Document and Entity Information
Document and Entity Information Document Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Jan. 31, 2022 | Jun. 30, 2021 | |
Document And Entitiy Information [Abstract] | |||
Entity Incorporation, State or Country Code | MO | ||
Document type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Amendment flag | false | ||
Entity registrant name | REINSURANCE GROUP OF AMERICA, INCORPORATED | ||
Entity central index key | 0000898174 | ||
Entity current reporting status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity voluntary filers | No | ||
Entity filer category | Large Accelerated Filer | ||
Entity well known seasoned issuer | Yes | ||
Entity public float | $ 7,800 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Document Transition Report | false | ||
Entity File Number | 1-11848 | ||
Entity Tax Identification Number | 43-1627032 | ||
ICFR Auditor Attestation Flag | true | ||
Common Shares Outstanding | 67,189,921 | ||
Auditor Name | DELOITTE & TOUCHE LLP | ||
Auditor Location | St. Louis, Missouri | ||
Auditor Firm ID | 34 | ||
Current fiscal year end date | --12-31 |
Document and Entity Address
Document and Entity Address | 12 Months Ended |
Dec. 31, 2021 | |
Entity Addresses [Line Items] | |
Entity Address, Address Line One | 16600 Swingley Ridge Road |
Entity Address, City or Town | Chesterfield |
Entity Address, State or Province | MO |
Entity Address, Postal Zip Code | 63017 |
City Area Code | 636 |
Local Phone Number | 736-7000 |
Document and Entity Informati_2
Document and Entity Information Document and Entity Information Entity Listing - NEW YORK STOCK EXCHANGE, INC. [Member] | 12 Months Ended |
Dec. 31, 2021 | |
RGA [Member] | |
Entity Information [Line Items] | |
Title of 12(b) Security | Common Stock, par value $0.01 |
Trading Symbol | RGA |
Security Exchange Name | NYSE |
RZA [Member] | |
Entity Information [Line Items] | |
Title of 12(b) Security | 6.20% Fixed-To-Floating Rate Subordinated Debentures due 2042 |
Trading Symbol | RZA |
Security Exchange Name | NYSE |
RZB [Member] | |
Entity Information [Line Items] | |
Title of 12(b) Security | 5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056 |
Trading Symbol | RZB |
Security Exchange Name | NYSE |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Fixed Maturity Securities [Abstract] | ||
Available-for-sale at fair value (amortized cost of $55,873 and $49,548; allowance for credit losses of $31 and $20) | $ 60,749 | $ 56,735 |
Equity Securities, FV-NI | 151 | 132 |
Mortgage loans on real estate (net of allowance for credit losses of $35 and $64) | 6,283 | 5,787 |
Policy loans | 1,234 | 1,258 |
Funds withheld at interest | 6,954 | 5,432 |
Short-term investments | 87 | 227 |
Other invested assets | 3,070 | 2,829 |
Total investments | 78,528 | 72,400 |
Cash and cash equivalents | 2,948 | 3,408 |
Accrued investment income | 533 | 511 |
Premiums receivable and other reinsurance balances | 2,888 | 2,842 |
Reinsurance ceded receivables and other | 2,580 | 983 |
Deferred policy acquisition costs | 3,690 | 3,616 |
Other assets | 1,008 | 896 |
Total assets | 92,175 | 84,656 |
Liabilities and Stockholders’ Equity | ||
Future policy benefits | 35,782 | 31,453 |
Interest-sensitive contract liabilities | 26,377 | 23,276 |
Other policy claims and benefits | 6,993 | 6,413 |
Other reinsurance balances | 613 | 598 |
Deferred income taxes | 2,886 | 3,263 |
Other liabilities | 2,663 | 1,340 |
Long-term debt | 3,667 | 3,573 |
Collateral finance and securitization notes | 180 | 388 |
Total liabilities | 79,161 | 70,304 |
Commitments and contingent liabilities (See Note 12) | ||
Stockholders Equity: | ||
Preferred stock (par value $.01 per share; 10,000,000 shares authorized; no shares issued or outstanding) | 0 | 0 |
Common stock (par value $0.01 per share; 140,000,000 shares authorized; shares issued: 85,310,598 at both December 31, 2021 and December 31, 2020) | 1 | 1 |
Additional paid-in-capital | 2,461 | 2,406 |
Retained earnings | 8,563 | 8,148 |
Treasury stock, at cost – 18,139,868 and 17,353,697 shares | (1,653) | (1,562) |
Accumulated other comprehensive income | 3,642 | 5,359 |
Total stockholders’ equity | 13,014 | 14,352 |
Total liabilities and stockholders’ equity | $ 92,175 | $ 84,656 |
CONSOLIDATED BALANCE SHEETS PAR
CONSOLIDATED BALANCE SHEETS PARENTHETICAL - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Available for Sale at Fair value - Amortized cost | $ 55,873 | $ 49,548 |
Preferred stock par value | $ 0.01 | |
Preferred stock shares authorized | 10,000,000 | |
Common stock par value | $ 0.01 | $ 0.01 |
Common stock shares authorized | 140,000,000 | |
Common Stock, Shares, Issued | 85,310,598 | 85,310,598 |
Treasury Shares Held | 18,139,868 | 17,353,697 |
Allowances for Loan and Lease Losses, Real Estate | $ 35 | $ 64 |
Financing Receivable, Allowance for Credit Loss | $ 31 | $ 20 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues | |||
Net premiums | $ 12,513 | $ 11,694 | $ 11,297 |
Investment income, net of related expenses | 3,138 | 2,575 | 2,520 |
Investment related gains (losses), net: | |||
Investment related gains (losses), net | 560 | (33) | 91 |
Other revenues | 447 | 360 | 392 |
Total revenues | 16,658 | 14,596 | 14,300 |
Benefits and expenses | |||
Claims and other policy benefits | 12,776 | 11,075 | 10,197 |
Interest credited | 700 | 704 | 697 |
Policy acquisition costs and other insurance expenses | 1,416 | 1,261 | 1,204 |
Other operating expenses | 936 | 816 | 868 |
Interest expense | 127 | 170 | 173 |
Collateral finance and securitization expense | 12 | 17 | 29 |
Total benefits and expenses | 15,967 | 14,043 | 13,168 |
Income before income taxes | 691 | 553 | 1,132 |
Provision for income taxes | 74 | 138 | 262 |
Net income | $ 617 | $ 415 | $ 870 |
Earnings per share | |||
Basic earnings per share (in dollars per share) | $ 9.10 | $ 6.35 | $ 13.88 |
Diluted earnings per share (in dollars per share) | $ 9.04 | $ 6.31 | $ 13.62 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Comprehensive income | |||
Net Income (Loss) Attributable to Parent | $ 617 | $ 415 | $ 870 |
Other comprehensive income, net of tax: | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 60 | 23 | 77 |
Net unrealized investment gains (losses) | (1,799) | 2,201 | 2,443 |
Defined benefit pension and postretirement plan adjustments | 22 | (2) | (19) |
Total other comprehensive income (loss), net of tax | (1,717) | 2,222 | 2,501 |
Total comprehensive income (loss) | $ (1,100) | $ 2,637 | $ 3,371 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Millions | Total | Common Stock Member | Additional Paid In Capital Member | Retained Earnings Member | Treasury Stock Member | Accumulated Other Comprehensive Income Member |
Total stockholders equity at Dec. 31, 2018 | $ 8,450 | $ 1 | $ 1,899 | $ 7,285 | $ (1,371) | $ 636 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income (Loss) Attributable to Parent | 870 | 870 | ||||
Stockholders' Equity, Other | Accounting Standards Update 2018-02 [Member] | 0 | |||||
Other Comprehensive Income (Loss), Net of Tax | 2,501 | 2,501 | ||||
Dividends to stockholders, $2.86 per share | (163) | (163) | ||||
Treasury Stock, Value, Acquired, Cost Method | 101 | (101) | ||||
Reissuance of treasury stock | (44) | (38) | (40) | (46) | ||
Proceeds from Issuance of Common Stock | 0 | |||||
Total stockholders equity at Dec. 31, 2019 | 11,601 | 1 | 1,937 | 7,952 | (1,426) | 3,137 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income (Loss) Attributable to Parent | 415 | 415 | ||||
Stockholders' Equity, Other | Accounting Standards Update 2018-02 [Member] | (12) | (12) | ||||
Other Comprehensive Income (Loss), Net of Tax | 2,222 | 2,222 | ||||
Dividends to stockholders, $2.86 per share | (182) | (182) | ||||
Treasury Stock, Value, Acquired, Cost Method | 163 | (163) | ||||
Reissuance of treasury stock | (10) | (12) | (25) | (27) | ||
Proceeds from Issuance of Common Stock | 481 | 481 | ||||
Total stockholders equity at Dec. 31, 2020 | 14,352 | 1 | 2,406 | 8,148 | (1,562) | 5,359 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income (Loss) Attributable to Parent | 617 | 617 | ||||
Stockholders' Equity, Other | Accounting Standards Update 2018-02 [Member] | 0 | |||||
Other Comprehensive Income (Loss), Net of Tax | (1,717) | (1,717) | ||||
Dividends to stockholders, $2.86 per share | (194) | (194) | ||||
Treasury Stock, Value, Acquired, Cost Method | 99 | (99) | ||||
Reissuance of treasury stock | (55) | (55) | (8) | (8) | ||
Proceeds from Issuance of Common Stock | 0 | |||||
Total stockholders equity at Dec. 31, 2021 | $ 13,014 | $ 1 | $ 2,461 | $ 8,563 | $ (1,653) | $ 3,642 |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY Consolidated Statements of Shareholders' Equity (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | |||
Common Stock, Dividends, Per Share, Declared | $ 2.86 | $ 2.80 | $ 2.60 |
Proceeds from Issuance of Common Stock | $ 0 | $ 481 | $ 0 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities | |||
Net Income (Loss) Attributable to Parent | $ 617 | $ 415 | $ 870 |
Change in operating assets and liabilities: | |||
Accrued investment income | (15) | (11) | (4) |
Premiums receivable and other reinsurance balances | (100) | 162 | 110 |
Deferred policy acquisition costs | (71) | (95) | (198) |
Reinsurance ceded receivable balances | (107) | (115) | (178) |
Future policy benefits, other policy claims and benefits and other reinsurance balances | 5,062 | 2,819 | 1,537 |
Deferred income taxes | (89) | (16) | 211 |
Other assets and other liabilities, net | (97) | 225 | 113 |
Amortization of net investment premiums, discounts and other | (54) | (46) | (55) |
Depreciation, Depletion and Amortization | 43 | 49 | 49 |
Investment related (gains) losses, net | (560) | 33 | (91) |
Gain (Loss) on Disposition of Business | (11) | 0 | 0 |
Other, net | (436) | (98) | (57) |
Net cash provided by operating activities | 4,182 | 3,322 | 2,307 |
Cash flows from investing activities | |||
Sales of fixed maturity securities available-for-sale | 12,142 | 6,514 | 13,214 |
Principal payments on mortgage loans on real estate | 887 | 973 | 907 |
Proceeds from Sale of Available-for-sale Securities, Equity | 30 | 181 | 98 |
Proceeds from Sale and Collection of Mortgage Notes Receivable | 991 | 661 | 490 |
Proceeds from Collection of Policy Loans | 57 | 102 | 82 |
Payments to Acquire Available-for-sale Securities | (18,071) | (9,619) | (15,664) |
Payments to Acquire Available-for-sale Securities, Equity | (22) | (22) | (312) |
Purchases of fixed maturity securities available-for-sale | (1,155) | (780) | (1,216) |
Payments to Fund Policy Loans | (32) | (41) | (42) |
Cash invested in funds withheld at interest | (67) | (131) | (60) |
Purchase of businesses, net of cash acquired of $53 and $27 | (156) | 0 | 4 |
Proceeds from Divestiture of Businesses, Net of Cash Divested | 19 | 0 | 0 |
Payments to Acquire Property, Plant, and Equipment | (19) | (28) | (34) |
Change in short-term investments | 371 | (155) | 199 |
Change in other invested assets | 397 | (335) | (304) |
Net cash used in investing activities | (4,628) | (2,680) | (2,638) |
Cash flows from financing activities | |||
Dividends to stockholders | (194) | (182) | (163) |
Proceeds from Issuance of Common Stock | 0 | 481 | 0 |
Repayment of collateral finance and securitization notes | (208) | (214) | (91) |
Proceeds from long-term debt issuance | 500 | 598 | 599 |
Debt issuance costs | (6) | (5) | (5) |
Principal payments of long-term debt | (403) | (3) | (403) |
Purchases of treasury stock | (99) | (163) | (101) |
Exercise of stock options, net | 0 | 1 | 6 |
Change in cash collateral for derivative positions and other arrangements | 31 | (32) | (163) |
Decrease Increase In Reinsurance Deposits Financing Activities | 91 | 0 | 0 |
Deposits on investment-type policies and contracts | 1,729 | 1,576 | 1,309 |
Withdrawals on investment-type policies and contracts | (1,421) | (803) | (1,109) |
Net cash provided by (used in) financing activities | 20 | 1,254 | (121) |
Effect of exchange rate changes on cash | (34) | 63 | 11 |
Change in cash and cash equivalents | (460) | 1,959 | (441) |
Cash and cash equivalents, beginning of period | 3,408 | 1,449 | 1,890 |
Cash and cash equivalents, end of period | 2,948 | 3,408 | 1,449 |
Supplemental disclosures of cash flow information: | |||
Interest paid | 160 | 166 | 180 |
Income taxes paid (received), net of refunds | 368 | 108 | 44 |
Non-cash investing activities: | |||
Transfer of invested assets | 1,798 | 93 | 6,275 |
Right-of-use assets acquired through operating leases | 0 | 23 | 1 |
Non-cash deposits on reinsurance | 1,581 | 0 | 0 |
Assets acquired, excluding cash acquired | 847 | 0 | 8 |
Liabilities assumed | (691) | 0 | (12) |
Assets disposed, net of cash transferred | (512) | 0 | 0 |
Liabilities disposed | $ 504 | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS CONSOLIDATED STATEMENTS OF CASH FLOWS PARENTHETICAL $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract] | |
Cash Divested from Deconsolidation | $ 43 |
Cash Acquired from Acquisition | $ 53 |
Business and Basis of Presentat
Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business 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. The consolidated financial statements herein include the assets, liabilities, and results of operations of RGA and its subsidiaries, all of which are wholly owned (collectively, the “Company”). 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. Reinsurance is an arrangement under which an insurance company, the reinsurer, agrees to indemnify another insurance company, the ceding company, for all or a portion of the insurance risks underwritten by the ceding company. Reinsurance is designed to: (i) reduce the net amount at risk on individual risks, thereby enabling the ceding company to increase the volume of business it can underwrite, as well as increase the maximum risk it can underwrite on a single risk; (ii) enhance the ceding company’s financial strength and surplus position; (iii) stabilize operating results by leveling fluctuations in the ceding company’s loss experience; and (iv) assist the ceding company in meeting applicable regulatory requirements. Basis of Presentation The consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The most significant estimates include those used in determining deferred policy acquisition costs, premiums receivable, future policy benefits, incurred but not reported claims, income taxes, valuation of investments and investment impairments, and valuation of embedded derivatives. Actual results could differ materially from the estimates and assumptions used by management. The accompanying consolidated financial statements include the accounts of RGA and its subsidiaries, all of which are wholly owned, and any variable interest entities where the Company is the primary beneficiary. The Company evaluates variable interest entities in accordance with the general accounting principles for Consolidation . Entities in which the Company has significant influence over the operating and financing decisions but are not required to be consolidated are reported under the equity method of accounting. Intercompany balances and transactions have been eliminated. There were no subsequent events that would require disclosure or adjustments to the accompanying consolidated financial statements through the date the consolidated financial statements were issued. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SIGNIFICANT ACCOUNTING POLICIES AND PRONOUNCEMENTS Investments Fixed Maturity Securities Fixed maturity securities classified as available-for-sale are reported at fair value and are so classified based upon the possibility that such securities could be sold prior to maturity if that action enables the Company to execute its investment philosophy and appropriately match investment results to operating and liquidity needs. Unrealized gains and losses on fixed maturity securities classified as available-for-sale, less applicable deferred income taxes as well as related adjustments to deferred acquisition costs, if applicable, are recorded in other comprehensive income (“OCI”). Investment income is recognized as it accrues or is legally due. Realized gains and losses on sales of investments are included in investment related gains (losses), net, as are change in allowance for credit losses and impairments. The cost of investments sold is primarily determined based upon the specific identification method. Equity Securities Equity securities are carried at fair value and realized and unrealized gains and losses are included in investment related gains (losses), net. Mortgage Loans on Real Estate Mortgage loans on real estate are carried at unpaid principal balances, net of any unamortized premium or discount, unamortized balance of loan origination fees and expenses, and allowance for credit losses. Interest income is accrued on the principal amount of the mortgage loan based on its contractual interest rate. Amortization of premiums, discounts, and loan origination fees are recorded using the effective yield method. The Company accrues interest on loans until it is probable the Company will not receive interest or the loan is 90 days past due. Interest income, amortization of premiums, accretion of discounts, amortization of loan origination fees and prepayment fees are reported in investment income, net of related expenses. Policy Loans Policy loans are reported at the unpaid principal balance. Interest income on such loans is recorded as earned using the contractually agreed-upon interest rate. These policy loans present no credit risk because the amount of the loan cannot exceed the obligation due the ceding company upon the death of the insured or surrender of the underlying policy. Funds Withheld at Interest Funds withheld at interest represent amounts contractually withheld by ceding companies in accordance with reinsurance agreements. For agreements written on a modified coinsurance (“modco”) basis and agreements written on a coinsurance funds withheld basis, assets that support the net statutory reserves or as defined in the treaty, are withheld and legally owned by the ceding company. Interest, recorded in investment income, net of related expenses, accrues to these assets at calculated rates as defined by the treaty terms. Changes in the value of the equity options held within the funds withheld portfolio associated with equity-indexed annuity treaties are reflected in investment income, net of related expenses. Short-term Investments Short-term investments represent investments with remaining maturities of one year or less, but greater than three months, at the time of acquisition and are stated at estimated fair value or amortized cost, which approximates estimated fair value. Interest on short-term investments is recorded in investment income, net of related expenses. Other Invested Assets In addition to derivative contracts discussed below, other invested assets include Federal Home Loan Bank of Des Moines (“FHLB”) common stock, limited partnership interests, joint ventures (other than operating joint ventures), lifetime mortgages and fair value option (“FVO”) contractholder-directed investments. FHLB common stock is carried at cost. Joint ventures and limited partnerships, in which the Company has more than a minor influence over the investee’s operations, are reported using the equity method of accounting. The Company generally recognizes its share of the investee’s earnings in net investment income on a three-month lag in instances where the investee’s financial information is not sufficiently timely or when the investee’s reporting period differs from the Company’s reporting period. Limited partnership interests, in which the Company has a minor ownership interest in or virtually no influence over the investee’s operations, are primarily carried at estimated fair value. If a readily determinable fair value is not available, the Company uses the net asset value ("NAV") per share. Changes in estimated fair value are included in investment related gains (losses), net. Certain other limited partnership interests are carried at cost less impairment. Lifetime mortgages are carried at unpaid principal balances, net of any unamortized premium or discount, unamortized balance of loan origination fees and expenses, and allowance for credit losses. Interest income is accrued on the principal amount of the lifetime mortgage based on its contractual interest rate. The fair value option (“FVO”) was elected for contractholder-directed investments supporting unit-linked variable annuity type liabilities that do not qualify for presentation and reporting as separate accounts. Changes in estimated fair value of these securities are included in investment income, net of related expenses. Securities Borrowing, Lending and Repurchase Agreements The Company participates in securities borrowing programs whereby securities, which are not reflected on the Company’s consolidated balance sheets, are borrowed from third parties. The borrowed securities are used to provide collateral under affiliated reinsurance transactions. The Company is generally required to maintain a minimum of 103% to 110% of the fair value, or par value under certain programs, of the borrowed securities as collateral. The collateral generally consists of rights to reinsurance treaty cash flows. If cash flows from the reinsurance treaties are insufficient to maintain the minimum collateral requirement, the Company may substitute cash or securities to meet the requirement. The Company participates in securities lending and repurchase/reverse repurchase programs whereby securities, reflected as investments on the Company’s consolidated balance sheets, are loaned or pledged to a third party. In return, the Company receives securities as collateral from the third parties, generally in an amount equal to a minimum of 100% to 105% of the fair value of the securities lent or pledged. The securities received as collateral are not reflected on the Company’s consolidated balance sheets. Allowance for Credit Losses and Impairments Fixed Maturity Securities The Company identifies fixed maturity securities that could result in a credit loss by monitoring market events that could impact issuers’ credit ratings, business climates, management changes, litigation, government actions and other similar factors. The Company also monitors late payments, pricing levels, rating agency actions, key financial ratios, financial statements, revenue forecasts and cash flow projections as indicators of credit issues. The Company reviews all securities to determine whether a decline in fair value below amortized cost has resulted from a credit loss and whether an allowance for credit loss should be recognized. In making this determination, the Company considers relevant facts and circumstances including: (1) the reasons for the decline in fair value; (2) the issuer’s financial position and access to capital; and (3) the Company’s intent to sell a security or whether it is more likely than not it will be required to sell the security before the recovery of its amortized cost that, in some cases, may extend to maturity. If the Company intends to sell a security or it is more likely than not that it would be required to sell a security before the recovery of its amortized cost, less any recorded credit loss, it recognizes an impairment loss in investment related gains (losses), net for the difference between amortized cost and fair value. Credit impairments and changes in the allowance for credit losses on fixed maturity securities are reflected in investment related gains (losses), net, while non-credit impairment losses are recognized in accumulated other comprehensive income (“AOCI”). The Company estimates the amount of the credit loss component of a fixed maturity security impairment as the difference between amortized cost and the present value of the expected cash flows of the security. The Company excludes accrued interest from the amortized cost and the present value of the expected cash flows of the security. The present value is determined using the best estimate cash flows discounted at the effective interest rate implicit to the security at the date of purchase or the current yield to accrete an asset-backed or floating rate security. The techniques and assumptions for establishing the best estimate cash flows vary depending on the type of security. The asset-backed securities’ cash flow estimates are based on security-specific facts and circumstances that may include collateral characteristics, expectations of delinquency and default rates, loss severity and prepayment speeds and structural support, including subordination and guarantees. The Company writes off uncollectible fixed maturity securities when (1) it has sufficient information to determine that the issuer of the security is insolvent or (2) it has received notice that the issuer of the security has filed for bankruptcy, and the collectability of the asset is expected to be adversely impacted by the bankruptcy. Mortgage Loans on Real Estate Allowance for credit losses on mortgage loans are computed on an expected loss basis using a model that utilizes probability of default and loss given default methods over the lifetime of the loan. Within the reasonable and supportable forecast period (i.e. typically two years), the allowance for credit losses for mortgage loans is established based on several pool-level loan assumptions, defaults and loss severity, loss expectations for loans with similar risk characteristics and industry statistics. These evaluations are revised as conditions change and new information becomes available. The evaluation also includes the impact of expected changes in future macro-economic conditions. The Company reverts to historical loss information for periods beyond which it believes it is able to develop or obtain reasonable and supportable forecasts of future economic conditions. When individual loans no longer have similar credit risk characteristics of the commercial mortgage loan pool, they are removed from the pool and are evaluated individually for an allowance. Any interest accrued or received on the net carrying amount of the impaired loan is included in investment income, net of related expenses, or applied to the principal of the loan, depending on the assessment of the collectability of the loan. Mortgage loans deemed to be uncollectible or that have been foreclosed are charged off against the allowance for credit losses and subsequent recoveries, if any, are credited to the allowance for credit losses. Changes in allowance for credit losses are reported in investment related gains (losses), net. The Company evaluates whether a mortgage loan modification represents a troubled debt restructuring and does not meet the criteria established in the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). In a troubled debt restructuring, the Company grants concessions related to the borrower’s financial difficulties. Generally, the types of concessions include reduction of the contractual interest rate, extension of the maturity date at an interest rate lower than current market interest rates and/or a reduction of accrued interest. The Company considers the amount, timing and extent of the concession granted in determining any changes in allowance for credit losses recorded in connection with the troubled debt restructuring. Through the continuous monitoring process, the Company may have recorded a specific allowance for credit loss prior to when the mortgage loan is modified in a troubled debt restructuring. Accordingly, the carrying value (after specific allowance for credit loss) before and after modification through a troubled debt restructuring may not change significantly or may increase if the expected recovery is higher than the pre-modification recovery assessment. Other Invested Assets The Company considers its limited partnership investments that are carried at cost for impairment when the carrying value of these investments exceeds the fair value. The Company takes into consideration the severity and duration of this excess when deciding if the investment is impaired. For equity method investments (including real estate joint ventures), the Company considers financial and other information provided by the investee, other known information and inherent risks in the underlying investments, as well as future capital commitments, in determining whether an impairment has occurred. Derivative Instruments Overview The Company utilizes a variety of derivative instruments including swaps, options, forwards and futures, primarily to manage or hedge interest rate risk, credit risk, inflation risk, foreign currency risk, market volatility and various other market risks associated with its business. The Company does not invest in derivatives for speculative purposes. It is the Company’s policy to enter into derivative contracts primarily with highly rated parties. See Note 5 – “Derivative Instruments” for additional detail on the Company’s derivative positions. Accounting and Financial Statement Presentation of Derivatives Derivatives are carried on the Company’s consolidated balance sheets primarily in other invested assets or other liabilities, at fair value. Certain derivatives are subject to master netting provisions and reported as a net asset or liability. On the date a derivative contract is executed, the Company designates the derivative as (1) a fair value hedge, (2) a cash flow hedge, (3) a net investment hedge in a foreign operation or (4) free-standing derivatives held for other risk management purposes, which primarily involve managing asset or liability risks associated with the Company’s reinsurance treaties that do not qualify for hedge accounting. Changes in the fair value of free-standing derivative instruments, which do not receive accounting hedge treatment, are primarily reflected in investment related gains (losses), net. Hedge Documentation and Hedge Effectiveness To qualify for hedge accounting, at the inception of the hedging relationship, the Company formally documents its risk management objective and strategy for undertaking the hedging transaction, as well as its designation of the hedge as either (i) a fair value hedge; (ii) a cash flow hedge; or (iii) a hedge of a net investment in a foreign operation. In this documentation, the Company sets forth how the hedging instrument is expected to hedge the designated risks related to the hedged item and sets forth the method that will be used to retrospectively and prospectively assess the hedging instrument’s effectiveness and the method that will be used to measure ineffectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and periodically throughout the life of the designated hedging relationship. Under a fair value hedge, changes in the fair value of the hedging derivative, including amounts measured as ineffective, and changes in the fair value of the hedged item related to the designated risk being hedged, are reported within investment related gains (losses), net. The fair values of the hedging derivatives are exclusive of any accruals that are separately reported within investment income or interest expense to match the location of the hedged item. Under a cash flow hedge, changes in the fair value of the hedging derivative measured as effective are reported within AOCI and the deferred gains or losses on the derivative are reclassified into the consolidated statements of income when the Company’s earnings are affected by the variability in cash flows of the hedged item. The fair values of the hedging derivatives are exclusive of any accruals that are separately reported within investment income or interest expense to match the location of the hedged item. In a hedge of a net investment in a foreign operation, changes in the fair value of the hedging derivative that are measured as effective are reported within AOCI consistent with the translation adjustment for the hedged net investment in the foreign operation. Changes in the fair value of the hedging instrument measured as ineffective are reported within investment related gains (losses), net. The Company discontinues hedge accounting prospectively when: (i) it is determined that the derivative is no longer highly effective in offsetting changes in the estimated fair value or cash flows of a hedged item; (ii) the derivative expires, is sold, terminated, or exercised; (iii) it is no longer probable that the hedged forecasted transaction will occur; or (iv) the derivative is de-designated as a hedging instrument. When hedge accounting is discontinued because it is determined that the derivative is not highly effective, the derivative continues to be carried in the consolidated balance sheets at fair value, with changes in fair value recognized in investment related gains (losses), net. The carrying value of the hedged asset or liability under a fair value hedge is no longer adjusted for changes in its estimated fair value due to the hedged risk, and the cumulative adjustment to its carrying value is amortized into income over the remaining life of the hedged item. Provided the hedged forecasted transaction occurrence is still probable, the changes in estimated fair value of derivatives recorded in other comprehensive income (loss) (“OCI”) related to discontinued cash flow hedges are released into the consolidated statements of income when the Company’s earnings are affected by the variability in cash flows of the hedged item. When hedge accounting is discontinued because it is no longer probable that the forecasted transactions will occur on the anticipated date or within two months of that date, the derivative continues to be carried in the consolidated balance sheets at its estimated fair value, with changes in estimated fair value recognized currently in investment related gains (losses), net. Deferred gains and losses of a derivative recorded in OCI pursuant to the discontinued cash flow hedge of a forecasted transaction that is no longer probable are recognized immediately in investment related gains (losses), net. In all other situations in which hedge accounting is discontinued, the derivative is carried at its estimated fair value in the consolidated balance sheets, with changes in its estimated fair value recognized in the current period as investment related gains (losses), net. Embedded Derivatives The Company reinsures certain annuity products that contain terms that are deemed to be embedded derivatives, primarily equity-indexed annuities and variable annuities with guaranteed minimum benefits. The Company assesses reinsurance contract terms to identify embedded derivatives, which are required to be bifurcated under the general accounting principles for Derivatives and Hedging . If the contract is not reported for in its entirety at fair value and it is determined that the terms of the embedded derivative are not clearly and closely related to the economic characteristics of the host contract, and that a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is bifurcated from the host contract and accounted for separately. Embedded derivatives are carried on the consolidated balance sheets at fair value in the same line item as the host contract. Changes in the fair value of embedded derivatives associated with equity-indexed annuities are reflected in interest credited on the consolidated statements of income and changes in the fair value of embedded derivatives associated with variable annuity guaranteed minimum benefits are reflected in investment related gains (losses), net. See “Interest-Sensitive Contract Liabilities” below for additional information on embedded derivatives related to equity-indexed and variable annuities. The Company has implemented an economic hedging strategy to mitigate the volatility associated with its reinsurance of variable annuity guaranteed minimum benefits. The hedging strategy is designed such that changes in the fair value of the hedge contracts, primarily futures, swap contracts and options, move in the opposite direction of changes in the fair value of the embedded derivatives. While the Company actively manages its hedging program, the hedges that are in place may not be totally effective in offsetting the embedded derivative changes due to the many variables that must be managed and the Company may see a corresponding increase or decrease in the net liability. The Company has elected not to assess this hedging strategy for hedge accounting treatment. Additionally, reinsurance treaties written on a modco or funds withheld basis are subject to the general accounting principles for Derivatives and Hedging related to embedded derivatives. The Company’s funds withheld at interest balances are primarily associated with its reinsurance treaties structured on a modco or funds withheld basis, the majority of which were subject to the general accounting principles for Derivatives and Hedging related to embedded derivatives. Management believes the embedded derivative feature in each of these reinsurance treaties is similar to a total return swap on the assets held by the ceding companies. The valuation of embedded derivatives is sensitive to the investment credit spread environment. Changes in investment credit spreads are also affected by the application of a credit valuation adjustment (“CVA”). The fair value calculation of an embedded derivative in an asset position utilizes a CVA based on the ceding company’s credit risk. Conversely, the fair value calculation of an embedded derivative in a liability position utilizes a CVA based on the Company’s credit risk. Generally, an increase in investment credit spreads, ignoring changes in the CVA, will have a negative impact on the fair value of the embedded derivative (decrease in income). The fair value of the embedded derivative assets and liabilities are included in the funds withheld at interest and other liabilities, respectively. The change in the fair value of the embedded derivatives is recorded in investment related gains (losses), net. The Company has entered into various financial reinsurance treaties on a funds withheld and modco basis. These treaties do not transfer significant insurance risk and are recorded on a deposit method of accounting with the Company earning a net fee. As a result of the experience refund provisions contained in these treaties, the value of the embedded derivatives in these contracts is currently considered immaterial. The Company monitors the performance of these treaties on a quarterly basis. Significant adverse performance or losses on these treaties may result in a loss associated with the embedded derivative. Fair Value Measurements General accounting principles for Fair Value Measurements and Disclosures define fair value, establish a framework for measuring fair value, establish a fair value hierarchy based on the inputs used to measure fair value and enhance disclosure requirements for fair value measurements. In compliance with these principles, the Company has categorized its assets and liabilities, based on the priority of the inputs to the valuation technique, into a three level hierarchy or separately for assets measured using the net asset value (“NAV”). The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1), the second highest priority to quoted prices in markets that are not active or inputs that are observable either directly or indirectly (Level 2) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the asset or liability. See Note 6 – “Fair Value of Assets and Liabilities” for further details on the Company’s assets and liabilities recorded at fair value. Cash and Cash Equivalents Cash and cash equivalents include cash on deposit and highly liquid debt instruments purchased with an original maturity of three months or less. Premiums Receivable Premiums are accrued when due and in accordance with information received from the ceding company. When the Company enters into a new reinsurance agreement, it records accruals based on the terms of the reinsurance treaty. Similarly, when a ceding company fails to report information on a timely basis, the Company records accruals based on the terms of the reinsurance treaty as well as historical experience. Other management estimates include adjustments for increased in force on existing treaties, lapsed premiums given historical experience, the financial health of specific ceding companies, collateral value and the legal right of offset on related amounts (i.e. allowances and claims) owed to the ceding company. Under the legal right of offset provisions in its reinsurance treaties, the Company can withhold payments for allowances and claims from unpaid premiums. Based on its review of these factors and historical experience, the Company did not believe a provision for doubtful accounts was necessary as of December 31, 2021 or 2020. Reinsurance Ceded Receivables The Company generally reports retrocession activity on a gross basis. Amounts paid or deemed to have been paid for reinsurance are reflected in reinsurance ceded receivables. The cost of reinsurance related to long-duration contracts is recognized over the terms of the reinsured policies on a basis consistent with the reporting of those policies. Deferred Policy Acquisition Costs Costs of acquiring new business, which vary with and are directly related to the production of new business, have been deferred to the extent that such costs are deemed recoverable from future premiums or gross profits. Such costs include commissions and allowances as well as certain costs of policy issuance and underwriting. Non-commission costs related to the acquisition of new and renewal insurance contracts may be deferred only if they meet the following criteria: • Incremental direct costs of a successful contract acquisition • Portions of employees’ salaries and benefits directly related to time spent performing specified acquisition activities for a contract that has been acquired or renewed • Other costs directly related to the specified acquisition or renewal activities that would not have been incurred had that acquisition contract transaction not occurred The Company tests the recoverability for each year of business at issue before establishing additional deferred acquisition costs (“DAC”). The Company also performs annual tests to establish that DAC are expected to remain recoverable, and if financial performance significantly deteriorates to the point where a deficiency exists, a cumulative charge to current operations will be recorded. No such adjustments related to DAC recoverability were made in 2021, 2020 and 2019. DAC related to traditional life insurance contracts are amortized with interest over the premium-paying period of the related policies in proportion to the ratio of individual period premium revenues to total anticipated premium revenues over the expected life of the policy. Such anticipated premium revenues are estimated using the same assumptions used for computing liabilities for future policy benefits. DAC related to interest-sensitive life and investment-type policies are amortized over the expected lives of the policies, in proportion to the gross profits realized from mortality, investment income less interest credited, and expense margins. Other Reinsurance Balances The Company assumes and retrocedes financial reinsurance contracts that do not expose it to a reasonable possibility of loss from insurance risk. These contracts are reported as deposits and are included in other reinsurance assets/liabilities. The amount of revenue reported in other revenues on these contracts represents fees and the cost of insurance under the terms of the reinsurance agreement. Assets and liabilities are reported on a net or gross basis, depending on the specific details within each treaty. Reinsurance agreements reported on a net basis, where a legal right of offset exists, are generally included in other reinsurance balances on the consolidated balance sheets. Balances resulting from the assumption and/or subsequent transfer of benefits and obligations resulting from cash flows related to variable annuities have also been classified as other reinsurance balance assets and/or liabilities. Other reinsurance assets are included in premiums receivable and other reinsurance balances while other reinsurance liabilities are included in other reinsurance balances. Acquired Intangibles Goodwill and Value of Business Acquired Goodwill, reported in other assets, is not amortized into results of operations, but instead is reviewed at least annually for impairment and written down only in the periods in which the recorded value of goodwill exceeds its fair value. Goodwill as of December 31, 2021 and 2020, totaled $7 million. As of December 31, 2021 and 2020, the carrying value of business acquired was $0 million and $4 million, and is reported in other assets. Value of Distribution Agreements and Customer Relationships Acquired Value of distribution agreements (“VODA”) is reported in other assets and represents the present value of future profits associated with the expected future business derived from the distribution agreements. Value of customer relationships acquired (“VOCRA”) is also reported in other assets and represents the present value of the expected future profits associated with the expected future business acquired through existing customers of the acquired company or business. VODA is amortized over a useful life of 15 years and the VOCRA is also amortized over a 15 year period in proportion to expected revenues generated, with amortization included in policy acquisition costs and other insurance expenses. Each year the Company reviews VODA and VOCRA to determine the recoverability of these balances. VODA and VOCRA totaled approximately $19 million and $25 million, including accumulated amortization of $102 million and $96 million, as of December 31, 2021 and 2020, respectively. VODA and VOCRA amortization expense for the years ended December 31, 2021, 2020 and 2019 was $7 million, $8 million and $8 million, respectively. Amortization of the VODA and VOCRA is estimated to be $6 million, $6 million and $6 million during 2022, 2023 and 2024, respectively, with the VODA and VOCRA expected to be fully amortized by the end of 2024. Other Acquired Intangible Assets Other acquired intangibles are reported in other assets and primarily represent intangibles and licenses acquired through the Company’s acquisition of service and technology oriented companies in an effort to both support its clients and generate new future revenue streams. Other acquired intangible assets are amortized using the straight-line method over the estimated useful life of 10 to 15 years, with amortization included in other operating expenses. Each year the Company reviews other acquired intangibles to determine the recoverability of these balances. Other acquired intangibles totaled approximately $22 million and $30 million, including accumulated amortization of $17 million and $12 million, as of December 31, 2021 and 2020, respectively. Other acquired intangibles amortization expense for the years ended December 31, 2021, 2020 and 2019, was $4 million, $4 million and $4 million, respectively. During 2021, the Company wrote off $4 million of acquired intangible assets deemed to be impaired. Amortization of other acquired intangibles is estimated to be $4 milli |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 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): 2021 2020 2019 Earnings: Net income (numerator for basic and diluted calculations) $ 617 $ 415 $ 870 Shares: Weighted average outstanding shares (denominator for basic calculations) 67.8 65.4 62.7 Equivalent shares from outstanding stock awards 0.5 0.4 1.2 Diluted shares (denominator for diluted calculations) 68.3 65.8 63.9 Earnings per share: Basic $ 9.10 $ 6.35 $ 13.88 Diluted 9.04 6.31 13.62 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 awards, as the conditions necessary for their issuance have not been satisfied as of the end of the reporting period. Approximately 0.2 million, 0.4 million, and 0.2 million outstanding stock awards and approximately 0.3 million, 0.3 million and 0.3 million performance contingent awards were excluded from the calculation of common equivalent shares during 2021, 2020 and 2019, respectively. |
Investments
Investments | 12 Months Ended |
