Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 31, 2021 | |
Document Information [Line Items] | ||
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 67,996,937 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | MO | |
Entity Tax Identification Number | 43-1627032 | |
Entity File Number | 1-11848 | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Type | 10-Q | |
Entity Central Index Key | 0000898174 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | REINSURANCE GROUP OF AMERICA, INCORPORATED |
Document and Entity Informati_2
Document and Entity Information Address | 6 Months Ended |
Jun. 30, 2021 | |
Entity Addresses [Line Items] | |
City Area Code | 636 |
Local Phone Number | 736-7000 |
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 |
Document and Entity Informati_3
Document and Entity Information Document and Entity Information Entity Listings - NEW YORK STOCK EXCHANGE, INC. [Member] | 6 Months Ended |
Jun. 30, 2021 | |
RGA [Member] | |
Entity Listings [Line Items] | |
Title of 12(b) Security | Common Stock, par value $0.01 |
Trading Symbol | RGA |
Security Exchange Name | NYSE |
RZA [Member] | |
Entity Listings [Line Items] | |
Title of 12(b) Security | 6.20% Fixed-To-Floating Rate Subordinated Debentures due 2042 |
Trading Symbol | RZA |
Security Exchange Name | NYSE |
RZB [Member] | |
Entity Listings [Line Items] | |
Title of 12(b) Security | 5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056 |
Trading Symbol | RZB |
Security Exchange Name | NYSE |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Fixed maturity securities available-for-sale, at fair value (amortized cost of $52,797 and $49,548; allowance for credit losses of $16 and $20) | $ 58,287 | $ 56,735 |
Equity securities, at fair value | 147 | 132 |
Mortgage loans on real estate (net of allowance for credit losses of $45 and $64) | 6,481 | 5,787 |
Policy loans | 1,254 | 1,258 |
Funds withheld at interest | 7,049 | 5,432 |
Short-term investments | 184 | 227 |
Other invested assets | 2,924 | 2,829 |
Total investments | 76,326 | 72,400 |
Cash and cash equivalents | 3,254 | 3,408 |
Accrued investment income | 525 | 511 |
Premiums receivable and other reinsurance balances | 3,102 | 2,842 |
Reinsurance ceded receivables | 1,093 | 983 |
Deferred policy acquisition costs | 3,622 | 3,616 |
Other assets | 1,022 | 896 |
Total assets | 88,944 | 84,656 |
Liabilities and Stockholders’ Equity | ||
Future policy benefits | 33,761 | 31,453 |
Interest-sensitive contract liabilities | 26,161 | 23,276 |
Other policy claims and benefits | 6,795 | 6,413 |
Other reinsurance balances | 531 | 598 |
Deferred income taxes | 2,699 | 3,263 |
Other liabilities | 2,057 | 1,340 |
Long-term debt | 3,173 | 3,573 |
Collateral finance and securitization notes | 323 | 388 |
Total liabilities | 75,500 | 70,304 |
Commitments and contingent liabilities (See Note 8) | ||
Stockholders’ Equity: | ||
Preferred stock – par value $0.01 per share, 10,000,000 shares authorized, no shares issued or outstanding | 0 | 0 |
Common stock – par value $0.01 per share, 140,000,000 shares authorized, 85,310,598 shares issued at June 30, 2021 and December 31, 2020 | 1 | 1 |
Additional paid-in capital | 2,430 | 2,406 |
Retained earnings | 8,531 | 8,148 |
Treasury stock, at cost – 17,313,661 and 17,353,697 shares | (1,559) | (1,562) |
Accumulated other comprehensive income | 4,041 | 5,359 |
Total stockholders’ equity | 13,444 | 14,352 |
Total liabilities and stockholders’ equity | $ 88,944 | $ 84,656 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS PARENTHETICAL - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Available for Sale at Fair value - Amortized cost | $ 52,797 | $ 49,548 |
Available-for-sale Equity Securities, Amortized Cost Basis | $ 16 | $ 20 |
Preferred stock par value (per share) | $ 0.01 | |
Preferred stock shares authorized | 10,000,000 | |
Common stock par value (per share) | $ 0.01 | |
Common stock shares authorized | 140,000,000 | |
Common Stock, Shares, Issued | 85,310,598 | |
Treasury stock, shares | 17,313,661 | 17,353,697 |
Allowances for Loan and Lease Losses, Real Estate | $ 45 | $ 64 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues: | ||||
Net premiums | $ 3,098 | $ 2,790 | $ 6,012 | $ 5,609 |
Investment income, net of related expenses | 759 | 645 | 1,571 | 1,239 |
Investment related gains (losses), net | 112 | 81 | 414 | (204) |
Other revenues | 168 | 90 | 259 | 166 |
Total revenues | 4,137 | 3,606 | 8,256 | 6,810 |
Benefits and Expenses: | ||||
Claims and other policy benefits | 2,813 | 2,700 | 6,005 | 5,364 |
Interest credited | 218 | 187 | 364 | 333 |
Policy acquisition costs and other insurance expenses | 339 | 290 | 672 | 538 |
Other operating expenses | 240 | 188 | 454 | 383 |
Interest expense | 43 | 42 | 88 | 83 |
Collateral finance and securitization expense | 2 | 4 | 5 | 10 |
Total benefits and expenses | 3,655 | 3,411 | 7,588 | 6,711 |
Income before income taxes | 482 | 195 | 668 | 99 |
Provision for income taxes | 138 | 37 | 185 | 29 |
Net income | $ 344 | $ 158 | $ 483 | $ 70 |
Earnings per share: | ||||
Basic earnings per share | $ 5.06 | $ 2.49 | $ 7.11 | $ 1.12 |
Diluted earnings per share | $ 5.02 | $ 2.48 | $ 7.06 | $ 1.11 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Comprehensive income (loss) | ||||
Net income | $ 344 | $ 158 | $ 483 | $ 70 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments | 19 | 13 | 49 | (118) |
Net unrealized investment gains (losses) | 1,020 | 2,663 | (1,367) | 790 |
Defined benefit pension and postretirement plan adjustments | 0 | (5) | 0 | (8) |
Total other comprehensive income (loss), net of tax | 1,039 | 2,671 | (1,318) | 664 |
Total comprehensive income (loss) | $ 1,383 | $ 2,829 | $ (835) | $ 734 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY Statement - 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 | $ 11,601 | $ 1 | $ 1,937 | $ 7,952 | $ (1,426) | $ 3,137 |
Net income | 70 | 70 | ||||
Other Comprehensive Income (Loss), Net of Tax | 664 | |||||
Dividends, Common Stock, Cash | (87) | (87) | ||||
Proceeds from issuance of common stock, net | 481 | 481 | ||||
Treasury Stock, Value, Acquired, Cost Method | (162) | (162) | ||||
Stock Issued During Period, Value, Treasury Stock Reissued | (2) | (5) | (22) | (25) | ||
Stockholders' Equity, Other | Accounting Standards Update 2018-02 | (12) | (12) | ||||
Stockholders' Equity Attributable to Parent | 9,301 | 1 | 1,942 | 7,802 | (1,574) | 1,130 |
Net income | 158 | 158 | ||||
Other Comprehensive Income (Loss), Net of Tax | 2,671 | |||||
Dividends, Common Stock, Cash | (43) | (43) | ||||
Proceeds from issuance of common stock, net | 481 | 481 | ||||
Treasury Stock, Value, Acquired, Cost Method | (6) | (6) | ||||
Stock Issued During Period, Value, Treasury Stock Reissued | (9) | (10) | (16) | (17) | ||
Stockholders' Equity Attributable to Parent | 12,553 | 1 | 2,413 | 7,901 | (1,563) | 3,801 |
Stockholders' Equity Attributable to Parent | 14,352 | 1 | 2,406 | 8,148 | (1,562) | 5,359 |
Net income | 483 | 483 | ||||
Other Comprehensive Income (Loss), Net of Tax | (1,318) | |||||
Dividends, Common Stock, Cash | (95) | (95) | ||||
Proceeds from issuance of common stock, net | 0 | |||||
Treasury Stock, Value, Acquired, Cost Method | (2) | (2) | ||||
Stock Issued During Period, Value, Treasury Stock Reissued | (24) | (24) | (5) | (5) | ||
Stockholders' Equity, Other | Accounting Standards Update 2018-02 | 0 | 0 | ||||
Stockholders' Equity Attributable to Parent | 12,090 | 1 | 2,411 | 8,235 | (1,559) | 3,002 |
Net income | 344 | 344 | ||||
Other Comprehensive Income (Loss), Net of Tax | 1,039 | |||||
Dividends, Common Stock, Cash | (47) | (47) | ||||
Treasury Stock, Value, Acquired, Cost Method | (1) | (1) | ||||
Stock Issued During Period, Value, Treasury Stock Reissued | (19) | (19) | (1) | (1) | ||
Stockholders' Equity Attributable to Parent | $ 13,444 | $ 1 | $ 2,430 | $ 8,531 | $ (1,559) | $ 4,041 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||
Common Stock, Dividends, Per Share, Declared | $ 700 | $ 700 | $ 1,400 | $ 1,400 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Net Cash Provided by (Used in) Operating Activities | $ 2,330 | $ 2,579 |
Cash flows from investing activities: | ||
Sales of fixed maturity securities available-for-sale | 7,235 | 3,835 |
Maturities of fixed maturity securities available-for-sale | 545 | 406 |
Sales of equity securities | 3 | 180 |
Principal payments and sales of mortgage loans on real estate | 417 | 283 |
Cash invested in policy loans | 12 | 15 |
Purchases of fixed maturity securities available-for-sale | 9,885 | 4,875 |
Purchases of equity securities | (1) | (21) |
Cash invested in mortgage loans on real estate | (783) | (604) |
Principal payments on policy loans | 8 | 6 |
Cash invested in funds withheld at interest | 52 | 49 |
Proceeds from sale of businesses, net of cash transferred of $43 | (19) | 0 |
Purchases of property and equipment | (10) | (11) |
Change in short-term investments | 223 | (19) |
Change in other invested assets | 112 | (158) |
Net cash provided by (used in) investing activities | (2,173) | (1,024) |
Cash flows from financing activities: | ||
Dividends to stockholders | (95) | (87) |
Proceeds from issuance of common stock, net | 0 | 481 |
Repayment of collateral finance and securitization notes | (65) | (160) |
Proceeds from long-term debt issuance | 0 | 598 |
Debt issuance costs | 0 | (5) |
Principal payments of long-term debt | (401) | (1) |
Purchases of treasury stock | (2) | (162) |
Exercise of stock options, net | 0 | 1 |
Change in cash collateral for derivative positions and other arrangements | 184 | 93 |
Deposits on universal life and other investment type policies and contracts | 599 | 1,004 |
Withdrawals on universal life and other investment type policies and contracts | (520) | (429) |
Net cash provided by (used in) financing activities | (300) | 1,333 |
Effect of exchange rate changes on cash | (11) | (24) |
Cash and cash equivalents, beginning of period | 3,408 | 1,449 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total | (154) | 2,864 |
Cash and cash equivalents, end of period | $ 3,254 | $ 4,313 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (PARENTHETICAL) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Cash Flows [Abstract] | ||
Cash Acquired from Acquisition | $ 43 | |
Supplemental disclosures of cash flow information: | ||
Interest paid | $ 85 | 80 |
Income taxes paid (received), net of refunds | 185 | (12) |
Transfer of invested assets | 1,557 | 0 |
Assets disposed, net of cash transferred | (512) | 0 |
Liabilities disposed | $ (504) | $ 0 |
Business and Basis of Presentat
Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
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 2020 Annual Report on Form 10-K filed with the SEC on February 26, 2021 (the “2020 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, 2021. Consolidation |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, Six months ended June 30, 2021 2020 2021 2020 Earnings: Net income $ 344 $ 158 $ 483 $ 70 Shares: Weighted average outstanding shares 68 63 68 63 Equivalent shares from outstanding stock options 1 1 1 1 Denominator for diluted calculation 69 64 69 64 Earnings per share: Basic $ 5.06 $ 2.49 $ 7.11 $ 1.12 Diluted $ 5.02 $ 2.48 $ 7.06 $ 1.11 The calculation of common equivalent shares does not include the impact of stock awards with a conversion price that exceeds the average stock price for the earnings period, as the result would be antidilutive. 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. Approximately 0.9 million and 1.3 million stock awards and approximately 0.5 million performance contingent shares were excluded from the calculation of common equivalent shares during the three and six month periods ended June 30, 2021, respectively. |
Equity
Equity | 6 Months Ended |
Jun. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Equity Common Stock The changes in the number of common stock issued, held in treasury and outstanding are as follows for the periods indicated: Issued Held In Treasury Outstanding Balance, December 31, 2020 85,310,598 17,353,697 67,956,901 Issuance of common stock — — — Common stock acquired — — — Stock-based compensation (1) — (40,036) 40,036 Balance, June 30, 2021 85,310,598 17,313,661 67,996,937 Issued Held In Treasury Outstanding Balance, December 31, 2019 79,137,758 16,481,656 62,656,102 Issuance of common stock 6,172,840 — 6,172,840 Common stock acquired — 1,074,413 (1,074,413) Stock-based compensation (1) — (181,330) 181,330 Balance, June 30, 2020 85,310,598 17,374,739 67,935,859 (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. In January 2019, RGA’s board of directors authorized a 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. On August 3, 2021, the Company announced the lifting of the existing suspension on share repurchases. During the six months ended June 30, 2021, RGA did not repurchase any shares of common stock under this program. During the first six months of 2020, RGA repurchased 1,074,413 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 six months ended June 30, 2021 and 2020 are as follows (dollars in millions): Accumulated Unrealized Appreciation (Depreciation) of Investments (1) Pension and Total Balance, December 31, 2020 $ (69) $ 5,500 $ (72) $ 5,359 Other comprehensive income (loss) before reclassifications 55 (1,607) (3) (1,555) Amounts reclassified to (from) AOCI — (154) 3 (151) Deferred income tax benefit (expense) (6) 394 — 388 Balance, June 30, 2021 $ (20) $ 4,133 $ (72) $ 4,041 Accumulated Unrealized Appreciation (Depreciation) of Investments (1) Pension and Total Balance, December 31, 2019 $ (92) $ 3,299 $ (70) $ 3,137 Other comprehensive income (loss) before reclassifications (116) 1,034 (12) 906 Amounts reclassified to (from) AOCI — — 2 2 Deferred income tax benefit (expense) (2) (244) 2 (244) Balance, June 30, 2020 $ (210) $ 4,089 $ (78) $ 3,801 (1) Includes cash flow hedges of $(40) and $(49) as of June 30, 2021 and December 31, 2020, respectively, and $(74) and $(26) as of June 30, 2020 and December 31, 2019, 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 and six months ended June 30, 2021 and 2020 (dollars in millions): Amount Reclassified from AOCI Three months ended June 30, Six months ended June 30, Details about AOCI Components 2021 2020 2021 2020 Affected Line Item in Statements of Income Net unrealized investment gains (losses): Net unrealized gains (losses) on available-for-sale securities $ 26 $ 11 $ 183 $ (28) Investment related gains (losses), net Cash flow hedges – Interest rate — (1) (2) (1) (1) Cash flow hedges – Currency/Interest rate (4) — (4) — (1) Deferred policy acquisition costs attributed to unrealized gains and losses 19 131 (23) 29 (2) Total 41 141 154 — Provision for income taxes (9) (29) (33) (2) Net unrealized gains (losses), net of tax $ 32 $ 112 $ 121 $ (2) Amortization of defined benefit plan items: Prior service cost (credit) $ 1 $ 1 $ 1 $ 1 (3) Actuarial gains (losses) (3) (2) (4) (3) (3) Total (2) (1) (3) (2) Provision for income taxes 1 — 1 — Amortization of defined benefit plans, net of tax $ (1) $ (1) $ (2) $ (2) Total reclassifications for the period $ 31 $ 111 $ 119 $ (4) (1) See Note 5 – “Derivative Instruments” for additional information on cash flow hedges. |
Equity Based Compensation
Equity Based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Equity Based Compensation | Equity Based Compensation Equity compensation expense was $24 million and $(5) million in the first six months of 2021 and 2020, respectively. In the first quarter of 2021, the Company granted 200,239 stock appreciation rights at $129.01 weighted average exercise price per share, 167,883 performance contingent awards and 327,813 restricted stock units to employees. Performance contingent awards include both performance contingent shares and performance share units. Additionally, non-employee directors were granted a total of 8,154 shares of common stock. As of June 30, 2021, 1,633,693 share awards at a weighted average strike price per share of $96.87 were vested and exercisable, with a remaining weighted average exercise period of 4.4 years. As of June 30, 2021, the total compensation cost of non-vested awards not yet recognized in the condensed consolidated financial statements was $56 million. It is estimated that these costs will vest over a weighted average period of 1.0 year. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 and December 31, 2020 (dollars in millions): June 30, 2021: Amortized Allowance for Credit Losses Unrealized Gains Unrealized Losses Estimated % of Total Available-for-sale: Corporate $ 33,687 $ 11 $ 3,465 $ 137 $ 37,004 63.4 % Canadian government 3,303 — 1,602 2 4,903 8.4 RMBS 1,323 — 60 6 1,377 2.4 ABS 3,467 — 36 21 3,482 6.0 CMBS 1,774 1 102 6 1,869 3.2 U.S. government 1,295 — 47 24 1,318 2.3 State and political subdivisions 1,206 — 144 6 1,344 2.3 Other foreign government 6,742 4 317 65 6,990 12.0 Total fixed maturity securities $ 52,797 $ 16 $ 5,773 $ 267 $ 58,287 100.0 % December 31, 2020: Amortized Cost Allowance for Credit Losses Unrealized Gains Unrealized Losses Estimated Fair Value % of Total Available-for-sale: Corporate $ 31,963 $ 17 $ 4,356 $ 94 $ 36,208 63.9 % Canadian government 3,145 — 1,995 — 5,140 9.1 RMBS 1,735 — 84 2 1,817 3.2 ABS 3,099 — 35 42 3,092 5.4 CMBS 1,790 3 102 21 1,868 3.3 U.S. government 1,242 — 196 1 1,437 2.5 State and political subdivisions 1,237 — 157 4 1,390 2.4 Other foreign government 5,337 — 479 33 5,783 10.2 Total fixed maturity securities $ 49,548 $ 20 $ 7,404 $ 197 $ 56,735 100.0 % 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 June 30, 2021 and December 31, 2020, 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 June 30, 2021 and December 31, 2020 (dollars in millions): June 30, 2021 December 31, 2020 Amortized Estimated Amortized Estimated Fixed maturity securities pledged as collateral $ 125 $ 135 $ 148 $ 162 Fixed maturity securities received as collateral n/a 1,881 n/a 1,784 Assets in trust held to satisfy collateral requirements 27,929 30,749 27,675 31,179 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 the securities disclosed below, as of June 30, 2021. 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 December 31, 2020 (dollars in millions). June 30, 2021 December 31, 2020 Amortized Estimated Amortized Estimated Fixed maturity securities guaranteed or issued by: Government of Japan $ 2,890 $ 2,879 $ 1,493 $ 1,491 Canadian province of Quebec 1,372 2,315 1,303 2,474 Canadian province of Ontario 1,097 1,477 1,054 1,528 The amortized cost and estimated fair value of fixed maturity securities classified as available-for-sale as of June 30, 2021, 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 $ 1,143 $ 1,150 Due after one year through five years 8,350 8,887 Due after five years through ten years 10,565 11,518 Due after ten years 26,175 30,004 Structured securities 6,564 6,728 Total $ 52,797 $ 58,287 Corporate Fixed Maturity Securities The tables below show the major sectors of the Company’s corporate fixed maturity holdings as of June 30, 2021 and December 31, 2020 (dollars in millions): June 30, 2021: Estimated Amortized Cost Fair Value % of Total Finance $ 12,479 $ 13,627 36.8 % Industrial 17,032 18,749 50.7 Utility 4,176 4,628 12.5 Total $ 33,687 $ 37,004 100.0 % December 31, 2020: Estimated Amortized Cost Fair Value % of Total Finance $ 11,785 $ 13,236 36.6 % Industrial 16,274 18,435 50.9 Utility 3,904 4,537 12.5 Total $ 31,963 $ 36,208 100.0 % Allowance for Credit Losses and Impairments – Fixed Maturity Securities Available-for-Sale As discussed in Note 2 – “Significant Accounting Policies and Pronouncements” of the Company’s 2020 Annual Report, 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 following table presents the rollforward of the allowance for credit losses in fixed maturity securities by type for the six months ended June 30, 2021 and 2020 (dollars in millions) : Six months ended June 30, 2021 Corporate CMBS Other Foreign Government Total Balance, beginning of period $ 17 $ 3 $ — $ 20 Credit losses recognized on securities for which credit losses were not previously recorded 2 1 4 7 Reductions for securities sold during the period (8) (2) — (10) Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period — (1) — (1) Balance, end of period $ 11 $ 1 $ 4 $ 16 Six months ended June 30, 2020 Corporate CMBS Other Foreign Government Total Balance, beginning of period $ — $ — $ — $ — Credit losses recognized on securities for which credit losses were not previously recorded 40 — 2 42 Reductions for securities sold during the period (8) — (1) (9) Balance, end of period $ 32 $ — $ 1 $ 33 Unrealized Losses for Fixed Maturity Securities Available-for-Sale The following table presents the total gross unrealized losses for the 1,223 and 877 fixed maturity securities as of June 30, 2021 and December 31, 2020, where the estimated fair value had declined and remained below amortized cost by the indicated amount (dollars in millions): June 30, 2021 December 31, 2020 Gross % of Total Gross % of Total Less than 20% $ 213 79.8 % $ 133 67.5 % 20% or more for less than six months 2 0.7 42 21.3 20% or more for six months or greater 52 19.5 22 11.2 Total $ 267 100.0 % $ 197 100.0 % 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 June 30, 2021 and December 31, 2020 (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 June 30, 2021: Estimated Unrealized Estimated Unrealized Estimated Unrealized Fair Value Losses Fair Value Losses Fair Value Losses Investment grade securities: Corporate $ 2,596 $ 79 $ 168 $ 6 $ 2,764 $ 85 Canadian government 24 2 — — 24 2 RMBS 261 5 21 1 282 6 ABS 800 4 754 5 1,554 9 CMBS — — 24 1 24 1 U.S. government 364 24 — — 364 24 State and political subdivisions 95 2 29 4 124 6 Other foreign government 1,630 37 561 23 2,191 60 Total investment grade securities 5,770 153 1,557 40 7,327 193 Below investment grade securities: Corporate 258 42 168 10 426 52 ABS 24 1 15 11 39 12 CMBS — — 43 5 43 5 Other foreign government 66 3 16 2 82 5 Total below investment grade securities 348 46 242 28 590 74 Total fixed maturity securities $ 6,118 $ 199 $ 1,799 $ 68 $ 7,917 $ 267 Less than 12 months 12 months or greater Total Gross Gross Gross December 31, 2020: Estimated Unrealized Estimated Unrealized Estimated Unrealized Fair Value Losses Fair Value Losses Fair Value Losses Investment grade securities: Corporate $ 930 $ 29 $ 70 $ 5 $ 1,000 $ 34 Canadian government — — — — — — RMBS 294 2 — — 294 2 ABS 1,096 17 570 11 1,666 28 CMBS 160 6 — — 160 6 U.S. government 27 1 — — 27 1 State and political subdivisions 66 1 16 3 82 4 Other foreign government 973 27 — — 973 27 Total investment grade securities 3,546 83 656 19 4,202 102 Below investment grade securities: Corporate 375 49 81 11 456 60 ABS 20 13 4 1 24 14 CMBS 91 15 — — 91 15 Other foreign government 36 3 28 3 64 6 Total below investment grade securities 522 80 113 15 635 95 Total fixed maturity securities $ 4,068 $ 163 $ 769 $ 34 $ 4,837 $ 197 The Company has no intention to sell, nor does it expect to be required to sell, the securities outlined in the tables 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 and Investment Related Gains (Loss), Net – Accounting Correction During the first quarter of 2021, the Company reclassified approximately $92 million of pre-tax unrealized gains from AOCI to investment income, net of related expenses associated with investments in limited partnerships and private equity funds for which it utilizes the equity method of accounting. The unrealized gains should have been recognized directly in investment income in the same prior periods they were reported by the investees. In addition, the Company recorded approximately $70 million of pre-tax gains in investment related gains (losses), net, associated with investments in limited partnerships considered to be investment companies in order to adjust the carrying value from cost less impairments to a fair value approach, using the net asset value (“NAV”) per share or its equivalent. Had the adjustments been recorded in the years they were reported by the investees, the Company estimates it would have recognized approximately $102 million, $(2) million, $1 million and $10 million of pre-tax income (loss) in the years ended December 31, 2020, 2019, 2018 and 2017, respectively. 