flows vary depending on the type of security. The asset-backed securities’ cash flow estimates are based on security-specific facts and circumstances that may include collateral characteristics, expectations of delinquency and default rates, loss severity and prepayment speeds and structural support, including subordination and guarantees. The corporate fixed maturity security cash flow estimates are derived from scenario-based outcomes of expected corporate restructurings or the disposition of assets using security specific facts and circumstances including timing, security interests and loss severity. The Company writes off uncollectible fixed maturity securities when (1) it has sufficient information to determine that the issuer of the security is insolvent or (2) it has received notice that the issuer of the security has filed for bankruptcy, and the collectability of the asset is expected to be adversely impacted by the bankruptcy. In periods after an impairment loss is recognized for non-credit loss components on a fixed maturity security, the Company will report the impaired security as if it had been purchased on the date it was impaired and will continue to estimate the present value of the estimated cash flows of the security. Accordingly, the discount (or reduced premium) based on the new cost basis is accreted into net investment income over the remaining term of the fixed maturity security in a prospective manner based on the amount and timing of estimated future cash flows. Impairments – Other Invested Assets The Company considers its cost method investments for impairment when the carrying value of these investments exceeds the net asset value. The Company takes into consideration the severity and duration of this excess when deciding if the cost method investment is impaired. For equity method investments (including real estate joint ventures), the Company considers financial and other information provided by the investee, other known information and inherent risks in the underlying investments, as well as future capital commitments, in determining whether an impairment has occurred. Mortgage Loans on Real Estate Mortgage loans on real estate are carried at unpaid principal balances, net of any unamortized premium or discount and valuation allowances. Interest income is accrued on the principal amount of the mortgage loan based on its contractual interest rate. Amortization of premiums and discounts is recorded using the effective yield method. The Company accrues interest on loans until it is probable the Company will not receive interest, or the loan is 90 days past due. Interest income, amortization of premiums, accretion of discounts and prepayment fees are reported in investment income, net of related expenses in the condensed consolidated statements of income. Valuation allowances on mortgage loans are computed on an expected loss basis using a model that utilizes probability of default and loss given default methods over the lifetime of the loan. Accrued interest is excluded from the calculation of valuation allowances. Within the reasonable and supportable forecast period (i.e. typically two years), valuation allowances for mortgage loans are established based on several pool-level loan assumptions, defaults and loss severity, loss expectations for loans with similar risk characteristics and industry statistics. These evaluations are revised as conditions change and new information becomes available. The model also includes the impact of expected changes in future macro-economic conditions. The Company reverts to historical loss information for periods beyond which it believes it is able to develop or obtain reasonable and supportable forecasts of future economic conditions. A mortgage loan is considered to be impaired when, based on the current information and events, it is probable the Company will be unable to collect all amounts due according to the contractual terms of the mortgage agreement. Although all available and applicable factors are considered in the Company’s analysis, loan-to-value and debt service coverage ratios are the most critical factors in determining impairment. Impairments are based on the excess carrying value of the loan over the present value of expected future cash flows discounted at the loan’s original effective interest rate, the value of the loan’s collateral if the loan is in the process of foreclosure or is otherwise collateral-dependent, or the loan’s market value if the loan is being sold. Any interest accrued or received on the net carrying amount of the impaired loan will be included in investment income or applied to the principal of the loan, depending on the assessment of the collectability of the loan. Mortgage loans deemed to be uncollectible or that have been foreclosed are charged off against the valuation allowances and subsequent recoveries, if any, are credited to the valuation allowances. Changes in valuation allowances are reported in investment related gains (losses), net on the condensed consolidated statements of income. The Company evaluates whether a mortgage loan modification represents a troubled debt restructuring. In a troubled debt restructuring, the Company grants concessions related to the borrower’s financial difficulties. Generally, the types of concessions include: reduction of the contractual interest rate, extension of the maturity date at an interest rate lower than current market interest rates and/or a reduction of accrued interest. The Company considers the amount, timing and extent of the concession granted in determining any impairment or changes in the specific valuation allowance recorded in connection with the troubled debt restructuring. Through the continuous monitoring process, the Company may have recorded a specific valuation allowance prior to when the mortgage loan is modified in a troubled debt restructuring. Accordingly, the carrying value (after specific valuation allowance) before and after modification through a troubled debt restructuring may not change significantly, or may increase if the expected recovery is higher than the pre-modification recovery assessment. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share on net income (in millions, except per share information): Three months ended March 31, 2020 2019 Earnings: Net income (loss) $ (88 ) $ 170 Shares: Weighted average outstanding shares 62 63 Equivalent shares from outstanding stock options 1 1 Denominator for diluted calculation 63 64 Earnings per share: Basic $ (1.41 ) $ 2.70 Diluted $ (1.41 ) $ 2.65 As a result of the net loss for the three months ended March 31, 2020, the Company is required to use basic weighted average common shares outstanding of 62 million in the calculation of diluted loss per share, since the inclusion of shares for outstanding stock options of 1 million would have been anti-dilutive to the loss per share calculations. In the absence of the losses, weighted average common shares outstanding and dilutive potential common shares would have totaled 63 million . The calculation of common equivalent shares does not include the impact of options having a strike or conversion price that exceeds the average stock price for the earnings period, as the result would be anti-dilutive. The calculation of common equivalent shares also excludes the impact of outstanding performance contingent shares, as the conditions necessary for their issuance have not been satisfied as of the end of the reporting period. The following table presents approximate amounts of stock options and performance contingent shares excluded from the calculation of common equivalent shares (in thousands): Three months ended March 31, 2020 2019 Excluded from common equivalent shares: Stock options 1,060 544 Performance contingent shares 150 109 |
Equity
Equity | 3 Months Ended |
Mar. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Equity Common stock The changes in number of common stock shares issued, held in treasury and outstanding are as follows for the periods indicated: Issued Held In Treasury Outstanding Balance, December 31, 2019 79,137,758 16,481,656 62,656,102 Common stock acquired — 1,074,413 (1,074,413 ) Stock-based compensation (1) — (64,654 ) 64,654 Balance, March 31, 2020 79,137,758 17,491,415 61,646,343 Issued Held In Treasury Outstanding Balance, December 31, 2018 79,137,758 16,323,390 62,814,368 Common Stock issued — 344,237 (344,237 ) Stock-based compensation (1) — (74,216 ) 74,216 Balance, March 31, 2019 79,137,758 16,593,411 62,544,347 (1) Represents net shares issued from treasury pursuant to the Company’s equity-based compensation programs. Common Stock Held in Treasury Common stock held in treasury is accounted for at average cost. Gains resulting from the reissuance of common stock held in treasury are credited to additional paid-in capital. Losses resulting from the reissuance of common stock held in treasury are charged first to additional paid-in capital to the extent the Company has previously recorded gains on treasury share transactions, then to retained earnings. On January 24, 2019, RGA’s board of directors authorized a share repurchase program for up to $400 million of RGA’s outstanding common stock. The authorization was effective immediately and does not have an expiration date. During the three months ended March 31, 2020 , RGA repurchased 1 million shares of common stock under this program for $153 million . Accumulated Other Comprehensive Income (Loss) The balance of and changes in each component of accumulated other comprehensive income (loss) (“AOCI”) for the three months ended March 31, 2020 and 2019 are as follows (dollars in millions): Accumulated Other Comprehensive Income (Loss), Net of Income Tax Accumulated Currency Translation Adjustments Unrealized Appreciation (Depreciation) of Investments (1) Pension and Postretirement Benefits Total Balance, December 31, 2019 $ (92 ) $ 3,299 $ (70 ) $ 3,137 Other comprehensive income (loss) before reclassifications (112 ) (2,496 ) (5 ) (2,613 ) Amounts reclassified to (from) AOCI — 141 1 142 Deferred income tax benefit (expense) (19 ) 482 1 464 Balance, March 31, 2020 $ (223 ) $ 1,426 $ (73 ) $ 1,130 Accumulated Other Comprehensive Income (Loss), Net of Income Tax Accumulated Currency Translation Adjustments Unrealized Appreciation (Depreciation) of Investments (1) Pension and Postretirement Benefits Total Balance, December 31, 2018 $ (169 ) $ 856 $ (51 ) $ 636 Other comprehensive income (loss) before reclassifications 19 1,437 (2 ) 1,454 Amounts reclassified to (from) AOCI — (15 ) 1 (14 ) Deferred income tax benefit (expense) 3 (314 ) — (311 ) Balance, March 31, 2019 $ (147 ) $ 1,964 $ (52 ) $ 1,765 (1) Includes cash flow hedges of $(87) and $(26) as of March 31, 2020 and December 31, 2019 , respectively, and $(1) and $9 as of March 31, 2019 and December 31, 2018 , respectively. See Note 5 – “Derivative Instruments” for additional information on cash flow hedges. The following table presents the amounts of AOCI reclassifications for the three months ended March 31, 2020 and 2019 (dollars in millions): Amount Reclassified from AOCI Three months ended March 31, Affected Line Item in Statement of Income Details about AOCI Components 2020 2019 Net unrealized investment gains (losses): Net unrealized gains (losses) on available-for-sale securities $ (39 ) $ — Investment related gains (losses), net Cash flow hedges - Interest rate — — (1) Cash flow hedges - Currency/Interest rate — — (1) Deferred policy acquisition costs attributed to unrealized gains and losses (102 ) 15 (2) Total (141 ) 15 Provision for income taxes 27 (3 ) Net unrealized gains (losses), net of tax $ (114 ) $ 12 Amortization of defined benefit plan items: Prior service cost (credit) $ — $ — (3) Actuarial gains/(losses) (1 ) (1 ) (3) Total (1 ) (1 ) Provision for income taxes — — Amortization of defined benefit plans, net of tax $ (1 ) $ (1 ) Total reclassifications for the period $ (115 ) $ 11 (1) See Note 5 – “Derivative Instruments” for additional information on cash flow hedges. (2) This AOCI component is included in the computation of the deferred policy acquisition cost. See Note 8 – “Deferred Policy Acquisition Costs” of the 2019 Annual Report for additional details. (3) This AOCI component is included in the computation of the net periodic pension cost. See Note 10 – “Employee Benefit Plans” for additional details. |
Equity Based Compensation
Equity Based Compensation | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Equity Based Compensation | Equity Based Compensation Equity compensation expense was $5 million and $8 million for the three months ended March 31, 2020 and 2019 , respectively. In the first quarter of 2020, the Company granted 456,301 stock appreciation rights at $117.85 weighted average exercise price per share, 175,047 performance contingent units and 30,129 restricted stock units to employees. As of March 31, 2020 , 1,386,800 share options at a weighted average strike price per share of $85.96 were vested and exercisable, with a remaining weighted average exercise period of 4.5 years. As of March 31, 2020, the total compensation cost of non-vested awards not yet recognized in the condensed consolidated financial statements was $43 million . It is estimated that these costs will vest over a weighted average period of 1.2 years. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2020 | |
Investments [Abstract] | |
Investments | Investments Fixed Maturity Securities Available-for-Sale The Company holds various types of fixed maturity securities available-for-sale and classifies them as corporate securities (“Corporate”), Canadian and Canadian provincial government securities (“Canadian government”), residential mortgage-backed securities (“RMBS”), asset-backed securities (“ABS”), commercial mortgage-backed securities (“CMBS”), U.S. government and agencies (“U.S. government”), state and political subdivisions, and other foreign government, supranational and foreign government-sponsored enterprises (“Other foreign government”). RMBS, ABS and CMBS are collectively “structured securities.” The following tables provide information relating to investments in fixed maturity securities by type as of March 31, 2020 and December 31, 2019 (dollars in millions): March 31, 2020: Amortized Allowance for Unrealized Unrealized Estimated Fair % of Cost Credit Losses Gains Losses Value Total Available-for-sale: Corporate $ 29,203 $ 26 $ 1,294 $ 977 $ 29,494 60.8 % Canadian government 2,793 — 1,445 1 4,237 8.7 RMBS 2,241 — 77 27 2,291 4.7 ABS 2,940 — 4 277 2,667 5.5 CMBS 1,841 — 24 56 1,809 3.7 U.S. government 1,398 — 244 — 1,642 3.4 State and political subdivisions 1,071 — 108 10 1,169 2.4 Other foreign government 5,133 7 233 113 5,246 10.8 Total fixed maturity securities $ 46,620 $ 33 $ 3,429 $ 1,461 $ 48,555 100.0 % December 31, 2019: Amortized Unrealized Unrealized Estimated Fair % of Impairments Cost Gains Losses Value Total in AOCI Available-for-sale: Corporate $ 29,205 $ 2,269 $ 81 $ 31,393 61.4 % $ — Canadian government 3,016 1,596 — 4,612 9.0 — RMBS 2,339 62 3 2,398 4.7 — ABS 2,973 19 14 2,978 5.8 — CMBS 1,841 61 3 1,899 3.7 — U.S. government 2,096 57 1 2,152 4.2 — State and political subdivisions 1,074 93 3 1,164 2.3 — Other foreign government 4,209 321 5 4,525 8.9 — Total fixed maturity securities $ 46,753 $ 4,478 $ 110 $ 51,121 100.0 % $ — The Company enters into various collateral arrangements with counterparties that require both the pledging and acceptance of fixed maturity securities as collateral. Pledged fixed maturity securities are included in fixed maturity securities available-for-sale in the condensed consolidated balance sheets. Fixed maturity securities received as collateral are held in separate custodial accounts and are not recorded on the Company’s condensed consolidated balance sheets. Subject to certain constraints, the Company is permitted by contract to sell or repledge collateral it receives; however, as of March 31, 2020 and December 31, 2019 , none of the collateral received had been sold or repledged. The Company also holds assets in trust to satisfy collateral requirements under derivative transactions and certain third-party reinsurance treaties. The following table includes fixed maturity securities pledged and received as collateral and assets in trust held to satisfy collateral requirements under derivative transactions and certain third-party reinsurance treaties as of March 31, 2020 and December 31, 2019 (dollars in millions): March 31, 2020 December 31, 2019 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Fixed maturity securities pledged as collateral $ 142 $ 154 $ 113 $ 116 Fixed maturity securities received as collateral n/a 1,172 n/a 727 Assets in trust held to satisfy collateral requirements 27,080 27,441 27,290 29,239 The Company monitors its concentrations of financial instruments on an ongoing basis and mitigates credit risk by maintaining a diversified investment portfolio that limits exposure to any one issuer. The Company’s exposure to concentrations of credit risk from single issuers greater than 10% of the Company’s stockholders’ equity included securities of the U.S. government and its agencies, as well as the securities disclosed below, as of March 31, 2020 and December 31, 2019 (dollars in millions). March 31, 2020 December 31, 2019 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Fixed maturity securities guaranteed or issued by: Government of Japan $ 1,660 $ 1,672 $ 813 $ 852 Canadian province of Quebec 1,132 1,986 1,205 2,163 Canadian province of Ontario 941 1,289 1,014 1,379 The amortized cost and estimated fair value of fixed maturity securities classified as available-for-sale as of March 31, 2020 , are shown by contractual maturity in the table below (dollars in millions). Actual maturities can differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Structured securities are shown separately in the table below, as they are not due at a single maturity date. Amortized Cost Estimated Fair Value Available-for-sale: Due in one year or less $ 1,176 $ 1,172 Due after one year through five years 8,125 8,184 Due after five years through ten years 9,629 9,880 Due after ten years 20,668 22,552 Structured securities 7,022 6,767 Total $ 46,620 $ 48,555 Corporate Fixed Maturity Securities The tables below show the major sectors of the Company’s corporate fixed maturity holdings as of March 31, 2020 and December 31, 2019 (dollars in millions): March 31, 2020: Estimated Amortized Cost Fair Value % of Total Finance $ 10,979 $ 11,056 37.5 % Industrial 14,703 14,756 50.0 Utility 3,521 3,682 12.5 Total $ 29,203 $ 29,494 100.0 % December 31, 2019: Estimated Amortized Cost Fair Value % of Total Finance $ 10,896 $ 11,653 37.2 % Industrial 14,692 15,803 50.3 Utility 3,617 3,937 12.5 Total $ 29,205 $ 31,393 100.0 % Allowance for Credit Losses and Impairments – Fixed Maturity Securities Available-for-Sale As discussed in Note 1 – “Business and Basis of Presentation,” allowances for credit losses on fixed maturity securities are recognized in investment related gains (losses), net on the condensed consolidated statements of income. For these securities, the net amount recognized represents the difference between the amortized cost of the security and the net present value of its projected future cash flows discounted at the effective interest rate implicit in the fixed maturity security prior to the allowance for credit losses. Any remaining difference between the fair value and amortized cost is recognized in AOCI. The amount of pre-tax credit loss impairments on fixed maturity securities held by the Company, for which a portion of the impairment loss was recognized in AOCI, was $2 million and $4 million as of March 31, 2020 and March 31, 2019, respectively. There were no changes in these amounts from their respective prior-year ending balances. The following table presents the rollforward of the allowance for credit losses in fixed maturity securities by type as of March 31, 2020 (dollars in millions) : March 31, 2020 Corporate Other Foreign Government Total Balance, beginning of period $ — $ — $ — Credit losses recognized on securities for which credit losses were not previously recorded 26 7 33 Balance, end of period $ 26 $ 7 $ 33 Unrealized Losses for Fixed Maturity Securities Available-for-Sale The following table presents the total gross unrealized losses for the 3,102 and 1,072 fixed maturity securities as of March 31, 2020 and December 31, 2019 , where the estimated fair value had declined and remained below amortized cost by the indicated amount (dollars in millions): March 31, 2020 December 31, 2019 Gross Unrealized Losses % of Total Gross Unrealized Losses % of Total Less than 20% $ 1,052 72.0 % $ 76 69.1 % 20% or more for less than six months 409 28.0 20 18.2 20% or more for six months or greater — — 14 12.7 Total $ 1,461 100.0 % $ 110 100.0 % The Company’s determination of whether a decline in value necessitates the recording of an allowance for credit losses includes an analysis of whether the issuer is current on its contractual payments, evaluating whether it is probable that the Company will be able to collect all amounts due according to the contractual terms of the security and analyzing the overall ability of the Company to recover the amortized cost of the investment. The following tables present the estimated fair values and gross unrealized losses for fixed maturity securities that have estimated fair values below amortized cost as of March 31, 2020 and December 31, 2019 (dollars in millions). These investments are presented by class and grade of security, as well as the length of time the related fair value has remained below amortized cost. Less than 12 months 12 months or greater Total Gross Gross Gross March 31, 2020: Estimated Unrealized Estimated Unrealized Estimated Unrealized Fair Value Losses Fair Value Losses Fair Value Losses Investment grade securities: Corporate $ 9,666 $ 729 $ 93 $ 18 $ 9,759 $ 747 Canadian government — — 6 1 6 1 RMBS 1,047 25 41 2 1,088 27 ABS 1,936 203 552 65 2,488 268 CMBS 913 52 21 1 934 53 U.S. government — — — — — — State and political subdivisions 158 9 12 1 170 10 Other foreign government 1,813 94 7 4 1,820 98 Total investment grade securities 15,533 1,112 732 92 16,265 1,204 Below investment grade securities: Corporate 1,106 219 66 11 $ 1,172 $ 230 ABS 15 9 — — 15 9 CMBS 23 3 — — 23 3 Other foreign government 150 13 7 2 157 15 Total below investment grade securities 1,294 244 73 13 1,367 257 Total fixed maturity securities $ 16,827 $ 1,356 $ 805 $ 105 $ 17,632 $ 1,461 Less than 12 months 12 months or greater Total Gross Gross Gross December 31, 2019: Estimated Unrealized Estimated Unrealized Estimated Unrealized Fair Value Losses Fair Value Losses Fair Value Losses Investment grade securities: Corporate $ 1,936 $ 29 $ 293 $ 7 $ 2,229 $ 36 Canadian government — — — — — — RMBS 367 2 84 1 451 3 ABS 773 5 739 9 1,512 14 CMBS 253 3 — — 253 3 U.S. government 49 1 — — 49 1 State and political subdivisions 103 2 12 1 115 3 Other foreign government 278 4 — — 278 4 Total investment grade securities 3,759 46 1,128 18 4,887 64 Below investment grade securities: Corporate 220 38 100 7 320 45 ABS — — — — — — CMBS — — — — — — Other foreign government — — 10 1 10 1 Total below investment grade securities 220 38 110 8 330 46 Total fixed maturity securities $ 3,979 $ 84 $ 1,238 $ 26 $ 5,217 $ 110 The Company has no intention to sell, nor does it expect to be required to sell, the securities outlined in the table above, as of the dates indicated. However, unforeseen facts and circumstances may cause the Company to sell fixed maturity securities in the ordinary course of managing its portfolio to meet certain diversification, credit quality and liquidity guidelines. Changes in unrealized losses are primarily driven by changes in interest rates. Investment Income, Net of Related Expenses Major categories of investment income, net of related expenses, consist of the following (dollars in millions): Three months ended March 31, 2020 2019 Fixed maturity securities available-for-sale $ 480 $ 415 Equity securities 2 1 Mortgage loans on real estate 67 60 Policy loans 15 14 Funds withheld at interest 53 62 Short-term investments and cash and cash equivalents 4 7 Other invested assets (5 ) 42 Investment income 616 601 Investment expense (22 ) (21 ) Investment income, net of related expenses $ 594 $ 580 Investment Related Gains (Losses), Net Investment related gains (losses), net, consist of the following (dollars in millions): Three months ended March 31, 2020 2019 Fixed maturity securities available-for-sale: Impairment losses and change in allowance for credit losses $ (34 ) $ (9 ) Gain on investment activity 27 28 Loss on investment activity (8 ) (19 ) Net gains (losses) on equity securities (23 ) 4 Other impairment losses and change in mortgage loan provision (13 ) (2 ) Derivatives and other, net (234 ) 6 Total investment related gains (losses), net $ (285 ) $ 8 The impairment losses and change in allowance for credit losses on fixed maturity securities for the three months ended March 31, 2020 , includes $1 million in impairment losses on securities the Company intends to sell and an increase of $33 million in the allowance for credit losses related to high-yield securities as result of the uncertainty in the global markets due to the novel coronavirus (“COVID-19”) pandemic. The fixed maturity impairment losses for the three months ended March 31, 2019 , were primarily related to a U.S. utility company. The fluctuations in investment related gains (losses) for equity securities for the three months ended March 31, 2020, was primarily driven by the change in unrealized gains/losses of these securities recognized in earnings due to the broad market weakness related to the COVID-19 pandemic. The other impairment losses and change in mortgage loan provision for the three months ended March 31, 2020 , were primarily due to an increase in the mortgage loan valuation allowance to reflect the estimated impact from the COVID-19 pandemic. The fluctuations in investment related gains (losses) for derivatives and other for the three months ended March 31, 2020 , compared to the same period in 2019 , are primarily due to changes in the fair value of embedded derivatives related to modified coinsurance and funds withheld treaties, as a result of changes in interest rates, and widening credit spreads, both of which were a result of the COVID-19 pandemic uncertainty. Securities Borrowing, Lending and Other The following table includes the amount of borrowed securities, securities lent and securities collateral received as part of the securities lending program and repurchased/reverse repurchased securities pledged and received as of March 31, 2020 and December 31, 2019 (dollars in millions). March 31, 2020 December 31, 2019 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Borrowed securities $ 325 $ 334 $ 339 $ 369 Securities lending: Securities loaned 98 99 98 104 Securities received n/a 107 n/a 107 Repurchase program/reverse repurchase program: Securities pledged 398 408 356 384 Securities received n/a 344 n/a 370 The Company held cash collateral for repurchase/reverse repurchase programs of $5 million and $1 million as of March 31, 2020 and December 31, 2019 , respectively. No cash or securities were pledged by the Company for its securities borrowing program as of March 31, 2020 and December 31, 2019 . The following tables present information on the Company’s securities lending and repurchase/reverse repurchase transactions as of March 31, 2020 and December 31, 2019 (dollars in millions). Collateral associated with certain borrowed securities is not included within the tables, as the collateral pledged to each counterparty is the right to reinsurance treaty cash flows. March 31, 2020 Remaining Contractual Maturity of the Agreements Overnight and Continuous Up to 30 Days 30-90 Days Greater than 90 Days Total Securities lending transactions: Corporate $ — $ — $ — $ 99 $ 99 Total — — — 99 99 Repurchase/reverse repurchase transactions: Corporate — — — 303 303 Other foreign government — — — 105 105 Total — — — 408 408 Total borrowings $ — $ — $ — $ 507 $ 507 Gross amount of recognized liabilities for securities lending and repurchase/reverse repurchase transactions in preceding table $ 451 Amounts related to agreements not included in offsetting disclosure $ 56 December 31, 2019 Remaining Contractual Maturity of the Agreements Overnight and Continuous Up to 30 Days 30-90 Days Greater than 90 Days Total Securities lending transactions: Corporate $ — $ — $ — $ 104 $ 104 Total — — — 104 104 Repurchase/reverse repurchase transactions: Corporate — — — 286 286 Other foreign government — — — 98 98 Total — — — 384 384 Total borrowings $ — $ — $ — $ 488 $ 488 Gross amount of recognized liabilities for securities lending and repurchase/reverse repurchase transactions in preceding table $ 478 Amounts related to agreements not included in offsetting disclosure $ 10 The Company has elected to offset amounts recognized as receivables and payables resulting from the repurchase/reverse repurchase programs. After the effect of offsetting, the net amount presented on the condensed consolidated balance sheets was a liability of $5 million and $1 million as of March 31, 2020 and December 31, 2019 , respectively. As of March 31, 2020 and December 31, 2019 , the Company recognized payables resulting from cash received as collateral associated with a repurchase/reverse