Dec. 31, 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 December 31, 2021 and 2020 (dollars in millions): December 31, 2021: Amortized Allowance for Credit Losses Unrealized Unrealized Estimated % of Total Available-for-sale: Corporate $ 35,239 $ 26 $ 3,084 $ 194 $ 38,103 62.8 % Canadian government 3,339 — 1,606 1 4,944 8.1 RMBS 1,020 — 37 7 1,050 1.7 ABS 4,024 — 22 41 4,005 6.6 CMBS 1,790 1 66 6 1,849 3.0 U.S. government 2,082 — 31 8 2,105 3.5 State and political subdivisions 1,191 — 137 5 1,323 2.2 Other foreign government 7,188 4 273 87 7,370 12.1 Total fixed maturity securities $ 55,873 $ 31 $ 5,256 $ 349 $ 60,749 100.0 % December 31, 2020: Amortized Allowance for Credit Losses Unrealized Unrealized Estimated % 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 consolidated balance sheets. Fixed maturity securities received as collateral are held in separate custodial accounts and are not recorded on the Company’s consolidated balance sheets. Subject to certain constraints, the Company is permitted by contract to sell or repledge collateral it receives; however, as of December 31, 2021 and 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 December 31, 2021 and 2020 (dollars in millions): 2021 2020 Amortized Estimated Amortized Estimated Fixed maturity securities pledged as collateral $ 100 $ 103 $ 148 $ 162 Fixed maturity securities received as collateral n/a 1,922 n/a 1,784 Assets in trust held to satisfy collateral requirements 28,671 31,173 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 securities of the U.S. government and its agencies, as well as the securities disclosed below, as of December 31, 2021 and 2020 (dollars in millions): 2021 2020 Amortized Estimated Amortized Estimated Fixed maturity securities guaranteed or issued by: Government of Japan $ 3,080 $ 3,063 $ 1,493 $ 1,491 Canadian province of Quebec 1,377 2,347 1,303 2,474 Canadian province of Ontario 1,092 1,451 1,054 1,528 The amortized cost and estimated fair value of fixed maturity securities classified as available-for-sale as of December 31, 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 $ 1,641 $ 1,649 Due after one year through five years 9,698 10,115 Due after five years through ten years 10,969 11,700 Due after ten years 26,731 30,381 Structured securities 6,834 6,904 Total $ 55,873 $ 60,749 Corporate Fixed Maturity Securities The tables below show the major sectors of the Company’s corporate fixed maturity holdings as of December 31, 2021 and 2020 (dollars in millions): December 31, 2021: Amortized Cost Estimated % of Total Finance $ 13,101 $ 14,045 36.9 % Industrial 17,857 19,375 50.8 Utility 4,281 4,683 12.3 Total $ 35,239 $ 38,103 100.0 % December 31, 2020: Amortized Cost Estimated % 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,” allowances for credit losses on fixed maturity securities are recognized in investment related gains (losses), net. The 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 tables present the rollforward of the allowance for credit losses in fixed maturity securities by type for the years ended December 31, 2021 and 2020 (dollars in millions) : For the year ended December 31, 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 21 1 5 27 Reductions for securities sold during the period (10) (2) (1) (13) Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period (2) (1) — (3) Balance, end of period $ 26 $ 1 $ 4 $ 31 For the year ended December 31, 2020: Corporate CMBS Other Foreign Government Total Balance, beginning of period $ — $ — $ — $ — Credit losses recognized on securities for which credit losses were not previously recorded 36 3 2 41 Reductions for securities sold during the period (19) — (2) (21) Balance, end of period $ 17 $ 3 $ — $ 20 Unrealized Losses for Fixed Maturity Securities Available-for-Sale 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 table presents the estimated fair values and gross unrealized losses for the 1,862 fixed maturity securities for which an allowance for credit loss has not been recorded as of December 31, 2021, and the estimated fair value had declined and remained below amortized cost (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 continuously remained below amortized cost. Less than 12 months 12 months or greater Total December 31, 2021: Estimated Gross Estimated Gross Estimated Gross Investment grade securities: Corporate $ 4,135 $ 86 $ 946 $ 51 $ 5,081 $ 137 Canadian government 20 1 — — 20 1 RMBS 132 3 102 4 234 7 ABS 1,747 22 589 6 2,336 28 CMBS 152 2 35 2 187 4 U.S. government 1,513 6 31 2 1,544 8 State and political subdivisions 109 3 28 2 137 5 Other foreign government 2,237 33 724 37 2,961 70 Total investment grade securities 10,045 156 2,455 104 12,500 260 Below investment grade securities: Corporate 463 13 97 44 560 57 ABS — — 13 13 13 13 CMBS — — — — — — Other foreign government 136 7 75 10 211 17 Total below investment grade securities 599 20 185 67 784 87 Total fixed maturity securities $ 10,644 $ 176 $ 2,640 $ 171 $ 13,284 $ 347 The following table presents the estimated fair values and gross unrealized losses for the 877 fixed maturity securities that have estimated fair values below amortized cost as of 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 continuously remained below amortized cost. Less than 12 months 12 months or greater Total December 31, 2020: Estimated Gross Estimated Gross Estimated Gross 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 (Losses), 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): For the years ended December 31, 2021 2020 2019 Fixed maturity securities available-for-sale $ 2,059 $ 1,928 $ 1,786 Equity securities 5 6 8 Mortgage loans on real estate 293 282 255 Policy loans 55 56 58 Funds withheld at interest 351 279 297 Short-term investments and cash and cash equivalents 3 7 28 Other invested assets – limited partnerships and real estate joint ventures 419 50 119 Other invested assets – all other 61 59 65 Investment income 3,246 2,667 2,616 Investment expense (108) (92) (96) Investment income, net of related expenses $ 3,138 $ 2,575 $ 2,520 Investment Related Gains (Losses), Net Investment related gains (losses), net, consist of the following (dollars in millions): For the years ended December 31, 2021 2020 2019 Fixed maturity securities available-for-sale: Change in allowance for credit losses and impairments $ (12) $ (21) $ (31) Realized gains on investment activity 299 114 151 Realized losses on investment activity (65) (82) (50) Net gains (losses) on equity securities 25 (15) 16 Other impairment losses and change in mortgage loan allowance for credit losses 29 (56) (12) Change in fair value of certain limited partnership investments and other, net 194 24 13 Net gains on derivatives 90 3 4 Total investment related gains (losses), net $ 560 $ (33) $ 91 As of December 31, 2021, the Company held non-income producing securities with amortized costs, net of allowances, of $26 million and estimated fair values of $26 million. As of December 31, 2020, the Company held non-income producing securities with amortized costs, net of allowances, of $71 million and estimated fair values of $63 million. Generally, securities are non-income producing when principal or interest is not paid primarily as a result of bankruptcies or credit defaults, but also include securities where amortization has been discontinued. 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 loaned as of December 31, 2021 and 2020 (dollars in millions): 2021 2020 Amortized Estimated Amortized Estimated Borrowed securities $ 374 $ 420 $ 118 $ 161 Securities lending: Securities loaned 94 102 94 105 Securities received n/a 102 n/a 102 Repurchase program/reverse repurchase program: Securities pledged 704 736 653 711 Securities received n/a 728 n/a 669 Cash 10 10 — — No cash or securities have been pledged by the Company for its securities borrowing program as of December 31, 2021 and 2020. The following tables present information on the Company’s securities lending and repurchase/reverse repurchase transactions as of December 31, 2021 and 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. December 31, 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 $ — $ — $ — $ 94 $ 94 State and political subdivisions — — — 3 3 Other foreign government — — — 5 5 Total — — — 102 102 Repurchase/reverse repurchase transactions: Corporate — — — 366 366 Other foreign government — — — 370 370 Cash — — — 10 10 Total — — — 746 746 Total transactions $ — $ — $ — $ 848 $ 848 Gross amount of recognized liabilities for securities lending and repurchase/reverse repurchase transactions in preceding table $ 830 Amounts related to agreements not included in offsetting disclosure $ 18 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 sheets as of December 31, 2021 and December 31, 2020. As of December 31, 2021 and December 31, 2020, the Company did not have payables resulting from cash received as collateral associated with a 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 December 31, 2021, mortgage loans were geographically dispersed throughout the U.S. with the largest concentrations in California (13.4%), Texas (12.5%) and Washington (7.8%), in addition to loans secured by properties in Canada (3.0%) and United Kingdom (2.3%). 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 December 31, 2021 and 2020 (dollars in millions): 2021 2020 Carrying Value Percentage of Carrying Value Percentage of Property type: Office $ 1,683 26.6 % $ 1,702 29.0 % Retail 2,090 33.0 1,711 29.3 Industrial 1,249 19.7 1,210 20.6 Apartment 801 12.7 808 13.8 Other commercial 506 8.0 430 7.3 Recorded investment 6,329 100.0 % 5,861 100.0 % Unamortized balance of loan origination fees and expenses (11) (10) Allowance for credit losses (35) (64) Total mortgage loans on real estate $ 6,283 $ 5,787 The following table presents the maturities of the Company’s recorded investment in mortgage loans as of December 31, 2021 and 2020 (dollars in millions): 2021 2020 Recorded % of Total Recorded % of Total Due within five years $ 2,660 42.0 % $ 2,276 38.8 % Due after five years through ten years 2,593 41.0 2,768 47.3 Due after ten years 1,076 17.0 817 13.9 Total $ 6,329 100.0 % $ 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 December 31, 2021 and 2020 (dollars in millions): Recorded Investment Debt Service Ratios Construction loans >1.20x 1.00x – 1.20x <1.00x Total % of Total December 31, 2021: Loan-to-Value Ratio 0% – 59.99% $ 3,111 $ 238 $ 51 $ 6 $ 3,406 53.8 % 60% – 69.99% 1,906 190 46 — 2,142 33.8 70% – 79.99% 520 41 12 — 573 9.1 80% or greater 148 — 60 — 208 3.3 Total $ 5,685 $ 469 $ 169 $ 6 $ 6,329 100.0 % Recorded Investment Debt Service Ratios Construction loans >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 December 31, 2021 and 2020 (dollars in millions): Recorded Investment Year of Origination December 31, 2021: 2021 2020 2019 2018 2017 Prior Total Internal credit quality grade: High investment grade $ 725 $ 402 $ 645 $ 461 $ 344 $ 1,534 $ 4,111 Investment grade 367 272 331 301 296 502 2,069 Average 6 — 27 39 5 32 109 Watch list — — — — — 4 4 In or near default — — — — — 36 36 Total $ 1,098 $ 674 $ 1,003 $ 801 $ 645 $ 2,108 $ 6,329 Recorded Investment Year of Origination December 31, 2020: 2020 2019 2018 2017 2016 Prior Total 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 December 31, 2021 and 2020 (dollars in millions): 2021 2020 Current $ 6,329 $ 5,846 31 – 60 days past due — 15 Total $ 6,329 $ 5,861 The following table presents information regarding the Company’s allowance for credit losses for mortgage loans as of December 31, 2021, 2020 and 2019 (dollars in millions): 2021 2020 2019 Balance, beginning of period $ 64 $ 12 $ 11 Adoption of new accounting standard — 14 — Change in allowance for credit losses (29) 38 1 Balance, end of period $ 35 $ 64 $ 12 The Company did not acquire any impaired mortgage loans during the years ended December 31, 2021 and 2020. The Company had no mortgage loans that were on a nonaccrual status as of December 31, 2021 and 2020. For the years ended December 31, 2021 and 2020, the Company modified the payment terms of 1 and 52 commercial mortgage loans, with a carrying value of approximately $10 million and $660 million, respectively, 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. The Company did not have any significant loans that were modified and met the criteria of a Troubled Debt Restructuring for the years ended December 31, 2021 and 2020. 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 December 31, 2021, $4.6 billion of the funds withheld at interest balance is primarily associated with two clients. For reinsurance agreements written on a modco basis and certain agreements written on a coinsurance funds withheld basis, assets equal to the net statutory reserves are withheld and legally owned and managed by the ceding company and are reflected as funds withheld at interest. 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. As of December 31, 2021 and 2020, the allowance for credit losses for lifetime mortgages was not material. The carrying values of other invested assets as of December 31, 2021 and 2020 are as follows (dollars in millions): 2021 2020 Limited partnership interests and real estate joint ventures $ 1,996 $ 1,367 Lifetime mortgages 758 935 Derivatives 175 140 FVO contractholder-directed unit-linked investments 52 289 Other 89 98 Total other invested assets $ 3,070 $ 2,829 |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 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” for a detailed discussion of the accounting treatment for derivative instruments, including embedded derivatives and 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 Credit Derivatives The Company sells protection under single name credit default swaps and credit default swap index tranches, as well as other credit derivatives, to diversify its credit risk exposure in certain portfolios and, in combination with purchasing securities, to replicate characteristics of similar investments based on the credit quality and term of the credit default swap. Credit default triggers for indexed reference entities and single name reference entities are defined in the contracts. The Company’s maximum exposure to credit loss equals the notional value for credit default swaps. In the event of default of a referencing entity, the Company is typically required to pay the protection holder the full notional value less a recovery amount determined at auction. The Company also purchases credit default swaps to reduce its risk against a drop in bond prices due to credit concerns of certain bond issuers. If a credit event, as defined by the contract, occurs, the Company is able to put the bond back to the counterparty at par. Equity Derivatives Exchange-traded equity futures are used primarily to economically hedge liabilities embedded in certain variable annuity products. With exchange-traded equity futures transactions, the Company agrees to purchase or sell a specified number of contracts, the value of which is determined by the relevant stock indices, and to post variation margin on a daily basis in an amount equal to the difference between the daily estimated fair values of those contracts. The Company enters into exchange-traded equity futures with regulated futures commission merchants that are members of the exchange. Equity index options are used by the Company primarily to hedge minimum guarantees embedded in certain variable annuity products. To hedge against adverse changes in equity indices volatility, the Company buys put options. The contracts are net settled in cash based on differentials in the indices at the time of exercise and the strike price. Foreign Currency Derivatives Foreign currency swaps are used by the Company to reduce the risk from fluctuations in foreign currency exchange rates associated with its assets and liabilities denominated in foreign currencies. With a foreign currency swap transaction, the Company agrees with another party to exchange, at specified intervals, the difference between one currency and another at a forward exchange rate calculated by reference to an agreed upon principal amount. The principal amount of each currency is exchanged at the termination of the currency swap by each party. The Company uses foreign currency swaps in hedges of net investments in foreign operations and fair value hedges. Foreign currency forwards are used by the Company to reduce the risk from fluctuations in foreign currency exchange rates associated with its assets and liabilities denominated in foreign currencies. With a foreign currency forward transaction, the Company agrees with another party to deliver a specified amount of an identified currency at a specified future date. The price is agreed upon at the time of the contract and payment for such a contract is made in a different currency at the specified future date. The Company uses foreign currency forwards in hedges of net investments in foreign operations and non-qualifying hedge relationships. Interest Rate Derivatives Interest rate swaps are used by the Company primarily to reduce market risks from changes in interest rates, to alter interest rate exposure arising from mismatches between assets and liabilities (duration mismatches) and to manage the risk of cash flows of liabilities that are variable based on a benchmark rate. With an interest rate swap, the Company agrees with another party to exchange, at specified intervals, the difference between two rates, which can be either fixed-rate or floating-rate interest amounts, tied to an agreed-upon notional principal amount. These transactions are executed pursuant to master agreements that provide for a single net payment or individual gross payments at each due date. The Company utilizes interest rate swaps in cash flow and non-qualifying hedging relationships. Other Derivatives Consumer price index (“CPI”) swaps are used by the Company primarily to economically hedge liabilities embedded in certain insurance products where value is directly affected by changes in a designated benchmark consumer price index. With a CPI swap transaction, the Company agrees with another party to exchange the actual amount of inflation realized over a specified period of time for a fixed amount of inflation determined at inception. These transactions are executed pursuant to master agreements that provide for a single net payment or individual gross payments to be made by the counterparty at each due date. Most of these swaps will require a single payment to be made by one counterparty at the maturity date of the swap. The Company has entered into longevity swaps in the form of out-of-the-money options, which provide protection against changes in mortality improvement to retirement plans and insurers of such plans. With a longevity swap transaction, the Company agrees with another party to exchange a proportion of a notional value. The proportion is determined by the difference between a predefined benefit, and the realized benefit plus the future expected benefit, calculated by reference to a population index for a fixed premium. Mortality swaps have been used by the Company to hedge risk from changes in mortality experience associated with its reinsurance of life insurance risk. The Company agrees with another party to exchange, at specified intervals, a proportion of a notional value determined by the difference between a predefined expected and realized claim amount on a designated index of reinsured lives, for a fixed percentage (premium) each term. The Company sells fee-based synthetic guaranteed investment contracts (“GICs”) to retirement plans that include investment-only, stable value contracts. The assets are owned by the trustees of such plans, who invest the assets under the terms of investment guidelines to which the Company agrees. The contracts contain a guarantee of a minimum rate of return on participant balances supported by the underlying assets, and a guarantee of liquidity to meet certain participant-initiated plan cash flow requirements. These contracts are reported as derivatives and recorded at fair value. The Company has certain embedded derivatives that are required to be separated from their host contracts and reported as derivatives. Host contracts include reinsurance treaties structured on a modco or funds withheld basis. Additionally, the Company reinsures equity-indexed annuity and variable annuity contracts with benefits that are considered embedded derivatives, including guaranteed minimum withdrawal benefits, guaranteed minimum accumulation benefits, and guaranteed minimum income benefits. The changes in fair values of embedded derivatives on equity-indexed annuities described below relate to changes in the fair value associated with capital market and other related assumptions. 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 consolidated balance sheets with the host contract in funds withheld at interest or other liabilities, at fair value. Embedded derivative liabilities on indexed annuity and variable annuity products are included on the 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 December 31, 2021 and 2020 (dollars in millions): December 31, 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 $ 1,273 $ 66 $ 1 $ 1,084 $ 93 $ 1 Financial futures Equity 240 — — 258 — — Foreign currency swaps Foreign currency 150 1 — 150 — 18 Foreign currency forwards Foreign currency 395 2 4 347 4 2 CPI swaps CPI 563 34 7 612 11 19 Credit default swaps Credit 1,321 29 1 1,517 13 — Equity options Equity 472 29 — 395 29 — Synthetic GICs Interest rate 16,143 — — 16,644 — — Embedded derivatives in: Modco or funds withheld arrangements — 227 62 — 58 — Indexed annuity products — — 693 — — 752 Variable annuity products — — 162 — — 155 Total non-hedging derivatives 20,557 388 930 21,007 208 947 Derivatives designated as hedging instruments: Interest rate swaps Foreign currency/Interest rate 941 4 33 802 3 24 Foreign currency swaps Foreign currency 153 1 — 234 8 1 Foreign currency forwards Foreign currency 1,320 14 11 1,255 10 15 Forward bond purchase commitments Interest rate 545 14 1 — — — Total hedging derivatives 2,959 33 45 2,291 21 40 Total derivatives $ 23,516 $ 421 $ 975 $ 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 for the years ended December 31, 2021, 2020 and 2019 were (dollars in millions): Type of Fair Value Hedge Hedged Item Gains (Losses) Recognized for Derivatives Gains (Losses) Recognized for Hedged Items Investment Related Gains (Losses) For the Year Ended December 31, 2021: Foreign currency swaps Foreign-denominated fixed maturity securities $ (4) $ 6 For the Year Ended December 31, 2020: Foreign currency swaps Foreign-denominated fixed maturity securities $ 8 $ (10) For the Year Ended December 31, 2019: Foreign currency swaps Foreign-denominated fixed maturity securities $ (4) $ — 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 table presents the components of AOCI, before income tax, and the consolidated income statement classification where the gain or loss is recognized related to cash flow hedges for the years ended December 31, 2021, 2020 and 2019 (dollars in millions): Amounts Included in AOCI Balance December 31, 2018 $ 9 Gains (losses) deferred in other comprehensive income (loss) (34) Amounts reclassified to investment income — Amounts reclassified to interest expense (1) Balance December 31, 2019 (26) Gains (losses) deferred in other comprehensive income (loss) (27) Amounts reclassified to investment income — Amounts reclassified to interest expense 4 Balance December 31, 2020 (49) Gains (losses) deferred in other comprehensive income (loss) 20 Amounts reclassified to investment income — Amounts reclassified to interest expense 7 Balance December 31, 2021 $ (22) As of December 31, 2021, approximately $5 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, no material amounts of before-tax deferred net gains recorded in AOCI are 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 consolidated statements of income and the consolidated statements of stockholders’ equity for the years ended December 31, 2021, 2020 and 2019 (dollars in millions): Derivative Type Gains (Losses) Deferred in OCI Gains (Losses) Reclassified into Income from AOCI For the year ended December 31, 2021: Investment Related Gains (Losses) Investment Income Interest Expense Interest rate $ 28 $ — $ — $ (7) Foreign currency/Interest rate (8) — — — Total $ 20 $ — $ — $ (7) For the year ended December 31, 2020: Interest rate $ (33) $ — $ — $ (4) Foreign currency/Interest rate 6 — — — Total $ (27) $ — $ — $ (4) For the year ended December 31, 2019: Interest rate $ (32) $ — $ — $ 1 Foreign currency/Interest rate (2) — — — Total $ (34) $ — $ — $ 1 For the years ended December 31, 2021, 2020 and 2019, 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 OCI for the years ended December 31, 2021, 2020 and 2019 (dollars in millions): Derivative Gains (Losses) Deferred in OCI For the years ended December 31, Type of NIFO Hedge 2021 2020 2019 Foreign currency swaps $ (2) $ 1 $ (9) Foreign currency forwards — (30) (24) Total $ (2) $ (29) $ (33) The cumulative foreign currency translation gain recorded in AOCI related to these hedges was $137 million and $139 million as of December 31, 2021 and 2020, respectively. If a hedged foreign operation was sold or substantially liquidated, the amounts in AOCI would be reclassified to the 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 AOCI 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 elected 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, except where otherwise noted. A summary of the effect of non-hedging derivatives, including embedded derivatives, on the Company’s consolidated statements of income for the years ended December 31, 2021, 2020 and 2019 is as follows (dollars in millions): Gains (Losses) for the years ended December 31, Type of Non-hedging Derivative Income Statement 2021 2020 2019 Interest rate swaps Investment related gains (losses), net $ (34) $ 76 $ 65 Financial futures Investment related gains (losses), net (24) (47) (46) Foreign currency swaps Investment related gains (losses), net 20 (7) — Foreign currency forwards Investment related gains (losses), net (20) 5 1 Consumer price index swaps Investment related gains (losses), net 46 16 (18) Credit default swaps Investment related gains (losses), net 33 16 30 Equity options Investment related gains (losses), net (33) — (40) Longevity swaps Other revenues — — 13 Mortality swaps Other revenues — — (1) Subtotal (12) 59 4 Embedded derivatives in: Modco or funds withheld arrangements Investment related gains (losses), net 107 (62) 11 Indexed annuity products Interest credited 10 (30) (57) Variable annuity products Investment related gains (losses), net (7) 8 5 Total non-hedging derivatives $ 98 $ (25) $ (37) Changes in the credit valuation adjustment utilized by the Company to value its embedded derivatives resulted in a (decrease) and increase in investment related gains (losses), net of approximately $(36) million and $70 million for the years ended December 31, 2021 and 2020, respectively. Changes in the credit valuation adjustment did not have a material effect on the change in fair value for the year ended December 31, 2019. 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 as of December 31, 2021 and 2020 (dollars in millions): 2021 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 (2) Weighted (3) AAA/AA+/AA/AA-/A+/A/A- Single name credit default swaps $ 28 $ 600 14.2 $ 11 $ 287 15.0 Subtotal 28 600 14.2 11 287 15.0 BBB+/BBB/BBB- Single name credit default swaps 1 141 2.4 2 232 1.6 Credit default swaps referencing indices — 565 5.1 — 988 3.9 Subtotal 1 706 4.6 2 1,220 3.5 BB+/BB/BB- Single name credit default swaps (1) 15 3.5 — 10 0.7 Subtotal (1) 15 3.5 — 10 0.7 Total $ 28 $ 1,321 9.0 $ 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 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. See “Embedded Derivatives” above for information regarding the Company’s bifurcated embedded derivatives. The following table provides information relating to the netting of the Company’s derivative instruments as of December 31, 2021 and December 31, 2020 (dollars in millions): Gross Amounts Recognized Gross Amounts Net Amounts Financial Instruments/Collateral (1) Net Amount December 31, 2021: Derivative assets $ 194 $ (19) $ 175 $ (175) $ — Derivative liabilities 58 (19) 39 (39) $ — December 31, 2020: Derivative assets $ 171 $ (31) $ 140 $ (128) $ 12 Derivative liabilities 80 (31) 49 (193) (144) (1) Includes initial margin posted to a central clearing partner for financial instruments and excludes the excess of collateral received/pledged from/to the counterparty. 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 December 31, 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 cleared derivatives, and these transactions require initial and daily variation margin collateral postings. Exchange-traded derivatives are settled on a daily basis, thereby reducing the credit risk exposure in the event of non-performance by counterparties to such financial instruments. |
Fair Value of Assets and Liabil
Fair Value of Assets and Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets and Liabilities | 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 three-level fair value hierarchy that requires an entity to maximize the use of observable inputs and to minimize the use of unobservable inputs when measuring fair value: Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities. Active markets are defined through various characteristics for the measured asset/liability, such as having many transactions and narrow bid/ask spreads. 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 and include those whose value is determined using market standard valuation techniques described above. 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. Assets and Liabilities by Hierarchy Level Assets and liabilities measured at fair value on a recurring basis as of December 31, 2021 and 2020 are summarized below (dollars in millions): December 31, 2021: Fair Value Measurements Using: Total Level 1 Level 2 Level 3 Assets: Fixed maturity securities – available-for-sale: Corporate $ 38,103 $ — $ 34,215 $ 3,888 Canadian government 4,944 — 4,944 — RMBS 1,050 — 1,049 1 ABS 4,005 — 2,908 1,097 CMBS 1,849 — 1,768 81 U.S. government 2,105 1,993 100 12 State and political subdivisions 1,323 — 1,290 33 Other foreign government 7,370 — 7,337 33 Total fixed maturity securities – available-for-sale 60,749 1,993 53,611 5,145 Equity securities 151 101 — 50 Funds withheld at interest – embedded derivatives 104 — — 104 Funds withheld at interest 83 — — 83 Cash equivalents 1,138 1,138 — — Short-term investments 64 — 36 28 Other invested assets: Derivatives 175 — 175 — FVO contractholder-directed unit-linked investments 52 — 52 — Total other invested assets (1) 227 — 227 — Total $ 62,516 $ 3,232 $ 53,874 $ 5,410 Liabilities: Interest-sensitive contract liabilities – embedded derivatives $ 855 $ — $ — $ 855 Other liabilities: Funds withheld at interest – embedded derivatives (61) — — (61) Derivatives 39 — 39 — Total $ 833 $ — $ 39 $ 794 (1) Other invested assets included in the fair value hierarchy exclude limited partnership interests that are measured at estimated fair value using the NAV per share (or its equivalent) as a practical expedient. As of December 31, 2021, the fair value of such investments was $581 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 58 — — 58 Funds withheld at interest 56 — — 56 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: Funds withheld at interest – embedded derivatives — — — — Derivatives 49 — 49 — Total $ 956 $ — $ 49 $ 907 The Company may utilize information from third parties, such as pricing services and brokers, to assist in determining the fair value for certain assets and liabilities; however, management is ultimately responsible for all fair values presented in the Company’s financial statements. This includes responsibility for monitoring the fair value process, ensuring objective and reliable valuation practices and pricing of assets and liabilities, and approving changes to valuation methodologies and pricing sources. The selection of the valuation technique(s) to apply considers the definition of an exit price and the nature of the asset or liability being valued and significant expertise and judgment is required. The Company performs initial and ongoing analysis and review of the various techniques utilized in determining fair value to ensure that they are appropriate and consistently applied, and that the various assumptions are reasonable. The Company analyzes and reviews the information and prices received from third parties to ensure that the prices represent a reasonable estimate of the fair value and to monitor controls around pricing, which includes quantitative and qualitative analysis and is overseen by the Company’s investment and accounting personnel. Examples of procedures performed include, but are not limited to, review of pricing trends, comparison of a sample of executed prices of securities sold to the fair value estimates, comparison of fair value estimates to management’s knowledge of the current market, and ongoing confirmation that third party pricing services use, wherever possible, market-based parameters for valuation. In addition, the Company utilizes both internal and external cash flow models to analyze the reasonableness of fair values utilizing credit spread and other market assumptions, where appropriate. As a result of the analysis, if the Company determines there is a more appropriate fair value based upon the available market data, the price received from the third party is adjusted accordingly. The Company also determines if the inputs used in estimated fair values received from pricing services are observable by assessing whether these inputs can be corroborated by observable market data. For assets and liabilities reported at fair value, the Company utilizes, when available, fair values based on quoted prices in active markets that are regularly and readily obtainable. Generally, these are very liquid investments and the valuation does not require management judgment. When quoted prices in active markets are not available, fair value is based on market valuation techniques, market comparable pricing and the income approach. The use of different techniques, assumptions and inputs may have a material effect on the estimated fair values of the Company’s securities holdings. For the periods presented, the application of market standard valuation techniques applied to similar assets and liabilities has been consistent. The methods and assumptions the Company uses to estimate the fair value of assets and liabilities measured at fair value on a recurring basis are summarized below. Fixed Maturity Securities – The fair values of the Company’s publicly-traded fixed maturity securities are generally based on prices obtained from independent pricing services. Prices from pricing services are sourced from multiple vendors, and a vendor hierarchy is maintained by asset type based on historical pricing experience and vendor expertise. The Company generally receives prices from multiple pricing services for each security, but ultimately uses the price from the vendor that is highest in the hierarchy for the respective asset type. To validate reasonableness, prices are periodically reviewed as explained above. Consistent with the fair value hierarchy described above, securities with quotes from pricing services are generally reflected within Level 2, as they are primarily based on observable pricing for similar assets and/or other market observable inputs. If the pricing information received from third party pricing services is not reflective of market activity or other inputs observable in the market, the Company may challenge the price through a formal process with the pricing service. If the Company ultimately concludes that pricing information received from the independent pricing service is not reflective of fair value, non-binding broker quotes are used, if available. If the Company concludes that the values from both pricing services and brokers are not reflective of fair value, an internally developed valuation may be prepared; however, this occurs infrequently. Internally developed valuations or non-binding broker quotes are also used to determine fair value in circumstances where vendor pricing is not available. These valuations may use significant unobservable inputs, which reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset. Observable market data may not be available in certain circumstances such as market illiquidity and credit events related to the security. Pricing service overrides, internally developed valuations and non-binding broker quotes are generally based on significant unobservable inputs and are reflected as Level 3 in the valuation hierarchy. The inputs used in the valuation of corporate and government securities include, but are not limited to standard market observable inputs that are derived from, or corroborated by, market observable data including market yield curve, duration, call provisions, observable prices and spreads for similar publicly traded or privately placed issues that incorporate the credit quality and industry sector of the issuer. For internal pricing of private placements and structured securities, valuation is based primarily on matrix pricing or other similar techniques using standard market inputs including spreads for actively traded securities, spreads off benchmark yields, expected prepayment speeds and volumes, current and forecasted loss severity, rating, weighted average coupon, weighted average maturity, average delinquency rates, geographic region, debt service coverage ratios and issuance-specific information including, but not limited to: collateral type, payment terms of the underlying assets, payment priority within the tranche, structure of the security, deal performance and vintage of loans. When observable inputs are not available, the market standard valuation techniques for determining the estimated fair value of certain types of securities that trade infrequently, and therefore have little or no price transparency, rely on inputs that are significant to the estimated fair value that are not observable in the market or cannot be derived principally from or corroborated by observable market data, such as market illiquidity. Other significant unobservable inputs used in the fair value measurement of the Company’s private debt investments include a multiple of earnings before interest, taxes, depreciation and amortization (“EBITDA”). These unobservable inputs can be based in large part on management judgment or estimation, and cannot be supported by reference to market activity. Even though unobservable, these inputs are based on assumptions deemed appropriate given the circumstances and are believed to be consistent with what other market participants would use when pricing such securities. Equity Securities – Equity securities consist principally of common and preferred stock of publicly and privately traded companies. The fair values of publicly traded equity securities are primarily based on quoted market prices in active markets and are classified within Level 1 in the fair value hierarchy. Non-binding broker quotes and internally developed evaluations for equity securities are generally based on significant unobservable inputs and are reflected as Level 3 in the fair value hierarchy. Embedded Derivatives – The fair value of embedded derivative liabilities, including those calculated by third parties, are monitored through the use of attribution reports to quantify the effect of underlying sources of fair value change, including capital market inputs based on policyholder account values, interest rates and short-term and long-term implied volatilities, from period to period. Actuarial assumptions are based on experience studies performed internally in combination with available industry information and are reviewed on a periodic basis, at least annually. For embedded derivative liabilities associated with the underlying products in reinsurance treaties, primarily equity-indexed and variable annuity treaties, the Company utilizes a discounted cash flow model, which includes an estimate of future equity option purchases and an adjustment for a CVA. The variable annuity embedded derivative calculations are performed by third parties based on methodology and input assumptions provided by the Company. To validate the reasonableness of the resulting fair value, the Company’s internal actuaries perform reviews and analytical procedures on the results. The capital market inputs to the model, such as equity indexes, short-term equity volatility and interest rates, are generally observable. The valuation also requires certain significant inputs, which are generally not observable and accordingly, the valuation is considered Level 3 in the fair value hierarchy, The fair value of embedded derivatives associated with funds withheld reinsurance treaties is determined based upon a total return swap technique with reference to the fair value of the investments held by the ceding company that support the Company’s funds withheld at interest asset with an adjustment for a CVA. The fair value of the underlying assets is generally based on a variety of sources and pricing methodologies chosen by the ceding company, which are not transparent to the Company and may include significant unobservable inputs. Additionally, some of the valuations also require certain significant inputs, which are generally not observable. Therefore, the valuation of the embedded derivative assets and liabilities associated with these funds withheld reinsurance treaties are considered Level 3 in the fair value hierarchy. Where those funds withheld reinsurance agreements are ceded by the Company, the same approach is taken to valuing the embedded derivatives associated with the funds withheld at interest liability. Credit Valuation Adjustment – The Company uses a structural default risk model to estimate a CVA. The input assumptions are a combination of externally derived and published values (default threshold and uncertainty), market inputs (interest rate, equity price per share, debt per share, equity price volatility) and insurance industry data (Loss Given Default), adjusted for market recoverability. Funds Withheld at Interest – Funds withheld at interest, elected at fair value on a limited basis, include assets where inputs are not observable in the market and are considered Level 3 in the fair value hierarchy. Cash Equivalents and Short-Term Investments – Cash equivalents and short-term investments include money market instruments and other highly liquid debt instruments. Money market instruments are generally valued using unadjusted quoted prices in active markets that are accessible for identical assets and are primarily classified as Level 1. The fair value of certain other cash equivalents and short-term investments, such as bonds with original maturities twelve months or less, are based upon other market observable data and are typically classified as Level 2. However, certain short-term investments may incorporate significant unobservable inputs resulting in a Level 3 classification. Various time deposits, certificates of deposit and sweeps carried as cash equivalents or short-term investments are not measured at estimated fair value and therefore are excluded from the tables presented. FVO Contractholder-Directed Unit-Linked Investments – FVO contractholder-directed investments supporting unit-linked variable annuity type liabilities consist of fixed maturity securities, exchange-traded funds and to a lesser extent cash and cash equivalents. The fair values of the exchange-traded securities are primarily based on quoted market prices in active markets and are classified within Level 1 of the hierarchy. The fair value of the fixed maturity contractholder-directed securities is determined on a basis consistent with the methodologies described above for fixed maturity securities and are classified within Level 2 of the hierarchy. Derivative Assets and Derivative Liabilities – All of the derivative instruments utilized by the Company are classified within Level 2 on the fair value hierarchy. These derivatives are principally valued using an income approach. Valuations of interest rate contracts are based on present value techniques, which utilize significant inputs that may include the swap yield curve, London Interbank Offered Rate (“LIBOR”) basis curves, Overnight Index Swaps curves, and repurchase rates. Valuations of foreign currency contracts are based on present value techniques, which utilize significant inputs that may include the swap yield curve, LIBOR basis curves, currency spot rates, and cross currency basis curves. Valuations of credit contracts, are based on present value techniques, which utilize significant inputs that may include the swap yield curve, credit curves, and recovery rates. Valuations of equity market contracts, are based on present value techniques, which utilize significant inputs that may include the swap yield curve, spot equity index levels, and dividend yield curves. Valuations of equity market contracts, option-based, are based on option pricing models, which utilize significant inputs that may include the swap yield curve, spot equity index levels, dividend yield curves, and equity volatility. 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 December 31, 2021 and 2020 (dollars in millions): Estimated Fair Value Valuation Unobservable Range (Weighted Average) Assets: 2021 2020 Technique Input 2021 2020 Corporate $ 49 $ 37 Market comparable securities Liquidity premium 0-1% (1%) 0-1% (1%) EBITDA Multiple 5.2x-7.0x (6.4x) 5.2x-11.2x (7.1x) ABS 205 87 Market comparable securities Liquidity premium 2-18% (4%) 1-18% (1%) U.S. government 12 14 Market comparable Liquidity premium 0-1% (1%) 0-1% (1%) Equity securities 5 10 Market comparable EBITDA Multiple 6.9x-10.6x (8.0x) 6.9x-10.6x (7.9x) Funds withheld at interest – embedded derivatives 182 58 Total return swap Mortality 0-100% (3%) 0-100% (3%) Lapse 0-35% (18%) 0-35% (13%) Withdrawal 0-5% (4%) 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 693 752 Discounted cash flow Mortality 0-100% (2%) 0-100% (3%) Lapse 0-35% (16%) 0-35% (13%) Withdrawal 0-5% (3%) 0-5% (3%) Option budget 1-4% (2%) 2-4% (2%) Interest-sensitive contract liabilities – embedded derivatives – variable annuities 162 155 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. 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 year ended December 31, 2021: Fixed maturity securities – available-for-sale Funds withheld at interest –embedded derivatives, net (1) 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 $ 58 $ 56 $ (907) Total gains/losses (realized/unrealized) Included in earnings, net: Investment income, net of related expenses 5 — 1 — — — — (4) — Investment related gains (losses), net (5) — — — 13 — 107 — (7) Interest credited — — — — — — — — 10 Included in other comprehensive income (28) (4) (6) — — — — (1) — Other revenues — — — — — — — — — Purchases (2) 1,506 25 1,038 — 9 31 — 36 (34) Sales (2) (53) — (6) — (25) (3) — — — Settlements (2) (587) (5) (186) (3) — (10) — (4) 83 Transfers into Level 3 29 — 84 25 — — — — — Transfers out of Level 3 (8) — — — — (5) — — — Fair value, end of period $ 3,888 $ 33 $ 1,179 $ 45 $ 50 $ 28 $ 165 $ 83 $ (855) 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 $ 4 $ — $ 1 $ — $ — $ — $ — $ (4) $ — Investment related gains (losses), net (7) — — — 7 — 107 — (15) Other revenues — — — — — — — — — Interest credited — — — — — — — — (72) Included in other comprehensive income (24) (4) (6) — — — — (1) — (1) Funds withheld at interest – embedded derivative assets and liabilities are presented net for purposes of the rollforward. (2) 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. For the year ended December 31, 2020: Fixed maturity securities – available-for-sale Funds 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 2 — — — — — — (4) — Investment related gains (losses), net (22) — — — (13) — (63) — 8 Interest credited — — — — — — — — (30) Included in other comprehensive income 28 1 (7) 1 — — — — — Other revenues — — — — — — — — — Purchases (1) 1,193 — 149 — 3 17 — 60 (32) Sales (1) (182) — (5) — — — — — — Settlements (1) (229) — (59) (3) — (3) — — 77 Transfers into Level 3 57 — 38 — — — — — — Transfers out of Level 3 (4) (704) (70) — (14) (1) — — — Fair value, end of period $ 3,029 $ 17 $ 254 $ 23 $ 53 $ 15 $ 58 $ 56 $ (907) 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 $ — $ — $ — $ — $ — $ — $ — $ (4) $ — Investment related gains (losses), net (23) — — — (13) — (63) — (2) Other revenues — — — — — — — — — Interest credited — — — — — — — — (107) Included in other comprehensive income (34) 1 (8) 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. For the year ended December 31, 2019: Fixed maturity securities – available-for-sale Funds Other assets – longevity and mortality swaps Interest-sensitive contract Corporate Foreign govt Structured securities U.S. and local govt Equity securities Short-term investments Fair value, beginning of period $ 1,331 $ 533 $ 103 $ 28 $ 33 $ 2 $ 110 $ 48 $ (945) Total gains/losses (realized/unrealized) Included in earnings, net: Investment income, net of related expenses 1 15 — — — — — — — Investment related gains (losses), net (11) — — — 12 — 11 — 5 Interest credited — — — — — — — — (57) Included in other comprehensive income 48 162 4 1 — (1) — (2) — Other revenues — — — — — — — 12 — Purchases (1) 1,050 10 85 — 33 30 — — (17) Sales (1) (81) — (1) — (1) (1) — — — Settlements (1) (194) — (63) (4) — (1) — (58) 84 Transfers into Level 3 43 — 86 — — — — — — Transfers out of Level 3 (1) — (6) — — (27) — — — Fair value, end of period $ 2,186 $ 720 $ 208 $ 25 $ 77 $ 2 $ 121 $ — $ (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 $ 2 $ 15 $ — $ — $ — $ — $ — $ — $ — Investment related gains (losses), net (11) — — — 12 — 11 — (3) Other revenues — — — — — — — — — Interest credited — — — — — — — — (140) (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. For the year ended December 31, 2021, the Company did not have any material assets that were measured at fair value due to impairment. The following table presents information for assets measured at an estimated fair value on a nonrecurring basis as of December 31, 2020, and still held at the reporting date (for example, when there is evidence of impairment). The estimated fair values for these assets were determined using significant unobservable inputs (Level 3). Carrying Value After Measurement Net Investment Gains (Losses) At December 31, Years ended December 31, (dollars in millions) 2020 2020 Limited partnership interests (1) $ 20 $ (17) (1) Impairments on these investments were recognized at estimated fair value determined using the net asset values of the Company’s ownership interest as provided in the financial statements of the investees. The market for these investments has limited activity and price transparency. 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 December 31, 2021 and 2020 (dollars in millions). 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. Estimated Fair Fair Value Measurement Using: December 31, 2021: Carrying Value (1) Value Level 1 Level 2 Level 3 NAV Assets: Mortgage loans on real estate $ 6,283 $ 6,580 $ — $ — $ 6,580 $ — Policy loans 1,234 1,234 — 1,234 — — Funds withheld at interest 6,747 7,075 — — 7,075 — Cash and cash equivalents 1,810 1,810 1,810 — — — Short-term investments 23 23 23 — — — Other invested assets 910 907 6 70 831 — Accrued investment income 533 533 — 533 — — Liabilities: Interest-sensitive contract liabilities $ 18,625 $ 19,540 $ — $ — $ 19,540 $ — Other liabilities – funds withheld at interest 1,658 1,657 1,657 — Long-term debt 3,667 3,886 — — 3,886 — Collateral finance and securitization notes 180 153 — — 153 — December 31, 2020: 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 consolidated balance sheets because certain items within the respective financial statement captions may be measured at fair value on a recurring basis. Mortgage Loans on Real Estate – The fair value of mortgage loans on real estate is estimated by discounting cash flows, both principal and interest, using current interest rates for mortgage loans with similar credit ratings and similar remaining maturities. As such, inputs include current treasury yields and spreads, which are based on the credit rating and average life of the loan, corresponding to the market spreads. The valuation of mortgage loans on real estate is considered Level 3 in the fair value hierarchy. Policy Loans – Policy loans typically carry an interest rate that is adjusted annually based on an observable market index and therefore carrying value approximates fair value. The valuation of policy loans is considered Level 2 in the fair value hierarchy. Funds Withheld at Interest – The carrying value of funds withheld at interest approximates fair value except where the funds withheld are specifically identified in the agreement. When funds withheld are specifically identified in the agreement, the fair value is based on the fair value of the underlying assets that are held by the ceding company. A variety of sources and pricing methodologies, which are not transparent to the Company and may include significant unobservable inputs, are used to value the securities that are held in distinct portfolios, therefore the valuation of these funds withheld assets and liabilities are considered Level 3 in the fair value hierarchy. Cash and Cash Equivalents and Short-term Investments – The carrying values of cash and cash equivalents and short-term investments approximate fair values due to the short-term maturities of these instruments and are considered Level 1 in the fair value hierarchy. Other Invested Assets – This primarily includes lifetime mortgages, FHLB common stock, limited partnership interests accounted for using the cost method and cash collateral. The fair value of the Company’s lifetime mortgage loan portfolio, considered Level 3 in the fair value hierarchy, is estimated by discounting cash flows, both principal and interest, using a risk-free rate plus an illiquidity premium. The cash flow analysis considers future expenses, changes in property prices, and actuarial analysis of borrower behavior, mortality and morbidity. The fair value of the Company’s common stock investment in the FHLB is considered to be the carrying value and it is considered Level 2 in the fair value hierarchy. The fair value of limited partnership interests accounted for using the cost method, considered Level 3 in the fair value hierarchy, is estimated by internally developed valuation techniques. The fair value of the Company’s cash collateral is considered to be the carrying value and considered to be Level 1 in the fair value hierarchy. Accrued Investment Income – The carrying value for accrued investment income approximates fair value as there are no adjustments made to the carrying value. This is considered Level 2 in the fair value hierarchy. Interest-Sensitive Contract Liabilities – The carrying and fair values of interest-sensitive contract liabilities reflected in the table above exclude contracts with significant mortality risk. The fair value of the Company’s interest-sensitive contract liabilities utilizes a market standard technique with both capital market inputs and policyholder behavior assumptions, as well as cash values adjusted for recapture fees. The capital market inputs to the model, such as interest rates, are generally |
Reinsurance
Reinsurance | 12 Months Ended |
Dec. 31, 2021 | |
Reinsurance Disclosures [Abstract] | |
Reinsurance | REINSURANCE CEDED RECEIVABLES AND OTHER In the normal course of business, the Company seeks to limit its exposure to loss on any single insured and to recover a portion of benefits paid by ceding reinsurance to other insurance or reinsurance companies under excess coverage and coinsurance contracts. In the individual life markets, the Company retains a maximum of $8 million of coverage per individual life. Claims in excess of this retention amount are retroceded to retrocessionaires; however, the Company remains fully liable to the ceding company for the entire amount of risk it assumes. In certain limited situations the Company has retained more than $8 million per individual policy. The Company enters into agreements with other reinsurers to mitigate the residual risk related to the over-retained policies. Additionally, due to some lower face amount reinsurance coverage provided by the Company in addition to individual life, such as group life, disability and health, under certain circumstances, the Company could potentially incur net claims totaling more than $8 million per individual life. 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. The Company regularly evaluates the financial condition of the insurance and reinsurance companies from which it assumes and to which it cedes reinsurance. Consequently, allowances would be established for amounts deemed uncollectible. At December 31, 2021 and 2020, no allowances were deemed necessary. Retrocessions are arranged through the Company’s retrocession pools for amounts in excess of the Company’s retention limit. As of December 31, 2021, 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. In addition to its third party retrocessionaires, various RGA reinsurance subsidiaries retrocede amounts in excess of their retention to affiliated subsidiaries. The following table presents information for the Company’s reinsurance ceded receivables and other, including the respective amount and A.M. Best rating for each reinsurer representing in excess of five percent of the total as of December 31, 2021 and 2020 (dollars in millions): 2021 2020 Reinsurer A.M. Best Rating Amount % of Total Amount % of Total Reinsurer A A+ $ 1,626 63.0 % $ — — % Reinsurer B A+ 423 16.4 420 42.7 Reinsurer C A+ 212 8.2 216 22.0 Reinsurer D A 59 2.3 64 6.5 Reinsurer E A+ 44 1.7 46 4.7 Reinsurer F A++ 42 1.6 55 5.6 Other reinsurers 174 6.8 182 18.5 Total $ 2,580 100.0 % $ 983 100.0 % Included in the total ceded reinsurance receivables balance were $203 million and $278 million of claims recoverable, of which $10 million and $10 million were in excess of 90 days past due, as of December 31, 2021 and 2020, respectively. Also included in the total reinsurance ceded receivable and other is a deposit asset on reinsurance of $1,626 million as of December 31, 2021. The effect of reinsurance on net premiums is as follows (dollars in millions): Years ended December 31, 2021 2020 2019 Direct insurance $ 33 $ 58 $ 76 Reinsurance assumed 13,348 12,583 12,150 Reinsurance ceded (868) (947) (929) Net premiums $ 12,513 $ 11,694 $ 11,297 The effect of reinsurance on claims and other policy benefits as follows (dollars in millions): Years ended December 31, 2021 2020 2019 Direct insurance $ 37 $ 97 $ 113 Reinsurance assumed 13,725 11,931 11,404 Reinsurance ceded (986) (953) (1,320) Net claims and other policy benefits $ 12,776 $ 11,075 $ 10,197 The effect of reinsurance on life insurance in force is shown in the following schedule (dollars in millions): Direct Assumed Ceded Net Assumed/Net % December 31, 2021 $ 1,117 $ 3,467,054 $ 166,842 $ 3,301,329 105.0 % December 31, 2020 1,990 3,480,692 184,625 3,298,057 105.5 December 31, 2019 1,316 3,480,206 192,864 3,288,658 105.8 At December 31, 2021 and 2020, respectively, the Company provided approximately $25.9 billion and $24.3 billion of financial reinsurance, as measured by pre-tax statutory surplus, risk based capital and other financial reinsurance structures, to other insurance companies under financial reinsurance or capital solutions transactions to assist ceding companies in meeting applicable regulatory requirements. Generally, such financial reinsurance is provided by the Company committing cash or assuming insurance liabilities, which are collateralized by future profits on the reinsured business. The Company earns a fee based on the amount of net outstanding financial reinsurance. Reinsurance treaties, whether facultative or automatic, may provide for recapture rights on the part of the ceding company. Recapture rights permit the ceding company to reassume all or a portion of the risk formerly ceded to the reinsurer after an agreed-upon period of time, generally 10 years, or in some cases due to changes in the financial condition or ratings of the reinsurer. Recapture of business previously ceded does not affect premiums ceded prior to the recapture of such business but would reduce premiums in subsequent periods. Additionally, some reinsurance treaties give the ceding company the right to require the Company to place assets in trust for their benefit to support the ceding company’s statutory reserve credits, in the event of a downgrade of the Company’s credit ratings and or other statutory measure to specified levels, generally non-investment grade levels, or if minimum levels of financial condition are not maintained. As of December 31, 2021, neither the Company nor its subsidiaries have been required to post additional collateral or have had a reinsurance treaty recaptured as a result of credit downgrade or defined statutory measure decline. Certain reinsurance treaties require the reinsurer to place assets in trust to collateralize the reinsurer’s obligation to the ceding company. Assets placed in trust continue to be owned by the Company, but their use is restricted based on the terms of the trust |
Deferred Policy Acquisition Cos
Deferred Policy Acquisition Costs | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Policy Acquisition Costs Disclosures [Abstract] | |
Deferred Policy Acquisition Costs | DEFERRED POLICY ACQUISITION COSTS The following reflects the amounts of policy acquisition costs deferred and amortized (dollars in millions): Years ended December 31, 2021 2020 2019 Balance, beginning of year $ 3,616 $ 3,512 $ 3,398 Capitalization 541 478 526 Amortization (including interest) (496) (405) (315) Change in value of embedded derivatives (36) 22 (15) Attributed to unrealized investment gains (losses) 33 (26) (97) Foreign currency translation 32 35 15 Balance, end of year $ 3,690 $ 3,616 $ 3,512 |
Income Tax