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 June 30, Six months ended June 30, 2021 2020 2021 2020 Fixed maturity securities available-for-sale $ 516 $ 474 $ 1,011 $ 954 Equity securities 1 1 3 3 Mortgage loans on real estate 73 66 139 133 Policy loans 13 14 27 29 Funds withheld at interest 95 69 179 122 Short-term investments and cash and cash equivalents — 2 1 6 Other invested assets 87 41 261 36 Investment income 785 667 1,621 1,283 Investment expense (26) (22) (50) (44) Investment income, net of related expenses $ 759 $ 645 $ 1,571 $ 1,239 Investment Related Gains (Losses), Net Investment related gains (losses), net, consist of the following (dollars in millions): Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Fixed maturity securities available-for-sale: Impairments and change in allowance for credit losses $ 5 $ — $ 3 $ (34) Gain on investment activity 53 46 220 73 Loss on investment activity (30) (46) (43) (54) Net gains (losses) on equity securities 20 8 23 (15) Other impairment losses and change in mortgage loan allowance for credit losses 3 (22) 21 (35) Change in fair value of certain limited partnership investments and other, net 32 8 143 17 Net gains (losses) on derivatives 29 87 47 (156) Total investment related gains (losses), net $ 112 $ 81 $ 414 $ (204) Securities Borrowing, Lending and Repurchase Agreements The following table includes the amount of borrowed securities, loaned securities and securities received as collateral as part of the securities lending program and repurchased/reverse repurchased securities pledged, securities received and cash received as of June 30, 2021 and December 31, 2020 (dollars in millions). June 30, 2021 December 31, 2020 Amortized Estimated Amortized Estimated Borrowed securities $ 318 $ 360 $ 118 $ 161 Securities lending: Securities loaned 94 103 94 105 Securities received n/a 102 n/a 102 Repurchase program/reverse repurchase program: Securities pledged 877 919 653 711 Securities received n/a 670 n/a 669 Cash received n/a 207 n/a — No cash or securities have been pledged by the Company for its securities borrowing and lending programs as of June 30, 2021 and December 31, 2020. The following tables present information on the Company’s securities lending and repurchase/reverse repurchase transactions as of June 30, 2021 and December 31, 2020, respectively (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. June 30, 2021 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 $ — $ — $ — $ 103 $ 103 Total — — — 103 103 Repurchase/reverse repurchase transactions: Corporate — — — 411 411 Other foreign government — — 220 288 508 Total — — 220 699 919 Total transactions $ — $ — $ 220 $ 802 $ 1,022 Gross amount of recognized liabilities for securities lending and repurchase/reverse repurchase transactions in preceding table $ 979 Amounts related to agreements not included in offsetting disclosure $ 43 December 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 $ — $ — $ — $ 105 $ 105 Total — — — 105 105 Repurchase/reverse repurchase transactions: Corporate — — — 417 417 Other foreign government — — — 294 294 Total — — — 711 711 Total transactions $ — $ — $ — $ 816 $ 816 Gross amount of recognized liabilities for securities lending and repurchase/reverse repurchase transactions in preceding table $ 771 Amounts related to agreements not included in offsetting disclosure $ 45 The Company has elected to offset amounts recognized as receivables and payables resulting from the repurchase/reverse repurchase programs excluding any cash received or paid. After the effect of offsetting, there was no liability presented on the consolidated balance sheet as of June 30, 2021 and December 31, 2020. As of June 30, 2021, the Company recognized payables resulting from cash received as collateral associated with a repurchase/reverse repurchase agreement. As of December 31, 2020, the Company did not have payables resulting from cash received as collateral associated with repurchase/reverse repurchase agreements. 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 June 30, 2021, mortgage loans were geographically dispersed throughout the U.S. with the largest concentrations in Texas (13.5%), California (13.4%) and Washington (8.1%), in addition to loans secured by properties in Canada (3.2%) and United Kingdom (1.8%). The recorded investment in mortgage loans on real estate presented below is gross of unamortized deferred loan origination fees and expenses and allowance for credit losses. The following table presents the distribution of the Company’s recorded investment in mortgage loans by property type as of June 30, 2021 and December 31, 2020 (dollars in millions): June 30, 2021 December 31, 2020 Property type: Carrying Value % of Total Carrying Value % of Total Office $ 1,733 26.5 % $ 1,702 29.0 % Retail 2,036 31.2 1,711 29.3 Industrial 1,388 21.2 1,210 20.6 Apartment 897 13.7 808 13.8 Other commercial 483 7.4 430 7.3 Recorded investment 6,537 100.0 % 5,861 100.0 % Unamortized balance of loan origination fees and expenses (11) (10) Allowance for credit losses (45) (64) Total mortgage loans on real estate $ 6,481 $ 5,787 The following table presents the maturities of the Company’s recorded investment in mortgage loans as of June 30, 2021 and December 31, 2020 (dollars in millions): June 30, 2021 December 31, 2020 Recorded % of Total Recorded % of Total Due within five years $ 2,585 39.6 % $ 2,276 38.8 % Due after five years through ten years 2,845 43.5 2,768 47.3 Due after ten years 1,107 16.9 817 13.9 Total $ 6,537 100.0 % $ 5,861 100.0 % The following tables set forth certain key credit quality indicators of the Company’s recorded investment in mortgage loans as of June 30, 2021 and December 31, 2020 (dollars in millions): Recorded Investment Debt Service Ratios Construction Loans >1.20x 1.00x – 1.20x <1.00x Total % of Total June 30, 2021: Loan-to-Value Ratio 0% – 59.99% $ 3,053 $ 274 $ 65 $ 24 $ 3,416 52.2 % 60% – 69.99% 2,110 200 42 — 2,352 36.0 70% – 79.99% 503 36 16 — 555 8.5 80% or greater 193 — 21 — 214 3.3 Total $ 5,859 $ 510 $ 144 $ 24 $ 6,537 100.0 % Recorded Investment Debt Service Ratios Construction >1.20x 1.00x – 1.20x <1.00x Total % of Total December 31, 2020: Loan-to-Value Ratio 0% – 59.99% $ 2,774 $ 106 $ 17 $ 12 $ 2,909 49.6 % 60% – 69.99% 2,013 62 33 — 2,108 36.0 70% – 79.99% 555 49 13 — 617 10.5 80% or greater 189 21 17 — 227 3.9 Total $ 5,531 $ 238 $ 80 $ 12 $ 5,861 100.0 % The following table sets forth credit quality grades by year of origination of the Company’s recorded investment in mortgage loans as of June 30, 2021 and December 31, 2020 (dollars in millions): Recorded Investment Year of Origination 2021 2020 2019 2018 2017 Prior Total June 30, 2021: Internal credit quality grade: High investment grade $ 491 $ 406 $ 569 $ 468 $ 304 $ 1,686 $ 3,924 Investment grade 263 366 474 371 399 580 2,453 Average 6 — — 39 18 57 120 Watch list — — — — — 4 4 In or near default — — — — — 36 36 Total $ 760 $ 772 $ 1,043 $ 878 $ 721 $ 2,363 $ 6,537 Recorded Investment Year of Origination 2020 2019 2018 2017 2016 Prior Total December 31, 2020: Internal credit quality grade: High investment grade $ 411 $ 616 $ 493 $ 336 $ 574 $ 1,008 $ 3,438 Investment grade 352 496 399 407 249 368 2,271 Average — — — 19 37 55 111 Watch list — — — — — 4 4 In or near default — — — — — 37 37 Total $ 763 $ 1,112 $ 892 $ 762 $ 860 $ 1,472 $ 5,861 The following table presents the current and past due composition of the Company’s recorded investment in mortgage loans as of June 30, 2021 and December 31, 2020 (dollars in millions): June 30, 2021 December 31, 2020 Current $ 6,522 $ 5,846 31 – 60 days past due 15 15 Total $ 6,537 $ 5,861 The following table presents the recorded investment in mortgage loans, by method of measuring impairment, and the related allowance for credit losses as of June 30, 2021 and December 31, 2020 (dollars in millions): June 30, 2021 December 31, 2020 Mortgage loans: Individually measured for impairment $ 36 $ 37 Collectively measured for impairment 6,501 5,824 Recorded investment $ 6,537 $ 5,861 Allowance for credit losses: Individually measured for impairment $ — $ — Collectively measured for impairment 45 64 Total allowance for credit losses $ 45 $ 64 The following table presents information regarding the Company’s allowance for credit losses for mortgage loans (dollars in millions): Six months ended June 30, 2021 2020 Balance, beginning of period $ 64 $ 12 Adoption of new accounting standard, see Note 14 — 14 Change in allowance for credit losses (19) 30 Balance, end of period $ 45 $ 56 The following table presents information regarding the portion of the Company’s mortgage loans that were impaired as of June 30, 2021 and December 31, 2020 (dollars in millions): Unpaid Recorded Related Carrying June 30, 2021: Impaired mortgage loans with no allowance for credit losses recorded $ 36 $ 36 $ — $ 36 Impaired mortgage loans with allowance for credit losses recorded — — — — Total impaired mortgage loans $ 36 $ 36 $ — $ 36 December 31, 2020: Impaired mortgage loans with no allowance for credit losses recorded $ 37 $ 37 $ — $ 37 Impaired mortgage loans with allowance for credit losses recorded — — — — Total impaired mortgage loans $ 37 $ 37 $ — $ 37 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 June 30, 2021 2020 Average (1) Interest Average Recorded Investment (1) Interest Impaired mortgage loans with no allowance for credit losses recorded $ 36 $ 1 $ 17 $ — Total impaired mortgage loans $ 36 $ 1 $ 17 $ — Six months ended June 30, 2021 2020 Average (1) Interest Average (1) Interest Impaired mortgage loans with no allowance for credit losses recorded $ 36 $ 1 $ 17 $ — Total impaired mortgage loans $ 36 $ 1 $ 17 $ — (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 six months ended June 30, 2021 and 2020. The Company had no mortgage loans that were on a nonaccrual status as of June 30, 2021 and December 31, 2020. During the six months ended June 30, 2021, the Company modified the payment terms of one commercial mortgage loan, with a carrying value of approximately $10 million in response to COVID-19. During the year ended December 31, 2020, the Company modified the payment terms of 52 commercial mortgage loans, with a carrying value of approximately $660 million in response to COVID-19. These loans met the criteria established in the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) and were not considered a troubled debt restructuring. In accordance with the CARES Act criteria, these loans were not more than 30 days past due at December 31, 2019, and the modifications included deferral or delayed payments of principal or interest on the loan. 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 June 30, 2021, $4.7 billion of the funds withheld at interest balance is associated with two clients. For reinsurance agreements written on 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. 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 include FHLB common stock, which is included in Other in the table below. The allowance for credit losses for lifetime mortgages as of June 30, 2021 and December 31, 2020, was $1 million and $2 million, respectively. Carrying values of these assets as of June 30, 2021 and December 31, 2020 are as follows (dollars in millions): June 30, 2021 December 31, 2020 Limited partnership interests and real estate joint ventures $ 1,611 $ 1,367 Lifetime mortgages 958 935 Derivatives 146 140 FVO contractholder-directed unit-linked investments 54 289 Other 155 98 Total other invested assets $ 2,924 $ 2,829 |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 2021 | |
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 2020 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, forward bond purchase commitments, and embedded derivatives. For detailed information on these derivative instruments and the related strategies, see Note 5 – “Derivative Instruments” of the Company’s 2020 Annual Report. Summary of Derivative Positions Derivatives, except for embedded derivatives, are included in other invested assets or other liabilities, at fair value. Embedded derivative assets and liabilities on 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 June 30, 2021 and December 31, 2020 (dollars in millions): June 30, 2021 December 31, 2020 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 $ 1,089 $ 74 $ 1 $ 1,084 $ 93 $ 1 Financial futures Equity 254 — — 258 — — Foreign currency swaps Foreign currency 150 — 6 150 — 18 Foreign currency forwards Foreign currency 459 1 4 347 4 2 CPI swaps CPI 607 19 11 612 11 19 Credit default swaps Credit 1,893 36 1 1,517 13 — Equity options Equity 479 23 — 395 29 — Synthetic GICs Interest rate 16,489 — — 16,644 — — Embedded derivatives in: Modco or funds withheld arrangements — 124 — — 58 — Indexed annuity products — — 726 — — 752 Variable annuity products — — 154 — — 155 Total non-hedging derivatives 21,420 277 903 21,007 208 947 Derivatives designated as hedging instruments: Interest rate swaps Foreign currency/Interest rate 920 5 27 802 3 24 Foreign currency swaps Foreign currency 193 3 1 234 8 1 Foreign currency forwards Foreign currency 1,327 9 24 1,255 10 15 Forward bond purchase commitments Interest rate 369 7 — — — — Total hedging derivatives 2,809 24 52 2,291 21 40 Total derivatives $ 24,229 $ 301 $ 955 $ 23,298 $ 229 $ 987 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 June 30, 2021 and 2020 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 June 30, 2021: Foreign currency swaps Foreign-denominated fixed maturity securities $ (2) $ 2 For the three months ended June 30, 2020: Foreign currency swaps Foreign-denominated fixed maturity securities $ 15 $ (13) For the six months ended June 30, 2021: Foreign currency swaps Foreign-denominated fixed maturity securities $ (2) $ 3 For the six months ended June 30, 2020: Foreign currency swaps Foreign-denominated fixed maturity securities $ (8) $ 2 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; (ii) certain interest rate swaps, in which the cash flows of assets are denominated in different currencies, commonly referred to as cross-currency swaps; and (iii) forward bond purchase commitments. The following tables present 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 and six months ended June 30, 2021 and 2020 (dollars in millions): Three months ended June 30, 2021 2020 Balance, beginning of period $ (71) $ (87) Gains deferred in other comprehensive income (loss) 29 12 Amounts reclassified to investment income — — Amounts reclassified to interest expense 2 1 Balance, end of period $ (40) $ (74) Six months ended June 30, 2021 2020 Balance, beginning of period $ (49) $ (26) Gains (losses) deferred in other comprehensive income (loss) 5 (49) Amounts reclassified to investment income — — Amounts reclassified to interest expense 4 1 Balance, end of period $ (40) $ (74) As of June 30, 2021, approximately $6 million of before-tax deferred net losses on derivative instruments recorded in AOCI are expected to be reclassified to interest expense during the next twelve months. For the same time period, there was an immaterial amount of before-tax deferred net gains expected to be reclassified to investment income during the next twelve months. 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 and six months ended June 30, 2021 and 2020 (dollars in millions): Derivative Type Gain (Loss) Deferred in AOCI Gain (Loss) Reclassified into Income from AOCI Investment Income Interest Expense For the three months ended June 30, 2021: Interest rate $ 29 $ — $ (2) Foreign currency/interest rate — — — Total $ 29 $ — $ (2) For the three months ended June 30, 2020: Interest rate $ (1) $ — $ (1) Foreign currency/interest rate 13 — — Total $ 12 $ — $ (1) For the six months ended June 30, 2021: Interest rate $ 6 $ — $ (4) Foreign currency/interest rate (1) — — Total $ 5 $ — $ (4) For the six months ended June 30, 2020: Interest rate $ (36) $ — $ (1) Foreign currency/interest rate (13) — — Total $ (49) $ — $ (1) For the three and six months ended June 30, 2021 and 2020, there were no material 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 and the gains (losses) deferred in AOCI for the three and six months ended June 30, 2021 and 2020 (dollars in millions): Derivative Gains (Losses) Deferred in AOCI Three months ended June 30, Six months ended June 30, Type of NIFO Hedge 2021 2020 2021 2020 Foreign currency swaps $ (2) $ (6) $ (3) $ 9 Foreign currency forwards (10) (34) (24) 46 Total $ (12) $ (40) $ (27) $ 55 The cumulative foreign currency translation gain recorded in AOCI related to these hedges was $112 million and $139 million at June 30, 2021 and December 31, 2020, 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. 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. 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 and six months ended June 30, 2021 and 2020 is as follows (dollars in millions): Three months ended June 30, Type of Non-hedging Derivative Income Statement Location of Gain (Loss) 2021 2020 Interest rate swaps Investment related gains (losses), net $ 33 $ 3 Financial futures Investment related gains (losses), net (9) (48) Foreign currency swaps Investment related gains (losses), net 3 3 Foreign currency forwards Investment related gains (losses), net (1) 1 CPI swaps Investment related gains (losses), net 3 26 Credit default swaps Investment related gains (losses), net 12 17 Equity options Investment related gains (losses), net (11) (25) Subtotal 30 (23) Embedded derivatives in: Modco or funds withheld arrangements Investment related gains (losses), net 16 1 Indexed annuity products Interest credited (13) (7) Variable annuity products Investment related gains (losses), net (17) 107 Total non-hedging derivatives $ 16 $ 78 Six months ended June 30, Type of Non-hedging Derivative Income Statement Location of Gain (Loss) 2021 2020 Interest rate swaps Investment related gains (losses), net $ (37) $ 109 Financial futures Investment related gains (losses), net (19) (4) Foreign currency swaps Investment related gains (losses), net 12 (10) Foreign currency forwards Investment related gains (losses), net (9) (2) CPI swaps Investment related gains (losses), net 21 (14) Credit default swaps Investment related gains (losses), net 32 (7) Equity options Investment related gains (losses), net (21) 28 Subtotal (21) 100 Embedded derivatives in: Modco or funds withheld arrangements Investment related gains (losses), net 66 (229) Indexed annuity products Interest credited 1 (1) Variable annuity products Investment related gains (losses), net 1 (21) Total non-hedging derivatives $ 47 $ (151) 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 June 30, 2021 and December 31, 2020 (dollars in millions): June 30, 2021 December 31, 2020 Rating Agency Designation of Referenced Credit Obligations (1) Estimated Fair Maximum Amount of Future Payments under Credit Default Swaps (2) Weighted Average Years to Maturity (3) Estimated Fair 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 $ 34 $ 715 12.4 $ 11 $ 287 15.0 Subtotal 34 715 12.4 11 287 15.0 BBB+/BBB/BBB- Single name credit default swaps 1 181 2.0 2 232 1.6 Credit default swaps referencing indices — 988 3.4 — 988 3.9 Subtotal 1 1,169 3.2 2 1,220 3.5 BB+/BB/BB- Single name credit default swaps — 9 0.5 — 10 0.7 Subtotal — 9 0.5 — 10 0.7 Total $ 35 $ 1,893 6.7 $ 13 $ 1,517 5.6 (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 and Credit Risk 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, and repurchase/reverse repurchase programs. The following table provides information relating to the netting of the Company’s derivative instruments as of June 30, 2021 and December 31, 2020 (dollars in millions): Gross Amounts Not Gross Amounts Recognized Gross Amounts Net Amounts Financial Instruments (1) Cash Collateral Pledged/ Net Amount June 30, 2021: Derivative assets $ 177 $ (31) $ 146 $ (36) $ (100) $ 10 Derivative liabilities 75 (31) 44 (121) (48) (125) December 31, 2020: Derivative assets $ 171 $ (31) $ 140 $ (30) $ (98) $ 12 Derivative liabilities 80 (31) 49 (146) (47) (144) (1) Includes initial margin posted to a central clearing partner. The Company may be exposed to credit-related losses in the event of non-performance by counterparties to derivative financial instruments. Generally, the credit exposure of the Company’s derivative contracts is limited to the fair value and accrued interest of non-collateralized derivative contracts in an asset position at the reporting date. As of June 30, 2021, the Company had credit exposure of $18 million. 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 |
Fair Value of Assets and Liabil
Fair Value of Assets and Liabilities | 6 Months Ended |
Jun. 30, 2021 | |
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 those 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, 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 2020 Annual Report. Assets and Liabilities by Hierarchy Level Assets and liabilities measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020 are summarized below (dollars in millions): June 30, 2021: Fair Value Measurements Using: Total Level 1 Level 2 Level 3 Assets: Fixed maturity securities – available-for-sale: Corporate $ 37,004 $ — $ 33,796 $ 3,208 Canadian government 4,903 — 4,903 — RMBS 1,377 — 1,375 2 ABS 3,482 — 2,896 586 CMBS 1,869 — 1,804 65 U.S. government 1,318 1,198 107 13 State and political subdivisions 1,344 — 1,336 8 Other foreign government 6,990 — 6,949 41 Total fixed maturity securities – available-for-sale 58,287 1,198 53,166 3,923 Equity securities 147 84 — 63 Funds withheld at interest – embedded derivatives and other 206 — — 206 Cash equivalents 1,167 1,152 15 — Short-term investments 166 1 165 — Other invested assets: Derivatives 146 — 146 — FVO contractholder-directed unit-linked investments 54 — 54 — Other 53 — 53 — Total other invested assets (1) 253 — 253 — Total $ 60,226 $ 2,435 $ 53,599 $ 4,192 Liabilities: Interest-sensitive contract liabilities – embedded derivatives $ 880 $ — $ — $ 880 Other liabilities: Derivatives 44 — 44 — Total $ 924 $ — $ 44 $ 880 (1) Other invested assets included in the fair value hierarchy exclude limited partnership interests that are measured at estimated fair value using the net asset value (“NAV”) per share (or its equivalent) as a practical expedient. As of June 30, 2021, the fair value of such investments was $493 million. December 31, 2020: Fair Value Measurements Using: Total Level 1 Level 2 Level 3 Assets: Fixed maturity securities – available-for-sale: Corporate $ 36,208 $ — $ 33,179 $ 3,029 Canadian government 5,140 — 5,140 — RMBS 1,817 — 1,814 3 ABS 3,092 — 2,896 196 CMBS 1,868 — 1,813 55 U.S. government 1,437 1,312 111 14 State and political subdivisions 1,390 — 1,381 9 Other foreign government 5,783 — 5,766 17 Total fixed maturity securities – available-for-sale 56,735 1,312 52,100 3,323 Equity securities 132 79 — 53 Funds withheld at interest – embedded derivatives and other 114 — — 114 Cash equivalents 1,478 1,478 — — Short-term investments 197 32 150 15 Other invested assets: Derivatives 140 — 140 — FVO contractholder-directed unit-linked investments 289 224 65 — Total other invested assets 429 224 205 — Total $ 59,085 $ 3,125 $ 52,455 $ 3,505 Liabilities: Interest-sensitive contract liabilities – embedded derivatives $ 907 $ — $ — $ 907 Other liabilities: Derivatives 49 — 49 — Total $ 956 $ — $ 49 $ 907 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 June 30, 2021 and December 31, 2020 (dollars in millions): Estimated Fair Value Valuation Technique Unobservable Inputs Range (Weighted Average) June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Assets: Corporate $ 45 $ 37 Market comparable securities Liquidity premium 1% 0-1% (1%) EBITDA Multiple 5.0x-7.0x (5.9x) 5.2x-11.2x (7.1x) ABS 78 87 Market comparable securities Liquidity premium 1-18% (5%) 1-18% (1%) U.S. government 13 14 Market comparable securities Liquidity premium 0-1% (1%) 0-1% (1%) Equity securities 10 10 Market comparable securities EBITDA Multiple 6.3x-10.6x (7.9x) 6.9x-10.6x (7.9x) Funds withheld at interest – embedded derivatives 124 58 Total return swap Mortality 0-100% (3%) 0-100% (3%) Lapse 0-35% (16%) 0-35% (13%) Withdrawal 0-5% (3%) 0-5% (3%) CVA 0-5% (0%) 0-5% (1%) Crediting rate 1-4% (2%) 2-4% (2%) Liabilities: Interest-sensitive contract liabilities – embedded derivatives – indexed annuities 726 752 Discounted cash flow Mortality 0-100% (3%) 0-100% (3%) Lapse 0-35% (16%) 0-35% (13%) Withdrawal 0-5% (3%) 0-5% (3%) Option budget projection 1-4% (2%) 2-4% (2%) Interest-sensitive contract liabilities – embedded derivatives – variable annuities 154 155 Discounted cash flow Mortality 0-100% (2%) 0-100% (2%) Lapse 0-25% (4%) 0-25% (4%) Withdrawal 0-7% (5%) 0-7% (5%) CVA 0-5% (1%) 0-5% (1%) Long-term volatility 0-27% (14%) 0-27% (13%) 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 2020 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 June 30, 2021: Fixed maturity securities – available-for-sale Funds Interest-sensitive contract Corporate Foreign govt Structured securities U.S. and local govt Equity securities Short-term investments Fair value, beginning of period $ 3,101 $ 16 $ 388 $ 22 $ 54 $ 11 $ 176 $ (857) Total gains/losses (realized/unrealized) Included in earnings, net: Investment income, net of related expenses 2 — — — — — (1) — Investment related gains (losses), net 2 — — — 10 — 16 (17) Interest credited — — — — — — — (13) Included in other comprehensive income 49 — 5 — — — — — Other revenues — — — — — — — — Purchases (1) 317 25 262 — — — 16 (13) Sales (1) (19) — (2) — (1) — — — Settlements (1) (269) — (24) (1) — (10) (1) 20 Transfers into Level 3 25 — 24 — — — — — Transfers out of Level 3 — — — — — (1) — — Fair value, end of period $ 3,208 $ 41 $ 653 $ 21 $ 63 $ — $ 206 $ (880) Total gains/losses (realized/unrealized) 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 $ 1 $ — $ — $ — $ — $ — $ (1) $ — Investment related gains (losses), net — — — — 9 — 16 (19) Other revenues — — — — — — — — Interest credited — — — — — — — (33) Included in other comprehensive income 51 — 5 — — — — — For the six months ended June 30, 2021: Fixed maturity securities – available-for-sale Funds Interest-sensitive contract Corporate Foreign govt Structured securities U.S. and local govt Equity securities Short-term investments Fair value, beginning of period $ 3,029 $ 17 $ 254 $ 23 $ 53 $ 15 $ 114 $ (907) Total gains/losses (realized/unrealized) Included in earnings, net: Investment income, net of related expenses 3 — — — — — (6) — Investment related gains (losses), net 1 — — — 11 — 66 1 Interest credited — — — — — — — 1 Included in other comprehensive income (33) (1) 4 — — — 1 — Other revenues — — — — — — — — Purchases (1) 540 25 428 — — — 32 (17) Sales (1) (20) — (2) — (1) — — — Settlements (1) (341) — (85) (2) — (10) (1) 42 Transfers into Level 3 29 — 54 — — — — — Transfers out of Level 3 — — — — — (5) — — Fair value, end of period $ 3,208 $ 41 $ 653 $ 21 $ 63 $ — $ 206 $ (880) Total gains/losses (realized/unrealized) 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 $ 2 $ — $ — $ — $ — $ — $ (6) $ — Investment related gains (losses), net (1) — — — 10 — 66 (3) Other revenues — — — — — — — — Interest credited — — — — — — — (41) Included in other comprehensive income (31) (1) 4 — — — 1 — For the three months ended June 30, 2020: Fixed maturity securities – available-for-sale Funds Interest-sensitive contract Corporate Foreign govt Structured securities U.S. and local govt Equity securities Short-term investments Fair value, beginning of period $ 2,197 $ 15 $ 144 $ 25 $ 56 $ 1 $ (109) $ (1,042) Total gains/losses (realized/unrealized) Included in earnings, net: Investment income, net of related expenses — — — — — — — — Investment related gains (losses), net (14) — — — 3 — 1 106 Interest credited — — — — — — — (7) Included in other comprehensive income 112 2 17 — — — — — Other revenues — — — — — — — — Purchases (1) 79 — 15 — 3 5 — (8) Sales (1) (18) — (3) — — — — — Settlements (1) (44) — (18) (1) — (1) — 21 Transfers into Level 3 — — — — — — — — Transfers out of Level 3 (4) — (2) — — — — — Fair value, end of period $ 2,308 $ 17 $ 153 $ 24 $ 62 $ 5 $ (108) $ (930) Total gains/losses (realized/unrealized) 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 (15) — — — 3 — 1 103 Other revenues — — — — — — — — Interest credited — — — — — — — (27) Included in other comprehensive income 111 2 16 — — — — — For the six months ended June 30, 2020: Fixed maturity securities – available-for-sale Funds 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 (25) — — — (4) — (229) (22) Interest credited — — — — — — — (1) Included in other comprehensive income (3) 1 (10) 1 — — — — Other revenues — — — — — — — — Purchases (1) 310 — 24 — 3 5 — (19) Sales (1) (62) — (4) — — — — — Settlements (1) (96) — (31) (2) — (1) — 42 Transfers into Level 3 1 — 21 — — — — — Transfers out of Level 3 (4) (704) (55) — (14) (1) — — Fair value, end of period $ 2,308 $ 17 $ 153 $ 24 $ 62 $ 5 $ (108) $ (930) Total gains/losses (realized/unrealized) 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 (26) — — — (4) — (229) (27) Other revenues — — — — — — — — Interest credited — — — — — — — (43) Included in other comprehensive income (29) 1 (11) 1 — — — — (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 The Company has certain assets subject to measurement at fair value on a nonrecurring basis, in periods subsequent to their initial recognition if they are determined to be impaired. During the six months ended June 30, 2021 and 2020, the Company did not have any material assets that were measured at fair value due to impairment. Fair Value of Financial Instruments The following table presents the carrying values and estimated fair values of the Company’s financial instruments, which were not measured at fair value on a recurring basis, as of June 30, 2021 and December 31, 2020 (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 2020 Annual Report. This table excludes any payables or receivables for collateral under repurchase or reverse 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. June 30, 2021: Carrying Value (1) Estimated Fair Value Measurement Using: Level 1 Level 2 Level 3 NAV Assets: Mortgage loans on real estate $ 6,481 $ 6,744 $ — $ — $ 6,744 $ — Policy loans 1,254 1,254 — 1,254 — — Funds withheld at interest 6,825 7,169 — — 7,169 — Cash and cash equivalents 2,087 2,087 2,087 — — — Short-term investments 18 18 18 — — — Other invested assets 1,133 1,141 6 84 1,051 — Accrued investment income 525 525 — 525 — — Liabilities: Interest-sensitive contract liabilities $ 21,274 $ 22,983 $ — $ — $ 22,983 $ — Long-term debt 3,173 3,455 — — 3,455 — Collateral finance and securitization notes 323 292 — — 292 — December 31, 2020: Carrying Value (1) Estimated Fair Value Measurement Using: Level 1 Level 2 Level 3 NAV Assets: Mortgage loans on real estate $ 5,787 $ 6,167 $ — $ — $ 6,167 $ — Policy loans 1,258 1,258 — 1,258 — — Funds withheld at interest 5,292 5,676 — — 5,676 — Cash and cash equivalents 1,930 1,930 1,930 — — — Short-term investments 30 30 30 — — — Other invested assets 1,482 1,601 5 89 1,018 489 Accrued investment income 511 511 — 511 — — Liabilities: Interest-sensitive contract liabilities $ 18,106 $ 19,683 $ — $ — $ 19,683 $ — Long-term debt 3,573 3,901 — — 3,901 — Collateral finance and securitization notes 388 351 — — 351 — (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 | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The accounting policies of the segments are the same as those described in Note 2 – “ Significant Accounting Policies and Pronouncements” in the Notes to Consolidated Financial Statements included in the Company’s 2020 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 June 30, Six months ended June 30, Revenues: 2021 2020 2021 2020 U.S. and Latin America: Traditional $ 1,816 $ 1,642 $ 3,453 $ 3,175 Financial Solutions 433 323 751 462 Total 2,249 1,965 4,204 3,637 Canada: Traditional 366 311 709 607 Financial Solutions 26 22 52 46 Total 392 333 761 653 Europe, Middle East and Africa: Traditional 459 371 916 778 Financial Solutions 139 136 285 214 Total 598 507 1,201 992 Asia Pacific: Traditional 653 636 1,300 1,303 Financial Solutions 104 75 208 143 Total 757 711 1,508 1,446 Corporate and Other 141 90 582 82 Total $ 4,137 $ 3,606 $ 8,256 $ 6,810 Three months ended June 30, Six months ended June 30, Income (loss) before income taxes: 2021 2020 2021 2020 U.S. and Latin America: Traditional $ 135 $ (158) $ (203) $ (220) Financial Solutions 186 117 269 102 Total 321 (41) 66 (118) Canada: Traditional 32 44 56 67 Financial Solutions 4 4 10 7 Total 36 48 66 74 Europe, Middle East and Africa: Traditional (12) 16 (80) 33 Financial Solutions 83 98 143 128 Total 71 114 63 161 Asia Pacific: Traditional (12) 47 29 71 Financial Solutions 31 26 59 1 Total 19 73 88 72 Corporate and Other 35 1 385 (90) Total $ 482 $ 195 $ 668 $ 99 Assets: June 30, 2021 December 31, 2020 U.S. and Latin America: Traditional $ 20,760 $ 20,071 Financial Solutions 29,272 25,433 Total 50,032 45,504 Canada: Traditional 5,017 4,682 Financial Solutions 8 13 Total 5,025 4,695 Europe, Middle East and Africa: Traditional 5,058 4,763 Financial Solutions 6,419 7,292 Total 11,477 12,055 Asia Pacific: Traditional 8,664 8,197 Financial Solutions 6,814 4,299 Total 15,478 12,496 Corporate and Other 6,932 9,906 Total $ 88,944 $ 84,656 |
Commitments, Contingencies and
Commitments, Contingencies and Guarantees | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 and December 31, 2020 are presented in the following table (dollars in millions): June 30, 2021 December 31, 2020 Limited partnership interests and joint ventures $ 867 $ 678 Mortgage loans on real estate 175 199 Bank loans and private placements 541 194 Lifetime mortgages 46 43 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 associated with unfunded commitments of approximately $1 million and $2 million as of June 30, 2021 and December 31, 2020, which is included in other liabilities on the Company’s condensed consolidated balance sheets. 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 Certain RGA subsidiaries have 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, certain subsidiaries have 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, the Company would recognize a right to use asset and lease obligation. As of June 30, 2021, 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 June 30, 2021 (dollars in millions): Commitment Period: Maximum Potential Obligation 2034 $ 1,243 2035 2,444 2036 3,599 2037 2,850 2038 2,300 2039 11,350 2046 3,000 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 June 30, 2021 and December 31, 2020 are reflected in the following table (dollars in millions): June 30, 2021 December 31, 2020 Treaty guarantees $ 2,104 $ 1,934 Treaty guarantees, net of assets in trust 1,133 961 Securities borrowing and repurchase arrangements 136 133 |
Income Tax
Income Tax | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Income Tax For the three and six months ended June 30, 2021, the effective tax rate on pre-tax income was 28.5% and 27.6%, respectively. The Company’s effective tax rate for the three and six months ended June 30, 2021 differed from the U.S. statutory rate of 21% primarily due to income earned in jurisdictions with tax rates higher than the U.S., state income taxes, and the effect of the enacted UK corporate tax rate increase on the remeasurement of deferred taxes. For the three and six months ended June 30, 2020, the effective tax rate on pre-tax income was 18.9% and 28.6%, respectively. The Company’s effective tax rate for both tax periods differed from the U.S. statutory income tax rate of 21% primarily as a result of benefits from differences in bases in foreign jurisdictions, increases to the valuation allowance, return to provision adjustments and accruals related to uncertain tax positions. |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2021 | |
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 and six months ended June 30, 2021 and 2020 were as follows (dollars in millions): Pension Benefits Other Benefits Three months ended June 30, Three months ended June 30, 2021 2020 2021 2020 Service cost $ 5 $ 4 $ 1 $ 1 Interest cost 1 1 1 1 Expected return on plan assets (3) (3) — — Amortization of prior service cost (credit) — — (1) (1) Amortization of prior actuarial losses 2 1 1 1 Net periodic benefit cost $ 5 $ 3 $ 2 $ 2 Pension Benefits Other Benefits Six months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Service cost $ 9 $ 7 $ 2 $ 1 Interest cost 2 3 1 2 Expected return on plan assets (5) (5) — — Amortization of prior service cost (credit) — — (1) (1) Amortization of prior actuarial losses 3 2 1 1 Net periodic benefit cost $ 9 $ 7 $ 3 $ 3 |
Reinsurance
Reinsurance | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 and December 31, 2020, 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 June 30, 2021 and December 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 June 30, 2021 or December 31, 2020 (dollars in millions): June 30, 2021 December 31, 2020 Reinsurer A.M. Best Rating Amount % of Total Amount % of Total Reinsurer A A+ $ 476 43.5 % $ 420 42.7 % Reinsurer B A+ 225 20.6 216 22.0 Reinsurer C A 67 6.1 64 6.5 Reinsurer D A++ 66 6.0 55 5.6 Reinsurer E A+ 50 4.6 46 4.7 Other reinsurers 209 19.2 182 18.5 Total $ 1,093 100.0 % $ 983 100.0 % |
Policy Claims and Benefits
Policy Claims and Benefits | 6 Months Ended |
Jun. 30, 2021 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | |
Liability for Future Policy Benefits and Unpaid Claims Disclosure [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): Six Months Ended June 30, 2021 2020 Balance, beginning of period $ 7,556 $ 6,786 Less: reinsurance recoverable (641) (564) Net balance, beginning of period 6,915 6,222 Incurred: Current year 7,631 5,740 Prior years (122) 59 Total incurred 7,509 5,799 Payments: Current year (2,747) (1,332) Prior years (4,358) (3,903) Total payments (7,105) (5,235) Other changes: Interest accretion 20 18 Foreign exchange adjustments (38) (142) Total other changes (18) (124) Net balance, end of period 7,302 6,662 Plus: reinsurance recoverable 674 633 Balance, end of period $ 7,976 $ 7,295 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. |
Financing Activities
Financing Activities | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Financing ActivitiesOn June 9, 2020, RGA issued 3.15% Senior Notes due June 15, 2030, with a face amount of $600 million. This security has been registered with the Securities and Exchange Commission. The net proceeds were approximately $593 million and were used in part to repay the Company’s $400 million 5.000% Senior Notes that matured in June 2021, and the remainder was used for general corporate purposes. Capitalized issue costs were approximately $5 million. |
New Accounting Standards
New Accounting Standards | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Standards | New Accounting StandardsChanges 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: 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 pre-tax 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. 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 Reference Rate Reform This guidance eases the potential burden in accounting for, or recognizing the effects of, reference rate reform on financial reporting. which includes the transition away from the London Interbank Offered Rate (“LIBOR”). 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 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 is effective for annual and interim reporting periods beginning January 1, 2023. Below are the most significant areas of change: January 1, 2023 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) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 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 June 30, Six months ended June 30, 2021 2020 2021 2020 Earnings: Net income $ 344 $ 158 $ 483 $ 70 Shares: Weighted average outstanding shares 68 63 68 63 Equivalent shares from outstanding stock options 1 1 1 1 Denominator for diluted calculation 69 64 69 64 Earnings per share: Basic $ 5.06 $ 2.49 $ 7.11 $ 1.12 Diluted $ 5.02 $ 2.48 $ 7.06 $ 1.11 |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stock by Class [Table Text Block] | The changes in the number of common stock issued, held in treasury and outstanding are as follows for the periods indicated: Issued Held In Treasury Outstanding Balance, December 31, 2020 85,310,598 17,353,697 67,956,901 Issuance of common stock — — — Common stock acquired — — — Stock-based compensation (1) — (40,036) 40,036 Balance, June 30, 2021 85,310,598 17,313,661 67,996,937 Issued Held In Treasury Outstanding Balance, December 31, 2019 79,137,758 16,481,656 62,656,102 Issuance of common stock 6,172,840 — 6,172,840 Common stock acquired — 1,074,413 (1,074,413) Stock-based compensation (1) — (181,330) 181,330 Balance, June 30, 2020 85,310,598 17,374,739 67,935,859 (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 six months ended June 30, 2021 and 2020 are as follows (dollars in millions): Accumulated Unrealized Appreciation (Depreciation) of Investments (1) Pension and Total Balance, December 31, 2020 $ (69) $ 5,500 $ (72) $ 5,359 Other comprehensive income (loss) before reclassifications 55 (1,607) (3) (1,555) Amounts reclassified to (from) AOCI — (154) 3 (151) Deferred income tax benefit (expense) (6) 394 — 388 Balance, June 30, 2021 $ (20) $ 4,133 $ (72) $ 4,041 Accumulated Unrealized Appreciation (Depreciation) of Investments (1) Pension and Total Balance, December 31, 2019 $ (92) $ 3,299 $ (70) $ 3,137 Other comprehensive income (loss) before reclassifications (116) 1,034 (12) 906 Amounts reclassified to (from) AOCI — — 2 2 Deferred income tax benefit (expense) (2) (244) 2 (244) Balance, June 30, 2020 $ (210) $ 4,089 $ (78) $ 3,801 (1) Includes cash flow hedges of $(40) and $(49) as of June 30, 2021 and December 31, 2020, respectively, and $(74) and $(26) as of June 30, 2020 and December 31, 2019, 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 and six months ended June 30, 2021 and 2020 (dollars in millions): Amount Reclassified from AOCI Three months ended June 30, Six months ended June 30, Details about AOCI Components 2021 2020 2021 2020 Affected Line Item in Statements of Income Net unrealized investment gains (losses): Net unrealized gains (losses) on available-for-sale securities $ 26 $ 11 $ 183 $ (28) Investment related gains (losses), net Cash flow hedges – Interest rate — (1) (2) (1) (1) Cash flow hedges – Currency/Interest rate (4) — (4) — (1) Deferred policy acquisition costs attributed to unrealized gains and losses 19 131 (23) 29 (2) Total 41 141 154 — Provision for income taxes (9) (29) (33) (2) Net unrealized gains (losses), net of tax $ 32 $ 112 $ 121 $ (2) Amortization of defined benefit plan items: Prior service cost (credit) $ 1 $ 1 $ 1 $ 1 (3) Actuarial gains (losses) (3) (2) (4) (3) (3) Total (2) (1) (3) (2) Provision for income taxes 1 — 1 — Amortization of defined benefit plans, net of tax $ (1) $ (1) $ (2) $ (2) Total reclassifications for the period $ 31 $ 111 $ 119 $ (4) (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 2020 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. |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments [Abstract] | |
Available For Sale Securities | The following tables provide information relating to investments in fixed maturity securities by type as of June 30, 2021 and December 31, 2020 (dollars in millions): June 30, 2021: Amortized Allowance for Credit Losses Unrealized Gains Unrealized Losses Estimated % of Total Available-for-sale: Corporate $ 33,687 $ 11 $ 3,465 $ 137 $ 37,004 63.4 % Canadian government 3,303 — 1,602 2 4,903 8.4 RMBS 1,323 — 60 6 1,377 2.4 ABS 3,467 — 36 21 3,482 6.0 CMBS 1,774 1 102 6 1,869 3.2 U.S. government 1,295 — 47 24 1,318 2.3 State and political subdivisions 1,206 — 144 6 1,344 2.3 Other foreign government 6,742 4 317 65 6,990 12.0 Total fixed maturity securities $ 52,797 $ 16 $ 5,773 $ 267 $ 58,287 100.0 % December 31, 2020: Amortized Cost Allowance for Credit Losses Unrealized Gains Unrealized Losses Estimated Fair Value % of Total Available-for-sale: Corporate $ 31,963 $ 17 $ 4,356 $ 94 $ 36,208 63.9 % Canadian government 3,145 — 1,995 — 5,140 9.1 RMBS 1,735 — 84 2 1,817 3.2 ABS 3,099 — 35 42 3,092 5.4 CMBS 1,790 3 102 21 1,868 3.3 U.S. government 1,242 — 196 1 1,437 2.5 State and political subdivisions 1,237 — 157 4 1,390 2.4 Other foreign government 5,337 — 479 33 5,783 10.2 Total fixed maturity securities $ 49,548 $ 20 $ 7,404 $ 197 $ 56,735 100.0 % |
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 June 30, 2021 and December 31, 2020 (dollars in millions): June 30, 2021 December 31, 2020 Amortized Estimated Amortized Estimated Fixed maturity securities pledged as collateral $ 125 $ 135 $ 148 $ 162 Fixed maturity securities received as collateral n/a 1,881 n/a 1,784 Assets in trust held to satisfy collateral requirements 27,929 30,749 27,675 31,179 |
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 December 31, 2020 (dollars in millions). June 30, 2021 December 31, 2020 Amortized Estimated Amortized Estimated Fixed maturity securities guaranteed or issued by: Government of Japan $ 2,890 $ 2,879 $ 1,493 $ 1,491 Canadian province of Quebec 1,372 2,315 1,303 2,474 Canadian province of Ontario 1,097 1,477 1,054 1,528 |
Investments Classified By Contractual Maturity Date | The amortized cost and estimated fair value of fixed maturity securities classified as available-for-sale as of June 30, 2021, 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 $ 1,143 $ 1,150 Due after one year through five years 8,350 8,887 Due after five years through ten years 10,565 11,518 Due after ten years 26,175 30,004 Structured securities 6,564 6,728 Total $ 52,797 $ 58,287 |
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 June 30, 2021 and December 31, 2020 (dollars in millions): June 30, 2021: Estimated Amortized Cost Fair Value % of Total Finance $ 12,479 $ 13,627 36.8 % Industrial 17,032 18,749 50.7 Utility 4,176 4,628 12.5 Total $ 33,687 $ 37,004 100.0 % December 31, 2020: Estimated Amortized Cost Fair Value % of Total Finance $ 11,785 $ 13,236 36.6 % Industrial 16,274 18,435 50.9 Utility 3,904 4,537 12.5 Total $ 31,963 $ 36,208 100.0 % |
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 for the six months ended June 30, 2021 and 2020 (dollars in millions) : Six months ended June 30, 2021 Corporate CMBS Other Foreign Government Total Balance, beginning of period $ 17 $ 3 $ — $ 20 Credit losses recognized on securities for which credit losses were not previously recorded 2 1 4 7 Reductions for securities sold during the period (8) (2) — (10) Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period — (1) — (1) Balance, end of period $ 11 $ 1 $ 4 $ 16 Six months ended June 30, 2020 Corporate CMBS Other Foreign Government Total Balance, beginning of period $ — $ — $ — $ — Credit losses recognized on securities for which credit losses were not previously recorded 40 — 2 42 Reductions for securities sold during the period (8) — (1) (9) Balance, end of period $ 32 $ — $ 1 $ 33 |
Investments In Debt And Equity Securities Gross Unrealized Losses Disclosures | The following table presents the total gross unrealized losses for the 1,223 and 877 fixed maturity securities as of June 30, 2021 and December 31, 2020, where the estimated fair value had declined and remained below amortized cost by the indicated amount (dollars in millions): June 30, 2021 December 31, 2020 Gross % of Total Gross % of Total Less than 20% $ 213 79.8 % $ 133 67.5 % 20% or more for less than six months 2 0.7 42 21.3 20% or more for six months or greater 52 19.5 22 11.2 Total $ 267 100.0 % $ 197 100.0 % |
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 June 30, 2021 and December 31, 2020 (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 June 30, 2021: Estimated Unrealized Estimated Unrealized Estimated Unrealized Fair Value Losses Fair Value Losses Fair Value Losses Investment grade securities: Corporate $ 2,596 $ 79 $ 168 $ 6 $ 2,764 $ 85 Canadian government 24 2 — — 24 2 RMBS 261 5 21 1 282 6 ABS 800 4 754 5 1,554 9 CMBS — — 24 1 24 1 U.S. government 364 24 — — 364 24 State and political subdivisions 95 2 29 4 124 6 Other foreign government 1,630 37 561 23 2,191 60 Total investment grade securities 5,770 153 1,557 40 7,327 193 Below investment grade securities: Corporate 258 42 168 10 426 52 ABS 24 1 15 11 39 12 CMBS — — 43 5 43 5 Other foreign government 66 3 16 2 82 5 Total below investment grade securities 348 46 242 28 590 74 Total fixed maturity securities $ 6,118 $ 199 $ 1,799 $ 68 $ 7,917 $ 267 Less than 12 months 12 months or greater Total Gross Gross Gross December 31, 2020: Estimated Unrealized Estimated Unrealized Estimated Unrealized Fair Value Losses Fair Value Losses Fair Value Losses Investment grade securities: Corporate $ 930 $ 29 $ 70 $ 5 $ 1,000 $ 34 Canadian government — — — — — — RMBS 294 2 — — 294 2 ABS 1,096 17 570 11 1,666 28 CMBS 160 6 — — 160 6 U.S. government 27 1 — — 27 1 State and political subdivisions 66 1 16 3 82 4 Other foreign government 973 27 — — 973 27 Total investment grade securities 3,546 83 656 19 4,202 102 Below investment grade securities: Corporate 375 49 81 11 456 60 ABS 20 13 4 1 24 14 CMBS 91 15 — — 91 15 Other foreign government 36 3 28 3 64 6 Total below investment grade securities 522 80 113 15 635 95 Total fixed maturity securities $ 4,068 $ 163 $ 769 $ 34 $ 4,837 $ 197 |
Investment Income | Major categories of investment income, net of related expenses, consist of the following (dollars in millions): Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Fixed maturity securities available-for-sale $ 516 $ 474 $ 1,011 $ 954 Equity securities 1 1 3 3 Mortgage loans on real estate 73 66 139 133 Policy loans 13 14 27 29 Funds withheld at interest 95 69 179 122 Short-term investments and cash and cash equivalents — 2 1 6 Other invested assets 87 41 261 36 Investment income 785 667 1,621 1,283 Investment expense (26) (22) (50) (44) Investment income, net of related expenses $ 759 $ 645 $ 1,571 $ 1,239 |
Gain Loss On Investments | Investment related gains (losses), net, consist of the following (dollars in millions): Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Fixed maturity securities available-for-sale: Impairments and change in allowance for credit losses $ 5 $ — $ 3 $ (34) Gain on investment activity 53 46 220 73 Loss on investment activity (30) (46) (43) (54) Net gains (losses) on equity securities 20 8 23 (15) Other impairment losses and change in mortgage loan allowance for credit losses 3 (22) 21 (35) Change in fair value of certain limited partnership investments and other, net 32 8 143 17 Net gains (losses) on derivatives 29 87 47 (156) Total investment related gains (losses), net $ 112 $ 81 $ 414 $ (204) |
Schedule of Repurchase Agreements [Table Text Block] | The following table includes the amount of borrowed securities, loaned securities and securities received as collateral as part of the securities lending program and repurchased/reverse repurchased securities pledged, securities received and cash received as of June 30, 2021 and December 31, 2020 (dollars in millions). June 30, 2021 December 31, 2020 Amortized Estimated Amortized Estimated Borrowed securities $ 318 $ 360 $ 118 $ 161 Securities lending: Securities loaned 94 103 94 105 Securities received n/a 102 n/a 102 Repurchase program/reverse repurchase program: Securities pledged 877 919 653 711 Securities received n/a 670 n/a 669 Cash received n/a 207 n/a — |
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 June 30, 2021 and December 31, 2020, respectively (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. June 30, 2021 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 $ — $ — $ — $ 103 $ 103 Total — — — 103 103 Repurchase/reverse repurchase transactions: Corporate — — — 411 411 Other foreign government — — 220 288 508 Total — — 220 699 919 Total transactions $ — $ — $ 220 $ 802 $ 1,022 Gross amount of recognized liabilities for securities lending and repurchase/reverse repurchase transactions in preceding table $ 979 Amounts related to agreements not included in offsetting disclosure $ 43 December 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 $ — $ — $ — $ 105 $ 105 Total — — — 105 105 Repurchase/reverse repurchase transactions: Corporate — — — 417 417 Other foreign government — — — 294 294 Total — — — 711 711 Total transactions $ — $ — $ — $ 816 $ 816 Gross amount of recognized liabilities for securities lending and repurchase/reverse repurchase transactions in preceding table $ 771 Amounts related to agreements not included in offsetting disclosure $ 45 |