repurchase agreement, as discussed above. Amounts owed to and due from the counterparties may be settled in cash or offset, in accordance with the agreements. Mortgage Loans on Real Estate As of March 31, 2020 , mortgage loans are geographically dispersed throughout the U.S. with the largest concentrations in California ( 15.2% ), Texas ( 14.7% ) and Washington ( 8.7% ) and include loans secured by properties in Canada ( 2.9% ) and United Kingdom ( 0.9% ). The recorded investment in mortgage loans on real estate presented below is gross of unamortized deferred loan origination fees and expenses, and valuation allowances. The distribution of mortgage loans by property type is as follows as of March 31, 2020 and December 31, 2019 (dollars in millions): March 31, 2020 December 31, 2019 Property type: Carrying Value % of Total Carrying Value % of Total Office building $ 1,783 29.4 % $ 1,771 31.0 % Retail 1,712 28.2 1,686 29.4 Industrial 1,253 20.7 1,169 20.4 Apartment 872 14.4 766 13.4 Other commercial 443 7.3 335 5.8 Recorded investment $ 6,063 100.0 % $ 5,727 100.0 % Unamortized balance of loan origination fees and expenses (10 ) (9 ) Valuation allowances (39 ) (12 ) Total mortgage loans on real estate $ 6,014 $ 5,706 The maturities of mortgage loans as of March 31, 2020 and December 31, 2019 are as follows (dollars in millions): March 31, 2020 December 31, 2019 Recorded Investment % of Total Recorded Investment % of Total Due within five years $ 2,011 33.2 % $ 1,841 32.2 % Due after five years through ten years 3,107 51.2 2,944 51.4 Due after ten years 945 15.6 942 16.4 Total $ 6,063 100.0 % $ 5,727 100.0 % The following tables set forth certain key credit quality indicators of the Company’s recorded investment in mortgage loans as of March 31, 2020 and December 31, 2019 (dollars in millions): Recorded Investment Debt Service Ratios >1.20x 1.00x - 1.20x <1.00x Total % of Total March 31, 2020: Loan-to-Value Ratio 0% - 59.99% $ 3,119 $ 80 $ 5 $ 3,204 52.8 % 60% - 69.99% 2,015 40 — 2,055 33.9 70% - 79.99% 565 12 39 616 10.2 Greater than 80% 101 61 26 188 3.1 Total $ 5,800 $ 193 $ 70 $ 6,063 100.0 % Recorded Investment Debt Service Ratios >1.20x 1.00x - 1.20x <1.00x Total % of Total December 31, 2019: Loan-to-Value Ratio 0% - 59.99% $ 3,025 $ 52 $ 7 $ 3,084 53.8 % 60% - 69.99% 1,841 53 11 1,905 33.3 70% - 79.99% 492 13 39 544 9.5 Greater than 80% 96 61 37 194 3.4 Total $ 5,454 $ 179 $ 94 $ 5,727 100.0 % The following table sets forth credit quality grades by year of origination of the Company’s recorded investment in mortgage loans as of March 31, 2020 (dollars in millions): Recorded Investment Year of Origination 2020 2019 2018 2017 2016 Prior Total March 31, 2020: Internal credit quality grade: High investment grade $ 302 $ 675 $ 623 $ 403 $ 603 $ 1,177 $ 3,783 Investment grade 236 516 317 342 269 422 2,102 Average — — 10 25 27 95 157 Watch list — — — — — 4 4 In or near default — — — — — 17 17 Total $ 538 $ 1,191 $ 950 $ 770 $ 899 $ 1,715 $ 6,063 None of the payments due to the Company on its recorded investment in mortgage loans were delinquent as of March 31, 2020 and December 31, 2019 . The following table presents the recorded investment in mortgage loans, by method of measuring impairment, and the related valuation allowances as of March 31, 2020 and December 31, 2019 (dollars in millions): March 31, 2020 December 31, 2019 Mortgage loans: Individually measured for impairment $ 17 $ 17 Collectively measured for impairment 6,046 5,710 Recorded investment $ 6,063 $ 5,727 Valuation allowances: Individually measured for impairment $ — $ — Collectively measured for impairment 39 12 Total valuation allowances $ 39 $ 12 Information regarding the Company’s loan valuation allowances for mortgage loans for the three months ended March 31, 2020 and 2019 is as follows (dollars in millions): Three months ended March 31, 2020 2019 Balance, beginning of period $ 12 $ 11 Adoption of new accounting standard, see Note 13 14 — Provision (release) 13 — Balance, end of period $ 39 $ 11 Information regarding the portion of the Company’s mortgage loans that were impaired as of March 31, 2020 and December 31, 2019 is as follows (dollars in millions): Unpaid Principal Balance Recorded Investment Related Allowance Carrying Value March 31, 2020: Impaired mortgage loans with no valuation allowance recorded $ 17 $ 17 $ — $ 17 Impaired mortgage loans with valuation allowance recorded — — — — Total impaired mortgage loans $ 17 $ 17 $ — $ 17 December 31, 2019: Impaired mortgage loans with no valuation allowance recorded $ 17 $ 17 $ — $ 17 Impaired mortgage loans with valuation allowance recorded — — — — Total impaired mortgage loans $ 17 $ 17 $ — $ 17 The Company’s average investment balance of impaired mortgage loans and the related interest income are reflected in the table below for the periods indicated (dollars in millions): Three months ended March 31, 2020 2019 Average (1) Interest Income Average (1) Interest Income Impaired mortgage loans with no valuation allowance recorded $ 17 $ — $ 24 $ — Impaired mortgage loans with valuation allowance recorded — — — — Total impaired mortgage loans $ 17 $ — $ 24 $ — (1) Average recorded investment represents the average loan balances as of the beginning of period and all subsequent quarterly end of period balances. The Company did not acquire any impaired mortgage loans during the three months ended March 31, 2020 and 2019 . The Company had no mortgage loans that were on a nonaccrual status as of March 31, 2020 and December 31, 2019 . Policy Loans The majority of policy loans are associated with one client. These policy loans present no credit risk as the amount of the loan cannot exceed the obligation due to the ceding company upon the death of the insured or surrender of the underlying policy. The provisions of the treaties in force and the underlying policies determine the policy loan interest rates. The Company earns a spread between the interest rate earned on policy loans and the interest rate credited to corresponding liabilities. Funds Withheld at Interest As of March 31, 2020 , $3.2 billion of the funds withheld at interest balance is associated with one client. For reinsurance agreements written on a modco basis and certain agreements written on a coinsurance funds withheld basis, assets equal to the net statutory reserves are withheld and legally owned and managed by the ceding company and are reflected as funds withheld at interest on the Company’s condensed consolidated balance sheets. In the event of a ceding company’s insolvency, the Company would need to assert a claim on the assets supporting its reserve liabilities. However, the risk of loss to the Company is mitigated by its ability to offset amounts it owes the ceding company for claims or allowances against amounts owed to the Company from the ceding company. Other Invested Assets Other invested assets include limited partnership interests, joint ventures (other than operating joint ventures), lifetime mortgages, derivative contracts and fair value option (“FVO”) contractholder-directed unit-linked investments. Other invested assets also includes FHLB common stock, which is included in Other in the table below. The allowance for credit losses for lifetime mortgages as of both March 31, 2020 and December 31, 2019 , was $2 million . Carrying values of these assets as of March 31, 2020 and December 31, 2019 are as follows (dollars in millions): March 31, 2020 December 31, 2019 Limited partnership interests and real estate joint ventures $ 1,183 $ 1,134 Lifetime mortgages 763 775 Derivatives 252 117 FVO contractholder-directed unit-linked investments 235 260 Other 109 77 Total other invested assets $ 2,542 $ 2,363 |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments Accounting for Derivative Instruments and Hedging Activities See Note 2 – “Significant Accounting Policies and Pronouncements” of the Company’s 2019 Annual Report for a detailed discussion of the accounting treatment for derivative instruments, including embedded derivatives. See Note 6 – “Fair Value of Assets and Liabilities” for additional disclosures related to the fair value hierarchy for derivative instruments, including embedded derivatives. Types of Derivatives Used by the Company Commonly used derivative instruments include, but are not necessarily limited to: credit default swaps, financial futures, equity options, foreign currency swaps, foreign currency forwards, interest rate swaps, synthetic guaranteed investment contracts (“GICs”), consumer price index (“CPI”) swaps, longevity swaps, mortality swaps and embedded derivatives. For detailed information on these derivative instruments and the related strategies, see Note 5 – “Derivative Instruments” of the Company’s 2019 Annual Report. Summary of Derivative Positions Derivatives, except for embedded derivatives and longevity and mortality swaps, are carried on the Company’s condensed consolidated balance sheets in other invested assets or other liabilities, at fair value. Longevity and mortality swaps are included on the condensed consolidated balance sheets in other assets or other liabilities, at fair value. Embedded derivative assets and liabilities on modified coinsurance (“modco”) or funds withheld arrangements are included on the condensed consolidated balance sheets with the host contract in funds withheld at interest, at fair value. Embedded derivative liabilities on indexed annuity and variable annuity products are included on the condensed consolidated balance sheets with the host contract in interest-sensitive contract liabilities, at fair value. The following table presents the notional amounts and gross fair value of derivative instruments prior to taking into account the netting effects of master netting agreements as of March 31, 2020 and December 31, 2019 (dollars in millions): March 31, 2020 December 31, 2019 Primary Underlying Risk Notional Carrying Value/Fair Value Notional Carrying Value/Fair Value Amount Assets Liabilities Amount Assets Liabilities Derivatives not designated as hedging instruments: Interest rate swaps Interest rate $ 1,057 $ 104 $ 8 $ 909 $ 70 $ 3 Financial futures Equity 323 — — 307 — — Foreign currency swaps Foreign currency 150 — 23 150 — 9 Foreign currency forwards Foreign currency 175 3 — 175 1 — CPI swaps CPI 527 1 65 441 — 28 Credit default swaps Credit 1,641 3 6 1,306 5 — Equity options Equity 320 58 — 364 15 — Synthetic GICs Interest rate 14,240 — — 13,823 — — Embedded derivatives in: Modco or funds withheld arrangements — — 109 — 121 — Indexed annuity products — — 751 — — 767 Variable annuity products — — 291 — — 163 Total non-hedging derivatives 18,433 169 1,253 17,475 212 970 Derivatives designated as hedging instruments: Interest rate swaps Foreign currency/Interest rate 435 5 53 535 1 29 Foreign currency swaps Foreign currency 322 31 23 342 17 2 Foreign currency forwards Foreign currency 1,112 102 1 1,094 28 2 Total hedging derivatives 1,869 138 77 1,971 46 33 Total derivatives $ 20,302 $ 307 $ 1,330 $ 19,446 $ 258 $ 1,003 Fair Value Hedges The Company designates and reports certain foreign currency swaps to hedge the foreign currency fair value exposure of foreign currency denominated assets as fair value hedges when they meet the requirements of the general accounting principles for Derivatives and Hedging . The gain or loss on the hedged item attributable to a change in foreign currency and the offsetting gain or loss on the related foreign currency swaps as of March 31, 2020 and 2019 were (dollars in millions): Type of Fair Value Hedge Hedged Item Gains (Losses) Recognized for Derivatives Gains (Losses) Recognized for Hedged Items Investment Related Gains (Losses) For the three months ended March 31, 2020: Foreign currency swaps Foreign-denominated fixed maturity securities $ (22 ) $ 14 For the three months ended March 31, 2019: Foreign currency swaps Foreign-denominated fixed maturity securities $ (1 ) $ (1 ) Cash Flow Hedges Certain derivative instruments are designated as cash flow hedges when they meet the requirements of the general accounting principles for Derivatives and Hedging . The Company designates and accounts for the following as cash flow hedges: (i) certain interest rate swaps, in which the cash flows of assets and liabilities are variable based on a benchmark rate; and (ii) certain interest rate swaps, in which the cash flows of assets are denominated in different currencies, commonly referred to as cross-currency swaps. The following table presents the components of AOCI, before income tax, and the condensed consolidated income statement classification where the gain or loss is recognized related to cash flow hedges for the three months ended March 31, 2020 and 2019 (dollars in millions): Three months ended March 31, 2020 2019 Balance beginning of period $ (26 ) $ 9 Gains (losses) deferred in other comprehensive income (loss) (61 ) (10 ) Amounts reclassified to investment income — — Amounts reclassified to interest expense — — Balance end of period $ (87 ) $ (1 ) As of March 31, 2020 , the before-tax deferred net gains (losses) on derivative instruments recorded in AOCI that are expected to be reclassified to earnings during the next twelve months are approximately $(1) million and $(5) million in investment income and interest expense, respectively. The following table presents the effect of derivatives in cash flow hedging relationships on the condensed consolidated statements of income and the condensed consolidated statements of comprehensive income for the three months ended March 31, 2020 and 2019 (dollars in millions): Derivative Type Gain (Loss) Deferred in OCI Gain (Loss) Reclassified into Income from OCI Investment Income Interest Expense For the three months ended March 31, 2020: Interest rate $ (36 ) $ — $ — Currency (25 ) — — Total $ (61 ) $ — $ — For the three months ended March 31, 2019: Interest rate $ (12 ) $ — $ — Currency/Interest rate 2 — — Total $ (10 ) $ — $ — For the three months ended March 31, 2020 and 2019 , there were no amounts reclassified into earnings relating to instances in which the Company discontinued cash flow hedge accounting because the forecasted transaction did not occur by the anticipated date or within the additional time period permitted by the authoritative guidance for the accounting for derivatives and hedging. Hedges of Net Investments in Foreign Operations The Company uses foreign currency swaps and foreign currency forwards to hedge a portion of its net investment in certain foreign operations against adverse movements in exchange rates. The following table illustrates the Company’s net investments in foreign operations (“NIFO”) hedges for the three months ended March 31, 2020 and 2019 (dollars in millions): Derivative Gains (Losses) Deferred in AOCI For the three months ended March 31, Type of NIFO Hedge (1) 2020 2019 Foreign currency swaps $ 15 $ (7 ) Foreign currency forwards 80 (18 ) (1) There were no sales or substantial liquidations of net investments in foreign operations that would have required the reclassification of gains or losses from accumulated other comprehensive income (loss) into investment income during the periods presented. The cumulative foreign currency translation gain recorded in AOCI related to these hedges was $263 million and $168 million at March 31, 2020 and December 31, 2019 , respectively. If a hedged foreign operation was sold or substantially liquidated, the amounts in AOCI would be reclassified to the condensed consolidated statements of income. A pro rata portion would be reclassified upon partial sale of a hedged foreign operation. Non-qualifying Derivatives and Derivatives for Purposes Other Than Hedging The Company uses various other derivative instruments for risk management purposes that either do not qualify or have not been qualified for hedge accounting treatment. The gain or loss related to the change in fair value for these derivative instruments is recognized in investment related gains (losses), net in the condensed consolidated statements of income, except where otherwise noted. A summary of the effect of non-hedging derivatives, including embedded derivatives, on the Company’s condensed consolidated statements of income for the three months ended March 31, 2020 and 2019 is as follows (dollars in millions): Gain (Loss) for the three months ended March 31, Type of Non-hedging Derivative Income Statement Location of Gain (Loss) 2020 2019 Interest rate swaps Investment related gains (losses), net $ 106 $ 24 Financial futures Investment related gains (losses), net 44 (22 ) Foreign currency swaps Investment related gains (losses), net (13 ) 1 Foreign currency forwards Investment related gains (losses), net (3 ) — CPI swaps Investment related gains (losses), net (40 ) (9 ) Credit default swaps Investment related gains (losses), net (24 ) 15 Equity options Investment related gains (losses), net 53 (23 ) Longevity swaps Other revenues — 2 Mortality swaps Other revenues — 1 Subtotal 123 (11 ) Embedded derivatives in: Modco or funds withheld arrangements Investment related gains (losses), net (230 ) (2 ) Indexed annuity products Interest credited 6 3 Variable annuity products Investment related gains (losses), net (128 ) 18 Total non-hedging derivatives $ (229 ) $ 8 Credit Derivatives The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of credit default swaps sold by the Company at March 31, 2020 and December 31, 2019 (dollars in millions): March 31, 2020 December 31, 2019 Rating Agency Designation of Referenced Credit Obligations (1) Estimated Fair Value of Credit Default Swaps Maximum Amount of Future Payments under Credit Default Swaps (2) Weighted Average Years to Maturity (3) Estimated Fair Value of Credit Default Swaps Maximum Amount of Future Payments under Credit Default Swaps (2) Weighted Average Years to Maturity (3) AAA/AA+/AA/AA-/A+/A/A- Single name credit default swaps $ 1 $ 127 1.4 $ 2 $ 142 1.7 Subtotal 1 127 1.4 2 142 1.7 BBB+/BBB/BBB- Single name credit default swaps — 281 1.8 3 291 1.9 Credit default swaps referencing indices (4 ) 1,228 4.7 — 873 4.7 Subtotal (4 ) 1,509 4.1 3 1,164 4.0 BB+/BB/BB- Single name credit default swaps — 5 0.2 — — 0.0 Subtotal — 5 0.2 — — 0.0 Total $ (3 ) $ 1,641 3.9 $ 5 $ 1,306 3.7 (1) The rating agency designations are based on ratings from Standard and Poor’s (“S&P”). (2) Assumes the value of the referenced credit obligations is zero. (3) The weighted average years to maturity of the credit default swaps is calculated based on weighted average notional amounts. Netting Arrangements Certain of the Company’s derivatives are subject to enforceable master netting arrangements and reported as a net asset or liability in the condensed consolidated balance sheets. The Company nets all derivatives that are subject to such arrangements. The Company has elected to include all derivatives, except embedded derivatives, in the table below, irrespective of whether they are subject to an enforceable master netting arrangement or a similar agreement. See Note 4 – “Investments” for information regarding the Company’s securities borrowing, lending, repurchase and repurchase/reverse repurchase programs. The following table provides information relating to the Company’s derivative instruments as of March 31, 2020 and December 31, 2019 (dollars in millions): Gross Amounts Not Offset in the Balance Sheet Gross Amounts Recognized Gross Amounts Offset in the Balance Sheet Net Amounts Presented in the Balance Sheet Financial Instruments (1) Cash Collateral Pledged/ Received Net Amount March 31, 2020: Derivative assets $ 307 $ (55 ) $ 252 $ — $ (247 ) $ 5 Derivative liabilities 179 (55 ) 124 (127 ) (115 ) (118 ) December 31, 2019: Derivative assets $ 137 $ (20 ) $ 117 $ — $ (119 ) $ (2 ) Derivative liabilities 73 (20 ) 53 (92 ) (52 ) (91 ) (1) Includes initial margin posted to a central clearing partner. Credit Risk The Company may be exposed to credit-related losses in the event of non-performance by counterparties to derivative financial instruments with a positive fair value. Generally, the credit exposure of the Company’s derivative contracts is limited to the fair value at the reporting date plus or minus any collateral posted or held by the Company. The Company had no credit exposure related to its derivative contracts as of March 31, 2020 and December 31, 2019 , as the net amount of collateral pledged to the Company from counterparties exceeded the fair value of the derivative contracts. Derivatives may be exchange-traded or they may be privately negotiated contracts, which are referred to as over-the-counter (“OTC”) derivatives. Certain of the Company’s OTC derivatives are cleared and settled through central clearing counterparties (“OTC cleared”) and others are bilateral contracts between two counterparties. The Company manages its credit risk related to OTC derivatives by entering into transactions with creditworthy counterparties, maintaining collateral arrangements and through the use of master netting agreements that provide for a single net payment to be made by one counterparty to another at each due date and upon termination. The Company is only exposed to the default of the central clearing counterparties for OTC cleared derivatives, and these transactions require initial and daily variation margin collateral postings. Exchange-traded derivatives are settled on a daily basis, thereby reducing the credit risk exposure in the event of non-performance by counterparties to such financial instruments. |
Fair Value of Assets and Liabil
Fair Value of Assets and Liabilities | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Fair Value of Assets and Liabilities Fair Value Measurement General accounting principles for Fair Value Measurements and Disclosures define fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. These principles also establish a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value and describes three levels of inputs that may be used to measure fair value: Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities. The Company’s Level 1 assets and liabilities are traded in active exchange markets. Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or market standard valuation techniques and assumptions that use significant inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the related assets or liabilities. Prices are determined using valuation methodologies such as discounted cash flow models and other similar techniques that require management’s judgment or estimation in developing inputs that are consistent with what other market participants would use when pricing similar assets and liabilities. Additionally, the Company’s embedded derivatives, all of which are associated with reinsurance treaties and longevity and mortality swaps, are classified in Level 3 since their values include significant unobservable inputs. For a discussion of the Company’s valuation methodologies for assets and liabilities measured at fair value and the fair value hierarchy, see Note 6 – “Fair Value of Assets and Liabilities” in the Notes to Consolidated Financial Statements included in the Company’s 2019 Annual Report. Assets and Liabilities by Hierarchy Level Assets and liabilities measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019 are summarized below (dollars in millions): March 31, 2020: Fair Value Measurements Using: Total Level 1 Level 2 Level 3 Assets: Fixed maturity securities – available-for-sale: Corporate $ 29,494 $ — $ 27,297 $ 2,197 Canadian government 4,237 — 4,237 — RMBS 2,291 — 2,285 6 ABS 2,667 — 2,569 98 CMBS 1,809 — 1,769 40 U.S. government 1,642 1,518 109 15 State and political subdivisions 1,169 — 1,159 10 Other foreign government 5,246 — 5,231 15 Total fixed maturity securities – available-for-sale 48,555 1,518 44,656 2,381 Equity securities 112 56 — 56 Funds withheld at interest – embedded derivatives (109 ) — — (109 ) Cash equivalents 1,118 1,118 — — Short-term investments 85 55 29 1 Other invested assets: Derivatives 252 — 252 — FVO contractholder-directed unit-linked investments 235 179 56 — Other 10 — 10 — Total other invested assets 497 179 318 — Total $ 50,258 $ 2,926 $ 45,003 $ 2,329 Liabilities: Interest sensitive contract liabilities – embedded derivatives $ 1,042 $ — $ — $ 1,042 Other liabilities: Derivatives 124 — 124 — Total $ 1,166 $ — $ 124 $ 1,042 December 31, 2019: Fair Value Measurements Using: Total Level 1 Level 2 Level 3 Assets: Fixed maturity securities – available-for-sale: Corporate $ 31,393 $ — $ 29,207 $ 2,186 Canadian government 4,612 — 3,908 704 RMBS 2,398 — 2,349 49 ABS 2,978 — 2,865 113 CMBS 1,899 — 1,853 46 U.S. government 2,152 2,030 106 16 State and political subdivisions 1,164 — 1,155 9 Other foreign government 4,525 — 4,509 16 Total fixed maturity securities – available-for-sale 51,121 2,030 45,952 3,139 Equity securities 320 243 — 77 Funds withheld at interest – embedded derivatives 121 — — 121 Cash equivalents 274 274 — — Short-term investments 32 4 26 2 Other invested assets: Derivatives 117 — 117 — FVO contractholder-directed unit-linked investments 260 207 53 — Other — — — — Total other invested assets 377 207 170 — Total $ 52,245 $ 2,758 $ 46,148 $ 3,339 Liabilities: Interest-sensitive contract liabilities – embedded derivatives $ 930 $ — $ — $ 930 Other liabilities: Derivatives 53 — 53 — Total $ 983 $ — $ 53 $ 930 Quantitative Information Regarding Internally - Priced Assets and Liabilities The following table presents quantitative information about significant unobservable inputs used in Level 3 fair value measurements that are developed internally by the Company as of March 31, 2020 and December 31, 2019 (dollars in millions): Estimated Fair Value Valuation Technique Unobservable Inputs Range (Weighted Average) March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Assets: Corporate $1,030 $1,070 Market comparable securities Liquidity premium 0-2% (1%) 0-2% (1%) EBITDA Multiple 5.2x-7.0x (6.3x) 5.2x-7.1x (6.7x) ABS 92 101 Market comparable securities Liquidity premium 1-18% (3%) 0-4% (1%) U.S. government 15 16 Market comparable securities Liquidity premium 0-1% (1%) 0-1% (1%) Other foreign government 15 16 Market comparable Liquidity premium 0-1% (1%) 0-1% (1%) Equity securities 29 32 Market comparable securities Liquidity premium 4 % 4 % EBITDA Multiple 6.9x-10.6x (8.0x) 6.9x-9.3x (7.8x) Funds withheld at interest- embedded derivatives (109 ) 121 Total return swap Mortality 0-100% (2%) 0-100% (2%) Lapse 0-35% (14%) 0-35% (13%) Withdrawal 0-5% (3%) 0-5% (3%) CVA 0-5% (1%) 0-5% (1%) Crediting rate 2-4% (2%) 2-4% (2%) Liabilities: Interest sensitive contract liabilities- embedded derivatives- indexed annuities 751 768 Discounted cash flow Mortality 0-100% (2%) 0-100% (2%) Lapse 0-35% (14%) 0-35% (13%) Withdrawal 0-5% (3%) 0-5% (3%) Option budget projection 2-4% (2%) 2-4% (2%) Interest sensitive contract liabilities- embedded derivatives- variable annuities 291 163 Discounted cash flow Mortality 0-100% (2%) 0-100% (1%) Lapse 0-25% (4%) 0-25% (5%) Withdrawal 0-7% (6%) 0-7% (5%) CVA 0-5% (1%) 0-5% (1%) Long-term volatility 0-27% (12%) 0-27% (12%) Changes in Level 3 Assets and Liabilities Assets and liabilities transferred into Level 3 are due to a lack of observable market transactions and price information. Transfers out of Level 3 are primarily the result of the Company obtaining observable pricing information or a third party pricing quotation that appropriately reflects the fair value of those assets and liabilities. For further information on the Company’s valuation processes, see Note 6 – “Fair Value of Assets and Liabilities” in the Notes to Consolidated Financial Statements included in the Company’s 2019 Annual Report. The reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) are as follows (dollars in millions): For the three months ended March 31, 2020: Fixed maturity securities - available-for-sale Funds withheld at interest-embedded derivatives Other assets and liabilities, net - longevity and mortality swaps Interest-sensitive contract Corporate Foreign govt Structured securities U.S. and local govt Equity securities Short-term investments Fair value, beginning of period $ 2,186 $ 720 $ 208 $ 25 $ 77 $ 2 $ 121 $ — $ (930 ) Total gains/losses (realized/unrealized) Included in earnings, net: Investment income, net of related expenses 1 — — — — — — — — Investment related gains (losses), net (11 ) — — — (7 ) — (230 ) — (128 ) Interest credited — — — — — — — — 6 Included in other comprehensive income (115 ) (1 ) (27 ) 1 — — — — — Other revenues — — — — — — — — — Purchases (1) 231 — 9 — — — — — (11 ) Sales (1) (44 ) — (1 ) — — — — — — Settlements (1) (52 ) — (13 ) (1 ) — — — — 21 Transfers into Level 3 1 — 21 — — — — — — Transfers out of Level 3 — (704 ) (53 ) — (14 ) (1 ) — — — Fair value, end of period $ 2,197 $ 15 $ 144 $ 25 $ 56 $ 1 $ (109 ) $ — $ (1,042 ) Unrealized gains and losses recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period Included in earnings, net: Investment income, net of related expenses $ — $ — $ — $ — $ — $ — $ — $ — $ — Investment related gains (losses), net (11 ) — — — (7 ) — (230 ) — (131 ) Claims and other policy benefits — — — — — — — — (15 ) Included in other comprehensive income (140 ) (1 ) (27 ) 1 — — — — — For the three months ended March 31, 2019: Fixed maturity securities - available-for-sale Funds withheld at interest-embedded derivatives Other assets and liabilities, net - longevity and mortality swaps Interest-sensitive contract Corporate Foreign govt Structured securities U.S. and local govt Equity securities Short-term investments Fair value, beginning of period $ 1,331 $ 533 $ 103 $ 28 $ 33 $ 2 $ 110 $ 47 $ (945 ) Total gains/losses (realized/unrealized) Included in earnings, net: Investment income, net of related expenses — 4 — — — — — — — Investment related gains (losses), net — — — — 4 — (2 ) — 18 Interest credited — — — — — — — — 3 Included in other comprehensive income 19 76 1 — — — — (1 ) — Other revenues — — — — — — — 3 — Purchases (1) 215 — 31 — 3 27 — — 2 Sales (1) (11 ) — — — — — — — — Settlements (1) (23 ) — (15 ) (1 ) — — — — 18 Transfers into Level 3 — — — — — — — — — Transfers out of Level 3 — — — — — — — — — Fair value, end of period $ 1,531 $ 613 $ 120 $ 27 $ 40 $ 29 $ 108 $ 49 $ (904 ) Unrealized gains and losses recorded in earnings for the period relating to those Level 3 assets and liabilities that were still held at the end of the period Included in earnings, net: Investment income, net of related expenses $ — $ 4 $ — $ — $ — $ — $ — $ — $ — Investment related gains (losses), net — — — — 4 — (2 ) — 17 Other revenues — — — — — — — 3 — Interest credited — — — — — — — — (15 ) (1) The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period. Nonrecurring Fair Value Measurements During the three months ended March 31, 2020 and December 31, 2019 , adjustments to the Company’s assets measured at an estimated fair value on a nonrecurring basis that are still held at the reporting date were immaterial. Fair Value of Financial Instruments The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments, which were not measured at fair value on a recurring basis, as of March 31, 2020 and December 31, 2019 (dollars in millions). For additional information regarding the methods and significant assumptions used by the Company to estimate these fair values, see Note 6 – “Fair Value of Assets and Liabilities” in the Notes to Consolidated Financial Statements included in the Company’s 2019 Annual Report. This table excludes any payables or receivables for collateral under repurchase agreements and other transactions. The estimated fair value of the excluded amount approximates carrying value as they equal the amount of cash collateral received/paid. March 31, 2020: Carrying Value (1) Estimated Fair Value Fair Value Measurement Using: Level 1 Level 2 Level 3 NAV Assets: Mortgage loans on real estate $ 6,014 $ 6,123 $ — $ — $ 6,123 $ — Policy loans 1,314 1,314 — 1,314 — — Funds withheld at interest 5,345 5,603 — — 5,603 — Cash and cash equivalents 1,702 1,702 1,702 — — — Short-term investments 32 32 32 — — — Other invested assets 1,282 1,363 5 91 837 430 Accrued investment income 510 510 — 510 — — Liabilities: Interest-sensitive contract liabilities $ 19,634 $ 20,503 $ — $ 20,503 $ — $ — Long-term debt 2,981 2,932 — 2,932 — — Collateral finance and securitization notes 569 524 — 524 — — December 31, 2019: Assets: Mortgage loans on real estate $ 5,706 $ 5,935 $ — $ — $ 5,935 $ — Policy loans 1,319 1,319 — 1,319 — — Funds withheld at interest 5,526 5,870 — — 5,870 — Cash and cash equivalents 1,175 1,175 1,175 — — — Short-term investments 32 32 32 — — — Other invested assets 1,259 1,278 5 68 803 402 Accrued investment income 493 493 — 493 — — Liabilities: Interest-sensitive contract liabilities $ 19,163 $ 21,542 $ — $ — $ 21,542 $ — Long-term debt 2,981 3,179 — — 3,179 — Collateral finance and securitization notes 598 551 — — 551 — (1) Carrying values presented herein may differ from those in the Company’s condensed consolidated balance sheets because certain items within the respective financial statement captions may be measured at fair value on a recurring basis. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The accounting policies of the segments are the same as those described in the Significant Accounting Policies and Pronouncements in Note 2 of the consolidated financial statements accompanying the 2019 Annual Report. The Company measures segment performance primarily based on profit or loss from operations before income taxes. There are no intersegment reinsurance transactions and the Company does not have any material long-lived assets. The Company allocates capital to its segments based on an internally developed economic capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. The economic capital model considers the unique and specific nature of the risks inherent in the Company’s businesses. As a result of the economic capital allocation process, a portion of investment income is attributed to the segments based on the level of allocated capital. In addition, the segments are charged for excess capital utilized above the allocated economic capital basis. This charge is included in policy acquisition costs and other insurance expenses. The Company has geographic-based and business-based operational segments. Geographic-based operations are further segmented into traditional and financial solutions businesses. Information related to revenues, income (loss) before income taxes and total assets of the Company for each reportable segment are summarized below (dollars in millions): Three months ended March 31, Revenues: 2020 2019 U.S. and Latin America: Traditional $ 1,533 $ 1,541 Financial Solutions 139 254 Total 1,672 1,795 Canada: Traditional 296 312 Financial Solutions 24 24 Total 320 336 Europe, Middle East and Africa: Traditional 407 384 Financial Solutions 78 109 Total 485 493 Asia Pacific: Traditional 667 673 Financial Solutions 68 55 Total 735 728 Corporate and Other (8 ) 68 Total $ 3,204 $ 3,420 Three months ended March 31, Income (loss) before income taxes: 2020 2019 U.S. and Latin America: Traditional $ (62 ) $ 12 Financial Solutions (15 ) 83 Total (77 ) 95 Canada: Traditional 23 51 Financial Solutions 3 1 Total 26 52 Europe, Middle East and Africa: Traditional 17 16 Financial Solutions 30 38 Total 47 54 Asia Pacific: Traditional 24 37 Financial Solutions (25 ) 6 Total (1 ) 43 Corporate and Other (91 ) (27 ) Total $ (96 ) $ 217 Assets: March 31, 2020 December 31, 2019 U.S. and Latin America: Traditional $ 19,418 $ 19,353 Financial Solutions 21,268 25,117 Total 40,686 44,470 Canada: Traditional 4,366 4,361 Financial Solutions 44 64 Total 4,410 4,425 Europe, Middle East and Africa: Traditional 3,924 4,032 Financial Solutions 6,051 6,502 Total 9,975 10,534 Asia Pacific: Traditional 7,118 6,800 Financial Solutions 3,471 2,557 Total 10,589 9,357 Corporate and Other 9,994 7,945 Total $ 75,654 $ 76,731 |
Commitments, Contingencies and
Commitments, Contingencies and Guarantees | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Commitments, Contingencies and Guarantees Commitments Funding of Investments The Company’s commitments to fund investments as of March 31, 2020 and December 31, 2019 are presented in the following table (dollars in millions): March 31, 2020 December 31, 2019 Limited partnership interests and joint ventures $ 693 $ 685 Commercial mortgage loans 62 243 Bank loans and private placements 106 181 Lifetime mortgages 47 87 The Company anticipates that the majority of its current commitments will be invested over the next five years; however, these commitments could become due any time at the request of the counterparties. Bank loans and private placements are included in fixed maturity securities available-for-sale. The Company has a liability for expected credit losses, included in other liabilities on the Company’s condensed consolidated balance sheets, associated with unfunded commitments of approximately $1 million as of March 31, 2020 . Contingencies Litigation The Company is subject to litigation in the normal course of its business. The Company currently has no material litigation. A legal reserve is established when the Company is notified of an arbitration demand or litigation or is notified that an arbitration demand or litigation is imminent, it is probable that the Company will incur a loss as a result and the amount of the probable loss is reasonably capable of being estimated. Other Contingencies The Company indemnifies its directors and officers as provided in its charters and by-laws. Since this indemnity generally is not subject to limitation with respect to duration or amount, the Company does not believe that it is possible to determine the maximum potential amount due under this indemnity in the future. Guarantees Statutory Reserve Support RGA, through wholly-owned subsidiaries, has committed to provide statutory reserve support to third parties, in exchange for a fee, by funding loans if certain defined events occur. Such statutory reserves are required under the U.S. Valuation of Life Policies Model Regulation (commonly referred to as Regulation XXX for term life insurance policies and Regulation A-XXX for universal life secondary guarantees). In addition, RGA has also committed to provide capital support to a third-party, in exchange for a fee, by agreeing to assume real estate leases in the event of a severe and prolonged decline in the commercial lease market. Upon assumption of a lease, RGA would recognize a right to use asset and lease obligation. As of March 31, 2020 , the Company does not believe that it will be required to provide any funding under these commitments as the occurrence of the defined events is considered remote. The following table presents the maximum potential obligation for these commitments as of March 31, 2020 (dollars in millions): Commitment Period Maximum Potential Obligation 2035 $ 2,607 2036 3,408 2037 5,750 2038 2,300 2039 5,750 Other Guarantees RGA has issued guarantees to third parties on behalf of its subsidiaries for the payment of amounts due under certain securities borrowing and repurchase arrangements, financing arrangements and office lease obligations, whereby, if a subsidiary fails to meet an obligation, RGA or one of its other subsidiaries will make a payment to fulfill the obligation. Additionally, in limited circumstances, treaty guarantees are granted to ceding companies in order to provide them additional security, particularly in cases where RGA’s subsidiary is relatively new, unrated, or not of a significant size, relative to the ceding company. Liabilities supported by the treaty guarantees, before consideration of any legally offsetting amounts due from the guaranteed party are reflected on the Company’s condensed consolidated balance sheets in future policy benefits. Potential guaranteed amounts of future payments will vary depending on production levels and underwriting results. Guarantees related to securities borrowing and repurchase arrangements provide additional security to third parties should a subsidiary fail to provide securities when due. RGA’s guarantees issued as of March 31, 2020 and December 31, 2019 , are reflected in the following table (dollars in millions): March 31, 2020 December 31, 2019 Treaty guarantees $ 1,684 $ 1,821 Treaty guarantees, net of assets in trust 812 891 Securities borrowing and repurchase arrangements 267 275 Financing arrangements 35 42 |
Income Tax Income Tax
Income Tax Income Tax | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Income Tax The provision for income tax differed from the amounts computed by applying the U.S. federal income tax statutory rate of 21% to pre-tax income as a result of the following for the three months ended March 31, 2020 and 2019 , respectively (dollars in millions): Three months ended March 31, 2020 2019 Tax provision at U.S. statutory rate $ (20 ) $ 45 Increase (decrease) in income taxes resulting from: Tax rate differences on income in other jurisdictions 4 1 Differences in tax bases in foreign jurisdictions 3 (15 ) Deferred tax valuation allowance (4 ) 19 Amounts related to uncertain tax positions 6 1 Corporate rate changes — (2 ) Equity compensation excess benefit (1 ) (2 ) Non-Deductible Expenses 4 — Total provision for income taxes $ (8 ) $ 47 Effective tax rate 8.9 % 21.7 % The effective tax rate on the pre-tax loss for the three months ended March 31, 2020, was lower than the U.S. Statutory rate of 21% primarily as a result of income earned in jurisdictions with tax rates higher than the U.S. and tax expense related to uncertain tax positions, which was partially offset by valuation allowance releases in various jurisdictions. The effective tax rate for the three months ended March 31, 2019, was higher than the U.S. Statutory tax rate of 21% primarily as a result of income in non-U.S. jurisdictions with tax rates greater than the U.S. and losses in foreign jurisdictions for which the company established a valuation allowance, which was partially offset with tax benefits related to bases differences in non-U.S. jurisdictions. |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans The components of net periodic benefit cost, included in other operating expenses on the Company’s condensed consolidated statements of income, for the three months ended March 31, 2020 and 2019 were as follows (dollars in millions): Pension Benefits Other Benefits Three months ended March 31, Three months ended March 31, 2020 2019 2020 2019 Service cost $ 3 $ 3 $ — $ 1 Interest cost 2 1 1 — Expected return on plan assets (2 ) (2 ) — — Amortization of prior service cost (credit) — — — — Amortization of prior actuarial losses 1 1 — 1 Net periodic benefit cost $ 4 $ 3 $ 1 $ 2 |
Reinsurance
Reinsurance | 3 Months Ended |
Mar. 31, 2020 | |
Retrocession Arrangements And Reinsurance Ceded Receivables [Abstract] | |
Retrocession Arrangements and Reinsurance Ceded Receivables | Reinsurance Retrocession reinsurance treaties do not relieve the Company from its obligations to direct writing companies. Failure of retrocessionaires to honor their obligations could result in losses to the Company. Consequently, allowances would be established for amounts deemed uncollectible. At March 31, 2020 and December 31, 2019 , no allowances were deemed necessary. The Company regularly evaluates the financial condition of the insurance companies from which it assumes and to which it cedes reinsurance. Retrocessions are arranged through the Company’s retrocession pools for amounts in excess of the Company’s retention limit. As of March 31, 2020 , all rated retrocession pool participants followed by the A.M. Best Company were rated “A- (excellent)” or better. The Company verifies retrocession pool participants’ ratings on a quarterly basis. For a majority of the retrocessionaires that were not rated, security in the form of letters of credit or trust assets has been posted. In addition, the Company performs annual financial reviews of its retrocessionaires to evaluate financial stability and performance. The following table presents information for the Company’s reinsurance ceded receivable assets, including the respective amount and A.M. Best rating for each reinsurer representing in excess of five percent of the total as of March 31, 2020 or December 31, 2019 (dollars in millions): March 31, 2020 December 31, 2019 Reinsurer A.M. Best Rating Amount % of Total Amount % of Total Reinsurer A A+ $ 383 43.1 % $ 367 40.6 % Reinsurer B A+ 193 21.7 208 23.0 Reinsurer C A 65 7.3 84 9.3 Reinsurer D A++ 49 5.5 53 5.9 Reinsurer E A+ 42 4.7 43 4.8 Other reinsurers 157 17.7 149 16.4 Total $ 889 100.0 % $ 904 100.0 % Included in the total reinsurance ceded receivables balance were $223 million and $223 million of claims recoverable, of which $13 million and $15 million were in excess of 90 days past due, as of March 31, 2020 and December 31, 2019 |
Policy Claims and Benefits
Policy Claims and Benefits | 3 Months Ended |
Mar. 31, 2020 | |
Insurance [Abstract] | |
Short-Duration Insurance and Deposit Contracts [Text Block] | Policy Claims and Benefits Rollforward of Claims and Claim Adjustment Expenses The liability for unpaid claims is reported in future policy benefits and other policy claims and benefits on the Company’s condensed consolidated balance sheets. Activity associated with unpaid claims is summarized below (dollars in millions): Three months ended March 31, 2020 2019 Balance at beginning of year $ 6,786 $ 6,585 Less: reinsurance recoverable (564 ) (433 ) Net balance at beginning of year 6,222 6,152 Incurred: Current year 2,838 2,808 Prior years 11 31 Total incurred 2,849 2,839 Payments: Current year (131 ) (187 ) Prior years (2,342 ) (2,387 ) Total payments (2,473 ) (2,574 ) Other changes: Interest accretion 9 7 Foreign exchange adjustments (283 ) 10 Total other changes (274 ) 17 Net balance at end of period 6,324 6,434 Plus: reinsurance recoverable 580 500 Balance at end of period $ 6,904 $ 6,934 Incurred claims associated with prior periods are primarily due to events, related to long-duration business, which were incurred in prior periods but were reported in the current period, and to a lesser extent, the development of short-duration business claims for prior years being different than were anticipated when the liabilities for unpaid claims were originally estimated. These trends have been considered in establishing the current year liability for unpaid claims. |
New Accounting Standards
New Accounting Standards | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Standards | New Accounting Standards Changes to the general accounting principles are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates to the FASB Accounting Standards Codification™. Accounting standards updates not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company’s condensed consolidated financial statements. Description Date of Adoption Effect on the Consolidated Financial Statements Standards adopted: Leases This new standard, based on the principle that entities should recognize assets and liabilities arising from leases, does not significantly change the lessees’ recognition, measurement and presentation of expenses and cash flows from the previous accounting standard. Leases are classified as finance or operating. The new standard’s primary change is the requirement for entities to recognize a lease liability for payments and a right of use asset representing the right to use the leased asset during the term of operating lease arrangements. Lessees are permitted to make an accounting policy election to not recognize the asset and liability for leases with a term of twelve months or less. Lessors’ accounting is largely unchanged from the previous accounting standard. In addition, the new standard expands the disclosure requirements of lease arrangements. Early adoption is permitted. January 1, 2019 This guidance was adopted by applying the optional transition method. The adoption of the standard did not have a material impact on the Company’s results of operations or financial position. The adoption of the updated guidance resulted in the Company recognizing a right-to-use asset and lease liability of $55 million included in other assets and other liabilities, respectively, in the condensed consolidated balance sheets. Derivatives and Hedging This updated guidance improves the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements and make certain targeted improvements to simplify the application of the hedge accounting in current GAAP related to the assessment of hedge effectiveness. Early adoption is permitted. January 1, 2019 This guidance was adopted by applying a modified retrospective approach to existing hedging relationships as of the date of adoption. The adoption of the new standard did not have a material impact on the Company’s results of operations or financial position. Upon adoption of the guidance, the Company recorded an immaterial adjustment to retained earnings as of the beginning of the first reporting period in which the guidance was effective and modified some disclosures. Financial Instruments - Credit Losses This guidance adds to U.S. GAAP an impairment model, known as current expected credit loss (“CECL”) model that is based on expected losses rather than incurred losses. For traditional and other receivables, held-to-maturity debt securities, loans and other instruments entities will be required to use the new forward-looking “expected loss” model that generally will result in earlier recognition of allowance for losses. For available-for-sale debt securities with unrealized losses, entities will measure credit losses similar to what they do today, except the losses will be recognized through an allowance for credit losses and adjusted each period for changes in credit risks. Early adoption is permitted. January 1, 2020 For asset classes within the scope of the CECL model, this guidance was adopted through a cumulative-effect adjustment to retained earnings (that is, a modified-retrospective approach). For available-for-sale debt securities, this guidance was applied prospectively. The allowance for credit losses increased when this guidance was adopted to include expected losses over the lifetime of commercial mortgages and other loans, including reasonable and supportable forecasts and expected changes in future economic conditions. The overall impact was an approximate $15 million increase in the allowance for credit losses. This increase was reflected as a decrease to opening retained earnings, net of income taxes, as of January 1, 2020. See Note 1 – “Business and Basis of Presentation” for more information. Fair Value Measurement This guidance is part of the FASB’s disclosure framework project and eliminates certain disclosure requirements for fair value measurement, requires entities to disclose new information and modifies existing disclosure requirements. Early adoption is permitted. January 1, 2020 Certain disclosure changes in the new guidance were applied prospectively in the year of adoption. The remaining changes in the new guidance were applied retrospectively to all periods presented in the year of adoption. As of December 31, 2019, the Company early adopted the guidance that removed the requirements relating to transfers between fair value hierarchy levels and certain disclosures about valuation processes for Level 3 fair value measurements. The Company adopted the remainder of the guidance on January 1, 2020. The adoption of the new guidance was not material to the Company’s financial position. Reference Rate Reform On July 27, 2017, the Financial Conduct Authority (the “FCA”) announced that it intends to stop persuading or compelling banks to submit London Interbank Offered Rates (“LIBOR”) after December 31, 2021. In addition, separate workstreams are underway in Europe and the U.S. to reform existing reference rates and provide a fall back rate upon discontinuation of LIBOR. During 2019, the Alternative Rates Committee of the Federal Reserve Board proposed the Secured Overnight Financing Rate (“SOFR”) as an alternative rate to replace U.S. Dollar LIBOR, and the European Central Bank recommended the Euro Short-term Rate (“ESTER”) as the new risk-free rate. Other jurisdictions are conducting similar exercises as well. This new guidance eases the potential burden in accounting for, or recognizing the effects of, reference rate reform on financial reporting. The ASU provides optional expedients and exceptions for applying GAAP modification to contracts and hedge accounting relationships affected by reference rate reform on financial reporting. Under the new guidance, a change in the reference rate for a contract that meets certain criteria will be accounted for as a continuation of that contract rather than the creation of a new contract. The new guidance applies to debt, insurance contracts, leases, derivative contracts and other arrangements. January 1, 2020 This guidance does not have any accounting consequences. The Company has put together a team that is currently assessing the effects of the discontinuation of LIBOR on existing contracts that extend beyond 2021, by analyzing contractual fallback provisions, evaluating alternative rate ramifications, and assessing the effects on current hedging strategies. Description Anticipated Date of Adoption Effect on the Consolidated Financial Statements Standards not yet adopted: Financial Services - Insurance This guidance significantly changes how insurers account for long-duration insurance contracts. The new guidance also significantly expands the disclosure requirements of long-duration insurance contracts. The new guidance will be effective for annual and interim reporting periods beginning January 1, 2022. Below are the most significant areas of change: January 1, 2022 See each significant area of change below for the method of adoption and expected impact to the Company’s results of operations and financial position. Cash flow assumptions for measuring liability for future policy benefits The new guidance requires insurers to review, and if necessary, update the cash flow assumptions used to measure liabilities for future policy benefits periodically. The change in the liability estimate as a result of updating cash flow assumptions will be recognized in net income. Cash flow assumptions for measuring liability for future policy benefits The Company will likely adopt this guidance on a modified retrospective basis as of the earliest period presented in the year of adoption. The Company is currently evaluating the impact of this amendment on its results of operations and financial position but anticipates the updated guidance will likely have a material impact. Discount rate assumption for measuring liability for future policy benefits The new guidance requires insurers to update the discount rate assumption used to measure liabilities for future policy benefits at each reporting period, and the discount rate utilized must be based on an upper-medium grade fixed income instrument yield. The change in the liability estimate as a result of updating the discount rate assumption will be recognized in other comprehensive income. Discount rate assumption for measuring liability for future policy benefits The Company will likely adopt this guidance on a modified retrospective basis as of the earliest period presented in the year of adoption. The Company is currently evaluating the impact of this amendment on its results of operations and financial position but anticipates the updated guidance will likely have a material impact. Market risk benefits The new guidance created a new category of benefit features called market risk benefits that will be measured at fair value with changes in fair value attributable to a change in the instrument-specific credit risk recognized in other comprehensive income. Market risk benefits The Company will adopt this guidance on a retrospective basis as of the earliest period presented in the year of adoption. The Company is currently evaluating the impact of this amendment on its results of operations and financial position but anticipates the updated guidance will likely have a material impact. Amortization of deferred acquisition costs (“DAC”) and other balances The new guidance requires DAC and other balances to be amortized on a constant level basis over the expected term of the related contracts. Amortization of deferred acquisition costs (“DAC”) and other balances The Company will likely adopt this guidance on a modified retrospective basis as of the earliest period presented in the year of adoption. The Company is currently evaluating the impact of this amendment on its results of operations and financial position but anticipates the updated guidance will likely have a material impact. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule Of Earnings Per Share Basic And Diluted By Common Class [Text Block] | The following table presents approximate amounts of stock options and performance contingent shares excluded from the calculation of common equivalent shares (in thousands): Three months ended March 31, 2020 2019 Excluded from common equivalent shares: Stock options 1,060 544 Performance contingent shares 150 109 The following table sets forth the computation of basic and diluted earnings per share on net income (in millions, except per share information): Three months ended March 31, 2020 2019 Earnings: Net income (loss) $ (88 ) $ 170 Shares: Weighted average outstanding shares 62 63 Equivalent shares from outstanding stock options 1 1 Denominator for diluted calculation 63 64 Earnings per share: Basic $ (1.41 ) $ 2.70 Diluted $ (1.41 ) $ 2.65 |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stock by Class [Table Text Block] | The changes in number of common stock shares issued, held in treasury and outstanding are as follows for the periods indicated: Issued Held In Treasury Outstanding Balance, December 31, 2019 79,137,758 16,481,656 62,656,102 Common stock acquired — 1,074,413 (1,074,413 ) Stock-based compensation (1) — (64,654 ) 64,654 Balance, March 31, 2020 79,137,758 17,491,415 61,646,343 Issued Held In Treasury Outstanding Balance, December 31, 2018 79,137,758 16,323,390 62,814,368 Common Stock issued — 344,237 (344,237 ) Stock-based compensation (1) — (74,216 ) 74,216 Balance, March 31, 2019 79,137,758 16,593,411 62,544,347 (1) Represents net shares issued from treasury pursuant to the Company’s equity-based compensation programs. |