Income Tax | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Tax | INCOME TAX The effective tax rate for 2021 was lower than the U.S. Statutory rate of 21.0% primarily as a result of the release of uncertain tax positions due to the expiration of the statute of limitations, and the release of valuation allowances primarily due to income earned in RGA Australia. This benefit was partially offset by income earned in jurisdictions with tax rates higher than the U.S. and GILTI, both emerging from income in Canada and Australia. Furthermore, the UK enacted an increase to the statutory tax rate resulting in a tax expense from the remeasurement of the deferred tax liabilities. The effective tax rate for 2020 was higher than the U.S. Statutory rate of 21.0% primarily as a result of income earned in jurisdictions with tax rates higher than the U.S., GILTI tax primarily due to RGA Canada's income, and a change in the corporate tax rate in the UK. These increases were partially offset by foreign tax credit utilization and bases differences in Australia. Pre-tax income for the years ended December 31, 2021, 2020 and 2019 consists of the following (dollars in millions): 2021 2020 2019 Pre-tax income – U.S. $ 327 $ 79 $ 871 Pre-tax income – foreign 364 474 261 Total pre-tax income $ 691 $ 553 $ 1,132 The provision for income tax expense for the years ended December 31, 2021, 2020 and 2019 consists of the following (dollars in millions): 2021 2020 2019 Current income tax expense (benefit): U.S. $ 91 $ 75 $ (9) Foreign 72 79 60 Total current 163 154 51 Deferred income tax expense (benefit): U.S. (127) (60) 182 Foreign 38 44 29 Total deferred (89) (16) 211 Total provision for income taxes $ 74 $ 138 $ 262 The Company’s effective tax rate differed from the U.S. federal income tax statutory rate of 21% as a result of the following for the years ended December 31, 2021, 2020 and 2019 (dollars in millions): 2021 2020 2019 Tax provision at U.S. statutory rate $ 145 $ 116 $ 238 Increase (decrease) in income taxes resulting from: Tax rate differences on income in other jurisdictions 51 21 2 Differences in tax basis in foreign jurisdictions (4) (32) (23) Deferred tax valuation allowance (18) 10 56 Amounts related to uncertain tax positions (119) 10 8 Equity based compensation (1) (1) (8) Corporate rate changes 29 13 (1) GILTI, net of credits 11 13 — Subpart F for non-full inclusion companies 2 — 1 Foreign tax credits (10) (7) (6) Return to provision adjustments (17) (4) (6) Other, net 5 (1) 1 Total provision for income taxes $ 74 $ 138 $ 262 Effective tax rate (1) 10.6 % 24.9 % 23.1 % (1) The Company rounds amounts in the financial statements to millions and calculates the effective tax rate from the underlying whole-dollar amounts. Thus certain amounts may not recalculate based on the numbers due to rounding. Total income taxes for the years ended December 31, 2021, 2020 and 2019 were as follows (dollars in millions): 2021 2020 2019 Provision for income taxes $ 74 $ 138 $ 262 Income tax from OCI and additional paid-in-capital: Net unrealized holding gain (loss) on debt and equity securities recognized for financial reporting purposes (520) 611 681 Foreign currency translation 23 (9) 3 Unrealized pension and post retirement 7 (1) (5) Total income taxes provided $ (416) $ 739 $ 941 The tax effects of temporary differences that give rise to significant portions of the deferred income tax assets and liabilities at December 31, 2021 and 2020, are presented in the following tables (dollars in millions): 2021 2020 Deferred income tax assets: Nondeductible accruals $ 85 $ 92 Net operating loss carryforward 251 254 Tax Credit Carryforward 50 — Other 3 — Subtotal 389 346 Valuation allowance (218) (251) Total deferred income tax assets 171 95 Deferred income tax liabilities: Deferred acquisition costs 754 775 Policy reserves and other reinsurance liabilities 1,085 1,105 Invested assets 793 1,043 Outside basis difference foreign subsidiaries 260 354 Foreign currency translation 66 40 Anticipated future tax credit reduction 58 20 Other — 2 Total deferred income tax liabilities 3,016 3,339 Net deferred income tax liabilities $ 2,845 $ 3,244 Balance sheet presentation of net deferred income tax liabilities: Included in other assets $ 41 $ 19 Included in deferred income taxes 2,886 3,263 Net deferred income tax liabilities $ 2,845 $ 3,244 As of December 31, 2021, the valuation allowance against deferred tax assets was $218 million. During 2021, there were decreases to the valuation allowance due to pre-tax earnings in certain subsidiaries with valuation allowances. These decreases were partially offset by increases in the valuation allowance due to losses in subsidiaries that do not have a history of income. The valuation allowance was further impacted by changes in foreign currency translation during the year. As of December 31, 2020, the valuation allowance against deferred tax assets was $251 million. During 2020, there was a $20 million increase to the valuation allowance related to the tax losses of RGA Reinsurance Company of Australia Limited ("RGA Australia"). RGA Australia's tax loss primarily relates to income on internal retrocession that is not taxable in RGA Australia. The RGA Australia deferred tax asset has been reduced to the amount more likely than not to be realized considering the projected future earnings. The valuation allowance increased further due to losses in jurisdictions that do not have a history of income and changes in foreign currency translation during the year. These increases were partially offset by a valuation allowance release related to U.S. Foreign Tax Credit utilization and income in jurisdictions with valuation allowances. The earnings of substantially all of the Company's foreign subsidiaries have been permanently reinvested in foreign operations. The Company has provided for future tax on the full inclusion companies where the Company cannot assert permanent reinvestment. At December 31, 2021 and 2020, the financial reporting basis in excess of the tax basis for which no deferred taxes have been recognized was approximately $1.8 billion and $2.7 billion, respectively. As U.S. Tax Reform generally eliminates U.S. federal income taxes on dividends from foreign subsidiaries, the Company does not expect to incur material income taxes if these funds were repatriated. During 2021, 2020, and 2019, the Company received federal and foreign income tax refunds of approximately $20 million, $59 million, and $22 million, respectively. The Company made cash income tax payments of approximately $388 million, $167 million, and $66 million, in 2021, 2020, and 2019, respectively. The following table presents consolidated net operating losses (“NOL”) as of December 31, 2021 (dollars in millions): 2021 NOL with no expiration and with no valuation allowance $ 100 NOL with a full valuation allowance 187 NOL with no expiration and a partial valuation allowance 631 NOL with expiration dates between 2025 and 2041 with no valuation allowance 2 Total net operating loss carryforwards $ 920 These net operating losses, other than the net operating losses for which there is a valuation allowance, are expected to be utilized in the normal course of business during the period allowed for carryforwards and in any event, are not expected to be lost, due to the application of tax planning strategies that management would utilize. As of December 31, 2021, the Company had foreign tax credit carryforwards of $50 million related to the U.S. and Ireland. The Ireland foreign tax credit of $26 million has a full valuation allowance. The Company files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. The Company is under continuous examination by the Internal Revenue Service and is subject to audit by taxing authorities in other foreign jurisdictions in which the Company has significant business operations. The income tax years under examination vary by jurisdiction. The Company is no longer subject to U.S. federal income tax examinations by tax authorities for years prior to 2018, Canadian tax authorities for years prior to 2017 and with a few exceptions, the Company is no longer subject to state and foreign income tax examinations by tax authorities for years prior to 2016. As of December 31, 2021, the Company’s total amount of unrecognized tax benefits is $34 million all of which would affect the effective tax rate, if recognized. Management believes it is reasonably possible that the unrecognized tax benefit could decrease by up to $5 million over the next 12 months if statutes expire. A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2021, 2020 and 2019, is as follows (dollars in millions): Total Unrecognized Tax Benefits 2021 2020 2019 Beginning balance, January 1 $ 342 $ 333 $ 325 Additions for tax positions of prior years 2 281 264 Reductions for tax positions of prior years (312) (278) (262) Additions for tax positions of current year 2 6 6 Ending balance, December 31 $ 34 $ 342 $ 333 The Company recognized interest expense (benefit) associated with uncertain tax positions in 2021, 2020 and 2019 of $(31) million, $11 million, and $12 million, respectively. As of December 31, 2021 and 2020, the Company had $3 million and $34 million, respectively, of accrued interest related to unrecognized tax benefits. There are no penalties accrued as of December 31, 2021 and 2020. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Defined Benefit Plan | EMPLOYEE BENEFIT PLANS Certain subsidiaries of the Company are sponsors or administrators of both qualified and non-qualified defined benefit pension plans (“Pension Plans”). The largest of these plans is a non-contributory qualified defined benefit pension plan sponsored by RGA Reinsurance Company (“RGA Reinsurance”) that covers U.S. employees. The benefits under the Pension Plans are generally based on years of service and compensation levels. Effective January 1, 2020, the qualified defined benefit pension plan and some of the non-qualified defined benefit pension plans were closed to new employees. The Company also provides select health care and life insurance benefits for certain retired employees. The health care benefits are provided through a self-insured welfare benefit plan. Employees become eligible for these benefits if they meet minimum age and service requirements. The retiree’s cost for health care benefits varies depending upon the credited years of service. Effective January 1, 2017, employees hired in the U.S. are not eligible for retiree health care benefits. The effect of the amendment was recorded in 2016 in AOCI and is being amortized through prior service cost. Virtually all retirees, or their beneficiaries, contribute a portion of the total cost of postretirement health benefits. Overfunded and underfunded plans are recognized in other assets and other liabilities, respectively. A December 31 measurement date is used for all of the defined benefit and postretirement plans. The status of these plans as of December 31, 2021 and 2020 is summarized below (dollars in millions): December 31, Pension Benefits Other Benefits 2021 2020 2021 2020 Change in benefit obligation: Benefit obligation at beginning of year $ 254 $ 220 $ 81 $ 87 Service cost 18 14 3 3 Interest cost 4 6 2 2 Participant contributions — — — — Amendments — — (3) — Actuarial (gains) losses (8) 25 (6) (9) Benefits paid (12) (12) (2) (2) Foreign exchange translations and other adjustments — 1 — — Benefit obligation at end of year $ 256 $ 254 $ 75 $ 81 December 31, Pension Benefits Other Benefits 2021 2020 2021 2020 Change in plan assets: Fair value of plan assets at beginning of year $ 157 $ 133 $ — $ — Actual return on plan assets 15 18 — — Employer contributions 19 18 2 2 Participant contributions — — — — Benefits paid and expenses (12) (12) (2) (2) Fair value of plan assets at end of year $ 179 $ 157 $ — $ — Funded status at end of year $ (77) $ (97) $ (75) $ (81) December 31, Qualified Plans Non-Qualified Plans (1) Total 2021 2020 2021 2020 2021 2020 Aggregate fair value of plan assets $ 179 $ 157 $ — $ — $ 179 $ 157 Aggregate projected benefit obligations 166 160 90 94 256 254 Over (under) funded $ 13 $ (3) $ (90) $ (94) $ (77) $ (97) (1) For non-qualified plans, there are no required funding levels. December 31, Pension Benefits Other Benefits 2021 2020 2021 2020 Amounts recognized in accumulated other comprehensive income: Net actuarial loss $ 52 $ 71 $ 20 $ 29 Net prior service cost (credit) — — (9) (8) Total $ 52 $ 71 $ 11 $ 21 The following table presents information for qualified and non-qualified pension plans with a projected benefit obligation in excess of plan assets as of December 31, 2021 and 2020 (dollars in millions): 2021 2020 Projected benefit obligation $ 256 $ 254 Fair value of plan assets 179 157 The following table presents information for pension plans with an accumulated benefit obligation in excess of plan assets as of December 31, 2021 and 2020 (dollars in millions): 2021 2020 Accumulated benefit obligation $ 248 $ 243 Fair value of plan assets 179 157 The components of net periodic benefit cost, included in other operating expenses on the consolidated statements of income, and other changes in plan assets and benefit obligations recognized in other comprehensive income were as follows (dollars in millions): Pension Benefits Other Benefits 2021 2020 2019 2021 2020 2019 Net periodic benefit cost: Service cost $ 18 $ 14 $ 13 $ 3 $ 3 $ 3 Interest cost 4 6 7 2 2 3 Expected return on plan assets (10) (9) (7) — — — Amortization of net actuarial losses 6 5 4 2 2 1 Amortization of prior service cost (credit) — — — (1) (1) (1) Settlements — — — — — — Net periodic benefit cost 18 16 17 6 6 6 Other changes in plan assets and benefit obligations recognized in other comprehensive income: Net actuarial (gains) losses (13) 17 14 (6) (8) 14 Amortization of net actuarial (losses) (6) (5) (4) (2) (2) (1) Amortization of prior service (cost) credit — — — 1 1 1 Settlements — — — — — — Prior service cost (credit) — — — (3) — — Foreign exchange translations and other adjustments — — — — — — Total recognized in other comprehensive income (19) 12 10 (10) (9) 14 Total recognized in net periodic benefit cost and other comprehensive income $ (1) $ 28 $ 27 $ (4) $ (3) $ 20 During 2022, the Company expects to contribute $22 million and $2 million to the pension plans and other benefit plans, respectively. The following benefit payments, which reflect expected future service as appropriate, are expected to be paid (dollars in millions): Pension Benefits Other Benefits 2022 $ 12 $ 2 2023 15 2 2024 16 2 2025 18 2 2026 17 3 2027 – 2031 97 17 Assumptions The weighted average assumptions used to determine the benefit obligation and net periodic benefit cost were as follows: Pension Benefits Other Benefits 2021 2020 2019 2021 2020 2019 Benefit obligation Discount rate 2.64 % 2.22 % 3.05 % 2.76 % 2.41 % 3.17 % Rate of compensation increase 4.74 % 4.69 % 4.61 % n/a n/a n/a Net periodic benefit cost Discount rate 2.21 % 3.03 % 4.03 % 2.41 % 3.17 % 4.17 % Expected long-term rate of return on plan assets 6.50 % 7.00 % 7.00 % n/a n/a n/a Rate of compensation increase 4.71 % 4.60 % 4.16 % n/a n/a n/a The expected rate of return on plan assets is based on anticipated performance of the various asset sectors in which the plan invests, weighted by target allocation percentages. Anticipated future performance is based on long-term historical returns of the plan assets by sector, adjusted for the long-term expectations on the performance of the markets. While the precise expected return derived using this approach may fluctuate from year to year, the policy is to hold this long-term assumption constant as long as it remains within reasonable tolerance from the derived rate. This process is consistent for all plan assets as all the assets are invested in mutual funds. The assumed health care cost trend rates used in measuring the accumulated non-pension post-retirement benefit obligation were as follows: As of December 31, 2021 2020 Health care cost trend rates assumed for next year 6.50 % 7.00 % Ultimate cost trend rate 4.50 % 4.50 % Year ultimate trend is reached 2026 2026 Plan Assets Target allocations of U.S. qualified pension plan assets are determined with the objective of maximizing returns and minimizing volatility of net assets through adequate asset diversification and partial liability immunization. Adjustments are made to target allocations based on the Company’s assessment of the effect of economic factors and market conditions. The target allocations for plan assets are 60% equity securities and 40% debt securities as of December 31, 2021 and 2020. The Company’s plan assets are invested in mutual funds. The mutual funds include holdings of S&P 500 securities, large-cap securities, mid-cap securities, small-cap securities, international securities, corporate debt securities, U.S. and other government securities, mortgage-related securities and cash. Equity and debt securities are exposed to various risks, such as interest rate risk, credit risk and overall market volatility. Due to the level of risk associated with certain investment securities, changes in the values of investment securities will occur and any change would affect the amounts reported in the financial statements. The fair values of the Company’s qualified pension plan assets as of December 31, 2021 and 2020 are summarized below (dollars in millions): December 31, 2021 Fair Value Measurement Using: Total Level 1 Level 2 Level 3 Mutual Funds (1) $ 179 $ 179 $ — $ — Cash — — — — Total $ 179 $ 179 $ — $ — (1) Mutual funds were invested 27% in U.S. equity funds, 38% in U.S. fixed income funds, 18% in non-U.S. equity funds and 17% in other. December 31, 2020 Fair Value Measurement Using: Total Level 1 Level 2 Level 3 Mutual Funds (2) $ 157 $ 157 $ — $ — Cash — — — — Total $ 157 $ 157 $ — $ — (2) Mutual funds were invested 27% in U.S. equity funds, 39% in U.S. fixed income funds, 18% in non-U.S. equity funds and 16% in other. As of December 31, 2021 and 2020, the Company classified all of its qualified pension plan assets in the Level 1 category as quoted prices in active markets are available for these assets. See Note 6 – “Fair Value of Asset and Liabilities” for additional detail on the fair value hierarchy. Savings and Investment Plans Certain subsidiaries of RGA also sponsor savings and investment plans under which a portion of employee contributions are matched. Subsidiary contributions to these plans were $21 million, $19 million and $16 million in 2021, 2020 and 2019, respectively. |
Financial Condition and Net Inc
Financial Condition and Net Income on a Statutory Basis - Significant Subsidiaries | 12 Months Ended |
Dec. 31, 2021 | |
Statutory Basis [Abstract] | |
Financial Condition and Net Income on a Statutory Basis - Significant Subsidiaries | FINANCIAL CONDITION AND NET INCOME ON A STATUTORY BASIS – SIGNIFICANT SUBSIDIARIESThe domestic and foreign insurance subsidiaries of RGA prepare their statutory financial statements in conformity with statutory accounting practices prescribed or permitted by the applicable state insurance department or local regulatory authority, which may vary materially from statements prepared in accordance with GAAP. Prescribed statutory accounting practices in the U.S. include publications of the National Association of Insurance Commissioners (“NAIC”), as well as state laws, local regulations and general administrative rules. The differences between statutory financial statements and financial statements prepared in accordance with GAAP vary between jurisdictions. The principal differences between GAAP and NAIC are that statutory financial statements do not reflect deferred policy acquisition costs and limit deferred tax assets, life benefit reserves predominately use interest rate and mortality assumptions prescribed by the NAIC and local regulatory agencies, bonds are generally carried at amortized cost and reinsurance assets and liabilities are presented net of reinsurance. Statutory net income and capital and surplus of the Company’s primary operating insurance subsidiaries, determined in accordance with statutory accounting practices prescribed by the applicable state insurance department or local regulatory authority are as follows (dollars in millions): Statutory Capital and Surplus Statutory Net Income (Loss) 2021 2020 2021 2020 2019 RGA Americas Reinsurance Company, Ltd. $ 6,812 $ 8,249 $ (241) $ 879 $ 1,049 RGA Reinsurance Company 2,368 2,131 (98) (133) 280 Reinsurance Company of Missouri, Incorporated 2,362 2,136 (13) 4 75 RGA Reinsurance Company (Barbados) Ltd. 1,781 1,835 52 268 234 RGA Atlantic Reinsurance Company Ltd. 1,137 1,441 (226) 175 243 RGA International Reinsurance Company dac 1,121 1,460 43 52 37 RGA Life Reinsurance Company of Canada 903 886 25 152 (225) RGA Worldwide Reinsurance Company, Ltd. 702 703 10 104 106 RGA Global Reinsurance Company, Ltd. 565 495 93 59 71 RGA Reinsurance Company of Australia Limited 485 535 (22) 42 15 Other 1,015 1,298 (152) 194 114 Each U.S. domestic insurance subsidiary’s state of domicile imposes minimum risk-based capital (“RBC”) requirements that were developed by the NAIC. The formulas for determining the amount of RBC specify various weighting factors that are applied to financial balances or various levels of activity based on the perceived degree of risk. Regulatory compliance is determined by a ratio of total adjusted capital, as defined by the NAIC, to authorized control level RBC, as defined by the NAIC. Companies below specific trigger points or ratios are classified within certain levels, each of which requires specified corrective action. Each of RGA’s U.S. domestic insurance subsidiaries exceeded the minimum RBC requirements for all periods presented herein. These requirements do not represent a significant constraint for the payment of dividends by RGA’s U.S. domestic insurance companies. The licensing orders of the Company’s special purpose companies stipulate a minimum amount of capital required based on the purpose of the entity and the underlying business. These companies are subject to enhanced oversight by the regulator which includes filing detailed plans of operations before commencing operations or making material changes to existing agreements or entering into new agreements. Each of the Company’s Special Purpose Life Reinsurance Captives (“SPLRC”) exceeded the minimum capital requirements for all periods presented herein. The Company’s foreign insurance subsidiaries prepare financial statements in accordance with local regulatory requirements. The regulatory authorities in these foreign jurisdictions establish some form of minimum regulatory capital and surplus requirements. All of the Company’s foreign insurance subsidiaries have regulatory capital and surplus that exceed the local minimum requirements. These requirements do not represent a significant constraint for the payment of dividends by the Company’s foreign insurance companies. The state of domicile of certain of the Company’s SPLRCs follow prescribed accounting practices differing from NAIC statutory accounting practices (“NAIC SAP”) applicable to their statutory financial statements. Specifically, these prescribed practices require that surplus note interest accrued but not approved for payment be reported as a direct reduction of surplus and an addition to the surplus note balance. Under NAIC SAP, surplus note interest is not to be reported until approved for payment and is reported as a reduction of net investment income in the Summary of Operations. In addition, these prescribed practices allow the SPLRC to reflect letters of credit issued for its benefit as an admitted asset and a direct credit to unassigned surplus. Under NAIC SAP, letters of credit issued on behalf of the reporting company are not reported on the balance sheet. A reconciliation of the surplus between NAIC SAP and practices prescribed by the state of domicile is shown below (dollars in millions): December 31, 2021 2020 Prescribed practice – surplus $ 403 $ 577 Prescribed practice – letters of credit (461) (461) Surplus (deficit) – NAIC SAP $ (58) $ 116 Reinsurance Company of Missouri (“RCM”), RGA Reinsurance and Chesterfield Reinsurance Company (“Chesterfield Re”) are subject to Missouri statutory provisions that restrict the payment of dividends. They may not pay dividends in any 12-month period in excess of the greater of the prior year’s statutory net gain from operations or 10% of statutory capital and surplus at the preceding year-end, without regulatory approval. Aurora National Life Assurance Company (“Aurora National”) is subject to California statutory provisions that are identical to those imposed by Missouri regarding the ability of Aurora National to pay dividends to RGA Reinsurance. The applicable statutory provisions only permit an insurer to pay a shareholder dividend from unassigned surplus. As of January 1, 2022, RGA Reinsurance could pay maximum dividends, without prior approval, of approximately $237 million. Any dividends paid by RGA Reinsurance would be paid to RCM, its parent company, which in turn has restrictions related to its ability to pay dividends to RGA. Chesterfield Re would pay dividends to its immediate parent Chesterfield Financial Holdings LLC, (“Chesterfield Financial”), which would in turn pay dividends to RCM, subject to the terms of the indenture for the embedded value securitization transaction, in which Chesterfield Financial cannot declare or pay any dividends so long as any private placement notes are outstanding. The Missouri Department of Commerce and Insurance allows RCM to pay a dividend to RGA to the extent RCM received the dividend from its subsidiaries, without limitation related to the level of unassigned surplus. Dividend payments from other subsidiaries are subject to regulations in the jurisdiction of domicile, which are generally based on their earnings and/or capital level. Dividend payments from non-U.S. operations are subject to similar restrictions established by local regulators. The non-U.S. regulatory regimes also commonly limit the dividend payments to the parent to a portion of the prior year’s statutory income, as determined by the local accounting principles. The regulators of the Company’s non-U.S. operations may also limit or prohibit profit repatriations or other transfers of funds to the U.S. if such transfers are deemed to be detrimental to the solvency or financial strength of the non-U.S. operations, or for other reasons. Most of the non-U.S. operating subsidiaries are second tier subsidiaries that are owned by various non-U.S. holding companies. The capital and rating considerations applicable to the first tier subsidiaries may also impact the dividends paid to RGA. There are no regulatory restrictions that limit the payment of dividends by RGA, except those generally applicable to Missouri corporations. Dividends are payable by Missouri corporations only under the circumstances specified in The General and Business Corporation Law of Missouri. RGA would not be permitted to pay common stock dividends if there is any accrued and unpaid interest on its subordinated debentures and its junior subordinated debentures. Furthermore, the ability of RGA to pay dividends is dependent on business conditions, income, cash requirements of the Company, receipt of dividends from its subsidiaries, financial covenant provisions and other relevant factors. |
Commitments Contingencies and G
Commitments Contingencies and Guarantees | 12 Months Ended |
Dec. 31, 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 December 31, 2021 and 2020 are presented in the following table (dollars in millions): 2021 2020 Limited partnership interests and joint ventures $ 1,031 $ 678 Mortgage loans on real estate 152 199 Bank loans and private placements 768 194 Lifetime mortgages 41 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 December 31, 2021 and 2020, respectively, which is included in other liabilities on the Company’s consolidated balance sheets. Off-Balance Sheet Arrangements In 2013, the Company executed a series of incentive agreements with the County of St. Louis, Missouri (the “County”). Under these agreements, the Company transferred ownership in its newly constructed world headquarters to the County in exchange for taxable industrial revenue bonds (the “bonds”), in a series of bond issuances during 2013 and 2014, with a maximum amount of $150 million. As a result, the Company was able to reduce the cost of constructing and operating its world headquarters by reducing certain state and local tax expenditures. The Company simultaneously leased the world headquarters from the County and has an option to purchase the world headquarters for a nominal fee upon tendering the bonds back to the County. The payments due to the Company under the terms of the bonds and the amounts owed by the Company under the terms of the lease agreement qualify for the right of offset under GAAP. As such, neither the bonds nor the lease obligation is recorded on the consolidated balance sheets as an asset or liability, respectively. The world headquarters is recorded as an asset of the Company in “Other assets” on the consolidated balance sheets. Funding Agreements Federal Home Loan Bank of Des Moines The Company is a member of the FHLB and, through membership, has issued funding agreements to the FHLB in exchange for cash advances. As of December 31, 2021 and 2020, the Company had $1.4 billion and $1.9 billion, respectively, of FHLB funding agreements outstanding. The Company is required to provide collateral in excess of the funding agreement amounts outstanding, considering any discounts to the securities posted and prepayment penalties. Funding Agreement Backed Notes During 2021, the Company executed an offering under its Funding Agreement Backed Notes (“FABN”) program, which allows RGA Global Funding, a special-purpose, unaffiliated statutory trust, to offer its senior secured medium-term notes to investors. RGA Global Funding uses the net proceeds from each sale to purchase one or more funding agreements from the Company. As of December 31, 2021, the Company had $500 million of FABN agreements outstanding and are included within interest-sensitive contract liabilities. On January 18, 2022, the Company issued additional FABN agreements totaling $400 million. Contingencies Litigation The Company is subject to litigation in the normal course of its business; however, 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 and Solvency Support The Company has committed to provide statutory reserve support to third-parties, in exchange for a fee, by funding loans if certain defined events occur. Such statutory reserves are required under the U.S. Valuation of Life Policies Model Regulation (commonly referred to as Regulation XXX for term life insurance policies and Regulation A-XXX for universal life secondary guarantees). In addition, the Company has also committed to provide capital support to a third-party, in exchange for a fee, by agreeing to assume real estate leases in the event of a severe and prolonged decline in the commercial lease market. Upon assumption of a lease, the Company would recognize a right to use asset and lease obligation. As of December 31, 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 December 31, 2021 (dollars in millions): Commitment Period Maximum Potential Obligation 2034 $ 1,243 2035 2,671 2036 3,599 2037 6,850 2038 2,300 2039 7,351 2046 3,000 Other Guarantees The Company has issued guarantees to third parties on behalf of its subsidiaries for the payment of amounts due under certain reinsurance treaties, 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. 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 for any legally offsetting amounts due from the guaranteed party are reflected on the Company’s consolidated balance sheets in a policy related liability. 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 December 31, 2021 and 2020 are reflected in the following table (dollars in millions): 2021 2020 Treaty guarantees $ 2,208 $ 1,934 Treaty guarantees, net of assets in trust 1,281 961 Securities borrowing and repurchase arrangements 134 133 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | DEBT Long-Term Debt The Company’s long-term debt consists of the following as of December 31, 2021 and 2020 (dollars in millions): 2021 2020 $400 million 5.00% Senior Notes due 2021 $ — $ 400 $400 million 4.70% Senior Notes due 2023 400 399 $400 million 3.95% Senior Notes due 2026 400 400 $600 million 3.90% Senior Notes due 2029 599 599 $600 million 3.15% Senior Notes due 2030 597 597 $100 million 4.09% Promissory Note due 2039 80 83 $400 million 6.20% Subordinated Debentures due 2042 400 400 $500 million 4.00% Surplus Notes due 2051 500 — $400 million 5.75% Subordinated Debentures due 2056 400 400 $400 million Variable Rate Junior Subordinated Debentures due 2065 319 319 Sub-total 3,695 3,597 Unamortized issuance costs (28) (24) Long-term Debt $ 3,667 $ 3,573 RGA has entered into an interest rate swap on its Variable Rate Junior Subordinated Debentures that effectively fixes the interest rate on these securities at 4.82% until December 2037. On December 13, 2021, RGA Reinsurance, a subsidiary of Reinsurance Group of America, Incorporated, entered into a subscription agreement with unaffiliated financial institutions as purchasers (the “Purchasers”), pursuant to which RGA Reinsurance has issued to the Purchasers 4.00% Surplus Notes due 2051 (the “Surplus Notes”). The proceeds of the Surplus Notes issued pursuant to the subscription agreement was $500 million. RGA Reinsurance will use the proceeds of the Surplus Notes for general corporate purposes. Capitalized issue costs were approximately $6 million. On 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 5.00% Senior Notes that matured in June 2021, and the remainder was used for general corporate purposes. Capitalized issue costs were approximately $5 million. Certain of the Company’s debt agreements contain financial covenant restrictions related to, among others, liens, the issuance and disposition of stock of restricted subsidiaries, minimum requirements of consolidated net worth, maximum ratios of debt to capitalization and change of control provisions. A material ongoing covenant default could require immediate payment of the amount due, including principal, under the various agreements. Additionally, the Company’s debt agreements contain cross-default covenants, which would make outstanding borrowings immediately payable in the event of a material uncured covenant default under any of the agreements, including, but not limited to, non-payment of indebtedness when due for an amount in excess of the amounts set forth in those agreements, bankruptcy proceedings, or any other event that results in the acceleration of the maturity of indebtedness. As of December 31, 2021 and 2020, the Company had $3,695 million and $3,597 million, respectively, in outstanding borrowings under its debt agreements and was in compliance with all covenants under those agreements. As of December 31, 2021 and 2020, the average interest rate on long-term debt outstanding was 4.42% and 4.54%, respectively. The ability of the Company to make debt principal and interest payments depends on the earnings and surplus of subsidiaries, investment earnings on undeployed capital proceeds, and the Company’s ability to raise additional funds. Future principal payments due on long-term debt, excluding discounts, as of December 31, 2021, were as follows (dollars in millions): Calendar Year 2022 2023 2024 2025 2026 Thereafter Long-term debt $ 3 $ 403 $ 3 $ 4 $ 404 $ 2,883 Credit and Committed Facilities The Company has obtained bank letters of credit in favor of various affiliated and unaffiliated insurance companies from which the Company assumes business. These letters of credit represent guarantees of performance under the reinsurance agreements and allow ceding companies to take statutory reserve credits. Certain of these letters of credit contain financial covenant restrictions. At December 31, 2021 and 2020, there were approximately $53 million and $23 million, respectively, of undrawn outstanding bank letters of credit in favor of third parties. Additionally, the Company utilizes letters of credit primarily to secure reserve credits when it retrocedes business to its affiliated subsidiaries. The Company cedes business to its affiliates to help reduce the amount of regulatory capital required in certain jurisdictions such as the U.S. and the UK. As of December 31, 2021 and 2020, $1,440 million and $1,508 million, respectively, in undrawn letters of credit from various banks were outstanding, primarily backing reinsurance between the various subsidiaries of the Company. The banks providing letters of credit to the Company are included on the NAIC list of approved banks. The Company maintains seven committed credit facilities, a syndicated revolving credit facility and six letter of credit facilities. The committed credit facilities have a combined capacity of $988 million while the syndicated revolving credit facility is for $850 million and the remaining credit facilities have a capacity of $1,025 million. The Company may borrow cash and obtain letters of credit in multiple currencies under its syndicated revolving credit facility. The following table provides additional information on the Company’s existing committed credit facilities as of December 31, 2021 and 2020 (dollars in millions): Amount Utilized (1) December 31, Current Capacity Maturity Date 2021 2020 Basis of Fees $ 108 March 2022 $ 108 $ 107 Fixed 500 May 2022 376 210 Debt rating and utilization % 100 May 2023 70 75 Fixed 850 August 2023 21 21 Senior unsecured long-term debt rating 80 (2) December 2023 80 100 Fixed 100 February 2024 51 51 Fixed 100 August 2024 40 100 Fixed (1) Represents issued but undrawn letters of credit. There was no cash borrowed for the periods presented. (2) Foreign currency denominated facility, amounts presented are in U.S. dollars. Fees associated with the Company’s other letters of credit are not fixed for periods in excess of one year and are based on the Company’s ratings and the general availability of these instruments in the marketplace. Total fees expensed associated with the Company’s letters of credit were $11 million, $10 million and $8 million for the years ended December 31, 2021, 2020 and 2019, respectively, and are included in policy acquisition costs and other insurance expenses. |
Collateral Finance and Securiti
Collateral Finance and Securitization Notes | 12 Months Ended |
Dec. 31, 2021 | |
Collateralized Financings [Abstract] | |
Collateral Finance and Securitization Notes | COLLATERAL FINANCE AND SECURITIZATION NOTES Collateral Finance Notes In 2006, RGA’s subsidiary, Timberlake Financial L.L.C. (“Timberlake Financial”), issued $850 million of Series A Floating Rate Insured Notes, due June 2036, in a private placement. The notes were issued to fund the collateral requirements for statutory reserves required by Regulation XXX on specified term life insurance policies reinsured by RGA Reinsurance and retroceded to Timberlake Re. Proceeds from the notes, along with a $113 million direct investment by RGA, were deposited into a series of accounts that collateralize the notes and are not available to satisfy the general obligations of the Company. As of December 31, 2021 and 2020, respectively, the Company held assets in trust and in custody of $465 million and $572 million, of which $39 million and $40 million were held in a Debt Service Coverage account to cover interest payments on the notes. Interest on the notes accrues at an annual rate of 1-month LIBOR plus a base rate margin, payable monthly, and totaled $1 million, $3 million and $9 million in 2021, 2020 and 2019, respectively. In 2015, RGA’s subsidiary, RGA Reinsurance Company (Barbados) Ltd. (“RGA Barbados”) obtained CAD$200.0 million of collateral financing from a third party that matured in May 2020, enabling RGA Barbados to support collateral requirements for Canadian reinsurance transactions. The obligation is reflected on the consolidated balance sheets in collateral finance and securitization notes. Interest on the collateral financing is payable quarterly and accrues at 3-month Canadian Dealer Offered Rate plus a margin and totaled $0 million, $2 million and $5 million in 2021, 2020 and 2019, respectively. Securitization Notes In 2014, RGA’s subsidiary, Chesterfield Financial Holdings LLC, (“Chesterfield Financial”), issued $300 million of asset-backed notes due December 2024 in a private placement. The notes were called and fully redeemed on December 15, 2021. As of December 31, 2021 and 2020, the Company held deposits in trust of $0 million and $10 million, respectively, to cover interest payments on the notes, which are not available to satisfy the general obligations of the Company. Interest on the notes accrues at an annual rate of 4.50%, payable quarterly, and totaled $6 million, $7 million and $8 million in 2021, 2020 and 2019, respectively. The Company’s collateral finance and securitization notes consist of the following as of December 31, 2021 and 2020 (dollars in millions): 2021 2020 Timberlake Financial $ 181 $ 247 Chesterfield Financial — 143 Unamortized issuance costs (1) (2) Total $ 180 $ 388 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION The Company has geographic-based and business-based operational segments. Geographic-based operations are further segmented into traditional and financial solutions businesses. The U.S. and Latin America Traditional segment provides individual and group life and health reinsurance to domestic clients for a variety of products through yearly renewable term agreements, coinsurance, and modified coinsurance. The U.S. and Latin America Financial Solutions segment includes asset-intensive products that concentrate on the investment risk within underlying annuities and corporate-owned life insurance policies, financial reinsurance, and capital solutions that assists ceding companies in meeting applicable regulatory requirements while enhancing their financial strength and regulatory surplus position. The Canada Traditional segment is primarily engaged in individual life reinsurance, and to a lesser extent creditor, group life and health, critical illness and disability reinsurance, through yearly renewable term and coinsurance agreements. The Canada Financial Solutions segment concentrates on assisting clients with longevity risk transfer structures within underlying annuities and pension benefit obligations, and provides capital solutions to assist clients in meeting applicable regulatory requirements while enhancing their financial strength and regulatory surplus position through financial reinsurance and other capital solutions structures. The Europe, Middle East and Africa Traditional segment provides individual and group life and health products through yearly renewable term and coinsurance agreements, reinsurance of critical illness coverage that provides a benefit in the event of the diagnosis of a pre-defined critical illness and underwritten annuities. The Europe, Middle East and Africa Financial Solutions segment provides longevity, asset-intensive and financial reinsurance. Longevity reinsurance takes the form of closed block annuity reinsurance and longevity swap structures. The Asia Pacific Traditional segment provides individual and group life and health reinsurance, critical illness coverage, disability and superannuation through yearly renewable term and coinsurance agreements. The Asia Pacific Financial Solutions segment provides financial reinsurance, asset-intensive and certain disability and life blocks. Corporate and Other revenues primarily include investment income from unallocated invested assets, investment related gains and losses and service fees. Corporate and Other expenses consist of the offset to capital charges allocated to the operating segments within the policy acquisition costs and other insurance income line item, unallocated overhead and executive costs, interest expense related to debt, and the investment income and expense associated with the Company’s collateral finance and securitization transactions and service business expenses. Additionally, Corporate and Other includes results from certain wholly-owned subsidiaries, such as RGAX, and joint ventures that, among other activities, develop and market technology, and provide consulting and outsourcing solutions for the insurance and reinsurance industries. The Company has increased its investment and expenditures in this area in an effort to both support its clients and accelerate the development of new solutions and services to increase consumer engagement within the life industry. The accounting policies of the segments are the same as those described in Note 2 – “Significant Accounting Policies and Pronouncements.” 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. Information related to revenues, income (loss) before income taxes, interest expense, depreciation and amortization, and assets of the Company’s operations are summarized below (dollars in millions): For the years ended December 31, 2021 2020 2019 Revenues: U.S. and Latin America: Traditional $ 7,198 $ 6,560 $ 6,500 Financial Solutions 1,492 1,220 1,279 Total 8,690 7,780 7,779 Canada: Traditional 1,448 1,260 1,286 Financial Solutions 101 92 99 Total 1,549 1,352 1,385 Europe, Middle East and Africa: Traditional 1,827 1,633 1,520 Financial Solutions 616 471 450 Total 2,443 2,104 1,970 Asia Pacific: Traditional 2,778 2,806 2,681 Financial Solutions 417 309 228 Total 3,195 3,115 2,909 Corporate and Other 781 245 257 Total $ 16,658 $ 14,596 $ 14,300 For the years ended December 31, 2021 2020 2019 Income (loss) before income taxes: U.S. and Latin America: Traditional $ (540) $ (298) $ 265 Financial Solutions 515 295 398 Total (25) (3) 663 Canada: Traditional 128 134 168 Financial Solutions 15 21 15 Total 143 155 183 Europe, Middle East and Africa: Traditional (239) 27 80 Financial Solutions 303 258 223 Total 64 285 303 Asia Pacific: Traditional (10) 174 105 Financial Solutions 98 59 23 Total 88 233 128 Corporate and Other 421 (117) (145) Total $ 691 $ 553 $ 1,132 For the years ended December 31, 2021 2020 2019 Interest expense: Corporate and Other $ 127 $ 170 $ 173 Total $ 127 $ 170 $ 173 For the years ended December 31, 2021 2020 2019 Depreciation and amortization: U.S. and Latin America: Traditional $ 360 $ 291 $ 291 Financial Solutions 80 90 143 Total 440 381 434 Canada: Traditional 21 24 20 Financial Solutions — — — Total 21 24 20 Europe, Middle East and Africa: Traditional 66 46 56 Financial Solutions 1 1 1 Total 67 47 57 Asia Pacific: Traditional 87 94 60 Financial Solutions 43 20 16 Total 130 114 76 Corporate and Other 22 23 22 Total $ 680 $ 589 $ 609 The table above includes amortization of DAC, including the effect from investment related gains and losses. For the years ended December 31, 2021 2020 Assets: U.S. and Latin America: Traditional $ 20,572 $ 20,071 Financial Solutions 29,028 25,433 Total 49,600 45,504 Canada: Traditional 5,091 4,682 Financial Solutions 18 13 Total 5,109 4,695 Europe, Middle East and Africa: Traditional 4,670 4,763 Financial Solutions 7,165 7,292 Total 11,835 12,055 Asia Pacific: Traditional 10,048 8,197 Financial Solutions 7,678 4,299 Total 17,726 12,496 Corporate and Other 7,905 9,906 Total $ 92,175 $ 84,656 Companies in which the Company has significant influence over the operating and financing decisions but are not required to be consolidated, are reported on the equity basis of accounting. The equity in the net income of such investments is not material to the results of operations or financial position of individual segments or the Company taken as a whole. Capital expenditures of each reporting segment were immaterial in the periods noted. |
Policy Claims and Benefits
Policy Claims and Benefits | 12 Months Ended |
Dec. 31, 2021 | |
Insurance [Abstract] | |
Short-Duration Insurance and Deposit Contracts [Text Block] | Liabilities for Unpaid Claims and Claim Expense The Company uses several actuarial methods to compute incurred-but-not reported liabilities. These methods use historical claim reporting patterns to develop a triangle of reported claim amounts. The claim triangle is then used to develop the ultimate claims amount and the incurred-but-not reported liabilities. Expected claim methods use exposure data such as premiums to develop the ultimate claim amount. The final method blends the estimates from the development and the expected claim methods. There were no significant changes in methodologies during 2021. The following tables provide information on incurred and paid claims development, net of retrocession, for short-duration reinsurance contracts for the Company’s U.S. and Latin America and Asia Pacific Traditional segments, which primarily relate to group life and health (including disability) business. The short-duration business for the Company’s other segments is immaterial. Liabilities for claims and claims adjustment expenses, net of reinsurance equals total incurred claims less cumulative paid claims plus outstanding liabilities prior to 2012. The Company provides reinsurance on large quota share transactions. It is common industry practice for cedants to provide loss information on a bulk basis without comprehensive claim details. Additionally, a claim under aggregate stop loss coverage may be the result of thousands of claims, but the Company only pays the excess amount. Therefore, it is impractical to provide meaningful claim count detail by accident year in the tables shown below. U.S. and Latin America As of (dollars in millions) December 31, 2021 Incurred Claims and Allocated Claim Adjustments, Net of Reinsurance (1) Total of Incurred-but-Not-Reported Liabilities Plus Expected Development on Reported Claims Accident Year For the Years Ended December 31, 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 323 $ 309 $ 297 $ 298 $ 299 $ 298 $ 297 $ 297 $ 296 $ 297 $ — 2013 349 333 339 337 336 336 337 335 336 — 2014 408 411 396 397 396 399 399 401 — 2015 460 461 465 462 462 463 463 — 2016 501 500 501 497 497 498 — 2017 485 514 509 504 503 — 2018 538 538 524 517 1 2019 491 473 456 4 2020 469 426 25 2021 509 211 Total $ 4,406 Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net of Reinsurance (1) Accident Year For the Years Ended December 31, 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 109 $ 222 $ 244 $ 252 $ 258 $ 264 $ 268 $ 272 $ 275 $ 279 2013 114 249 277 286 292 297 302 305 309 2014 129 305 337 349 356 364 368 374 2015 146 361 407 422 431 437 441 2016 185 393 437 451 460 467 2017 190 403 448 462 468 2018 183 415 465 479 2019 180 372 418 2020 159 356 2021 177 Total $ 3,768 All outstanding claims prior to 2012, net of reinsurance 110 Liabilities for claims and claim adjustment expense, net of reinsurance $ 748 (1) 2012 – 2020 unaudited. Asia Pacific As of (dollars in millions) December 31, 2021 Incurred Claims and Allocated Claim Adjustments, Net of Reinsurance (1) Total of Incurred-but-Not-Reported Liabilities Plus Expected Development on Reported Claims Accident Year For the Years Ended December 31, 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 214 $ 287 $ 292 $ 295 $ 303 $ 313 $ 319 $ 323 $ 325 $ 328 $ 3 2013 302 323 313 310 324 338 340 339 340 4 2014 285 309 273 279 293 295 295 294 5 2015 287 265 258 275 275 276 275 8 2016 235 212 219 227 226 223 7 2017 219 221 221 224 211 7 2018 261 279 273 261 22 2019 261 270 277 44 2020 154 151 40 2021 72 37 Total $ 2,432 Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net of Reinsurance (1) Accident Year For the Years Ended December 31, 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 51 $ 139 $ 191 $ 230 $ 251 $ 268 $ 283 $ 293 $ 301 $ 307 2013 51 149 216 243 269 292 304 313 320 2014 36 140 183 212 236 250 260 267 2015 50 122 172 208 229 241 251 2016 39 101 137 157 172 183 2017 37 90 119 141 157 2018 33 110 151 182 2019 39 105 145 2020 23 56 2021 8 Total $ 1,876 All outstanding claims prior to 2012, net of reinsurance 75 Liabilities for claims and claim adjustment expense, net of reinsurance $ 631 (1) 2012 – 2020 unaudited. The following is unaudited supplementary information about average historical claims duration as of December 31, 2021: Average Annual Payout of Incurred Claims by Age, Net of Reinsurance Years 1 2 3 4 5 6 7 8 9 10 U.S. and Latin America 35.6 % 42.8 % 9.0 % 2.8 % 1.8 % 1.6 % 1.2 % 1.3 % 1.1 % 1.1 % Asia Pacific 15.0 % 27.2 % 16.1 % 10.6 % 7.3 % 5.2 % 3.9 % 2.6 % 2.2 % 2.0 % Reconciliation of the Disclosure of Incurred and Paid Claims Development to the Liability for Unpaid Claims and Claims Adjustment Expenses The reconciliation of the net incurred and paid claims development tables to the liability for claims and claim adjustment expense in the consolidated balance sheet as of December 31, 2021, is as follows (dollars in millions): 2021 Liabilities for claims and claim adjustment expense, net of reinsurance: U.S. and Latin America $ 748 Asia Pacific 631 Liabilities for claims and claim adjustment expense, net of reinsurance 1,379 Adjustments to reconcile to total policy claims and future policy benefits: Reinsurance recoverable 13 Effect of discounting (105) Unallocated claims adjustment expense 7 Total adjustments (85) Other short-duration contracts: Canada 276 Europe, Middle East and Africa 636 Other 272 Liability for unpaid claims and claim adjustment expense – short-duration 2,478 Liability for unpaid claims and claim adjustment expense – long-duration 5,575 Total liability for unpaid claims and claim adjustment expense (included in future policy benefits and other policy-related balances) $ 8,053 Rollforward of Claims and Claim Adjustment Expenses The liability for unpaid claims is reported in future policy benefits and other policy-related balances within the Company’s consolidated balance sheets. Activity associated with unpaid claims is summarized below (dollars in millions): 2021 2020 2019 Balance, beginning of period $ 7,556 $ 6,786 $ 6,585 Less: reinsurance recoverable (641) (564) (433) Net balance, beginning of period 6,915 6,222 6,152 Incurred: Current year 13,181 11,195 10,307 Prior years (377) 123 154 Total incurred 12,804 11,318 10,461 Payments: Current year (6,284) (5,617) (5,140) Prior years (5,810) (5,204) (5,305) Total payments (12,094) (10,821) (10,445) Other changes: Interest accretion 31 36 33 Foreign exchange adjustments (159) 160 21 Total other changes (128) 196 54 Net balance, end of period 7,497 6,915 6,222 Plus: reinsurance recoverable 556 641 564 Balance, end of period $ 8,053 $ 7,556 $ 6,786 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. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2021 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Comprehensive Income | EQUITY On June 5, 2020, the Company completed a public offering of 6,172,840 shares of common stock, $0.01 par value per share, at a public offering price of $81.00 per share. The Company received net proceeds of approximately $481 million. The Company granted the underwriters an option to purchase from the Company, within 30 days after the Underwriting Agreement dated June 2, 2020, up to an additional 925,926 shares of common stock at the offering price of $81.00 per share. The underwriters’ option was not exercised and expired on July 2, 2020. The Company used the net proceeds of the offering for general corporate purposes. Common Stock The changes in number of common stock shares, issued, held in treasury and outstanding are as follows for the periods indicated: Issued Held In Treasury Outstanding Balance, December 31, 2018 79,137,758 16,323,390 62,814,368 Common Stock acquired — 546,614 (546,614) Stock-based compensation (1) — (388,348) 388,348 Balance, December 31, 2019 79,137,758 16,481,656 62,656,102 Equity offering 6,172,840 — 6,172,840 Common Stock acquired — 1,074,413 (1,074,413) Stock-based compensation (1) — (202,372) 202,372 Balance, December 31, 2020 85,310,598 17,353,697 67,956,901 Common Stock acquired — 852,037 (852,037) Stock-based compensation (1) — (65,866) 65,866 Balance, December 31, 2021 85,310,598 18,139,868 67,170,730 (1) Represents net shares issued from treasury pursuant to the Company’s stock-based compensation programs. Common Stock Held in Treasury Common stock held in treasury is accounted for at average cost. Gains resulting from the reissuance of “Common stock held in treasury” are credited to “Additional paid-in capital.” Losses resulting from the reissuance of “Common stock held in treasury” are charged first to “Additional paid-in capital” to the extent the Company has previously recorded gains on treasury share transactions, then to “Retained earnings.” On January 24, 2019, RGA’s board of directors authorized a share repurchase program for up to $400 million of RGA’s outstanding common stock. As of December 31, 2021, $72 million of RGA’s common stock may still be purchased under the 2019 share repurchase program. On February 25, 2022, RGA’s board of directors authorized a share repurchase program for up to $400 million of RGA’s outstanding common stock. The authorization was effective immediately and does not have an expiration date. In connection with this authorization, the board of directors terminated the stock repurchase authority granted in 2019. The pace of repurchase activity depends on various factors such as the level of available cash, the impact of the ongoing COVID-19 pandemic, an evaluation of the costs and benefits associated with alternative uses of excess capital, such as acquisitions and in force reinsurance transactions, and RGA’s stock price. The following table summarizes the Company’s current share repurchase program activity under the 2019 share repurchase program for the years ended December 31, 2021 and 2020 (dollar amounts in millions, except for the number of shares and per share amounts): Year of Repurchase Shares Repurchased Amount Paid Average Per Share 2021 852,037 $ 96 $ 112.64 2020 1,074,413 $ 153 $ 142.05 Other Comprehensive Income (Loss) The following table presents the components of the Company’s other comprehensive income (loss) for the years ended December 31, 2021, 2020 and 2019 (dollars in millions): For the year ended December 31, 2021: Before-Tax Amount Tax (Expense) Benefit After-Tax Amount Foreign currency translation adjustments: Change arising during year $ 85 $ (24) $ 61 Foreign currency swap (2) 1 (1) Net foreign currency translation adjustments 83 (23) 60 Unrealized gains on investments: (1) Unrealized net holding losses arising during the year (2,093) 471 (1,622) Less: Reclassification adjustment for net gains realized in net income 226 (49) 177 Net unrealized gains (2,319) 520 (1,799) Change in impairments on fixed maturity securities — — — Unrealized pension and postretirement benefits: Net prior service cost arising during the year 2 — 2 Net gain (loss) arising during the period 27 (7) 20 Unrealized pension and postretirement benefits, net 29 (7) 22 Other comprehensive income (loss) $ (2,207) $ 490 $ (1,717) For the year ended December 31, 2020: Before-Tax Amount Tax (Expense) Benefit After-Tax Amount Foreign currency translation adjustments: Change arising during year $ 43 $ 3 $ 46 Foreign currency swap (29) 6 (23) Net foreign currency translation adjustments 14 9 23 Unrealized gains on investments: (1) Unrealized net holding gains arising during the year 2,812 (614) 2,198 Less: Reclassification adjustment for net gains realized in net income (8) (1) (9) Net unrealized gains 2,820 (613) 2,207 Change in impairments on fixed maturity securities (8) 2 (6) Unrealized pension and postretirement benefits: Net prior service cost arising during the year (1) — (1) Net gain (loss) arising during the period (2) 1 (1) Unrealized pension and postretirement benefits, net (3) 1 (2) Other comprehensive income (loss) $ 2,823 $ (601) $ 2,222 For the year ended December 31, 2019: Before-Tax Amount Tax (Expense) Benefit After-Tax Amount Foreign currency translation adjustments: Change arising during year $ 113 $ (10) $ 103 Foreign currency swap (33) 7 (26) Net foreign currency translation adjustments 80 (3) 77 Unrealized gains on investments: (1) Unrealized net holding gains arising during the year 3,208 (698) 2,510 Less: Reclassification adjustment for net gains realized in net income 84 (17) 67 Net unrealized gains 3,124 (681) 2,443 Change in impairments on fixed maturity securities — — — Unrealized pension and postretirement benefits: Net prior service cost arising during the year (1) — (1) Net gain arising during the period (23) 5 (18) Unrealized pension and postretirement benefits, net (24) 5 (19) Other comprehensive income (loss) $ 3,180 $ (679) $ 2,501 (1) Includes cash flow hedges. See Note 5 for additional information on cash flow hedges. A summary of the components of net unrealized appreciation (depreciation) of balances carried at fair value is as follows (dollars in millions): For the years ended December 31, 2021 2020 2019 Change in net unrealized appreciation (depreciation) on: Fixed maturity securities available-for-sale $ (2,299) $ 2,837 $ 3,258 Other investments (1) (64) 29 (37) Effect on unrealized appreciation on: Deferred policy acquisition costs 44 (54) (98) Net unrealized appreciation (depreciation) $ (2,319) $ 2,812 $ 3,123 (1) Includes cash flow hedges. See Note 5 for additional information on cash flow hedges. The balance of and changes in each component of AOCI were as follows (dollars in millions): Accumulated Unrealized Appreciation (Depreciation) of Investments (1) Pension and Accumulated Balance, December 31, 2018 (169) 856 (51) 636 OCI before reclassifications 80 3,306 (28) 3,358 Amounts reclassified from AOCI — (182) 4 (178) Deferred income tax benefit (expense) (3) (681) 5 (679) Balance, December 31, 2019 (92) 3,299 (70) 3,137 OCI before reclassifications 14 2,854 (9) 2,859 Amounts reclassified from AOCI — (42) 6 (36) Deferred income tax benefit (expense) 9 (611) 1 (601) Balance, December 31, 2020 $ (69) $ 5,500 $ (72) $ 5,359 OCI before reclassifications 83 (2,144) 22 (2,039) Amounts reclassified from AOCI — (175) 7 (168) Deferred income tax benefit (expense) (23) 520 (7) 490 Balance, December 31, 2021 $ (9) $ 3,701 $ (50) $ 3,642 (1) Includes cash flow hedges of $(22), $(49) and $(26) as of December 31, 2021, 2020 and 2019, respectively. See Note 5 for additional information on cash flow hedges. The following table presents the amounts of AOCI reclassifications for the years ended December 31, 2021 and 2020 (dollars in millions): Amount Reclassified from AOCI Details about AOCI Components 2021 2020 Affected Line Item in Net unrealized investment gains (losses): Net unrealized gains and losses on available-for-sale securities $ 226 $ (8) Investment related gains (losses), net Cash flow hedges – Interest rate (7) (4) (1) Cash flow hedges – Currency/Interest rate — — (1) Cash flow hedges – Forward bond purchase commitments — — (1) Deferred policy acquisition costs attributed to unrealized gains and losses (44) 54 (2) Total 175 42 Provision for income taxes (38) (12) Net unrealized gains (losses), net of tax $ 137 $ 30 Amortization of defined benefit plan items: Prior service cost (credit) $ 1 $ 1 (3) Actuarial gains (losses) (8) (7) (3) Total (7) (6) Provision for income taxes 1 1 Amortization of defined benefit plans, net of tax $ (6) $ (5) Total reclassifications for the period $ 131 $ 25 (1) See Note 5 for information on cash flow hedges. (2) See Note 8 for information on deferred policy acquisition costs. (3) See Note 10 for information on employee benefit plans. |