Disclosure Of Real Estate Holdings By Property Type [Table Text Block] | The following table presents the distribution of the Company’s recorded investment in mortgage loans by property type as of June 30, 2021 and December 31, 2020 (dollars in millions): June 30, 2021 December 31, 2020 Property type: Carrying Value % of Total Carrying Value % of Total Office $ 1,733 26.5 % $ 1,702 29.0 % Retail 2,036 31.2 1,711 29.3 Industrial 1,388 21.2 1,210 20.6 Apartment 897 13.7 808 13.8 Other commercial 483 7.4 430 7.3 Recorded investment 6,537 100.0 % 5,861 100.0 % Unamortized balance of loan origination fees and expenses (11) (10) Allowance for credit losses (45) (64) Total mortgage loans on real estate $ 6,481 $ 5,787 |
Mortgage Loans Classified By Contractual Maturity Date [Table Text Block] | The following table presents the maturities of the Company’s recorded investment in mortgage loans as of June 30, 2021 and December 31, 2020 (dollars in millions): June 30, 2021 December 31, 2020 Recorded % of Total Recorded % of Total Due within five years $ 2,585 39.6 % $ 2,276 38.8 % Due after five years through ten years 2,845 43.5 2,768 47.3 Due after ten years 1,107 16.9 817 13.9 Total $ 6,537 100.0 % $ 5,861 100.0 % |
Accounts Receivable, Noncurrent, Credit Quality Indicator [Table Text Block] | The following tables set forth certain key credit quality indicators of the Company’s recorded investment in mortgage loans as of June 30, 2021 and December 31, 2020 (dollars in millions): Recorded Investment Debt Service Ratios Construction Loans >1.20x 1.00x – 1.20x <1.00x Total % of Total June 30, 2021: Loan-to-Value Ratio 0% – 59.99% $ 3,053 $ 274 $ 65 $ 24 $ 3,416 52.2 % 60% – 69.99% 2,110 200 42 — 2,352 36.0 70% – 79.99% 503 36 16 — 555 8.5 80% or greater 193 — 21 — 214 3.3 Total $ 5,859 $ 510 $ 144 $ 24 $ 6,537 100.0 % Recorded Investment Debt Service Ratios Construction >1.20x 1.00x – 1.20x <1.00x Total % of Total December 31, 2020: Loan-to-Value Ratio 0% – 59.99% $ 2,774 $ 106 $ 17 $ 12 $ 2,909 49.6 % 60% – 69.99% 2,013 62 33 — 2,108 36.0 70% – 79.99% 555 49 13 — 617 10.5 80% or greater 189 21 17 — 227 3.9 Total $ 5,531 $ 238 $ 80 $ 12 $ 5,861 100.0 % |
Financing Receivable Credit Quality Indicators [Table Text Block] | The following table sets forth credit quality grades by year of origination of the Company’s recorded investment in mortgage loans as of June 30, 2021 and December 31, 2020 (dollars in millions): Recorded Investment Year of Origination 2021 2020 2019 2018 2017 Prior Total June 30, 2021: Internal credit quality grade: High investment grade $ 491 $ 406 $ 569 $ 468 $ 304 $ 1,686 $ 3,924 Investment grade 263 366 474 371 399 580 2,453 Average 6 — — 39 18 57 120 Watch list — — — — — 4 4 In or near default — — — — — 36 36 Total $ 760 $ 772 $ 1,043 $ 878 $ 721 $ 2,363 $ 6,537 Recorded Investment Year of Origination 2020 2019 2018 2017 2016 Prior Total December 31, 2020: Internal credit quality grade: High investment grade $ 411 $ 616 $ 493 $ 336 $ 574 $ 1,008 $ 3,438 Investment grade 352 496 399 407 249 368 2,271 Average — — — 19 37 55 111 Watch list — — — — — 4 4 In or near default — — — — — 37 37 Total $ 763 $ 1,112 $ 892 $ 762 $ 860 $ 1,472 $ 5,861 |
Financing Receivable, Past Due [Table Text Block] | The following table presents the current and past due composition of the Company’s recorded investment in mortgage loans as of June 30, 2021 and December 31, 2020 (dollars in millions): June 30, 2021 December 31, 2020 Current $ 6,522 $ 5,846 31 – 60 days past due 15 15 Total $ 6,537 $ 5,861 |
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 allowance for credit losses as of June 30, 2021 and December 31, 2020 (dollars in millions): June 30, 2021 December 31, 2020 Mortgage loans: Individually measured for impairment $ 36 $ 37 Collectively measured for impairment 6,501 5,824 Recorded investment $ 6,537 $ 5,861 Allowance for credit losses: Individually measured for impairment $ — $ — Collectively measured for impairment 45 64 Total allowance for credit losses $ 45 $ 64 |
Allowance For Mortgage Loan And Lease Losses Provision For Loss Net | The following table presents information regarding the Company’s allowance for credit losses for mortgage loans (dollars in millions): Six months ended June 30, 2021 2020 Balance, beginning of period $ 64 $ 12 Adoption of new accounting standard, see Note 14 — 14 Change in allowance for credit losses (19) 30 Balance, end of period $ 45 $ 56 |
Impaired Financing Receivables Table | The following table presents information regarding the portion of the Company’s mortgage loans that were impaired as of June 30, 2021 and December 31, 2020 (dollars in millions): Unpaid Recorded Related Carrying June 30, 2021: Impaired mortgage loans with no allowance for credit losses recorded $ 36 $ 36 $ — $ 36 Impaired mortgage loans with allowance for credit losses recorded — — — — Total impaired mortgage loans $ 36 $ 36 $ — $ 36 December 31, 2020: Impaired mortgage loans with no allowance for credit losses recorded $ 37 $ 37 $ — $ 37 Impaired mortgage loans with allowance for credit losses recorded — — — — Total impaired mortgage loans $ 37 $ 37 $ — $ 37 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 June 30, 2021 2020 Average (1) Interest Average Recorded Investment (1) Interest Impaired mortgage loans with no allowance for credit losses recorded $ 36 $ 1 $ 17 $ — Total impaired mortgage loans $ 36 $ 1 $ 17 $ — Six months ended June 30, 2021 2020 Average (1) Interest Average (1) Interest Impaired mortgage loans with no allowance for credit losses recorded $ 36 $ 1 $ 17 $ — Total impaired mortgage loans $ 36 $ 1 $ 17 $ — (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 June 30, 2021 and December 31, 2020 are as follows (dollars in millions): June 30, 2021 December 31, 2020 Limited partnership interests and real estate joint ventures $ 1,611 $ 1,367 Lifetime mortgages 958 935 Derivatives 146 140 FVO contractholder-directed unit-linked investments 54 289 Other 155 98 Total other invested assets $ 2,924 $ 2,829 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 and December 31, 2020 (dollars in millions): June 30, 2021 December 31, 2020 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 $ 1,089 $ 74 $ 1 $ 1,084 $ 93 $ 1 Financial futures Equity 254 — — 258 — — Foreign currency swaps Foreign currency 150 — 6 150 — 18 Foreign currency forwards Foreign currency 459 1 4 347 4 2 CPI swaps CPI 607 19 11 612 11 19 Credit default swaps Credit 1,893 36 1 1,517 13 — Equity options Equity 479 23 — 395 29 — Synthetic GICs Interest rate 16,489 — — 16,644 — — Embedded derivatives in: Modco or funds withheld arrangements — 124 — — 58 — Indexed annuity products — — 726 — — 752 Variable annuity products — — 154 — — 155 Total non-hedging derivatives 21,420 277 903 21,007 208 947 Derivatives designated as hedging instruments: Interest rate swaps Foreign currency/Interest rate 920 5 27 802 3 24 Foreign currency swaps Foreign currency 193 3 1 234 8 1 Foreign currency forwards Foreign currency 1,327 9 24 1,255 10 15 Forward bond purchase commitments Interest rate 369 7 — — — — Total hedging derivatives 2,809 24 52 2,291 21 40 Total derivatives $ 24,229 $ 301 $ 955 $ 23,298 $ 229 $ 987 |
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 June 30, 2021 and 2020 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 June 30, 2021: Foreign currency swaps Foreign-denominated fixed maturity securities $ (2) $ 2 For the three months ended June 30, 2020: Foreign currency swaps Foreign-denominated fixed maturity securities $ 15 $ (13) For the six months ended June 30, 2021: Foreign currency swaps Foreign-denominated fixed maturity securities $ (2) $ 3 For the six months ended June 30, 2020: Foreign currency swaps Foreign-denominated fixed maturity securities $ (8) $ 2 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following tables present 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 and six months ended June 30, 2021 and 2020 (dollars in millions): Three months ended June 30, 2021 2020 Balance, beginning of period $ (71) $ (87) Gains deferred in other comprehensive income (loss) 29 12 Amounts reclassified to investment income — — Amounts reclassified to interest expense 2 1 Balance, end of period $ (40) $ (74) Six months ended June 30, 2021 2020 Balance, beginning of period $ (49) $ (26) Gains (losses) deferred in other comprehensive income (loss) 5 (49) Amounts reclassified to investment income — — Amounts reclassified to interest expense 4 1 Balance, end of period $ (40) $ (74) |
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 and six months ended June 30, 2021 and 2020 (dollars in millions): Derivative Type Gain (Loss) Deferred in AOCI Gain (Loss) Reclassified into Income from AOCI Investment Income Interest Expense For the three months ended June 30, 2021: Interest rate $ 29 $ — $ (2) Foreign currency/interest rate — — — Total $ 29 $ — $ (2) For the three months ended June 30, 2020: Interest rate $ (1) $ — $ (1) Foreign currency/interest rate 13 — — Total $ 12 $ — $ (1) For the six months ended June 30, 2021: Interest rate $ 6 $ — $ (4) Foreign currency/interest rate (1) — — Total $ 5 $ — $ (4) For the six months ended June 30, 2020: Interest rate $ (36) $ — $ (1) Foreign currency/interest rate (13) — — Total $ (49) $ — $ (1) |
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 and the gains (losses) deferred in AOCI for the three and six months ended June 30, 2021 and 2020 (dollars in millions): Derivative Gains (Losses) Deferred in AOCI Three months ended June 30, Six months ended June 30, Type of NIFO Hedge 2021 2020 2021 2020 Foreign currency swaps $ (2) $ (6) $ (3) $ 9 Foreign currency forwards (10) (34) (24) 46 Total $ (12) $ (40) $ (27) $ 55 |
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 and six months ended June 30, 2021 and 2020 is as follows (dollars in millions): Three months ended June 30, Type of Non-hedging Derivative Income Statement Location of Gain (Loss) 2021 2020 Interest rate swaps Investment related gains (losses), net $ 33 $ 3 Financial futures Investment related gains (losses), net (9) (48) Foreign currency swaps Investment related gains (losses), net 3 3 Foreign currency forwards Investment related gains (losses), net (1) 1 CPI swaps Investment related gains (losses), net 3 26 Credit default swaps Investment related gains (losses), net 12 17 Equity options Investment related gains (losses), net (11) (25) Subtotal 30 (23) Embedded derivatives in: Modco or funds withheld arrangements Investment related gains (losses), net 16 1 Indexed annuity products Interest credited (13) (7) Variable annuity products Investment related gains (losses), net (17) 107 Total non-hedging derivatives $ 16 $ 78 Six months ended June 30, Type of Non-hedging Derivative Income Statement Location of Gain (Loss) 2021 2020 Interest rate swaps Investment related gains (losses), net $ (37) $ 109 Financial futures Investment related gains (losses), net (19) (4) Foreign currency swaps Investment related gains (losses), net 12 (10) Foreign currency forwards Investment related gains (losses), net (9) (2) CPI swaps Investment related gains (losses), net 21 (14) Credit default swaps Investment related gains (losses), net 32 (7) Equity options Investment related gains (losses), net (21) 28 Subtotal (21) 100 Embedded derivatives in: Modco or funds withheld arrangements Investment related gains (losses), net 66 (229) Indexed annuity products Interest credited 1 (1) Variable annuity products Investment related gains (losses), net 1 (21) Total non-hedging derivatives $ 47 $ (151) |
Disclosure of Credit Derivatives [Table Text Block] | 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 June 30, 2021 and December 31, 2020 (dollars in millions): June 30, 2021 December 31, 2020 Rating Agency Designation of Referenced Credit Obligations (1) Estimated Fair Maximum Amount of Future Payments under Credit Default Swaps (2) Weighted Average Years to Maturity (3) Estimated Fair 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 $ 34 $ 715 12.4 $ 11 $ 287 15.0 Subtotal 34 715 12.4 11 287 15.0 BBB+/BBB/BBB- Single name credit default swaps 1 181 2.0 2 232 1.6 Credit default swaps referencing indices — 988 3.4 — 988 3.9 Subtotal 1 1,169 3.2 2 1,220 3.5 BB+/BB/BB- Single name credit default swaps — 9 0.5 — 10 0.7 Subtotal — 9 0.5 — 10 0.7 Total $ 35 $ 1,893 6.7 $ 13 $ 1,517 5.6 (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 netting of the Company’s derivative instruments as of June 30, 2021 and December 31, 2020 (dollars in millions): Gross Amounts Not Gross Amounts Recognized Gross Amounts Net Amounts Financial Instruments (1) Cash Collateral Pledged/ Net Amount June 30, 2021: Derivative assets $ 177 $ (31) $ 146 $ (36) $ (100) $ 10 Derivative liabilities 75 (31) 44 (121) (48) (125) December 31, 2020: Derivative assets $ 171 $ (31) $ 140 $ (30) $ (98) $ 12 Derivative liabilities 80 (31) 49 (146) (47) (144) (1) Includes initial margin posted to a central clearing partner. |
Offsetting Liabilities [Table Text Block] | The following table provides information relating to the netting of the Company’s derivative instruments as of June 30, 2021 and December 31, 2020 (dollars in millions): Gross Amounts Not Gross Amounts Recognized Gross Amounts Net Amounts Financial Instruments (1) Cash Collateral Pledged/ Net Amount June 30, 2021: Derivative assets $ 177 $ (31) $ 146 $ (36) $ (100) $ 10 Derivative liabilities 75 (31) 44 (121) (48) (125) December 31, 2020: Derivative assets $ 171 $ (31) $ 140 $ (30) $ (98) $ 12 Derivative liabilities 80 (31) 49 (146) (47) (144) (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) | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 and December 31, 2020 are summarized below (dollars in millions): June 30, 2021: Fair Value Measurements Using: Total Level 1 Level 2 Level 3 Assets: Fixed maturity securities – available-for-sale: Corporate $ 37,004 $ — $ 33,796 $ 3,208 Canadian government 4,903 — 4,903 — RMBS 1,377 — 1,375 2 ABS 3,482 — 2,896 586 CMBS 1,869 — 1,804 65 U.S. government 1,318 1,198 107 13 State and political subdivisions 1,344 — 1,336 8 Other foreign government 6,990 — 6,949 41 Total fixed maturity securities – available-for-sale 58,287 1,198 53,166 3,923 Equity securities 147 84 — 63 Funds withheld at interest – embedded derivatives and other 206 — — 206 Cash equivalents 1,167 1,152 15 — Short-term investments 166 1 165 — Other invested assets: Derivatives 146 — 146 — FVO contractholder-directed unit-linked investments 54 — 54 — Other 53 — 53 — Total other invested assets (1) 253 — 253 — Total $ 60,226 $ 2,435 $ 53,599 $ 4,192 Liabilities: Interest-sensitive contract liabilities – embedded derivatives $ 880 $ — $ — $ 880 Other liabilities: Derivatives 44 — 44 — Total $ 924 $ — $ 44 $ 880 (1) Other invested assets included in the fair value hierarchy exclude limited partnership interests that are measured at estimated fair value using the net asset value (“NAV”) per share (or its equivalent) as a practical expedient. As of June 30, 2021, the fair value of such investments was $493 million. December 31, 2020: Fair Value Measurements Using: Total Level 1 Level 2 Level 3 Assets: Fixed maturity securities – available-for-sale: Corporate $ 36,208 $ — $ 33,179 $ 3,029 Canadian government 5,140 — 5,140 — RMBS 1,817 — 1,814 3 ABS 3,092 — 2,896 196 CMBS 1,868 — 1,813 55 U.S. government 1,437 1,312 111 14 State and political subdivisions 1,390 — 1,381 9 Other foreign government 5,783 — 5,766 17 Total fixed maturity securities – available-for-sale 56,735 1,312 52,100 3,323 Equity securities 132 79 — 53 Funds withheld at interest – embedded derivatives and other 114 — — 114 Cash equivalents 1,478 1,478 — — Short-term investments 197 32 150 15 Other invested assets: Derivatives 140 — 140 — FVO contractholder-directed unit-linked investments 289 224 65 — Total other invested assets 429 224 205 — Total $ 59,085 $ 3,125 $ 52,455 $ 3,505 Liabilities: Interest-sensitive contract liabilities – embedded derivatives $ 907 $ — $ — $ 907 Other liabilities: Derivatives 49 — 49 — Total $ 956 $ — $ 49 $ 907 |
Fair Value Inputs, Liabilities, Quantitative Information [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 June 30, 2021 and December 31, 2020 (dollars in millions): Estimated Fair Value Valuation Technique Unobservable Inputs Range (Weighted Average) June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Assets: Corporate $ 45 $ 37 Market comparable securities Liquidity premium 1% 0-1% (1%) EBITDA Multiple 5.0x-7.0x (5.9x) 5.2x-11.2x (7.1x) ABS 78 87 Market comparable securities Liquidity premium 1-18% (5%) 1-18% (1%) U.S. government 13 14 Market comparable securities Liquidity premium 0-1% (1%) 0-1% (1%) Equity securities 10 10 Market comparable securities EBITDA Multiple 6.3x-10.6x (7.9x) 6.9x-10.6x (7.9x) Funds withheld at interest – embedded derivatives 124 58 Total return swap Mortality 0-100% (3%) 0-100% (3%) Lapse 0-35% (16%) 0-35% (13%) Withdrawal 0-5% (3%) 0-5% (3%) CVA 0-5% (0%) 0-5% (1%) Crediting rate 1-4% (2%) 2-4% (2%) Liabilities: Interest-sensitive contract liabilities – embedded derivatives – indexed annuities 726 752 Discounted cash flow Mortality 0-100% (3%) 0-100% (3%) Lapse 0-35% (16%) 0-35% (13%) Withdrawal 0-5% (3%) 0-5% (3%) Option budget projection 1-4% (2%) 2-4% (2%) Interest-sensitive contract liabilities – embedded derivatives – variable annuities 154 155 Discounted cash flow Mortality 0-100% (2%) 0-100% (2%) Lapse 0-25% (4%) 0-25% (4%) Withdrawal 0-7% (5%) 0-7% (5%) CVA 0-5% (1%) 0-5% (1%) Long-term volatility 0-27% (14%) 0-27% (13%) |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | 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 June 30, 2021: Fixed maturity securities – available-for-sale Funds Interest-sensitive contract Corporate Foreign govt Structured securities U.S. and local govt Equity securities Short-term investments Fair value, beginning of period $ 3,101 $ 16 $ 388 $ 22 $ 54 $ 11 $ 176 $ (857) Total gains/losses (realized/unrealized) Included in earnings, net: Investment income, net of related expenses 2 — — — — — (1) — Investment related gains (losses), net 2 — — — 10 — 16 (17) Interest credited — — — — — — — (13) Included in other comprehensive income 49 — 5 — — — — — Other revenues — — — — — — — — Purchases (1) 317 25 262 — — — 16 (13) Sales (1) (19) — (2) — (1) — — — Settlements (1) (269) — (24) (1) — (10) (1) 20 Transfers into Level 3 25 — 24 — — — — — Transfers out of Level 3 — — — — — (1) — — Fair value, end of period $ 3,208 $ 41 $ 653 $ 21 $ 63 $ — $ 206 $ (880) Total gains/losses (realized/unrealized) 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 $ 1 $ — $ — $ — $ — $ — $ (1) $ — Investment related gains (losses), net — — — — 9 — 16 (19) Other revenues — — — — — — — — Interest credited — — — — — — — (33) Included in other comprehensive income 51 — 5 — — — — — For the six months ended June 30, 2021: Fixed maturity securities – available-for-sale Funds Interest-sensitive contract Corporate Foreign govt Structured securities U.S. and local govt Equity securities Short-term investments Fair value, beginning of period $ 3,029 $ 17 $ 254 $ 23 $ 53 $ 15 $ 114 $ (907) Total gains/losses (realized/unrealized) Included in earnings, net: Investment income, net of related expenses 3 — — — — — (6) — Investment related gains (losses), net 1 — — — 11 — 66 1 Interest credited — — — — — — — 1 Included in other comprehensive income (33) (1) 4 — — — 1 — Other revenues — — — — — — — — Purchases (1) 540 25 428 — — — 32 (17) Sales (1) (20) — (2) — (1) — — — Settlements (1) (341) — (85) (2) — (10) (1) 42 Transfers into Level 3 29 — 54 — — — — — Transfers out of Level 3 — — — — — (5) — — Fair value, end of period $ 3,208 $ 41 $ 653 $ 21 $ 63 $ — $ 206 $ (880) Total gains/losses (realized/unrealized) 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 $ 2 $ — $ — $ — $ — $ — $ (6) $ — Investment related gains (losses), net (1) — — — 10 — 66 (3) Other revenues — — — — — — — — Interest credited — — — — — — — (41) Included in other comprehensive income (31) (1) 4 — — — 1 — For the three months ended June 30, 2020: Fixed maturity securities – available-for-sale Funds Interest-sensitive contract Corporate Foreign govt Structured securities U.S. and local govt Equity securities Short-term investments Fair value, beginning of period $ 2,197 $ 15 $ 144 $ 25 $ 56 $ 1 $ (109) $ (1,042) Total gains/losses (realized/unrealized) Included in earnings, net: Investment income, net of related expenses — — — — — — — — Investment related gains (losses), net (14) — — — 3 — 1 106 Interest credited — — — — — — — (7) Included in other comprehensive income 112 2 17 — — — — — Other revenues — — — — — — — — Purchases (1) 79 — 15 — 3 5 — (8) Sales (1) (18) — (3) — — — — — Settlements (1) (44) — (18) (1) — (1) — 21 Transfers into Level 3 — — — — — — — — Transfers out of Level 3 (4) — (2) — — — — — Fair value, end of period $ 2,308 $ 17 $ 153 $ 24 $ 62 $ 5 $ (108) $ (930) Total gains/losses (realized/unrealized) 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 (15) — — — 3 — 1 103 Other revenues — — — — — — — — Interest credited — — — — — — — (27) Included in other comprehensive income 111 2 16 — — — — — For the six months ended June 30, 2020: Fixed maturity securities – available-for-sale Funds 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 (25) — — — (4) — (229) (22) Interest credited — — — — — — — (1) Included in other comprehensive income (3) 1 (10) 1 — — — — Other revenues — — — — — — — — Purchases (1) 310 — 24 — 3 5 — (19) Sales (1) (62) — (4) — — — — — Settlements (1) (96) — (31) (2) — (1) — 42 Transfers into Level 3 1 — 21 — — — — — Transfers out of Level 3 (4) (704) (55) — (14) (1) — — Fair value, end of period $ 2,308 $ 17 $ 153 $ 24 $ 62 $ 5 $ (108) $ (930) Total gains/losses (realized/unrealized) 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 (26) — — — (4) — (229) (27) Other revenues — — — — — — — — Interest credited — — — — — — — (43) Included in other comprehensive income (29) 1 (11) 1 — — — — (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 values and estimated fair values of the Company’s financial instruments, which were not measured at fair value on a recurring basis, as of June 30, 2021 and December 31, 2020 (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 2020 Annual Report. This table excludes any payables or receivables for collateral under repurchase or reverse 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. June 30, 2021: Carrying Value (1) Estimated Fair Value Measurement Using: Level 1 Level 2 Level 3 NAV Assets: Mortgage loans on real estate $ 6,481 $ 6,744 $ — $ — $ 6,744 $ — Policy loans 1,254 1,254 — 1,254 — — Funds withheld at interest 6,825 7,169 — — 7,169 — Cash and cash equivalents 2,087 2,087 2,087 — — — Short-term investments 18 18 18 — — — Other invested assets 1,133 1,141 6 84 1,051 — Accrued investment income 525 525 — 525 — — Liabilities: Interest-sensitive contract liabilities $ 21,274 $ 22,983 $ — $ — $ 22,983 $ — Long-term debt 3,173 3,455 — — 3,455 — Collateral finance and securitization notes 323 292 — — 292 — December 31, 2020: Carrying Value (1) Estimated Fair Value Measurement Using: Level 1 Level 2 Level 3 NAV Assets: Mortgage loans on real estate $ 5,787 $ 6,167 $ — $ — $ 6,167 $ — Policy loans 1,258 1,258 — 1,258 — — Funds withheld at interest 5,292 5,676 — — 5,676 — Cash and cash equivalents 1,930 1,930 1,930 — — — Short-term investments 30 30 30 — — — Other invested assets 1,482 1,601 5 89 1,018 489 Accrued investment income 511 511 — 511 — — Liabilities: Interest-sensitive contract liabilities $ 18,106 $ 19,683 $ — $ — $ 19,683 $ — Long-term debt 3,573 3,901 — — 3,901 — Collateral finance and securitization notes 388 351 — — 351 — (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) | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, Six months ended June 30, Revenues: 2021 2020 2021 2020 U.S. and Latin America: Traditional $ 1,816 $ 1,642 $ 3,453 $ 3,175 Financial Solutions 433 323 751 462 Total 2,249 1,965 4,204 3,637 Canada: Traditional 366 311 709 607 Financial Solutions 26 22 52 46 Total 392 333 761 653 Europe, Middle East and Africa: Traditional 459 371 916 778 Financial Solutions 139 136 285 214 Total 598 507 1,201 992 Asia Pacific: Traditional 653 636 1,300 1,303 Financial Solutions 104 75 208 143 Total 757 711 1,508 1,446 Corporate and Other 141 90 582 82 Total $ 4,137 $ 3,606 $ 8,256 $ 6,810 |
Reconciliation Of Operating Profit Loss From Segments To Consolidated Text Block | Three months ended June 30, Six months ended June 30, Income (loss) before income taxes: 2021 2020 2021 2020 U.S. and Latin America: Traditional $ 135 $ (158) $ (203) $ (220) Financial Solutions 186 117 269 102 Total 321 (41) 66 (118) Canada: Traditional 32 44 56 67 Financial Solutions 4 4 10 7 Total 36 48 66 74 Europe, Middle East and Africa: Traditional (12) 16 (80) 33 Financial Solutions 83 98 143 128 Total 71 114 63 161 Asia Pacific: Traditional (12) 47 29 71 Financial Solutions 31 26 59 1 Total 19 73 88 72 Corporate and Other 35 1 385 (90) Total $ 482 $ 195 $ 668 $ 99 |
Reconciliation Of Assets From Segment To Consolidated Text Block | Assets: June 30, 2021 December 31, 2020 U.S. and Latin America: Traditional $ 20,760 $ 20,071 Financial Solutions 29,272 25,433 Total 50,032 45,504 Canada: Traditional 5,017 4,682 Financial Solutions 8 13 Total 5,025 4,695 Europe, Middle East and Africa: Traditional 5,058 4,763 Financial Solutions 6,419 7,292 Total 11,477 12,055 Asia Pacific: Traditional 8,664 8,197 Financial Solutions 6,814 4,299 Total 15,478 12,496 Corporate and Other 6,932 9,906 Total $ 88,944 $ 84,656 |
Commitments, Contingencies an_2
Commitments, Contingencies and Guarantees (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 and December 31, 2020 are presented in the following table (dollars in millions): June 30, 2021 December 31, 2020 Limited partnership interests and joint ventures $ 867 $ 678 Mortgage loans on real estate 175 199 Bank loans and private placements 541 194 Lifetime mortgages 46 43 |