Components of Accumulated Other Comprehensive Income | The balance of and changes in each component of accumulated other comprehensive income (loss) (“AOCI”) for the three months ended March 31, 2020 and 2019 are as follows (dollars in millions): Accumulated Other Comprehensive Income (Loss), Net of Income Tax Accumulated Currency Translation Adjustments Unrealized Appreciation (Depreciation) of Investments (1) Pension and Postretirement Benefits Total Balance, December 31, 2019 $ (92 ) $ 3,299 $ (70 ) $ 3,137 Other comprehensive income (loss) before reclassifications (112 ) (2,496 ) (5 ) (2,613 ) Amounts reclassified to (from) AOCI — 141 1 142 Deferred income tax benefit (expense) (19 ) 482 1 464 Balance, March 31, 2020 $ (223 ) $ 1,426 $ (73 ) $ 1,130 Accumulated Other Comprehensive Income (Loss), Net of Income Tax Accumulated Currency Translation Adjustments Unrealized Appreciation (Depreciation) of Investments (1) Pension and Postretirement Benefits Total Balance, December 31, 2018 $ (169 ) $ 856 $ (51 ) $ 636 Other comprehensive income (loss) before reclassifications 19 1,437 (2 ) 1,454 Amounts reclassified to (from) AOCI — (15 ) 1 (14 ) Deferred income tax benefit (expense) 3 (314 ) — (311 ) Balance, March 31, 2019 $ (147 ) $ 1,964 $ (52 ) $ 1,765 (1) Includes cash flow hedges of $(87) and $(26) as of March 31, 2020 and December 31, 2019 , respectively, and $(1) and $9 as of March 31, 2019 and December 31, 2018 , respectively. See Note 5 – “Derivative Instruments” for additional information on cash flow hedges. |
Reclassification Out Of Accumulated Other Comprehensive Income | The following table presents the amounts of AOCI reclassifications for the three months ended March 31, 2020 and 2019 (dollars in millions): Amount Reclassified from AOCI Three months ended March 31, Affected Line Item in Statement of Income Details about AOCI Components 2020 2019 Net unrealized investment gains (losses): Net unrealized gains (losses) on available-for-sale securities $ (39 ) $ — Investment related gains (losses), net Cash flow hedges - Interest rate — — (1) Cash flow hedges - Currency/Interest rate — — (1) Deferred policy acquisition costs attributed to unrealized gains and losses (102 ) 15 (2) Total (141 ) 15 Provision for income taxes 27 (3 ) Net unrealized gains (losses), net of tax $ (114 ) $ 12 Amortization of defined benefit plan items: Prior service cost (credit) $ — $ — (3) Actuarial gains/(losses) (1 ) (1 ) (3) Total (1 ) (1 ) Provision for income taxes — — Amortization of defined benefit plans, net of tax $ (1 ) $ (1 ) Total reclassifications for the period $ (115 ) $ 11 (1) See Note 5 – “Derivative Instruments” for additional information on cash flow hedges. (2) This AOCI component is included in the computation of the deferred policy acquisition cost. See Note 8 – “Deferred Policy Acquisition Costs” of the 2019 Annual Report for additional details. (3) |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Investments [Abstract] | |
Available For Sale Securities | The following tables provide information relating to investments in fixed maturity securities by type as of March 31, 2020 and December 31, 2019 (dollars in millions): March 31, 2020: Amortized Allowance for Unrealized Unrealized Estimated Fair % of Cost Credit Losses Gains Losses Value Total Available-for-sale: Corporate $ 29,203 $ 26 $ 1,294 $ 977 $ 29,494 60.8 % Canadian government 2,793 — 1,445 1 4,237 8.7 RMBS 2,241 — 77 27 2,291 4.7 ABS 2,940 — 4 277 2,667 5.5 CMBS 1,841 — 24 56 1,809 3.7 U.S. government 1,398 — 244 — 1,642 3.4 State and political subdivisions 1,071 — 108 10 1,169 2.4 Other foreign government 5,133 7 233 113 5,246 10.8 Total fixed maturity securities $ 46,620 $ 33 $ 3,429 $ 1,461 $ 48,555 100.0 % December 31, 2019: Amortized Unrealized Unrealized Estimated Fair % of Impairments Cost Gains Losses Value Total in AOCI Available-for-sale: Corporate $ 29,205 $ 2,269 $ 81 $ 31,393 61.4 % $ — Canadian government 3,016 1,596 — 4,612 9.0 — RMBS 2,339 62 3 2,398 4.7 — ABS 2,973 19 14 2,978 5.8 — CMBS 1,841 61 3 1,899 3.7 — U.S. government 2,096 57 1 2,152 4.2 — State and political subdivisions 1,074 93 3 1,164 2.3 — Other foreign government 4,209 321 5 4,525 8.9 — Total fixed maturity securities $ 46,753 $ 4,478 $ 110 $ 51,121 100.0 % $ — |
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block] | The following table includes fixed maturity securities pledged and received as collateral and assets in trust held to satisfy collateral requirements under derivative transactions and certain third-party reinsurance treaties as of March 31, 2020 and December 31, 2019 (dollars in millions): March 31, 2020 December 31, 2019 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Fixed maturity securities pledged as collateral $ 142 $ 154 $ 113 $ 116 Fixed maturity securities received as collateral n/a 1,172 n/a 727 Assets in trust held to satisfy collateral requirements 27,080 27,441 27,290 29,239 |
Concentration Risk Disclosure [Text Block] | The Company’s exposure to concentrations of credit risk from single issuers greater than 10% of the Company’s stockholders’ equity included securities of the U.S. government and its agencies, as well as the securities disclosed below, as of March 31, 2020 and December 31, 2019 (dollars in millions). March 31, 2020 December 31, 2019 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Fixed maturity securities guaranteed or issued by: Government of Japan $ 1,660 $ 1,672 $ 813 $ 852 Canadian province of Quebec 1,132 1,986 1,205 2,163 Canadian province of Ontario 941 1,289 1,014 1,379 |
Investments Classified By Contractual Maturity Date | The amortized cost and estimated fair value of fixed maturity securities classified as available-for-sale as of March 31, 2020 , are shown by contractual maturity in the table below (dollars in millions). Actual maturities can differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Structured securities are shown separately in the table below, as they are not due at a single maturity date. Amortized Cost Estimated Fair Value Available-for-sale: Due in one year or less $ 1,176 $ 1,172 Due after one year through five years 8,125 8,184 Due after five years through ten years 9,629 9,880 Due after ten years 20,668 22,552 Structured securities 7,022 6,767 Total $ 46,620 $ 48,555 |
Fixed Maturity Holdings Industry Types Weighted Average Credit Ratings [Table Text Block] | The tables below show the major sectors of the Company’s corporate fixed maturity holdings as of March 31, 2020 and December 31, 2019 (dollars in millions): March 31, 2020: Estimated Amortized Cost Fair Value % of Total Finance $ 10,979 $ 11,056 37.5 % Industrial 14,703 14,756 50.0 Utility 3,521 3,682 12.5 Total $ 29,203 $ 29,494 100.0 % December 31, 2019: Estimated Amortized Cost Fair Value % of Total Finance $ 10,896 $ 11,653 37.2 % Industrial 14,692 15,803 50.3 Utility 3,617 3,937 12.5 Total $ 29,205 $ 31,393 100.0 % |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | The following table presents the rollforward of the allowance for credit losses in fixed maturity securities by type as of March 31, 2020 (dollars in millions) : March 31, 2020 Corporate Other Foreign Government Total Balance, beginning of period $ — $ — $ — Credit losses recognized on securities for which credit losses were not previously recorded 26 7 33 Balance, end of period $ 26 $ 7 $ 33 |
Investments In Debt And Equity Securities Gross Unrealized Losses Disclosures | The following table presents the total gross unrealized losses for the 3,102 and 1,072 fixed maturity securities as of March 31, 2020 and December 31, 2019 , where the estimated fair value had declined and remained below amortized cost by the indicated amount (dollars in millions): March 31, 2020 December 31, 2019 Gross Unrealized Losses % of Total Gross Unrealized Losses % of Total Less than 20% $ 1,052 72.0 % $ 76 69.1 % 20% or more for less than six months 409 28.0 20 18.2 20% or more for six months or greater — — 14 12.7 Total $ 1,461 100.0 % $ 110 100.0 % |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | The following tables present the estimated fair values and gross unrealized losses for fixed maturity securities that have estimated fair values below amortized cost as of March 31, 2020 and December 31, 2019 (dollars in millions). These investments are presented by class and grade of security, as well as the length of time the related fair value has remained below amortized cost. Less than 12 months 12 months or greater Total Gross Gross Gross March 31, 2020: Estimated Unrealized Estimated Unrealized Estimated Unrealized Fair Value Losses Fair Value Losses Fair Value Losses Investment grade securities: Corporate $ 9,666 $ 729 $ 93 $ 18 $ 9,759 $ 747 Canadian government — — 6 1 6 1 RMBS 1,047 25 41 2 1,088 27 ABS 1,936 203 552 65 2,488 268 CMBS 913 52 21 1 934 53 U.S. government — — — — — — State and political subdivisions 158 9 12 1 170 10 Other foreign government 1,813 94 7 4 1,820 98 Total investment grade securities 15,533 1,112 732 92 16,265 1,204 Below investment grade securities: Corporate 1,106 219 66 11 $ 1,172 $ 230 ABS 15 9 — — 15 9 CMBS 23 3 — — 23 3 Other foreign government 150 13 7 2 157 15 Total below investment grade securities 1,294 244 73 13 1,367 257 Total fixed maturity securities $ 16,827 $ 1,356 $ 805 $ 105 $ 17,632 $ 1,461 Less than 12 months 12 months or greater Total Gross Gross Gross December 31, 2019: Estimated Unrealized Estimated Unrealized Estimated Unrealized Fair Value Losses Fair Value Losses Fair Value Losses Investment grade securities: Corporate $ 1,936 $ 29 $ 293 $ 7 $ 2,229 $ 36 Canadian government — — — — — — RMBS 367 2 84 1 451 3 ABS 773 5 739 9 1,512 14 CMBS 253 3 — — 253 3 U.S. government 49 1 — — 49 1 State and political subdivisions 103 2 12 1 115 3 Other foreign government 278 4 — — 278 4 Total investment grade securities 3,759 46 1,128 18 4,887 64 Below investment grade securities: Corporate 220 38 100 7 320 45 ABS — — — — — — CMBS — — — — — — Other foreign government — — 10 1 10 1 Total below investment grade securities 220 38 110 8 330 46 Total fixed maturity securities $ 3,979 $ 84 $ 1,238 $ 26 $ 5,217 $ 110 |
Investment Income | Major categories of investment income, net of related expenses, consist of the following (dollars in millions): Three months ended March 31, 2020 2019 Fixed maturity securities available-for-sale $ 480 $ 415 Equity securities 2 1 Mortgage loans on real estate 67 60 Policy loans 15 14 Funds withheld at interest 53 62 Short-term investments and cash and cash equivalents 4 7 Other invested assets (5 ) 42 Investment income 616 601 Investment expense (22 ) (21 ) Investment income, net of related expenses $ 594 $ 580 |
Gain Loss On Investments | Investment related gains (losses), net, consist of the following (dollars in millions): Three months ended March 31, 2020 2019 Fixed maturity securities available-for-sale: Impairment losses and change in allowance for credit losses $ (34 ) $ (9 ) Gain on investment activity 27 28 Loss on investment activity (8 ) (19 ) Net gains (losses) on equity securities (23 ) 4 Other impairment losses and change in mortgage loan provision (13 ) (2 ) Derivatives and other, net (234 ) 6 Total investment related gains (losses), net $ (285 ) $ 8 |
Schedule of Repurchase Agreements [Table Text Block] | The following table includes the amount of borrowed securities, securities lent and securities collateral received as part of the securities lending program and repurchased/reverse repurchased securities pledged and received as of March 31, 2020 and December 31, 2019 (dollars in millions). March 31, 2020 December 31, 2019 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Borrowed securities $ 325 $ 334 $ 339 $ 369 Securities lending: Securities loaned 98 99 98 104 Securities received n/a 107 n/a 107 Repurchase program/reverse repurchase program: Securities pledged 398 408 356 384 Securities received n/a 344 n/a 370 |
Schedule of Underlying Assets of Repurchase Agreements when Amount of Repurchase Agreements Exceeds 10 Percent of Assets [Table Text Block] | The following tables present information on the Company’s securities lending and repurchase/reverse repurchase transactions as of March 31, 2020 and December 31, 2019 (dollars in millions). Collateral associated with certain borrowed securities is not included within the tables, as the collateral pledged to each counterparty is the right to reinsurance treaty cash flows. March 31, 2020 Remaining Contractual Maturity of the Agreements Overnight and Continuous Up to 30 Days 30-90 Days Greater than 90 Days Total Securities lending transactions: Corporate $ — $ — $ — $ 99 $ 99 Total — — — 99 99 Repurchase/reverse repurchase transactions: Corporate — — — 303 303 Other foreign government — — — 105 105 Total — — — 408 408 Total borrowings $ — $ — $ — $ 507 $ 507 Gross amount of recognized liabilities for securities lending and repurchase/reverse repurchase transactions in preceding table $ 451 Amounts related to agreements not included in offsetting disclosure $ 56 December 31, 2019 Remaining Contractual Maturity of the Agreements Overnight and Continuous Up to 30 Days 30-90 Days Greater than 90 Days Total Securities lending transactions: Corporate $ — $ — $ — $ 104 $ 104 Total — — — 104 104 Repurchase/reverse repurchase transactions: Corporate — — — 286 286 Other foreign government — — — 98 98 Total — — — 384 384 Total borrowings $ — $ — $ — $ 488 $ 488 Gross amount of recognized liabilities for securities lending and repurchase/reverse repurchase transactions in preceding table $ 478 Amounts related to agreements not included in offsetting disclosure $ 10 |
Disclosure Of Real Estate Holdings By Property Type [Table Text Block] | The distribution of mortgage loans by property type is as follows as of March 31, 2020 and December 31, 2019 (dollars in millions): March 31, 2020 December 31, 2019 Property type: Carrying Value % of Total Carrying Value % of Total Office building $ 1,783 29.4 % $ 1,771 31.0 % Retail 1,712 28.2 1,686 29.4 Industrial 1,253 20.7 1,169 20.4 Apartment 872 14.4 766 13.4 Other commercial 443 7.3 335 5.8 Recorded investment $ 6,063 100.0 % $ 5,727 100.0 % Unamortized balance of loan origination fees and expenses (10 ) (9 ) Valuation allowances (39 ) (12 ) Total mortgage loans on real estate $ 6,014 $ 5,706 |
Mortgage Loans Classified By Contractual Maturity Date [Table Text Block] | The maturities of mortgage loans as of March 31, 2020 and December 31, 2019 are as follows (dollars in millions): March 31, 2020 December 31, 2019 Recorded Investment % of Total Recorded Investment % of Total Due within five years $ 2,011 33.2 % $ 1,841 32.2 % Due after five years through ten years 3,107 51.2 2,944 51.4 Due after ten years 945 15.6 942 16.4 Total $ 6,063 100.0 % $ 5,727 100.0 % |
Mortgage Loan Internal Credit Risk Grade [Table Text Block] | The following tables set forth certain key credit quality indicators of the Company’s recorded investment in mortgage loans as of March 31, 2020 and December 31, 2019 (dollars in millions): Recorded Investment Debt Service Ratios >1.20x 1.00x - 1.20x <1.00x Total % of Total March 31, 2020: Loan-to-Value Ratio 0% - 59.99% $ 3,119 $ 80 $ 5 $ 3,204 52.8 % 60% - 69.99% 2,015 40 — 2,055 33.9 70% - 79.99% 565 12 39 616 10.2 Greater than 80% 101 61 26 188 3.1 Total $ 5,800 $ 193 $ 70 $ 6,063 100.0 % Recorded Investment Debt Service Ratios >1.20x 1.00x - 1.20x <1.00x Total % of Total December 31, 2019: Loan-to-Value Ratio 0% - 59.99% $ 3,025 $ 52 $ 7 $ 3,084 53.8 % 60% - 69.99% 1,841 53 11 1,905 33.3 70% - 79.99% 492 13 39 544 9.5 Greater than 80% 96 61 37 194 3.4 Total $ 5,454 $ 179 $ 94 $ 5,727 100.0 % The following table sets forth credit quality grades by year of origination of the Company’s recorded investment in mortgage loans as of March 31, 2020 (dollars in millions): Recorded Investment Year of Origination 2020 2019 2018 2017 2016 Prior Total March 31, 2020: Internal credit quality grade: High investment grade $ 302 $ 675 $ 623 $ 403 $ 603 $ 1,177 $ 3,783 Investment grade 236 516 317 342 269 422 2,102 Average — — 10 25 27 95 157 Watch list — — — — — 4 4 In or near default — — — — — 17 17 Total $ 538 $ 1,191 $ 950 $ 770 $ 899 $ 1,715 $ 6,063 |
Financing Receivable, Past Due [Table Text Block] | None of the payments due to the Company on its recorded investment in mortgage loans were delinquent as of March 31, 2020 and December 31, 2019 . |
Recorded Investment And Allowance For Credit Losses | The following table presents the recorded investment in mortgage loans, by method of measuring impairment, and the related valuation allowances as of March 31, 2020 and December 31, 2019 (dollars in millions): March 31, 2020 December 31, 2019 Mortgage loans: Individually measured for impairment $ 17 $ 17 Collectively measured for impairment 6,046 5,710 Recorded investment $ 6,063 $ 5,727 Valuation allowances: Individually measured for impairment $ — $ — Collectively measured for impairment 39 12 Total valuation allowances $ 39 $ 12 |
Allowance For Mortgage Loan And Lease Losses Provision For Loss Net | Information regarding the Company’s loan valuation allowances for mortgage loans for the three months ended March 31, 2020 and 2019 is as follows (dollars in millions): Three months ended March 31, 2020 2019 Balance, beginning of period $ 12 $ 11 Adoption of new accounting standard, see Note 13 14 — Provision (release) 13 — Balance, end of period $ 39 $ 11 |
Impaired Financing Receivables Table | Information regarding the portion of the Company’s mortgage loans that were impaired as of March 31, 2020 and December 31, 2019 is as follows (dollars in millions): Unpaid Principal Balance Recorded Investment Related Allowance Carrying Value March 31, 2020: Impaired mortgage loans with no valuation allowance recorded $ 17 $ 17 $ — $ 17 Impaired mortgage loans with valuation allowance recorded — — — — Total impaired mortgage loans $ 17 $ 17 $ — $ 17 December 31, 2019: Impaired mortgage loans with no valuation allowance recorded $ 17 $ 17 $ — $ 17 Impaired mortgage loans with valuation allowance recorded — — — — Total impaired mortgage loans $ 17 $ 17 $ — $ 17 The Company’s average investment balance of impaired mortgage loans and the related interest income are reflected in the table below for the periods indicated (dollars in millions): Three months ended March 31, 2020 2019 Average (1) Interest Income Average (1) Interest Income Impaired mortgage loans with no valuation allowance recorded $ 17 $ — $ 24 $ — Impaired mortgage loans with valuation allowance recorded — — — — Total impaired mortgage loans $ 17 $ — $ 24 $ — (1) Average recorded investment represents the average loan balances as of the beginning of period and all subsequent quarterly end of period balances. |
Schedule Of Other Invested Assets [Table Text Block] | Carrying values of these assets as of March 31, 2020 and December 31, 2019 are as follows (dollars in millions): March 31, 2020 December 31, 2019 Limited partnership interests and real estate joint ventures $ 1,183 $ 1,134 Lifetime mortgages 763 775 Derivatives 252 117 FVO contractholder-directed unit-linked investments 235 260 Other 109 77 Total other invested assets $ 2,542 $ 2,363 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule Of Derivative Instruments In Statement Of Financial Position Fair Value | The following table presents the notional amounts and gross fair value of derivative instruments prior to taking into account the netting effects of master netting agreements as of March 31, 2020 and December 31, 2019 (dollars in millions): March 31, 2020 December 31, 2019 Primary Underlying Risk Notional Carrying Value/Fair Value Notional Carrying Value/Fair Value Amount Assets Liabilities Amount Assets Liabilities Derivatives not designated as hedging instruments: Interest rate swaps Interest rate $ 1,057 $ 104 $ 8 $ 909 $ 70 $ 3 Financial futures Equity 323 — — 307 — — Foreign currency swaps Foreign currency 150 — 23 150 — 9 Foreign currency forwards Foreign currency 175 3 — 175 1 — CPI swaps CPI 527 1 65 441 — 28 Credit default swaps Credit 1,641 3 6 1,306 5 — Equity options Equity 320 58 — 364 15 — Synthetic GICs Interest rate 14,240 — — 13,823 — — Embedded derivatives in: Modco or funds withheld arrangements — — 109 — 121 — Indexed annuity products — — 751 — — 767 Variable annuity products — — 291 — — 163 Total non-hedging derivatives 18,433 169 1,253 17,475 212 970 Derivatives designated as hedging instruments: Interest rate swaps Foreign currency/Interest rate 435 5 53 535 1 29 Foreign currency swaps Foreign currency 322 31 23 342 17 2 Foreign currency forwards Foreign currency 1,112 102 1 1,094 28 2 Total hedging derivatives 1,869 138 77 1,971 46 33 Total derivatives $ 20,302 $ 307 $ 1,330 $ 19,446 $ 258 $ 1,003 |
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The gain or loss on the hedged item attributable to a change in foreign currency and the offsetting gain or loss on the related foreign currency swaps as of March 31, 2020 and 2019 were (dollars in millions): Type of Fair Value Hedge Hedged Item Gains (Losses) Recognized for Derivatives Gains (Losses) Recognized for Hedged Items Investment Related Gains (Losses) For the three months ended March 31, 2020: Foreign currency swaps Foreign-denominated fixed maturity securities $ (22 ) $ 14 For the three months ended March 31, 2019: Foreign currency swaps Foreign-denominated fixed maturity securities $ (1 ) $ (1 ) |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table presents the components of AOCI, before income tax, and the condensed consolidated income statement classification where the gain or loss is recognized related to cash flow hedges for the three months ended March 31, 2020 and 2019 (dollars in millions): Three months ended March 31, 2020 2019 Balance beginning of period $ (26 ) $ 9 Gains (losses) deferred in other comprehensive income (loss) (61 ) (10 ) Amounts reclassified to investment income — — Amounts reclassified to interest expense — — Balance end of period $ (87 ) $ (1 ) |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following table presents the effect of derivatives in cash flow hedging relationships on the condensed consolidated statements of income and the condensed consolidated statements of comprehensive income for the three months ended March 31, 2020 and 2019 (dollars in millions): Derivative Type Gain (Loss) Deferred in OCI Gain (Loss) Reclassified into Income from OCI Investment Income Interest Expense For the three months ended March 31, 2020: Interest rate $ (36 ) $ — $ — Currency (25 ) — — Total $ (61 ) $ — $ — For the three months ended March 31, 2019: Interest rate $ (12 ) $ — $ — Currency/Interest rate 2 — — Total $ (10 ) $ — $ — |
Schedule of Net Investment Hedges, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following table illustrates the Company’s net investments in foreign operations (“NIFO”) hedges for the three months ended March 31, 2020 and 2019 (dollars in millions): Derivative Gains (Losses) Deferred in AOCI For the three months ended March 31, Type of NIFO Hedge (1) 2020 2019 Foreign currency swaps $ 15 $ (7 ) Foreign currency forwards 80 (18 ) (1) There were no sales or substantial liquidations of net investments in foreign operations that would have required the reclassification of gains or losses from accumulated other comprehensive income (loss) into investment income during the periods presented. |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | A summary of the effect of non-hedging derivatives, including embedded derivatives, on the Company’s condensed consolidated statements of income for the three months ended March 31, 2020 and 2019 is as follows (dollars in millions): Gain (Loss) for the three months ended March 31, Type of Non-hedging Derivative Income Statement Location of Gain (Loss) 2020 2019 Interest rate swaps Investment related gains (losses), net $ 106 $ 24 Financial futures Investment related gains (losses), net 44 (22 ) Foreign currency swaps Investment related gains (losses), net (13 ) 1 Foreign currency forwards Investment related gains (losses), net (3 ) — CPI swaps Investment related gains (losses), net (40 ) (9 ) Credit default swaps Investment related gains (losses), net (24 ) 15 Equity options Investment related gains (losses), net 53 (23 ) Longevity swaps Other revenues — 2 Mortality swaps Other revenues — 1 Subtotal 123 (11 ) Embedded derivatives in: Modco or funds withheld arrangements Investment related gains (losses), net (230 ) (2 ) Indexed annuity products Interest credited 6 3 Variable annuity products Investment related gains (losses), net (128 ) 18 Total non-hedging derivatives $ (229 ) $ 8 |
Disclosure Of Credit Derivatives | The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of credit default swaps sold by the Company at March 31, 2020 and December 31, 2019 (dollars in millions): March 31, 2020 December 31, 2019 Rating Agency Designation of Referenced Credit Obligations (1) Estimated Fair Value of Credit Default Swaps Maximum Amount of Future Payments under Credit Default Swaps (2) Weighted Average Years to Maturity (3) Estimated Fair Value of Credit Default Swaps Maximum Amount of Future Payments under Credit Default Swaps (2) Weighted Average Years to Maturity (3) AAA/AA+/AA/AA-/A+/A/A- Single name credit default swaps $ 1 $ 127 1.4 $ 2 $ 142 1.7 Subtotal 1 127 1.4 2 142 1.7 BBB+/BBB/BBB- Single name credit default swaps — 281 1.8 3 291 1.9 Credit default swaps referencing indices (4 ) 1,228 4.7 — 873 4.7 Subtotal (4 ) 1,509 4.1 3 1,164 4.0 BB+/BB/BB- Single name credit default swaps — 5 0.2 — — 0.0 Subtotal — 5 0.2 — — 0.0 Total $ (3 ) $ 1,641 3.9 $ 5 $ 1,306 3.7 (1) The rating agency designations are based on ratings from Standard and Poor’s (“S&P”). (2) Assumes the value of the referenced credit obligations is zero. (3) The weighted average years to maturity of the credit default swaps is calculated based on weighted average notional amounts. |
Offsetting Assets [Table Text Block] | The following table provides information relating to the Company’s derivative instruments as of March 31, 2020 and December 31, 2019 (dollars in millions): Gross Amounts Not Offset in the Balance Sheet Gross Amounts Recognized Gross Amounts Offset in the Balance Sheet Net Amounts Presented in the Balance Sheet Financial Instruments (1) Cash Collateral Pledged/ Received Net Amount March 31, 2020: Derivative assets $ 307 $ (55 ) $ 252 $ — $ (247 ) $ 5 Derivative liabilities 179 (55 ) 124 (127 ) (115 ) (118 ) December 31, 2019: Derivative assets $ 137 $ (20 ) $ 117 $ — $ (119 ) $ (2 ) Derivative liabilities 73 (20 ) 53 (92 ) (52 ) (91 ) (1) Includes initial margin posted to a central clearing partner. |
Offsetting Liabilities [Table Text Block] | The following table provides information relating to the Company’s derivative instruments as of March 31, 2020 and December 31, 2019 (dollars in millions): Gross Amounts Not Offset in the Balance Sheet Gross Amounts Recognized Gross Amounts Offset in the Balance Sheet Net Amounts Presented in the Balance Sheet Financial Instruments (1) Cash Collateral Pledged/ Received Net Amount March 31, 2020: Derivative assets $ 307 $ (55 ) $ 252 $ — $ (247 ) $ 5 Derivative liabilities 179 (55 ) 124 (127 ) (115 ) (118 ) December 31, 2019: Derivative assets $ 137 $ (20 ) $ 117 $ — $ (119 ) $ (2 ) Derivative liabilities 73 (20 ) 53 (92 ) (52 ) (91 ) (1) Includes initial margin posted to a central clearing partner. |
Fair Value of Assets and Liab_2
Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Fair Value Assets and Liabilities Measured on Recurring Basis Table Text Block | Assets and liabilities measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019 are summarized below (dollars in millions): March 31, 2020: Fair Value Measurements Using: Total Level 1 Level 2 Level 3 Assets: Fixed maturity securities – available-for-sale: Corporate $ 29,494 $ — $ 27,297 $ 2,197 Canadian government 4,237 — 4,237 — RMBS 2,291 — 2,285 6 ABS 2,667 — 2,569 98 CMBS 1,809 — 1,769 40 U.S. government 1,642 1,518 109 15 State and political subdivisions 1,169 — 1,159 10 Other foreign government 5,246 — 5,231 15 Total fixed maturity securities – available-for-sale 48,555 1,518 44,656 2,381 Equity securities 112 56 — 56 Funds withheld at interest – embedded derivatives (109 ) — — (109 ) Cash equivalents 1,118 1,118 — — Short-term investments 85 55 29 1 Other invested assets: Derivatives 252 — 252 — FVO contractholder-directed unit-linked investments 235 179 56 — Other 10 — 10 — Total other invested assets 497 179 318 — Total $ 50,258 $ 2,926 $ 45,003 $ 2,329 Liabilities: Interest sensitive contract liabilities – embedded derivatives $ 1,042 $ — $ — $ 1,042 Other liabilities: Derivatives 124 — 124 — Total $ 1,166 $ — $ 124 $ 1,042 December 31, 2019: Fair Value Measurements Using: Total Level 1 Level 2 Level 3 Assets: Fixed maturity securities – available-for-sale: Corporate $ 31,393 $ — $ 29,207 $ 2,186 Canadian government 4,612 — 3,908 704 RMBS 2,398 — 2,349 49 ABS 2,978 — 2,865 113 CMBS 1,899 — 1,853 46 U.S. government 2,152 2,030 106 16 State and political subdivisions 1,164 — 1,155 9 Other foreign government 4,525 — 4,509 16 Total fixed maturity securities – available-for-sale 51,121 2,030 45,952 3,139 Equity securities 320 243 — 77 Funds withheld at interest – embedded derivatives 121 — — 121 Cash equivalents 274 274 — — Short-term investments 32 4 26 2 Other invested assets: Derivatives 117 — 117 — FVO contractholder-directed unit-linked investments 260 207 53 — Other — — — — Total other invested assets 377 207 170 — Total $ 52,245 $ 2,758 $ 46,148 $ 3,339 Liabilities: Interest-sensitive contract liabilities – embedded derivatives $ 930 $ — $ — $ 930 Other liabilities: Derivatives 53 — 53 — Total $ 983 $ — $ 53 $ 930 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | The following table presents quantitative information about significant unobservable inputs used in Level 3 fair value measurements that are developed internally by the Company as of March 31, 2020 and December 31, 2019 (dollars in millions): Estimated Fair Value Valuation Technique Unobservable Inputs Range (Weighted Average) March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Assets: Corporate $1,030 $1,070 Market comparable securities Liquidity premium 0-2% (1%) 0-2% (1%) EBITDA Multiple 5.2x-7.0x (6.3x) 5.2x-7.1x (6.7x) ABS 92 101 Market comparable securities Liquidity premium 1-18% (3%) 0-4% (1%) U.S. government 15 16 Market comparable securities Liquidity premium 0-1% (1%) 0-1% (1%) Other foreign government 15 16 Market comparable Liquidity premium 0-1% (1%) 0-1% (1%) Equity securities 29 32 Market comparable securities Liquidity premium 4 % 4 % EBITDA Multiple 6.9x-10.6x (8.0x) 6.9x-9.3x (7.8x) Funds withheld at interest- embedded derivatives (109 ) 121 Total return swap Mortality 0-100% (2%) 0-100% (2%) Lapse 0-35% (14%) 0-35% (13%) Withdrawal 0-5% (3%) 0-5% (3%) CVA 0-5% (1%) 0-5% (1%) Crediting rate 2-4% (2%) 2-4% (2%) Liabilities: Interest sensitive contract liabilities- embedded derivatives- indexed annuities 751 768 Discounted cash flow Mortality 0-100% (2%) 0-100% (2%) Lapse 0-35% (14%) 0-35% (13%) Withdrawal 0-5% (3%) 0-5% (3%) Option budget projection 2-4% (2%) 2-4% (2%) Interest sensitive contract liabilities- embedded derivatives- variable annuities 291 163 Discounted cash flow Mortality 0-100% (2%) 0-100% (1%) Lapse 0-25% (4%) 0-25% (5%) Withdrawal 0-7% (6%) 0-7% (5%) CVA 0-5% (1%) 0-5% (1%) Long-term volatility 0-27% (12%) 0-27% (12%) |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | For the three months ended March 31, 2020: Fixed maturity securities - available-for-sale Funds withheld at interest-embedded derivatives Other assets and liabilities, net - longevity and mortality swaps Interest-sensitive contract Corporate Foreign govt Structured securities U.S. and local govt Equity securities Short-term investments Fair value, beginning of period $ 2,186 $ 720 $ 208 $ 25 $ 77 $ 2 $ 121 $ — $ (930 ) Total gains/losses (realized/unrealized) Included in earnings, net: Investment income, net of related expenses 1 — — — — — — — — Investment related gains (losses), net (11 ) — — — (7 ) — (230 ) — (128 ) Interest credited — — — — — — — — 6 Included in other comprehensive income (115 ) (1 ) (27 ) 1 — — — — — Other revenues — — — — — — — — — Purchases (1) 231 — 9 — — — — — (11 ) Sales (1) (44 ) — (1 ) — — — — — — Settlements (1) (52 ) — (13 ) (1 ) — — — — 21 Transfers into Level 3 1 — 21 — — — — — — Transfers out of Level 3 — (704 ) (53 ) — (14 ) (1 ) — — — Fair value, end of period $ 2,197 $ 15 $ 144 $ 25 $ 56 $ 1 $ (109 ) $ — $ (1,042 ) Unrealized gains and losses recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period Included in earnings, net: Investment income, net of related expenses $ — $ — $ — $ — $ — $ — $ — $ — $ — Investment related gains (losses), net (11 ) — — — (7 ) — (230 ) — (131 ) Claims and other policy benefits — — — — — — — — (15 ) Included in other comprehensive income (140 ) (1 ) (27 ) 1 — — — — — For the three months ended March 31, 2019: Fixed maturity securities - available-for-sale Funds withheld at interest-embedded derivatives Other assets and liabilities, net - longevity and mortality swaps Interest-sensitive contract Corporate Foreign govt Structured securities U.S. and local govt Equity securities Short-term investments Fair value, beginning of period $ 1,331 $ 533 $ 103 $ 28 $ 33 $ 2 $ 110 $ 47 $ (945 ) Total gains/losses (realized/unrealized) Included in earnings, net: Investment income, net of related expenses — 4 — — — — — — — Investment related gains (losses), net — — — — 4 — (2 ) — 18 Interest credited — — — — — — — — 3 Included in other comprehensive income 19 76 1 — — — — (1 ) — Other revenues — — — — — — — 3 — Purchases (1) 215 — 31 — 3 27 — — 2 Sales (1) (11 ) — — — — — — — — Settlements (1) (23 ) — (15 ) (1 ) — — — — 18 Transfers into Level 3 — — — — — — — — — Transfers out of Level 3 — — — — — — — — — Fair value, end of period $ 1,531 $ 613 $ 120 $ 27 $ 40 $ 29 $ 108 $ 49 $ (904 ) Unrealized gains and losses recorded in earnings for the period relating to those Level 3 assets and liabilities that were still held at the end of the period Included in earnings, net: Investment income, net of related expenses $ — $ 4 $ — $ — $ — $ — $ — $ — $ — Investment related gains (losses), net — — — — 4 — (2 ) — 17 Other revenues — — — — — — — 3 — Interest credited — — — — — — — — (15 ) (1) The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period. |
Financial Instruments Carrying Amounts And Estimated Fair Value [Table Text Block] | The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments, which were not measured at fair value on a recurring basis, as of March 31, 2020 and December 31, 2019 (dollars in millions). For additional information regarding the methods and significant assumptions used by the Company to estimate these fair values, see Note 6 – “Fair Value of Assets and Liabilities” in the Notes to Consolidated Financial Statements included in the Company’s 2019 Annual Report. This table excludes any payables or receivables for collateral under repurchase agreements and other transactions. The estimated fair value of the excluded amount approximates carrying value as they equal the amount of cash collateral received/paid. March 31, 2020: Carrying Value (1) Estimated Fair Value Fair Value Measurement Using: Level 1 Level 2 Level 3 NAV Assets: Mortgage loans on real estate $ 6,014 $ 6,123 $ — $ — $ 6,123 $ — Policy loans 1,314 1,314 — 1,314 — — Funds withheld at interest 5,345 5,603 — — 5,603 — Cash and cash equivalents 1,702 1,702 1,702 — — — Short-term investments 32 32 32 — — — Other invested assets 1,282 1,363 5 91 837 430 Accrued investment income 510 510 — 510 — — Liabilities: Interest-sensitive contract liabilities $ 19,634 $ 20,503 $ — $ 20,503 $ — $ — Long-term debt 2,981 2,932 — 2,932 — — Collateral finance and securitization notes 569 524 — 524 — — December 31, 2019: Assets: Mortgage loans on real estate $ 5,706 $ 5,935 $ — $ — $ 5,935 $ — Policy loans 1,319 1,319 — 1,319 — — Funds withheld at interest 5,526 5,870 — — 5,870 — Cash and cash equivalents 1,175 1,175 1,175 — — — Short-term investments 32 32 32 — — — Other invested assets 1,259 1,278 5 68 803 402 Accrued investment income 493 493 — 493 — — Liabilities: Interest-sensitive contract liabilities $ 19,163 $ 21,542 $ — $ — $ 21,542 $ — Long-term debt 2,981 3,179 — — 3,179 — Collateral finance and securitization notes 598 551 — — 551 — (1) Carrying values presented herein may differ from those in the Company’s condensed consolidated balance sheets because certain items within the respective financial statement captions may be measured at fair value on a recurring basis. |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Reconciliation Of Revenue From Segments To Consolidated Text Block | Information related to revenues, income (loss) before income taxes and total assets of the Company for each reportable segment are summarized below (dollars in millions): Three months ended March 31, Revenues: 2020 2019 U.S. and Latin America: Traditional $ 1,533 $ 1,541 Financial Solutions 139 254 Total 1,672 1,795 Canada: Traditional 296 312 Financial Solutions 24 24 Total 320 336 Europe, Middle East and Africa: Traditional 407 384 Financial Solutions 78 109 Total 485 493 Asia Pacific: Traditional 667 673 Financial Solutions 68 55 Total 735 728 Corporate and Other (8 ) 68 Total $ 3,204 $ 3,420 |
Reconciliation Of Operating Profit Loss From Segments To Consolidated Text Block | Three months ended March 31, Income (loss) before income taxes: 2020 2019 U.S. and Latin America: Traditional $ (62 ) $ 12 Financial Solutions (15 ) 83 Total (77 ) 95 Canada: Traditional 23 51 Financial Solutions 3 1 Total 26 52 Europe, Middle East and Africa: Traditional 17 16 Financial Solutions 30 38 Total 47 54 Asia Pacific: Traditional 24 37 Financial Solutions (25 ) 6 Total (1 ) 43 Corporate and Other (91 ) (27 ) Total $ (96 ) $ 217 |
Reconciliation Of Assets From Segment To Consolidated Text Block | Assets: March 31, 2020 December 31, 2019 U.S. and Latin America: Traditional $ 19,418 $ 19,353 Financial Solutions 21,268 25,117 Total 40,686 44,470 Canada: Traditional 4,366 4,361 Financial Solutions 44 64 Total 4,410 4,425 Europe, Middle East and Africa: Traditional 3,924 4,032 Financial Solutions 6,051 6,502 Total 9,975 10,534 Asia Pacific: Traditional 7,118 6,800 Financial Solutions 3,471 2,557 Total 10,589 9,357 Corporate and Other 9,994 7,945 Total $ 75,654 $ 76,731 |
Commitments, Contingencies an_2
Commitments, Contingencies and Guarantees (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | The Company’s commitments to fund investments as of March 31, 2020 and December 31, 2019 are presented in the following table (dollars in millions): March 31, 2020 December 31, 2019 Limited partnership interests and joint ventures $ 693 $ 685 Commercial mortgage loans 62 243 Bank loans and private placements 106 181 Lifetime mortgages 47 87 |
Other Commitments [Table Text Block] | The following table presents the maximum potential obligation for these commitments as of March 31, 2020 (dollars in millions): Commitment Period Maximum Potential Obligation 2035 $ 2,607 2036 3,408 2037 5,750 2038 2,300 2039 5,750 |
Schedule of Guarantor Obligations [Table Text Block] | RGA’s guarantees issued as of March 31, 2020 and December 31, 2019 , are reflected in the following table (dollars in millions): March 31, 2020 December 31, 2019 Treaty guarantees $ 1,684 $ 1,821 Treaty guarantees, net of assets in trust 812 891 Securities borrowing and repurchase arrangements 267 275 Financing arrangements 35 42 |
Income Tax (Tables)
Income Tax (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The provision for income tax differed from the amounts computed by applying the U.S. federal income tax statutory rate of 21% to pre-tax income as a result of the following for the three months ended March 31, 2020 and 2019 , respectively (dollars in millions): Three months ended March 31, 2020 2019 Tax provision at U.S. statutory rate $ (20 ) $ 45 Increase (decrease) in income taxes resulting from: Tax rate differences on income in other jurisdictions 4 1 Differences in tax bases in foreign jurisdictions 3 (15 ) Deferred tax valuation allowance (4 ) 19 Amounts related to uncertain tax positions 6 1 Corporate rate changes — (2 ) Equity compensation excess benefit (1 ) (2 ) Non-Deductible Expenses 4 — Total provision for income taxes $ (8 ) $ 47 Effective tax rate 8.9 % 21.7 % |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Schedule Of Defined Benefit Plans Disclosures Text Block | The components of net periodic benefit cost, included in other operating expenses on the Company’s condensed consolidated statements of income, for the three months ended March 31, 2020 and 2019 were as follows (dollars in millions): Pension Benefits Other Benefits Three months ended March 31, Three months ended March 31, 2020 2019 2020 2019 Service cost $ 3 $ 3 $ — $ 1 Interest cost 2 1 1 — Expected return on plan assets (2 ) (2 ) — — Amortization of prior service cost (credit) — — — — Amortization of prior actuarial losses 1 1 — 1 Net periodic benefit cost $ 4 $ 3 $ 1 $ 2 |
Reinsurance (Tables)
Reinsurance (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Retrocession Arrangements And Reinsurance Ceded Receivables [Abstract] | |
Ceded Credit Risk [Table Text Block] | The following table presents information for the Company’s reinsurance ceded receivable assets, including the respective amount and A.M. Best rating for each reinsurer representing in excess of five percent of the total as of March 31, 2020 or December 31, 2019 (dollars in millions): March 31, 2020 December 31, 2019 Reinsurer A.M. Best Rating Amount % of Total Amount % of Total Reinsurer A A+ $ 383 43.1 % $ 367 40.6 % Reinsurer B A+ 193 21.7 208 23.0 Reinsurer C A 65 7.3 84 9.3 Reinsurer D A++ 49 5.5 53 5.9 Reinsurer E A+ 42 4.7 43 4.8 Other reinsurers 157 17.7 149 16.4 Total $ 889 100.0 % $ 904 100.0 % |
Policy Claims and Benefits (Tab
Policy Claims and Benefits (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Insurance [Abstract] | |
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block] | The liability for unpaid claims is reported in future policy benefits and other policy claims and benefits on the Company’s condensed consolidated balance sheets. Activity associated with unpaid claims is summarized below (dollars in millions): Three months ended March 31, 2020 2019 Balance at beginning of year $ 6,786 $ 6,585 Less: reinsurance recoverable (564 ) (433 ) Net balance at beginning of year 6,222 6,152 Incurred: Current year 2,838 2,808 Prior years 11 31 Total incurred 2,849 2,839 Payments: Current year (131 ) (187 ) Prior years (2,342 ) (2,387 ) Total payments (2,473 ) (2,574 ) Other changes: Interest accretion 9 7 Foreign exchange adjustments (283 ) 10 Total other changes (274 ) 17 Net balance at end of period 6,324 6,434 Plus: reinsurance recoverable 580 500 Balance at end of period $ 6,904 $ 6,934 |
Earnings Per Share (Reconciliat
Earnings Per Share (Reconciliation of the Numerators and Denominators of the Basic and Diluted Per Shares) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net Income (Loss) Available to Common Stockholders, Basic [Abstract] | ||
Net income (numerator for basic and diluted calculations) | $ (88) | $ 170 |
Shares: | ||
Weighted Average Number of Shares Outstanding, Basic | 62,000,000 | 63,000,000 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 1,000,000 | 1,000,000 |
Denominator for diluted calculation | 63,000,000 | 64,000,000 |
Earnings Per Share: | ||
Basic earnings per share | $ (1.41) | $ 2.70 |
Diluted earnings per share | $ (1.41) | $ 2.65 |
Earnings Per Share Earnings Per
Earnings Per Share Earnings Per Share (Stock Options and Performance Shares Excluded From Common Equivalent Shares) (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Payment Arrangement [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 150 | 109 |
Share-based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,060 | 544 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Weighted Average Number of Shares Outstanding, Basic | 62,000,000 | 63,000,000 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 1,000,000 | 1,000,000 |
Weighted Average Number of Shares Outstanding, Diluted | 63,000,000 | 64,000,000 |
Equity (Common Stock Changes In
Equity (Common Stock Changes In Number of Shares Issued, Held In Treasury and Outstanding) (Details) - shares | 3 Months Ended | ||||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Class of Stock [Line Items] | |||||
Common Stock, Shares, Issued | 79,137,758 | 79,137,758 | |||
Treasury Stock, Shares, Acquired | 1,000,000 | ||||
Common Stock Issuable [Member] | |||||
Class of Stock [Line Items] | |||||
Common Stock, Shares, Issued | 79,137,758 | 79,137,758 | 79,137,758 | 79,137,758 | |
Treasury Stock, Shares, Acquired | 0 | 0 | |||
Stock Based Compensation Shares | [1] | 0 | 0 | ||
Common Stock Held In Treasury [Member] | |||||
Class of Stock [Line Items] | |||||
Common Stock, Shares, Issued | 17,491,415 | 16,593,411 | 16,481,656 | 16,323,390 | |
Treasury Stock, Shares, Acquired | 1,074,413 | 344,237 | |||
Stock Based Compensation Shares | [1] | (64,654) | (74,216) | ||
Common Stock Outstanding [Member] | |||||
Class of Stock [Line Items] | |||||
Common Stock, Shares, Issued | 61,646,343 | 62,544,347 | 62,656,102 | 62,814,368 | |
Treasury Stock, Shares, Acquired | (1,074,413) | (344,237) | |||
Stock Based Compensation Shares | [1] | 64,654 | 74,216 | ||
[1] | Represents net shares issued from treasury pursuant to the Company’s equity-based compensation programs. |
Equity (Balance of and Changes
Equity (Balance of and Changes in Each Component of AOCI) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Balance, Beginning of Period | $ 3,137 | $ 636 | |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (2,613) | 1,454 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 142 | (14) | |
Other Comprehensive Income (Loss), Tax | (464) | 311 | |
Balance, End of Period | 1,130 | 1,765 | |
Accumulated Translation Adjustment [Member] | |||
Balance, Beginning of Period | (92) | (169) | |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (112) | 19 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | |
Other Comprehensive Income (Loss), Tax | (19) | 3 | |
Balance, End of Period | (223) | (147) | |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||
Balance, Beginning of Period | [1] | 3,299 | 856 |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | [1] | (2,496) | 1,437 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [1] | 141 | (15) |
Other Comprehensive Income (Loss), Tax | [1] | (482) | 314 |
Balance, End of Period | [1] | 1,426 | 1,964 |
Accumulated Defined Benefit Plans Adjustment [Member] | |||
Balance, Beginning of Period | (70) | (51) | |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (5) | (2) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 1 | 1 | |
Other Comprehensive Income (Loss), Tax | (1) | 0 | |
Balance, End of Period | $ (73) | $ (52) | |
[1] | Includes cash flow hedges of $(87) and $(26) as of March 31, 2020 and December 31, 2019 , respectively, and $(1) and $9 as of March 31, 2019 and December 31, 2018 , respectively. See Note 5 – “Derivative Instruments” for additional information on cash flow hedges. |
Equity (Balance of and Change_2
Equity (Balance of and Changes in Each Component of AOCI) (Footnote) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (87) | $ (1) | $ (26) | $ 9 |
Equity (Schedule of Reclassific
Equity (Schedule of Reclassifications out of AOCI) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Investment related gains (losses), net | $ (251) | $ 17 | |
Investment income | 594 | 580 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (96) | 217 | |
Income Tax Expense (Benefit) | 8 | (47) | |
Net income | (88) | 170 | |
Unrealized Appreciation Depreciation Of Investments [Member] | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Investment related gains (losses), net | (39) | 0 | |
Deferred policy acquisition costs attributed to unrealized gains and losses | [1] | (102) | 15 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (141) | 15 | |
Income Tax Expense (Benefit) | 27 | (3) | |
Net income | (114) | 12 | |
Amortization Of Unrealized Pension And Postretirement Benefits [Member] | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Prior service cost | [2] | 0 | 0 |
Actuarial gains/(losses) | [2] | (1) | (1) |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (1) | (1) | |
Income Tax Expense (Benefit) | 0 | 0 | |
Net income | (1) | (1) | |
Amounts Reclassified From AOCI [Member] | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Net income | (115) | 11 | |
Interest Rate Options [Member] | Unrealized Appreciation Depreciation Of Investments [Member] | Unrealized Gains Losses On Available For Sale Securities [Member] | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | [3] | 0 | 0 |
Currency Swap [Member] | Unrealized Appreciation Depreciation Of Investments [Member] | Unrealized Gains Losses On Available For Sale Securities [Member] | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | [3] | $ 0 | $ 0 |
[1] | This AOCI component is included in the computation of the deferred policy acquisition cost. See Note 8 – “Deferred Policy Acquisition Costs” of the 2019 Annual Report for additional details. | ||
[2] | This AOCI component is included in the computation of the net periodic pension cost. See Note 10 – “Employee Benefit Plans” for additional details. | ||
[3] | See Note 5 – “Derivative Instruments” for additional information on cash flow hedges. |
Equity (Narrative) (Details)
Equity (Narrative) (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Equity, Class of Treasury Stock [Line Items] | ||
Stock Repurchase Program, Authorized Amount | $ 400 | |
Treasury Stock, Shares, Acquired | 1 | |
Treasury Stock, Value, Acquired, Cost Method | $ 156 | $ 49 |
Share Repurchase Program [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ||
Treasury Stock, Value, Acquired, Cost Method | $ 153 |
Equity Based Compensation (Narr
Equity Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | ||
Equity compensation expense | $ 5 | $ 8 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 456,301 | |
Stock appreciation rights granted, weighted average exercise price (per share) | 117.85 | |
Options exercisable, weighted average price (per share) | $ 85.96 | |
Options, remaining term | 4 years 6 months | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 43 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 2 months 12 days | |
Performance Contingent Units | 175,047 | |
Shares Granted To Non Employee Directors | 30,129 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 1,386,800 |
Investments (Investments in Fix
Investments (Investments in Fixed Maturity and Equity Securities Available-for-Sale by Sector) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Financing Receivable, Allowance for Credit Loss | $ 33 | |
Fixed Maturities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 46,620 | $ 46,753 |
Financing Receivable, Allowance for Credit Loss | 33 | 0 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 3,429 | 4,478 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 1,461 | 110 |
Estimated Fair Value | $ 48,555 | $ 51,121 |
% of Total | 100.00% | 100.00% |
Other-than-temporary impairments in AOCI | $ 0 | |
Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 29,203 | 29,205 |
Estimated Fair Value | $ 29,494 | $ 31,393 |
% of Total | 100.00% | 100.00% |
Corporate Debt Securities [Member] | Fixed Maturities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 29,203 | $ 29,205 |
Financing Receivable, Allowance for Credit Loss | 26 | 0 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 1,294 | 2,269 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 977 | 81 |
Estimated Fair Value | $ 29,494 | $ 31,393 |
% of Total | 60.80% | 61.40% |
Other-than-temporary impairments in AOCI | $ 0 | |
Canadian and Canadian provincial governments | Fixed Maturities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 2,793 | 3,016 |
Financing Receivable, Allowance for Credit Loss | 0 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 1,445 | 1,596 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 1 | 0 |
Estimated Fair Value | $ 4,237 | $ 4,612 |
% of Total | 8.70% | 9.00% |
Other-than-temporary impairments in AOCI | $ 0 | |
Residential mortgage-backed securities | Fixed Maturities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 2,241 | 2,339 |
Financing Receivable, Allowance for Credit Loss | 0 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 77 | 62 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 27 | 3 |
Estimated Fair Value | $ 2,291 | $ 2,398 |
% of Total | 4.70% | 4.70% |
Other-than-temporary impairments in AOCI | $ 0 | |
Asset-backed Securities [Member] | Fixed Maturities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 2,940 | 2,973 |
Financing Receivable, Allowance for Credit Loss | 0 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 4 | 19 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 277 | 14 |
Estimated Fair Value | $ 2,667 | $ 2,978 |
% of Total | 5.50% | 5.80% |
Other-than-temporary impairments in AOCI | $ 0 | |
Commercial Mortgage Backed Securities [Member] | Fixed Maturities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 1,841 | 1,841 |
Financing Receivable, Allowance for Credit Loss | 0 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 24 | 61 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 56 | 3 |
Estimated Fair Value | $ 1,809 | $ 1,899 |
% of Total | 3.70% | 3.70% |
Other-than-temporary impairments in AOCI | $ 0 | |
US Treasury and Government [Member] | Fixed Maturities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 1,398 | 2,096 |
Financing Receivable, Allowance for Credit Loss | 0 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 244 | 57 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 1 |
Estimated Fair Value | $ 1,642 | $ 2,152 |
% of Total | 3.40% | 4.20% |
Other-than-temporary impairments in AOCI | $ 0 | |
US States and Political Subdivisions Debt Securities [Member] | Fixed Maturities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 1,071 | 1,074 |
Financing Receivable, Allowance for Credit Loss | 0 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 108 | 93 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 10 | 3 |
Estimated Fair Value | $ 1,169 | $ 1,164 |
% of Total | 2.40% | 2.30% |
Other-than-temporary impairments in AOCI | $ 0 | |
Debt Security, Government, Non-US [Member] | Fixed Maturities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 5,133 | 4,209 |
Financing Receivable, Allowance for Credit Loss | 7 | 0 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 233 | 321 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 113 | 5 |
Estimated Fair Value | $ 5,246 | $ 4,525 |
% of Total | 10.80% | 8.90% |
Other-than-temporary impairments in AOCI | $ 0 |
Investments (Fixed Maturity Sec
Investments (Fixed Maturity Securities Pledged And Received As Collateral) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Debt Securities, Available-for-sale [Line Items] | ||
Document Period End Date | Mar. 31, 2020 | |
Collateral Fixed Maturity Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $ 142 | $ 113 |
Available-for-sale Securities | 154 | 116 |
Collateral Received Fixed Maturity Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities | 1,172 | 727 |
Reported Value Measurement [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Assets Held-in-trust | 27,080 | 27,290 |
Estimate of Fair Value Measurement [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Assets Held-in-trust | $ 27,441 | $ 29,239 |
Investments (Exposure To Concen
Investments (Exposure To Concentrations Of Credit Risk) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Debt Securities, Available-for-sale [Line Items] | ||
Document Period End Date | Mar. 31, 2020 | |
Government Of Japan [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $ 1,660 | $ 813 |
Available-for-sale Securities | 1,672 | 852 |
Canadian Province Of Quebec Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 1,132 | 1,205 |
Available-for-sale Securities | 1,986 | 2,163 |
Canadian Province Of Ontario Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 941 | 1,014 |
Available-for-sale Securities | $ 1,289 | $ 1,379 |
Investments (Amortized Cost and
Investments (Amortized Cost and Fair Value of Fixed Maturities by Contractual Maturities) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Available For Sale Securities Debt Maturities Amortized Cost | ||
Due in one year or less | $ 1,176 | |
Due after one year through five years | 8,125 | |
Due after five year through ten years | 9,629 | |
Due after ten years | 20,668 | |
Asset and mortgage-backed securities | 7,022 | |
Total | 46,620 | $ 46,753 |
Available For Sale Securities Debt Maturities Fair Value | ||
Due in one year or less | 1,172 | |
Due after one year through five years | 8,184 | |
Due after five year through ten years | 9,880 | |
Due after ten years | 22,552 | |
Asset and mortgage-backed securities | 6,767 | |
Total | $ 48,555 | $ 51,121 |
Investments (Amortized Cost a_2
Investments (Amortized Cost and Fair Value of Fixed Maturity Holdings by Industry Type) (Details) - Corporate Debt Securities [Member] - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Corporate Securities by Investment Sector And Credit Rating [Line Items] | ||
Amortized Cost | $ 29,203 | $ 29,205 |
Estimated Fair Value | $ 29,494 | $ 31,393 |
% of Total | 100.00% | 100.00% |
Finance | ||
Corporate Securities by Investment Sector And Credit Rating [Line Items] | ||
Amortized Cost | $ 10,979 | $ 10,896 |
Estimated Fair Value | $ 11,056 | $ 11,653 |
% of Total | 37.50% | 37.20% |
Industrial | ||
Corporate Securities by Investment Sector And Credit Rating [Line Items] | ||
Amortized Cost | $ 14,703 | $ 14,692 |
Estimated Fair Value | $ 14,756 | $ 15,803 |
% of Total | 50.00% | 50.30% |
Utility | ||
Corporate Securities by Investment Sector And Credit Rating [Line Items] | ||
Amortized Cost | $ 3,521 | $ 3,617 |
Estimated Fair Value | $ 3,682 | $ 3,937 |
% of Total | 12.50% | 12.50% |
Investments Investments (Allowa
Investments Investments (Allowance for Credit Loss Roll Forward) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |
Financing Receivable, Allowance for Credit Loss, Balance End of Period | $ 33 |
Fixed Maturities [Member] | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |
Financing Receivable, Allowance for Credit Loss, Balance Beginning of Period | 0 |
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 33 |
Financing Receivable, Allowance for Credit Loss, Balance End of Period | 33 |
Fixed Maturities [Member] | Corporate Debt Securities [Member] | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |
Financing Receivable, Allowance for Credit Loss, Balance Beginning of Period | 0 |
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 26 |
Financing Receivable, Allowance for Credit Loss, Balance End of Period | 26 |
Fixed Maturities [Member] | Debt Security, Government, Non-US [Member] | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |
Financing Receivable, Allowance for Credit Loss, Balance Beginning of Period | 0 |
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 7 |
Financing Receivable, Allowance for Credit Loss, Balance End of Period | $ 7 |
Investments (Fair Value Below A