Equity Based Compensation
Equity Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Equity Based Compensation | Equity Based Compensation The Company adopted the RGA Flexible Stock Plan (the “Plan”) in February 1993, as amended, and the Flexible Stock Plan for Directors (the “Directors Plan”) in January 1997, as amended, (collectively, the “Stock Plans”). The Stock Plans provide for the award of benefits (collectively “Benefits”) of various types, including stock options, stock appreciation rights (“SARs”), restricted stock, performance shares, cash awards, and other stock-based awards, to key employees, officers, directors and others performing significant services for the benefit of the Company or its subsidiaries. As of December 31, 2021, shares authorized for the granting of Benefits under the Plan and the Directors Plan totaled 16,460,077 and 462,500 respectively. The Company uses treasury shares or shares made available from authorized but unissued shares to support the future exercise of options or settlement of awards granted under its stock plans. Equity-based compensation expense of $55 million, $(12) million, and $39 million related to grants or awards under the Stock Plans was recognized in 2021, 2020 and 2019, respectively. The equity compensation credit for the year ended December 31, 2020, is attributable to the reduction in the estimated financial performance measures associated with performance-based stock awards, primarily due to the adverse impact of COVID-19 on the Company’s financial results. Equity-based compensation expense is principally related to the issuance of performance contingent restricted units, stock appreciation rights and restricted stock. In general, stock awards granted under the Plan become exercisable over vesting periods ranging from one to four years. SARs are generally granted with a conversion price equal to the stock’s fair value at the date of grant and expire 10 years after the date of grant. There are no stock options outstanding under the Directors Plan during the periods presented. Information with respect to grants under the Stock Plans are as follows. Stock Options and Stock Appreciation Rights The following table presents a summary of options and SARs activity: Number of Options and SARs Weighted-Average Exercise/Conversion Price Aggregate Intrinsic Value (in millions) Outstanding at December 31, 2020 2,168,395 $ 102.30 Granted 200,239 $ 129.01 Exercised (144,042) $ 60.47 Forfeited (1,878) $ 129.01 Outstanding at December 31, 2021 2,222,714 $ 107.39 $ 28.7 Awards exercisable 1,800,569 $ 103.30 $ 28.7 The intrinsic value of awards exercised was $8 million, $15 million, and $31 million for 2021, 2020 and 2019, respectively. Awards Outstanding Awards Exercisable Range of Exercise Prices Number Outstanding as Weighted-Average Weighted- Number Weighted-Average $50.00 – $89.99 368,754 1.3 $ 64.03 368,754 $ 64.03 $90.00 – $99.99 703,305 3.8 $ 92.55 703,305 $ 92.55 $100.00 – $139.99 805,743 7.8 $ 122.90 430,718 $ 123.44 $140.00 + 344,912 6.7 $ 147.80 297,792 $ 148.20 Totals 2,222,714 5.3 $ 107.39 1,800,569 $ 103.30 The following table presents the weighted average assumptions used to determine the fair value of SARs issued: For the years ended December 31, 2021 2020 2019 Dividend yield 2.17 % 2.37 % 1.65 % Risk-free rate of return 1.04 % 0.69 % 2.67 % Expected volatility 34.5 % 18.8 % 18.2 % Expected life (years) 6.3 7.0 6.0 Weighted average exercise price of stock options granted $ 129.01 $ 117.85 $ 145.25 Weighted average fair value of stock options granted $ 34.93 $ 15.14 $ 26.59 The Black-Scholes model was used to determine the fair value recognized in the financial statements of SARs that have been granted. The Company used daily historical volatility when calculating a SAR’s value. The benchmark rate is based on observed interest rates for instruments with maturities similar to the expected term of the stock options. Dividend yield is determined based on historical dividend distributions compared to the price of the underlying common stock as of the valuation date and held constant over the life of the stock options. The Company estimated expected life using the historical average years to exercise or cancellation. Performance Contingent Awards Performance contingent awards include both Performance Contingent Shares (“PCS”) and Performance Share Units (“PSU”). • Performance Contingent Shares, are units that, if they vest, are multiplied by a performance factor to produce a number of final units that are paid in the Company’s common stock. Each PCS represents the right to receive up to two shares of Company’s common stock, depending on the results of certain performance measures. • Performance Share Units, are units that, if they vest, are paid in the Company’s common stock. Each PSU represents the right to receive one share of Company common stock, depending on the results of certain performance measures. The compensation expense related to each type of performance continent award is recognized ratably over the requisite performance period. Performance contingent awards are accounted for as equity awards, but are not credited with dividend-equivalents for actual dividends paid on the Company’s common stock during the performance period. Restricted Stock Units In general, restricted stock units (“RSUs”) become payable at the end of a two or three-year vesting period. Each RSU, if they vest, represents the right to receive one share of Company common stock. RSUs awarded under the plan generally have no strike price and are included in the Company’s shares outstanding. The following table presents a summary of Performance Share and Restricted Stock Unit activity: Performance Contingent Awards Restricted Stock Units Outstanding at December 31, 2020 291,129 76,390 Granted 167,862 328,491 Change in units based on performance factor (117,589) — Paid — (18,487) Forfeited (997) (6,506) Outstanding at December 31, 2021 (1) 340,405 379,888 (1) Amount outstanding at December 31, 2021, includes the amount of shares to be issued under RSUs expected to vest and number of shares to be issued under performance continent awards at target performance. The amount of shares do not reflect potential increases or decreases that may result from the performance factor results except for the 2019 – 2021 grants which vested as of December 31, 2021. During 2021, the Company issued 167,862 performance contingent awards at a weighted average fair value per unit of $129.01. As of December 31, 2021, the total compensation cost of non-vested awards not yet recognized in the financial statements was $21.0 million. It is estimated that these costs will vest over a weighted average period of 0.7 years. The majority of the awards granted each year under the board-approved incentive compensation package and Directors Plan are made in the first quarter of each year. |
Quarterly Results of Operations
Quarterly Results of Operations | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) Years Ended December 31, (in millions, except per share data) Three Months Ended 2021 March 31, June 30, September 30, December 31, Total Revenues $ 4,119 $ 4,137 $ 4,043 $ 4,359 Total benefits and expenses 3,933 3,655 4,077 4,302 Income before income taxes 186 482 (34) 57 Net Income 139 344 (22) 156 Earnings Per Share: Basic earnings per share $ 2.04 $ 5.06 $ (0.32) $ 2.32 Diluted earnings per share 2.03 5.02 (0.32) 2.30 2020 March 31, June 30, September 30, December 31, Total Revenues $ 3,204 $ 3,606 $ 3,643 $ 4,143 Total benefits and expenses 3,300 3,411 3,358 3,974 Income before income taxes (96) 195 285 169 Net Income (88) 158 213 132 Earnings Per Share: Basic earnings per share $ (1.41) $ 2.49 $ 3.13 $ 1.95 Diluted earnings per share (1.41) 2.48 3.12 1.94 |
Summary of Investments Other Th
Summary of Investments Other Than Investments in Related Parties | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract] | |
Summary of Investments Other Than Investments in Related Parties | REINSURANCE GROUP OF AMERICA, INCORPORATED SCHEDULE I-SUMMARY OF INVESTMENTS-OTHER THAN INVESTMENTS IN RELATED PARTIES December 31, 2021 (in millions) Type of Investment Amortized Cost Estimated Fair Value Amount at Which Shown in the Balance Sheets (1) Fixed maturity securities: United States government and government agencies and authorities $ 2,082 $ 2,105 $ 2,105 State and political subdivisions 1,191 1,323 1,323 Foreign governments (2) 10,527 12,314 12,314 Public utilities 4,281 4,683 4,683 Mortgage-backed and asset-backed securities 6,834 6,904 6,904 All other corporate bonds 30,958 33,420 33,420 Total fixed maturity securities $ 55,873 $ 60,749 $ 60,749 Equity securities $ 176 $ 151 $ 151 Mortgage loans on real estate 6,283 6,283 Policy loans 1,234 1,234 Funds withheld at interest 6,954 6,954 Short-term investments 87 87 Other invested assets 3,070 3,070 Total investments $ 73,677 $ 78,528 (1) Fixed maturity securities are classified as available-for-sale and carried at fair value. (2) Includes fixed maturities directly issued by foreign governments, supranational and foreign government-sponsored enterprises. |
Condensed Financial Information
Condensed Financial Information of The Registrant | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Financial Information of The Registrant | REINSURANCE GROUP OF AMERICA, INCORPORATED SCHEDULE II—CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT December 31, (in millions) 2021 2020 2019 CONDENSED BALANCE SHEETS Assets: Fixed maturity securities available-for-sale, at fair value $ 523 $ 642 Short-term and other investments 7 172 Cash and cash equivalents 92 494 Investment in subsidiaries 15,737 16,937 Loans to subsidiaries 1,020 1,010 Other assets 382 326 Total assets $ 17,761 $ 19,581 Liabilities and stockholders’ equity: Long-term debt – unaffiliated (1) $ 3,172 $ 3,569 Long-term debt – affiliated (2) 600 500 Other liabilities 975 1,160 Stockholders’ equity 13,014 14,352 Total liabilities and stockholders’ equity $ 17,761 $ 19,581 CONDENSED STATEMENTS OF INCOME Interest / dividend income (3) $ 399 $ 472 $ 308 Investment related gains (losses), net 5 14 4 Operating expenses (66) (59) (55) Interest expense (152) (202) (206) Income (loss) before income tax and undistributed earnings of subsidiaries 186 225 51 Income tax expense (benefit) (21) (21) (33) Net income (loss) before undistributed earnings of subsidiaries 207 246 84 Equity in undistributed earnings of subsidiaries 410 169 786 Net income 617 415 870 Other comprehensive income (loss) 14 (29) (33) Total comprehensive income $ 631 $ 386 $ 837 The condensed financial information of RGA (the “Parent Company”) should be read in conjunction with the consolidated financial statements of RGA and its subsidiaries and the notes thereto (the “Consolidated Financial Statements”). These condensed unconsolidated financial statements reflect the results of operations, financial position and cash flows for RGA. Investments in subsidiaries are accounted for using the equity method of accounting. (1) Long-term debt – unaffiliated consists of the following: 2021 2020 $400 million 5.00% Senior Notes due 2021 $ — $ 400 $400 million 4.70% Senior Notes due 2023 400 399 $400 million 3.95% Senior Notes due 2026 400 400 $600 million 3.90% Senior Notes due 2029 599 599 $600 million 3.15% Senior Notes due 2030 597 598 $400 million 6.20% Subordinated Debentures due 2042 400 400 $400 million 5.75% Subordinated Debentures due 2056 400 400 $400 million Variable Rate Junior Subordinated Debentures due 2065 399 398 Subtotal 3,195 3,594 Unamortized debt issuance costs (23) (25) Total $ 3,172 $ 3,569 (2) Long-term debt includes $600 million and $500 million of affiliated subordinated debt in 2021 and 2020, respectively. The affiliated subordinated debt was issued to various operating subsidiaries. (3) Interest/dividend income includes $270 million and $340 million of cash dividends received from consolidated subsidiaries in 2021 and 2020, respectively. REINSURANCE GROUP OF AMERICA, INCORPORATED SCHEDULE II—CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT (continued) December 31, (in millions) 2021 2020 2019 CONDENSED STATEMENTS OF CASH FLOWS Operating activities: Net income $ 617 $ 415 $ 870 Equity in earnings of subsidiaries (410) (169) (786) Other, net (227) (170) 72 Net cash provided by (used in) operating activities (20) 76 156 Investing activities: Sales of fixed maturity securities available-for-sale 268 358 576 Purchases of fixed maturity securities available-for-sale (150) (400) (494) Repayments/issuances of loans to subsidiaries (10) — — Change in short-term investments 165 (165) — Change in other invested assets (1) (26) — Capital contributions to subsidiaries (43) (78) (96) Net cash provided by (used in) investing activities 229 (311) (14) Financing activities: Dividends to stockholders (194) (182) (163) Proceeds from issuance of common stock, net — 481 — Purchases of treasury stock (99) (163) (101) Exercise of stock options, net — 1 6 Change in cash collateral for derivative positions and other arrangements (19) (11) (92) Principal payments on debt (399) — (397) Principal payments on affiliated debt (500) — — Proceeds from unaffiliated long-term debt issuance — 598 599 Proceeds from affiliated long-term debt issuance 600 — — Debt issuance costs — (5) (5) Net cash provided by (used in) financing activities (611) 719 (153) Change in cash and cash equivalents (402) 484 (11) Cash and cash equivalents, beginning of period 494 10 21 Cash and cash equivalents, end of period $ 92 $ 494 $ 10 Supplementary information: Interest paid $ 173 $ 187 $ 192 Income taxes paid, net of refunds $ 323 $ 23 $ 9 |
Supplementary Insurance Informa
Supplementary Insurance Information | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract] | |
Supplementary Insurance Information | REINSURANCE GROUP OF AMERICA, INCORPORATED SCHEDULE III—SUPPLEMENTARY INSURANCE INFORMATION (in millions) As of December 31, Deferred Policy Future Policy Benefits and Other Policy Claims and 2021 U.S. and Latin America: Traditional $ 1,926 $ 12,757 $ 2,806 Financial Solutions 190 25,107 24 Canada: Traditional 192 3,668 330 Financial Solutions — 16 5 Europe, Middle East and Africa: Traditional 253 1,366 1,612 Financial Solutions — 5,999 89 Asia Pacific: Traditional 1,052 3,792 2,116 Financial Solutions 74 8,202 6 Corporate and Other 3 1,252 5 Total $ 3,690 $ 62,159 $ 6,993 2020 U.S. and Latin America: Traditional $ 1,816 $ 12,245 $ 2,578 Financial Solutions 255 23,104 18 Canada: Traditional 195 3,474 292 Financial Solutions — 16 4 Europe, Middle East and Africa: Traditional 264 1,379 1,389 Financial Solutions — 5,881 66 Asia Pacific: Traditional 1,045 3,568 2,059 Financial Solutions 41 4,187 2 Corporate and Other — 875 5 Total $ 3,616 $ 54,729 $ 6,413 REINSURANCE GROUP OF AMERICA, INCORPORATED SCHEDULE III—SUPPLEMENTARY INSURANCE INFORMATION (continued) (in millions) Year ended December 31, Premium Income Net Investment Policyholder Amortization of DAC (1) Other Expenses (2) 2021 U.S. and Latin America: Traditional $ 6,244 $ 930 $ 6,790 $ 269 $ 679 Financial Solutions 55 1,089 731 101 145 Canada: Traditional 1,194 248 1,096 13 211 Financial Solutions 90 — 79 — 7 Europe, Middle East and Africa: Traditional 1,738 88 1,829 48 189 Financial Solutions 350 205 258 — 55 Asia Pacific: Traditional 2,624 136 2,445 60 283 Financial Solutions 218 138 244 41 34 Corporate and Other — 304 4 — 356 Total $ 12,513 $ 3,138 $ 13,476 $ 532 $ 1,959 2020 U.S. and Latin America: Traditional $ 5,838 $ 714 $ 5,979 $ 200 $ 679 Financial Solutions 53 999 764 52 109 Canada: Traditional 1,052 207 909 16 201 Financial Solutions 83 1 68 — 3 Europe, Middle East and Africa: Traditional 1,555 72 1,389 31 186 Financial Solutions 252 193 163 — 50 Asia Pacific: Traditional 2,681 107 2,293 65 274 Financial Solutions 180 85 206 19 25 Corporate and Other — 197 8 — 354 Total $ 11,694 $ 2,575 $ 11,779 $ 383 $ 1,881 2019 U.S. and Latin America: Traditional $ 5,729 $ 769 $ 5,339 $ 199 $ 697 Financial Solutions 39 931 737 31 113 Canada: Traditional 1,066 205 857 12 249 Financial Solutions 89 3 80 — 4 Europe, Middle East and Africa: Traditional 1,442 73 1,205 36 199 Financial Solutions 218 195 175 — 52 Asia Pacific: Traditional 2,568 104 2,317 36 223 Financial Solutions 146 46 162 16 27 Corporate and Other — 194 22 — 380 Total $ 11,297 $ 2,520 $ 10,894 $ 330 $ 1,944 (1) Includes the effect from investment related gains and losses. (2) Includes policy acquisition costs and other insurance expenses, excluding amortization of DAC. Also includes other operating expenses, interest expense, and collateral finance and securitization expense. |
Supplemental Schedule of Reinsu
Supplemental Schedule of Reinsurance | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract] | |
Reinsurance | REINSURANCE GROUP OF AMERICA, INCORPORATED SCHEDULE IV—REINSURANCE (in millions) As of or for the Year ended December 31, Gross Amount Ceded to Other Assumed from Net Amounts Percentage of 2021 Life insurance in force $ 1,117 $ 166,842 $ 3,467,054 $ 3,301,329 105.0 % Premiums U.S. and Latin America: Traditional $ 26 $ 472 $ 6,690 $ 6,244 107.1 % Financial Solutions 2 — 53 55 96.4 Canada: Traditional — 50 1,244 1,194 104.2 Financial Solutions — — 90 90 100.0 Europe, Middle East and Africa: Traditional 5 32 1,765 1,738 101.6 Financial Solutions — 202 552 350 157.7 Asia Pacific: Traditional — 112 2,736 2,624 104.3 Financial Solutions — — 218 218 100.0 Total $ 33 $ 868 $ 13,348 $ 12,513 106.7 2020 Life insurance in force $ 1,990 $ 184,625 $ 3,480,692 $ 3,298,057 105.5 % Premiums U.S. and Latin America: Traditional $ 23 $ 585 $ 6,399 $ 5,837 109.6 % Financial Solutions 3 — 50 53 94.3 Canada: Traditional — 54 1,106 1,052 105.1 Financial Solutions — — 83 83 100.0 Europe, Middle East and Africa: Traditional 32 24 1,548 1,556 99.5 Financial Solutions — 178 430 252 170.6 Asia Pacific: Traditional — 106 2,787 2,681 104.0 Financial Solutions — — 180 180 100.0 Total $ 58 $ 947 $ 12,583 $ 11,694 107.6 2019 Life insurance in force $ 1,316 $ 192,864 $ 3,480,206 $ 3,288,658 105.8 % Premiums U.S. and Latin America: Traditional $ 29 $ 591 $ 6,291 5,729 109.8 % Financial Solutions 2 — 37 39 95.4 Canada: Traditional — 54 1,120 1,066 105.0 Financial Solutions — — 89 89 100.0 Europe, Middle East and Africa: Traditional 45 52 1,449 1,442 100.6 Financial Solutions — 148 366 218 167.9 Asia Pacific: Traditional — 84 2,652 2,568 103.2 Financial Solutions — — 146 146 100.0 Total $ 76 $ 929 $ 12,150 $ 11,297 107.5 |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | REINSURANCE GROUP OF AMERICA, INCORPORATED SCHEDULE V—VALUATION AND QUALIFYING ACCOUNTS (in millions) Additions Description Balance at Charged to Costs and Expenses Charged to Other Deductions Balance at End of Period 2021 Valuation allowance for deferred income taxes $ 251 $ (18) $ (15) $ — $ 218 Allowance for credit losses for mortgage loans 64 — — 29 35 Allowance for credit losses for fixed maturity securities available-for-sale 20 27 — 16 31 2020 Valuation allowance for deferred income taxes $ 236 $ (4) $ 19 $ — $ 251 Allowance for credit losses for mortgage loans (1) 12 38 14 — 64 Allowance for credit losses for fixed maturity securities available-for-sale — 41 — 21 20 2019 Valuation allowance for deferred income taxes $ 181 $ 56 $ (1) $ — $ 236 Allowance for credit losses for mortgage loans 11 1 — — 12 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Consolidation and Basis of Presentation | Basis of Presentation The consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The most significant estimates include those used in determining deferred policy acquisition costs, premiums receivable, future policy benefits, incurred but not reported claims, income taxes, valuation of investments and investment impairments, and valuation of embedded derivatives. Actual results could differ materially from the estimates and assumptions used by management. The accompanying consolidated financial statements include the accounts of RGA and its subsidiaries, all of which are wholly owned, and any variable interest entities where the Company is the primary beneficiary. The Company evaluates variable interest entities in accordance with the general accounting principles for Consolidation . Entities in which the Company has significant influence over the operating and financing decisions but are not required to be consolidated are reported under the equity method of accounting. Intercompany balances and transactions have been eliminated. There were no subsequent events that would require disclosure or adjustments to the accompanying consolidated financial statements through the date the consolidated financial statements were issued. |
Investments | Investments Fixed Maturity Securities Fixed maturity securities classified as available-for-sale are reported at fair value and are so classified based upon the possibility that such securities could be sold prior to maturity if that action enables the Company to execute its investment philosophy and appropriately match investment results to operating and liquidity needs. Unrealized gains and losses on fixed maturity securities classified as available-for-sale, less applicable deferred income taxes as well as related adjustments to deferred acquisition costs, if applicable, are recorded in other comprehensive income (“OCI”). Investment income is recognized as it accrues or is legally due. Realized gains and losses on sales of investments are included in investment related gains (losses), net, as are change in allowance for credit losses and impairments. The cost of investments sold is primarily determined based upon the specific identification method. Equity Securities Equity securities are carried at fair value and realized and unrealized gains and losses are included in investment related gains (losses), net. Mortgage Loans on Real Estate Mortgage loans on real estate are carried at unpaid principal balances, net of any unamortized premium or discount, unamortized balance of loan origination fees and expenses, and allowance for credit losses. Interest income is accrued on the principal amount of the mortgage loan based on its contractual interest rate. Amortization of premiums, discounts, and loan origination fees are recorded using the effective yield method. The Company accrues interest on loans until it is probable the Company will not receive interest or the loan is 90 days past due. Interest income, amortization of premiums, accretion of discounts, amortization of loan origination fees and prepayment fees are reported in investment income, net of related expenses. Funds Withheld at Interest Funds withheld at interest represent amounts contractually withheld by ceding companies in accordance with reinsurance agreements. For agreements written on a modified coinsurance (“modco”) basis and agreements written on a coinsurance funds withheld basis, assets that support the net statutory reserves or as defined in the treaty, are withheld and legally owned by the ceding company. Interest, recorded in investment income, net of related expenses, accrues to these assets at calculated rates as defined by the treaty terms. Changes in the value of the equity options held within the funds withheld portfolio associated with equity-indexed annuity treaties are reflected in investment income, net of related expenses. Short-term Investments Short-term investments represent investments with remaining maturities of one year or less, but greater than three months, at the time of acquisition and are stated at estimated fair value or amortized cost, which approximates estimated fair value. Interest on short-term investments is recorded in investment income, net of related expenses. Other Invested Assets In addition to derivative contracts discussed below, other invested assets include Federal Home Loan Bank of Des Moines (“FHLB”) common stock, limited partnership interests, joint ventures (other than operating joint ventures), lifetime mortgages and fair value option (“FVO”) contractholder-directed investments. FHLB common stock is carried at cost. Joint ventures and limited partnerships, in which the Company has more than a minor influence over the investee’s operations, are reported using the equity method of accounting. The Company generally recognizes its share of the investee’s earnings in net investment income on a three-month lag in instances where the investee’s financial information is not sufficiently timely or when the investee’s reporting period differs from the Company’s reporting period. Limited partnership interests, in which the Company has a minor ownership interest in or virtually no influence over the investee’s operations, are primarily carried at estimated fair value. If a readily determinable fair value is not available, the Company uses the net asset value ("NAV") per share. Changes in estimated fair value are included in investment related gains (losses), net. Certain other limited partnership interests are carried at cost less impairment. Lifetime mortgages are carried at unpaid principal balances, net of any unamortized premium or discount, unamortized balance of loan origination fees and expenses, and allowance for credit losses. Interest income is accrued on the principal amount of the lifetime mortgage based on its contractual interest rate. The fair value option (“FVO”) was elected for contractholder-directed investments supporting unit-linked variable annuity type liabilities that do not qualify for presentation and reporting as separate accounts. Changes in estimated fair value of these securities are included in investment income, net of related expenses. Securities Borrowing, Lending and Repurchase Agreements The Company participates in securities borrowing programs whereby securities, which are not reflected on the Company’s consolidated balance sheets, are borrowed from third parties. The borrowed securities are used to provide collateral under affiliated reinsurance transactions. The Company is generally required to maintain a minimum of 103% to 110% of the fair value, or par value under certain programs, of the borrowed securities as collateral. The collateral generally consists of rights to reinsurance treaty cash flows. If cash flows from the reinsurance treaties are insufficient to maintain the minimum collateral requirement, the Company may substitute cash or securities to meet the requirement. The Company participates in securities lending and repurchase/reverse repurchase programs whereby securities, reflected as investments on the Company’s consolidated balance sheets, are loaned or pledged to a third party. In return, the Company receives securities as collateral from the third parties, generally in an amount equal to a minimum of 100% to 105% of the fair value of the securities lent or pledged. The securities received as collateral are not reflected on the Company’s consolidated balance sheets. Allowance for Credit Losses and Impairments Fixed Maturity Securities The Company identifies fixed maturity securities that could result in a credit loss by monitoring market events that could impact issuers’ credit ratings, business climates, management changes, litigation, government actions and other similar factors. The Company also monitors late payments, pricing levels, rating agency actions, key financial ratios, financial statements, revenue forecasts and cash flow projections as indicators of credit issues. The Company reviews all securities to determine whether a decline in fair value below amortized cost has resulted from a credit loss and whether an allowance for credit loss should be recognized. In making this determination, the Company considers relevant facts and circumstances including: (1) the reasons for the decline in fair value; (2) the issuer’s financial position and access to capital; and (3) the Company’s intent to sell a security or whether it is more likely than not it will be required to sell the security before the recovery of its amortized cost that, in some cases, may extend to maturity. If the Company intends to sell a security or it is more likely than not that it would be required to sell a security before the recovery of its amortized cost, less any recorded credit loss, it recognizes an impairment loss in investment related gains (losses), net for the difference between amortized cost and fair value. Credit impairments and changes in the allowance for credit losses on fixed maturity securities are reflected in investment related gains (losses), net, while non-credit impairment losses are recognized in accumulated other comprehensive income (“AOCI”). The Company estimates the amount of the credit loss component of a fixed maturity security impairment as the difference between amortized cost and the present value of the expected cash flows of the security. The Company excludes accrued interest from the amortized cost and the present value of the expected cash flows of the security. The present value is determined using the best estimate cash flows discounted at the effective interest rate implicit to the security at the date of purchase or the current yield to accrete an asset-backed or floating rate security. The techniques and assumptions for establishing the best estimate cash flows vary depending on the type of security. The asset-backed securities’ cash flow estimates are based on security-specific facts and circumstances that may include collateral characteristics, expectations of delinquency and default rates, loss severity and prepayment speeds and structural support, including subordination and guarantees. The Company writes off uncollectible fixed maturity securities when (1) it has sufficient information to determine that the issuer of the security is insolvent or (2) it has received notice that the issuer of the security has filed for bankruptcy, and the collectability of the asset is expected to be adversely impacted by the bankruptcy. Mortgage Loans on Real Estate Allowance for credit losses on mortgage loans are computed on an expected loss basis using a model that utilizes probability of default and loss given default methods over the lifetime of the loan. Within the reasonable and supportable forecast period (i.e. typically two years), the allowance for credit losses for mortgage loans is established based on several pool-level loan assumptions, defaults and loss severity, loss expectations for loans with similar risk characteristics and industry statistics. These evaluations are revised as conditions change and new information becomes available. The evaluation also includes the impact of expected changes in future macro-economic conditions. The Company reverts to historical loss information for periods beyond which it believes it is able to develop or obtain reasonable and supportable forecasts of future economic conditions. When individual loans no longer have similar credit risk characteristics of the commercial mortgage loan pool, they are removed from the pool and are evaluated individually for an allowance. Any interest accrued or received on the net carrying amount of the impaired loan is included in investment income, net of related expenses, or applied to the principal of the loan, depending on the assessment of the collectability of the loan. Mortgage loans deemed to be uncollectible or that have been foreclosed are charged off against the allowance for credit losses and subsequent recoveries, if any, are credited to the allowance for credit losses. Changes in allowance for credit losses are reported in investment related gains (losses), net. The Company evaluates whether a mortgage loan modification represents a troubled debt restructuring and does not meet the criteria established in the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). In a troubled debt restructuring, the Company grants concessions related to the borrower’s financial difficulties. Generally, the types of concessions include reduction of the contractual interest rate, extension of the maturity date at an interest rate lower than current market interest rates and/or a reduction of accrued interest. The Company considers the amount, timing and extent of the concession granted in determining any changes in allowance for credit losses recorded in connection with the troubled debt restructuring. Through the continuous monitoring process, the Company may have recorded a specific allowance for credit loss prior to when the mortgage loan is modified in a troubled debt restructuring. Accordingly, the carrying value (after specific allowance for credit loss) before and after modification through a troubled debt restructuring may not change significantly or may increase if the expected recovery is higher than the pre-modification recovery assessment. Other Invested Assets The Company considers its limited partnership investments that are carried at cost for impairment when the carrying value of these investments exceeds the fair value. The Company takes into consideration the severity and duration of this excess when deciding if the investment is impaired. For equity method investments (including real estate joint ventures), the Company considers financial and other information provided by the investee, other known information and inherent risks in the underlying investments, as well as future capital commitments, in determining whether an impairment has occurred. |
Policy Loans Receivable | Policy Loans Policy loans are reported at the unpaid principal balance. Interest income on such loans is recorded as earned using the contractually agreed-upon interest rate. These policy loans present no credit risk because the amount of the loan cannot exceed the obligation due the ceding company upon the death of the insured or surrender of the underlying policy. |
Derivative Instruments | Derivative Instruments Overview The Company utilizes a variety of derivative instruments including swaps, options, forwards and futures, primarily to manage or hedge interest rate risk, credit risk, inflation risk, foreign currency risk, market volatility and various other market risks associated with its business. The Company does not invest in derivatives for speculative purposes. It is the Company’s policy to enter into derivative contracts primarily with highly rated parties. See Note 5 – “Derivative Instruments” for additional detail on the Company’s derivative positions. Accounting and Financial Statement Presentation of Derivatives Derivatives are carried on the Company’s consolidated balance sheets primarily in other invested assets or other liabilities, at fair value. Certain derivatives are subject to master netting provisions and reported as a net asset or liability. On the date a derivative contract is executed, the Company designates the derivative as (1) a fair value hedge, (2) a cash flow hedge, (3) a net investment hedge in a foreign operation or (4) free-standing derivatives held for other risk management purposes, which primarily involve managing asset or liability risks associated with the Company’s reinsurance treaties that do not qualify for hedge accounting. Changes in the fair value of free-standing derivative instruments, which do not receive accounting hedge treatment, are primarily reflected in investment related gains (losses), net. Hedge Documentation and Hedge Effectiveness To qualify for hedge accounting, at the inception of the hedging relationship, the Company formally documents its risk management objective and strategy for undertaking the hedging transaction, as well as its designation of the hedge as either (i) a fair value hedge; (ii) a cash flow hedge; or (iii) a hedge of a net investment in a foreign operation. In this documentation, the Company sets forth how the hedging instrument is expected to hedge the designated risks related to the hedged item and sets forth the method that will be used to retrospectively and prospectively assess the hedging instrument’s effectiveness and the method that will be used to measure ineffectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and periodically throughout the life of the designated hedging relationship. Under a fair value hedge, changes in the fair value of the hedging derivative, including amounts measured as ineffective, and changes in the fair value of the hedged item related to the designated risk being hedged, are reported within investment related gains (losses), net. The fair values of the hedging derivatives are exclusive of any accruals that are separately reported within investment income or interest expense to match the location of the hedged item. Under a cash flow hedge, changes in the fair value of the hedging derivative measured as effective are reported within AOCI and the deferred gains or losses on the derivative are reclassified into the consolidated statements of income when the Company’s earnings are affected by the variability in cash flows of the hedged item. The fair values of the hedging derivatives are exclusive of any accruals that are separately reported within investment income or interest expense to match the location of the hedged item. In a hedge of a net investment in a foreign operation, changes in the fair value of the hedging derivative that are measured as effective are reported within AOCI consistent with the translation adjustment for the hedged net investment in the foreign operation. Changes in the fair value of the hedging instrument measured as ineffective are reported within investment related gains (losses), net. The Company discontinues hedge accounting prospectively when: (i) it is determined that the derivative is no longer highly effective in offsetting changes in the estimated fair value or cash flows of a hedged item; (ii) the derivative expires, is sold, terminated, or exercised; (iii) it is no longer probable that the hedged forecasted transaction will occur; or (iv) the derivative is de-designated as a hedging instrument. When hedge accounting is discontinued because it is determined that the derivative is not highly effective, the derivative continues to be carried in the consolidated balance sheets at fair value, with changes in fair value recognized in investment related gains (losses), net. The carrying value of the hedged asset or liability under a fair value hedge is no longer adjusted for changes in its estimated fair value due to the hedged risk, and the cumulative adjustment to its carrying value is amortized into income over the remaining life of the hedged item. Provided the hedged forecasted transaction occurrence is still probable, the changes in estimated fair value of derivatives recorded in other comprehensive income (loss) (“OCI”) related to discontinued cash flow hedges are released into the consolidated statements of income when the Company’s earnings are affected by the variability in cash flows of the hedged item. When hedge accounting is discontinued because it is no longer probable that the forecasted transactions will occur on the anticipated date or within two months of that date, the derivative continues to be carried in the consolidated balance sheets at its estimated fair value, with changes in estimated fair value recognized currently in investment related gains (losses), net. Deferred gains and losses of a derivative recorded in OCI pursuant to the discontinued cash flow hedge of a forecasted transaction that is no longer probable are recognized immediately in investment related gains (losses), net. In all other situations in which hedge accounting is discontinued, the derivative is carried at its estimated fair value in the consolidated balance sheets, with changes in its estimated fair value recognized in the current period as investment related gains (losses), net. Embedded Derivatives The Company reinsures certain annuity products that contain terms that are deemed to be embedded derivatives, primarily equity-indexed annuities and variable annuities with guaranteed minimum benefits. The Company assesses reinsurance contract terms to identify embedded derivatives, which are required to be bifurcated under the general accounting principles for Derivatives and Hedging . If the contract is not reported for in its entirety at fair value and it is determined that the terms of the embedded derivative are not clearly and closely related to the economic characteristics of the host contract, and that a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is bifurcated from the host contract and accounted for separately. Embedded derivatives are carried on the consolidated balance sheets at fair value in the same line item as the host contract. Changes in the fair value of embedded derivatives associated with equity-indexed annuities are reflected in interest credited on the consolidated statements of income and changes in the fair value of embedded derivatives associated with variable annuity guaranteed minimum benefits are reflected in investment related gains (losses), net. See “Interest-Sensitive Contract Liabilities” below for additional information on embedded derivatives related to equity-indexed and variable annuities. The Company has implemented an economic hedging strategy to mitigate the volatility associated with its reinsurance of variable annuity guaranteed minimum benefits. The hedging strategy is designed such that changes in the fair value of the hedge contracts, primarily futures, swap contracts and options, move in the opposite direction of changes in the fair value of the embedded derivatives. While the Company actively manages its hedging program, the hedges that are in place may not be totally effective in offsetting the embedded derivative changes due to the many variables that must be managed and the Company may see a corresponding increase or decrease in the net liability. The Company has elected not to assess this hedging strategy for hedge accounting treatment. Additionally, reinsurance treaties written on a modco or funds withheld basis are subject to the general accounting principles for Derivatives and Hedging related to embedded derivatives. The Company’s funds withheld at interest balances are primarily associated with its reinsurance treaties structured on a modco or funds withheld basis, the majority of which were subject to the general accounting principles for Derivatives and Hedging related to embedded derivatives. Management believes the embedded derivative feature in each of these reinsurance treaties is similar to a total return swap on the assets held by the ceding companies. The valuation of embedded derivatives is sensitive to the investment credit spread environment. Changes in investment credit spreads are also affected by the application of a credit valuation adjustment (“CVA”). The fair value calculation of an embedded derivative in an asset position utilizes a CVA based on the ceding company’s credit risk. Conversely, the fair value calculation of an embedded derivative in a liability position utilizes a CVA based on the Company’s credit risk. Generally, an increase in investment credit spreads, ignoring changes in the CVA, will have a negative impact on the fair value of the embedded derivative (decrease in income). The fair value of the embedded derivative assets and liabilities are included in the funds withheld at interest and other liabilities, respectively. The change in the fair value of the embedded derivatives is recorded in investment related gains (losses), net. The Company has entered into various financial reinsurance treaties on a funds withheld and modco basis. These treaties do not transfer significant insurance risk and are recorded on a deposit method of accounting with the Company earning a net fee. As a result of the experience refund provisions contained in these treaties, the value of the embedded derivatives in these contracts is |
Fair Value Measurements | Fair Value Measurements General accounting principles for Fair Value Measurements and Disclosures define fair value, establish a framework for measuring fair value, establish a fair value hierarchy based on the inputs used to measure fair value and enhance disclosure requirements for fair value measurements. In compliance with these principles, the Company has categorized its assets and liabilities, based on the priority of the inputs to the valuation technique, into a three level hierarchy or separately for assets measured using the net asset value (“NAV”). The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1), the second highest priority to quoted prices in markets that are not active or inputs that are observable either directly or indirectly (Level 2) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the asset or liability. See Note 6 – “Fair Value of Assets and Liabilities” for further details on the Company’s assets and liabilities recorded at fair value. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on deposit and highly liquid debt instruments purchased with an original maturity of three months or less. |
Premiums Receivable | Premiums Receivable Premiums are accrued when due and in accordance with information received from the ceding company. When the Company enters into a new reinsurance agreement, it records accruals based on the terms of the reinsurance treaty. Similarly, when a ceding company fails to report information on a timely basis, the Company records accruals based on the terms of the reinsurance treaty as well as historical experience. Other management estimates include adjustments for increased in force on existing treaties, lapsed premiums given historical experience, the financial health of specific ceding companies, collateral value and the legal right of offset on related amounts (i.e. allowances and claims) owed to the ceding company. Under the legal right of offset provisions in its reinsurance treaties, the Company can withhold payments for allowances and claims from unpaid premiums. Based on its review of these factors and historical experience, the Company did not believe a provision for doubtful accounts was necessary as of December 31, 2021 or 2020. |
Deferred Policy Acquisition Costs | Deferred Policy Acquisition Costs Costs of acquiring new business, which vary with and are directly related to the production of new business, have been deferred to the extent that such costs are deemed recoverable from future premiums or gross profits. Such costs include commissions and allowances as well as certain costs of policy issuance and underwriting. Non-commission costs related to the acquisition of new and renewal insurance contracts may be deferred only if they meet the following criteria: • Incremental direct costs of a successful contract acquisition • Portions of employees’ salaries and benefits directly related to time spent performing specified acquisition activities for a contract that has been acquired or renewed • Other costs directly related to the specified acquisition or renewal activities that would not have been incurred had that acquisition contract transaction not occurred The Company tests the recoverability for each year of business at issue before establishing additional deferred acquisition costs (“DAC”). The Company also performs annual tests to establish that DAC are expected to remain recoverable, and if financial performance significantly deteriorates to the point where a deficiency exists, a cumulative charge to current operations will be recorded. No such adjustments related to DAC recoverability were made in 2021, 2020 and 2019. DAC related to traditional life insurance contracts are amortized with interest over the premium-paying period of the related policies in proportion to the ratio of individual period premium revenues to total anticipated premium revenues over the expected life of the policy. Such anticipated premium revenues are estimated using the same assumptions used for computing liabilities for future policy benefits. |