Other Commitments [Table Text Block] | The following table presents the maximum potential obligation for these commitments as of June 30, 2021 (dollars in millions): Commitment Period: Maximum Potential Obligation 2034 $ 1,243 2035 2,444 2036 3,599 2037 2,850 2038 2,300 2039 11,350 2046 3,000 |
Schedule of Guarantor Obligations [Table Text Block] | RGA’s guarantees issued as of June 30, 2021 and December 31, 2020 are reflected in the following table (dollars in millions): June 30, 2021 December 31, 2020 Treaty guarantees $ 2,104 $ 1,934 Treaty guarantees, net of assets in trust 1,133 961 Securities borrowing and repurchase arrangements 136 133 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 and six months ended June 30, 2021 and 2020 were as follows (dollars in millions): Pension Benefits Other Benefits Three months ended June 30, Three months ended June 30, 2021 2020 2021 2020 Service cost $ 5 $ 4 $ 1 $ 1 Interest cost 1 1 1 1 Expected return on plan assets (3) (3) — — Amortization of prior service cost (credit) — — (1) (1) Amortization of prior actuarial losses 2 1 1 1 Net periodic benefit cost $ 5 $ 3 $ 2 $ 2 Pension Benefits Other Benefits Six months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Service cost $ 9 $ 7 $ 2 $ 1 Interest cost 2 3 1 2 Expected return on plan assets (5) (5) — — Amortization of prior service cost (credit) — — (1) (1) Amortization of prior actuarial losses 3 2 1 1 Net periodic benefit cost $ 9 $ 7 $ 3 $ 3 |
Reinsurance (Tables)
Reinsurance (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 or December 31, 2020 (dollars in millions): June 30, 2021 December 31, 2020 Reinsurer A.M. Best Rating Amount % of Total Amount % of Total Reinsurer A A+ $ 476 43.5 % $ 420 42.7 % Reinsurer B A+ 225 20.6 216 22.0 Reinsurer C A 67 6.1 64 6.5 Reinsurer D A++ 66 6.0 55 5.6 Reinsurer E A+ 50 4.6 46 4.7 Other reinsurers 209 19.2 182 18.5 Total $ 1,093 100.0 % $ 983 100.0 % |
Policy Claims and Benefits (Tab
Policy Claims and Benefits (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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): Six Months Ended June 30, 2021 2020 Balance, beginning of period $ 7,556 $ 6,786 Less: reinsurance recoverable (641) (564) Net balance, beginning of period 6,915 6,222 Incurred: Current year 7,631 5,740 Prior years (122) 59 Total incurred 7,509 5,799 Payments: Current year (2,747) (1,332) Prior years (4,358) (3,903) Total payments (7,105) (5,235) Other changes: Interest accretion 20 18 Foreign exchange adjustments (38) (142) Total other changes (18) (124) Net balance, end of period 7,302 6,662 Plus: reinsurance recoverable 674 633 Balance, end of period $ 7,976 $ 7,295 |
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, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings: | ||||
Net income | $ 344 | $ 158 | $ 483 | $ 70 |
Shares: | ||||
Weighted average outstanding shares | 68 | 63 | 68 | 63 |
Equivalent shares from outstanding stock options | 1 | 1 | 1 | 1 |
Denominator for diluted calculation | 69 | 64 | 69 | 64 |
Earnings Per Share: | ||||
Basic earnings per share | $ 5.06 | $ 2.49 | $ 7.11 | $ 1.12 |
Diluted earnings per share | $ 5.02 | $ 2.48 | $ 7.06 | $ 1.11 |
Earnings Per Share (Stock Optio
Earnings Per Share (Stock Options and Performance Shares Excluded From Common Equivalent Shares) (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | |
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 | 900 | 1,300 |
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 | 500 |
Equity (Common Stock Changes In
Equity (Common Stock Changes In Number of Shares Issued, Held In Treasury and Outstanding) (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Class of Stock [Line Items] | ||||
Common Stock, Shares, Issued | 85,310,598 | 85,310,598 | ||
Common Stock Issuable [Member] | ||||
Class of Stock [Line Items] | ||||
Common Stock, Shares, Issued | 85,310,598 | 79,137,758 | ||
Issuance of common stock | 0 | 6,172,840 | ||
Common stock acquired | 0 | 0 | ||
Stock-based compensation (1) | [1] | 0 | 0 | |
Common Stock, Shares, Issued | 85,310,598 | 85,310,598 | 85,310,598 | |
Common Stock Held In Treasury [Member] | ||||
Class of Stock [Line Items] | ||||
Common Stock, Shares, Issued | 17,353,697 | 16,481,656 | ||
Issuance of common stock | 0 | 0 | ||
Common stock acquired | 0 | (1,074,413) | ||
Stock-based compensation (1) | [1] | (40,036) | (181,330) | |
Common Stock, Shares, Issued | 17,313,661 | 17,313,661 | 17,374,739 | |
Common Stock Outstanding [Member] | ||||
Class of Stock [Line Items] | ||||
Common Stock, Shares, Issued | 67,956,901 | 62,656,102 | ||
Issuance of common stock | 0 | 6,172,840 | ||
Common stock acquired | 0 | (1,074,413) | ||
Stock-based compensation (1) | [1] | (40,036) | (181,330) | |
Common Stock, Shares, Issued | 67,996,937 | 67,996,937 | 67,935,859 | |
[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 | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ 5,359 | $ 3,137 | |
Other comprehensive income (loss) before reclassifications | (1,555) | 906 | |
Amounts reclassified to (from) AOCI | (151) | 2 | |
Deferred income tax benefit (expense) | 388 | (244) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 4,041 | 3,801 | |
Accumulated Translation Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (69) | (92) | |
Other comprehensive income (loss) before reclassifications | 55 | (116) | |
Amounts reclassified to (from) AOCI | 0 | 0 | |
Deferred income tax benefit (expense) | 6 | 2 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (20) | (210) | |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | [1] | 5,500 | 3,299 |
Other comprehensive income (loss) before reclassifications | [1] | (1,607) | 1,034 |
Amounts reclassified to (from) AOCI | [1] | (154) | 0 |
Deferred income tax benefit (expense) | [1] | 394 | (244) |
Accumulated Other Comprehensive Income (Loss), Net of Tax | [1] | 4,133 | 4,089 |
Accumulated Defined Benefit Plans Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (72) | (70) | |
Other comprehensive income (loss) before reclassifications | (3) | (12) | |
Amounts reclassified to (from) AOCI | 3 | 2 | |
Deferred income tax benefit (expense) | 0 | 2 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (72) | $ (78) | |
[1] | Includes cash flow hedges of $(40) and $(49) as of June 30, 2021 and December 31, 2020, respectively, and $(74) and $(26) as of June 30, 2020 and December 31, 2019, respectively. See Note 5 – “Derivative Instruments” for additional information on cash flow hedges. |
Equity (Balance of and Change_2
Equity (Balance of and Changes in Each Component of AOCI) (Footnote) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | |
Cash Flow Hedging [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (40) | $ (71) | $ (74) | $ (87) | $ (40) | $ (74) | $ (49) | $ (26) |
Equity (Schedule of Reclassific
Equity (Schedule of Reclassifications out of AOCI) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | $ 482 | $ 195 | $ 668 | $ 99 | |
Income Tax Expense (Benefit) | (138) | (37) | (185) | (29) | |
Net income | 344 | 158 | 483 | 70 | |
Unrealized Appreciation Depreciation Of Investments [Member] | |||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 41 | 141 | 154 | 0 | |
Income Tax Expense (Benefit) | (9) | (29) | (33) | (2) | |
Net income | 32 | 112 | 121 | (2) | |
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] | |||||
Investment related gains (losses), net | 26 | 11 | 183 | (28) | |
Unrealized Appreciation Depreciation Of Investments [Member] | Interest Rate Swap [Member] | |||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | [1] | 0 | (1) | (2) | (1) |
Unrealized Appreciation Depreciation Of Investments [Member] | Currency Swap [Member] | |||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | [1] | (4) | 0 | (4) | 0 |
Unrealized Appreciation Depreciation Of Investments [Member] | DAC Attributed To Unrealized Gains Losses [Member] | |||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||
Deferred policy acquisition costs attributed to unrealized gains and losses | [2] | 19 | 131 | 23 | 29 |
Amortization Of Unrealized Pension And Postretirement Benefits [Member] | |||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | (2) | (1) | (3) | (2) | |
Income Tax Expense (Benefit) | 1 | 1 | |||
Net income | (1) | (1) | (2) | (2) | |
Amounts Reclassified From AOCI [Member] | |||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||
Net income | 31 | 111 | 119 | (4) | |
Prior Service Cost [Member] | Amortization Of Unrealized Pension And Postretirement Benefits [Member] | |||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||
Prior service cost | [3] | 1 | 1 | 1 | 1 |
Actuarial Gains Losses [Member] | Amortization Of Unrealized Pension And Postretirement Benefits [Member] | |||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||
Actuarial gains/(losses) | [3] | $ (3) | $ (2) | $ 4 | $ (3) |
[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 2020 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 (Narrative) (Details)
Equity (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Document Period End Date | Jun. 30, 2021 | |||
Treasury Stock, Value, Acquired, Cost Method | $ 1 | $ 6 | $ 2 | $ 162 |
Stock Repurchase Program, Authorized Amount | $ 400 | 400 | ||
Proceeds from issuance of common stock, net | $ 481 | $ 0 | $ 481 | |
RGA Share Repurchase Program [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Treasury Stock, Shares, Acquired | 1,074,413 | |||
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 | 6 Months Ended | |
Mar. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity compensation expense | $ 24 | $ (5) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 200,239 | ||
Stock appreciation rights granted, weighted average exercise price (per share) | $ 129.01 | ||
Shares Granted To Non Employee Directors | 8,154 | ||
Document Period End Date | Jun. 30, 2021 | ||
Options exercisable (shares) | 1,633,693 | ||
Options exercisable, weighted average price (per share) | $ 96.87 | ||
Options, remaining term | 4 years 4 months 24 days | ||
Compensation cost not yet recognized | $ 56 | ||
Period for recognition | 1 year | ||
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 167,883 | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 327,813 |
Investments (Investments in Fix
Investments (Investments in Fixed Maturity Securities Available-for-Sale by Sector) (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Fixed maturity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 52,797 | $ 49,548 |
Financing Receivable, Allowance for Credit Loss | 16 | 20 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 5,773 | 7,404 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 267 | 197 |
Estimated Fair Value | $ 58,287 | $ 56,735 |
% of Total | 100.00% | 100.00% |
Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 33,687 | $ 31,963 |
Estimated Fair Value | $ 37,004 | $ 36,208 |
% of Total | 100.00% | 100.00% |
Corporate Debt Securities [Member] | Fixed maturity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 33,687 | $ 31,963 |
Financing Receivable, Allowance for Credit Loss | 11 | 17 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 3,465 | 4,356 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 137 | 94 |
Estimated Fair Value | $ 37,004 | $ 36,208 |
% of Total | 63.40% | 63.90% |
Canadian and Canadian provincial governments | Fixed maturity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 3,303 | $ 3,145 |
Financing Receivable, Allowance for Credit Loss | 0 | 0 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 1,602 | 1,995 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 2 | 0 |
Estimated Fair Value | $ 4,903 | $ 5,140 |
% of Total | 8.40% | 9.10% |
Residential mortgage-backed securities | Fixed maturity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 1,323 | $ 1,735 |
Financing Receivable, Allowance for Credit Loss | 0 | 0 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 60 | 84 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 6 | 2 |
Estimated Fair Value | $ 1,377 | $ 1,817 |
% of Total | 2.40% | 3.20% |
Asset-backed securities | Fixed maturity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 3,467 | $ 3,099 |
Financing Receivable, Allowance for Credit Loss | 0 | 0 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 36 | 35 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 21 | 42 |
Estimated Fair Value | $ 3,482 | $ 3,092 |
% of Total | 6.00% | 5.40% |
Commercial Mortgage Backed Securities [Member] | Fixed maturity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 1,774 | $ 1,790 |
Financing Receivable, Allowance for Credit Loss | 1 | 3 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 102 | 102 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 6 | 21 |
Estimated Fair Value | $ 1,869 | $ 1,868 |
% of Total | 3.20% | 3.30% |
US Treasury and Government [Member] | Fixed maturity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 1,295 | $ 1,242 |
Financing Receivable, Allowance for Credit Loss | 0 | 0 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 47 | 196 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 24 | 1 |
Estimated Fair Value | $ 1,318 | $ 1,437 |
% of Total | 2.30% | 2.50% |
US States and Political Subdivisions Debt Securities [Member] | Fixed maturity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 1,206 | $ 1,237 |
Financing Receivable, Allowance for Credit Loss | 0 | 0 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 144 | 157 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 6 | 4 |
Estimated Fair Value | $ 1,344 | $ 1,390 |
% of Total | 2.30% | 2.40% |
Debt Security, Government, Non-US [Member] | Fixed maturity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 6,742 | $ 5,337 |
Financing Receivable, Allowance for Credit Loss | 4 | 0 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 317 | 479 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 65 | 33 |
Estimated Fair Value | $ 6,990 | $ 5,783 |
% of Total | 12.00% | 10.20% |
Investments (Fixed Maturity Sec
Investments (Fixed Maturity Securities Pledged And Received As Collateral) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Debt Securities, Available-for-sale [Line Items] | ||
Document Period End Date | Jun. 30, 2021 | |
Collateral Fixed Maturity Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $ 125 | $ 148 |
Available-for-sale Securities | 135 | 162 |
Collateral Received Fixed Maturity Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities | 1,881 | 1,784 |
Reported Value Measurement [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Assets Held-in-trust | 27,929 | 27,675 |
Estimate of Fair Value Measurement [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Assets Held-in-trust | $ 30,749 | $ 31,179 |
Investments (Exposure To Concen
Investments (Exposure To Concentrations Of Credit Risk) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Debt Securities, Available-for-sale [Line Items] | ||
Document Period End Date | Jun. 30, 2021 | |
Government Of Japan [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $ 2,890 | $ 1,493 |
Available-for-sale Securities | 2,879 | 1,491 |
Canadian Province Of Quebec Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 1,097 | 1,054 |
Available-for-sale Securities | 1,477 | 1,528 |
Canadian Province Of Ontario Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 1,372 | 1,303 |
Available-for-sale Securities | $ 2,315 | $ 2,474 |
Investments (Amortized Cost and
Investments (Amortized Cost and Fair Value of Fixed Maturities by Contractual Maturities) (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Available For Sale Securities Debt Maturities Amortized Cost | ||
Due in one year or less | $ 1,143 | |
Due after one year through five years | 8,350 | |
Due after five year through ten years | 10,565 | |
Due after ten years | 26,175 | |
Asset and mortgage-backed securities | 6,564 | |
Total | 52,797 | $ 49,548 |
Available For Sale Securities Debt Maturities Fair Value | ||
Due in one year or less | 1,150 | |
Due after one year through five years | 8,887 | |
Due after five year through ten years | 11,518 | |
Due after ten years | 30,004 | |
Asset and mortgage-backed securities | 6,728 | |
Total | $ 58,287 | $ 56,735 |
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 | Jun. 30, 2021 | Dec. 31, 2020 |
Corporate Securities by Investment Sector And Credit Rating [Line Items] | ||
Amortized Cost | $ 33,687 | $ 31,963 |
Estimated Fair Value | $ 37,004 | $ 36,208 |
% of Total | 100.00% | 100.00% |
Financial Services Sector [Member] | ||
Corporate Securities by Investment Sector And Credit Rating [Line Items] | ||
Amortized Cost | $ 12,479 | $ 11,785 |
Estimated Fair Value | $ 13,627 | $ 13,236 |
% of Total | 36.80% | 36.60% |
Commercial and Industrial Sector [Member] | ||
Corporate Securities by Investment Sector And Credit Rating [Line Items] | ||
Amortized Cost | $ 17,032 | $ 16,274 |
Estimated Fair Value | $ 18,749 | $ 18,435 |
% of Total | 50.70% | 50.90% |
Utility Sector [Member] | ||
Corporate Securities by Investment Sector And Credit Rating [Line Items] | ||
Amortized Cost | $ 4,176 | $ 3,904 |
Estimated Fair Value | $ 4,628 | $ 4,537 |
% of Total | 12.50% | 12.50% |
Investments Investments (Rollfo
Investments Investments (Rollforward of Allowance For Credit Losses) (Details) - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Available-for-sale Securities [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held | $ 16 | $ 33 | $ 20 | $ 0 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, No Previous Impairment | 7 | 42 | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Securities Sold | (10) | (9) | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, Additional Credit Losses | (1) | |||
Corporate Debt Securities [Member] | Available-for-sale Securities [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held | 11 | 32 | 17 | 0 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, No Previous Impairment | 2 | 40 | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Securities Sold | (8) | (8) | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, Additional Credit Losses | 0 | |||
Debt Security, Government, Non-US [Member] | Available-for-sale Securities [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held | 4 | 1 | 0 | 0 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, No Previous Impairment | 4 | 2 | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Securities Sold | 0 | (1) | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, Additional Credit Losses | 0 | |||
Commercial Mortgage Backed Securities [Member] | Available-for-sale Securities [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held | 1 | 0 | 3 | $ 0 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, No Previous Impairment | 1 | 0 | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Securities Sold | (2) | $ 0 | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, Additional Credit Losses | (1) | |||
Fixed maturity securities | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing Receivable, Allowance for Credit Loss | 16 | 20 | ||
Fixed maturity securities | Corporate Debt Securities [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing Receivable, Allowance for Credit Loss | 11 | 17 | ||
Fixed maturity securities | Debt Security, Government, Non-US [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing Receivable, Allowance for Credit Loss | 4 | 0 | ||
Fixed maturity securities | Commercial Mortgage Backed Securities [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing Receivable, Allowance for Credit Loss | $ 1 | $ 3 |
Investments (Fair Value Below A
Investments (Fair Value Below Amortized Cost of Gross Unrealized Losses for Fixed Maturity Securities) (Details) - USD ($) $ in Millions | 6 Months Ended | 9 Months Ended | |
Jun. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Gross unrealized losses with number of securities [Line Items] | |||
Document Period End Date | Jun. 30, 2021 | ||
Gross Unrealized Losses | $ 267 | $ 197 | |
% of Total | 100.00% | 100.00% | |
Less than 20% | |||
Gross unrealized losses with number of securities [Line Items] | |||
Gross Unrealized Losses | $ 213 | 133 | |
% of Total | 79.80% | 67.50% | |
20% or more for less than six months | |||
Gross unrealized losses with number of securities [Line Items] | |||
Gross Unrealized Losses | $ 2 | 42 | |
% of Total | 0.70% | 21.30% | |
20% or more for six months or greater | |||
Gross unrealized losses with number of securities [Line Items] | |||
Gross Unrealized Losses | $ 52 | $ 22 | |
% of Total | 19.50% | 11.20% |
Investments (Fair Value and Los
Investments (Fair Value and Losses by Investment Category and Length of Time in a Loss Position) (Details) - Fixed maturity securities - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Estimated Fair Value - Less than 12 months | $ 6,118 | $ 4,068 |
Gross Unrealized Losses - Less than 12 months | 199 | 163 |
Estimated Fair Value - 12 months or greater | 1,799 | 769 |
Gross Unrealized Losses - 12 months or greater | 68 | 34 |
Estimated Fair Value | 7,917 | 4,837 |
Gross Unrealized Losses | 267 | 197 |
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 | 348 | 522 |
Gross Unrealized Losses - Less than 12 months | 46 | 80 |
Estimated Fair Value - 12 months or greater | 242 | 113 |
Gross Unrealized Losses - 12 months or greater | 28 | 15 |
Estimated Fair Value | 590 | 635 |
Gross Unrealized Losses | 74 | 95 |
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 | 5,770 | 3,546 |
Gross Unrealized Losses - Less than 12 months | 153 | 83 |
Estimated Fair Value - 12 months or greater | 1,557 | 656 |
Gross Unrealized Losses - 12 months or greater | 40 | 19 |
Estimated Fair Value | 7,327 | 4,202 |
Gross Unrealized Losses | 193 | 102 |
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 | 258 | 375 |
Gross Unrealized Losses - Less than 12 months | 42 | 49 |
Estimated Fair Value - 12 months or greater | 168 | 81 |
Gross Unrealized Losses - 12 months or greater | 10 | 11 |
Estimated Fair Value | 426 | 456 |
Gross Unrealized Losses | 52 | 60 |
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 | 2,596 | 930 |
Gross Unrealized Losses - Less than 12 months | 79 | 29 |
Estimated Fair Value - 12 months or greater | 168 | 70 |
Gross Unrealized Losses - 12 months or greater | 6 | 5 |
Estimated Fair Value | 2,764 | 1,000 |
Gross Unrealized Losses | 85 | 34 |
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 | 261 | 294 |
Gross Unrealized Losses - Less than 12 months | 5 | 2 |
Estimated Fair Value - 12 months or greater | 21 | 0 |
Gross Unrealized Losses - 12 months or greater | 1 | 0 |
Estimated Fair Value | 282 | 294 |
Gross Unrealized Losses | 6 | 2 |
Asset-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 | 24 | 20 |
Gross Unrealized Losses - Less than 12 months | 1 | 13 |
Estimated Fair Value - 12 months or greater | 15 | 4 |
Gross Unrealized Losses - 12 months or greater | 11 | 1 |
Estimated Fair Value | 39 | 24 |
Gross Unrealized Losses | 12 | 14 |
Asset-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 | 800 | 1,096 |
Gross Unrealized Losses - Less than 12 months | 4 | 17 |
Estimated Fair Value - 12 months or greater | 754 | 570 |
Gross Unrealized Losses - 12 months or greater | 5 | 11 |
Estimated Fair Value | 1,554 | 1,666 |
Gross Unrealized Losses | 9 | 28 |
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 | 0 | 91 |
Gross Unrealized Losses - Less than 12 months | 0 | 15 |
Estimated Fair Value - 12 months or greater | 43 | 0 |
Gross Unrealized Losses - 12 months or greater | 5 | 0 |
Estimated Fair Value | 43 | 91 |
Gross Unrealized Losses | 5 | 15 |
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 | 0 | 160 |
Gross Unrealized Losses - Less than 12 months | 0 | 6 |
Estimated Fair Value - 12 months or greater | 24 | 0 |
Gross Unrealized Losses - 12 months or greater | 1 | 0 |
Estimated Fair Value | 24 | 160 |
Gross Unrealized Losses | 1 | 6 |
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 | 364 | 27 |
Gross Unrealized Losses - Less than 12 months | 24 | 1 |
Estimated Fair Value - 12 months or greater | 0 | 0 |
Gross Unrealized Losses - 12 months or greater | 0 | 0 |
Estimated Fair Value | 364 | 27 |
Gross Unrealized Losses | 24 | 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 | 95 | 66 |
Gross Unrealized Losses - Less than 12 months | 2 | 1 |
Estimated Fair Value - 12 months or greater | 29 | 16 |
Gross Unrealized Losses - 12 months or greater | 4 | 3 |
Estimated Fair Value | 124 | 82 |
Gross Unrealized Losses | 6 | 4 |
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 | 66 | 36 |
Gross Unrealized Losses - Less than 12 months | 3 | 3 |
Estimated Fair Value - 12 months or greater | 16 | 28 |
Gross Unrealized Losses - 12 months or greater | 2 | 3 |
Estimated Fair Value | 82 | 64 |
Gross Unrealized Losses | 5 | 6 |
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 | 1,630 | 973 |
Gross Unrealized Losses - Less than 12 months | 37 | 27 |
Estimated Fair Value - 12 months or greater | 561 | 0 |
Gross Unrealized Losses - 12 months or greater | 23 | 0 |
Estimated Fair Value | 2,191 | 973 |
Gross Unrealized Losses | $ 60 | $ 27 |
Investments (Investment Income
Investments (Investment Income Net of Related Expenses) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Major Categories Of Investment Income Net of Expenses [Line Items] | ||||
Investment revenue | $ 785 | $ 667 | $ 1,621 | $ 1,283 |
Investment expense | (26) | (22) | (50) | (44) |
Investment income, net of related expenses | 759 | 645 | 1,571 | 1,239 |
Available-for-sale Securities [Member] | ||||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||||
Investment revenue | 516 | 474 | 1,011 | 954 |
Equity securities | ||||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||||
Investment revenue | 1 | 1 | 3 | 3 |
Mortgage Loans on Real Estate [Member] | ||||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||||
Investment revenue | 73 | 66 | 139 | 133 |