Investments (Fair Value Below Amortized Cost of Gross Unrealized Losses for Fixed Maturity and Equity Securities) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Gross unrealized losses with number of securities [Line Items] | ||
Document Period End Date | Mar. 31, 2020 | |
Gross Unrealized Losses | $ 1,461 | $ 110 |
% of Total | 100.00% | 100.00% |
Less than 20% | ||
Gross unrealized losses with number of securities [Line Items] | ||
Gross Unrealized Losses | $ 1,052 | $ 76 |
% of Total | 72.00% | 69.10% |
20% or more for less than six months | ||
Gross unrealized losses with number of securities [Line Items] | ||
Gross Unrealized Losses | $ 409 | $ 20 |
% of Total | 28.00% | 18.20% |
20% or more for six months or greater | ||
Gross unrealized losses with number of securities [Line Items] | ||
Gross Unrealized Losses | $ 0 | $ 14 |
% of Total | 0.00% | 12.70% |
Investments (Fair Value and Los
Investments (Fair Value and Losses by Investment Category and Length of Time in a Loss Position) (Details) - Fixed Maturities [Member] - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | $ 16,827 | $ 3,979 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1,356 | 84 |
Estimated Fair Value - 12 months or greater | 805 | 1,238 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 105 | 26 |
Estimated Fair Value | 17,632 | 5,217 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 1,461 | 110 |
Non-investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 1,294 | 220 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 244 | 38 |
Estimated Fair Value - 12 months or greater | 73 | 110 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 13 | 8 |
Estimated Fair Value | 1,367 | 330 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 257 | 46 |
Investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 15,533 | 3,759 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1,112 | 46 |
Estimated Fair Value - 12 months or greater | 732 | 1,128 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 92 | 18 |
Estimated Fair Value | 16,265 | 4,887 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 1,204 | 64 |
Corporate Debt Securities [Member] | Non-investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 1,106 | 220 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 219 | 38 |
Estimated Fair Value - 12 months or greater | 66 | 100 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 11 | 7 |
Estimated Fair Value | 1,172 | 320 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 230 | 45 |
Corporate Debt Securities [Member] | Investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 9,666 | 1,936 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 729 | 29 |
Estimated Fair Value - 12 months or greater | 93 | 293 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 18 | 7 |
Estimated Fair Value | 9,759 | 2,229 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 747 | 36 |
Canadian and Canadian provincial governments | Investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 |
Estimated Fair Value - 12 months or greater | 6 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 1 | 0 |
Estimated Fair Value | 6 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 1 | 0 |
Residential mortgage-backed securities | Investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 1,047 | 367 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 25 | 2 |
Estimated Fair Value - 12 months or greater | 41 | 84 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 2 | 1 |
Estimated Fair Value | 1,088 | 451 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 27 | 3 |
Asset-backed Securities [Member] | Non-investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 15 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 9 | 0 |
Estimated Fair Value - 12 months or greater | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Estimated Fair Value | 15 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 9 | 0 |
Asset-backed Securities [Member] | Investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 1,936 | 773 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 203 | 5 |
Estimated Fair Value - 12 months or greater | 552 | 739 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 65 | 9 |
Estimated Fair Value | 2,488 | 1,512 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 268 | 14 |
Commercial mortgage-backed securities | Non-investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 23 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 3 | |
Estimated Fair Value - 12 months or greater | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Estimated Fair Value | 23 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 0 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 3 | |
Commercial mortgage-backed securities | Investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 913 | 253 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 52 | 3 |
Estimated Fair Value - 12 months or greater | 21 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 1 | 0 |
Estimated Fair Value | 934 | 253 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 53 | 3 |
US Government Agencies Debt Securities [Member] | Investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 0 | 49 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 1 |
Estimated Fair Value - 12 months or greater | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Estimated Fair Value | 0 | 49 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 0 | 1 |
US States and Political Subdivisions Debt Securities [Member] | Investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 158 | 103 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 9 | 2 |
Estimated Fair Value - 12 months or greater | 12 | 12 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 1 | 1 |
Estimated Fair Value | 170 | 115 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 10 | 3 |
Debt Security, Government, Non-US [Member] | Non-investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 150 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 13 | 0 |
Estimated Fair Value - 12 months or greater | 7 | 10 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 2 | 1 |
Estimated Fair Value | 157 | 10 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 15 | 1 |
Debt Security, Government, Non-US [Member] | Investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | 1,813 | 278 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 94 | 4 |
Estimated Fair Value - 12 months or greater | 7 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 4 | 0 |
Estimated Fair Value | 1,820 | 278 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 98 | $ 4 |
Investments (Investment Income
Investments (Investment Income Net of Related Expenses) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Major Categories Of Investment Income Net of Expenses [Line Items] | ||
Investment revenue | $ 616 | $ 601 |
Investment expense | (22) | (21) |
Investment income, net of related expenses | 594 | 580 |
Available-for-sale Securities [Member] | ||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||
Investment revenue | 480 | 415 |
Equity Securities [Member] | ||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||
Investment revenue | 2 | 1 |
Mortgage Loans on Real Estate [Member] | ||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||
Investment revenue | 67 | 60 |
Policy loans | ||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||
Investment revenue | 15 | 14 |
Funds withheld at interest | ||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||
Investment revenue | 53 | 62 |
Short-term Investments [Member] | ||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||
Investment revenue | 4 | 7 |
Other invested assets | ||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||
Investment revenue | $ (5) | $ 42 |
Investments (Investment Related
Investments (Investment Related Gains (Losses) Net) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Investments [Abstract] | ||
Available-for-sale Securities, Realized Losses, Excluding Other than Temporary Impairments | $ (8) | $ (19) |
Gain (Loss) on Sale of Equity Investments | (23) | 4 |
Investment Gains And Losses [Abstract] | ||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | 34 | 9 |
Gain on investment activity | 27 | 28 |
Other impairment losses and change in mortgage loan provision | (13) | (2) |
Derivatives and other, net | (234) | 6 |
Total investment related gains (losses), net | $ (285) | $ 8 |
Investments (Borrowed Securitie
Investments (Borrowed Securities Repurchased Securities And Repurchased Reversed Repurchased Securities) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Debt Securities, Available-for-sale [Line Items] | ||
Document Period End Date | Mar. 31, 2020 | |
Securities Loaned, Fair Value of Collateral | $ 99 | $ 104 |
Securities Received as Collateral | 107 | 107 |
Securities for Reverse Repurchase Agreements | 398 | 356 |
Securities Sold under Agreements to Repurchase, Collateral, Right to Reclaim Securities | 344 | 370 |
Reported Value Measurement [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities Borrowed | 325 | 339 |
Securities Loaned, Fair Value of Collateral | 98 | 98 |
Estimate of Fair Value Measurement [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities Borrowed | 334 | 369 |
Securities for Reverse Repurchase Agreements | $ 408 | $ 384 |
Investments (Securities Pledged
Investments (Securities Pledged as Collateral Related to Repurchase Reverse Repurchase Program) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | $ 99 | $ 104 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 408 | 384 |
Obligation to Return Securities Received as Collateral | 507 | 488 |
Securities Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement | 451 | 478 |
SecuredBorrowingsGrossDifferenceAmount | 56 | 10 |
Corporate Debt Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 99 | 104 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 303 | 286 |
Debt Security, Government, Non-US [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 105 | 98 |
Maturity Overnight [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Obligation to Return Securities Received as Collateral | 0 | 0 |
Maturity Overnight [Member] | Corporate Debt Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 0 | 0 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Maturity Overnight [Member] | Debt Security, Government, Non-US [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Maturity up to 30 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Obligation to Return Securities Received as Collateral | 0 | 0 |
Maturity up to 30 days [Member] | Corporate Debt Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 0 | 0 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Maturity up to 30 days [Member] | Debt Security, Government, Non-US [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Maturity 30 to 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Obligation to Return Securities Received as Collateral | 0 | 0 |
Maturity 30 to 90 Days [Member] | Corporate Debt Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 0 | 0 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Maturity 30 to 90 Days [Member] | Debt Security, Government, Non-US [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Maturity over 90 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 408 | 384 |
Obligation to Return Securities Received as Collateral | 507 | 488 |
Maturity over 90 days [Member] | Corporate Debt Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 99 | 104 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 303 | 286 |
Maturity over 90 days [Member] | Debt Security, Government, Non-US [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | $ 105 | $ 98 |
Investments (Mortgage Loans by
Investments (Mortgage Loans by Property Type) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Document Period End Date | Mar. 31, 2020 | |||
Percentage of total | 100.00% | 100.00% | ||
Recorded investment | $ 6,063 | $ 5,727 | ||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | (10) | (9) | ||
Allowance for Loan and Lease Losses, Real Estate | (39) | (12) | $ (11) | $ (11) |
Mortgage loans on real estate (net of allowances of $39 and $12) | $ 6,014 | $ 5,706 | ||
Apartment | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Percentage of total | 14.40% | 13.40% | ||
Recorded investment | $ 872 | $ 766 | ||
Retail | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Percentage of total | 28.20% | 29.40% | ||
Recorded investment | $ 1,712 | $ 1,686 | ||
Office building | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Percentage of total | 29.40% | 31.00% | ||
Recorded investment | $ 1,783 | $ 1,771 | ||
Industrial | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Percentage of total | 20.70% | 20.40% | ||
Recorded investment | $ 1,253 | $ 1,169 | ||
Other commercial | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Percentage of total | 7.30% | 5.80% | ||
Recorded investment | $ 443 | $ 335 |
Investments (Mortgage Loans b_2
Investments (Mortgage Loans by Maturity Date) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Document Period End Date | Mar. 31, 2020 | |
Financing Receivable, before Allowance for Credit Loss | $ 6,063 | $ 5,727 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 100.00% | 100.00% |
Due within five years | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 2,011 | $ 1,841 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 33.20% | 32.20% |
Due after five years through ten years | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 3,107 | $ 2,944 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 51.20% | 51.40% |
Due after ten years | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 945 | $ 942 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 15.60% | 16.40% |
Investments (Mortgage Loans b_3
Investments (Mortgage Loans by Credit Quality Indicator) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 6,063 | $ 5,727 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 100.00% | 100.00% |
Mortgage Loans By Credit Quality Indicator Range Four [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 188 | $ 194 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 3.10% | 3.40% |
Mortgage Loans By Credit Quality Indicator Range Three [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 616 | $ 544 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 10.20% | 9.50% |
Mortgage Loans By Credit Quality Indicator Range Two [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 2,055 | $ 1,905 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 33.90% | 33.30% |
Mortgage Loans By Credit Quality Indicator Range One [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 3,204 | $ 3,084 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 52.80% | 53.80% |
Debt Service Coverage Ratio Range Three [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 70 | $ 94 |
Debt Service Coverage Ratio Range Three [Member] | Mortgage Loans By Credit Quality Indicator Range Four [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 26 | 37 |
Debt Service Coverage Ratio Range Three [Member] | Mortgage Loans By Credit Quality Indicator Range Three [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 39 | 39 |
Debt Service Coverage Ratio Range Three [Member] | Mortgage Loans By Credit Quality Indicator Range Two [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 11 |
Debt Service Coverage Ratio Range Three [Member] | Mortgage Loans By Credit Quality Indicator Range One [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 5 | 7 |
Debt Service Coverage Ratio Range Two [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 193 | 179 |
Debt Service Coverage Ratio Range Two [Member] | Mortgage Loans By Credit Quality Indicator Range Four [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 61 | 61 |
Debt Service Coverage Ratio Range Two [Member] | Mortgage Loans By Credit Quality Indicator Range Three [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 12 | 13 |
Debt Service Coverage Ratio Range Two [Member] | Mortgage Loans By Credit Quality Indicator Range Two [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 40 | 53 |
Debt Service Coverage Ratio Range Two [Member] | Mortgage Loans By Credit Quality Indicator Range One [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 80 | 52 |
Debt Service Coverage Ratio Range One [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 5,800 | 5,454 |
Debt Service Coverage Ratio Range One [Member] | Mortgage Loans By Credit Quality Indicator Range Four [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 101 | 96 |
Debt Service Coverage Ratio Range One [Member] | Mortgage Loans By Credit Quality Indicator Range Three [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 565 | 492 |
Debt Service Coverage Ratio Range One [Member] | Mortgage Loans By Credit Quality Indicator Range Two [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 2,015 | 1,841 |
Debt Service Coverage Ratio Range One [Member] | Mortgage Loans By Credit Quality Indicator Range One [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 3,119 | $ 3,025 |
Investments Investments (Intern
Investments Investments (Internal Credit Rating Disclosure) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | $ 6,063 | $ 5,727 | ||
Allowance for Loan and Lease Losses, Real Estate | 39 | $ 12 | $ 11 | $ 11 |
High Investment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 3,783 | |||
Internal Investment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 2,102 | |||
Average Investment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 157 | |||
Watch List [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 4 | |||
Internal Noninvestment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 17 | |||
Year Of Origination 2020 [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 538 | |||
Year Of Origination 2020 [Member] | High Investment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 302 | |||
Year Of Origination 2020 [Member] | Internal Investment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 236 | |||
Year Of Origination 2020 [Member] | Average Investment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 0 | |||
Year Of Origination 2020 [Member] | Watch List [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 0 | |||
Year Of Origination 2020 [Member] | Internal Noninvestment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 0 | |||
Year Of Origination 2019 [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 1,191 | |||
Year Of Origination 2019 [Member] | High Investment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 675 | |||
Year Of Origination 2019 [Member] | Internal Investment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 516 | |||
Year Of Origination 2019 [Member] | Average Investment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 0 | |||
Year Of Origination 2019 [Member] | Watch List [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 0 | |||
Year Of Origination 2019 [Member] | Internal Noninvestment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 0 | |||
Year Of Origination 2018 [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 950 | |||
Year Of Origination 2018 [Member] | High Investment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 623 | |||
Year Of Origination 2018 [Member] | Internal Investment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 317 | |||
Year Of Origination 2018 [Member] | Average Investment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 10 | |||
Year Of Origination 2018 [Member] | Watch List [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 0 | |||
Year Of Origination 2018 [Member] | Internal Noninvestment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 0 | |||
Year Of Origination 2017 [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 770 | |||
Year Of Origination 2017 [Member] | High Investment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 403 | |||
Year Of Origination 2017 [Member] | Internal Investment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 342 | |||
Year Of Origination 2017 [Member] | Average Investment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 25 | |||
Year Of Origination 2017 [Member] | Watch List [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 0 | |||
Year Of Origination 2017 [Member] | Internal Noninvestment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 0 | |||
Year Of Origination 2016 [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 899 | |||
Year Of Origination 2016 [Member] | High Investment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 603 | |||
Year Of Origination 2016 [Member] | Internal Investment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 269 | |||
Year Of Origination 2016 [Member] | Average Investment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 27 | |||
Year Of Origination 2016 [Member] | Watch List [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 0 | |||
Year Of Origination 2016 [Member] | Internal Noninvestment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 0 | |||
Year Of Origination Prior Periods [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 1,715 | |||
Year Of Origination Prior Periods [Member] | High Investment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 1,177 | |||
Year Of Origination Prior Periods [Member] | Internal Investment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 422 | |||
Year Of Origination Prior Periods [Member] | Average Investment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 95 | |||
Year Of Origination Prior Periods [Member] | Watch List [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 4 | |||
Year Of Origination Prior Periods [Member] | Internal Noninvestment Grade [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | $ 17 |
Investments (Mortgage Loans b_4
Investments (Mortgage Loans by Method of Evaluation and Related Valuation Allowances) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Document Period End Date | Mar. 31, 2020 | |||
Recorded investment | $ 6,063 | $ 5,727 | ||
Valuation Allowances: | ||||
Allowance for Loan and Lease Losses, Real Estate | 39 | 12 | $ 11 | $ 11 |
Commercial Real Estate Portfolio Segment [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Evaluated individually for credit losses | 17 | 17 | ||
Evaluated collectively for credit losses | 6,046 | 5,710 | ||
Recorded investment | 6,063 | 5,727 | ||
Valuation Allowances: | ||||
Specific for credit losses | 0 | 0 | ||
Non-specifically identified credit losses | 39 | 12 | ||
Allowance for Loan and Lease Losses, Real Estate | $ 39 | $ 12 |
Investments (Loan Valuation All
Investments (Loan Valuation Allowance for Mortgage Loans) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Allowance For Loan And Lease Losses Roll Forward | ||
Balance, Beginning of Period | $ 12 | $ 11 |
Adoption of New Accounting Standard Current Expected Credit Loss | 14 | 0 |
Provision (release) | 13 | 0 |
Balance, End of Period | $ 39 | $ 11 |
Investments (Impaired Mortgage
Investments (Impaired Mortgage Loans) (Details) - USD ($) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |||
Financing Receivable Impaired [Line Items] | |||||
Unpaid Principal Balance | $ 17 | $ 17 | |||
Recorded Investment | 17 | 17 | |||
Related Allowance | 0 | 0 | |||
Carrying Value | 17 | 17 | |||
Average Investment | [1] | 17 | $ 24 | ||
Interest Income | 0 | 0 | |||
Impaired mortgage loans with valuation allowance recorded | |||||
Financing Receivable Impaired [Line Items] | |||||
Unpaid Principal Balance | 0 | 0 | |||
Recorded Investment | 0 | 0 | |||
Related Allowance | 0 | 0 | |||
Carrying Value | 0 | 0 | |||
Average Investment | 0 | 0 | [1] | ||
Interest Income | 0 | 0 | |||
Impaired mortgage loans with no valuation allowance recorded | |||||
Financing Receivable Impaired [Line Items] | |||||
Unpaid Principal Balance | 17 | 17 | |||
Recorded Investment | 17 | 17 | |||
Related Allowance | 0 | 0 | |||
Carrying Value | 17 | $ 17 | |||
Average Investment | 17 | 24 | [1] | ||
Interest Income | $ 0 | $ 0 | |||
[1] | (1) Average recorded investment represents the average loan balances as of the beginning of period and all subsequent quarterly end of period balances. |
Investments (Other Invested Ass
Investments (Other Invested Assets) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Document Period End Date | Mar. 31, 2020 | |
Other invested assets | $ 2,542 | $ 2,363 |
Limited Partner [Member] | ||
Other invested assets | 1,183 | 1,134 |
Equity Release Mortgages [Member] | ||
Other invested assets | 763 | 775 |
Derivatives | ||
Other invested assets | 252 | 117 |
Fair Value Option Contractholder Directed Unit Linked Investments [Member] | ||
Other invested assets | 235 | 260 |
Other | ||
Other invested assets | $ 109 | $ 77 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020USD ($)securities | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($)securities | |
Investment Narrative [Line Items] | |||
Accounts Receivable, Allowance for Credit Loss | $ 2 | ||
Document Period End Date | Mar. 31, 2020 | ||
Impairment Losses On Securities Intended To Be Sold | $ 1 | ||
Allowance For Credit Losses Related To High Yield Securities | 33 | ||
AOCI, Debt Securities, Available-for-sale with Allowance for Credit Loss, Cumulative Gain (Loss), after Tax | 2 | $ 4 | |
Sales of fixed maturity securities available-for-sale | 2,141 | 3,140 | |
Securities Sold under Agreements to Repurchase, Collateral, Right to Reclaim Cash | 5 | $ 1 | |
Available-for-sale Securities, Realized Losses, Excluding Other than Temporary Impairments | 8 | 19 | |
Available-for-sale Securities, Gross Realized Gains | $ 27 | 28 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | securities | 3,102 | 1,072 | |
Securities As Percentage Of Consolidated Stockholder Equity | 10.00% | ||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 100.00% | 100.00% | |
Funds withheld at interest | $ 5,258 | $ 5,662 | |
Funds Held Under Reinsurance Agreements Asset Specific Client | 3,200 | ||
Gain (Loss) on Sale of Equity Investments | $ (23) | $ 4 | |
CALIFORNIA | |||
Investment Narrative [Line Items] | |||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 15.20% | ||
TEXAS | |||
Investment Narrative [Line Items] | |||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 14.70% | ||
GEORGIA | |||
Investment Narrative [Line Items] | |||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 8.70% | ||
CANADA | |||
Investment Narrative [Line Items] | |||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 2.90% | ||
UNITED KINGDOM | |||
Investment Narrative [Line Items] | |||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 0.90% |
Derivative Instruments (Gross N
Derivative Instruments (Gross Notional Amount and Fair Value of Derivatives Contracts) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||
Notional Amount | $ 20,302 | $ 19,446 |
Carrying Value / Fair Value of Assets | 307 | 258 |
Derivative Liability, Fair Value, Gross Liability | 1,330 | 1,003 |
Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount | 18,433 | 17,475 |
Carrying Value / Fair Value of Assets | 169 | 212 |
Derivative Liability, Fair Value, Gross Liability | 1,253 | 970 |
Not Designated as Hedging Instrument | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 1,057 | 909 |
Carrying Value / Fair Value of Assets | 104 | 70 |
Derivative Liability, Fair Value, Gross Liability | 8 | 3 |
Not Designated as Hedging Instrument | Financial Futures | ||
Derivative [Line Items] | ||
Notional Amount | 323 | 307 |
Carrying Value / Fair Value of Assets | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Not Designated as Hedging Instrument | Foreign Currency Forwards | ||
Derivative [Line Items] | ||
Notional Amount | 175 | 175 |
Carrying Value / Fair Value of Assets | 3 | 1 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Not Designated as Hedging Instrument | Consumer Price Index Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 527 | 441 |
Carrying Value / Fair Value of Assets | 1 | 0 |
Derivative Liability, Fair Value, Gross Liability | 65 | 28 |
Not Designated as Hedging Instrument | Credit Default Swaps | ||
Derivative [Line Items] | ||
Notional Amount | 1,641 | 1,306 |
Carrying Value / Fair Value of Assets | 3 | 5 |
Derivative Liability, Fair Value, Gross Liability | 6 | 0 |
Not Designated as Hedging Instrument | Equity Options | ||
Derivative [Line Items] | ||
Notional Amount | 320 | 364 |
Carrying Value / Fair Value of Assets | 58 | 15 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Not Designated as Hedging Instrument | Synthetic Guaranteed Investment Contracts | ||
Derivative [Line Items] | ||
Notional Amount | 14,240 | 13,823 |
Carrying Value / Fair Value of Assets | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Not Designated as Hedging Instrument | Embedded Derivatives In Modified Coinsurance Or Funds Withheld Arrangements | ||
Derivative [Line Items] | ||
Notional Amount | 0 | 0 |
Carrying Value / Fair Value of Assets | 0 | 121 |
Derivative Liability, Fair Value, Gross Liability | 109 | 0 |
Not Designated as Hedging Instrument | Embedded Derivatives In Indexed Annuity [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 0 | 0 |
Carrying Value / Fair Value of Assets | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 751 | 767 |
Not Designated as Hedging Instrument | Embedded Derivatives In Variable Annuity [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 0 | 0 |