Other Reinsurance Balances | Other Reinsurance Balances The Company assumes and retrocedes financial reinsurance contracts that do not expose it to a reasonable possibility of loss from insurance risk. These contracts are reported as deposits and are included in other reinsurance assets/liabilities. The amount of revenue reported in other revenues on these contracts represents fees and the cost of insurance under the terms of the reinsurance agreement. Assets and liabilities are reported on a net or gross basis, depending on the specific details within each treaty. Reinsurance agreements reported on a net basis, where a legal right of offset exists, are generally included in other reinsurance balances on the consolidated balance sheets. Balances resulting from the assumption and/or subsequent transfer of benefits and obligations resulting from cash flows related to variable annuities have also been classified as other reinsurance balance assets and/or liabilities. Other reinsurance assets are included in premiums receivable and other reinsurance balances while other reinsurance liabilities are included in other reinsurance balances. |
Goodwill and Value of Business Acquired | Goodwill and Value of Business AcquiredGoodwill, reported in other assets, is not amortized into results of operations, but instead is reviewed at least annually for impairment and written down only in the periods in which the recorded value of goodwill exceeds its fair value. Goodwill as of December 31, 2021 and 2020, totaled $7 million. As of December 31, 2021 and 2020, the carrying value of business acquired was $0 million and $4 million, and is reported in other assets. |
Value of Distribution Agreements and Customer Relationships Acquired | Value of Distribution Agreements and Customer Relationships Acquired Value of distribution agreements (“VODA”) is reported in other assets and represents the present value of future profits associated with the expected future business derived from the distribution agreements. Value of customer relationships acquired (“VOCRA”) is also reported in other assets and represents the present value of the expected future profits associated with the expected future business acquired through existing customers of the acquired company or business. VODA is amortized over a useful life of 15 years and the VOCRA is also amortized over a 15 year period in proportion to expected revenues generated, with amortization included in policy acquisition costs and other insurance expenses. Each year the Company reviews VODA and VOCRA to determine the recoverability of these balances. VODA and VOCRA totaled approximately $19 million and $25 million, including accumulated amortization of $102 million and $96 million, as of December 31, 2021 and 2020, respectively. VODA and VOCRA amortization expense for the years ended December 31, 2021, 2020 and 2019 was $7 million, $8 million and $8 million, respectively. Amortization of the VODA and VOCRA is estimated to be $6 million, $6 million and $6 million during 2022, 2023 and 2024, respectively, with the VODA and VOCRA expected to be fully amortized by the end of 2024. Other Acquired Intangible Assets Other acquired intangibles are reported in other assets and primarily represent intangibles and licenses acquired through the Company’s acquisition of service and technology oriented companies in an effort to both support its clients and generate new future revenue streams. Other acquired intangible assets are amortized using the straight-line method over the estimated useful life of 10 to 15 years, with amortization included in other operating expenses. Each year the Company reviews other acquired intangibles to determine the recoverability of these balances. Other acquired intangibles totaled approximately $22 million and $30 million, including accumulated amortization of $17 million and $12 million, as of December 31, 2021 and 2020, respectively. Other acquired intangibles amortization expense for the years ended December 31, 2021, 2020 and 2019, was $4 million, $4 million and $4 million, respectively. During 2021, the Company wrote off $4 million of acquired intangible assets deemed to be impaired. Amortization of other acquired intangibles is estimated to be $4 million during 2022, 2023, 2024, and 2025 and $3 million during 2026, respectively. |
Other Assets | Property, Equipment, Leasehold Improvements and Computer Software Property, equipment and leasehold improvements, which are included in other assets, are stated at cost, less accumulated depreciation. Depreciation is determined using the straight-line method over the estimated useful lives of the assets, as appropriate. The estimated life is generally 40 years for company occupied real estate property, from one to seven years for leasehold improvements, and from three to seven years for all other property and equipment. The cost basis of property, equipment and leasehold improvements was $270 million and $260 million at December 31, 2021 and 2020, respectively. Accumulated depreciation of property, equipment and leasehold improvements was $131 million and $116 million at December 31, 2021 and 2020, respectively. Related depreciation expense was $16 million, $17 million and $18 million for the years ended December 31, 2021, 2020 and 2019, respectively. Computer software, which is included in other assets, is stated at cost, less accumulated amortization. Purchased software costs, as well as certain internal and external costs incurred to develop internal-use computer software during the application development stage, are capitalized. Amortization of software costs is recorded on a straight-line basis over periods ranging from |
Future Policy Benefits | Future Policy Benefits Liabilities for future benefits on life and health policies are established in an amount adequate to meet the estimated future obligations on policies in force. Liabilities for future policy benefits under long-duration life and health insurance policies have been computed based upon expected investment yields, mortality and withdrawal (lapse) rates, and other assumptions. These assumptions include a margin for adverse deviation and vary with the characteristics of the plan of insurance, year of issue, age of insured, and other appropriate factors. Interest rates range from 3.0% to 6.0%. The mortality and withdrawal assumptions are based on the Company’s experience as well as industry experience and standards. In establishing reserves for future policy benefits, the Company assigns policy liability assumptions to particular timeframes (eras) in such a manner as to be consistent with the underlying assumptions and economic conditions at the time the risks are assumed. The Company maintains a consistent approach to setting the provision for adverse deviation between eras. Liabilities for future benefits on longevity business, including annuities in the payout phase, are established in an amount adequate to meet the estimated future obligations on policies in force. Liabilities for future benefits related to the longevity business, including annuities in the payout phase have been calculated using expected mortality, investment yields, and other assumptions. These assumptions include a margin for adverse deviation and vary with the characteristics of the plan of insurance, year of issue, age of insured, and other appropriate factors. The mortality assumptions are based on the Company’s experience as well as industry experience and standards. A deferred profit liability is established when the gross premium exceeds the net premium. The Company periodically reviews actual and anticipated experience compared to the assumptions used to establish policy benefits. The Company establishes premium deficiency reserves if actual and anticipated experience indicates that existing policy liabilities together with the present value of future gross premiums will not be sufficient to cover the present value of future benefits, settlement and maintenance costs and to recover unamortized acquisition costs. Anticipated investment income is considered in the calculation of premium deficiency losses for short-duration contracts. The premium deficiency reserve is established by a charge to income, as well as a reduction in unamortized acquisition costs and, to the extent there are no unamortized acquisition costs, an increase in future policy benefits. The reserving process includes normal periodic reviews of assumptions used and adjustments of reserves to incorporate the refinement of the assumptions. Any such adjustments relate only to policies assumed in recent periods and the adjustments are reflected by a cumulative charge or credit to current operations. The Company reinsures disability and long-term care products in various markets. Liabilities for future benefits on disability and long-term care policies’ active lives are established in an amount adequate to meet the estimated future obligations on policies in force. These reserves are the amounts that, with the additional premiums to be received and interest thereon compounded annually at certain assumed rates, are calculated to be sufficient to meet the various policy and contract obligations as they mature. The Company establishes future policy benefits for guaranteed minimum death benefits (“GMDB”) relating to the reinsurance of certain variable annuity contracts by estimating the expected value of death benefits in excess of the projected account balance and recognizing the excess proportionally over the accumulation period based on total expected assessments. The Company regularly evaluates estimates used and adjusts the additional liability balance, with a related charge or credit to claims and other policy benefits, if actual experience or other evidence suggests that earlier assumptions should be revised. The assumptions used in estimating the GMDB liabilities are consistent with those used for amortizing DAC, and are thus subject to the same variability and risk. The Company’s GMDB liabilities at December 31, 2021 and 2020, were not material. |
Interest-Sensitive Contract Liabilities | Interest-Sensitive Contract Liabilities Liabilities for future benefits on interest-sensitive life and investment-type contract liabilities are carried at the accumulated contract holder values without reduction for potential surrender or withdrawal charges. The Company reinsures asset-intensive products, including annuities and corporate-owned life insurance. The investment portfolios for these products are segregated for management purposes within the general account of the respective legal entity. The liabilities under asset-intensive insurance contracts or reinsurance contracts reinsured on a coinsurance basis are included in interest-sensitive contract liabilities on the consolidated balance sheets. Asset-intensive contracts principally include individual fixed annuities in the accumulation phase, single premium immediate annuities, equity-indexed annuities, individual variable annuities, corporate-owned life and interest-sensitive whole life insurance contracts. Interest-sensitive contract liabilities are equal to (i) policy account values, which consist of an accumulation of gross premium payments; (ii) credited interest less expenses, mortality charges, and withdrawals; and (iii) fair value adjustments relating to business combinations. Liabilities for immediate annuities are calculated as the present value of the expected cash flows, with the locked-in discount rate determined such that there is no gain or loss at inception. Additionally, certain annuity contracts the Company reinsures contain terms, such as guaranteed minimum benefits and equity participation options, which are deemed to be embedded derivatives and are accounted for based on the general accounting principles for Derivatives and Hedging . The Company establishes liabilities for guaranteed minimum living benefits relating to certain variable annuity products as follows: • Guaranteed minimum income benefits (“GMIB”) provide the contract holder, after a specified period of time determined at the time of issuance of the variable annuity contract, with a minimum level of income (annuity) payments. Under the reinsurance treaty, the Company makes a payment to the ceding company equal to the GMIB net amount-at-risk at the time of annuitization and thus these contracts meet the net settlement criteria of the general accounting principles for Derivatives and Hedging and the Company assumes no mortality risk. Accordingly, the GMIB is considered an embedded derivative, which is measured at fair value separately from the host variable annuity product. • Guaranteed minimum withdrawal benefits (“GMWB”) guarantee the contract holder a return of their purchase payment via partial withdrawals, even if the account value is reduced to zero, provided that the contract holder’s cumulative withdrawals in a contract year do not exceed a certain limit. The initial guaranteed withdrawal amount is equal to the initial benefit base as defined in the contract (typically, the initial purchase payments plus applicable bonus amounts). The GMWB is also an embedded derivative, which is measured at fair value separately from the host variable annuity product. • Guaranteed minimum accumulation benefits (“GMAB”) provide the contract holder, after a specified period of time determined at the time of issuance of the variable annuity contract, with a minimum accumulation of their purchase payments even if the account value is reduced to zero. The initial guaranteed accumulation amount is equal to the initial benefit base as defined in the contract (typically, the initial purchase payments plus applicable bonus amounts). The GMAB is also an embedded derivative, which is measured at fair value separately from the host variable annuity product. For GMIB, GMWB and GMAB, the initial benefit base is increased by additional purchase payments made within a certain time period and decreased by benefits paid and/or withdrawal amounts. After a specified period of time, the benefit base may also increase as a result of an optional reset as defined in the contract. The fair values of the GMIB, GMWB and GMAB embedded derivative liabilities are reflected in interest-sensitive contract liabilities on the consolidated balance sheets and are calculated based on actuarial and capital market assumptions related to the projected cash flows, including benefits and related contract charges over the lives of the contracts. These projected cash flows incorporate expectations concerning policyholder behavior, such as lapses, withdrawals and benefit selections, and capital market assumptions such as interest rates and equity market volatilities. In measuring the fair value of GMIBs, GMWBs and GMABs, the Company attributes a portion of the fees collected from the policyholder equal to the present value of expected future guaranteed minimum income, withdrawal and accumulation benefits (at inception). The changes in fair value are reported in investment related gains (losses), net. Any additional fees represent “excess” fees and are reported in other revenues on the consolidated statements of income. These variable annuity guaranteed living benefits may be more costly than expected in volatile or declining equity markets or falling interest rate markets, causing an increase in interest-sensitive contract liabilities, negatively affecting net income. The Company reinsures equity-indexed annuity contracts. These contracts allow the contract holder to elect an interest rate return or an equity market component where interest credited is based on the performance of common stock market indices, such as the S&P 500 Index ® , the Dow Jones Industrial Average, or the NASDAQ. The equity market option is considered an embedded derivative, similar to a call option, which is reflected at fair value on the consolidated balance sheets in interest-sensitive contract liabilities. The fair value of embedded derivatives is computed based on a projection of future equity option costs using a budget methodology, discounted back to the balance sheet date using current market indicators of volatility and interest rates. Changes in the fair value of the embedded derivatives are included as a component of interest credited on the consolidated statements of income. |
Other Policy Claims and Benefits | Other Policy Claims and Benefits Claims payable for incurred but not reported losses are determined using case-basis estimates and lag studies of past experience. The time lag from the date of the claim or death to when the ceding company reports the claim to the Company can vary significantly by ceding company, business segment and product type, but generally averages around 3.1 months. Incurred but not reported claims are estimates on an undiscounted basis, using actuarial estimates of historical claims expense, adjusted for current trends and conditions. These estimates are continually reviewed and the ultimate liability may vary significantly from the amount recognized, which are reflected in claims and other policy benefits in the period in which they are determined. |
Other Liabilities | Other Liabilities Other liabilities primarily include liabilities associated with amounts ceded on a funds withheld basis, investments in transit, separate accounts, employee benefits, cash collateral received on derivative positions and current federal income taxes payable. |
Income Taxes | Income Taxes The U.S. consolidated tax return includes the operations of RGA and all eligible subsidiaries. The Company’s foreign subsidiaries are taxed under applicable local statutes. The Company provides for federal, state and foreign income taxes currently payable, as well as those deferred due to temporary differences between the tax basis of assets and liabilities and the reported amounts, and are recognized in net income or in certain cases in OCI. The Company’s accounting for income taxes represents management’s best estimate of various events and transactions considering the laws enacted as of the reporting date. Deferred tax assets and liabilities are measured by applying the relevant jurisdictions’ enacted tax rate for the period in which the temporary differences are expected to reverse to the temporary difference change for that period. The Company will establish a valuation allowance if management determines, based on available information, that it is more likely than not that deferred income tax assets will not be realized. The Company has deferred tax assets including those related to foreign tax credits, net operating, and capital losses. The Company has projected its ability to utilize its deferred tax assets and established a valuation allowance on the portion of the deferred tax assets the Company believes more likely than not will not be realized. Significant judgment is required in determining whether valuation allowances should be established as well as the amount of such allowances. When making such a determination, consideration is given to, among other things, the following: (i) taxable income in prior carryback years (ii) future reversals of existing taxable temporary differences; (iii) future taxable income exclusive of reversing temporary differences and carryforwards; and (iv) tax planning strategies. Any such changes could significantly affect the amounts reported in the consolidated financial statements in the year these changes occur. The Company made a policy election to account for GILTI as a period cost. The Company reports uncertain tax positions in accordance with generally accepted accounting principles. In order to recognize the benefit of an uncertain tax position, the position must meet the more likely than not criteria of being sustained. Unrecognized tax benefits due to tax uncertainties that do not meet the more likely than not criteria are included within income tax liabilities and are charged to earnings in the period that such determination is made. The Company classifies interest related to tax uncertainties as interest expense whereas penalties related to tax uncertainties are classified as a component of income tax. |
Collateral Finance Facility | Collateral Finance and Securitization Notes Collateral finance and securitization notes represent private placement asset-backed structured financing transactions. Collateral finance notes are issued on specified insurance policies reinsured by the Company’s regulated subsidiaries. Transaction costs, primarily interest expense, are reflected in collateral finance and securitization expense. See Note 14 – “Collateral Finance and Securitization Notes” for additional information. |
Foreign Currency Translation | Foreign Currency TranslationAssets, liabilities and results of foreign operations are recorded based on the functional currency of each foreign operation. The determination of the functional currency is based on economic facts and circumstances pertaining to each foreign operation. The Company’s material functional currencies are the U.S. dollar, Canadian dollar, British pound, Australian dollar, Japanese yen, Korean won, Euro and South African rand. The translation of the functional currency into U.S. dollars is performed for balance sheet accounts using current exchange rates in effect at the balance sheet date and for revenue and expense accounts using weighted-average exchange rates during each year. Gains or losses, net of applicable deferred income taxes, resulting from such translation are included in accumulated currency translation adjustments, in AOCI until the underlying functional currency operation is sold or substantially liquidated. |
Recognition of Revenues and Related Expenses | Recognition of Revenues and Related Expenses – Long-Duration Products Life and health premiums are recognized as revenue when due from the insured, and are reported net of amounts retroceded. Benefits and expenses are reported net of amounts retroceded and are associated with earned premiums so that profits are recognized over the life of the related contract. This association is accomplished through the provision for future policy benefits and the amortization of deferred policy acquisition costs. Other revenue includes items such as treaty recapture fees, fees associated with financial reinsurance and policy changes on interest-sensitive and investment-type products that the Company reinsures. Any fees that are collected in advance of the period benefited are deferred and recognized over the period benefited. For certain reinsurance transactions involving in force blocks of business, the ceding company pays a premium equal to the initial required reserve (future policy benefit). In such transactions, for income statement presentation, the Company nets the expense associated with the establishment of the reserve against the premiums from the transaction. Revenues for interest-sensitive and investment-type products consist of investment income, policy charges for the cost of insurance, policy administration, and surrenders that have been assessed against policy account balances during the period. Interest-sensitive contract liabilities for these products represent policy account balances before applicable surrender charges. Policy benefits and claims that are charged to expenses include claims incurred in the period in excess of related policy account balances and interest credited to policy account balances. Interest is credited to policyholder account balances according to terms of the policies or contracts. For each of its reinsurance contracts, the Company must determine if the contract provides indemnification against loss or liability relating to insurance risk, in accordance with GAAP. The Company must review all contractual features, particularly those that may limit the amount of insurance risk to which the Company is subject or features that delay the timely reimbursement of claims. If the Company determines that a contract does not expose it to a reasonable possibility of a significant loss from insurance risk, the Company records the contract on a deposit method of accounting with any net amount receivable reflected as an asset within premiums receivable and other reinsurance balances, and any net amount payable reflected as a liability within other reinsurance balances. Fees earned on the contracts are reflected as other revenues, rather than premiums. |
Share-based Payment Arrangement [Policy Text Block] | Equity Based Compensation The Company expenses the fair value of stock awards included in its incentive compensation plans. The fair value of the awards is expensed over the performance or service period, which generally corresponds to the vesting period, and is recognized as an increase to additional paid-in-capital in stockholders’ equity, and stock-based compensation expense is reflected in other operating expenses. |
Earnings Per Share | Earnings Per Share Basic earnings per share is calculated based on the weighted average number of common shares outstanding during the period. Diluted earnings per share include the dilutive effects assuming the exercise or issuance of stock awards. |
Future Adoption of New Accounting Standards | New Accounting Pronouncements Changes to the general accounting principles are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates to the FASB Accounting Standards Codification TM . 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 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 the 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 from the London Interbank Offered Rate (“LIBOR”) during 2023. 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. 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. Upon adoption, there will be an adjustment to retained earnings as a result of capping the net premium ratio at 100%. The Company is currently evaluating this impact but anticipates it will likely result in a material decrease to retained earnings. The Company is currently evaluating the impact of the other cash flow assumptions amendments on its results of operations and financial position but anticipates they will likely be material. 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. Upon adoption, there will be an adjustment to accumulated other comprehensive income as a result of remeasuring in force contract liabilities using current upper-medium grade fixed income instrument yields. The adjustment will largely reflect the difference between discount rates locked-in at contract inception versus current discount rates at transition. The Company is currently evaluating the impact of this adjustment but anticipates it will likely be material. 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. Upon adoption, the Company expects an impact to (1) accumulated other comprehensive income for the cumulative effect of changes in the instrument-specific credit risk between contract issue date and transition date and (2) retained earnings for the difference between fair value and carrying value at the transition date, excluding the changes in the instrument-specific credit risk. The Company is currently evaluating the impact of these adjustments but anticipates they will likely be material. 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. Upon adoption, the Company expects an adjustment to accumulated other comprehensive income for the removal of cumulative adjustments to DAC associated with unrealized gains and losses previously recorded in accumulated other comprehensive income. The Company is currently evaluating the impact of this adjustment but anticipates it will likely result in a material increase to accumulated other comprehensive income. The Company is currently evaluating the impact of the other amortization of DAC and other balances amendments on its results of operations and financial position but anticipates they will likely not be material. |
Reinsurance Accounting Policy | Reinsurance Ceded Receivables The Company generally reports retrocession activity on a gross basis. Amounts paid or deemed to have been paid for reinsurance are reflected in reinsurance ceded receivables. The cost of reinsurance related to long-duration contracts is recognized over the terms of the reinsured policies on a basis consistent with the reporting of those policies. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule Of Earnings Per Share Basic And Diluted By Common Class [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): 2021 2020 2019 Earnings: Net income (numerator for basic and diluted calculations) $ 617 $ 415 $ 870 Shares: Weighted average outstanding shares (denominator for basic calculations) 67.8 65.4 62.7 Equivalent shares from outstanding stock awards 0.5 0.4 1.2 Diluted shares (denominator for diluted calculations) 68.3 65.8 63.9 Earnings per share: Basic $ 9.10 $ 6.35 $ 13.88 Diluted 9.04 6.31 13.62 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments [Abstract] | |
Debt Securities, Available-for-sale | The following tables provide information relating to investments in fixed maturity securities by type as of December 31, 2021 and 2020 (dollars in millions): December 31, 2021: Amortized Allowance for Credit Losses Unrealized Unrealized Estimated % of Total Available-for-sale: Corporate $ 35,239 $ 26 $ 3,084 $ 194 $ 38,103 62.8 % Canadian government 3,339 — 1,606 1 4,944 8.1 RMBS 1,020 — 37 7 1,050 1.7 ABS 4,024 — 22 41 4,005 6.6 CMBS 1,790 1 66 6 1,849 3.0 U.S. government 2,082 — 31 8 2,105 3.5 State and political subdivisions 1,191 — 137 5 1,323 2.2 Other foreign government 7,188 4 273 87 7,370 12.1 Total fixed maturity securities $ 55,873 $ 31 $ 5,256 $ 349 $ 60,749 100.0 % December 31, 2020: Amortized Allowance for Credit Losses Unrealized Unrealized Estimated % 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 December 31, 2021 and 2020 (dollars in millions): 2021 2020 Amortized Estimated Amortized Estimated Fixed maturity securities pledged as collateral $ 100 $ 103 $ 148 $ 162 Fixed maturity securities received as collateral n/a 1,922 n/a 1,784 Assets in trust held to satisfy collateral requirements 28,671 31,173 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, 2021 and 2020 (dollars in millions): 2021 2020 Amortized Estimated Amortized Estimated Fixed maturity securities guaranteed or issued by: Government of Japan $ 3,080 $ 3,063 $ 1,493 $ 1,491 Canadian province of Quebec 1,377 2,347 1,303 2,474 Canadian province of Ontario 1,092 1,451 1,054 1,528 |
Investments Classified By Contractual Maturity Date [Table Text Block] | The amortized cost and estimated fair value of fixed maturity securities classified as available-for-sale as of December 31, 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 $ 1,641 $ 1,649 Due after one year through five years 9,698 10,115 Due after five years through ten years 10,969 11,700 Due after ten years 26,731 30,381 Structured securities 6,834 6,904 Total $ 55,873 $ 60,749 |
Fixed Maturity Holdings Industry Types [Table Text Block] | The tables below show the major sectors of the Company’s corporate fixed maturity holdings as of December 31, 2021 and 2020 (dollars in millions): December 31, 2021: Amortized Cost Estimated % of Total Finance $ 13,101 $ 14,045 36.9 % Industrial 17,857 19,375 50.8 Utility 4,281 4,683 12.3 Total $ 35,239 $ 38,103 100.0 % December 31, 2020: Amortized Cost Estimated % 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 % |
Roll Forward Of Cumulative Credit Loss Component Of Otti Income Loss [Table Text Block] | For the year ended December 31, 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 21 1 5 27 Reductions for securities sold during the period (10) (2) (1) (13) Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period (2) (1) — (3) Balance, end of period $ 26 $ 1 $ 4 $ 31 For the year ended December 31, 2020: Corporate CMBS Other Foreign Government Total Balance, beginning of period $ — $ — $ — $ — Credit losses recognized on securities for which credit losses were not previously recorded 36 3 2 41 Reductions for securities sold during the period (19) — (2) (21) Balance, end of period $ 17 $ 3 $ — $ 20 |
Fair Value And Investments In Debt And Equity Securities Disclosures [Table Text Block] | The following table presents the estimated fair values and gross unrealized losses for the 1,862 fixed maturity securities for which an allowance for credit loss has not been recorded as of December 31, 2021, and the estimated fair value had declined and remained below amortized cost (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 continuously remained below amortized cost. Less than 12 months 12 months or greater Total December 31, 2021: Estimated Gross Estimated Gross Estimated Gross Investment grade securities: Corporate $ 4,135 $ 86 $ 946 $ 51 $ 5,081 $ 137 Canadian government 20 1 — — 20 1 RMBS 132 3 102 4 234 7 ABS 1,747 22 589 6 2,336 28 CMBS 152 2 35 2 187 4 U.S. government 1,513 6 31 2 1,544 8 State and political subdivisions 109 3 28 2 137 5 Other foreign government 2,237 33 724 37 2,961 70 Total investment grade securities 10,045 156 2,455 104 12,500 260 Below investment grade securities: Corporate 463 13 97 44 560 57 ABS — — 13 13 13 13 CMBS — — — — — — Other foreign government 136 7 75 10 211 17 Total below investment grade securities 599 20 185 67 784 87 Total fixed maturity securities $ 10,644 $ 176 $ 2,640 $ 171 $ 13,284 $ 347 The following table presents the estimated fair values and gross unrealized losses for the 877 fixed maturity securities that have estimated fair values below amortized cost as of 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 continuously remained below amortized cost. Less than 12 months 12 months or greater Total December 31, 2020: Estimated Gross Estimated Gross Estimated Gross 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 [Table Text Block] | Major categories of investment income, net of related expenses, consist of the following (dollars in millions): For the years ended December 31, 2021 2020 2019 Fixed maturity securities available-for-sale $ 2,059 $ 1,928 $ 1,786 Equity securities 5 6 8 Mortgage loans on real estate 293 282 255 Policy loans 55 56 58 Funds withheld at interest 351 279 297 Short-term investments and cash and cash equivalents 3 7 28 Other invested assets – limited partnerships and real estate joint ventures 419 50 119 Other invested assets – all other 61 59 65 Investment income 3,246 2,667 2,616 Investment expense (108) (92) (96) Investment income, net of related expenses $ 3,138 $ 2,575 $ 2,520 |
Gain (Loss) on Securities [Table Text Block] | Investment related gains (losses), net, consist of the following (dollars in millions): For the years ended December 31, 2021 2020 2019 Fixed maturity securities available-for-sale: Change in allowance for credit losses and impairments $ (12) $ (21) $ (31) Realized gains on investment activity 299 114 151 Realized losses on investment activity (65) (82) (50) Net gains (losses) on equity securities 25 (15) 16 Other impairment losses and change in mortgage loan allowance for credit losses 29 (56) (12) Change in fair value of certain limited partnership investments and other, net 194 24 13 Net gains on derivatives 90 3 4 Total investment related gains (losses), net $ 560 $ (33) $ 91 |
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 loaned as of December 31, 2021 and 2020 (dollars in millions): 2021 2020 Amortized Estimated Amortized Estimated Borrowed securities $ 374 $ 420 $ 118 $ 161 Securities lending: Securities loaned 94 102 94 105 Securities received n/a 102 n/a 102 Repurchase program/reverse repurchase program: Securities pledged 704 736 653 711 Securities received n/a 728 n/a 669 Cash 10 10 — — |
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 December 31, 2021 and 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. December 31, 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 $ — $ — $ — $ 94 $ 94 State and political subdivisions — — — 3 3 Other foreign government — — — 5 5 Total — — — 102 102 Repurchase/reverse repurchase transactions: Corporate — — — 366 366 Other foreign government — — — 370 370 Cash — — — 10 10 Total — — — 746 746 Total transactions $ — $ — $ — $ 848 $ 848 Gross amount of recognized liabilities for securities lending and repurchase/reverse repurchase transactions in preceding table $ 830 Amounts related to agreements not included in offsetting disclosure $ 18 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 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 December 31, 2021 and 2020 (dollars in millions): 2021 2020 Carrying Value Percentage of Carrying Value Percentage of Property type: Office $ 1,683 26.6 % $ 1,702 29.0 % Retail 2,090 33.0 1,711 29.3 Industrial 1,249 19.7 1,210 20.6 Apartment 801 12.7 808 13.8 Other commercial 506 8.0 430 7.3 Recorded investment 6,329 100.0 % 5,861 100.0 % Unamortized balance of loan origination fees and expenses (11) (10) Allowance for credit losses (35) (64) Total mortgage loans on real estate $ 6,283 $ 5,787 |
Disclosure of Real Estate Holdings 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 December 31, 2021 and 2020 (dollars in millions): 2021 2020 Recorded % of Total Recorded % of Total Due within five years $ 2,660 42.0 % $ 2,276 38.8 % Due after five years through ten years 2,593 41.0 2,768 47.3 Due after ten years 1,076 17.0 817 13.9 Total $ 6,329 100.0 % $ 5,861 100.0 % |
Accounts Receivable, Noncurrent, Credit Quality Indicator | The following tables set forth certain key credit quality indicators of the Company’s recorded investment in mortgage loans as of December 31, 2021 and 2020 (dollars in millions): Recorded Investment Debt Service Ratios Construction loans >1.20x 1.00x – 1.20x <1.00x Total % of Total December 31, 2021: Loan-to-Value Ratio 0% – 59.99% $ 3,111 $ 238 $ 51 $ 6 $ 3,406 53.8 % 60% – 69.99% 1,906 190 46 — 2,142 33.8 70% – 79.99% 520 41 12 — 573 9.1 80% or greater 148 — 60 — 208 3.3 Total $ 5,685 $ 469 $ 169 $ 6 $ 6,329 100.0 % Recorded Investment Debt Service Ratios Construction loans >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 December 31, 2021 and 2020 (dollars in millions): Recorded Investment Year of Origination December 31, 2021: 2021 2020 2019 2018 2017 Prior Total Internal credit quality grade: High investment grade $ 725 $ 402 $ 645 $ 461 $ 344 $ 1,534 $ 4,111 Investment grade 367 272 331 301 296 502 2,069 Average 6 — 27 39 5 32 109 Watch list — — — — — 4 4 In or near default — — — — — 36 36 Total $ 1,098 $ 674 $ 1,003 $ 801 $ 645 $ 2,108 $ 6,329 Recorded Investment Year of Origination December 31, 2020: 2020 2019 2018 2017 2016 Prior Total 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 | The following table presents the current and past due composition of the Company’s recorded investment in mortgage loans as of December 31, 2021 and 2020 (dollars in millions): 2021 2020 Current $ 6,329 $ 5,846 31 – 60 days past due — 15 Total $ 6,329 $ 5,861 |
Allowance For Loan And Lease Losses Provision For Loss Net [Table Text Block] | The following table presents information regarding the Company’s allowance for credit losses for mortgage loans as of December 31, 2021, 2020 and 2019 (dollars in millions): 2021 2020 2019 Balance, beginning of period $ 64 $ 12 $ 11 Adoption of new accounting standard — 14 — Change in allowance for credit losses (29) 38 1 Balance, end of period $ 35 $ 64 $ 12 |
Schedule of Other Assets [Table Text Block] | arrying values of other invested assets as of December 31, 2021 and 2020 are as follows (dollars in millions): 2021 2020 Limited partnership interests and real estate joint ventures $ 1,996 $ 1,367 Lifetime mortgages 758 935 Derivatives 175 140 FVO contractholder-directed unit-linked investments 52 289 Other 89 98 Total other invested assets $ 3,070 $ 2,829 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | 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 December 31, 2021 and 2020 (dollars in millions): December 31, 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 $ 1,273 $ 66 $ 1 $ 1,084 $ 93 $ 1 Financial futures Equity 240 — — 258 — — Foreign currency swaps Foreign currency 150 1 — 150 — 18 Foreign currency forwards Foreign currency 395 2 4 347 4 2 CPI swaps CPI 563 34 7 612 11 19 Credit default swaps Credit 1,321 29 1 1,517 13 — Equity options Equity 472 29 — 395 29 — Synthetic GICs Interest rate 16,143 — — 16,644 — — Embedded derivatives in: Modco or funds withheld arrangements — 227 62 — 58 — Indexed annuity products — — 693 — — 752 Variable annuity products — — 162 — — 155 Total non-hedging derivatives 20,557 388 930 21,007 208 947 Derivatives designated as hedging instruments: Interest rate swaps Foreign currency/Interest rate 941 4 33 802 3 24 Foreign currency swaps Foreign currency 153 1 — 234 8 1 Foreign currency forwards Foreign currency 1,320 14 11 1,255 10 15 Forward bond purchase commitments Interest rate 545 14 1 — — — Total hedging derivatives 2,959 33 45 2,291 21 40 Total derivatives $ 23,516 $ 421 $ 975 $ 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 for the years ended December 31, 2021, 2020 and 2019 were (dollars in millions): Type of Fair Value Hedge Hedged Item Gains (Losses) Recognized for Derivatives Gains (Losses) Recognized for Hedged Items Investment Related Gains (Losses) For the Year Ended December 31, 2021: Foreign currency swaps Foreign-denominated fixed maturity securities $ (4) $ 6 For the Year Ended December 31, 2020: Foreign currency swaps Foreign-denominated fixed maturity securities $ 8 $ (10) For the Year Ended December 31, 2019: Foreign currency swaps Foreign-denominated fixed maturity securities $ (4) $ — |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table presents the components of AOCI, before income tax, and the consolidated income statement classification where the gain or loss is recognized related to cash flow hedges for the years ended December 31, 2021, 2020 and 2019 (dollars in millions): Amounts Included in AOCI Balance December 31, 2018 $ 9 Gains (losses) deferred in other comprehensive income (loss) (34) Amounts reclassified to investment income — Amounts reclassified to interest expense (1) Balance December 31, 2019 (26) Gains (losses) deferred in other comprehensive income (loss) (27) Amounts reclassified to investment income — Amounts reclassified to interest expense 4 Balance December 31, 2020 (49) Gains (losses) deferred in other comprehensive income (loss) 20 Amounts reclassified to investment income — Amounts reclassified to interest expense 7 Balance December 31, 2021 $ (22) |
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 consolidated statements of income and the consolidated statements of stockholders’ equity for the years ended December 31, 2021, 2020 and 2019 (dollars in millions): Derivative Type Gains (Losses) Deferred in OCI Gains (Losses) Reclassified into Income from AOCI For the year ended December 31, 2021: Investment Related Gains (Losses) Investment Income Interest Expense Interest rate $ 28 $ — $ — $ (7) Foreign currency/Interest rate (8) — — — Total $ 20 $ — $ — $ (7) For the year ended December 31, 2020: Interest rate $ (33) $ — $ — $ (4) Foreign currency/Interest rate 6 — — — Total $ (27) $ — $ — $ (4) For the year ended December 31, 2019: Interest rate $ (32) $ — $ — $ 1 Foreign currency/Interest rate (2) — — — Total $ (34) $ — $ — $ 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 OCI for the years ended December 31, 2021, 2020 and 2019 (dollars in millions): Derivative Gains (Losses) Deferred in OCI For the years ended December 31, Type of NIFO Hedge 2021 2020 2019 Foreign currency swaps $ (2) $ 1 $ (9) Foreign currency forwards — (30) (24) Total $ (2) $ (29) $ (33) |
Derivative Instruments Gain Loss By Income Statement Location [Table Text Block] | A summary of the effect of non-hedging derivatives, including embedded derivatives, on the Company’s consolidated statements of income for the years ended December 31, 2021, 2020 and 2019 is as follows (dollars in millions): Gains (Losses) for the years ended December 31, Type of Non-hedging Derivative Income Statement 2021 2020 2019 Interest rate swaps Investment related gains (losses), net $ (34) $ 76 $ 65 Financial futures Investment related gains (losses), net (24) (47) (46) Foreign currency swaps Investment related gains (losses), net 20 (7) — Foreign currency forwards Investment related gains (losses), net (20) 5 1 Consumer price index swaps Investment related gains (losses), net 46 16 (18) Credit default swaps Investment related gains (losses), net 33 16 30 Equity options Investment related gains (losses), net (33) — (40) Longevity swaps Other revenues — — 13 Mortality swaps Other revenues — — (1) Subtotal (12) 59 4 Embedded derivatives in: Modco or funds withheld arrangements Investment related gains (losses), net 107 (62) 11 Indexed annuity products Interest credited 10 (30) (57) Variable annuity products Investment related gains (losses), net (7) 8 5 Total non-hedging derivatives $ 98 $ (25) $ (37) |
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 as of December 31, 2021 and 2020 (dollars in millions): 2021 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 (2) Weighted (3) AAA/AA+/AA/AA-/A+/A/A- Single name credit default swaps $ 28 $ 600 14.2 $ 11 $ 287 15.0 Subtotal 28 600 14.2 11 287 15.0 BBB+/BBB/BBB- Single name credit default swaps 1 141 2.4 2 232 1.6 Credit default swaps referencing indices — 565 5.1 — 988 3.9 Subtotal 1 706 4.6 2 1,220 3.5 BB+/BB/BB- Single name credit default swaps (1) 15 3.5 — 10 0.7 Subtotal (1) 15 3.5 — 10 0.7 Total $ 28 $ 1,321 9.0 $ 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 December 31, 2021 and December 31, 2020 (dollars in millions): Gross Amounts Recognized Gross Amounts Net Amounts Financial Instruments/Collateral (1) Net Amount December 31, 2021: Derivative assets $ 194 $ (19) $ 175 $ (175) $ — Derivative liabilities 58 (19) 39 (39) $ — December 31, 2020: Derivative assets $ 171 $ (31) $ 140 $ (128) $ 12 Derivative liabilities 80 (31) 49 (193) (144) (1) Includes initial margin posted to a central clearing partner for financial instruments and excludes the excess of collateral received/pledged from/to the counterparty. |
Offsetting Liabilities [Table Text Block] | The following table provides information relating to the netting of the Company’s derivative instruments as of December 31, 2021 and December 31, 2020 (dollars in millions): Gross Amounts Recognized Gross Amounts Net Amounts Financial Instruments/Collateral (1) Net Amount December 31, 2021: Derivative assets $ 194 $ (19) $ 175 $ (175) $ — Derivative liabilities 58 (19) 39 (39) $ — December 31, 2020: Derivative assets $ 171 $ (31) $ 140 $ (128) $ 12 Derivative liabilities 80 (31) 49 (193) (144) (1) Includes initial margin posted to a central clearing partner for financial instruments and excludes the excess of collateral received/pledged from/to the counterparty. |
Fair Value of Assets and Liab_2
Fair Value of Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2021 and 2020 are summarized below (dollars in millions): December 31, 2021: Fair Value Measurements Using: Total Level 1 Level 2 Level 3 Assets: Fixed maturity securities – available-for-sale: Corporate $ 38,103 $ — $ 34,215 $ 3,888 Canadian government 4,944 — 4,944 — RMBS 1,050 — 1,049 1 ABS 4,005 — 2,908 1,097 CMBS 1,849 — 1,768 81 U.S. government 2,105 1,993 100 12 State and political subdivisions 1,323 — 1,290 33 Other foreign government 7,370 — 7,337 33 Total fixed maturity securities – available-for-sale 60,749 1,993 53,611 5,145 Equity securities 151 101 — 50 Funds withheld at interest – embedded derivatives 104 — — 104 Funds withheld at interest 83 — — 83 Cash equivalents 1,138 1,138 — — Short-term investments 64 — 36 28 Other invested assets: Derivatives 175 — 175 — FVO contractholder-directed unit-linked investments 52 — 52 — Total other invested assets (1) 227 — 227 — Total $ 62,516 $ 3,232 $ 53,874 $ 5,410 Liabilities: Interest-sensitive contract liabilities – embedded derivatives $ 855 $ — $ — $ 855 Other liabilities: Funds withheld at interest – embedded derivatives (61) — — (61) Derivatives 39 — 39 — Total $ 833 $ — $ 39 $ 794 (1) Other invested assets included in the fair value hierarchy exclude limited partnership interests that are measured at estimated fair value using the NAV per share (or its equivalent) as a practical expedient. As of December 31, 2021, the fair value of such investments was $581 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 58 — — 58 Funds withheld at interest 56 — — 56 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: Funds withheld at interest – embedded derivatives — — — — Derivatives 49 — 49 — Total $ 956 $ — $ 49 $ 907 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | The following table presents quantitative information about significant unobservable inputs used in Level 3 fair value measurements that are developed internally by the Company as of December 31, 2021 and 2020 (dollars in millions): Estimated Fair Value Valuation Unobservable Range (Weighted Average) Assets: 2021 2020 Technique Input 2021 2020 Corporate $ 49 $ 37 Market comparable securities Liquidity premium 0-1% (1%) 0-1% (1%) EBITDA Multiple 5.2x-7.0x (6.4x) 5.2x-11.2x (7.1x) ABS 205 87 Market comparable securities Liquidity premium 2-18% (4%) 1-18% (1%) U.S. government 12 14 Market comparable Liquidity premium 0-1% (1%) 0-1% (1%) Equity securities 5 10 Market comparable EBITDA Multiple 6.9x-10.6x (8.0x) 6.9x-10.6x (7.9x) Funds withheld at interest – embedded derivatives 182 58 Total return swap Mortality 0-100% (3%) 0-100% (3%) Lapse 0-35% (18%) 0-35% (13%) Withdrawal 0-5% (4%) 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 693 752 Discounted cash flow Mortality 0-100% (2%) 0-100% (3%) Lapse 0-35% (16%) 0-35% (13%) Withdrawal 0-5% (3%) 0-5% (3%) Option budget 1-4% (2%) 2-4% (2%) Interest-sensitive contract liabilities – embedded derivatives – variable annuities 162 155 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] | For the year ended December 31, 2021: Fixed maturity securities – available-for-sale Funds withheld at interest –embedded derivatives, net (1) 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 $ 58 $ 56 $ (907) Total gains/losses (realized/unrealized) Included in earnings, net: Investment income, net of related expenses 5 — 1 — — — — (4) — Investment related gains (losses), net (5) — — — 13 — 107 — (7) Interest credited — — — — — — — — 10 Included in other comprehensive income (28) (4) (6) — — — — (1) — Other revenues — — — — — — — — — Purchases (2) 1,506 25 1,038 — 9 31 — 36 (34) Sales (2) (53) — (6) — (25) (3) — — — Settlements (2) (587) (5) (186) (3) — (10) — (4) 83 Transfers into Level 3 29 — 84 25 — — — — — Transfers out of Level 3 (8) — — — — (5) — — — Fair value, end of period $ 3,888 $ 33 $ 1,179 $ 45 $ 50 $ 28 $ 165 $ 83 $ (855) 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 $ 4 $ — $ 1 $ — $ — $ — $ — $ (4) $ — Investment related gains (losses), net (7) — — — 7 — 107 — (15) Other revenues — — — — — — — — — Interest credited — — — — — — — — (72) Included in other comprehensive income (24) (4) (6) — — — — (1) — (1) Funds withheld at interest – embedded derivative assets and liabilities are presented net for purposes of the rollforward. (2) 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. For the year ended December 31, 2020: Fixed maturity securities – available-for-sale Funds 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 2 — — — — — — (4) — Investment related gains (losses), net (22) — — — (13) — (63) — 8 Interest credited — — — — — — — — (30) Included in other comprehensive income 28 1 (7) 1 — — — — — Other revenues — — — — — — — — — Purchases (1) 1,193 — 149 — 3 17 — 60 (32) Sales (1) (182) — (5) — — — — — — Settlements (1) (229) — (59) (3) — (3) — — 77 Transfers into Level 3 57 — 38 — — — — — — Transfers out of Level 3 (4) (704) (70) — (14) (1) — — — Fair value, end of period $ 3,029 $ 17 $ 254 $ 23 $ 53 $ 15 $ 58 $ 56 $ (907) 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 $ — $ — $ — $ — $ — $ — $ — $ (4) $ — Investment related gains (losses), net (23) — — — (13) — (63) — (2) Other revenues — — — — — — — — — Interest credited — — — — — — — — (107) Included in other comprehensive income (34) 1 (8) 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. For the year ended December 31, 2019: Fixed maturity securities – available-for-sale Funds Other assets – longevity and mortality swaps Interest-sensitive contract Corporate Foreign govt Structured securities U.S. and local govt Equity securities Short-term investments Fair value, beginning of period $ 1,331 $ 533 $ 103 $ 28 $ 33 $ 2 $ 110 $ 48 $ (945) Total gains/losses (realized/unrealized) Included in earnings, net: Investment income, net of related expenses 1 15 — — — — — — — Investment related gains (losses), net (11) — — — 12 — 11 — 5 Interest credited — — — — — — — — (57) Included in other comprehensive income 48 162 4 1 — (1) — (2) — Other revenues — — — — — — — 12 — Purchases (1) 1,050 10 85 — 33 30 — — (17) Sales (1) (81) — (1) — (1) (1) — — — Settlements (1) (194) — (63) (4) — (1) — (58) 84 Transfers into Level 3 43 — 86 — — — — — — Transfers out of Level 3 (1) — (6) — — (27) — — — Fair value, end of period $ 2,186 $ 720 $ 208 $ 25 $ 77 $ 2 $ 121 $ — $ (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 $ 2 $ 15 $ — $ — $ — $ — $ — $ — $ — Investment related gains (losses), net (11) — — — 12 — 11 — (3) Other revenues — — — — — — — — — Interest credited — — — — — — — — (140) (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, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | For the year ended December 31, 2021: Fixed maturity securities – available-for-sale Funds withheld at interest –embedded derivatives, net (1) 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 $ 58 $ 56 $ (907) Total gains/losses (realized/unrealized) Included in earnings, net: Investment income, net of related expenses 5 — 1 — — — — (4) — Investment related gains (losses), net (5) — — — 13 — 107 — (7) Interest credited — — — — — — — — 10 Included in other comprehensive income (28) (4) (6) — — — — (1) — Other revenues — — — — — — — — — Purchases (2) 1,506 25 1,038 — 9 31 — 36 (34) Sales (2) (53) — (6) — (25) (3) — — — Settlements (2) (587) (5) (186) (3) — (10) — (4) 83 Transfers into Level 3 29 — 84 25 — — — — — Transfers out of Level 3 (8) — — — — (5) — — — Fair value, end of period $ 3,888 $ 33 $ 1,179 $ 45 $ 50 $ 28 $ 165 $ 83 $ (855) 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 $ 4 $ — $ 1 $ — $ — $ — $ — $ (4) $ — Investment related gains (losses), net (7) — — — 7 — 107 — (15) Other revenues — — — — — — — — — Interest credited — — — — — — — — (72) Included in other comprehensive income (24) (4) (6) — — — — (1) — (1) Funds withheld at interest – embedded derivative assets and liabilities are presented net for purposes of the rollforward. (2) 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. For the year ended December 31, 2020: Fixed maturity securities – available-for-sale Funds 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 2 — — — — — — (4) — Investment related gains (losses), net (22) — — — (13) — (63) — 8 Interest credited — — — — — — — — (30) Included in other comprehensive income 28 1 (7) 1 — — — — — Other revenues — — — — — — — — — Purchases (1) 1,193 — 149 — 3 17 — 60 (32) Sales (1) (182) — (5) — — — — — — Settlements (1) (229) — (59) (3) — (3) — — 77 Transfers into Level 3 57 — 38 — — — — — — Transfers out of Level 3 (4) (704) (70) — (14) (1) — — — Fair value, end of period $ 3,029 $ 17 $ 254 $ 23 $ 53 $ 15 $ 58 $ 56 $ (907) 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 $ — $ — $ — $ — $ — $ — $ — $ (4) $ — Investment related gains (losses), net (23) — — — (13) — (63) — (2) Other revenues — — — — — — — — — Interest credited — — — — — — — — (107) Included in other comprehensive income (34) 1 (8) 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. For the year ended December 31, 2019: Fixed maturity securities – available-for-sale Funds Other assets – longevity and mortality swaps Interest-sensitive contract Corporate Foreign govt Structured securities U.S. and local govt Equity securities Short-term investments Fair value, beginning of period $ 1,331 $ 533 $ 103 $ 28 $ 33 $ 2 $ 110 $ 48 $ (945) Total gains/losses (realized/unrealized) Included in earnings, net: Investment income, net of related expenses 1 15 — — — — — — — Investment related gains (losses), net (11) — — — 12 — 11 — 5 Interest credited — — — — — — — — (57) Included in other comprehensive income 48 162 4 1 — (1) — (2) — Other revenues — — — — — — — 12 — Purchases (1) 1,050 10 85 — 33 30 — — (17) Sales (1) (81) — (1) — (1) (1) — — — Settlements (1) (194) — (63) (4) — (1) — (58) 84 Transfers into Level 3 43 — 86 — — — — — — Transfers out of Level 3 (1) — (6) — — (27) — — — Fair value, end of period $ 2,186 $ 720 $ 208 $ 25 $ 77 $ 2 $ 121 $ — $ (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 $ 2 $ 15 $ — $ — $ — $ — $ — $ — $ — Investment related gains (losses), net (11) — — — 12 — 11 — (3) Other revenues — — — — — — — — — Interest credited — — — — — — — — (140) (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 Assets Measured On Nonrecurring Basis [Text Block] | 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. For the year ended December 31, 2021, the Company did not have any material assets that were measured at fair value due to impairment. The following table presents information for assets measured at an estimated fair value on a nonrecurring basis as of December 31, 2020, and still held at the reporting date (for example, when there is evidence of impairment). The estimated fair values for these assets were determined using significant unobservable inputs (Level 3). Carrying Value After Measurement Net Investment Gains (Losses) At December 31, Years ended December 31, (dollars in millions) 2020 2020 Limited partnership interests (1) $ 20 $ (17) (1) Impairments on these investments were recognized at estimated fair value determined using the net asset values of the Company’s ownership interest as provided in the financial statements of the investees. The market for these investments has limited activity and price transparency. |