Policy loans | ||||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||||
Investment revenue | 13 | 14 | 27 | 29 |
Funds withheld at interest | ||||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||||
Investment revenue | 95 | 69 | 179 | 122 |
Short-term Investments [Member] | ||||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||||
Investment revenue | 0 | 2 | 1 | 6 |
Other invested assets | ||||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||||
Investment revenue | $ 87 | $ 41 | $ 261 | $ 36 |
Investments (Investment Related
Investments (Investment Related Gains (Losses) Net) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Investment Gains And Losses [Abstract] | ||||
Gain on investment activity | $ (53) | $ (46) | $ (220) | $ (73) |
Available-for-sale Securities, Realized Losses, Excluding Other than Temporary Impairments | (30) | (46) | (43) | (54) |
Gain (Loss) on Sale of Equity Investments | 20 | 8 | 23 | (15) |
Other impairment losses and change in mortgage loan provision | 3 | (22) | 21 | (35) |
Derivatives and other, net | 29 | 87 | 47 | (156) |
Total investment related gains (losses), net | 112 | 81 | 414 | (204) |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | 5 | 0 | 3 | (34) |
Change in Fair Value Limited Partnership Investments and Other Net | $ 32 | $ 8 | $ 143 | $ 17 |
Investments (Borrowed Securitie
Investments (Borrowed Securities Repurchased Securities And Repurchased Reversed Repurchased Securities) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Debt Securities, Available-for-sale [Line Items] | ||
Document Period End Date | Jun. 30, 2021 | |
Securities Loaned, Fair Value of Collateral | $ 103 | $ 105 |
Securities Received as Collateral | 102 | 102 |
Securities for Reverse Repurchase Agreements | 877 | 653 |
Securities Sold under Agreements to Repurchase, Collateral, Right to Reclaim Securities | 670 | 669 |
Securities Sold under Agreements to Repurchase, Collateral, Right to Reclaim Cash | 207 | 0 |
Reported Value Measurement [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities Borrowed | 318 | 118 |
Securities Loaned, Fair Value of Collateral | 94 | 94 |
Estimate of Fair Value Measurement [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities Borrowed | 360 | 161 |
Securities for Reverse Repurchase Agreements | $ 919 | $ 711 |
Investments (Securities Pledged
Investments (Securities Pledged as Collateral Related to Repurchase Reverse Repurchase Program) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Document Period End Date | Jun. 30, 2021 | |
Securities Loaned, Fair Value of Collateral | $ 103 | $ 105 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 919 | 711 |
Obligation to Return Securities Received as Collateral | 1,022 | 816 |
Securities Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement | 979 | 771 |
SecuredBorrowingsGrossDifferenceAmount | 43 | 45 |
Maturity Overnight [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] | ||
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] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 220 | 0 |
Obligation to Return Securities Received as Collateral | 220 | 0 |
Maturity over 90 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 699 | 711 |
Obligation to Return Securities Received as Collateral | 802 | 816 |
Corporate Debt Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 103 | 105 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 411 | 417 |
Corporate Debt Securities [Member] | Maturity Overnight [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 0 | 0 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Corporate Debt Securities [Member] | Maturity up to 30 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 0 | 0 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Corporate Debt Securities [Member] | Maturity 30 to 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 0 | 0 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Corporate Debt Securities [Member] | Maturity over 90 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 103 | 105 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 411 | 417 |
Debt Security, Government, Non-US [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 508 | 294 |
Debt Security, Government, Non-US [Member] | Maturity Overnight [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Debt Security, Government, Non-US [Member] | Maturity up to 30 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Debt Security, Government, Non-US [Member] | Maturity 30 to 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 220 | 0 |
Debt Security, Government, Non-US [Member] | Maturity over 90 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | $ 288 | $ 294 |
Investments (Mortgage Loans by
Investments (Mortgage Loans by Property Type) (Details) - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Document Period End Date | Jun. 30, 2021 | |||
Recorded investment | $ 6,537 | $ 5,861 | ||
Percentage of total | 100.00% | 100.00% | ||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | $ (11) | $ (10) | ||
Allowance for Loan and Lease Losses, Real Estate | (45) | (64) | $ (56) | $ (12) |
Mortgage loans on real estate (net of allowance for credit losses of $45 and $64) | 6,481 | 5,787 | ||
Apartment | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Recorded investment | $ 897 | $ 808 | ||
Percentage of total | 13.70% | 13.80% | ||
Retail | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Recorded investment | $ 2,036 | $ 1,711 | ||
Percentage of total | 31.20% | 29.30% | ||
Office building | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Recorded investment | $ 1,733 | $ 1,702 | ||
Percentage of total | 26.50% | 29.00% | ||
Industrial | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Recorded investment | $ 1,388 | $ 1,210 | ||
Percentage of total | 21.20% | 20.60% | ||
Other commercial | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Recorded investment | $ 483 | $ 430 | ||
Percentage of total | 7.40% | 7.30% |
Investments (Mortgage Loans b_2
Investments (Mortgage Loans by Maturity Date) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Document Period End Date | Jun. 30, 2021 | |
Loans Receivable, Gross, Commercial, Real Estate | $ 6,537 | $ 5,861 |
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] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 2,585 | $ 2,276 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 39.60% | 38.80% |
Due after five years through ten years | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 2,845 | $ 2,768 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 43.50% | 47.30% |
Due after ten years | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 1,107 | $ 817 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 16.90% | 13.90% |
Investments (Mortgage Loans b_3
Investments (Mortgage Loans by Credit Quality Indicator) (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 6,537 | $ 5,861 |
Loans Receivable, Gross, Commercial, Construction | $ 24 | $ 12 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 100.00% | 100.00% |
LTV 0 to 59 Percent [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 3,416 | $ 2,909 |
Loans Receivable, Gross, Commercial, Construction | $ 24 | $ 12 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 52.20% | 49.60% |
LTV 60 To 69 Percent [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 2,352 | $ 2,108 |
Loans Receivable, Gross, Commercial, Construction | $ 0 | $ 0 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 36.00% | 36.00% |
LTV 70 To 79 Percent [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 555 | $ 617 |
Loans Receivable, Gross, Commercial, Construction | $ 0 | $ 0 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 8.50% | 10.50% |
Debt-to-Value Ratio, 80 to 100 Percent [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 214 | $ 227 |
Loans Receivable, Gross, Commercial, Construction | $ 0 | $ 0 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 3.30% | 3.90% |
Debt Service Coverage Ratio Range One [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 5,859 | $ 5,531 |
Debt Service Coverage Ratio Range One [Member] | LTV 0 to 59 Percent [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 3,053 | 2,774 |
Debt Service Coverage Ratio Range One [Member] | LTV 60 To 69 Percent [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 2,110 | 2,013 |
Debt Service Coverage Ratio Range One [Member] | LTV 70 To 79 Percent [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 503 | 555 |
Debt Service Coverage Ratio Range One [Member] | Debt-to-Value Ratio, 80 to 100 Percent [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 193 | 189 |
Debt Service Coverage Ratio Range Two [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 510 | 238 |
Debt Service Coverage Ratio Range Two [Member] | LTV 0 to 59 Percent [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 274 | 106 |
Debt Service Coverage Ratio Range Two [Member] | LTV 60 To 69 Percent [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 200 | 62 |
Debt Service Coverage Ratio Range Two [Member] | LTV 70 To 79 Percent [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 36 | 49 |
Debt Service Coverage Ratio Range Two [Member] | Debt-to-Value Ratio, 80 to 100 Percent [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 0 | 21 |
Debt Service Coverage Ratio Range Three [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 144 | 80 |
Debt Service Coverage Ratio Range Three [Member] | LTV 0 to 59 Percent [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 65 | 17 |
Debt Service Coverage Ratio Range Three [Member] | LTV 60 To 69 Percent [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 42 | 33 |
Debt Service Coverage Ratio Range Three [Member] | LTV 70 To 79 Percent [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 16 | 13 |
Debt Service Coverage Ratio Range Three [Member] | Debt-to-Value Ratio, 80 to 100 Percent [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 21 | $ 17 |
Investments (Internal Credit Ra
Investments (Internal Credit Rating Disclosure) (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 6,537 | $ 5,861 |
High Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 3,924 | 3,438 |
Internal Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 2,453 | 2,271 |
Average Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 120 | 111 |
Watch List [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 4 | 4 |
Internal Noninvestment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 36 | 37 |
Year Of Origination Prior Periods [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 2,363 | 1,472 |
Year Of Origination Prior Periods [Member] | High Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 1,686 | 1,008 |
Year Of Origination Prior Periods [Member] | Internal Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 580 | 368 |
Year Of Origination Prior Periods [Member] | Average Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 57 | 55 |
Year Of Origination Prior Periods [Member] | Watch List [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 4 | 4 |
Year Of Origination Prior Periods [Member] | Internal Noninvestment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 36 | 37 |
Year Of Origination 2016 [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 860 | |
Year Of Origination 2016 [Member] | High Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 574 | |
Year Of Origination 2016 [Member] | Internal Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 249 | |
Year Of Origination 2016 [Member] | Average Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 37 | |
Year Of Origination 2016 [Member] | Watch List [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 0 | |
Year Of Origination 2016 [Member] | Internal Noninvestment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 0 | |
Year Of Origination 2017 [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 721 | 762 |
Year Of Origination 2017 [Member] | High Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 304 | 336 |
Year Of Origination 2017 [Member] | Internal Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 399 | 407 |
Year Of Origination 2017 [Member] | Average Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 18 | 19 |
Year Of Origination 2017 [Member] | Watch List [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 0 | 0 |
Year Of Origination 2017 [Member] | Internal Noninvestment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 0 | 0 |
Year Of Origination 2018 [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 878 | 892 |
Year Of Origination 2018 [Member] | High Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 468 | 493 |
Year Of Origination 2018 [Member] | Internal Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 371 | 399 |
Year Of Origination 2018 [Member] | Average Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 39 | 0 |
Year Of Origination 2018 [Member] | Watch List [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 0 | 0 |
Year Of Origination 2018 [Member] | Internal Noninvestment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 0 | 0 |
Year Of Origination 2019 [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 1,043 | 1,112 |
Year Of Origination 2019 [Member] | High Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 569 | 616 |
Year Of Origination 2019 [Member] | Internal Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 474 | 496 |
Year Of Origination 2019 [Member] | Average Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 0 | 0 |
Year Of Origination 2019 [Member] | Watch List [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 0 | 0 |
Year Of Origination 2019 [Member] | Internal Noninvestment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 0 | 0 |
Year Of Origination 2020 [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 772 | 763 |
Year Of Origination 2020 [Member] | High Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 406 | 411 |
Year Of Origination 2020 [Member] | Internal Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 366 | 352 |
Year Of Origination 2020 [Member] | Average Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 0 | 0 |
Year Of Origination 2020 [Member] | Watch List [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 0 | 0 |
Year Of Origination 2020 [Member] | Internal Noninvestment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 0 | $ 0 |
Year Of Origination 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 760 | |
Year Of Origination 2021 | High Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 491 | |
Year Of Origination 2021 | Internal Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 263 | |
Year Of Origination 2021 | Average Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 6 | |
Year Of Origination 2021 | Watch List [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 0 | |
Year Of Origination 2021 | Internal Noninvestment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 0 |
Investments (Age Analysis of Pa
Investments (Age Analysis of Past Due Recorded Investments) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Financing Receivable, Past Due [Line Items] | ||
Document Period End Date | Jun. 30, 2021 | |
Loans Receivable, Gross, Commercial, Real Estate | $ 6,537 | $ 5,861 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 6,537 | 5,861 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 15 | 15 |
Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 6,522 | $ 5,846 |
Investments (Mortgage Loans b_4
Investments (Mortgage Loans by Method of Evaluation and Related Valuation Allowances) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Document Period End Date | Jun. 30, 2021 | |
Mortgage Loans: | ||
Total mortgage loans | $ 6,537 | $ 5,861 |
Mortgage Loans on Real Estate, Commercial and Consumer, Net, (Investment Based Operations Presentation) [Abstract] | ||
Mortgage loans on real estate (net of valuation allowances) | 6,481 | 5,787 |
Commercial Real Estate Portfolio Segment [Member] | ||
Mortgage Loans: | ||
Evaluated individually for credit losses | 36 | 37 |
Evaluated collectively for credit losses | 6,501 | 5,824 |
Total mortgage loans | 6,537 | 5,861 |
Valuation Allowances: | ||
Specific for credit losses | 0 | 0 |
Non-specifically identified credit losses | 45 | 64 |
Total valuation allowances | $ 45 | $ 64 |
Investments (Loan Valuation All
Investments (Loan Valuation Allowance for Mortgage Loans) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Allowance For Loan And Lease Losses Roll Forward | ||
Balance, Beginning of Period | $ 64 | $ 12 |
Provision (release) | 0 | 14 |
Allowance for Loan and Lease Losses, Foreign Currency Translation | (19) | 30 |
Balance, End of Period | $ 45 | $ 56 |
Investments (Impaired Mortgage
Investments (Impaired Mortgage Loans) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | ||
Financing Receivable Impaired [Line Items] | ||||||
Unpaid Principal Balance | $ 36 | $ 36 | $ 37 | |||
Recorded Investment | 36 | 36 | 37 | |||
Related Allowance | 0 | 0 | 0 | |||
Carrying Value | 36 | 36 | 37 | |||
Average Investment | [1] | 36 | $ 17 | 36 | $ 17 | |
Interest Income | 1 | 0 | 1 | 0 | ||
Impaired mortgage loans with valuation allowance recorded | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Unpaid Principal Balance | 0 | 0 | 0 | |||
Recorded Investment | 0 | 0 | 0 | |||
Related Allowance | 0 | 0 | 0 | |||
Carrying Value | 0 | 0 | 0 | |||
Impaired mortgage loans with no valuation allowance recorded | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Unpaid Principal Balance | 36 | 36 | 37 | |||
Recorded Investment | 36 | 36 | 37 | |||
Related Allowance | 0 | 0 | 0 | |||
Carrying Value | 36 | 36 | $ 37 | |||
Average Investment | [1] | 36 | 17 | 36 | 17 | |
Interest Income | $ 1 | $ 0 | $ 1 | $ 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 | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Document Period End Date | Jun. 30, 2021 | |
Other invested assets | $ 2,924 | $ 2,829 |
Equity Release Mortgages [Member] | ||
Other invested assets | 958 | 935 |
Limited Partner [Member] | ||
Other invested assets | 1,611 | 1,367 |
Derivatives | ||
Other invested assets | 146 | 140 |
Fair Value Option Contractholder Directed Unit Linked Investments [Member] | ||
Other invested assets | 54 | 289 |
Other | ||
Other invested assets | $ 155 | $ 98 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Investment Narrative [Line Items] | |||||||||
Funds Held Under Reinsurance Agreements Asset Specific Client | $ 4,700 | $ 4,700 | |||||||
Available-for-sale Securities, Realized Losses, Excluding Other than Temporary Impairments | $ 30 | $ 46 | $ 43 | $ 54 | |||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 1,223 | 1,223 | 877 | ||||||
Securities As Percentage Of Consolidated Stockholder Equity | 10.00% | 10.00% | |||||||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 100.00% | 100.00% | 100.00% | ||||||
Funds withheld at interest | $ 7,049 | $ 7,049 | $ 5,432 | ||||||
Pre Tax Gains In Investment Related Gains Associated With Investments In Limited Partnerships | 70 | ||||||||
Reclassification of Pre Tax Unrealized Gains From AOCI to Investment Income Associated With Limited Partnerships | $ 92 | ||||||||
Mortgage Loan Carrying Value Payout Adjusted Due To COVID-19 | 10 | 10 | 660 | ||||||
Accounts Receivable, Allowance for Credit Loss | 1 | 1 | 2 | ||||||
Revision of Prior Period, Reclassification, Adjustment | |||||||||
Investment Narrative [Line Items] | |||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 102 | $ (2) | $ 1 | $ 10 | |||||
Fixed maturity securities | |||||||||
Investment Narrative [Line Items] | |||||||||
Financing Receivable, Allowance for Credit Loss | 16 | 16 | 20 | ||||||
Fixed maturity securities | Corporate Debt Securities [Member] | |||||||||
Investment Narrative [Line Items] | |||||||||
Financing Receivable, Allowance for Credit Loss | $ 11 | $ 11 | $ 17 | ||||||
CALIFORNIA | |||||||||
Investment Narrative [Line Items] | |||||||||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 13.40% | 13.40% | |||||||
TEXAS | |||||||||
Investment Narrative [Line Items] | |||||||||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 13.50% | 13.50% | |||||||
CANADA | |||||||||
Investment Narrative [Line Items] | |||||||||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 3.20% | 3.20% | |||||||
UNITED KINGDOM | |||||||||
Investment Narrative [Line Items] | |||||||||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 1.80% | 1.80% | |||||||
GEORGIA | |||||||||
Investment Narrative [Line Items] | |||||||||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 8.10% | 8.10% |
Derivative Instruments (Gross N
Derivative Instruments (Gross Notional Amount and Fair Value of Derivatives Contracts) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Derivative [Line Items] | ||
Document Period End Date | Jun. 30, 2021 | |
Notional Amount | $ 24,229 | $ 23,298 |
Carrying Value / Fair Value of Assets | 301 | 229 |
Derivative Liability, Fair Value, Gross Liability | 955 | 987 |
Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount | 21,420 | 21,007 |
Carrying Value / Fair Value of Assets | 277 | 208 |
Derivative Liability, Fair Value, Gross Liability | 903 | 947 |
Not Designated as Hedging Instrument | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 1,089 | 1,084 |
Carrying Value / Fair Value of Assets | 74 | 93 |
Derivative Liability, Fair Value, Gross Liability | 1 | 1 |
Not Designated as Hedging Instrument | Financial Futures | ||
Derivative [Line Items] | ||
Notional Amount | 254 | 258 |
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 | 459 | 347 |
Carrying Value / Fair Value of Assets | 1 | 4 |
Derivative Liability, Fair Value, Gross Liability | 4 | 2 |
Not Designated as Hedging Instrument | Consumer Price Index Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 607 | 612 |
Carrying Value / Fair Value of Assets | 19 | 11 |
Derivative Liability, Fair Value, Gross Liability | 11 | 19 |
Not Designated as Hedging Instrument | Credit Default Swaps | ||
Derivative [Line Items] | ||
Notional Amount | 1,893 | 1,517 |
Carrying Value / Fair Value of Assets | 36 | 13 |
Derivative Liability, Fair Value, Gross Liability | 1 | 0 |
Not Designated as Hedging Instrument | Equity Options | ||
Derivative [Line Items] | ||
Notional Amount | 479 | 395 |
Carrying Value / Fair Value of Assets | 23 | 29 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
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 | 6 | 18 |
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 | 124 | 58 |
Derivative Liability, Fair Value, Gross Liability | 0 | 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 | 726 | 752 |
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 | 154 | 155 |
Not Designated as Hedging Instrument | Synthetic Guaranteed Investment Contracts | ||
Derivative [Line Items] | ||
Notional Amount | 16,489 | 16,644 |
Carrying Value / Fair Value of Assets | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Designated As Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount | 2,809 | 2,291 |
Carrying Value / Fair Value of Assets | 24 | 21 |
Derivative Liability, Fair Value, Gross Liability | 52 | 40 |
Designated As Hedging Instrument | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 920 | 802 |
Carrying Value / Fair Value of Assets | 5 | 3 |
Derivative Liability, Fair Value, Gross Liability | 27 | 24 |
Designated As Hedging Instrument | Foreign Currency Forwards | ||
Derivative [Line Items] | ||
Notional Amount | 1,327 | 1,255 |
Carrying Value / Fair Value of Assets | 9 | 10 |
Derivative Liability, Fair Value, Gross Liability | 24 | 15 |
Designated As Hedging Instrument | Currency Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 193 | 234 |
Carrying Value / Fair Value of Assets | 3 | 8 |
Derivative Liability, Fair Value, Gross Liability | 1 | 1 |
Designated As Hedging Instrument | Purchase Commitment | ||
Derivative [Line Items] | ||
Notional Amount | 369 | 0 |
Carrying Value / Fair Value of Assets | 7 | 0 |
Derivative Liability, Fair Value, Gross Liability | $ 0 | $ 0 |
Derivative Instruments Derivati
Derivative Instruments Derivative Instruments (Fair Value Hedge Attributable to Foreign Currency) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | $ (2) | $ 15 | $ (2) | $ (8) |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | $ 2 | $ (13) | $ 3 | $ 2 |
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 | 6 Months Ended | 9 Months Ended | |||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 40 | $ 71 | $ 74 | $ 87 | $ 40 | $ 74 | $ 49 | $ 26 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 29 | 12 | 5 | (49) | ||||
Investment Income [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | 0 | 0 | ||||
Interest Expense [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 2 | $ 1 | $ 4 | $ 1 |
Derivative Instruments (Cash Fl
Derivative Instruments (Cash Flow Hedges) (Details) - Cash Flow Hedging [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | $ 29 | $ 12 | $ 5 | $ (49) | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (40) | $ (71) | (74) | $ (87) | (40) | (74) | $ (49) | $ (26) |
Investment Income [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | 0 | 0 | ||||
Interest Expense [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (2) | (1) | (4) | (1) | ||||
Interest Rate Swap [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 29 | (1) | 6 | (36) | ||||
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 | 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 | (2) | (1) | (4) | (1) | ||||
Currency Swap [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 0 | 13 | (1) | (13) | ||||
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 | 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 | $ 0 | $ 0 |
Derivative Instruments (Hedges