Carrying Value / Fair Value of Assets | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 291 | 163 |
Not Designated as Hedging Instrument | Currency Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 150 | 150 |
Carrying Value / Fair Value of Assets | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 23 | 9 |
Designated As Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount | 1,869 | 1,971 |
Carrying Value / Fair Value of Assets | 138 | 46 |
Derivative Liability, Fair Value, Gross Liability | 77 | 33 |
Designated As Hedging Instrument | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 435 | 535 |
Carrying Value / Fair Value of Assets | 5 | 1 |
Derivative Liability, Fair Value, Gross Liability | 53 | 29 |
Designated As Hedging Instrument | Currency Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 322 | 342 |
Carrying Value / Fair Value of Assets | 31 | 17 |
Derivative Liability, Fair Value, Gross Liability | 23 | 2 |
Designated As Hedging Instrument | Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 1,112 | 1,094 |
Carrying Value / Fair Value of Assets | 102 | 28 |
Derivative Liability, Fair Value, Gross Liability | $ 1 | $ 2 |
Derivative Instruments Derivati
Derivative Instruments Derivative Instruments (Fair Value Hedge Attributable to Foreign Currency) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | $ (22) | $ (1) |
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | $ 14 | $ (1) |
Derivative Instruments (Current
Derivative Instruments (Current Period Cash Flow Hedges in AOCI (loss) before Taxes) (Details) - Cash Flow Hedging [Member] - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 87 | $ 1 | $ 26 | $ (9) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (61) | (10) | ||
Investment Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | ||
Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 0 | $ 0 |
Derivative Instruments (Cash Fl
Derivative Instruments (Cash Flow Hedges) (Details) - Cash Flow Hedging [Member] - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | $ (61) | $ (10) | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (87) | (1) | $ (26) | $ 9 |
Investment Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | ||
Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | ||
Interest Rate Swap [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (36) | (12) | ||
Interest Rate Swap [Member] | Investment Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | ||
Interest Rate Swap [Member] | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | ||
Currency Swap [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (25) | 2 | ||
Currency Swap [Member] | Investment Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | ||
Currency Swap [Member] | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 0 | $ 0 |
Derivative Instruments (Hedges
Derivative Instruments (Hedges of Net Investments in Foreign Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Currency Swap [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Net Derivatives Gains (Losses) Deferred in AOCI | [1] | $ 15 | $ (7) |
Foreign Exchange Forward [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Net Derivatives Gains (Losses) Deferred in AOCI | [1] | $ 80 | $ (18) |
[1] | There were no sales or substantial liquidations of net investments in foreign operations that would have required the reclassification of gains or losses from accumulated other comprehensive income (loss) into investment income during the periods presented. |
Derivative Instruments (Non Hed
Derivative Instruments (Non Hedging Derivatives and Embedded Derivatives Effect on Income Statement) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Total investment related gains (losses), net | $ (285) | $ 8 |
Policy acquisition costs and other insurance expenses | (248) | (312) |
Interest credited | (146) | (133) |
Other revenues | 76 | 94 |
Gain Loss On Investments Related To Change In Fair Value Of Derivatives Excluding Embedded Derivatives | 123 | (11) |
Not Designated as Hedging Instrument | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Total investment related gains (losses), net | (229) | 8 |
Not Designated as Hedging Instrument | Interest Rate Swaps | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Total investment related gains (losses), net | 106 | 24 |
Not Designated as Hedging Instrument | Financial Futures | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Total investment related gains (losses), net | 44 | (22) |
Not Designated as Hedging Instrument | Currency Swap [Member] | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Total investment related gains (losses), net | (13) | 1 |
Not Designated as Hedging Instrument | Foreign Currency Forwards | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Total investment related gains (losses), net | (3) | 0 |
Not Designated as Hedging Instrument | Consumer Price Index Swap [Member] | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Total investment related gains (losses), net | (40) | (9) |
Not Designated as Hedging Instrument | Credit Default Swaps | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Total investment related gains (losses), net | (24) | 15 |
Not Designated as Hedging Instrument | Equity Options | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Total investment related gains (losses), net | 53 | (23) |
Not Designated as Hedging Instrument | Longevity Swap [Member] | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Other revenues | 0 | 2 |
Not Designated as Hedging Instrument | Mortality Swap [Member] | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Other revenues | 0 | 1 |
Not Designated as Hedging Instrument | Embedded Derivatives In Modified Coinsurance Or Funds Withheld Arrangements | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Total investment related gains (losses), net | (230) | (2) |
Not Designated as Hedging Instrument | Embedded Derivatives In Indexed Annuity [Member] | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Interest credited | (6) | (3) |
Not Designated as Hedging Instrument | Embedded Derivatives In Variable Annuity [Member] | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Total investment related gains (losses), net | $ (128) | $ 18 |
Derivative Instruments (Exposur
Derivative Instruments (Exposure from Credit Derivatives by Rating of the Underlying Credits) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | ||
Credit Derivatives [Line Items] | |||
Credit Derivative Current Fair Value | [1] | $ (3) | $ 5 |
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 1,641 | $ 1,306 |
Derivative Average Remaining Maturity | [1],[3] | 3 years 10 months 24 days | 3 years 8 months 12 days |
Standard Poors AAA To A Minus Ratings [Member] | Single Name Credit Default Swaps [Member] | |||
Credit Derivatives [Line Items] | |||
Credit Derivative Current Fair Value | [1] | $ 1 | $ 2 |
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 127 | $ 142 |
Derivative Average Remaining Maturity | [1],[3] | 1 year 4 months 24 days | 1 year 8 months 12 days |
Standard Poors AAA To A Minus Ratings [Member] | Credit Default Subtotal [Member] | |||
Credit Derivatives [Line Items] | |||
Credit Derivative Current Fair Value | [1] | $ 1 | $ 2 |
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 127 | $ 142 |
Derivative Average Remaining Maturity | [1],[3] | 1 year 4 months 24 days | 1 year 8 months 12 days |
Standard Poors BBB Rating [Member] | Single Name Credit Default Swaps [Member] | |||
Credit Derivatives [Line Items] | |||
Credit Derivative Current Fair Value | [1] | $ 0 | $ 3 |
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 281 | $ 291 |
Derivative Average Remaining Maturity | [1],[3] | 1 year 9 months 18 days | 1 year 10 months 24 days |
Standard Poors BBB Rating [Member] | Credit Default Swaps Referencing Indices [Member] | |||
Credit Derivatives [Line Items] | |||
Credit Derivative Current Fair Value | [1] | $ (4) | $ 0 |
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 1,228 | $ 873 |
Derivative Average Remaining Maturity | [1],[3] | 4 years 8 months 12 days | 4 years 8 months 12 days |
Standard Poors BBB Rating [Member] | Credit Default Subtotal [Member] | |||
Credit Derivatives [Line Items] | |||
Credit Derivative Current Fair Value | [1] | $ (4) | $ 3 |
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 1,509 | $ 1,164 |
Derivative Average Remaining Maturity | [1],[3] | 4 years 1 month 6 days | 4 years |
Standard & Poor's, BB Rating [Member] | |||
Credit Derivatives [Line Items] | |||
Derivative Average Remaining Maturity | [1],[2] | 2 months 12 days | 0 years |
Standard & Poor's, BB Rating [Member] | Single Name Credit Default Swaps [Member] | |||
Credit Derivatives [Line Items] | |||
Credit Derivative Current Fair Value | [1] | $ 0 | $ 0 |
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | 5 | 0 |
Standard & Poor's, BB Rating [Member] | Credit Default Subtotal [Member] | |||
Credit Derivatives [Line Items] | |||
Credit Derivative Current Fair Value | [1] | 0 | 0 |
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 5 | $ 0 |
[1] | The rating agency designations are based on ratings from Standard and Poor’s (“S&P”). | ||
[2] | Assumes the value of the referenced credit obligations is zero. | ||
[3] | The weighted average years to maturity of the credit default swaps is calculated based on weighted average notional amounts. |
Derivative Instruments (Derivat
Derivative Instruments (Derivative Instruments Offsetting Balance Sheet) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | |
Derivative Assets [Abstract] | |||
Derivative Fair Value Of Free Standing Derivative Asset | $ 307 | $ 137 | |
Gross Amounts Offset in the Balance Sheet | (55) | (20) | |
Net Amounts Presented in the Balance Sheet | 252 | 117 | |
Derivative Asset, Fair Value of Collateral | [1] | 0 | 0 |
Gross Amounts Not Offset in the Balance Sheet - Cash Collateral Pledged/Received | (247) | (119) | |
Net Amount | 5 | (2) | |
Derivative Liabilities [Abstract] | |||
Derivative Fair Value Of Free Standing Derivative Liability | 179 | 73 | |
Gross Amounts Offset in the Balance Sheet | (55) | (20) | |
Net Amounts Presented in the Balance Sheet | 124 | 53 | |
Gross Amounts Not Offset in the Balance Sheet - Financial Instruments | [1] | (127) | (92) |
Gross Amounts Not Offset in the Balance Sheet - Cash Collateral Pledged/Received | (115) | (52) | |
Net Amount | $ (118) | $ (91) | |
[1] | Includes initial margin posted to a central clearing partner. |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Cumulative Foreign Currency Translation Gain Loss Recorded In Accumulated Other Comprehensive Income Loss For Terminated Net Investment In Foreign Operations Hedges | $ 263 | $ 168 |
Investment Income [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | (1) | |
Interest Expense [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ (5) |
Fair Value of Assets and Liab_3
Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Balances of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | $ 48,555 | $ 51,121 |
Equity Method Investments, Fair Value Disclosure | 112 | 320 |
Funds withheld at interest embedded derivatives | (109) | 121 |
Cash and cash equivalents | 1,118 | 274 |
Short-term investments | 85 | 32 |
Derivative Assets (Liabilities), at Fair Value, Net | 252 | 117 |
Investments, Fair Value Disclosure | 497 | 377 |
Assets, Fair Value Disclosure | 50,258 | 52,245 |
Fair Value Measured On Recurring Basis Guaranteed Interest Contracts Embedded Derivatives | 1,042 | 930 |
Liabilities Fair Value Disclosure | ||
Other liabilities | (124) | (53) |
Financial Liabilities Fair Value Disclosure | 1,166 | 983 |
Other | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 10 | 0 |
Fair Value Option Contractholder Directed Unit Linked Investments [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 235 | 260 |
Corporate Debt Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 29,494 | 31,393 |
Canadian and Canadian provincial governments | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 4,237 | 4,612 |
Residential mortgage-backed securities | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 2,291 | 2,398 |
Asset-backed Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 2,667 | 2,978 |
Assets, Fair Value Disclosure | 92 | 101 |
Commercial Mortgage Backed Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 1,809 | 1,899 |
US Treasury and Government [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 1,642 | 2,152 |
US States and Political Subdivisions Debt Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 1,169 | 1,164 |
Debt Security, Government, Non-US [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 5,246 | 4,525 |
Fair Value Inputs Level 1 Member | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 1,518 | 2,030 |
Equity Method Investments, Fair Value Disclosure | 56 | 243 |
Funds withheld at interest embedded derivatives | 0 | 0 |
Cash and cash equivalents | 1,118 | 274 |
Short-term investments | 55 | 4 |
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
Investments, Fair Value Disclosure | 179 | 207 |
Assets, Fair Value Disclosure | 2,926 | 2,758 |
Fair Value Measured On Recurring Basis Guaranteed Interest Contracts Embedded Derivatives | 0 | 0 |
Liabilities Fair Value Disclosure | ||
Other liabilities | 0 | 0 |
Financial Liabilities Fair Value Disclosure | 0 | 0 |
Fair Value Inputs Level 1 Member | Other | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value Inputs Level 1 Member | Fair Value Option Contractholder Directed Unit Linked Investments [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 179 | 207 |
Fair Value Inputs Level 1 Member | Corporate Debt Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 0 | 0 |
Fair Value Inputs Level 1 Member | Canadian and Canadian provincial governments | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 0 | 0 |
Fair Value Inputs Level 1 Member | Residential mortgage-backed securities | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 0 | 0 |
Fair Value Inputs Level 1 Member | Asset-backed Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 0 | 0 |
Fair Value Inputs Level 1 Member | Commercial Mortgage Backed Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 0 | 0 |
Fair Value Inputs Level 1 Member | US Treasury and Government [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 1,518 | 2,030 |
Fair Value Inputs Level 1 Member | US States and Political Subdivisions Debt Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 0 | 0 |
Fair Value Inputs Level 1 Member | Debt Security, Government, Non-US [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 0 | 0 |
Fair Value Inputs Level 2 Member | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 44,656 | 45,952 |
Equity Method Investments, Fair Value Disclosure | 0 | 0 |
Funds withheld at interest embedded derivatives | 0 | 0 |
Cash and cash equivalents | 0 | 0 |
Short-term investments | 29 | 26 |
Derivative Assets (Liabilities), at Fair Value, Net | 252 | 117 |
Investments, Fair Value Disclosure | 318 | 170 |
Assets, Fair Value Disclosure | 45,003 | 46,148 |
Fair Value Measured On Recurring Basis Guaranteed Interest Contracts Embedded Derivatives | 0 | 0 |
Liabilities Fair Value Disclosure | ||
Other liabilities | (124) | (53) |
Financial Liabilities Fair Value Disclosure | 124 | 53 |
Fair Value Inputs Level 2 Member | Other | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 10 | 0 |
Fair Value Inputs Level 2 Member | Fair Value Option Contractholder Directed Unit Linked Investments [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 56 | 53 |
Fair Value Inputs Level 2 Member | Corporate Debt Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 27,297 | 29,207 |
Fair Value Inputs Level 2 Member | Canadian and Canadian provincial governments | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 4,237 | 3,908 |
Fair Value Inputs Level 2 Member | Residential mortgage-backed securities | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 2,285 | 2,349 |
Fair Value Inputs Level 2 Member | Asset-backed Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 2,569 | 2,865 |
Fair Value Inputs Level 2 Member | Commercial Mortgage Backed Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 1,769 | 1,853 |
Fair Value Inputs Level 2 Member | US Treasury and Government [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 109 | 106 |
Fair Value Inputs Level 2 Member | US States and Political Subdivisions Debt Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 1,159 | 1,155 |
Fair Value Inputs Level 2 Member | Debt Security, Government, Non-US [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 5,231 | 4,509 |
Fair Value Inputs Level 3 Member | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 2,381 | 3,139 |
Equity Method Investments, Fair Value Disclosure | 56 | 77 |
Funds withheld at interest embedded derivatives | (109) | 121 |
Cash and cash equivalents | 0 | 0 |
Short-term investments | 1 | 2 |
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
Investments, Fair Value Disclosure | 0 | 0 |
Assets, Fair Value Disclosure | 2,329 | 3,339 |
Fair Value Measured On Recurring Basis Guaranteed Interest Contracts Embedded Derivatives | 1,042 | 930 |
Liabilities Fair Value Disclosure | ||
Other liabilities | 0 | 0 |
Financial Liabilities Fair Value Disclosure | 1,042 | 930 |
Fair Value Inputs Level 3 Member | Other | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value Inputs Level 3 Member | Fair Value Option Contractholder Directed Unit Linked Investments [Member] | ||
Assets Fair Value Disclosure | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value Inputs Level 3 Member | Corporate Debt Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 2,197 | 2,186 |
Fair Value Inputs Level 3 Member | Canadian and Canadian provincial governments | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 0 | 704 |
Fair Value Inputs Level 3 Member | Residential mortgage-backed securities | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 6 | 49 |
Fair Value Inputs Level 3 Member | Asset-backed Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 98 | 113 |
Fair Value Inputs Level 3 Member | Commercial Mortgage Backed Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 40 | 46 |
Fair Value Inputs Level 3 Member | US Treasury and Government [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 15 | 16 |
Fair Value Inputs Level 3 Member | US States and Political Subdivisions Debt Securities [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | 10 | 9 |
Fair Value Inputs Level 3 Member | Debt Security, Government, Non-US [Member] | ||
Assets Fair Value Disclosure | ||
Fixed maturity securities, available-for-sale | $ 15 | $ 16 |
Fair Value of Assets and Liab_4
Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Quantitative Information for Level 3 Inputs) (Details) $ in Millions | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Assets, Fair Value Disclosure | $ 50,258 | $ 52,245 |
Asset-backed Securities [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Assets, Fair Value Disclosure | $ 92 | $ 101 |
Asset-backed Securities [Member] | Weighted Average [Member] | Valuation, Market Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Debt Instrument, Measurement Input | 0.03 | 0.01 |
Asset-backed Securities [Member] | Maximum [Member] | Valuation, Market Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Debt Instrument, Measurement Input | 0.18 | 0.04 |
Asset-backed Securities [Member] | Minimum [Member] | Valuation, Market Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Debt Instrument, Measurement Input | 0 | 0 |
Corporate Debt Securities [Member] | Valuation, Market Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Assets, Fair Value Disclosure | $ 1,030 | $ 1,070 |
Corporate Debt Securities [Member] | Weighted Average [Member] | Valuation, Market Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Debt Instrument, Measurement Input | 0.01 | 0.01 |
Corporate Debt Securities [Member] | Maximum [Member] | Valuation, Market Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Debt Instrument, Measurement Input | 0.02 | 0.02 |
Corporate Debt Securities [Member] | Minimum [Member] | Valuation, Market Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Debt Instrument, Measurement Input | 0 | 0 |
Funds Withheld At Interest Embedded Derivatives [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Assets, Fair Value Disclosure | $ (109) | $ 121 |
US Government Agencies Debt Securities [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Assets, Fair Value Disclosure | $ 15 | $ 16 |
US Government Agencies Debt Securities [Member] | Weighted Average [Member] | Valuation, Market Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Debt Instrument, Measurement Input | 0.01 | 0.01 |
US Government Agencies Debt Securities [Member] | Maximum [Member] | Valuation, Market Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Debt Instrument, Measurement Input | 0.01 | 0.01 |
US Government Agencies Debt Securities [Member] | Minimum [Member] | Valuation, Market Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Debt Instrument, Measurement Input | 0 | 0 |
Foreign Government Debt [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Assets, Fair Value Disclosure | $ 15 | $ 16 |
Equity Securities [Member] | Valuation, Market Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Assets, Fair Value Disclosure | $ 29 | $ 32 |
Equity Securities [Member] | Weighted Average [Member] | Valuation, Market Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Equity Securities, FV-NI, Measurement Input | 0.04 | 0.04 |
Equity Securities [Member] | Maximum [Member] | Valuation, Market Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Equity Securities, FV-NI, Measurement Input | 0.04 | 0.04 |
Equity Securities [Member] | Minimum [Member] | Valuation, Market Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Equity Securities, FV-NI, Measurement Input | 0.04 | 0.04 |
Embedded Derivatives In Indexed Annuity [Member] | Valuation, Income Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 751 | $ 768 |
Embedded Derivatives In Indexed Annuity [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.02 | 0.02 |
Embedded Derivatives In Indexed Annuity [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.04 | 0.04 |
Embedded Derivatives In Indexed Annuity [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.02 | 0.02 |
Embedded Derivatives In Variable Annuity [Member] | Valuation, Income Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 291 | $ 163 |
Debt Security, Corporate, Non-US [Member] | Weighted Average [Member] | Valuation, Market Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Debt Instrument, Measurement Input | 0.01 | 0.01 |
Debt Security, Corporate, Non-US [Member] | Maximum [Member] | Valuation, Market Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Debt Instrument, Measurement Input | 0.01 | 0.01 |
Debt Security, Corporate, Non-US [Member] | Minimum [Member] | Valuation, Market Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Debt Instrument, Measurement Input | 0 | 0 |
Measurement Input, Long-term Revenue Growth Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.12 | 0.12 |
Measurement Input, Long-term Revenue Growth Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.27 | 0.27 |
Measurement Input, Long-term Revenue Growth Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0 | 0 |
Measurement Input Mortality Improvement [Member] | Longevity Swap [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Debt Instrument, Measurement Input | 0 | 0 |
Measurement Input Mortality Improvement [Member] | Longevity Swap [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Debt Instrument, Measurement Input | 0 | 0 |
Measurement Input Mortality Improvement [Member] | Longevity Swap [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Debt Instrument, Measurement Input | 0 | 0 |
Measurement Input Crediting Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Weighted Average [Member] | Valuation, Income Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0.02 | 0.02 |
Measurement Input Crediting Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Maximum [Member] | Valuation, Income Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0.04 | 0.04 |
Measurement Input Crediting Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Minimum [Member] | Valuation, Income Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0.02 | 0.02 |
Measurement Input, Counterparty Credit Risk [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Weighted Average [Member] | Valuation, Income Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0.01 | 0.01 |
Measurement Input, Counterparty Credit Risk [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Maximum [Member] | Valuation, Income Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0.05 | 0.05 |
Measurement Input, Counterparty Credit Risk [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Minimum [Member] | Valuation, Income Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0 | 0 |
Measurement Input, Counterparty Credit Risk [Member] | Embedded Derivatives In Variable Annuity [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.01 | 0.01 |
Measurement Input, Counterparty Credit Risk [Member] | Embedded Derivatives In Variable Annuity [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.05 | 0.05 |
Measurement Input, Counterparty Credit Risk [Member] | Embedded Derivatives In Variable Annuity [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0 | 0 |
Measurement Input, Withdrawal Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Weighted Average [Member] | Valuation, Income Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0.03 | 0.03 |
Measurement Input, Withdrawal Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Maximum [Member] | Valuation, Income Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0.05 | 0.05 |
Measurement Input, Withdrawal Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Minimum [Member] | Valuation, Income Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0 | 0 |
Measurement Input, Withdrawal Rate [Member] | Embedded Derivatives In Indexed Annuity [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.03 | 0.03 |
Measurement Input, Withdrawal Rate [Member] | Embedded Derivatives In Indexed Annuity [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.05 | 0.05 |
Measurement Input, Withdrawal Rate [Member] | Embedded Derivatives In Indexed Annuity [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0 | 0 |
Measurement Input, Withdrawal Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.06 | 0.05 |
Measurement Input, Withdrawal Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.07 | 0.07 |
Measurement Input, Withdrawal Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0 | 0 |
Measurement Input, Lapse Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Weighted Average [Member] | Valuation, Income Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0.14 | 0.13 |
Measurement Input, Lapse Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Maximum [Member] | Valuation, Income Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0.35 | 0.35 |
Measurement Input, Lapse Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Minimum [Member] | Valuation, Income Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0 | 0 |
Measurement Input, Lapse Rate [Member] | Embedded Derivatives In Indexed Annuity [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.14 | 0.13 |
Measurement Input, Lapse Rate [Member] | Embedded Derivatives In Indexed Annuity [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.35 | 0.35 |
Measurement Input, Lapse Rate [Member] | Embedded Derivatives In Indexed Annuity [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0 | 0 |
Measurement Input, Lapse Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.04 | 0.05 |
Measurement Input, Lapse Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.25 | 0.25 |
Measurement Input, Lapse Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0 | 0 |
Measurement Input, Mortality Rate [Member] | Longevity Swap [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Debt Instrument, Measurement Input | 0 | 0 |
Measurement Input, Mortality Rate [Member] | Longevity Swap [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Debt Instrument, Measurement Input | 0 | 0 |
Measurement Input, Mortality Rate [Member] | Longevity Swap [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Debt Instrument, Measurement Input | 0 | 0 |
Measurement Input, Mortality Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Weighted Average [Member] | Valuation, Income Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0.02 | 0.02 |
Measurement Input, Mortality Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Maximum [Member] | Valuation, Income Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 1 | 1 |
Measurement Input, Mortality Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Minimum [Member] | Valuation, Income Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0 | 0 |
Measurement Input, Mortality Rate [Member] | Embedded Derivatives In Indexed Annuity [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.02 | 0.02 |
Measurement Input, Mortality Rate [Member] | Embedded Derivatives In Indexed Annuity [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 1 | 1 |
Measurement Input, Mortality Rate [Member] | Embedded Derivatives In Indexed Annuity [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0 | 0 |