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 December 31, 2021 and 2020 (dollars in millions). 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. Estimated Fair Fair Value Measurement Using: December 31, 2021: Carrying Value (1) Value Level 1 Level 2 Level 3 NAV Assets: Mortgage loans on real estate $ 6,283 $ 6,580 $ — $ — $ 6,580 $ — Policy loans 1,234 1,234 — 1,234 — — Funds withheld at interest 6,747 7,075 — — 7,075 — Cash and cash equivalents 1,810 1,810 1,810 — — — Short-term investments 23 23 23 — — — Other invested assets 910 907 6 70 831 — Accrued investment income 533 533 — 533 — — Liabilities: Interest-sensitive contract liabilities $ 18,625 $ 19,540 $ — $ — $ 19,540 $ — Other liabilities – funds withheld at interest 1,658 1,657 1,657 — Long-term debt 3,667 3,886 — — 3,886 — Collateral finance and securitization notes 180 153 — — 153 — December 31, 2020: 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 consolidated balance sheets because certain items within the respective financial statement captions may be measured at fair value on a recurring basis. |
Reinsurance (Tables)
Reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Reinsurance Disclosures [Abstract] | |
Ceded Credit Risk [Table Text Block] | The following table presents information for the Company’s reinsurance ceded receivables and other, including the respective amount and A.M. Best rating for each reinsurer representing in excess of five percent of the total as of December 31, 2021 and 2020 (dollars in millions): 2021 2020 Reinsurer A.M. Best Rating Amount % of Total Amount % of Total Reinsurer A A+ $ 1,626 63.0 % $ — — % Reinsurer B A+ 423 16.4 420 42.7 Reinsurer C A+ 212 8.2 216 22.0 Reinsurer D A 59 2.3 64 6.5 Reinsurer E A+ 44 1.7 46 4.7 Reinsurer F A++ 42 1.6 55 5.6 Other reinsurers 174 6.8 182 18.5 Total $ 2,580 100.0 % $ 983 100.0 % |
Reinsurance Premium And Effect On Claims And Other Policy Benefits [Table Text Block] | The effect of reinsurance on net premiums is as follows (dollars in millions): Years ended December 31, 2021 2020 2019 Direct insurance $ 33 $ 58 $ 76 Reinsurance assumed 13,348 12,583 12,150 Reinsurance ceded (868) (947) (929) Net premiums $ 12,513 $ 11,694 $ 11,297 The effect of reinsurance on claims and other policy benefits as follows (dollars in millions): Years ended December 31, 2021 2020 2019 Direct insurance $ 37 $ 97 $ 113 Reinsurance assumed 13,725 11,931 11,404 Reinsurance ceded (986) (953) (1,320) Net claims and other policy benefits $ 12,776 $ 11,075 $ 10,197 |
Reinsurance Information [Table Text Block] | The effect of reinsurance on life insurance in force is shown in the following schedule (dollars in millions): Direct Assumed Ceded Net Assumed/Net % December 31, 2021 $ 1,117 $ 3,467,054 $ 166,842 $ 3,301,329 105.0 % December 31, 2020 1,990 3,480,692 184,625 3,298,057 105.5 December 31, 2019 1,316 3,480,206 192,864 3,288,658 105.8 |
Deferred Policy Acquisition C_2
Deferred Policy Acquisition Costs (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Policy Acquisition Costs Disclosures [Abstract] | |
Deferred Policy Acquisition Costs [Table Text Block] | The following reflects the amounts of policy acquisition costs deferred and amortized (dollars in millions): Years ended December 31, 2021 2020 2019 Balance, beginning of year $ 3,616 $ 3,512 $ 3,398 Capitalization 541 478 526 Amortization (including interest) (496) (405) (315) Change in value of embedded derivatives (36) 22 (15) Attributed to unrealized investment gains (losses) 33 (26) (97) Foreign currency translation 32 35 15 Balance, end of year $ 3,690 $ 3,616 $ 3,512 |
Income Tax (Tables)
Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Pre-tax income for the years ended December 31, 2021, 2020 and 2019 consists of the following (dollars in millions): 2021 2020 2019 Pre-tax income – U.S. $ 327 $ 79 $ 871 Pre-tax income – foreign 364 474 261 Total pre-tax income $ 691 $ 553 $ 1,132 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision for income tax expense for the years ended December 31, 2021, 2020 and 2019 consists of the following (dollars in millions): 2021 2020 2019 Current income tax expense (benefit): U.S. $ 91 $ 75 $ (9) Foreign 72 79 60 Total current 163 154 51 Deferred income tax expense (benefit): U.S. (127) (60) 182 Foreign 38 44 29 Total deferred (89) (16) 211 Total provision for income taxes $ 74 $ 138 $ 262 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The Company’s effective tax rate differed from the U.S. federal income tax statutory rate of 21% as a result of the following for the years ended December 31, 2021, 2020 and 2019 (dollars in millions): 2021 2020 2019 Tax provision at U.S. statutory rate $ 145 $ 116 $ 238 Increase (decrease) in income taxes resulting from: Tax rate differences on income in other jurisdictions 51 21 2 Differences in tax basis in foreign jurisdictions (4) (32) (23) Deferred tax valuation allowance (18) 10 56 Amounts related to uncertain tax positions (119) 10 8 Equity based compensation (1) (1) (8) Corporate rate changes 29 13 (1) GILTI, net of credits 11 13 — Subpart F for non-full inclusion companies 2 — 1 Foreign tax credits (10) (7) (6) Return to provision adjustments (17) (4) (6) Other, net 5 (1) 1 Total provision for income taxes $ 74 $ 138 $ 262 Effective tax rate (1) 10.6 % 24.9 % 23.1 % (1) The Company rounds amounts in the financial statements to millions and calculates the effective tax rate from the underlying whole-dollar amounts. Thus certain amounts may not recalculate based on the numbers due to rounding. |
Schedule Of Income Tax Expense Benefit Intraperiod Tax Allocation [Table Text Block] | Total income taxes for the years ended December 31, 2021, 2020 and 2019 were as follows (dollars in millions): 2021 2020 2019 Provision for income taxes $ 74 $ 138 $ 262 Income tax from OCI and additional paid-in-capital: Net unrealized holding gain (loss) on debt and equity securities recognized for financial reporting purposes (520) 611 681 Foreign currency translation 23 (9) 3 Unrealized pension and post retirement 7 (1) (5) Total income taxes provided $ (416) $ 739 $ 941 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The tax effects of temporary differences that give rise to significant portions of the deferred income tax assets and liabilities at December 31, 2021 and 2020, are presented in the following tables (dollars in millions): 2021 2020 Deferred income tax assets: Nondeductible accruals $ 85 $ 92 Net operating loss carryforward 251 254 Tax Credit Carryforward 50 — Other 3 — Subtotal 389 346 Valuation allowance (218) (251) Total deferred income tax assets 171 95 Deferred income tax liabilities: Deferred acquisition costs 754 775 Policy reserves and other reinsurance liabilities 1,085 1,105 Invested assets 793 1,043 Outside basis difference foreign subsidiaries 260 354 Foreign currency translation 66 40 Anticipated future tax credit reduction 58 20 Other — 2 Total deferred income tax liabilities 3,016 3,339 Net deferred income tax liabilities $ 2,845 $ 3,244 Balance sheet presentation of net deferred income tax liabilities: Included in other assets $ 41 $ 19 Included in deferred income taxes 2,886 3,263 Net deferred income tax liabilities $ 2,845 $ 3,244 |
Summary of Operating Loss Carryforwards [Table Text Block] | The following table presents consolidated net operating losses (“NOL”) as of December 31, 2021 (dollars in millions): 2021 NOL with no expiration and with no valuation allowance $ 100 NOL with a full valuation allowance 187 NOL with no expiration and a partial valuation allowance 631 NOL with expiration dates between 2025 and 2041 with no valuation allowance 2 Total net operating loss carryforwards $ 920 |
Summary of Income Tax Contingencies [Table Text Block] | A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2021, 2020 and 2019, is as follows (dollars in millions): Total Unrecognized Tax Benefits 2021 2020 2019 Beginning balance, January 1 $ 342 $ 333 $ 325 Additions for tax positions of prior years 2 281 264 Reductions for tax positions of prior years (312) (278) (262) Additions for tax positions of current year 2 6 6 Ending balance, December 31 $ 34 $ 342 $ 333 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | A December 31 measurement date is used for all of the defined benefit and postretirement plans. The status of these plans as of December 31, 2021 and 2020 is summarized below (dollars in millions): December 31, Pension Benefits Other Benefits 2021 2020 2021 2020 Change in benefit obligation: Benefit obligation at beginning of year $ 254 $ 220 $ 81 $ 87 Service cost 18 14 3 3 Interest cost 4 6 2 2 Participant contributions — — — — Amendments — — (3) — Actuarial (gains) losses (8) 25 (6) (9) Benefits paid (12) (12) (2) (2) Foreign exchange translations and other adjustments — 1 — — Benefit obligation at end of year $ 256 $ 254 $ 75 $ 81 |
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | December 31, Pension Benefits Other Benefits 2021 2020 2021 2020 Change in plan assets: Fair value of plan assets at beginning of year $ 157 $ 133 $ — $ — Actual return on plan assets 15 18 — — Employer contributions 19 18 2 2 Participant contributions — — — — Benefits paid and expenses (12) (12) (2) (2) Fair value of plan assets at end of year $ 179 $ 157 $ — $ — Funded status at end of year $ (77) $ (97) $ (75) $ (81) |
Schedule of Net Funded Status [Table Text Block] | December 31, Qualified Plans Non-Qualified Plans (1) Total 2021 2020 2021 2020 2021 2020 Aggregate fair value of plan assets $ 179 $ 157 $ — $ — $ 179 $ 157 Aggregate projected benefit obligations 166 160 90 94 256 254 Over (under) funded $ 13 $ (3) $ (90) $ (94) $ (77) $ (97) (1) For non-qualified plans, there are no required funding levels. |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | December 31, Pension Benefits Other Benefits 2021 2020 2021 2020 Amounts recognized in accumulated other comprehensive income: Net actuarial loss $ 52 $ 71 $ 20 $ 29 Net prior service cost (credit) — — (9) (8) Total $ 52 $ 71 $ 11 $ 21 |
Schedule Of Projected Benefit Obligations In Excess Of Fair Value Of Plan Assets [Table Text Block] | The following table presents information for qualified and non-qualified pension plans with a projected benefit obligation in excess of plan assets as of December 31, 2021 and 2020 (dollars in millions): 2021 2020 Projected benefit obligation $ 256 $ 254 Fair value of plan assets 179 157 |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Table Text Block] | The following table presents information for pension plans with an accumulated benefit obligation in excess of plan assets as of December 31, 2021 and 2020 (dollars in millions): 2021 2020 Accumulated benefit obligation $ 248 $ 243 Fair value of plan assets 179 157 |
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | The components of net periodic benefit cost, included in other operating expenses on the consolidated statements of income, and other changes in plan assets and benefit obligations recognized in other comprehensive income were as follows (dollars in millions): Pension Benefits Other Benefits 2021 2020 2019 2021 2020 2019 Net periodic benefit cost: Service cost $ 18 $ 14 $ 13 $ 3 $ 3 $ 3 Interest cost 4 6 7 2 2 3 Expected return on plan assets (10) (9) (7) — — — Amortization of net actuarial losses 6 5 4 2 2 1 Amortization of prior service cost (credit) — — — (1) (1) (1) Settlements — — — — — — Net periodic benefit cost 18 16 17 6 6 6 Other changes in plan assets and benefit obligations recognized in other comprehensive income: Net actuarial (gains) losses (13) 17 14 (6) (8) 14 Amortization of net actuarial (losses) (6) (5) (4) (2) (2) (1) Amortization of prior service (cost) credit — — — 1 1 1 Settlements — — — — — — Prior service cost (credit) — — — (3) — — Foreign exchange translations and other adjustments — — — — — — Total recognized in other comprehensive income (19) 12 10 (10) (9) 14 Total recognized in net periodic benefit cost and other comprehensive income $ (1) $ 28 $ 27 $ (4) $ (3) $ 20 |
Schedule of Expected Benefit Payments [Table Text Block] | The following benefit payments, which reflect expected future service as appropriate, are expected to be paid (dollars in millions): Pension Benefits Other Benefits 2022 $ 12 $ 2 2023 15 2 2024 16 2 2025 18 2 2026 17 3 2027 – 2031 97 17 |
Defined Benefit Plan, Assumptions [Table Text Block] | The weighted average assumptions used to determine the benefit obligation and net periodic benefit cost were as follows: Pension Benefits Other Benefits 2021 2020 2019 2021 2020 2019 Benefit obligation Discount rate 2.64 % 2.22 % 3.05 % 2.76 % 2.41 % 3.17 % Rate of compensation increase 4.74 % 4.69 % 4.61 % n/a n/a n/a Net periodic benefit cost Discount rate 2.21 % 3.03 % 4.03 % 2.41 % 3.17 % 4.17 % Expected long-term rate of return on plan assets 6.50 % 7.00 % 7.00 % n/a n/a n/a Rate of compensation increase 4.71 % 4.60 % 4.16 % n/a n/a n/a |
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | The assumed health care cost trend rates used in measuring the accumulated non-pension post-retirement benefit obligation were as follows: As of December 31, 2021 2020 Health care cost trend rates assumed for next year 6.50 % 7.00 % Ultimate cost trend rate 4.50 % 4.50 % Year ultimate trend is reached 2026 2026 |
Schedule of Allocation of Plan Assets [Table Text Block] | The fair values of the Company’s qualified pension plan assets as of December 31, 2021 and 2020 are summarized below (dollars in millions): December 31, 2021 Fair Value Measurement Using: Total Level 1 Level 2 Level 3 Mutual Funds (1) $ 179 $ 179 $ — $ — Cash — — — — Total $ 179 $ 179 $ — $ — (1) Mutual funds were invested 27% in U.S. equity funds, 38% in U.S. fixed income funds, 18% in non-U.S. equity funds and 17% in other. December 31, 2020 Fair Value Measurement Using: Total Level 1 Level 2 Level 3 Mutual Funds (2) $ 157 $ 157 $ — $ — Cash — — — — Total $ 157 $ 157 $ — $ — (2) Mutual funds were invested 27% in U.S. equity funds, 39% in U.S. fixed income funds, 18% in non-U.S. equity funds and 16% in other. |
Financial Condition and Net I_2
Financial Condition and Net Income on a Statutory Basis - Significant Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Statutory Basis [Abstract] | |
Statutory Accounting Practices Disclosure [Table Text Block] | Statutory net income and capital and surplus of the Company’s primary operating insurance subsidiaries, determined in accordance with statutory accounting practices prescribed by the applicable state insurance department or local regulatory authority are as follows (dollars in millions): Statutory Capital and Surplus Statutory Net Income (Loss) 2021 2020 2021 2020 2019 RGA Americas Reinsurance Company, Ltd. $ 6,812 $ 8,249 $ (241) $ 879 $ 1,049 RGA Reinsurance Company 2,368 2,131 (98) (133) 280 Reinsurance Company of Missouri, Incorporated 2,362 2,136 (13) 4 75 RGA Reinsurance Company (Barbados) Ltd. 1,781 1,835 52 268 234 RGA Atlantic Reinsurance Company Ltd. 1,137 1,441 (226) 175 243 RGA International Reinsurance Company dac 1,121 1,460 43 52 37 RGA Life Reinsurance Company of Canada 903 886 25 152 (225) RGA Worldwide Reinsurance Company, Ltd. 702 703 10 104 106 RGA Global Reinsurance Company, Ltd. 565 495 93 59 71 RGA Reinsurance Company of Australia Limited 485 535 (22) 42 15 Other 1,015 1,298 (152) 194 114 |
Reconciliation Of NAIC SAP And Prescribed Practice [Text Block] | A reconciliation of the surplus between NAIC SAP and practices prescribed by the state of domicile is shown below (dollars in millions): December 31, 2021 2020 Prescribed practice – surplus $ 403 $ 577 Prescribed practice – letters of credit (461) (461) Surplus (deficit) – NAIC SAP $ (58) $ 116 |
Commitments Contingencies and_2
Commitments Contingencies and Guarantees (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2021 and 2020 are presented in the following table (dollars in millions): 2021 2020 Limited partnership interests and joint ventures $ 1,031 $ 678 Mortgage loans on real estate 152 199 Bank loans and private placements 768 194 Lifetime mortgages 41 43 |
Other Commitments [Table Text Block] | The following table presents the maximum potential obligation for these commitments as of December 31, 2021 (dollars in millions): Commitment Period Maximum Potential Obligation 2034 $ 1,243 2035 2,671 2036 3,599 2037 6,850 2038 2,300 2039 7,351 2046 3,000 |
Schedule of Guarantor Obligations [Table Text Block] | RGA’s guarantees issued as of December 31, 2021 and 2020 are reflected in the following table (dollars in millions): 2021 2020 Treaty guarantees $ 2,208 $ 1,934 Treaty guarantees, net of assets in trust 1,281 961 Securities borrowing and repurchase arrangements 134 133 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | The Company’s long-term debt consists of the following as of December 31, 2021 and 2020 (dollars in millions): 2021 2020 $400 million 5.00% Senior Notes due 2021 $ — $ 400 $400 million 4.70% Senior Notes due 2023 400 399 $400 million 3.95% Senior Notes due 2026 400 400 $600 million 3.90% Senior Notes due 2029 599 599 $600 million 3.15% Senior Notes due 2030 597 597 $100 million 4.09% Promissory Note due 2039 80 83 $400 million 6.20% Subordinated Debentures due 2042 400 400 $500 million 4.00% Surplus Notes due 2051 500 — $400 million 5.75% Subordinated Debentures due 2056 400 400 $400 million Variable Rate Junior Subordinated Debentures due 2065 319 319 Sub-total 3,695 3,597 Unamortized issuance costs (28) (24) Long-term Debt $ 3,667 $ 3,573 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Future principal payments due on long-term debt, excluding discounts, as of December 31, 2021, were as follows (dollars in millions): Calendar Year 2022 2023 2024 2025 2026 Thereafter Long-term debt $ 3 $ 403 $ 3 $ 4 $ 404 $ 2,883 |
Schedule of Line of Credit Facilities [Table Text Block] | The following table provides additional information on the Company’s existing committed credit facilities as of December 31, 2021 and 2020 (dollars in millions): Amount Utilized (1) December 31, Current Capacity Maturity Date 2021 2020 Basis of Fees $ 108 March 2022 $ 108 $ 107 Fixed 500 May 2022 376 210 Debt rating and utilization % 100 May 2023 70 75 Fixed 850 August 2023 21 21 Senior unsecured long-term debt rating 80 (2) December 2023 80 100 Fixed 100 February 2024 51 51 Fixed 100 August 2024 40 100 Fixed (1) Represents issued but undrawn letters of credit. There was no cash borrowed for the periods presented. (2) Foreign currency denominated facility, amounts presented are in U.S. dollars. |
Collateral Finance and Securi_2
Collateral Finance and Securitization Notes Collateral Finance and Securitization Notes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Collateralized Financings [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | The Company’s collateral finance and securitization notes consist of the following as of December 31, 2021 and 2020 (dollars in millions): 2021 2020 Timberlake Financial $ 181 $ 247 Chesterfield Financial — 143 Unamortized issuance costs (1) (2) Total $ 180 $ 388 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | For the years ended December 31, 2021 2020 2019 Revenues: U.S. and Latin America: Traditional $ 7,198 $ 6,560 $ 6,500 Financial Solutions 1,492 1,220 1,279 Total 8,690 7,780 7,779 Canada: Traditional 1,448 1,260 1,286 Financial Solutions 101 92 99 Total 1,549 1,352 1,385 Europe, Middle East and Africa: Traditional 1,827 1,633 1,520 Financial Solutions 616 471 450 Total 2,443 2,104 1,970 Asia Pacific: Traditional 2,778 2,806 2,681 Financial Solutions 417 309 228 Total 3,195 3,115 2,909 Corporate and Other 781 245 257 Total $ 16,658 $ 14,596 $ 14,300 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | For the years ended December 31, 2021 2020 2019 Income (loss) before income taxes: U.S. and Latin America: Traditional $ (540) $ (298) $ 265 Financial Solutions 515 295 398 Total (25) (3) 663 Canada: Traditional 128 134 168 Financial Solutions 15 21 15 Total 143 155 183 Europe, Middle East and Africa: Traditional (239) 27 80 Financial Solutions 303 258 223 Total 64 285 303 Asia Pacific: Traditional (10) 174 105 Financial Solutions 98 59 23 Total 88 233 128 Corporate and Other 421 (117) (145) Total $ 691 $ 553 $ 1,132 |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block] | For the years ended December 31, 2021 2020 2019 Interest expense: Corporate and Other $ 127 $ 170 $ 173 Total $ 127 $ 170 $ 173 For the years ended December 31, 2021 2020 2019 Depreciation and amortization: U.S. and Latin America: Traditional $ 360 $ 291 $ 291 Financial Solutions 80 90 143 Total 440 381 434 Canada: Traditional 21 24 20 Financial Solutions — — — Total 21 24 20 Europe, Middle East and Africa: Traditional 66 46 56 Financial Solutions 1 1 1 Total 67 47 57 Asia Pacific: Traditional 87 94 60 Financial Solutions 43 20 16 Total 130 114 76 Corporate and Other 22 23 22 Total $ 680 $ 589 $ 609 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | The table above includes amortization of DAC, including the effect from investment related gains and losses. For the years ended December 31, 2021 2020 Assets: U.S. and Latin America: Traditional $ 20,572 $ 20,071 Financial Solutions 29,028 25,433 Total 49,600 45,504 Canada: Traditional 5,091 4,682 Financial Solutions 18 13 Total 5,109 4,695 Europe, Middle East and Africa: Traditional 4,670 4,763 Financial Solutions 7,165 7,292 Total 11,835 12,055 Asia Pacific: Traditional 10,048 8,197 Financial Solutions 7,678 4,299 Total 17,726 12,496 Corporate and Other 7,905 9,906 Total $ 92,175 $ 84,656 |
Policy Claims and Benefits (Tab
Policy Claims and Benefits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Insurance [Abstract] | |
Short-duration Insurance Contracts, Claims Development [Table Text Block] | U.S. and Latin America As of (dollars in millions) December 31, 2021 Incurred Claims and Allocated Claim Adjustments, Net of Reinsurance (1) Total of Incurred-but-Not-Reported Liabilities Plus Expected Development on Reported Claims Accident Year For the Years Ended December 31, 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 323 $ 309 $ 297 $ 298 $ 299 $ 298 $ 297 $ 297 $ 296 $ 297 $ — 2013 349 333 339 337 336 336 337 335 336 — 2014 408 411 396 397 396 399 399 401 — 2015 460 461 465 462 462 463 463 — 2016 501 500 501 497 497 498 — 2017 485 514 509 504 503 — 2018 538 538 524 517 1 2019 491 473 456 4 2020 469 426 25 2021 509 211 Total $ 4,406 Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net of Reinsurance (1) Accident Year For the Years Ended December 31, 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 109 $ 222 $ 244 $ 252 $ 258 $ 264 $ 268 $ 272 $ 275 $ 279 2013 114 249 277 286 292 297 302 305 309 2014 129 305 337 349 356 364 368 374 2015 146 361 407 422 431 437 441 2016 185 393 437 451 460 467 2017 190 403 448 462 468 2018 183 415 465 479 2019 180 372 418 2020 159 356 2021 177 Total $ 3,768 All outstanding claims prior to 2012, net of reinsurance 110 Liabilities for claims and claim adjustment expense, net of reinsurance $ 748 (1) 2012 – 2020 unaudited. Asia Pacific As of (dollars in millions) December 31, 2021 Incurred Claims and Allocated Claim Adjustments, Net of Reinsurance (1) Total of Incurred-but-Not-Reported Liabilities Plus Expected Development on Reported Claims Accident Year For the Years Ended December 31, 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 214 $ 287 $ 292 $ 295 $ 303 $ 313 $ 319 $ 323 $ 325 $ 328 $ 3 2013 302 323 313 310 324 338 340 339 340 4 2014 285 309 273 279 293 295 295 294 5 2015 287 265 258 275 275 276 275 8 2016 235 212 219 227 226 223 7 2017 219 221 221 224 211 7 2018 261 279 273 261 22 2019 261 270 277 44 2020 154 151 40 2021 72 37 Total $ 2,432 Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net of Reinsurance (1) Accident Year For the Years Ended December 31, 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 51 $ 139 $ 191 $ 230 $ 251 $ 268 $ 283 $ 293 $ 301 $ 307 2013 51 149 216 243 269 292 304 313 320 2014 36 140 183 212 236 250 260 267 2015 50 122 172 208 229 241 251 2016 39 101 137 157 172 183 2017 37 90 119 141 157 2018 33 110 151 182 2019 39 105 145 2020 23 56 2021 8 Total $ 1,876 All outstanding claims prior to 2012, net of reinsurance 75 Liabilities for claims and claim adjustment expense, net of reinsurance $ 631 (1) 2012 – 2020 unaudited. |
Short-duration Insurance Contracts, Schedule of Historical Claims Duration [Table Text Block] | The following is unaudited supplementary information about average historical claims duration as of December 31, 2021: Average Annual Payout of Incurred Claims by Age, Net of Reinsurance Years 1 2 3 4 5 6 7 8 9 10 U.S. and Latin America 35.6 % 42.8 % 9.0 % 2.8 % 1.8 % 1.6 % 1.2 % 1.3 % 1.1 % 1.1 % Asia Pacific 15.0 % 27.2 % 16.1 % 10.6 % 7.3 % 5.2 % 3.9 % 2.6 % 2.2 % 2.0 % |
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Table Text Block] | The reconciliation of the net incurred and paid claims development tables to the liability for claims and claim adjustment expense in the consolidated balance sheet as of December 31, 2021, is as follows (dollars in millions): 2021 Liabilities for claims and claim adjustment expense, net of reinsurance: U.S. and Latin America $ 748 Asia Pacific 631 Liabilities for claims and claim adjustment expense, net of reinsurance 1,379 Adjustments to reconcile to total policy claims and future policy benefits: Reinsurance recoverable 13 Effect of discounting (105) Unallocated claims adjustment expense 7 Total adjustments (85) Other short-duration contracts: Canada 276 Europe, Middle East and Africa 636 Other 272 Liability for unpaid claims and claim adjustment expense – short-duration 2,478 Liability for unpaid claims and claim adjustment expense – long-duration 5,575 Total liability for unpaid claims and claim adjustment expense (included in future policy benefits and other policy-related balances) $ 8,053 |
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-related balances within the Company’s consolidated balance sheets. Activity associated with unpaid claims is summarized below (dollars in millions): 2021 2020 2019 Balance, beginning of period $ 7,556 $ 6,786 $ 6,585 Less: reinsurance recoverable (641) (564) (433) Net balance, beginning of period 6,915 6,222 6,152 Incurred: Current year 13,181 11,195 10,307 Prior years (377) 123 154 Total incurred 12,804 11,318 10,461 Payments: Current year (6,284) (5,617) (5,140) Prior years (5,810) (5,204) (5,305) Total payments (12,094) (10,821) (10,445) Other changes: Interest accretion 31 36 33 Foreign exchange adjustments (159) 160 21 Total other changes (128) 196 54 Net balance, end of period 7,497 6,915 6,222 Plus: reinsurance recoverable 556 641 564 Balance, end of period $ 8,053 $ 7,556 $ 6,786 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Schedule of Stock by Class [Table Text Block] | The changes in number of common stock shares, issued, held in treasury and outstanding are as follows for the periods indicated: Issued Held In Treasury Outstanding Balance, December 31, 2018 79,137,758 16,323,390 62,814,368 Common Stock acquired — 546,614 (546,614) Stock-based compensation (1) — (388,348) 388,348 Balance, December 31, 2019 79,137,758 16,481,656 62,656,102 Equity offering 6,172,840 — 6,172,840 Common Stock acquired — 1,074,413 (1,074,413) Stock-based compensation (1) — (202,372) 202,372 Balance, December 31, 2020 85,310,598 17,353,697 67,956,901 Common Stock acquired — 852,037 (852,037) Stock-based compensation (1) — (65,866) 65,866 Balance, December 31, 2021 85,310,598 18,139,868 67,170,730 (1) Represents net shares issued from treasury pursuant to the Company’s stock-based compensation programs. |
Class of Treasury Stock [Table Text Block] | The following table summarizes the Company’s current share repurchase program activity under the 2019 share repurchase program for the years ended December 31, 2021 and 2020 (dollar amounts in millions, except for the number of shares and per share amounts): Year of Repurchase Shares Repurchased Amount Paid Average Per Share 2021 852,037 $ 96 $ 112.64 2020 1,074,413 $ 153 $ 142.05 |
Schedule of Comprehensive Income (Loss) [Table Text Block] | Other Comprehensive Income (Loss) The following table presents the components of the Company’s other comprehensive income (loss) for the years ended December 31, 2021, 2020 and 2019 (dollars in millions): For the year ended December 31, 2021: Before-Tax Amount Tax (Expense) Benefit After-Tax Amount Foreign currency translation adjustments: Change arising during year $ 85 $ (24) $ 61 Foreign currency swap (2) 1 (1) Net foreign currency translation adjustments 83 (23) 60 Unrealized gains on investments: (1) Unrealized net holding losses arising during the year (2,093) 471 (1,622) Less: Reclassification adjustment for net gains realized in net income 226 (49) 177 Net unrealized gains (2,319) 520 (1,799) Change in impairments on fixed maturity securities — — — Unrealized pension and postretirement benefits: Net prior service cost arising during the year 2 — 2 Net gain (loss) arising during the period 27 (7) 20 Unrealized pension and postretirement benefits, net 29 (7) 22 Other comprehensive income (loss) $ (2,207) $ 490 $ (1,717) For the year ended December 31, 2020: Before-Tax Amount Tax (Expense) Benefit After-Tax Amount Foreign currency translation adjustments: Change arising during year $ 43 $ 3 $ 46 Foreign currency swap (29) 6 (23) Net foreign currency translation adjustments 14 9 23 Unrealized gains on investments: (1) Unrealized net holding gains arising during the year 2,812 (614) 2,198 Less: Reclassification adjustment for net gains realized in net income (8) (1) (9) Net unrealized gains 2,820 (613) 2,207 Change in impairments on fixed maturity securities (8) 2 (6) Unrealized pension and postretirement benefits: Net prior service cost arising during the year (1) — (1) Net gain (loss) arising during the period (2) 1 (1) Unrealized pension and postretirement benefits, net (3) 1 (2) Other comprehensive income (loss) $ 2,823 $ (601) $ 2,222 For the year ended December 31, 2019: Before-Tax Amount Tax (Expense) Benefit After-Tax Amount Foreign currency translation adjustments: Change arising during year $ 113 $ (10) $ 103 Foreign currency swap (33) 7 (26) Net foreign currency translation adjustments 80 (3) 77 Unrealized gains on investments: (1) Unrealized net holding gains arising during the year 3,208 (698) 2,510 Less: Reclassification adjustment for net gains realized in net income 84 (17) 67 Net unrealized gains 3,124 (681) 2,443 Change in impairments on fixed maturity securities — — — Unrealized pension and postretirement benefits: Net prior service cost arising during the year (1) — (1) Net gain arising during the period (23) 5 (18) Unrealized pension and postretirement benefits, net (24) 5 (19) Other comprehensive income (loss) $ 3,180 $ (679) $ 2,501 (1) Includes cash flow hedges. See Note 5 for additional information on cash flow hedges. |
Components Of Accumulated Other Comprehensive Income [Table Text Block] | A summary of the components of net unrealized appreciation (depreciation) of balances carried at fair value is as follows (dollars in millions): For the years ended December 31, 2021 2020 2019 Change in net unrealized appreciation (depreciation) on: Fixed maturity securities available-for-sale $ (2,299) $ 2,837 $ 3,258 Other investments (1) (64) 29 (37) Effect on unrealized appreciation on: Deferred policy acquisition costs 44 (54) (98) Net unrealized appreciation (depreciation) $ (2,319) $ 2,812 $ 3,123 (1) Includes cash flow hedges. See Note 5 for additional information on cash flow hedges. |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The balance of and changes in each component of AOCI were as follows (dollars in millions): Accumulated Unrealized Appreciation (Depreciation) of Investments (1) Pension and Accumulated Balance, December 31, 2018 (169) 856 (51) 636 OCI before reclassifications 80 3,306 (28) 3,358 Amounts reclassified from AOCI — (182) 4 (178) Deferred income tax benefit (expense) (3) (681) 5 (679) Balance, December 31, 2019 (92) 3,299 (70) 3,137 OCI before reclassifications 14 2,854 (9) 2,859 Amounts reclassified from AOCI — (42) 6 (36) Deferred income tax benefit (expense) 9 (611) 1 (601) Balance, December 31, 2020 $ (69) $ 5,500 $ (72) $ 5,359 OCI before reclassifications 83 (2,144) 22 (2,039) Amounts reclassified from AOCI — (175) 7 (168) Deferred income tax benefit (expense) (23) 520 (7) 490 Balance, December 31, 2021 $ (9) $ 3,701 $ (50) $ 3,642 (1) Includes cash flow hedges of $(22), $(49) and $(26) as of December 31, 2021, 2020 and 2019, respectively. See Note 5 for additional information on cash flow hedges. |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The following table presents the amounts of AOCI reclassifications for the years ended December 31, 2021 and 2020 (dollars in millions): Amount Reclassified from AOCI Details about AOCI Components 2021 2020 Affected Line Item in Net unrealized investment gains (losses): Net unrealized gains and losses on available-for-sale securities $ 226 $ (8) Investment related gains (losses), net Cash flow hedges – Interest rate (7) (4) (1) Cash flow hedges – Currency/Interest rate — — (1) Cash flow hedges – Forward bond purchase commitments — — (1) Deferred policy acquisition costs attributed to unrealized gains and losses (44) 54 (2) Total 175 42 Provision for income taxes (38) (12) Net unrealized gains (losses), net of tax $ 137 $ 30 Amortization of defined benefit plan items: Prior service cost (credit) $ 1 $ 1 (3) Actuarial gains (losses) (8) (7) (3) Total (7) (6) Provision for income taxes 1 1 Amortization of defined benefit plans, net of tax $ (6) $ (5) Total reclassifications for the period $ 131 $ 25 (1) See Note 5 for information on cash flow hedges. (2) See Note 8 for information on deferred policy acquisition costs. (3) See Note 10 for information on employee benefit plans. |
Equity Based Compensation (Tabl
Equity Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | The following table presents a summary of options and SARs activity: Number of Options and SARs Weighted-Average Exercise/Conversion Price Aggregate Intrinsic Value (in millions) Outstanding at December 31, 2020 2,168,395 $ 102.30 Granted 200,239 $ 129.01 Exercised (144,042) $ 60.47 Forfeited (1,878) $ 129.01 Outstanding at December 31, 2021 2,222,714 $ 107.39 $ 28.7 Awards exercisable 1,800,569 $ 103.30 $ 28.7 |
Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Awards Outstanding Awards Exercisable Range of Exercise Prices Number Outstanding as Weighted-Average Weighted- Number Weighted-Average $50.00 – $89.99 368,754 1.3 $ 64.03 368,754 $ 64.03 $90.00 – $99.99 703,305 3.8 $ 92.55 703,305 $ 92.55 $100.00 – $139.99 805,743 7.8 $ 122.90 430,718 $ 123.44 $140.00 + 344,912 6.7 $ 147.80 297,792 $ 148.20 Totals 2,222,714 5.3 $ 107.39 1,800,569 $ 103.30 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The following table presents the weighted average assumptions used to determine the fair value of SARs issued: For the years ended December 31, 2021 2020 2019 Dividend yield 2.17 % 2.37 % 1.65 % Risk-free rate of return 1.04 % 0.69 % 2.67 % Expected volatility 34.5 % 18.8 % 18.2 % Expected life (years) 6.3 7.0 6.0 Weighted average exercise price of stock options granted $ 129.01 $ 117.85 $ 145.25 Weighted average fair value of stock options granted $ 34.93 $ 15.14 $ 26.59 |
Share-based Payment Arrangement, Activity [Table Text Block] | The following table presents a summary of Performance Share and Restricted Stock Unit activity: Performance Contingent Awards Restricted Stock Units Outstanding at December 31, 2020 291,129 76,390 Granted 167,862 328,491 Change in units based on performance factor (117,589) — Paid — (18,487) Forfeited (997) (6,506) Outstanding at December 31, 2021 (1) 340,405 379,888 (1) Amount outstanding at December 31, 2021, includes the amount of shares to be issued under RSUs expected to vest and number of shares to be issued under performance continent awards at target performance. The amount of shares do not reflect potential increases or decreases that may result from the performance factor results except for the 2019 – 2021 grants which vested as of December 31, 2021. |
Quarterly Results of Operatio_2
Quarterly Results of Operations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) Years Ended December 31, (in millions, except per share data) Three Months Ended 2021 March 31, June 30, September 30, December 31, Total Revenues $ 4,119 $ 4,137 $ 4,043 $ 4,359 Total benefits and expenses 3,933 3,655 4,077 4,302 Income before income taxes 186 482 (34) 57 Net Income 139 344 (22) 156 Earnings Per Share: Basic earnings per share $ 2.04 $ 5.06 $ (0.32) $ 2.32 Diluted earnings per share 2.03 5.02 (0.32) 2.30 2020 March 31, June 30, September 30, December 31, Total Revenues $ 3,204 $ 3,606 $ 3,643 $ 4,143 Total benefits and expenses 3,300 3,411 3,358 3,974 Income before income taxes (96) 195 285 169 Net Income (88) 158 213 132 Earnings Per Share: Basic earnings per share $ (1.41) $ 2.49 $ 3.13 $ 1.95 Diluted earnings per share (1.41) 2.48 3.12 1.94 |
Summary of Investments Other _2
Summary of Investments Other Than Investments in Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract] | |
Summary Of Investments Other Than Investments In Related Parties [Table Text Block] | REINSURANCE GROUP OF AMERICA, INCORPORATED SCHEDULE I-SUMMARY OF INVESTMENTS-OTHER THAN INVESTMENTS IN RELATED PARTIES December 31, 2021 (in millions) Type of Investment Amortized Cost Estimated Fair Value Amount at Which Shown in the Balance Sheets (1) Fixed maturity securities: United States government and government agencies and authorities $ 2,082 $ 2,105 $ 2,105 State and political subdivisions 1,191 1,323 1,323 Foreign governments (2) 10,527 12,314 12,314 Public utilities 4,281 4,683 4,683 Mortgage-backed and asset-backed securities 6,834 6,904 6,904 All other corporate bonds 30,958 33,420 33,420 Total fixed maturity securities $ 55,873 $ 60,749 $ 60,749 Equity securities $ 176 $ 151 $ 151 Mortgage loans on real estate 6,283 6,283 Policy loans 1,234 1,234 Funds withheld at interest 6,954 6,954 Short-term investments 87 87 Other invested assets 3,070 3,070 Total investments $ 73,677 $ 78,528 (1) Fixed maturity securities are classified as available-for-sale and carried at fair value. (2) Includes fixed maturities directly issued by foreign governments, supranational and foreign government-sponsored enterprises. |
Condensed Financial Informati_2
Condensed Financial Information of The Registrant (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Financial Statements [Table Text Block] | REINSURANCE GROUP OF AMERICA, INCORPORATED SCHEDULE II—CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT December 31, (in millions) 2021 2020 2019 CONDENSED BALANCE SHEETS Assets: Fixed maturity securities available-for-sale, at fair value $ 523 $ 642 Short-term and other investments 7 172 Cash and cash equivalents 92 494 Investment in subsidiaries 15,737 16,937 Loans to subsidiaries 1,020 1,010 Other assets 382 326 Total assets $ 17,761 $ 19,581 Liabilities and stockholders’ equity: Long-term debt – unaffiliated (1) $ 3,172 $ 3,569 Long-term debt – affiliated (2) 600 500 Other liabilities 975 1,160 Stockholders’ equity 13,014 14,352 Total liabilities and stockholders’ equity $ 17,761 $ 19,581 CONDENSED STATEMENTS OF INCOME Interest / dividend income (3) $ 399 $ 472 $ 308 Investment related gains (losses), net 5 14 4 Operating expenses (66) (59) (55) Interest expense (152) (202) (206) Income (loss) before income tax and undistributed earnings of subsidiaries 186 225 51 Income tax expense (benefit) (21) (21) (33) Net income (loss) before undistributed earnings of subsidiaries 207 246 84 Equity in undistributed earnings of subsidiaries 410 169 786 Net income 617 415 870 Other comprehensive income (loss) 14 (29) (33) Total comprehensive income $ 631 $ 386 $ 837 The condensed financial information of RGA (the “Parent Company”) should be read in conjunction with the consolidated financial statements of RGA and its subsidiaries and the notes thereto (the “Consolidated Financial Statements”). These condensed unconsolidated financial statements reflect the results of operations, financial position and cash flows for RGA. Investments in subsidiaries are accounted for using the equity method of accounting. (1) Long-term debt – unaffiliated consists of the following: 2021 2020 $400 million 5.00% Senior Notes due 2021 $ — $ 400 $400 million 4.70% Senior Notes due 2023 400 399 $400 million 3.95% Senior Notes due 2026 400 400 $600 million 3.90% Senior Notes due 2029 599 599 $600 million 3.15% Senior Notes due 2030 597 598 $400 million 6.20% Subordinated Debentures due 2042 400 400 $400 million 5.75% Subordinated Debentures due 2056 400 400 $400 million Variable Rate Junior Subordinated Debentures due 2065 399 398 Subtotal 3,195 3,594 Unamortized debt issuance costs (23) (25) Total $ 3,172 $ 3,569 (2) Long-term debt includes $600 million and $500 million of affiliated subordinated debt in 2021 and 2020, respectively. The affiliated subordinated debt was issued to various operating subsidiaries. |
Condensed Cash Flow Statement | REINSURANCE GROUP OF AMERICA, INCORPORATED SCHEDULE II—CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT (continued) December 31, (in millions) 2021 2020 2019 CONDENSED STATEMENTS OF CASH FLOWS Operating activities: Net income $ 617 $ 415 $ 870 Equity in earnings of subsidiaries (410) (169) (786) Other, net (227) (170) 72 Net cash provided by (used in) operating activities (20) 76 156 Investing activities: Sales of fixed maturity securities available-for-sale 268 358 576 Purchases of fixed maturity securities available-for-sale (150) (400) (494) Repayments/issuances of loans to subsidiaries (10) — — Change in short-term investments 165 (165) — Change in other invested assets (1) (26) — Capital contributions to subsidiaries (43) (78) (96) Net cash provided by (used in) investing activities 229 (311) (14) Financing activities: Dividends to stockholders (194) (182) (163) Proceeds from issuance of common stock, net — 481 — Purchases of treasury stock (99) (163) (101) Exercise of stock options, net — 1 6 Change in cash collateral for derivative positions and other arrangements (19) (11) (92) Principal payments on debt (399) — (397) Principal payments on affiliated debt (500) — — Proceeds from unaffiliated long-term debt issuance — 598 599 Proceeds from affiliated long-term debt issuance 600 — — Debt issuance costs — (5) (5) Net cash provided by (used in) financing activities (611) 719 (153) Change in cash and cash equivalents (402) 484 (11) Cash and cash equivalents, beginning of period 494 10 21 Cash and cash equivalents, end of period $ 92 $ 494 $ 10 Supplementary information: Interest paid $ 173 $ 187 $ 192 Income taxes paid, net of refunds $ 323 $ 23 $ 9 |
Supplementary Insurance Infor_2
Supplementary Insurance Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract] | |
Supplementary Insurance Information For Insurance Companies Disclosure [Table Text Block] | REINSURANCE GROUP OF AMERICA, INCORPORATED SCHEDULE III—SUPPLEMENTARY INSURANCE INFORMATION (in millions) As of December 31, Deferred Policy Future Policy Benefits and Other Policy Claims and 2021 U.S. and Latin America: Traditional $ 1,926 $ 12,757 $ 2,806 Financial Solutions 190 25,107 24 Canada: Traditional 192 3,668 330 Financial Solutions — 16 5 Europe, Middle East and Africa: Traditional 253 1,366 1,612 Financial Solutions — 5,999 89 Asia Pacific: Traditional 1,052 3,792 2,116 Financial Solutions 74 8,202 6 Corporate and Other 3 1,252 5 Total $ 3,690 $ 62,159 $ 6,993 2020 U.S. and Latin America: Traditional $ 1,816 $ 12,245 $ 2,578 Financial Solutions 255 23,104 18 Canada: Traditional 195 3,474 292 Financial Solutions — 16 4 Europe, Middle East and Africa: Traditional 264 1,379 1,389 Financial Solutions — 5,881 66 Asia Pacific: Traditional 1,045 3,568 2,059 Financial Solutions 41 4,187 2 Corporate and Other — 875 5 Total $ 3,616 $ 54,729 $ 6,413 REINSURANCE GROUP OF AMERICA, INCORPORATED SCHEDULE III—SUPPLEMENTARY INSURANCE INFORMATION (continued) (in millions) Year ended December 31, Premium Income Net Investment Policyholder Amortization of DAC (1) Other Expenses (2) 2021 U.S. and Latin America: Traditional $ 6,244 $ 930 $ 6,790 $ 269 $ 679 Financial Solutions 55 1,089 731 101 145 Canada: Traditional 1,194 248 1,096 13 211 Financial Solutions 90 — 79 — 7 Europe, Middle East and Africa: Traditional 1,738 88 1,829 48 189 Financial Solutions 350 205 258 — 55 Asia Pacific: Traditional 2,624 136 2,445 60 283 Financial Solutions 218 138 244 41 34 Corporate and Other — 304 4 — 356 Total $ 12,513 $ 3,138 $ 13,476 $ 532 $ 1,959 2020 U.S. and Latin America: Traditional $ 5,838 $ 714 $ 5,979 $ 200 $ 679 Financial Solutions 53 999 764 52 109 Canada: Traditional 1,052 207 909 16 201 Financial Solutions 83 1 68 — 3 Europe, Middle East and Africa: Traditional 1,555 72 1,389 31 186 Financial Solutions 252 193 163 — 50 Asia Pacific: Traditional 2,681 107 2,293 65 274 Financial Solutions 180 85 206 19 25 Corporate and Other — 197 8 — 354 Total $ 11,694 $ 2,575 $ 11,779 $ 383 $ 1,881 2019 U.S. and Latin America: Traditional $ 5,729 $ 769 $ 5,339 $ 199 $ 697 Financial Solutions 39 931 737 31 113 Canada: Traditional 1,066 205 857 12 249 Financial Solutions 89 3 80 — 4 Europe, Middle East and Africa: Traditional 1,442 73 1,205 36 199 Financial Solutions 218 195 175 — 52 Asia Pacific: Traditional 2,568 104 2,317 36 223 Financial Solutions 146 46 162 16 27 Corporate and Other — 194 22 — 380 Total $ 11,297 $ 2,520 $ 10,894 $ 330 $ 1,944 (1) Includes the effect from investment related gains and losses. (2) Includes policy acquisition costs and other insurance expenses, excluding amortization of DAC. Also includes other operating expenses, interest expense, and collateral finance and securitization expense. |
Supplemental Schedule of Rein_2
Supplemental Schedule of Reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract] | |
Supplemental Schedule Of Reinsurance Premiums For Insurance Companies [Table Text Block] | REINSURANCE GROUP OF AMERICA, INCORPORATED SCHEDULE IV—REINSURANCE (in millions) As of or for the Year ended December 31, Gross Amount Ceded to Other Assumed from Net Amounts Percentage of 2021 Life insurance in force $ 1,117 $ 166,842 $ 3,467,054 $ 3,301,329 105.0 % Premiums U.S. and Latin America: Traditional $ 26 $ 472 $ 6,690 $ 6,244 107.1 % Financial Solutions 2 — 53 55 96.4 Canada: Traditional — 50 1,244 1,194 104.2 Financial Solutions — — 90 90 100.0 Europe, Middle East and Africa: Traditional 5 32 1,765 1,738 101.6 Financial Solutions — 202 552 350 157.7 Asia Pacific: Traditional — 112 2,736 2,624 104.3 Financial Solutions — — 218 218 100.0 Total $ 33 $ 868 $ 13,348 $ 12,513 106.7 2020 Life insurance in force $ 1,990 $ 184,625 $ 3,480,692 $ 3,298,057 105.5 % Premiums U.S. and Latin America: Traditional $ 23 $ 585 $ 6,399 $ 5,837 109.6 % Financial Solutions 3 — 50 53 94.3 Canada: Traditional — 54 1,106 1,052 105.1 Financial Solutions — — 83 83 100.0 Europe, Middle East and Africa: Traditional 32 24 1,548 1,556 99.5 Financial Solutions — 178 430 252 170.6 Asia Pacific: Traditional — 106 2,787 2,681 104.0 Financial Solutions — — 180 180 100.0 Total $ 58 $ 947 $ 12,583 $ 11,694 107.6 2019 Life insurance in force $ 1,316 $ 192,864 $ 3,480,206 $ 3,288,658 105.8 % Premiums U.S. and Latin America: Traditional $ 29 $ 591 $ 6,291 5,729 109.8 % Financial Solutions 2 — 37 39 95.4 Canada: Traditional — 54 1,120 1,066 105.0 Financial Solutions — — 89 89 100.0 Europe, Middle East and Africa: Traditional 45 52 1,449 1,442 100.6 Financial Solutions — 148 366 218 167.9 Asia Pacific: Traditional — 84 2,652 2,568 103.2 Financial Solutions — — 146 146 100.0 Total $ 76 $ 929 $ 12,150 $ 11,297 107.5 |
Valuation and Qualifying Acco_2
Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation And Qualifying Accounts [Table Text Block] | REINSURANCE GROUP OF AMERICA, INCORPORATED SCHEDULE V—VALUATION AND QUALIFYING ACCOUNTS (in millions) Additions Description Balance at Charged to Costs and Expenses Charged to Other Deductions Balance at End of Period 2021 Valuation allowance for deferred income taxes $ 251 $ (18) $ (15) $ — $ 218 Allowance for credit losses for mortgage loans 64 — — 29 35 Allowance for credit losses for fixed maturity securities available-for-sale 20 27 — 16 31 2020 Valuation allowance for deferred income taxes $ 236 $ (4) $ 19 $ — $ 251 Allowance for credit losses for mortgage loans (1) 12 38 14 — 64 Allowance for credit losses for fixed maturity securities available-for-sale — 41 — 21 20 2019 Valuation allowance for deferred income taxes $ 181 $ 56 $ (1) $ — $ 236 Allowance for credit losses for mortgage loans 11 1 — — 12 (1) Upon adoption of Financial Instruments – Credits Losses on January 1, 2020, the Company increased the valuation allowance for mortgage loans by $14 million. The increase was reflected as a decrease to opening retained earnings, net of income taxes. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | |||
Document Period End Date | Dec. 31, 2021 | ||
Property, Plant and Equipment, Useful Life | 40 years | ||
Other Asset Impairment Charges | $ 5 | $ 4 | |
Impairment of Intangible Assets (Excluding Goodwill) | $ 4 | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 131 | 116 | |
Property, Plant and Equipment, Gross | 270 | 260 | |
Depreciation | 16 | 17 | 18 |
Goodwill | 7 | 7 | |
Present Value of Future Insurance Profits, Net | 0 | 4 | |
Values Of Business Acquired Distribution Agreements And Customer Relationships | 19 | 25 | |
Accumulated Amortization Of Values Of Business Acquired Distribution Agreements And Customer Relationships | 102 | 96 | |
Amortization Of Values Of Business Acquired Distribution Agreements And Customer Relationships | 7 | 8 | 8 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 6 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 6 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 6 | ||
Capitalized Computer Software, Net | 145 | 147 | |
Capitalized Computer Software, Amortization | $ 27 | 32 | $ 31 |
Value of Customer Relationships Acquired [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||
Value of Distribution Agreements [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||
Other Intangible Assets [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Accumulated Amortization Of Values Of Business Acquired Distribution Agreements And Customer Relationships | $ 17 | $ 12 | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 4 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 4 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 4 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 4 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 3 | ||
Minimum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Collateral Obtained Percent Of Fair Value Reverse Repurchase Agreements | 100.00% | ||
Maximum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Collateral Obtained Percent Of Fair Value Reverse Repurchase Agreements | 105.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Future Policy Benefits) (Narrative) (Details) | Dec. 31, 2021 |
Maximum [Member] | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |
Long-Duration Contracts, Assumptions by Product and Guarantee, Discount Rate | 6.00% |
Minimum [Member] | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |
Long-Duration Contracts, Assumptions by Product and Guarantee, Discount Rate | 3.00% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Intangible Assets) (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Accumulated Amortization Of Values Of Business Acquired Distribution Agreements And Customer Relationships | $ 102 | $ 96 | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 6 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 6 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 6 | ||
Present Value of Future Insurance Profits, Net | 0 | 4 | |
Other Intangible Assets [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived Intangible Assets Acquired | 22 | 30 | |
Accumulated Amortization Of Values Of Business Acquired Distribution Agreements And Customer Relationships | 17 | 12 | |
Amortization of Intangible Assets | 4 | $ 4 | $ 4 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 4 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 4 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 4 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 4 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 3 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (New Accounting Pronouncements) (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Adoption of New Accounting Standard Current Expected Credit Losses | $ 0 | $ 14 | $ 0 |
Accounting Standards Update 2016-13 [Member] | |||
Adoption of New Accounting Standard Current Expected Credit Losses | $ 15 |
Earnings Per Share (Schedule of
Earnings Per Share (Schedule of Earnings Per Share Basic and Diluted) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||||||||||
Net Income (Loss) Attributable to Parent | $ 156 | $ (22) | $ 344 | $ 139 | $ 132 | $ 213 | $ 158 | $ (88) | $ 617 | $ 415 | $ 870 |
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | |||||||||||
Weighted Average Number of Shares Outstanding, Basic | 67,800 | 65,400 | 62,700 | ||||||||