Derivative Instruments (Hedges of Net Investments in Foreign Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Derivatives, Fair Value [Line Items] | ||||
Net Derivatives Gains (Losses) Deferred in AOCI | $ (12) | $ (40) | $ (27) | $ 55 |
Currency Swap [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Net Derivatives Gains (Losses) Deferred in AOCI | (2) | (6) | (3) | 9 |
Foreign Currency Forwards | ||||
Derivatives, Fair Value [Line Items] | ||||
Net Derivatives Gains (Losses) Deferred in AOCI | $ (10) | $ (34) | $ (24) | $ 46 |
Derivative Instruments (Non Hed
Derivative Instruments (Non Hedging Derivatives and Embedded Derivatives Effect on Income Statement) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Affect Of Non Hedging Derivatives [Line Items] | ||||
Total investment related gains (losses), net | $ 112 | $ 81 | $ 414 | $ (204) |
Policy acquisition costs and other insurance expenses | (339) | (290) | (672) | (538) |
Interest credited | 218 | 187 | 364 | 333 |
Other revenues | 168 | 90 | 259 | 166 |
Gain Loss On Investments Related To Change In Fair Value Of Derivatives Excluding Embedded Derivatives | 30 | (23) | (21) | 100 |
Not Designated as Hedging Instrument | ||||
Income Affect Of Non Hedging Derivatives [Line Items] | ||||
Total investment related gains (losses), net | 16 | 78 | 47 | (151) |
Not Designated as Hedging Instrument | Interest Rate Swap [Member] | ||||
Income Affect Of Non Hedging Derivatives [Line Items] | ||||
Total investment related gains (losses), net | 33 | 3 | (37) | 109 |
Not Designated as Hedging Instrument | Financial Futures | ||||
Income Affect Of Non Hedging Derivatives [Line Items] | ||||
Total investment related gains (losses), net | (9) | (48) | (19) | (4) |
Not Designated as Hedging Instrument | Currency Swap [Member] | ||||
Income Affect Of Non Hedging Derivatives [Line Items] | ||||
Total investment related gains (losses), net | 3 | 3 | 12 | (10) |
Not Designated as Hedging Instrument | Foreign Currency Forwards | ||||
Income Affect Of Non Hedging Derivatives [Line Items] | ||||
Total investment related gains (losses), net | (1) | 1 | (9) | (2) |
Not Designated as Hedging Instrument | Consumer Price Index Swap [Member] | ||||
Income Affect Of Non Hedging Derivatives [Line Items] | ||||
Total investment related gains (losses), net | 3 | 26 | 21 | (14) |
Not Designated as Hedging Instrument | Credit Default Swaps | ||||
Income Affect Of Non Hedging Derivatives [Line Items] | ||||
Total investment related gains (losses), net | 12 | 17 | 32 | (7) |
Not Designated as Hedging Instrument | Equity Options | ||||
Income Affect Of Non Hedging Derivatives [Line Items] | ||||
Total investment related gains (losses), net | (11) | (25) | (21) | 28 |
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 | 16 | 1 | 66 | (229) |
Not Designated as Hedging Instrument | Embedded Derivatives In Indexed Annuity [Member] | ||||
Income Affect Of Non Hedging Derivatives [Line Items] | ||||
Interest credited | 13 | 7 | 1 | 1 |
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 | $ (17) | $ 107 | $ 1 | $ (21) |
Derivative Instruments (Exposur
Derivative Instruments (Exposure from Credit Derivatives by Rating of the Underlying Credits) (Details) - USD ($) $ in Millions | 6 Months Ended | 9 Months Ended | ||||
Jun. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | ||||
Credit Derivatives [Line Items] | ||||||
Document Period End Date | Jun. 30, 2021 | |||||
Credit Derivative Current Fair Value | [1] | $ 35 | $ 13 | |||
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 1,893 | 1,517 | |||
Derivative Average Remaining Maturity | [1],[3] | 6 years 8 months 12 days | 5 years 7 months 6 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] | $ 34 | 11 | |||
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 715 | 287 | |||
Derivative Average Remaining Maturity | [1],[3] | 12 years 4 months 24 days | 15 years | |||
Standard Poors AAA To A Minus Ratings [Member] | Credit Default Subtotal [Member] | ||||||
Credit Derivatives [Line Items] | ||||||
Credit Derivative Current Fair Value | [1] | $ 34 | 11 | |||
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 715 | 287 | |||
Derivative Average Remaining Maturity | [1],[3] | 12 years 4 months 24 days | 15 years | |||
Standard Poors BBB Rating [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] | $ 181 | 232 | |||
Derivative Average Remaining Maturity | [1],[3] | 2 years | 1 year 7 months 6 days | |||
Standard Poors BBB Rating [Member] | Credit Default Swaps Referencing Indices [Member] | ||||||
Credit Derivatives [Line Items] | ||||||
Credit Derivative Current Fair Value | [1] | $ 0 | 0 | |||
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 988 | 988 | |||
Derivative Average Remaining Maturity | [1],[3] | 3 years 4 months 24 days | 3 years 10 months 24 days | |||
Standard Poors BBB Rating [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] | $ 1,169 | 1,220 | |||
Derivative Average Remaining Maturity | [1],[3] | 3 years 2 months 12 days | 3 years 6 months | |||
Standard & Poor's, BB Rating [Member] | ||||||
Credit Derivatives [Line Items] | ||||||
Derivative Average Remaining Maturity | [1] | 6 months | [3] | 8 months 12 days | [2] | |
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] | 9 | 10 | |||
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] | $ 9 | $ 10 | |||
[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 | Jun. 30, 2021 | Dec. 31, 2020 | |
Derivative Assets [Abstract] | |||
Derivative Fair Value Of Free Standing Derivative Asset | $ 177 | $ 171 | |
Gross Amounts Offset in the Balance Sheet | (31) | (31) | |
Net Amounts Presented in the Balance Sheet | 146 | 140 | |
Derivative Asset, Fair Value of Collateral | [1] | (36) | (30) |
Gross Amounts Not Offset in the Balance Sheet - Cash Collateral Pledged/Received | (100) | (98) | |
Net Amount | 10 | 12 | |
Derivative Liabilities [Abstract] | |||
Derivative Fair Value Of Free Standing Derivative Liability | 75 | 80 | |
Gross Amounts Offset in the Balance Sheet | (31) | (31) | |
Net Amounts Presented in the Balance Sheet | 44 | 49 | |
Gross Amounts Not Offset in the Balance Sheet - Financial Instruments | [1] | (121) | (146) |
Gross Amounts Not Offset in the Balance Sheet - Cash Collateral Pledged/Received | (48) | (47) | |
Net Amount | $ (125) | $ (144) | |
[1] | Includes initial margin posted to a central clearing partner. |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2021 | Dec. 31, 2020 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Document Period End Date | Jun. 30, 2021 | ||
Credit Risk Derivative Liabilities, at Fair Value | $ 18 | ||
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | 1,893 | $ 1,517 |
Cumulative Foreign Currency Translation Gain Loss Recorded In Accumulated Other Comprehensive Income Loss For Terminated Net Investment In Foreign Operations Hedges | 112 | $ 139 | |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 6 | ||
[1] | Assumes the value of the referenced credit obligations is zero. | ||
[2] | The rating agency designations are based on ratings from Standard and Poor’s (“S&P”). |
Fair Value of Assets and Liab_3
Fair Value of Assets and Liabilities (Balances of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | |
Assets Fair Value Disclosure | |||
Fixed maturity securities, available-for-sale | $ 58,287 | $ 56,735 | |
Equity Method Investments, Fair Value Disclosure | 147 | 132 | |
Funds withheld at interest embedded derivatives | 206 | 114 | |
Cash and cash equivalents | 1,167 | 1,478 | |
Short-term investments | 166 | 197 | |
Derivative Assets (Liabilities), at Fair Value, Net | 140 | ||
Investments, Fair Value Disclosure | 253 | [1] | 429 |
Assets, Fair Value Disclosure | 60,226 | 59,085 | |
Fair Value Measured On Recurring Basis Guaranteed Interest Contracts Embedded Derivatives | 880 | 907 | |
Liabilities Fair Value Disclosure | |||
Other liabilities | (49) | ||
Financial Liabilities Fair Value Disclosure | 924 | 956 | |
Fair Value, Net Asset (Liability) | 493 | ||
Other | |||
Assets Fair Value Disclosure | |||
Investments, Fair Value Disclosure | 53 | ||
Interest Rate Swap [Member] | |||
Assets Fair Value Disclosure | |||
Investments, Fair Value Disclosure | 146 | ||
Liabilities Fair Value Disclosure | |||
Other liabilities | (44) | ||
Fair Value Option Contractholder Directed Unit Linked Investments [Member] | |||
Assets Fair Value Disclosure | |||
Investments, Fair Value Disclosure | 54 | 289 | |
Corporate Debt Securities [Member] | |||
Assets Fair Value Disclosure | |||
Fixed maturity securities, available-for-sale | 37,004 | 36,208 | |
Canadian and Canadian provincial governments | |||
Assets Fair Value Disclosure | |||
Fixed maturity securities, available-for-sale | 4,903 | 5,140 | |
Residential mortgage-backed securities | |||
Assets Fair Value Disclosure | |||
Fixed maturity securities, available-for-sale | 1,377 | 1,817 | |
Asset-backed securities | |||
Assets Fair Value Disclosure | |||
Fixed maturity securities, available-for-sale | 3,482 | 3,092 | |
Assets, Fair Value Disclosure | 78 | 87 | |
Commercial Mortgage Backed Securities [Member] | |||
Assets Fair Value Disclosure | |||
Fixed maturity securities, available-for-sale | 1,869 | 1,868 | |
US Government Agencies Debt Securities [Member] | |||
Assets Fair Value Disclosure | |||
Fixed maturity securities, available-for-sale | 1,318 | 1,437 | |
Assets, Fair Value Disclosure | 13 | 14 | |
US States and Political Subdivisions Debt Securities [Member] | |||
Assets Fair Value Disclosure | |||
Fixed maturity securities, available-for-sale | 1,344 | 1,390 | |
Debt Security, Government, Non-US [Member] | |||
Assets Fair Value Disclosure | |||
Fixed maturity securities, available-for-sale | 6,990 | 5,783 | |
Fair Value Inputs Level 1 Member | |||
Assets Fair Value Disclosure | |||
Fixed maturity securities, available-for-sale | 1,198 | 1,312 | |
Equity Method Investments, Fair Value Disclosure | 84 | 79 | |
Funds withheld at interest embedded derivatives | 0 | 0 | |
Cash and cash equivalents | 1,152 | 1,478 | |
Short-term investments | 1 | 32 | |
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||
Investments, Fair Value Disclosure | 0 | [1] | 224 |
Assets, Fair Value Disclosure | 2,435 | 3,125 | |
Fair Value Measured On Recurring Basis Guaranteed Interest Contracts Embedded Derivatives | 0 | 0 | |
Liabilities Fair Value Disclosure | |||
Other liabilities | 0 | ||
Financial Liabilities Fair Value Disclosure | 0 | 0 | |
Fair Value Inputs Level 1 Member | Other | |||
Assets Fair Value Disclosure | |||
Investments, Fair Value Disclosure | 0 | ||
Fair Value Inputs Level 1 Member | Interest Rate Swap [Member] | |||
Assets Fair Value Disclosure | |||
Investments, Fair Value Disclosure | 0 | ||
Liabilities Fair Value Disclosure | |||
Other liabilities | 0 | ||
Fair Value Inputs Level 1 Member | Fair Value Option Contractholder Directed Unit Linked Investments [Member] | |||
Assets Fair Value Disclosure | |||
Investments, Fair Value Disclosure | 0 | 224 | |
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 | |||
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 Government Agencies Debt Securities [Member] | |||
Assets Fair Value Disclosure | |||
Fixed maturity securities, available-for-sale | 1,198 | 1,312 | |
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 | 53,166 | 52,100 | |
Equity Method Investments, Fair Value Disclosure | 0 | 0 | |
Funds withheld at interest embedded derivatives | 0 | 0 | |
Cash and cash equivalents | 15 | 0 | |
Short-term investments | 165 | 150 | |
Derivative Assets (Liabilities), at Fair Value, Net | 140 | ||
Investments, Fair Value Disclosure | 253 | [1] | 205 |
Assets, Fair Value Disclosure | 53,599 | 52,455 | |
Fair Value Measured On Recurring Basis Guaranteed Interest Contracts Embedded Derivatives | 0 | 0 | |
Liabilities Fair Value Disclosure | |||
Other liabilities | (49) | ||
Financial Liabilities Fair Value Disclosure | 44 | 49 | |
Fair Value Inputs Level 2 Member | Other | |||
Assets Fair Value Disclosure | |||
Investments, Fair Value Disclosure | 53 | ||
Fair Value Inputs Level 2 Member | Interest Rate Swap [Member] | |||
Assets Fair Value Disclosure | |||
Investments, Fair Value Disclosure | 146 | ||
Liabilities Fair Value Disclosure | |||
Other liabilities | (44) | ||
Fair Value Inputs Level 2 Member | Fair Value Option Contractholder Directed Unit Linked Investments [Member] | |||
Assets Fair Value Disclosure | |||
Investments, Fair Value Disclosure | 54 | 65 | |
Fair Value Inputs Level 2 Member | Corporate Debt Securities [Member] | |||
Assets Fair Value Disclosure | |||
Fixed maturity securities, available-for-sale | 33,796 | 33,179 | |
Fair Value Inputs Level 2 Member | Canadian and Canadian provincial governments | |||
Assets Fair Value Disclosure | |||
Fixed maturity securities, available-for-sale | 4,903 | 5,140 | |
Fair Value Inputs Level 2 Member | Residential mortgage-backed securities | |||
Assets Fair Value Disclosure | |||
Fixed maturity securities, available-for-sale | 1,375 | 1,814 | |
Fair Value Inputs Level 2 Member | Asset-backed securities | |||
Assets Fair Value Disclosure | |||
Fixed maturity securities, available-for-sale | 2,896 | 2,896 | |
Fair Value Inputs Level 2 Member | Commercial Mortgage Backed Securities [Member] | |||
Assets Fair Value Disclosure | |||
Fixed maturity securities, available-for-sale | 1,804 | 1,813 | |
Fair Value Inputs Level 2 Member | US Government Agencies Debt Securities [Member] | |||
Assets Fair Value Disclosure | |||
Fixed maturity securities, available-for-sale | 107 | 111 | |
Fair Value Inputs Level 2 Member | US States and Political Subdivisions Debt Securities [Member] | |||
Assets Fair Value Disclosure | |||
Fixed maturity securities, available-for-sale | 1,336 | 1,381 | |
Fair Value Inputs Level 2 Member | Debt Security, Government, Non-US [Member] | |||
Assets Fair Value Disclosure | |||
Fixed maturity securities, available-for-sale | 6,949 | 5,766 | |
Fair Value Inputs Level 3 Member | |||
Assets Fair Value Disclosure | |||
Fixed maturity securities, available-for-sale | 3,923 | 3,323 | |
Equity Method Investments, Fair Value Disclosure | 63 | 53 | |
Funds withheld at interest embedded derivatives | 206 | 114 | |
Cash and cash equivalents | 0 | 0 | |
Short-term investments | 0 | 15 | |
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||
Investments, Fair Value Disclosure | 0 | [1] | 0 |
Assets, Fair Value Disclosure | 4,192 | 3,505 | |
Fair Value Measured On Recurring Basis Guaranteed Interest Contracts Embedded Derivatives | 880 | 907 | |
Liabilities Fair Value Disclosure | |||
Other liabilities | 0 | ||
Financial Liabilities Fair Value Disclosure | 880 | 907 | |
Fair Value Inputs Level 3 Member | Other | |||
Assets Fair Value Disclosure | |||
Investments, Fair Value Disclosure | 0 | ||
Fair Value Inputs Level 3 Member | Interest Rate Swap [Member] | |||
Assets Fair Value Disclosure | |||
Investments, Fair Value Disclosure | 0 | ||
Liabilities Fair Value Disclosure | |||
Other liabilities | 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 | 3,208 | 3,029 | |
Fair Value Inputs Level 3 Member | Canadian and Canadian provincial governments | |||
Assets Fair Value Disclosure | |||
Fixed maturity securities, available-for-sale | 0 | 0 | |
Fair Value Inputs Level 3 Member | Residential mortgage-backed securities | |||
Assets Fair Value Disclosure | |||
Fixed maturity securities, available-for-sale | 2 | 3 | |
Fair Value Inputs Level 3 Member | Asset-backed securities | |||
Assets Fair Value Disclosure | |||
Fixed maturity securities, available-for-sale | 586 | 196 | |
Fair Value Inputs Level 3 Member | Commercial Mortgage Backed Securities [Member] | |||
Assets Fair Value Disclosure | |||
Fixed maturity securities, available-for-sale | 65 | 55 | |
Fair Value Inputs Level 3 Member | US Government Agencies Debt Securities [Member] | |||
Assets Fair Value Disclosure | |||
Fixed maturity securities, available-for-sale | 13 | 14 | |
Fair Value Inputs Level 3 Member | US States and Political Subdivisions Debt Securities [Member] | |||
Assets Fair Value Disclosure | |||
Fixed maturity securities, available-for-sale | 8 | 9 | |
Fair Value Inputs Level 3 Member | Debt Security, Government, Non-US [Member] | |||
Assets Fair Value Disclosure | |||
Fixed maturity securities, available-for-sale | $ 41 | $ 17 | |
[1] | Other invested assets included in the fair value hierarchy exclude limited partnership interests that are measured at estimated fair value using the net asset value (“NAV”) per share (or its equivalent) as a practical expedient. As of June 30, 2021, the fair value of such investments was $493 million. |
Fair Value of Assets and Liab_4
Fair Value of Assets and Liabilities (Quantitative Information for Level 3 Inputs) (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Document Period End Date | Jun. 30, 2021 | |
Assets, Fair Value Disclosure | $ 60,226 | $ 59,085 |
Corporate Debt Securities [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure | $ 45 | $ 37 |
Corporate Debt Securities [Member] | Weighted Average [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 0.01 | 0.01 |
Corporate Debt Securities [Member] | Maximum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 0.01 | |
Corporate Debt Securities [Member] | Minimum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 0 | |
Asset-backed securities | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure | $ 78 | $ 87 |
Asset-backed securities | Weighted Average [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 0.05 | 0.01 |
Asset-backed securities | Maximum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 0.18 | 0.18 |
Asset-backed securities | Minimum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 0.01 | 0.01 |
US Government Agencies Debt Securities [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure | $ 13 | $ 14 |
US Government Agencies Debt Securities [Member] | Weighted Average [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 0.01 | 0.01 |
US Government Agencies Debt Securities [Member] | Maximum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 0.01 | 0.01 |
US Government Agencies Debt Securities [Member] | Minimum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 0 | 0 |
Equity securities | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure | $ 10 | $ 10 |
Funds Withheld At Interest Embedded Derivatives [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure | 124 | 58 |
Embedded Derivatives In Indexed Annuity [Member] | Valuation, Income Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 726 | $ 752 |
Embedded Derivatives In Indexed Annuity [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [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 Measurement Inputs and Valuation Techniques [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 Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.01 | 0.02 |
Embedded Derivatives In Variable Annuity [Member] | Valuation, Income Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 154 | $ 155 |
Measurement Input, Mortality Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Weighted Average [Member] | Valuation, Income Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0.03 | 0.03 |
Measurement Input, Mortality Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Maximum [Member] | Valuation, Income Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [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 Measurement Inputs and Valuation Techniques [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 Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.03 | 0.03 |
Measurement Input, Mortality Rate [Member] | Embedded Derivatives In Indexed Annuity [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [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 Measurement Inputs and Valuation Techniques [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 Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.02 | 0.02 |
Measurement Input, Mortality Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [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 Measurement Inputs and Valuation Techniques [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 Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0.16 | 0.13 |
Measurement Input, Lapse Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Maximum [Member] | Valuation, Income Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [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 Measurement Inputs and Valuation Techniques [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 Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.16 | 0.13 |
Measurement Input, Lapse Rate [Member] | Embedded Derivatives In Indexed Annuity [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [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 Measurement Inputs and Valuation Techniques [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 Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.04 | 0.04 |
Measurement Input, Lapse Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [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 Measurement Inputs and Valuation Techniques [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 Measurement Inputs and Valuation Techniques [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 Measurement Inputs and Valuation Techniques [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 Measurement Inputs and Valuation Techniques [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 Measurement Inputs and Valuation Techniques [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 Measurement Inputs and Valuation Techniques [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 Measurement Inputs and Valuation Techniques [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 Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.05 | 0.05 |
Measurement Input, Withdrawal Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [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 Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0 | 0 |
Measurement Input, Counterparty Credit Risk [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Weighted Average [Member] | Valuation, Income Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0 | 0.01 |
Measurement Input, Counterparty Credit Risk [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Maximum [Member] | Valuation, Income Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [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 Measurement Inputs and Valuation Techniques [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 Measurement Inputs and Valuation Techniques [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 Measurement Inputs and Valuation Techniques [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 Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, 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 Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.14 | 0.13 |
Measurement Input, Long-term Revenue Growth Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [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 Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, 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 Measurement Inputs and Valuation Techniques [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 Measurement Inputs and Valuation Techniques [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 Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0.01 | 0.02 |
Measurement Input, EBITDA Multiple [Member] | Corporate Debt Securities [Member] | Weighted Average [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 5.9 | 7.1 |
Measurement Input, EBITDA Multiple [Member] | Corporate Debt Securities [Member] | Maximum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 7 | 11.2 |
Measurement Input, EBITDA Multiple [Member] | Corporate Debt Securities [Member] | Minimum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 5 | 5.2 |
Measurement Input, EBITDA Multiple [Member] | Equity securities | Weighted Average [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity Securities, FV-NI, Measurement Input | 7.9 | 7.9 |
Measurement Input, EBITDA Multiple [Member] | Equity securities | Maximum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity Securities, FV-NI, Measurement Input | 10.6 | 10.6 |
Measurement Input, EBITDA Multiple [Member] | Equity securities | Minimum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity Securities, FV-NI, Measurement Input | 6.3 | 6.9 |
Fair Value of Assets and Liab_5
Fair Value of Assets and Liabilities (Changes in Level 3 Assets and Liabilities) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Corporate Debt Securities [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, beginning of period | $ 3,101 | $ 2,197 | $ 3,029 | $ 2,186 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 49 | 112 | (33) | (3) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 317 | 79 | 540 | 310 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | (19) | (18) | (20) | (62) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | (269) | (44) | (341) | (96) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 25 | 0 | 29 | 1 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 4 | 0 | 4 | |
Fair Value, end of period | 3,208 | 2,308 | 3,208 | 2,308 | |
Corporate Debt Securities [Member] | Investment Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 2 | 0 | 3 | 1 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 1 | 0 | 2 | 0 | |
Corporate Debt Securities [Member] | Interest Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
Corporate Debt Securities [Member] | Other Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
Corporate Debt Securities [Member] | Investment Related Gains Losses [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 2 | (14) | 1 | (25) | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | (15) | (1) | (26) | |