Measurement Input, Mortality Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.02 | 0.01 |
Measurement Input, Mortality Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 1 | 1 |
Measurement Input, Mortality Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0 | 0 |
Measurement Input, Mortality Rate [Member] | Mortality Swap [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Debt Instrument, Measurement Input | 0 | 0 |
Measurement Input, Mortality Rate [Member] | Mortality Swap [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Debt Instrument, Measurement Input | 0 | 0 |
Measurement Input, Mortality Rate [Member] | Mortality Swap [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Debt Instrument, Measurement Input | 0 | 0 |
Measurement Input, EBITDA Multiple [Member] | Corporate Debt Securities [Member] | Weighted Average [Member] | Valuation, Market Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Debt Instrument, Measurement Input | 6.3 | 6.7 |
Measurement Input, EBITDA Multiple [Member] | Corporate Debt Securities [Member] | Maximum [Member] | Valuation, Market Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Debt Instrument, Measurement Input | 7 | 7.1 |
Measurement Input, EBITDA Multiple [Member] | Corporate Debt Securities [Member] | Minimum [Member] | Valuation, Market Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Debt Instrument, Measurement Input | 5.2 | 5.2 |
Measurement Input, EBITDA Multiple [Member] | Equity Securities [Member] | Weighted Average [Member] | Valuation, Market Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Equity Securities, FV-NI, Measurement Input | 8 | 7.8 |
Measurement Input, EBITDA Multiple [Member] | Equity Securities [Member] | Maximum [Member] | Valuation, Market Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Equity Securities, FV-NI, Measurement Input | 10.6 | 9.3 |
Measurement Input, EBITDA Multiple [Member] | Equity Securities [Member] | Minimum [Member] | Valuation, Market Approach [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Equity Securities, FV-NI, Measurement Input | 6.9 | 6.9 |
Fair Value of Assets and Liab_5
Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Changes in Level 3 Assets and Liabilities) (Details) - USD ($) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Corporate Debt Securities [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 2,186 | $ 1,331 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (115) | 19 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | (231) | (215) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | 44 | 11 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | 52 | 23 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 1 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 2,197 | 1,531 | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | |||
Corporate Debt Securities [Member] | Investment Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 1 | 0 | |||
Corporate Debt Securities [Member] | Interest Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | |||
Corporate Debt Securities [Member] | Other Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | |||
Corporate Debt Securities [Member] | Investment Related Gains Losses [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | (11) | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (11) | 0 | |||
Corporate Debt Securities [Member] | Insurance Claims [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | ||||
Corporate Debt Securities [Member] | Other Comprehensive Income (Loss) [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | (140) | ||||
US Government Agencies Debt Securities [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 25 | 28 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 1 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | 1 | 1 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 25 | 27 | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | |||
US Government Agencies Debt Securities [Member] | Investment Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | |||
US Government Agencies Debt Securities [Member] | Interest Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | |||
US Government Agencies Debt Securities [Member] | Other Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | |||
US Government Agencies Debt Securities [Member] | Investment Related Gains Losses [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | |||
US Government Agencies Debt Securities [Member] | Insurance Claims [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | ||||
US Government Agencies Debt Securities [Member] | Other Comprehensive Income (Loss) [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 1 | ||||
Debt Security, Government, Non-US [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 720 | 533 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (1) | 76 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 15 | 613 | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 704 | 0 | |||
Debt Security, Government, Non-US [Member] | Investment Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 4 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 4 | |||
Debt Security, Government, Non-US [Member] | Interest Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | |||
Debt Security, Government, Non-US [Member] | Other Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | |||
Debt Security, Government, Non-US [Member] | Investment Related Gains Losses [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | |||
Debt Security, Government, Non-US [Member] | Insurance Claims [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | ||||
Debt Security, Government, Non-US [Member] | Other Comprehensive Income (Loss) [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | (1) | ||||
Funds Withheld At Interest Embedded Derivatives [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 121 | 110 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | (109) | 108 | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | |||
Funds Withheld At Interest Embedded Derivatives [Member] | Investment Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | |||
Funds Withheld At Interest Embedded Derivatives [Member] | Interest Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | |||
Funds Withheld At Interest Embedded Derivatives [Member] | Other Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | |||
Funds Withheld At Interest Embedded Derivatives [Member] | Investment Related Gains Losses [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | (230) | (2) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (230) | (2) | |||
Funds Withheld At Interest Embedded Derivatives [Member] | Insurance Claims [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | ||||
Funds Withheld At Interest Embedded Derivatives [Member] | Other Comprehensive Income (Loss) [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | ||||
Short-term Investments [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 2 | 2 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 0 | (27) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 1 | 29 | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 1 | 0 | |||
Short-term Investments [Member] | Investment Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | |||
Short-term Investments [Member] | Interest Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | |||
Short-term Investments [Member] | Other Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | |||
Short-term Investments [Member] | Investment Related Gains Losses [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | |||
Short-term Investments [Member] | Insurance Claims [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | ||||
Short-term Investments [Member] | Other Comprehensive Income (Loss) [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | ||||
Longevity Swap [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 47 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | (1) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 49 | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | |||
Longevity Swap [Member] | Investment Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | |||
Longevity Swap [Member] | Interest Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | |||
Longevity Swap [Member] | Other Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 3 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 3 | |||
Longevity Swap [Member] | Investment Related Gains Losses [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | |||
Longevity Swap [Member] | Insurance Claims [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | ||||
Longevity Swap [Member] | Other Comprehensive Income (Loss) [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | ||||
Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 1,042 | 904 | $ 930 | $ 945 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Sales | [1] | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | 0 | 0 | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases | [1] | (11) | 2 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | [1] | 21 | 18 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | 0 | 0 | |||
Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | Investment Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 0 | 0 | |||
Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | Interest Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss) | 15 | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | (6) | (3) | |||
Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | Other Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 0 | 0 | |||
Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | Investment Related Gains Losses [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss) | 131 | (17) | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 128 | (18) | |||
Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | Insurance Claims [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss) | 15 | ||||
Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | Other Comprehensive Income (Loss) [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | ||||
Equity Securities [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 77 | 33 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 0 | (3) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 56 | 40 | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 14 | 0 | |||
Equity Securities [Member] | Investment Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | |||
Equity Securities [Member] | Interest Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | |||
Equity Securities [Member] | Other Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | |||
Equity Securities [Member] | Investment Related Gains Losses [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | (7) | 4 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (7) | 4 | |||
Equity Securities [Member] | Insurance Claims [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | ||||
Equity Securities [Member] | Other Comprehensive Income (Loss) [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | ||||
Structured Finance [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 208 | 103 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (27) | 1 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | (9) | (31) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | 1 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | 13 | 15 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 21 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 144 | 120 | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 53 | 0 | |||
Structured Finance [Member] | Investment Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | |||
Structured Finance [Member] | Interest Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | |||
Structured Finance [Member] | Other Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | |||
Structured Finance [Member] | Investment Related Gains Losses [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | $ 0 | |||
Structured Finance [Member] | Insurance Claims [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | ||||
Structured Finance [Member] | Other Comprehensive Income (Loss) [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | $ (27) | ||||
[1] | The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period. |
Fair Value of Assets and Liab_6
Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Financial Instruments where Carrying Amounts and Fair Values May Differ) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Assets | |||||
Mortgage loans on real estate (net of valuation allowances) | $ 6,014 | $ 5,706 | |||
Policy loans | 1,314 | 1,319 | |||
Funds withheld at interest | 5,258 | 5,662 | |||
Cash and cash equivalents | 2,820 | 1,449 | $ 2,020 | $ 1,890 | |
Short-term investments | 117 | 64 | |||
Other invested assets | 2,542 | 2,363 | |||
Accrued investment income | 510 | 493 | |||
Liabilities | |||||
Interest-sensitive contract liabilities | 23,164 | 22,711 | |||
Long-term debt | 2,981 | 2,981 | |||
Collateral finance and securitization notes | 569 | 598 | |||
Reported Value Measurement [Member] | |||||
Assets | |||||
Mortgage loans on real estate (net of valuation allowances) | [1] | 6,014 | 5,706 | ||
Policy loans | [1] | 1,314 | 1,319 | ||
Funds withheld at interest | [1] | 5,345 | 5,526 | ||
Cash and cash equivalents | [1] | 1,702 | 1,175 | ||
Short-term investments | [1] | 32 | 32 | ||
Other invested assets | [1] | 1,282 | 1,259 | ||
Accrued investment income | [1] | 510 | 493 | ||
Liabilities | |||||
Interest-sensitive contract liabilities | [1] | 19,634 | 19,163 | ||
Long-term debt | [1] | 2,981 | |||
Debt, Long-term and Short-term, Combined Amount | [1] | 2,981 | |||
Collateral finance and securitization notes | [1] | 569 | 598 | ||
Estimate of Fair Value Measurement [Member] | |||||
Assets | |||||
Mortgage loans on real estate (net of valuation allowances) | 6,123 | 5,935 | |||
Policy loans | 1,314 | 1,319 | |||
Funds withheld at interest | 5,603 | 5,870 | |||
Cash and cash equivalents | 1,702 | 1,175 | |||
Short-term investments | 32 | 32 | |||
Other invested assets | 1,363 | 1,278 | |||
Accrued investment income | 510 | 493 | |||
Liabilities | |||||
Interest-sensitive contract liabilities | 20,503 | 21,542 | |||
Long-term Debt, Fair Value | 2,932 | ||||
Debt, Long-term and Short-term, Combined Amount | 3,179 | ||||
Collateral finance and securitization notes | 524 | 551 | |||
Estimate of Fair Value Measurement [Member] | Net Asset Value [Member] | |||||
Assets | |||||
Mortgage loans on real estate (net of valuation allowances) | 0 | ||||
Policy loans | 0 | ||||
Funds withheld at interest | 0 | ||||
Cash and cash equivalents | 0 | ||||
Short-term investments | 0 | ||||
Other invested assets | 430 | 402 | |||
Accrued investment income | 0 | ||||
Liabilities | |||||
Interest-sensitive contract liabilities | 0 | ||||
Debt, Long-term and Short-term, Combined Amount | 0 | ||||
Collateral finance and securitization notes | 0 | ||||
Estimate of Fair Value Measurement [Member] | Fair Value Inputs Level 1 Member | |||||
Assets | |||||
Mortgage loans on real estate (net of valuation allowances) | 0 | 0 | |||
Policy loans | 0 | 0 | |||
Funds withheld at interest | 0 | 0 | |||
Cash and cash equivalents | 1,702 | 1,175 | |||
Short-term investments | 32 | 32 | |||
Other invested assets | 5 | 5 | |||
Accrued investment income | 0 | 0 | |||
Liabilities | |||||
Interest-sensitive contract liabilities | 0 | 0 | |||
Long-term Debt, Fair Value | 0 | ||||
Debt, Long-term and Short-term, Combined Amount | 0 | ||||
Collateral finance and securitization notes | 0 | 0 | |||
Estimate of Fair Value Measurement [Member] | Fair Value Inputs Level 2 Member | |||||
Assets | |||||
Mortgage loans on real estate (net of valuation allowances) | 0 | 0 | |||
Policy loans | 1,314 | 1,319 | |||
Funds withheld at interest | 0 | 0 | |||
Cash and cash equivalents | 0 | 0 | |||
Short-term investments | 0 | 0 | |||
Other invested assets | 91 | 68 | |||
Accrued investment income | 510 | 493 | |||
Liabilities | |||||
Interest-sensitive contract liabilities | 20,503 | 0 | |||
Long-term Debt, Fair Value | 2,932 | ||||
Debt, Long-term and Short-term, Combined Amount | 0 | ||||
Collateral finance and securitization notes | 524 | 0 | |||
Estimate of Fair Value Measurement [Member] | Fair Value Inputs Level 3 Member | |||||
Assets | |||||
Mortgage loans on real estate (net of valuation allowances) | 6,123 | 5,935 | |||
Policy loans | 0 | 0 | |||
Funds withheld at interest | 5,603 | 5,870 | |||
Cash and cash equivalents | 0 | 0 | |||
Short-term investments | 0 | 0 | |||
Other invested assets | 837 | 803 | |||
Accrued investment income | 0 | 0 | |||
Liabilities | |||||
Interest-sensitive contract liabilities | 0 | 21,542 | |||
Long-term Debt, Fair Value | 0 | ||||
Debt, Long-term and Short-term, Combined Amount | 3,179 | ||||
Collateral finance and securitization notes | 0 | $ 551 | |||
Estimate of Fair Value Measurement [Member] | Fair Value Inputs Level 3 Member | Net Asset Value [Member] | |||||
Assets | |||||
Mortgage loans on real estate (net of valuation allowances) | 0 | ||||
Policy loans | 0 | ||||
Funds withheld at interest | 0 | ||||
Cash and cash equivalents | 0 | ||||
Short-term investments | 0 | ||||
Accrued investment income | 0 | ||||
Liabilities | |||||
Interest-sensitive contract liabilities | 0 | ||||
Long-term Debt, Fair Value | 0 | ||||
Collateral finance and securitization notes | $ 0 | ||||
[1] | Carrying values presented herein may differ from those in the Company’s condensed consolidated balance sheets because certain items within the respective financial statement captions may be measured at fair value on a recurring basis. |
Fair Value of Assets and Liab_7
Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Equity Securities [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | $ 0 | $ 0 |
Segment Information (Total Reve
Segment Information (Total Revenues of Reportable Segments) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | $ 3,204 | $ 3,420 |
Americas [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 1,672 | 1,795 |
CANADA | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 320 | 336 |
EMEA [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 485 | 493 |
Asia Pacific [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 735 | 728 |
Corporate and Other [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | (8) | 68 |
Life Insurance Product Line [Member] | Americas [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 1,533 | 1,541 |
Life Insurance Product Line [Member] | CANADA | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 296 | 312 |
Life Insurance Product Line [Member] | EMEA [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 407 | 384 |
Life Insurance Product Line [Member] | Asia Pacific [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 667 | 673 |
Nontraditional Long-Duration Contracts [Member] | Americas [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 139 | 254 |
Nontraditional Long-Duration Contracts [Member] | CANADA | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 24 | 24 |
Nontraditional Long-Duration Contracts [Member] | EMEA [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 78 | 109 |
Nontraditional Long-Duration Contracts [Member] | Asia Pacific [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | $ 68 | $ 55 |
Segment Information (Income Los
Segment Information (Income Loss Before Provision for Income Tax of Reportable Segments) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | $ (96) | $ 217 |
Americas [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (77) | 95 |
CANADA | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 26 | 52 |
EMEA [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 47 | 54 |
Asia Pacific [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (1) | 43 |
Corporate and Other [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (91) | (27) |
Life Insurance Product Line [Member] | Americas [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (62) | 12 |
Life Insurance Product Line [Member] | CANADA | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 23 | 51 |
Life Insurance Product Line [Member] | EMEA [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 17 | 16 |
Life Insurance Product Line [Member] | Asia Pacific [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 24 | 37 |
Nontraditional Long-Duration Contracts [Member] | Americas [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (15) | 83 |
Nontraditional Long-Duration Contracts [Member] | CANADA | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 3 | 1 |
Nontraditional Long-Duration Contracts [Member] | EMEA [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 30 | 38 |
Nontraditional Long-Duration Contracts [Member] | Asia Pacific [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | $ (25) | $ 6 |
Segment Information (Total Asse
Segment Information (Total Assets of Reportable Segments) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 75,654 | $ 76,731 |
Americas [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 40,686 | 44,470 |
CANADA | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 4,410 | 4,425 |
EMEA [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 9,975 | 10,534 |
Asia Pacific [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 10,589 | 9,357 |
Corporate and Other [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 9,994 | 7,945 |
Life Insurance Product Line [Member] | Americas [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 19,418 | 19,353 |
Life Insurance Product Line [Member] | CANADA | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 4,366 | 4,361 |
Life Insurance Product Line [Member] | EMEA [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 3,924 | 4,032 |
Life Insurance Product Line [Member] | Asia Pacific [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 7,118 | 6,800 |
Nontraditional Long-Duration Contracts [Member] | Americas [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 21,268 | 25,117 |
Nontraditional Long-Duration Contracts [Member] | CANADA | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 44 | 64 |
Nontraditional Long-Duration Contracts [Member] | EMEA [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 6,051 | 6,502 |
Nontraditional Long-Duration Contracts [Member] | Asia Pacific [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 3,471 | $ 2,557 |
Commitments, Contingencies an_3
Commitments, Contingencies and Guarantees (Commitments to Fund Investments) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Limited Partner [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $ 693 | $ 685 |
Commercial Loan [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 62 | 243 |
Bank Loans [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 106 | 181 |
Equity Release Mortgages [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $ 47 | $ 87 |
Commitments, Contingencies an_4
Commitments, Contingencies and Guarantees (Maximum Potential Obligation) (Details) $ in Millions | Mar. 31, 2020USD ($) |
Commitment Period Two Thousand Twenty Three [Member] | |
Other Commitments [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 2,607 |
Commitment Period Two Thousand Thirty Three [Member] | |
Other Commitments [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 3,408 |
Commitment Period Two Thousand Thirty Four [Member] | |
Other Commitments [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 5,750 |
Commitment Period Two Thousand Thirty Five [Member] | |
Other Commitments [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 2,300 |
Commitment Period Two Thousand Thirty Six [Member] | |
Other Commitments [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 5,750 |
Commitments, Contingencies an_5
Commitments, Contingencies and Guarantees (Guarantees Issued) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Insurance Treaty Guarantee [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Current Carrying Value | $ 1,684 | $ 1,821 |
Insurance Treaty Guarantee Net Of Assets Held In Trust [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Current Carrying Value | 812 | 891 |
Guarantee Of Borrowed Securities [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Current Carrying Value | 267 | 275 |
Product Financing Arrangement [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Current Carrying Value | $ 35 | $ 42 |
Commitments, Contingencies an_6
Commitments, Contingencies and Guarantees Commitments, Contingencies and Guarantees (Narrative) (Details) $ in Millions | Mar. 31, 2020USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Liability For Expected Credit Losses Included in Other Liabilities | $ 1 |
Income Tax (Provision for Incom
Income Tax (Provision for Income Tax Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ (20) | $ 45 |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | 4 | 1 |
Income Tax Reconciliation Foreign Income Tax Basis Differential | 3 | (15) |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | (4) | 19 |
Effective Income Tax Rate Reconciliation, Tax Contingency, Domestic, Amount | 6 | 1 |
Income Tax Reconciliation Change In Foreign Enacted Tax Rate | 0 | (2) |
Effective Income Tax Rate Reconciliation, Equity in Earnings (Losses) of Unconsolidated Subsidiary, Amount | (1) | (2) |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 4 | 0 |
Income Tax Expense (Benefit) | $ (8) | $ 47 |
Effective Income Tax Rate Reconciliation, Percent | 8.90% | 21.70% |
Employee Benefit Plans (Defined
Employee Benefit Plans (Defined Benefit Plans Disclosure) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 3 | $ 3 |
Interest cost | 2 | 1 |
Expected return on plan assets | (2) | (2) |
Amortization of prior service cost | 0 | 0 |
Amortization of prior actuarial loss | 1 | 1 |
Total | 4 | 3 |
Other Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 0 | 1 |
Interest cost | 1 | 0 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service cost | 0 | 0 |
Amortization of prior actuarial loss | 0 | 1 |
Total | $ 1 | $ 2 |
Reinsurance (Ceded Reinsurance
Reinsurance (Ceded Reinsurance Receivable Assets) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables | $ 889 | $ 904 |
Reinsurance Recoverables, Percentage of Total | 100.00% | 100.00% |
Other Reinsurers [Member] | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables | $ 157 | $ 149 |
Reinsurance Recoverables, Percentage of Total | 17.70% | 16.40% |
AM Best, A+ Rating [Member] | Reinsurer A [Member] | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables | $ 383 | $ 367 |
Reinsurance Recoverables, Percentage of Total | 43.10% | 40.60% |
AM Best, A+ Rating [Member] | Reinsurer B [Member] | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables | $ 193 | $ 208 |
Reinsurance Recoverables, Percentage of Total | 21.70% | 23.00% |
AM Best, A+ Rating [Member] | Reinsurer E [Member] | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables | $ 42 | $ 43 |
Reinsurance Recoverables, Percentage of Total | 4.70% | 4.80% |
AM Best, A++ Rating [Member] | Reinsurer D [Member] | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables | $ 49 | $ 53 |
Reinsurance Recoverables, Percentage of Total | 5.50% | 5.90% |
AM Best, A Rating [Member] | Reinsurer C [Member] | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables | $ 65 | $ 84 |
Reinsurance Recoverables, Percentage of Total | 7.30% | 9.30% |
Reinsurance (Narrative) (Detail
Reinsurance (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Ceded Credit Risk [Line Items] | ||
Reinsurance Claims Recoverables | $ 223 | $ 223 |
Claims Recoverable From Retrocessionaires Past Due | $ 13 | $ 15 |
AM Best, A- Rating [Member] | ||
Ceded Credit Risk [Line Items] | ||
Ceded Credit Risk, Disclosure | “A- (excellent)” |
Policy Claims and Benefits (Det
Policy Claims and Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||||
Liability for Claims and Claims Adjustment Expense | $ 6,904 | $ 6,934 | $ 6,786 | $ 6,585 |
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | (580) | (500) | (564) | (433) |
Liability For Unpaid Claims And Claims Adjustment Expense Net Of Recoverable | 6,324 | 6,434 | $ 6,222 | $ 6,152 |
Current Year Claims and Claims Adjustment Expense | 2,838 | 2,808 | ||
Prior Year Claims and Claims Adjustment Expense | 11 | 31 | ||
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims | 2,849 | 2,839 | ||
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Current Year | (131) | (187) | ||
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Prior Years | (2,342) | (2,387) | ||
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid | (2,473) | (2,574) | ||
Interest On Liability For Policy And Contract Claims | 9 | 7 | ||
Liability for Unpaid Claims and Claims Adjustment Expense, Foreign Currency Translation Gain (Loss) | (283) | 10 | ||
Liability for Unpaid Claims and Claims Adjustment Expense Other | $ (274) | $ 17 |
New Accounting Standards New Ac
New Accounting Standards New Accounting Standards (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Adoption of New Accounting Standard Current Expected Credit Losses | $ (12) | $ 0 |
Accounting Standards Update 2016-13 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Adoption of New Accounting Standard Current Expected Credit Losses | 15 | |
Adjustments for New Accounting Pronouncement [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Adoption of New Accounting Standard Current Expected Credit Losses | $ 55 |