Equivalent shares from outstanding stock options | 500 | 400 | 1,200 | ||||||||
Weighted Average Number of Shares Outstanding, Diluted | 68,300 | 65,800 | 63,900 | ||||||||
Earnings per share | |||||||||||
Earnings Per Share, Basic (in dollars per share) | $ 2.32 | $ (0.32) | $ 5.06 | $ 2.04 | $ 1.95 | $ 3.13 | $ 2.49 | $ (1.41) | $ 9.10 | $ 6.35 | $ 13.88 |
Earnings Per Share, Diluted (in dollars per share) | $ 2.30 | $ (0.32) | $ 5.02 | $ 2.03 | $ 1.94 | $ 3.12 | $ 2.48 | $ (1.41) | $ 9.04 | $ 6.31 | $ 13.62 |
Earnings Per Share Earnings Per
Earnings Per Share Earnings Per Share (Narrative) (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stock Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0.2 | 0.4 | 0.2 |
Contingently Issuable Shares [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0.3 | 0.3 | 0.3 |
Investments (Investments in Fix
Investments (Investments in Fixed Maturity and Equity Securities Available-for-Sale by Sector) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Financing Receivable, Allowance for Credit Loss | $ 31 | $ 20 |
Available for Sale at Fair value - Amortized cost | 55,873 | 49,548 |
Available-for-sale at fair value (amortized cost of $55,873 and $49,548; allowance for credit losses of $31 and $20) | $ 60,749 | $ 56,735 |
Fixed Maturities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Percentage Of Total Available For Sale Securities | 100.00% | 100.00% |
Financing Receivable, Allowance for Credit Loss | $ 31 | $ 20 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 349 | 197 |
Available for Sale at Fair value - Amortized cost | 55,873 | 49,548 |
Available-for-sale at fair value (amortized cost of $55,873 and $49,548; allowance for credit losses of $31 and $20) | 60,749 | 56,735 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 5,256 | 7,404 |
Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available for Sale at Fair value - Amortized cost | 35,239 | 31,963 |
Available-for-sale at fair value (amortized cost of $55,873 and $49,548; allowance for credit losses of $31 and $20) | $ 38,103 | $ 36,208 |
Corporate Debt Securities [Member] | Fixed Maturities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Percentage Of Total Available For Sale Securities | 62.80% | 63.90% |
Financing Receivable, Allowance for Credit Loss | $ 26 | $ 17 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 194 | 94 |
Available for Sale at Fair value - Amortized cost | 35,239 | 31,963 |
Available-for-sale at fair value (amortized cost of $55,873 and $49,548; allowance for credit losses of $31 and $20) | 38,103 | 36,208 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 3,084 | 4,356 |
Canadian Provincial Governments [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale at fair value (amortized cost of $55,873 and $49,548; allowance for credit losses of $31 and $20) | $ 4,944 | $ 5,140 |
Canadian Provincial Governments [Member] | Fixed Maturities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Percentage Of Total Available For Sale Securities | 8.10% | 9.10% |
Financing Receivable, Allowance for Credit Loss | $ 0 | $ 0 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 1 | 0 |
Available for Sale at Fair value - Amortized cost | 3,339 | 3,145 |
Available-for-sale at fair value (amortized cost of $55,873 and $49,548; allowance for credit losses of $31 and $20) | 4,944 | 5,140 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 1,606 | 1,995 |
Residential Mortgage Backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale at fair value (amortized cost of $55,873 and $49,548; allowance for credit losses of $31 and $20) | $ 1,050 | $ 1,817 |
Residential Mortgage Backed Securities [Member] | Fixed Maturities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Percentage Of Total Available For Sale Securities | 1.70% | 3.20% |
Financing Receivable, Allowance for Credit Loss | $ 0 | $ 0 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 7 | 2 |
Available for Sale at Fair value - Amortized cost | 1,020 | 1,735 |
Available-for-sale at fair value (amortized cost of $55,873 and $49,548; allowance for credit losses of $31 and $20) | 1,050 | 1,817 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 37 | 84 |
Asset-backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale at fair value (amortized cost of $55,873 and $49,548; allowance for credit losses of $31 and $20) | $ 4,005 | $ 3,092 |
Asset-backed Securities [Member] | Fixed Maturities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Percentage Of Total Available For Sale Securities | 6.60% | 5.40% |
Financing Receivable, Allowance for Credit Loss | $ 0 | $ 0 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 41 | 42 |
Available for Sale at Fair value - Amortized cost | 4,024 | 3,099 |
Available-for-sale at fair value (amortized cost of $55,873 and $49,548; allowance for credit losses of $31 and $20) | 4,005 | 3,092 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 22 | 35 |
Commercial Mortgage Backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale at fair value (amortized cost of $55,873 and $49,548; allowance for credit losses of $31 and $20) | $ 1,849 | $ 1,868 |
Commercial Mortgage Backed Securities [Member] | Fixed Maturities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Percentage Of Total Available For Sale Securities | 3.00% | 3.30% |
Financing Receivable, Allowance for Credit Loss | $ 1 | $ 3 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 6 | 21 |
Available for Sale at Fair value - Amortized cost | 1,790 | 1,790 |
Available-for-sale at fair value (amortized cost of $55,873 and $49,548; allowance for credit losses of $31 and $20) | 1,849 | 1,868 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 66 | 102 |
US Treasury and Government [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale at fair value (amortized cost of $55,873 and $49,548; allowance for credit losses of $31 and $20) | $ 2,105 | $ 1,437 |
US Treasury and Government [Member] | Fixed Maturities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Percentage Of Total Available For Sale Securities | 3.50% | 2.50% |
Financing Receivable, Allowance for Credit Loss | $ 0 | $ 0 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 8 | 1 |
Available for Sale at Fair value - Amortized cost | 2,082 | 1,242 |
Available-for-sale at fair value (amortized cost of $55,873 and $49,548; allowance for credit losses of $31 and $20) | 2,105 | 1,437 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 31 | 196 |
US States and Political Subdivisions Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale at fair value (amortized cost of $55,873 and $49,548; allowance for credit losses of $31 and $20) | $ 1,323 | $ 1,390 |
US States and Political Subdivisions Debt Securities [Member] | Fixed Maturities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Percentage Of Total Available For Sale Securities | 2.20% | 2.40% |
Financing Receivable, Allowance for Credit Loss | $ 0 | $ 0 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 5 | 4 |
Available for Sale at Fair value - Amortized cost | 1,191 | 1,237 |
Available-for-sale at fair value (amortized cost of $55,873 and $49,548; allowance for credit losses of $31 and $20) | 1,323 | 1,390 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 137 | 157 |
Debt Security, Government, Non-US [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale at fair value (amortized cost of $55,873 and $49,548; allowance for credit losses of $31 and $20) | $ 7,370 | $ 5,783 |
Debt Security, Government, Non-US [Member] | Fixed Maturities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Percentage Of Total Available For Sale Securities | 12.10% | 10.20% |
Financing Receivable, Allowance for Credit Loss | $ 4 | $ 0 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 87 | 33 |
Available for Sale at Fair value - Amortized cost | 7,188 | 5,337 |
Available-for-sale at fair value (amortized cost of $55,873 and $49,548; allowance for credit losses of $31 and $20) | 7,370 | 5,783 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $ 273 | $ 479 |
Investments (Fixed Maturity Sec
Investments (Fixed Maturity Securities Pledged And Received As Collateral) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Available for Sale at Fair value - Amortized cost | $ 55,873 | $ 49,548 |
Available-for-sale at fair value (amortized cost of $55,873 and $49,548; allowance for credit losses of $31 and $20) | 60,749 | 56,735 |
Assets Held-in-trust | 465 | 572 |
Estimate of Fair Value Measurement [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Assets Held-in-trust | 31,173 | 31,179 |
Carrying Value [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Assets Held-in-trust | 28,671 | 27,675 |
Collateral Fixed Maturity Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available for Sale at Fair value - Amortized cost | 100 | 148 |
Available-for-sale at fair value (amortized cost of $55,873 and $49,548; allowance for credit losses of $31 and $20) | 103 | 162 |
Collateral Received Fixed Maturity Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale at fair value (amortized cost of $55,873 and $49,548; allowance for credit losses of $31 and $20) | $ 1,922 | $ 1,784 |
Investments (Exposure To Concen
Investments (Exposure To Concentrations Of Credit Risk) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Available for Sale at Fair value - Amortized cost | $ 55,873 | $ 49,548 |
Available-for-sale at fair value (amortized cost of $55,873 and $49,548; allowance for credit losses of $31 and $20) | 60,749 | 56,735 |
JAPAN | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available for Sale at Fair value - Amortized cost | 3,080 | 1,493 |
Available-for-sale at fair value (amortized cost of $55,873 and $49,548; allowance for credit losses of $31 and $20) | 3,063 | 1,491 |
Canadian Province Of Ontario Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available for Sale at Fair value - Amortized cost | 1,377 | 1,303 |
Available-for-sale at fair value (amortized cost of $55,873 and $49,548; allowance for credit losses of $31 and $20) | 2,347 | 2,474 |
Canadian Province Of Quebec Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available for Sale at Fair value - Amortized cost | 1,092 | 1,054 |
Available-for-sale at fair value (amortized cost of $55,873 and $49,548; allowance for credit losses of $31 and $20) | $ 1,451 | $ 1,528 |
Investments (Amortized Cost and
Investments (Amortized Cost and Fair Value of Fixed Maturities by Contractual Maturities) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis [Abstract] | ||
Available-for-sale Securities, Debt Maturities, within One Year, Amortized Cost Basis | $ 1,641 | |
Available-for-sale Securities, Debt Maturities, after One Through Five Years, Amortized Cost Basis | 9,698 | |
Available-for-sale Securities, Debt Maturities, after Five Through Ten Years, Amortized Cost Basis | 10,969 | |
Debt Securities, Available-for-sale, Allocated and Single Maturity Date, Maturity, after 10 Years, Amortized Cost | 26,731 | |
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Amortized Cost | 6,834 | |
Available for Sale at Fair value - Amortized cost | 55,873 | $ 49,548 |
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract] | ||
Available-for-sale Securities, Debt Maturities, within One Year, Fair Value | 1,649 | |
Available-for-sale Securities, Debt Maturities, after One Through Five Years, Fair Value | 10,115 | |
Available-for-sale Securities, Debt Maturities, after Five Through Ten Years, Fair Value | 11,700 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after 10 Years, Fair Value | 30,381 | |
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value | 6,904 | |
Fixed maturity securities available-for-sale | $ 60,749 | $ 56,735 |
Investments (Amortized Cost a_2
Investments (Amortized Cost and Fair Value of Fixed Maturity Holdings by Industry Type) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Corporate Secturities by Investment Sector And Credit Rating [Line Items] | ||
Available for Sale at Fair value - Amortized cost | $ 55,873 | $ 49,548 |
Available-for-sale at fair value (amortized cost of $55,873 and $49,548; allowance for credit losses of $31 and $20) | 60,749 | 56,735 |
Corporate Debt Securities [Member] | ||
Corporate Secturities by Investment Sector And Credit Rating [Line Items] | ||
Available for Sale at Fair value - Amortized cost | 35,239 | 31,963 |
Available-for-sale at fair value (amortized cost of $55,873 and $49,548; allowance for credit losses of $31 and $20) | $ 38,103 | $ 36,208 |
Percentage Of Total Available For Sales Securities | 100.00% | 100.00% |
Financial Services Sector [Member] | Corporate Debt Securities [Member] | ||
Corporate Secturities by Investment Sector And Credit Rating [Line Items] | ||
Available for Sale at Fair value - Amortized cost | $ 13,101 | $ 11,785 |
Available-for-sale at fair value (amortized cost of $55,873 and $49,548; allowance for credit losses of $31 and $20) | $ 14,045 | $ 13,236 |
Percentage Of Total Available For Sales Securities | 36.90% | 36.60% |
Commercial and Industrial Sector [Member] | Corporate Debt Securities [Member] | ||
Corporate Secturities by Investment Sector And Credit Rating [Line Items] | ||
Available for Sale at Fair value - Amortized cost | $ 17,857 | $ 16,274 |
Available-for-sale at fair value (amortized cost of $55,873 and $49,548; allowance for credit losses of $31 and $20) | $ 19,375 | $ 18,435 |
Percentage Of Total Available For Sales Securities | 50.80% | 50.90% |
Utility Industry [Member] | Corporate Debt Securities [Member] | ||
Corporate Secturities by Investment Sector And Credit Rating [Line Items] | ||
Available for Sale at Fair value - Amortized cost | $ 4,281 | $ 3,904 |
Available-for-sale at fair value (amortized cost of $55,873 and $49,548; allowance for credit losses of $31 and $20) | $ 4,683 | $ 4,537 |
Percentage Of Total Available For Sales Securities | 12.30% | 12.50% |
Investments (Credit Losses Reco
Investments (Credit Losses Recognized in Earnings on Fixed Maturity Securities Held by the Company) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Balance, beginning of period | $ 20 | $ 0 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Change in Status | 27 | 41 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Securities Sold | (13) | (21) |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, Additional Credit Losses | (3) | |
Balance, end of period | 31 | 20 |
Commercial Mortgage Backed Securities [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Balance, beginning of period | 3 | 0 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Change in Status | 1 | 3 |
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) | |
Balance, end of period | 1 | 3 |
Foreign Government Debt [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Balance, beginning of period | 0 | 0 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Change in Status | 5 | 2 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Securities Sold | (1) | (2) |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, Additional Credit Losses | 0 | |
Balance, end of period | 4 | 0 |
Corporate Debt Securities [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Balance, beginning of period | 17 | 0 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Change in Status | 21 | 36 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Securities Sold | (10) | (19) |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, Additional Credit Losses | (2) | |
Balance, end of period | $ 26 | $ 17 |
Investments (Fair Value and Los
Investments (Fair Value and Losses by Investment Category and Length of Time in a Loss Position) (Details) - Fixed Maturities [Member] - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | $ 176 | $ 163 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 171 | 34 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 347 | 197 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 13,284 | 4,837 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 10,644 | 4,068 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 2,640 | 769 |
External Credit Rating, Investment Grade [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 156 | 83 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 104 | 19 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 260 | 102 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 12,500 | 4,202 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 10,045 | 3,546 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 2,455 | 656 |
External Credit Rating, Investment Grade [Member] | Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 86 | 29 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 51 | 5 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 137 | 34 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 5,081 | 1,000 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 4,135 | 930 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 946 | 70 |
External Credit Rating, Investment Grade [Member] | Canadian Provincial Governments [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 1 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 1 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 20 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 20 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | 0 |
External Credit Rating, Investment Grade [Member] | Residential Mortgage Backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 3 | 2 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 4 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 7 | 2 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 234 | 294 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 132 | 294 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 102 | 0 |
External Credit Rating, Investment Grade [Member] | Asset-backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 22 | 17 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 6 | 11 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 28 | 28 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 2,336 | 1,666 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 1,747 | 1,096 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 589 | 570 |
External Credit Rating, Investment Grade [Member] | Commercial Mortgage Backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 2 | 6 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 2 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 4 | 6 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 187 | 160 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 152 | 160 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 35 | 0 |
External Credit Rating, Investment Grade [Member] | US Government Agencies Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 6 | 1 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 2 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 8 | 1 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 1,544 | 27 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 1,513 | 27 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 31 | 0 |
External Credit Rating, Investment Grade [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 3 | 1 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 2 | 3 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 5 | 4 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 137 | 82 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 109 | 66 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 28 | 16 |
External Credit Rating, Investment Grade [Member] | Debt Security, Government, Non-US [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 33 | 27 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 37 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 70 | 27 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 2,961 | 973 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 2,237 | 973 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 724 | 0 |
External Credit Rating, Non Investment Grade [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 20 | 80 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 67 | 15 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 87 | 95 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 784 | 635 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 599 | 522 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 185 | 113 |
External Credit Rating, Non Investment Grade [Member] | Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 13 | 49 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 44 | 11 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 57 | 60 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 560 | 456 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 463 | 375 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 97 | 81 |
External Credit Rating, Non Investment Grade [Member] | Asset-backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 0 | 13 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 13 | 1 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 13 | 14 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 13 | 24 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 0 | 20 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 13 | 4 |
External Credit Rating, Non Investment Grade [Member] | Commercial Mortgage Backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 0 | 15 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 0 | 15 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 0 | 91 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 0 | 91 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | 0 |
External Credit Rating, Non Investment Grade [Member] | Debt Security, Government, Non-US [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 7 | 3 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 10 | 3 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 17 | 6 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 211 | 64 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 136 | 36 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 75 | $ 28 |
Investments (Investment Income
Investments (Investment Income Net of Related Expenses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Major Categories Of Investment Income Net Of Expenses [Line Items] | |||
Gross Investment Income, Operating | $ 3,246 | $ 2,667 | $ 2,616 |
Investment Income, Investment Expense | (108) | (92) | (96) |
Investment income, net of related expenses | 3,138 | 2,575 | 2,520 |
Available-for-sale Securities [Member] | |||
Major Categories Of Investment Income Net Of Expenses [Line Items] | |||
Gross Investment Income, Operating | 2,059 | 1,928 | 1,786 |
Equity Securities [Member] | |||
Major Categories Of Investment Income Net Of Expenses [Line Items] | |||
Gross Investment Income, Operating | 5 | 6 | 8 |
Mortgage Loans on Real Estate [Member] | |||
Major Categories Of Investment Income Net Of Expenses [Line Items] | |||
Gross Investment Income, Operating | 293 | 282 | 255 |
Policy Loans [Member] | |||
Major Categories Of Investment Income Net Of Expenses [Line Items] | |||
Gross Investment Income, Operating | 55 | 56 | 58 |
Funds Withheld At Interest [Member] | |||
Major Categories Of Investment Income Net Of Expenses [Line Items] | |||
Gross Investment Income, Operating | 351 | 279 | 297 |
Short-term Investments [Member] | |||
Major Categories Of Investment Income Net Of Expenses [Line Items] | |||
Gross Investment Income, Operating | 3 | 7 | 28 |
Other Aggregated Investments [Member] | |||
Major Categories Of Investment Income Net Of Expenses [Line Items] | |||
Gross Investment Income, Operating | 61 | 59 | 65 |
Partnership Interest [Member] | |||
Major Categories Of Investment Income Net Of Expenses [Line Items] | |||
Gross Investment Income, Operating | $ 419 | $ 50 | $ 119 |
Investments (Investment Related
Investments (Investment Related Gains (Losses) Net) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Securities, Available-for-sale [Abstract] | |||
Other than Temporary Impairment Losses, Investments | $ (12) | $ (21) | $ (31) |
Available-for-sale Securities, Realized Losses, Excluding Other than Temporary Impairments | (65) | (82) | (50) |
Gain (Loss) on Sale of Equity Investments | 25 | (15) | 16 |
Available-for-sale Securities, Gross Realized Gains | 299 | 114 | 151 |
Other Impairment Losses And Change In Mortgage Loan Provision | 29 | (56) | (12) |
Change in fair value of certain limited partnership investments and other, net | 194 | 24 | 13 |
Derivatives And Other Investments Net | 90 | 3 | 4 |
Realized Investment Gains (Losses) | $ 560 | $ (33) | $ 91 |
Investments (Borrowed Securitie
Investments (Borrowed Securities Repurchased Securities And Repurchased Reversed Repurchased Securities) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Securities Financing Transaction [Line Items] | ||
Securities Received as Collateral | $ 102 | $ 102 |
Securities Financing Transaction, Cost | ||
Securities Financing Transaction [Line Items] | ||
Securities Borrowed | 374 | 118 |
Securities Loaned, Fair Value of Collateral | 94 | 94 |
Securities for Reverse Repurchase Agreements | 704 | 653 |
Cash | 10 | 0 |
Securities Financing Transaction, Fair Value | ||
Securities Financing Transaction [Line Items] | ||
Securities Borrowed | 420 | 161 |
Securities Loaned, Fair Value of Collateral | 102 | 105 |
Securities for Reverse Repurchase Agreements | 736 | 711 |
Securities Sold under Agreements to Repurchase, Collateral, Right to Reclaim Securities | 728 | 669 |
Cash | $ 10 | $ 0 |
Investments (Securities Pledged
Investments (Securities Pledged as Collateral Related to Repurchase Reverse Repurchase Program) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred | $ 102 | $ 105 |
Financial Assets Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement | 746 | 711 |
Securities Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement | 830 | 771 |
Secured Borrowings, Gross, Difference, Amount | 18 | 45 |
Obligation to Return Securities Received as Collateral | 848 | 816 |
Maturity Overnight [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred | 0 | 0 |
Financial Assets Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement | 0 | 0 |
Obligation to Return Securities Received as Collateral | 0 | 0 |
Maturity Less than 30 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred | 0 | 0 |
Financial Assets Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement | 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] | ||
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred | 0 | 0 |
Financial Assets Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement | 0 | 0 |
Obligation to Return Securities Received as Collateral | 0 | 0 |
Maturity Greater than 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred | 102 | 105 |
Financial Assets Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement | 746 | 711 |
Obligation to Return Securities Received as Collateral | 848 | 816 |
Corporate Debt Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred | 94 | 105 |
Financial Assets Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement | 366 | 417 |
Corporate Debt Securities [Member] | Maturity Overnight [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred | 0 | 0 |
Financial Assets Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement | 0 | 0 |
Corporate Debt Securities [Member] | Maturity Less than 30 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred | 0 | 0 |
Financial Assets Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement | 0 | 0 |
Corporate Debt Securities [Member] | Maturity 30 to 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred | 0 | 0 |
Financial Assets Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement | 0 | 0 |
Corporate Debt Securities [Member] | Maturity Greater than 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred | 94 | 105 |
Financial Assets Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement | 366 | 417 |
Debt Security, Government, Non-US [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred | 5 | |
Financial Assets Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement | 370 | 294 |
Debt Security, Government, Non-US [Member] | Maturity Overnight [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred | 0 | |
Financial Assets Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement | 0 | 0 |
Debt Security, Government, Non-US [Member] | Maturity Less than 30 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred | 0 | |
Financial Assets Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement | 0 | 0 |
Debt Security, Government, Non-US [Member] | Maturity 30 to 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred | 0 | |
Financial Assets Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement | 0 | 0 |
Debt Security, Government, Non-US [Member] | Maturity Greater than 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred | 5 | |
Financial Assets Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement | 370 | $ 294 |
US States and Political Subdivisions Debt Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred | 3 | |
US States and Political Subdivisions Debt Securities [Member] | Maturity Overnight [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred | 0 | |
US States and Political Subdivisions Debt Securities [Member] | Maturity Less than 30 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred | 0 | |
US States and Political Subdivisions Debt Securities [Member] | Maturity 30 to 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred | 0 | |
US States and Political Subdivisions Debt Securities [Member] | Maturity Greater than 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred | 3 | |
Cash and Cash Equivalents [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Financial Assets Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement | 10 | |
Cash and Cash Equivalents [Member] | Maturity Overnight [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Financial Assets Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement | 0 | |
Cash and Cash Equivalents [Member] | Maturity Less than 30 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Financial Assets Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement | 0 | |
Cash and Cash Equivalents [Member] | Maturity 30 to 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Financial Assets Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement | 0 | |
Cash and Cash Equivalents [Member] | Maturity Greater than 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Financial Assets Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement | $ 10 |
Investments (Mortgage Loans by
Investments (Mortgage Loans by Property Type) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Loans Receivable, Gross, Commercial, Real Estate | $ 6,329 | $ 5,861 | ||
Mortgage Loans On Real Estate Commercial And Consumer Net 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 | (35) | (64) | $ (12) | $ (11) |
Mortgage loans on real estate | 6,283 | 5,787 | ||
Office Building [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Loans Receivable, Gross, Commercial, Real Estate | $ 1,683 | $ 1,702 | ||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 26.60% | 29.00% | ||
Retail Site [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Loans Receivable, Gross, Commercial, Real Estate | $ 2,090 | $ 1,711 | ||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 33.00% | 29.30% | ||
Industrial Property [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Loans Receivable, Gross, Commercial, Real Estate | $ 1,249 | $ 1,210 | ||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 19.70% | 20.60% | ||
Apartment Building [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Loans Receivable, Gross, Commercial, Real Estate | $ 801 | $ 808 | ||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 12.70% | 13.80% | ||
Other Property [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Loans Receivable, Gross, Commercial, Real Estate | $ 506 | $ 430 | ||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 8.00% | 7.30% |
Investments (Mortgage Loans b_2
Investments (Mortgage Loans by Maturity Date) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 6,329 | $ 5,861 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 100.00% | 100.00% |
Mortgage Loans On Real Estate Due One Year Through Five Years [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 2,660 | $ 2,276 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 42.00% | 38.80% |
Mortgage Loans On Real Estate Due After Five Years [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 2,593 | $ 2,768 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 41.00% | 47.30% |
Mortgage Loans On Real Estate Due After Ten Years [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 1,076 | $ 817 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 17.00% | 13.90% |
Investments (Mortgage Loans b_3
Investments (Mortgage Loans by Credit Quality Indicator) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 6,329 | $ 5,861 |
Construction Loan | $ 6 | $ 12 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 100.00% | 100.00% |
Greater than 1.20x | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 5,685 | $ 5,531 |
1.00x - 1.20x | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 469 | 238 |
Less than 1.00x | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 169 | 80 |
0% - 59.99% | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 3,406 | 2,909 |
Construction Loan | $ 6 | $ 12 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 53.80% | 49.60% |
0% - 59.99% | Greater than 1.20x | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 3,111 | $ 2,774 |
0% - 59.99% | 1.00x - 1.20x | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 238 | 106 |
0% - 59.99% | Less than 1.00x | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 51 | 17 |
60% - 69.99% | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 2,142 | 2,108 |
Construction Loan | $ 0 | $ 0 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 33.80% | 36.00% |
60% - 69.99% | Greater than 1.20x | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 1,906 | $ 2,013 |
60% - 69.99% | 1.00x - 1.20x | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 190 | 62 |
60% - 69.99% | Less than 1.00x | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 46 | 33 |
70% - 79.99% | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 573 | 617 |
Construction Loan | $ 0 | $ 0 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 9.10% | 10.50% |
70% - 79.99% | Greater than 1.20x | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 520 | $ 555 |
70% - 79.99% | 1.00x - 1.20x | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 41 | 49 |
70% - 79.99% | Less than 1.00x | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 12 | 13 |
Greater than 80% | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 208 | 227 |
Construction Loan | $ 0 | $ 0 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 3.30% | 3.90% |
Greater than 80% | Greater than 1.20x | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 148 | $ 189 |
Greater than 80% | 1.00x - 1.20x | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 0 | 21 |
Greater than 80% | Less than 1.00x | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 60 | $ 17 |
Investments (Internal Credit Qu
Investments (Internal Credit Quality Indicators) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 6,329 | $ 5,861 |
High Investment Grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 4,111 | 3,438 |
Internal Investment Grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 2,069 | 2,271 |
Average Investment Grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 109 | 111 |
Watch List | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 4 | 4 |
Internal Noninvestment Grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 36 | 37 |
Year Of Origination 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 674 | 763 |
Year Of Origination 2020 | High Investment Grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 402 | 411 |
Year Of Origination 2020 | Internal Investment Grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 272 | 352 |
Year Of Origination 2020 | Average Investment Grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 0 | 0 |
Year Of Origination 2020 | Watch List | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 0 | 0 |
Year Of Origination 2020 | Internal Noninvestment Grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 0 | 0 |
Year Of Origination 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 1,003 | 1,112 |
Year Of Origination 2019 | High Investment Grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 645 | 616 |
Year Of Origination 2019 | Internal Investment Grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 331 | 496 |
Year Of Origination 2019 | Average Investment Grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 27 | 0 |
Year Of Origination 2019 | Watch List | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 0 | 0 |
Year Of Origination 2019 | Internal Noninvestment Grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 0 | 0 |
Year Of Origination 2018 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 801 | 892 |
Year Of Origination 2018 | High Investment Grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 461 | 493 |
Year Of Origination 2018 | Internal Investment Grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 301 | 399 |
Year Of Origination 2018 | Average Investment Grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 39 | 0 |
Year Of Origination 2018 | Watch List | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 0 | 0 |
Year Of Origination 2018 | Internal Noninvestment Grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 0 | 0 |
Year Of Origination 2017 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 645 | 762 |
Year Of Origination 2017 | High Investment Grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 344 | 336 |
Year Of Origination 2017 | Internal Investment Grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 296 | 407 |
Year Of Origination 2017 | Average Investment Grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 5 | 19 |
Year Of Origination 2017 | Watch List | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 0 | 0 |
Year Of Origination 2017 | Internal Noninvestment Grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 0 | 0 |
Year Of Origination 2016 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 860 | |
Year Of Origination 2016 | High Investment Grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 574 | |
Year Of Origination 2016 | Internal Investment Grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 249 | |
Year Of Origination 2016 | Average Investment Grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 37 | |
Year Of Origination 2016 | Watch List | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 0 | |
Year Of Origination 2016 | Internal Noninvestment Grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 0 | |
Year Of Origination Prior Periods | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 2,108 | 1,472 |
Year Of Origination Prior Periods | High Investment Grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 1,534 | 1,008 |
Year Of Origination Prior Periods | Internal Investment Grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 502 | 368 |
Year Of Origination Prior Periods | Average Investment Grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 32 | 55 |
Year Of Origination Prior Periods | Watch List | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 4 | 4 |
Year Of Origination Prior Periods | Internal Noninvestment Grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 36 | $ 37 |
Year of Origination 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 1,098 | |
Year of Origination 2021 | High Investment Grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 725 | |
Year of Origination 2021 | Internal Investment Grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 367 | |
Year of Origination 2021 | Average Investment Grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 6 | |
Year of Origination 2021 | Watch List | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 0 | |
Year of Origination 2021 | Internal Noninvestment Grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 0 |
Investments, Debt and Equity Se
Investments, Debt and Equity Securities (Age Analysis of Past Due Recorded Investments) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 6,329 | $ 5,861 |
Financial Asset, 30 to 59 Days Past Due | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 0 | 15 |
Financial Asset, Not Past Due | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 6,329 | $ 5,846 |
Investments (Loan Valuation All
Investments (Loan Valuation Allowance for Mortgage Loans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance beginning | $ 64 | $ 12 | $ 11 |
Provision | (29) | (38) | (1) |
Balance ending | 35 | 64 | 12 |
Adoption of New Accounting Standard Current Expected Credit Losses | $ 0 | $ 14 | $ 0 |
Investments (Other Invested Ass
Investments (Other Invested Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Other Investments [Abstract] | ||
Other invested assets | $ 3,070 | $ 2,829 |
Limited Partner [Member] | ||
Other Investments [Abstract] | ||
Other invested assets | 1,996 | 1,367 |
Gain (Loss) on Derivatives [Member] | ||
Other Investments [Abstract] | ||
Other invested assets | 175 | 140 |
Fair Value Option Contractholder Directed Unit Linked Investments [Member] | ||
Other Investments [Abstract] | ||
Other invested assets | 52 | 289 |
Other [Member] | ||
Other Investments [Abstract] | ||
Other invested assets | 89 | 98 |
Equity Release Mortgages [Member] | ||
Other Investments [Abstract] | ||
Other invested assets | $ 758 | $ 935 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2021USD ($)position | Sep. 30, 2021USD ($) | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($)position | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2021USD ($)position | Dec. 31, 2020USD ($)position | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | ||
Investment Narrative [Line Items] | ||||||||||||||
Funds withheld at interest | $ 6,954 | $ 5,432 | $ 6,954 | $ 5,432 | ||||||||||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 100.00% | 100.00% | 100.00% | 100.00% | ||||||||||
Mortgage Loan Carrying Value Payout Adjusted Due To COVID-19 | $ 10 | $ 660 | ||||||||||||
Funds Held Under Reinsurance Agreements Asset Specific Client | $ 4,600 | 4,600 | ||||||||||||
Available for Sale at Fair value - Amortized cost | 55,873 | $ 49,548 | 55,873 | 49,548 | ||||||||||
Available-for-sale at fair value (amortized cost of $55,873 and $49,548; allowance for credit losses of $31 and $20) | $ 60,749 | $ 56,735 | $ 60,749 | $ 56,735 | ||||||||||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | position | 1,862,000 | 877 | 1,862,000 | 877 | ||||||||||
Reclassification of Pre Tax Unrealized Gains From AOCI to Investment Income Associated With Limited Partnerships | $ 92 | |||||||||||||
Pre Tax Gains In Investment Related Gains Associated With Investments In Limited Partnerships | 70 | |||||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | $ 57 | $ (34) | $ 482 | $ 186 | $ 169 | $ 285 | $ 195 | $ (96) | 691 | $ 553 | $ 1,132 | |||
Revision of Prior Period, Reclassification, Adjustment | ||||||||||||||
Investment Narrative [Line Items] | ||||||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 102 | (2) | $ 1 | $ 10 | ||||||||||
Non-Income Producing Securities [Member] | ||||||||||||||
Investment Narrative [Line Items] | ||||||||||||||
Available for Sale at Fair value - Amortized cost | 26 | 71 | 26 | 71 | ||||||||||
Available-for-sale at fair value (amortized cost of $55,873 and $49,548; allowance for credit losses of $31 and $20) | 26 | 63 | 26 | 63 | ||||||||||
Canadian Province Of Quebec Securities [Member] | ||||||||||||||
Investment Narrative [Line Items] | ||||||||||||||
Available for Sale at Fair value - Amortized cost | 1,092 | 1,054 | 1,092 | 1,054 | ||||||||||
Available-for-sale at fair value (amortized cost of $55,873 and $49,548; allowance for credit losses of $31 and $20) | 1,451 | 1,528 | 1,451 | 1,528 | ||||||||||
Collateral Received Fixed Maturity Securities [Member] | ||||||||||||||
Investment Narrative [Line Items] | ||||||||||||||
Available-for-sale at fair value (amortized cost of $55,873 and $49,548; allowance for credit losses of $31 and $20) | 1,922 | 1,784 | 1,922 | 1,784 | ||||||||||
Carrying Value [Member] | ||||||||||||||
Investment Narrative [Line Items] | ||||||||||||||
Funds withheld at interest | [1] | $ 6,747 | $ 5,292 | $ 6,747 | 5,292 | |||||||||
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 | 12.50% | 12.50% | ||||||||||||
GEORGIA | ||||||||||||||
Investment Narrative [Line Items] | ||||||||||||||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 7.80% | 7.80% | ||||||||||||
Canada Segment Reporting Information [Member] | ||||||||||||||
Investment Narrative [Line Items] | ||||||||||||||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 3.00% | 3.00% | ||||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | $ 143 | $ 155 | $ 183 | |||||||||||
UNITED KINGDOM | ||||||||||||||
Investment Narrative [Line Items] | ||||||||||||||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 2.30% | 2.30% | ||||||||||||
[1] | Carrying values presented herein may differ from those in the Company’s consolidated balance sheets because certain items within the respective financial statement captions may be measured at fair value on a recurring basis. |
Derivative Instruments (Gross N
Derivative Instruments (Gross Notional Amount and Fair Value of Derivatives Contracts) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Notional Amount of Derivatives | $ 23,516 | $ 23,298 |
Derivative Asset, Fair Value, Gross Asset | 421 | 229 |
Derivative Liability, Fair Value, Gross Liability | 975 | 987 |
Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Notional Amount of Derivatives | 20,557 | 21,007 |
Derivative Asset, Fair Value, Gross Asset | 388 | 208 |
Derivative Liability, Fair Value, Gross Liability | 930 | 947 |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount of Derivatives | 1,273 | 1,084 |
Derivative Asset, Fair Value, Gross Asset | 66 | 93 |
Derivative Liability, Fair Value, Gross Liability | 1 | 1 |
Not Designated as Hedging Instrument [Member] | Future [Member] | ||
Derivative [Line Items] | ||
Notional Amount of Derivatives | 240 | 258 |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | ||
Derivative [Line Items] | ||
Notional Amount of Derivatives | 395 | 347 |
Derivative Asset, Fair Value, Gross Asset | 2 | 4 |
Derivative Liability, Fair Value, Gross Liability | 4 | 2 |
Not Designated as Hedging Instrument [Member] | Consumer Price Index Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount of Derivatives | 563 | 612 |
Derivative Asset, Fair Value, Gross Asset | 34 | 11 |
Derivative Liability, Fair Value, Gross Liability | 7 | 19 |
Not Designated as Hedging Instrument [Member] | Credit Default Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount of Derivatives | 1,321 | 1,517 |
Derivative Asset, Fair Value, Gross Asset | 29 | 13 |
Derivative Liability, Fair Value, Gross Liability | 1 | 0 |
Not Designated as Hedging Instrument [Member] | Equity [Member] | ||
Derivative [Line Items] | ||
Notional Amount of Derivatives | 472 | 395 |
Derivative Asset, Fair Value, Gross Asset | 29 | 29 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Not Designated as Hedging Instrument [Member] | Longevity Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount of Derivatives | 16,143 | |
Not Designated as Hedging Instrument [Member] | Synthetic Guaranteed Investment Contracts [Member] | ||
Derivative [Line Items] | ||
Notional Amount of Derivatives | 16,143 | 16,644 |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Not Designated as Hedging Instrument [Member] | Embedded Derivatives In Modified Coinsurance Or Funds Withheld Arrangements [Member] | ||
Derivative [Line Items] | ||
Notional Amount of Derivatives | 0 | 0 |
Derivative Asset, Fair Value, Gross Asset | 227 | 58 |
Derivative Liability, Fair Value, Gross Liability | 62 | 0 |
Not Designated as Hedging Instrument [Member] | Embedded Derivatives In Indexed Annuity [Member] | ||
Derivative [Line Items] | ||
Notional Amount of Derivatives | 0 | 0 |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 693 | 752 |
Not Designated as Hedging Instrument [Member] | Embedded Derivatives In Variable Annuity [Member] | ||
Derivative [Line Items] | ||
Notional Amount of Derivatives | 0 | 0 |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 162 | 155 |
Not Designated as Hedging Instrument [Member] | Currency Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount of Derivatives | 150 | 150 |
Derivative Asset, Fair Value, Gross Asset | 1 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 18 |
Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Notional Amount of Derivatives | 2,959 | 2,291 |
Derivative Asset, Fair Value, Gross Asset | 33 | 21 |
Derivative Liability, Fair Value, Gross Liability | 45 | 40 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount of Derivatives | 941 | 802 |
Derivative Asset, Fair Value, Gross Asset | 4 | 3 |
Derivative Liability, Fair Value, Gross Liability | 33 | 24 |
Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | ||
Derivative [Line Items] | ||
Notional Amount of Derivatives | 1,320 | 1,255 |
Derivative Asset, Fair Value, Gross Asset | 14 | 10 |
Derivative Liability, Fair Value, Gross Liability | 11 | 15 |
Designated as Hedging Instrument [Member] | Currency Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount of Derivatives | 153 | 234 |
Derivative Asset, Fair Value, Gross Asset | 1 | 8 |
Derivative Liability, Fair Value, Gross Liability | 0 | 1 |
Designated as Hedging Instrument [Member] | Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Notional Amount of Derivatives | 545 | 0 |
Derivative Asset, Fair Value, Gross Asset | 14 | 0 |
Derivative Liability, Fair Value, Gross Liability | $ 1 | $ 0 |
Derivative Instruments Derivati
Derivative Instruments Derivative Instruments (Fair Value Hedge Attributable to Foreign Currency) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | $ (4) | $ 8 | $ (4) |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | $ 6 | $ (10) | $ 0 |
Derivative Instruments (Current
Derivative Instruments (Current Period Cash Flow Hedges in AOCI (loss) before Taxes) (Details) - Cash Flow Hedging [Member] - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (22) | $ (49) | $ (26) | $ 9 |
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion | (27) | (34) | ||
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion | 20 | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (22) | (49) | (26) | $ 9 |
Gain (Loss) on Investments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | 0 | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | 0 | |
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 | |
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion | 0 | 0 | 0 | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 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 | (7) | (4) | 1 | |
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion | (1) | |||
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion | 7 | 4 | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (7) | $ (4) | $ 1 |
Derivative Instruments (Cash Fl
Derivative Instruments (Cash Flow Hedges) (Details) - Cash Flow Hedging [Member] - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (22) | $ (49) | $ (26) | $ 9 |
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion | (20) | |||
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion | 27 | 34 | ||
Gain (Loss) on Investments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | 0 | |
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 | |
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion | 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 | (7) | (4) | 1 | |
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion | (7) | (4) | ||
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion | 1 | |||
Interest Rate Swap [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion | (28) | |||
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion | 33 | 32 | ||
Interest Rate Swap [Member] | Gain (Loss) on Investments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | 0 | |
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 | |
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 | (7) | (4) | 1 | |
Currency Swap [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion | (8) | |||
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion | 6 | 2 | ||
Currency Swap [Member] | Gain (Loss) on Investments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | 0 | |
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 | |
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 |
Derivative Instruments (Hedges
Derivative Instruments (Hedges of Net Investments in Foreign Operations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivatives, Fair Value [Line Items] | |||
Gains Losses Deferred In Accumulated Other Comprehensive Income Loss On Derivatives | $ (2) | $ (29) | $ (33) |
Currency Swap [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Gains Losses Deferred In Accumulated Other Comprehensive Income Loss On Derivatives | (2) | 1 | (9) |
Foreign Exchange Forward [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Gains Losses Deferred In Accumulated Other Comprehensive Income Loss On Derivatives | $ 0 | $ (30) | $ (24) |
Derivative Instruments (Non Hed
Derivative Instruments (Non Hedging Derivatives and Embedded Derivatives Effect on Income Statement) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Affect Of Non Hedging Derivatives [Line Items] | |||
Total investment related gains (losses), net | $ 560 | $ (33) | $ 91 |
Other revenues | (447) | (360) | (392) |
Gain Loss On Investments Related To Change In Fair Value Of Derivatives Excluding Embedded Derivatives | (12) | 59 | 4 |
Indexed annuity products | 700 | 704 | 697 |
Not Designated as Hedging Instrument [Member] | |||
Income Affect Of Non Hedging Derivatives [Line Items] | |||
Total investment related gains (losses), net | 98 | (25) | (37) |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||
Income Affect Of Non Hedging Derivatives [Line Items] | |||
Total investment related gains (losses), net | (34) | 76 | 65 |
Not Designated as Hedging Instrument [Member] | Future [Member] | |||
Income Affect Of Non Hedging Derivatives [Line Items] | |||
Total investment related gains (losses), net | (24) | (47) | (46) |
Not Designated as Hedging Instrument [Member] | Currency Swap [Member] | |||
Income Affect Of Non Hedging Derivatives [Line Items] | |||
Total investment related gains (losses), net | 20 | (7) | 0 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | |||
Income Affect Of Non Hedging Derivatives [Line Items] | |||
Total investment related gains (losses), net | (20) | 5 | 1 |
Not Designated as Hedging Instrument [Member] | Consumer Price Index Swap [Member] | |||
Income Affect Of Non Hedging Derivatives [Line Items] | |||
Total investment related gains (losses), net | 46 | 16 | (18) |
Not Designated as Hedging Instrument [Member] | Credit Default Swap [Member] | |||
Income Affect Of Non Hedging Derivatives [Line Items] | |||
Total investment related gains (losses), net | 33 | 16 | 30 |
Not Designated as Hedging Instrument [Member] | Equity [Member] | |||
Income Affect Of Non Hedging Derivatives [Line Items] | |||