Corporate Debt Securities [Member] | Other Comprehensive Income (Loss) [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 51 | 111 | (31) | (29) | |
Debt Security, Government, Non-US [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, beginning of period | 16 | 15 | 17 | 720 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 2 | (1) | 1 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 25 | 0 | 25 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | 0 | 0 | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | 0 | 0 | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | 0 | 704 | |
Fair Value, end of period | 41 | 17 | 41 | 17 | |
Debt Security, Government, Non-US [Member] | Investment Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
Debt Security, Government, Non-US [Member] | Interest Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
Debt Security, Government, Non-US [Member] | Other Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
Debt Security, Government, Non-US [Member] | Investment Related Gains Losses [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
Debt Security, Government, Non-US [Member] | Other Comprehensive Income (Loss) [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 2 | (1) | 1 | |
US Government Agencies Debt Securities [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, beginning of period | 22 | 25 | 23 | 25 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | 0 | 1 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 0 | 0 | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | 0 | 0 | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | (1) | (1) | (2) | (2) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | 0 | 0 | |
Fair Value, end of period | 21 | 24 | 21 | 24 | |
US Government Agencies Debt Securities [Member] | Investment Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
US Government Agencies Debt Securities [Member] | Interest Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
US Government Agencies Debt Securities [Member] | Other Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
US Government Agencies Debt Securities [Member] | Investment Related Gains Losses [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
US Government Agencies Debt Securities [Member] | Other Comprehensive Income (Loss) [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | 1 | |
Funds Withheld At Interest Embedded Derivatives [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, beginning of period | 176 | (109) | 114 | 121 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | 1 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 16 | 0 | 32 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | 0 | 0 | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | (1) | 0 | (1) | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | 0 | 0 | |
Fair Value, end of period | 206 | (108) | 206 | (108) | |
Funds Withheld At Interest Embedded Derivatives [Member] | Investment Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (1) | 0 | (6) | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | (1) | 0 | (6) | 0 | |
Funds Withheld At Interest Embedded Derivatives [Member] | Interest Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
Funds Withheld At Interest Embedded Derivatives [Member] | Other Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
Funds Withheld At Interest Embedded Derivatives [Member] | Investment Related Gains Losses [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 16 | 1 | 66 | (229) | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 16 | 1 | 66 | (229) | |
Funds Withheld At Interest Embedded Derivatives [Member] | Other Comprehensive Income (Loss) [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 1 | 0 | |
Interest Sensitive Contract Liabilities 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, Liability, Sales | [1] | 0 | 0 | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | 0 | 0 | 0 | 0 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, beginning of period | 857 | 1,042 | 907 | 930 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases | [1] | (13) | (8) | (17) | (19) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | [1] | 20 | 21 | 42 | 42 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | 0 | 0 | 0 | 0 | |
Fair Value, end of period | 880 | 930 | 880 | 930 | |
Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | Investment Income [Member] | |||||
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 | 0 | 0 | |
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | Interest Income [Member] | |||||
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 | 13 | 7 | (1) | 1 | |
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss) | 33 | 27 | 41 | 43 | |
Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | Other Income [Member] | |||||
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 | 0 | 0 | |
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | Investment Related Gains Losses [Member] | |||||
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 | 17 | (106) | (1) | 22 | |
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss) | 19 | (103) | 3 | 27 | |
Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | Other Comprehensive Income (Loss) [Member] | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
Equity securities | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, beginning of period | 54 | 56 | 53 | 77 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 0 | 3 | 0 | 3 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | (1) | 0 | (1) | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | 0 | 0 | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | 0 | 14 | |
Fair Value, end of period | 63 | 62 | 63 | 62 | |
Equity securities | Investment Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
Equity securities | Interest Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
Equity securities | Other Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
Equity securities | Investment Related Gains Losses [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 10 | 3 | 11 | (4) | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 9 | 3 | 10 | (4) | |
Equity securities | Other Comprehensive Income (Loss) [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
Short-term Investments [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, beginning of period | 11 | 1 | 15 | 2 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 0 | 5 | 0 | 5 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | 0 | 0 | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | (10) | (1) | (10) | (1) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 1 | 0 | 5 | 1 | |
Fair Value, end of period | 0 | 5 | 0 | 5 | |
Short-term Investments [Member] | Investment Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
Short-term Investments [Member] | Interest Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
Short-term Investments [Member] | Other Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
Short-term Investments [Member] | Investment Related Gains Losses [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
Short-term Investments [Member] | Other Comprehensive Income (Loss) [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
Structured Finance [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, beginning of period | 388 | 144 | 254 | 208 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 5 | 17 | 4 | (10) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 262 | 15 | 428 | 24 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | (2) | (3) | (2) | (4) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | (24) | (18) | (85) | (31) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 24 | 0 | 54 | 21 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 2 | 0 | 55 | |
Fair Value, end of period | 653 | 153 | 653 | 153 | |
Structured Finance [Member] | Investment Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
Structured Finance [Member] | Interest Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
Structured Finance [Member] | Other Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
Structured Finance [Member] | Investment Related Gains Losses [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
Structured Finance [Member] | Other Comprehensive Income (Loss) [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | $ 5 | $ 16 | $ 4 | $ (11) | |
[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 (Financial Instruments where Carrying Amounts and Fair Values May Differ) (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Assets | |||||
Mortgage loans on real estate (net of valuation allowances) | $ 6,481 | $ 5,787 | |||
Policy loans | 1,254 | 1,258 | |||
Funds withheld at interest | 7,049 | 5,432 | |||
Cash and cash equivalents | 3,254 | 3,408 | $ 4,313 | $ 1,449 | |
Short-term investments | 184 | 227 | |||
Other invested assets | 2,924 | 2,829 | |||
Accrued investment income | 525 | 511 | |||
Liabilities | |||||
Interest-sensitive contract liabilities | 26,161 | 23,276 | |||
Long-term debt | 3,173 | 3,573 | |||
Reported Value Measurement [Member] | |||||
Assets | |||||
Mortgage loans on real estate (net of valuation allowances) | [1] | 6,481 | 5,787 | ||
Policy loans | [1] | 1,254 | 1,258 | ||
Funds withheld at interest | [1] | 6,825 | 5,292 | ||
Cash and cash equivalents | [1] | 2,087 | 1,930 | ||
Short-term investments | [1] | 18 | 30 | ||
Other invested assets | [1] | 1,133 | 1,482 | ||
Accrued investment income | [1] | 525 | 511 | ||
Liabilities | |||||
Interest-sensitive contract liabilities | [1] | 21,274 | 18,106 | ||
Long-term debt | [1] | 3,173 | |||
Debt, Long-term and Short-term, Combined Amount | [1] | 3,573 | |||
Collateral finance and securitization notes | [1] | 323 | 388 | ||
Estimate of Fair Value Measurement [Member] | |||||
Assets | |||||
Mortgage loans on real estate (net of valuation allowances) | 6,744 | 6,167 | |||
Policy loans | 1,254 | 1,258 | |||
Funds withheld at interest | 7,169 | 5,676 | |||
Cash and cash equivalents | 2,087 | 1,930 | |||
Short-term investments | 18 | 30 | |||
Other invested assets | 1,141 | 1,601 | |||
Accrued investment income | 525 | 511 | |||
Liabilities | |||||
Interest-sensitive contract liabilities | 22,983 | 19,683 | |||
Long-term Debt, Fair Value | 3,455 | ||||
Debt, Long-term and Short-term, Combined Amount | 3,901 | ||||
Collateral finance and securitization notes | 292 | 351 | |||
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 | 2,087 | 1,930 | |||
Short-term investments | 18 | 30 | |||
Other invested assets | 6 | 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 | 1,254 | 1,258 | |||
Funds withheld at interest | 0 | 0 | |||
Cash and cash equivalents | 0 | 0 | |||
Short-term investments | 0 | 0 | |||
Other invested assets | 84 | 89 | |||
Accrued investment income | 525 | 511 | |||
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 3 Member | |||||
Assets | |||||
Mortgage loans on real estate (net of valuation allowances) | 6,744 | 6,167 | |||
Policy loans | 0 | 0 | |||
Funds withheld at interest | 7,169 | 5,676 | |||
Cash and cash equivalents | 0 | 0 | |||
Short-term investments | 0 | 0 | |||
Other invested assets | 1,051 | 1,018 | |||
Accrued investment income | 0 | 0 | |||
Liabilities | |||||
Interest-sensitive contract liabilities | 22,983 | 19,683 | |||
Long-term Debt, Fair Value | 3,455 | ||||
Debt, Long-term and Short-term, Combined Amount | 3,901 | ||||
Collateral finance and securitization notes | 292 | 351 | |||
Estimate of Fair Value Measurement [Member] | Fair Value Measured at Net Asset Value Per Share [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 | 0 | 0 | |||
Short-term investments | 0 | 0 | |||
Other invested assets | 0 | 489 | |||
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 | |||
[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 (Total Reve
Segment Information (Total Revenues of Reportable Segments) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | $ 4,137 | $ 3,606 | $ 8,256 | $ 6,810 |
Corporate and Other [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 141 | 90 | 582 | 82 |
Other Segments | Americas [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 2,249 | 1,965 | 4,204 | 3,637 |
Other Segments | CANADA | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 392 | 333 | 761 | 653 |
Other Segments | EMEA [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 598 | 507 | 1,201 | 992 |
Other Segments | Asia Pacific [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 757 | 711 | 1,508 | 1,446 |
Life Insurance Product Line [Member] | Other Segments | Americas [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 1,816 | 1,642 | 3,453 | 3,175 |
Life Insurance Product Line [Member] | Other Segments | CANADA | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 366 | 311 | 709 | 607 |
Life Insurance Product Line [Member] | Other Segments | EMEA [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 459 | 371 | 916 | 778 |
Life Insurance Product Line [Member] | Other Segments | Asia Pacific [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 653 | 636 | 1,300 | 1,303 |
Nontraditional Long-Duration Contracts [Member] | Other Segments | Americas [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 433 | 323 | 751 | 462 |
Nontraditional Long-Duration Contracts [Member] | Other Segments | CANADA | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 26 | 22 | 52 | 46 |
Nontraditional Long-Duration Contracts [Member] | Other Segments | EMEA [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 139 | 136 | 285 | 214 |
Nontraditional Long-Duration Contracts [Member] | Other Segments | Asia Pacific [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | $ 104 | $ 75 | $ 208 | $ 143 |
Segment Information (Income Los
Segment Information (Income Loss Before Provision for Income Tax of Reportable Segments) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
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, Extraordinary Items, Noncontrolling Interest | $ 482 | $ 195 | $ 668 | $ 99 |
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, Extraordinary Items, Noncontrolling Interest | 35 | 1 | 385 | (90) |
Other Segments | 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, Extraordinary Items, Noncontrolling Interest | 321 | (41) | 66 | (118) |
Other Segments | 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, Extraordinary Items, Noncontrolling Interest | 36 | 48 | 66 | 74 |
Other Segments | 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, Extraordinary Items, Noncontrolling Interest | 71 | 114 | 63 | 161 |
Other Segments | 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, Extraordinary Items, Noncontrolling Interest | 19 | 73 | 88 | 72 |
Life Insurance Product Line [Member] | Other Segments | 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, Extraordinary Items, Noncontrolling Interest | 135 | (158) | (203) | (220) |
Life Insurance Product Line [Member] | Other Segments | 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, Extraordinary Items, Noncontrolling Interest | 32 | 44 | 56 | 67 |
Life Insurance Product Line [Member] | Other Segments | 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, Extraordinary Items, Noncontrolling Interest | (12) | 16 | (80) | 33 |
Life Insurance Product Line [Member] | Other Segments | 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, Extraordinary Items, Noncontrolling Interest | (12) | 47 | 29 | 71 |
Nontraditional Long-Duration Contracts [Member] | Other Segments | 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, Extraordinary Items, Noncontrolling Interest | 186 | 117 | 269 | 102 |
Nontraditional Long-Duration Contracts [Member] | Other Segments | 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, Extraordinary Items, Noncontrolling Interest | 4 | 4 | 10 | 7 |
Nontraditional Long-Duration Contracts [Member] | Other Segments | 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, Extraordinary Items, Noncontrolling Interest | 83 | 98 | 143 | 128 |
Nontraditional Long-Duration Contracts [Member] | Other Segments | 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, Extraordinary Items, Noncontrolling Interest | $ 31 | $ 26 | $ 59 | $ 1 |
Segment Information (Total Asse
Segment Information (Total Assets of Reportable Segments) (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 88,944 | $ 84,656 |
Corporate and Other [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 6,932 | 9,906 |
Other Segments | Americas [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 50,032 | 45,504 |
Other Segments | CANADA | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 5,025 | 4,695 |
Other Segments | EMEA [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 11,477 | 12,055 |
Other Segments | Asia Pacific [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 15,478 | 12,496 |
Life Insurance Product Line [Member] | Other Segments | Americas [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 20,760 | 20,071 |
Life Insurance Product Line [Member] | Other Segments | CANADA | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 5,017 | 4,682 |
Life Insurance Product Line [Member] | Other Segments | EMEA [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 5,058 | 4,763 |
Life Insurance Product Line [Member] | Other Segments | Asia Pacific [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 8,664 | 8,197 |
Nontraditional Long-Duration Contracts [Member] | Other Segments | Americas [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 29,272 | 25,433 |
Nontraditional Long-Duration Contracts [Member] | Other Segments | CANADA | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 8 | 13 |
Nontraditional Long-Duration Contracts [Member] | Other Segments | EMEA [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 6,419 | 7,292 |
Nontraditional Long-Duration Contracts [Member] | Other Segments | Asia Pacific [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 6,814 | $ 4,299 |
Commitments, Contingencies an_3
Commitments, Contingencies and Guarantees (Commitments to Fund Investments) (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Limited Partner [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $ 867 | $ 678 |
Commercial Loan [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 175 | 199 |
Bank Loans [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 541 | 194 |
Equity Release Mortgages [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $ 46 | $ 43 |
Commitments, Contingencies an_4
Commitments, Contingencies and Guarantees (Maximum Potential Obligation) (Details) $ in Millions | Jun. 30, 2021USD ($) |
2034 | |
Other Commitments [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 1,243 |
2035 | |
Other Commitments [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 2,444 |
2036 | |
Other Commitments [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 3,599 |
2037 | |
Other Commitments [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 2,850 |
2038 | |
Other Commitments [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 2,300 |
2039 | |
Other Commitments [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 11,350 |
2046 | |
Other Commitments [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 3,000 |
Commitments, Contingencies an_5
Commitments, Contingencies and Guarantees (Guarantees Issued) (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Treaty guarantees | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Current Carrying Value | $ 2,104 | $ 1,934 |
Treaty guarantees, net of assets in trust | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Current Carrying Value | 1,133 | 961 |
Securities borrowing and repurchase arrangements | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Current Carrying Value | $ 136 | $ 133 |
Commitments, Contingencies an_6
Commitments, Contingencies and Guarantees (Narrative) (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
Liability For Expected Credit Losses Included in Other Liabilities | $ 1 | $ 2 |
Income Tax (Provision for Incom
Income Tax (Provision for Income Tax Expense) (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Effective Income Tax Rate Reconciliation, Percent | 28.50% | 18.90% | 27.60% | 28.60% |
Employee Benefit Plans (Defined
Employee Benefit Plans (Defined Benefit Plans Disclosure) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 5 | $ 4 | $ 9 | $ 7 |
Interest cost | 1 | 1 | 2 | 3 |
Expected return on plan assets | (3) | (3) | (5) | (5) |
Amortization of prior service cost | 0 | 0 | 0 | 0 |
Amortization of prior actuarial loss | 2 | 1 | 3 | 2 |
Total | 5 | 3 | 9 | 7 |
Other Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 1 | 1 | 2 | 1 |
Interest cost | 1 | 1 | 1 | 2 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service cost | (1) | (1) | (1) | (1) |
Amortization of prior actuarial loss | 1 | 1 | 1 | 1 |
Total | $ 2 | $ 2 | $ 3 | $ 3 |
Reinsurance (Ceded Reinsurance
Reinsurance (Ceded Reinsurance Receivable Assets) (Details) - USD ($) $ in Millions | 6 Months Ended | 9 Months Ended | |
Jun. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Ceded Credit Risk [Line Items] | |||
Reinsurance ceded receivables | $ 1,093 | $ 983 | |
Reinsurer Concentration Risk | Reinsurance Recoverable Including Reinsurance Premium Paid | |||
Ceded Credit Risk [Line Items] | |||
Reinsurance ceded receivables | $ 1,093 | 983 | |
Reinsurer Concentration Risk | 100.00% | 100.00% | |
Other Reinsurers [Member] | Reinsurer Concentration Risk | Reinsurance Recoverable Including Reinsurance Premium Paid | |||
Ceded Credit Risk [Line Items] | |||
Reinsurance ceded receivables | $ 209 | 182 | |
Reinsurer Concentration Risk | 19.20% | 18.50% | |
AM Best, A+ Rating [Member] | Reinsurer A [Member] | Reinsurer Concentration Risk | Reinsurance Recoverable Including Reinsurance Premium Paid | |||
Ceded Credit Risk [Line Items] | |||
Reinsurance ceded receivables | $ 476 | 420 | |
Reinsurer Concentration Risk | 43.50% | 42.70% | |
AM Best, A+ Rating [Member] | Reinsurer B [Member] | Reinsurer Concentration Risk | Reinsurance Recoverable Including Reinsurance Premium Paid | |||
Ceded Credit Risk [Line Items] | |||
Reinsurance ceded receivables | $ 225 | 216 | |
Reinsurer Concentration Risk | 20.60% | 22.00% | |
AM Best, A+ Rating [Member] | Reinsurer E [Member] | Reinsurer Concentration Risk | Reinsurance Recoverable Including Reinsurance Premium Paid | |||
Ceded Credit Risk [Line Items] | |||
Reinsurance ceded receivables | $ 50 | 46 | |
Reinsurer Concentration Risk | 4.60% | 4.70% | |
AM Best, A Rating [Member] | Reinsurer C [Member] | Reinsurer Concentration Risk | Reinsurance Recoverable Including Reinsurance Premium Paid | |||
Ceded Credit Risk [Line Items] | |||
Reinsurance ceded receivables | $ 67 | 64 | |
Reinsurer Concentration Risk | 6.10% | 6.50% | |
AM Best, A++ Rating [Member] | Reinsurer D [Member] | Reinsurer Concentration Risk | Reinsurance Recoverable Including Reinsurance Premium Paid | |||
Ceded Credit Risk [Line Items] | |||
Reinsurance ceded receivables | $ 66 | $ 55 | |
Reinsurer Concentration Risk | 6.00% | 5.60% |
Reinsurance (Narrative) (Detail
Reinsurance (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Ceded Credit Risk [Line Items] | ||
Reinsurance Claims Recoverables | $ 254 | $ 278 |
Claims Recoverable From Retrocessionaires Past Due | $ 15 | $ 10 |
AM Best, A- Rating [Member] | ||
Ceded Credit Risk [Line Items] | ||
Ceded Credit Risk, Disclosure | “A- (excellent)” | “A- (excellent)” |
Policy Claims and Benefits (Det
Policy Claims and Benefits (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||
Liability for Claims and Claims Adjustment Expense | $ 7,556 | $ 6,786 |
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | (641) | (564) |
Liability For Unpaid Claims And Claims Adjustment Expense Net Of Recoverable | 6,915 | 6,222 |
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims [Abstract] | ||
Current Year Claims and Claims Adjustment Expense | 7,631 | 5,740 |
Prior Year Claims and Claims Adjustment Expense | (122) | (59) |
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims | 7,509 | 5,799 |
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid [Abstract] | ||
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Current Year | (2,747) | (1,332) |
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Prior Years | (4,358) | (3,903) |
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid | (7,105) | (5,235) |
Liability for Unpaid Claims and Claims Adjustment Expense, Interest Accretion | 20 | 18 |
Liability for Unpaid Claims and Claims Adjustment Expense, Foreign Currency Translation Gain (Loss) | (38) | (142) |
Liability for Unpaid Claims and Claims Adjustment Expense, Adjustments | (18) | (124) |
Liability For Unpaid Claims And Claims Adjustment Expense Net Of Recoverable | 7,302 | 6,662 |
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | (674) | (633) |
Liability for Claims and Claims Adjustment Expense | $ 7,976 | $ 7,295 |
Financing Activities (Details)
Financing Activities (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Debt Instrument [Line Items] | |
Debt Instrument, Maturity Date | Jun. 15, 2030 |
Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Issuance Date | Jun. 9, 2020 |
Debt Instrument, Interest Rate, Stated Percentage | 3.15% |
Debt Instrument, Face Amount | $ 600 |
Long-term Debt, Gross | 593 |
Debt Issuance Costs, Net | $ 5 |
Senior Notes Due 2021 [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 5.00% |
Debt Instrument, Face Amount | $ 400 |
New Accounting Standards (Narra
New Accounting Standards (Narrative) (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Accounting Standards Update 2016-13 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 15 |