Total investment related gains (losses), net | (33) | 0 | (40) |
Not Designated as Hedging Instrument [Member] | Longevity Swap [Member] | |||
Income Affect Of Non Hedging Derivatives [Line Items] | |||
Other revenues | 0 | 0 | (13) |
Not Designated as Hedging Instrument [Member] | Mortality Swap [Member] | |||
Income Affect Of Non Hedging Derivatives [Line Items] | |||
Other revenues | 0 | 0 | (1) |
Not Designated as Hedging Instrument [Member] | Embedded Derivatives In Modified Coinsurance Or Funds Withheld Arrangements [Member] | |||
Income Affect Of Non Hedging Derivatives [Line Items] | |||
Total investment related gains (losses), net | 107 | (62) | 11 |
Not Designated as Hedging Instrument [Member] | Embedded Derivatives In Indexed Annuity [Member] | |||
Income Affect Of Non Hedging Derivatives [Line Items] | |||
Indexed annuity products | 10 | 30 | 57 |
Not Designated as Hedging Instrument [Member] | Embedded Derivatives In Variable Annuity [Member] | |||
Income Affect Of Non Hedging Derivatives [Line Items] | |||
Total investment related gains (losses), net | $ (7) | $ 8 | $ 5 |
Derivative Instruments (Exposur
Derivative Instruments (Exposure from Credit Derivatives by Rating of the Underlying Credits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Credit Derivatives [Line Items] | |||
Credit Risk Derivatives, at Fair Value, Net | [1] | $ 28 | $ 13 |
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 1,321 | $ 1,517 |
Derivative Average Remaining Maturity | [1],[3] | 9 years | 5 years 7 months 6 days |
Standard Poors AAA To A Ratings [Member] | |||
Credit Derivatives [Line Items] | |||
Credit Risk Derivatives, at Fair Value, Net | [1] | $ 28 | $ 11 |
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 600 | $ 287 |
Derivative Average Remaining Maturity | [1],[3] | 14 years 2 months 12 days | 15 years |
Standard & Poor's, BBB Rating [Member] | |||
Credit Derivatives [Line Items] | |||
Credit Risk Derivatives, at Fair Value, Net | [1] | $ 1 | $ 2 |
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 706 | $ 1,220 |
Derivative Average Remaining Maturity | [1],[3] | 4 years 7 months 6 days | 3 years 6 months |
Standard & Poor's, BB+ Rating [Member] | |||
Credit Derivatives [Line Items] | |||
Credit Risk Derivatives, at Fair Value, Net | [1] | $ (1) | $ 0 |
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 15 | $ 10 |
Derivative Average Remaining Maturity | [1],[3] | 3 years 6 months | 8 months 12 days |
Single Name Credit Default Swaps [Member] | Standard Poors AAA To A Ratings [Member] | |||
Credit Derivatives [Line Items] | |||
Credit Risk Derivatives, at Fair Value, Net | [1] | $ 28 | $ 11 |
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 600 | $ 287 |
Derivative Average Remaining Maturity | [1],[3] | 14 years 2 months 12 days | 15 years |
Single Name Credit Default Swaps [Member] | Standard & Poor's, BBB Rating [Member] | |||
Credit Derivatives [Line Items] | |||
Credit Risk Derivatives, at Fair Value, Net | [1] | $ 1 | $ 2 |
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 141 | $ 232 |
Derivative Average Remaining Maturity | [1],[3] | 2 years 4 months 24 days | 1 year 7 months 6 days |
Single Name Credit Default Swaps [Member] | Standard & Poor's, BB+ Rating [Member] | |||
Credit Derivatives [Line Items] | |||
Credit Risk Derivatives, at Fair Value, Net | [1] | $ (1) | $ 0 |
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 15 | $ 10 |
Derivative Average Remaining Maturity | [1],[3] | 3 years 6 months | 8 months 12 days |
Credit Default Swaps Referencing Indices [Member] | Standard & Poor's, BBB Rating [Member] | |||
Credit Derivatives [Line Items] | |||
Credit Risk Derivatives, at Fair Value, Net | [1] | $ 0 | $ 0 |
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 565 | $ 988 |
Derivative Average Remaining Maturity | [1],[3] | 5 years 1 month 6 days | 3 years 10 months 24 days |
[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 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative Asset [Abstract] | |||
Derivative Fair Value Of Free Standing Derivative Asset | $ 194 | $ 171 | |
Derivative Asset, Fair Value, Gross Liability | (19) | (31) | |
Derivative Asset | 175 | 140 | |
Derivative Asset, Fair Value of Collateral | [1] | (175) | (128) |
Derivative, Collateral, Obligation to Return Cash | 0 | 12 | |
Derivative Liability [Abstract] | |||
Derivative Fair Value Of Free Standing Derivative Liability | 58 | 80 | |
Derivative Liability, Fair Value, Gross Asset | (19) | (31) | |
Derivative Liability | 39 | 49 | |
Derivative Liability, Fair Value of Collateral | [1] | (39) | (193) |
Derivative, Collateral, Right to Reclaim Cash | $ 0 | $ (144) | |
[1] | Includes initial margin posted to a central clearing partner for financial instruments and excludes the excess of collateral received/pledged from/to the counterparty. |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Cumulative Foreign Currency Translation Gain Loss Recorded In Accumulated Other Comprehensive Income Loss For Net Investment In Foreign Operations Hedges | $ 137 | $ 139 |
Counterparty Credit Derivative Exposure | 18 | |
Derivative Credit Risk Valuation Adjustment, Derivative Assets | (36) | $ (70) |
Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax Future Reclass | $ 5 |
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 | Dec. 31, 2021 | Dec. 31, 2020 | |
Assets, Fair Value Disclosure [Abstract] | |||
Fixed maturity securities available-for-sale | $ 60,749 | $ 56,735 | |
Equity Method Investments, Fair Value Disclosure | 151 | 132 | |
Fair Value Measured On Recurring Basis Funds Held Under Reinsurance Agreements Asset Embedded Derivatives | 104 | 58 | |
Funds Held Under Reinsurance Agreements, Asset Fair Value Disclosure | 83 | 56 | |
Cash and Cash Equivalents, Fair Value Disclosure | 1,138 | 1,478 | |
Fair Value Measured On Recurring Basis Short Term Investments | 64 | 197 | |
Derivative Assets (Liabilities), at Fair Value, Net | 175 | [1] | 140 |
Investments, Fair Value Disclosure | 227 | [1] | 429 |
Assets, Fair Value Disclosure | 62,516 | 59,085 | |
Liabilities, Fair Value Disclosure [Abstract] | |||
Fair Value Measured On Recurring Basis Guaranteed Interest Contracts Embedded Derivatives | 855 | 907 | |
Funds Held under Reinsurance Agreements, Liability | (61) | 0 | |
Other Liabilities, Fair Value Disclosure | 39 | 49 | |
Financial Liabilities Fair Value Disclosure | 833 | 956 | |
Fair Value, Net Asset (Liability) | 581 | ||
Fair Value, Inputs, Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fixed maturity securities available-for-sale | 1,993 | 1,312 | |
Equity Method Investments, Fair Value Disclosure | 101 | 79 | |
Fair Value Measured On Recurring Basis Funds Held Under Reinsurance Agreements Asset Embedded Derivatives | 0 | 0 | |
Funds Held Under Reinsurance Agreements, Asset Fair Value Disclosure | 0 | 0 | |
Cash and Cash Equivalents, Fair Value Disclosure | 1,138 | 1,478 | |
Fair Value Measured On Recurring Basis Short Term Investments | 0 | 32 | |
Derivative Assets (Liabilities), at Fair Value, Net | 0 | [1] | 0 |
Investments, Fair Value Disclosure | 0 | [1] | 224 |
Assets, Fair Value Disclosure | 3,232 | 3,125 | |
Liabilities, Fair Value Disclosure [Abstract] | |||
Fair Value Measured On Recurring Basis Guaranteed Interest Contracts Embedded Derivatives | 0 | 0 | |
Funds Held under Reinsurance Agreements, Liability | 0 | 0 | |
Other Liabilities, Fair Value Disclosure | 0 | ||
Financial Liabilities Fair Value Disclosure | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fixed maturity securities available-for-sale | 53,611 | 52,100 | |
Equity Method Investments, Fair Value Disclosure | 0 | 0 | |
Fair Value Measured On Recurring Basis Funds Held Under Reinsurance Agreements Asset Embedded Derivatives | 0 | 0 | |
Funds Held Under Reinsurance Agreements, Asset Fair Value Disclosure | 0 | 0 | |
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | |
Fair Value Measured On Recurring Basis Short Term Investments | 36 | 150 | |
Derivative Assets (Liabilities), at Fair Value, Net | 175 | [1] | 140 |
Investments, Fair Value Disclosure | 227 | [1] | 205 |
Assets, Fair Value Disclosure | 53,874 | 52,455 | |
Liabilities, Fair Value Disclosure [Abstract] | |||
Fair Value Measured On Recurring Basis Guaranteed Interest Contracts Embedded Derivatives | 0 | 0 | |
Funds Held under Reinsurance Agreements, Liability | 0 | 0 | |
Other Liabilities, Fair Value Disclosure | 39 | ||
Financial Liabilities Fair Value Disclosure | 39 | 49 | |
Fair Value, Inputs, Level 3 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fixed maturity securities available-for-sale | 5,145 | 3,323 | |
Equity Method Investments, Fair Value Disclosure | 50 | 53 | |
Fair Value Measured On Recurring Basis Funds Held Under Reinsurance Agreements Asset Embedded Derivatives | 104 | 58 | |
Funds Held Under Reinsurance Agreements, Asset Fair Value Disclosure | 83 | 56 | |
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | |
Fair Value Measured On Recurring Basis Short Term Investments | 28 | 15 | |
Derivative Assets (Liabilities), at Fair Value, Net | 0 | [1] | 0 |
Investments, Fair Value Disclosure | 0 | [1] | 0 |
Assets, Fair Value Disclosure | 5,410 | 3,505 | |
Liabilities, Fair Value Disclosure [Abstract] | |||
Fair Value Measured On Recurring Basis Guaranteed Interest Contracts Embedded Derivatives | 855 | 907 | |
Funds Held under Reinsurance Agreements, Liability | (61) | 0 | |
Other Liabilities, Fair Value Disclosure | 0 | ||
Financial Liabilities Fair Value Disclosure | 794 | 907 | |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Other Liabilities, Fair Value Disclosure | 0 | ||
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Other Liabilities, Fair Value Disclosure | 49 | ||
Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Other Liabilities, Fair Value Disclosure | 0 | ||
Fair Value Option Contractholder Directed Unit Linked Investments [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Investments, Fair Value Disclosure | 52 | [1] | 289 |
Fair Value Option Contractholder Directed Unit Linked Investments [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Investments, Fair Value Disclosure | 0 | [1] | 224 |
Fair Value Option Contractholder Directed Unit Linked Investments [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Investments, Fair Value Disclosure | 52 | [1] | 65 |
Fair Value Option Contractholder Directed Unit Linked Investments [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Investments, Fair Value Disclosure | 0 | [1] | 0 |
Corporate Debt Securities [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fixed maturity securities available-for-sale | 38,103 | 36,208 | |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fixed maturity securities available-for-sale | 0 | 0 | |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fixed maturity securities available-for-sale | 34,215 | 33,179 | |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fixed maturity securities available-for-sale | 3,888 | 3,029 | |
Canadian Provincial Governments [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fixed maturity securities available-for-sale | 4,944 | 5,140 | |
Canadian Provincial Governments [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fixed maturity securities available-for-sale | 0 | 0 | |
Canadian Provincial Governments [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fixed maturity securities available-for-sale | 4,944 | 5,140 | |
Canadian Provincial Governments [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fixed maturity securities available-for-sale | 0 | 0 | |
Residential Mortgage Backed Securities [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fixed maturity securities available-for-sale | 1,050 | 1,817 | |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fixed maturity securities available-for-sale | 0 | 0 | |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fixed maturity securities available-for-sale | 1,049 | 1,814 | |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fixed maturity securities available-for-sale | 1 | 3 | |
Asset-backed Securities [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fixed maturity securities available-for-sale | 4,005 | 3,092 | |
Assets, Fair Value Disclosure | 205 | 87 | |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fixed maturity securities available-for-sale | 0 | 0 | |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fixed maturity securities available-for-sale | 2,908 | 2,896 | |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fixed maturity securities available-for-sale | 1,097 | 196 | |
Commercial Mortgage Backed Securities [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fixed maturity securities available-for-sale | 1,849 | 1,868 | |
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fixed maturity securities available-for-sale | 0 | 0 | |
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fixed maturity securities available-for-sale | 1,768 | 1,813 | |
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fixed maturity securities available-for-sale | 81 | 55 | |
US Treasury and Government [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fixed maturity securities available-for-sale | 2,105 | 1,437 | |
US Treasury and Government [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fixed maturity securities available-for-sale | 1,993 | 1,312 | |
US Treasury and Government [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fixed maturity securities available-for-sale | 100 | 111 | |
US Treasury and Government [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fixed maturity securities available-for-sale | 12 | 14 | |
US States and Political Subdivisions Debt Securities [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fixed maturity securities available-for-sale | 1,323 | 1,390 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fixed maturity securities available-for-sale | 0 | 0 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fixed maturity securities available-for-sale | 1,290 | 1,381 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fixed maturity securities available-for-sale | 33 | 9 | |
Debt Security, Government, Non-US [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fixed maturity securities available-for-sale | 7,370 | 5,783 | |
Debt Security, Government, Non-US [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fixed maturity securities available-for-sale | 0 | 0 | |
Debt Security, Government, Non-US [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fixed maturity securities available-for-sale | 7,337 | 5,766 | |
Debt Security, Government, Non-US [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fixed maturity securities available-for-sale | $ 33 | $ 17 | |
[1] | Other invested assets included in the fair value hierarchy exclude limited partnership interests that are measured at estimated fair value using the NAV per share (or its equivalent) as a practical expedient. As of December 31, 2021, the fair value of such investments was $581 million |
Fair Value of Assets and Liab_4
Fair Value of Assets and Liabilities (Quantitative Information for Level 3 Inputs) (Details) $ in Millions | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure | $ 62,516 | $ 59,085 |
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 | 693 | 752 |
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 | $ 162 | $ 155 |
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 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] | 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 |
Asset-backed Securities [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure | $ 205 | $ 87 |
Asset-backed Securities [Member] | Minimum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 0.02 | 0.01 |
Asset-backed Securities [Member] | 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 [Member] | Weighted Average [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 0.04 | 0.01 |
Corporate Debt Securities [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure | $ 49 | $ 37 |
Total Return Swap [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure | 182 | 58 |
US Government Agencies Debt Securities [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure | $ 12 | $ 14 |
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 |
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] | Weighted Average [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 0.01 | 0.01 |
Equity Securities [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure | $ 5 | $ 10 |
Corporate And Other Segment Reporting Information [Member] | Minimum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 0 | 0 |
Corporate And Other Segment Reporting Information [Member] | Maximum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 0.01 | 0.01 |
Corporate And Other Segment Reporting Information [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 |
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, 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] | 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 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 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] | 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, 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, 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] | 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] | 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] | 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] | 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, 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, 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] | 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 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 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] | 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] | 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] | 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] | Weighted Average [Member] | Valuation, Income Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0.04 | 0.03 |
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, 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] | 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 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 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] | 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] | 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] | 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] | Weighted Average [Member] | Valuation, Income Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0.18 | 0.13 |
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, 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] | 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 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 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] | 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 | 0.03 |
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] | 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] | 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, 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 | 5.2 | 5.2 |
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] | Weighted Average [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 6.4 | 7.1 |
Measurement Input, EBITDA Multiple [Member] | Equity Securities [Member] | Minimum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity Securities, FV-NI, Measurement Input | 6.9 | 6.9 |
Measurement Input, EBITDA Multiple [Member] | Equity Securities [Member] | 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 [Member] | Weighted Average [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity Securities, FV-NI, Measurement Input | 8 | 7.9 |
Fair Value of Assets and Liab_5
Fair Value of Assets and Liabilities (Changes in Level 3 Assets and Liabilities) (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Equity Securities [Member] | ||||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Calculation [Roll Forward] | ||||||
Fair Value, Asset Value, Beginning of period | $ 53 | $ 77 | $ 33 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 9 | 3 | 33 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | (25) | 0 | (1) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | 0 | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 14 | 0 | |||
Fair Value, Asset Value, End of period | 50 | 53 | 77 | |||
Corporate Debt Securities [Member] | ||||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Calculation [Roll Forward] | ||||||
Fair Value, Asset Value, Beginning of period | 3,029 | 2,186 | 1,331 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (28) | 28 | 48 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 1,506 | 1,193 | 1,050 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | (53) | (182) | (81) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | (587) | (229) | (194) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 29 | 57 | 43 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 8 | 4 | 1 | |||
Fair Value, Asset Value, End of period | 3,888 | 3,029 | 2,186 | |||
Debt Security, Government, Non-US [Member] | ||||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Calculation [Roll Forward] | ||||||
Fair Value, Asset Value, Beginning of period | 17 | 720 | 533 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (4) | 1 | 162 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 25 | 0 | 10 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | 0 | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | (5) | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 704 | 0 | |||
Fair Value, Asset Value, End of period | 33 | 17 | 720 | |||
Structured Finance [Member] | ||||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Calculation [Roll Forward] | ||||||
Fair Value, Asset Value, Beginning of period | 254 | 208 | 103 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (6) | (7) | 4 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 1,038 | 149 | 85 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | (6) | (5) | (1) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | (186) | (59) | (63) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 84 | 38 | 86 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 70 | 6 | |||
Fair Value, Asset Value, End of period | 1,179 | 254 | 208 | |||
US Government Agencies Debt Securities [Member] | ||||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Calculation [Roll Forward] | ||||||
Fair Value, Asset Value, Beginning of period | 23 | 25 | 28 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 1 | 1 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 0 | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | 0 | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | (3) | (3) | (4) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 25 | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | 0 | |||
Fair Value, Asset Value, End of period | 45 | 23 | 25 | |||
Funds Withheld At Interest Embedded Derivatives [Member] | ||||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Calculation [Roll Forward] | ||||||
Fair Value, Asset Value, Beginning of period | 58 | [2] | 121 | 110 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | [2] | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 0 | [2] | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | 0 | [2] | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | 0 | [2] | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | [2] | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | [2] | 0 | 0 | ||
Fair Value, Asset Value, End of period | 165 | [2] | 58 | [2] | 121 | |
Longevity Swap [Member] | ||||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Calculation [Roll Forward] | ||||||
Fair Value, Asset Value, Beginning of period | 56 | 0 | 48 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (1) | 0 | (2) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 36 | 60 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | 0 | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | (4) | 0 | (58) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | 0 | |||
Fair Value, Asset Value, End of period | 83 | 56 | 0 | |||
Short-term Investments [Member] | ||||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Calculation [Roll Forward] | ||||||
Fair Value, Asset Value, Beginning of period | 15 | 2 | 2 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | (1) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 31 | 17 | 30 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | (3) | 0 | (1) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | (10) | (3) | (1) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 5 | 1 | 27 | |||
Fair Value, Asset Value, End of period | 28 | 15 | 2 | |||
Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | ||||||
Fair Value Assets And Liabilities 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 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | 0 | 0 | 0 | |||
Fair Value, Liability Value, Beginning of period | (907) | (930) | (945) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases | [1] | (34) | (32) | (17) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | [1] | 83 | 77 | 84 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | 0 | 0 | 0 | |||
Fair Value, Liability Value, End of period | (855) | (907) | (930) | |||
Investment Income [Member] | Equity Securities [Member] | ||||||
Fair Value Assets And Liabilities 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 | |||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | |||
Investment Income [Member] | Corporate Debt Securities [Member] | ||||||
Fair Value Assets And Liabilities 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 | 5 | 2 | 1 | |||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 4 | 0 | 2 | |||
Investment Income [Member] | Debt Security, Government, Non-US [Member] | ||||||
Fair Value Assets And Liabilities 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 | 15 | |||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 15 | |||
Investment Income [Member] | Structured Finance [Member] | ||||||
Fair Value Assets And Liabilities 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 | 0 | |||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 1 | 0 | 0 | |||
Investment Income [Member] | US Government Agencies Debt Securities [Member] | ||||||
Fair Value Assets And Liabilities 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 | |||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | |||
Investment Income [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | ||||||
Fair Value Assets And Liabilities 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 | [2] | 0 | 0 | ||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | [2] | 0 | 0 | ||
Investment Income [Member] | Longevity Swap [Member] | ||||||
Fair Value Assets And Liabilities 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 | (4) | (4) | 0 | |||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | (4) | (4) | 0 | |||
Investment Income [Member] | Short-term Investments [Member] | ||||||
Fair Value Assets And Liabilities 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 | |||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | |||
Investment Income [Member] | Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | ||||||
Fair Value Assets And 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 | |||
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | |||
Investment Related Gains Losses [Member] | Equity Securities [Member] | ||||||
Fair Value Assets And Liabilities 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 | 13 | (13) | 12 | |||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 7 | (13) | 12 | |||
Investment Related Gains Losses [Member] | Corporate Debt Securities [Member] | ||||||
Fair Value Assets And Liabilities 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 | (5) | (22) | (11) | |||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | (7) | (23) | (11) | |||
Investment Related Gains Losses [Member] | Debt Security, Government, Non-US [Member] | ||||||
Fair Value Assets And Liabilities 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 | |||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | |||
Investment Related Gains Losses [Member] | Structured Finance [Member] | ||||||
Fair Value Assets And Liabilities 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 | |||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | |||
Investment Related Gains Losses [Member] | US Government Agencies Debt Securities [Member] | ||||||
Fair Value Assets And Liabilities 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 | |||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | |||
Investment Related Gains Losses [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | ||||||
Fair Value Assets And Liabilities 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 | 107 | [2] | (63) | 11 | ||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 107 | [2] | (63) | 11 | ||
Investment Related Gains Losses [Member] | Longevity Swap [Member] | ||||||
Fair Value Assets And Liabilities 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 | |||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | |||
Investment Related Gains Losses [Member] | Short-term Investments [Member] | ||||||
Fair Value Assets And Liabilities 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 | |||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | |||
Investment Related Gains Losses [Member] | Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | ||||||
Fair Value Assets And 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 | 7 | (8) | (5) | |||
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss) | (15) | (2) | (3) | |||
Interest Income [Member] | Equity Securities [Member] | ||||||
Fair Value Assets And Liabilities 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 | |||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | |||
Interest Income [Member] | Corporate Debt Securities [Member] | ||||||
Fair Value Assets And Liabilities 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 | |||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | |||
Interest Income [Member] | Debt Security, Government, Non-US [Member] | ||||||
Fair Value Assets And Liabilities 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 | |||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | |||
Interest Income [Member] | Structured Finance [Member] | ||||||
Fair Value Assets And Liabilities 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 | |||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | |||
Interest Income [Member] | US Government Agencies Debt Securities [Member] | ||||||
Fair Value Assets And Liabilities 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 | |||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | |||
Interest Income [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | ||||||
Fair Value Assets And Liabilities 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 | [2] | 0 | 0 | ||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | [2] | 0 | 0 | ||
Interest Income [Member] | Longevity Swap [Member] | ||||||
Fair Value Assets And Liabilities 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 | |||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | |||
Interest Income [Member] | Short-term Investments [Member] | ||||||
Fair Value Assets And Liabilities 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 | |||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | |||
Interest Income [Member] | Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | ||||||
Fair Value Assets And 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 | (10) | 30 | 57 | |||
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss) | (72) | (107) | (140) | |||
Other Income [Member] | Equity Securities [Member] | ||||||
Fair Value Assets And Liabilities 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 | |||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | |||
Other Income [Member] | Corporate Debt Securities [Member] | ||||||
Fair Value Assets And Liabilities 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 | |||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | |||
Other Income [Member] | Debt Security, Government, Non-US [Member] | ||||||
Fair Value Assets And Liabilities 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 | |||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | |||
Other Income [Member] | Structured Finance [Member] | ||||||
Fair Value Assets And Liabilities 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 | |||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | |||
Other Income [Member] | US Government Agencies Debt Securities [Member] | ||||||
Fair Value Assets And Liabilities 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 | |||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | |||
Other Income [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | ||||||
Fair Value Assets And Liabilities 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 | [2] | 0 | 0 | ||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | [2] | 0 | 0 | ||
Other Income [Member] | Longevity Swap [Member] | ||||||
Fair Value Assets And Liabilities 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 | 12 | |||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | |||
Other Income [Member] | Short-term Investments [Member] | ||||||
Fair Value Assets And Liabilities 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 | |||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | |||
Other Income [Member] | Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | ||||||
Fair Value Assets And 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 | |||
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | $ 0 | |||
Other Comprehensive Income (Loss) | Equity Securities [Member] | ||||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Calculation [Roll Forward] | ||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | ||||
Other Comprehensive Income (Loss) | Corporate Debt Securities [Member] | ||||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Calculation [Roll Forward] | ||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | (24) | (34) | ||||
Other Comprehensive Income (Loss) | Debt Security, Government, Non-US [Member] | ||||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Calculation [Roll Forward] | ||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | (4) | 1 | ||||
Other Comprehensive Income (Loss) | Structured Finance [Member] | ||||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Calculation [Roll Forward] | ||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | (6) | (8) | ||||
Other Comprehensive Income (Loss) | US Government Agencies Debt Securities [Member] | ||||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Calculation [Roll Forward] | ||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 1 | ||||
Other Comprehensive Income (Loss) | Funds Withheld At Interest Embedded Derivatives [Member] | ||||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Calculation [Roll Forward] | ||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | [2] | 0 | |||
Other Comprehensive Income (Loss) | Longevity Swap [Member] | ||||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Calculation [Roll Forward] | ||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | (1) | 0 | ||||
Other Comprehensive Income (Loss) | Short-term Investments [Member] | ||||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Calculation [Roll Forward] | ||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | ||||
Other Comprehensive Income (Loss) | Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | ||||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Calculation [Roll Forward] | ||||||
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss) | $ 0 | $ 0 | ||||
[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. | |||||
[2] | Funds withheld at interest – embedded derivative assets and liabilities are presented net for purposes of the rollforward. |
Fair Value of Assets and Liab_6
Fair Value of Assets and Liabilities (Fair Value Assets Measured on Non-Recurring Basis) (Details) - Partnership Interest [Member] $ in Millions | 12 Months Ended | |
Dec. 31, 2020USD ($) | [1] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value Assets Carrying Value Prior To Impairment | $ 20 | |
Fair Value Assets Gains Losses | $ (17) | |
[1] | Impairments on these investments were recognized at estimated fair value determined using the net asset values of the Company’s ownership interest as provided in the financial statements of the investees. The market for these investments has limited activity and price transparency |
Fair Value of Assets and Liab_7
Fair Value of Assets and Liabilities (Financial Instruments where Carrying Amounts and Fair Values May Differ) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Mortgage loans on real estate | $ 6,283 | $ 5,787 | |||
Policy loans | 1,234 | 1,258 | |||
Funds withheld at interest | 6,954 | 5,432 | |||
Cash and cash equivalents | 2,948 | 3,408 | $ 1,449 | $ 1,890 | |
Short-term investments | 87 | 227 | |||
Other invested assets | 3,070 | 2,829 | |||
Accrued investment income | 533 | 511 | |||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | |||||
Interest-sensitive contract liabilities | 26,377 | 23,276 | |||
Funds Held under Reinsurance Agreements, Liability | 61 | 0 | |||
Collateral finance and securitization notes | 180 | 388 | |||
Carrying Value [Member] | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Mortgage loans on real estate | [1] | 6,283 | 5,787 | ||
Policy loans | [1] | 1,234 | 1,258 | ||
Funds withheld at interest | [1] | 6,747 | 5,292 | ||
Cash and cash equivalents | [1] | 1,810 | 1,930 | ||
Short-term investments | [1] | 23 | 30 | ||
Other invested assets | [1] | 910 | 1,482 | ||
Accrued investment income | [1] | 533 | 511 | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | |||||
Interest-sensitive contract liabilities | [1] | 18,625 | 18,106 | ||
Funds Held under Reinsurance Agreements, Liability | 1,658 | ||||
Long And Short Term Debt | [1] | 3,667 | 3,573 | ||
Collateral finance and securitization notes | [1] | 180 | 388 | ||
Estimate of Fair Value Measurement [Member] | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Mortgage loans on real estate | 6,580 | 6,167 | |||
Policy loans | 1,234 | 1,258 | |||
Funds withheld at interest | 7,075 | 5,676 | |||
Cash and cash equivalents | 1,810 | 1,930 | |||
Short-term investments | 23 | 30 | |||
Other invested assets | 907 | 1,601 | |||
Accrued investment income | 533 | 511 | |||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | |||||
Interest-sensitive contract liabilities | 19,540 | 19,683 | |||
Funds Held under Reinsurance Agreements, Liability | 1,657 | ||||
Long And Short Term Debt | 3,886 | 3,901 | |||
Collateral finance and securitization notes | 153 | 351 | |||
Estimate of Fair Value Measurement [Member] | Net Asset Value [Member] | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Mortgage loans on real estate | 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 | |||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | |||||
Interest-sensitive contract liabilities | 0 | 0 | |||
Funds Held under Reinsurance Agreements, Liability | 0 | ||||
Long And Short Term Debt | 0 | 0 | |||
Collateral finance and securitization notes | 0 | 0 | |||
Fair Value, Inputs, Level 1 [Member] | |||||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | |||||
Funds Held under Reinsurance Agreements, Liability | 0 | 0 | |||
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Mortgage loans on real estate | 0 | 0 | |||
Policy loans | 0 | 0 | |||
Funds withheld at interest | 0 | 0 | |||
Cash and cash equivalents | 1,810 | 1,930 | |||
Short-term investments | 23 | 30 | |||
Other invested assets | 6 | 5 | |||
Accrued investment income | 0 | 0 | |||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | |||||
Interest-sensitive contract liabilities | 0 | 0 | |||
Funds Held under Reinsurance Agreements, Liability | |||||
Long And Short Term Debt | 0 | 0 | |||
Collateral finance and securitization notes | 0 | 0 | |||
Fair Value, Inputs, Level 2 [Member] | |||||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | |||||
Funds Held under Reinsurance Agreements, Liability | 0 | 0 | |||
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Mortgage loans on real estate | 0 | 0 | |||
Policy loans | 1,234 | 1,258 | |||
Funds withheld at interest | 0 | 0 | |||
Cash and cash equivalents | 0 | 0 | |||
Short-term investments | 0 | 0 | |||
Other invested assets | 70 | 89 | |||
Accrued investment income | 533 | 511 | |||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | |||||
Interest-sensitive contract liabilities | 0 | 0 | |||
Funds Held under Reinsurance Agreements, Liability | |||||
Long And Short Term Debt | 0 | 0 | |||
Collateral finance and securitization notes | 0 | 0 | |||
Fair Value, Inputs, Level 3 [Member] | |||||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | |||||
Funds Held under Reinsurance Agreements, Liability | 61 | 0 | |||
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Mortgage loans on real estate | 6,580 | 6,167 | |||
Policy loans | 0 | 0 | |||
Funds withheld at interest | 7,075 | 5,676 | |||
Cash and cash equivalents | 0 | 0 | |||
Short-term investments | 0 | 0 | |||
Other invested assets | 831 | 1,018 | |||
Accrued investment income | 0 | 0 | |||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | |||||
Interest-sensitive contract liabilities | 19,540 | 19,683 | |||
Funds Held under Reinsurance Agreements, Liability | 1,657 | ||||
Long And Short Term Debt | 3,886 | 3,901 | |||
Collateral finance and securitization notes | $ 153 | $ 351 | |||
[1] | Carrying values presented herein may differ from those in the Company’s consolidated balance sheets because certain items within the respective financial statement captions may be measured at fair value on a recurring basis. |
Reinsurance Reinsurance (Ceded
Reinsurance Reinsurance (Ceded Reinsurance Receivable Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables and other | $ 2,580 | $ 983 |
Reinsurance Recoverables, Percentage of Total | 100.00% | 100.00% |
Other Reinsurers [Member] | Customer Concentration Risk | Reinsurance Ceded Receivables Benchmark | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables and other | $ 174 | $ 182 |
Reinsurance Recoverables, Percentage of Total | 6.80% | 18.50% |
AM Best, A+ Rating [Member] | Reinsurer A [Member] | Customer Concentration Risk | Reinsurance Ceded Receivables Benchmark | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables and other | $ 1,626 | $ 0 |
Reinsurance Recoverables, Percentage of Total | 63.00% | 0.00% |
AM Best, A+ Rating [Member] | Reinsurer B [Member] | Customer Concentration Risk | Reinsurance Ceded Receivables Benchmark | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables and other | $ 423 | $ 420 |
Reinsurance Recoverables, Percentage of Total | 16.40% | 42.70% |
AM Best, A+ Rating [Member] | Reinsurer C [Member] | Customer Concentration Risk | Reinsurance Ceded Receivables Benchmark | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables and other | $ 212 | $ 216 |
Reinsurance Recoverables, Percentage of Total | 8.20% | 22.00% |
AM Best, A+ Rating [Member] | Reinsurer E [Member] | Customer Concentration Risk | Reinsurance Ceded Receivables Benchmark | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables and other | $ 44 | $ 46 |
Reinsurance Recoverables, Percentage of Total | 1.70% | 4.70% |
AM Best, A Rating [Member] | Reinsurer D [Member] | Customer Concentration Risk | Reinsurance Ceded Receivables Benchmark | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables and other | $ 59 | $ 64 |
Reinsurance Recoverables, Percentage of Total | 2.30% | 6.50% |
AM Best, A++ Rating [Member] | Reinsurer F | Customer Concentration Risk | Reinsurance Ceded Receivables Benchmark | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance ceded receivables and other | $ 42 | $ 55 |
Reinsurance Recoverables, Percentage of Total | 1.60% | 5.60% |
Reinsurance (Effect of Reinsura
Reinsurance (Effect of Reinsurance on Net Premiums and Claims and Other Policy Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Premiums Earned, Net [Abstract] | |||
Direct Premiums Earned | $ 33 | $ 58 | $ 76 |
Assumed Premiums Earned | 13,348 | 12,583 | 12,150 |
Ceded Premiums Earned | (868) | (947) | (929) |
Net premiums | 12,513 | 11,694 | 11,297 |
Policyholder Benefits and Claims Incurred, Net [Abstract] | |||
Policyholder Benefits and Claims Incurred, Direct | 37 | 97 | 113 |
Policyholder Benefits and Claims Incurred, Assumed | 13,725 | 11,931 | 11,404 |
Policyholder Benefits and Claims Incurred, Ceded | (986) | (953) | (1,320) |
Claims and other policy benefits | $ 12,776 | $ 11,075 | $ 10,197 |
Reinsurance (Effect of Reinsu_2
Reinsurance (Effect of Reinsurance on Life Insurance In Force) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Reinsurance Disclosures [Abstract] | |||
Reinsurance Premiums for Insurance Companies, by Product Segment, Gross Amount | $ 1,117 | $ 1,990 | $ 1,316 |
Reinsurance Premiums for Insurance Companies, by Product Segment, Amount Assumed from Other Companies | 3,467,054 | 3,480,692 | 3,480,206 |
Reinsurance Premiums for Insurance Companies, by Product Segment, Amount Ceded to Other Companies | 166,842 | 184,625 | 192,864 |
Reinsurance Premiums for Insurance Companies, by Product Segment, Net Amount | $ 3,301,329 | $ 3,298,057 | $ 3,288,658 |
Reinsurance Premiums for Insurance Companies, by Product Segment, Percentage of Amount Assumed to Net | 105.00% | 105.50% | 105.80% |
Reinsurance (Narrative) (Detail
Reinsurance (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Effects of Reinsurance [Line Items] | ||
Maximum Life Insurance Retention Per Individual Life | $ 8 | |
Reinsurance ceded receivables and other | 2,580 | $ 983 |
Reinsurance Claims Recoverables | 203 | 278 |
Claims Recoverable From Retrocessionaires Past Due | 10 | 10 |
Statutory Financial Reinsurance | 25,900 | 24,300 |
Assets Held-in-trust | 465 | 572 |
Benefit Of RGA Subsidiaries [Member] | ||
Effects of Reinsurance [Line Items] | ||
Assets Held-in-trust | 4,100 | 3,700 |
Benefit Of Third Parties [Member] | ||
Effects of Reinsurance [Line Items] | ||
Assets Held-in-trust | $ 28,700 | $ 27,700 |
Deferred Policy Acquisition C_3
Deferred Policy Acquisition Costs (Movement Analysis Of Deferred Policy Acquisition Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||
Deferred Policy Acquisition Cost | $ 3,616 | $ 3,512 | $ 3,398 |
Deferred Policy Acquisition Cost, Capitalization | 541 | 478 | 526 |
Deferred Policy Acquisition Costs, Amortization Expense | (496) | (405) | (315) |
Deferred Policy Acquisition Cost, Amortization Expense, Other | (36) | 22 | (15) |
Deferred Policy Acquisition Cost, Amortization Expense, Unrealized Investment Gains (Losses) | 33 | (26) | (97) |
Deferred Policy Acquisition Cost, Foreign Currency Translation Adjustment | 32 | 35 | 15 |
Deferred Policy Acquisition Cost | $ 3,690 | $ 3,616 | $ 3,512 |
Deferred Policy Acquisition C_4
Deferred Policy Acquisition Costs Deferred Policy Acquisition Costs (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Policy Acquisition Costs Disclosures [Abstract] | |
Insurance Contract, Acquisition Cost [Text Block] | Some reinsurance agreements involve reimbursing the ceding company for allowances and commissions in excess of first-year premiums. These amounts represent acquisition costs and are capitalized to the extent deemed recoverable from the future premiums and amortized against future profits of the business. |
Income Tax (Pre-tax Income Fore
Income Tax (Pre-tax Income Foreign and Domestic) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | $ 327 | $ 79 | $ 871 | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 364 | 474 | 261 | ||||||||
Income before income taxes | $ 57 | $ (34) | $ 482 | $ 186 | $ 169 | $ 285 | $ 195 | $ (96) | $ 691 | $ 553 | $ 1,132 |
Income Tax (Provision for Incom
Income Tax (Provision for Income Tax Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Current Federal Tax Expense (Benefit) | $ 91 | $ 75 | $ (9) |
Current Foreign Tax Expense (Benefit) | 72 | 79 | 60 |
Current Income Tax Expense (Benefit) | 163 | 154 | 51 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Deferred Federal Income Tax Expense (Benefit) | (127) | (60) | 182 |
Deferred Foreign Income Tax Expense (Benefit) | 38 | 44 | 29 |
Deferred income taxes | (89) | (16) | 211 |
Income Tax Expense (Benefit) | $ 74 | $ 138 | $ 262 |
Income Tax (Provision for Inc_2
Income Tax (Provision for Income Tax Expense Computed from Statutory Rate to Pre-tax Income) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||||
Effective Income Tax Rate Reconciliation, Equity in Earnings (Losses) of Unconsolidated Subsidiary, Amount | $ (1) | $ (1) | $ (8) | |
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | 145 | 116 | 238 | |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | 51 | 21 | 2 | |
Income Tax Reconciliation Foreign Income Tax Basis Differential | (4) | (32) | (23) | |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | (18) | 10 | 56 | |
Effective Income Tax Rate Reconciliation, Tax Contingency, Domestic, Amount | (119) | 10 | 8 | |
Income Tax Reconciliation Change In Foreign Enacted Tax Rate | 29 | 13 | (1) | |
Gilti Net of Credits | 11 | 13 | 0 | |
Income Tax Reconciliation Subpart F | 2 | 0 | 1 | |
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Amount | (10) | (7) | (6) | |
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Amount | (17) | (4) | (6) | |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 5 | (1) | 1 | |
Income Tax Expense (Benefit) | $ 74 | $ 138 | $ 262 | |
Effective Income Tax Rate Reconciliation, Percent | [1] | 10.60% | 24.90% | 23.10% |
[1] | The Company rounds amounts in the financial statements to millions and calculates the effective tax rate from the underlying whole-dollar amounts. Thus certain amounts may not recalculate based on the numbers due to rounding. |
Income Tax (Total Income Taxes
Income Tax (Total Income Taxes Provided) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Effects Allocated Directly to Equity [Abstract] | |||
Provision for income taxes | $ 74 | $ 138 | $ 262 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | (520) | 611 | 681 |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | 23 | (9) | 3 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax | 7 | (1) | (5) |
Income Tax Expense (Benefit), Intraperiod Tax Allocation | $ (416) | $ 739 | $ 941 |
Income Tax (Tax Effects of Temp
Income Tax (Tax Effects of Temporary Differences that Give Rise to Significant Portions of the Deferred Income Tax Asset and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred Tax Assets, Net [Abstract] | ||
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals | $ 85 | $ 92 |
Deferred Tax Assets, Operating Loss Carryforwards | 251 | 254 |
Deferred Tax Assets, Tax Credit Carryforwards | 50 | 0 |
Deferred Tax Assets, Other Tax Carryforwards | 3 | 0 |
Deferred Tax Assets, Gross | 389 | 346 |
Deferred Tax Assets, Valuation Allowance | (218) | (251) |
Deferred Tax Assets, Net | 171 | 95 |
Deferred Tax Liabilities [Abstract] | ||
Deferred Tax Liabilities, Deferred Expense, Deferred Policy Acquisition Cost | 754 | 775 |
Deferred Tax Liabilities Reinsurance Transactions | 1,085 | 1,105 |
Deferred Tax Liabilities, Investments | 793 | 1,043 |
Deferred Tax Liabilities, Undistributed Foreign Earnings | 260 | 354 |
Deferred Tax Liabilities, Unrealized Currency Transaction Gains | 66 | 40 |
Deferred Tax Liabilities, Prepaid Expenses | 58 | 20 |
Total Deferred Income Tax Liabilities | 3,016 | 3,339 |
Deferred Tax Liabilities, Net | 2,845 | 3,244 |
Balance Sheet Presentation Of Deferred Tax Liabilities [Abstract] | ||
Deferred Tax Assets, Other | 41 | 19 |
Deferred income taxes | 2,886 | 3,263 |
Deferred Tax Liabilities, Net | 2,845 | 3,244 |
Deferred Tax Liabilities, Other | $ 0 | $ 2 |
Income Tax Income Tax (Net Oper
Income Tax Income Tax (Net Operating Loss Carryforward) (Details) $ in Millions | Dec. 31, 2021USD ($) |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | $ 920 |
No Expiration And No Valuation Allowance [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 100 |
Full Valuation Allowance [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 187 |
No Expiration And Partial Valuation Allowance [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 631 |
Expiration Dates Between 2029 And 2035 With No Valuation Allowance [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | $ 2 |
Income Tax (Reconciliation of t
Income Tax (Reconciliation of the Amount of Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized Tax Benefits Beginning balance, January 1 | $ 342 | $ 333 | $ 325 |
Unrecognized Tax Benefits, Increases Resulting from Prior Period Tax Positions | 2 | 281 | 264 |
Unrecognized Tax Benefits, Decreases Resulting from Prior Period Tax Positions | (312) | (278) | (262) |
Unrecognized Tax Benefits, Increases Resulting from Current Period Tax Positions | 2 | 6 | 6 |
Unrecognized Tax Benefits Ending balance, December 31 | $ 34 | $ 342 | $ 333 |
Income Tax (Narrative) (Details
Income Tax (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Loss Carryforwards [Line Items] | ||||
Proceeds from Income Tax Refunds | $ 20 | $ 59 | $ 22 | |
Cash paid for income taxes | 388 | 167 | 66 | |
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 5 | |||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 50 | |||
Cash paid for income taxes | 388 | 167 | 66 | |
Deferred Tax Assets, Valuation Allowance | 218 | 251 | ||
Proceeds from Income Tax Refunds | 20 | 59 | 22 | |
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability | 1,800 | 2,700 | ||
Subsidiary Net Operating Loss | 20 | |||
Operating Loss Carryforwards | 920 | |||
Unrecognized Tax Benefits | 34 | 342 | 333 | $ 325 |
Unrecognized Tax Benefits, Interest on Income Taxes Expense | (31) | (11) | $ (12) | |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 3 | $ 34 | ||
Foreign Tax Authority | Revenue Commissioners, Ireland | ||||
Operating Loss Carryforwards [Line Items] | ||||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | $ 26 |
Employee Benefit Plans (Schedul
Employee Benefit Plans (Schedule of Changes in Projected Benefit Obligations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Defined Benefit Plan, Benefit Obligation, Beginning Balance | $ 254 | ||
Defined Benefit Plan, Benefit Obligation, Ending Balance | 256 | $ 254 | |
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Defined Benefit Plan, Benefit Obligation, Beginning Balance | 254 | 220 | |
Defined Benefit Plan, Service Cost | 18 | 14 | $ 13 |
Defined Benefit Plan, Interest Cost | 4 | 6 | 7 |
Defined Benefit Plan, Contributions by Plan Participants (Deprecated 2017-01-31) | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | 0 | 0 | |
Defined Benefit Plan, Actuarial Net (Gains) Losses | (8) | 25 | |
Defined Benefit Plan, Benefits Paid (Deprecated 2017-01-31) | (12) | (12) | |
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Benefit Obligation | 0 | 1 | |
Defined Benefit Plan, Benefit Obligation, Ending Balance | 256 | 254 | 220 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Defined Benefit Plan, Benefit Obligation, Beginning Balance | 81 | 87 | |
Defined Benefit Plan, Service Cost | 3 | 3 | 3 |
Defined Benefit Plan, Interest Cost | 2 | 2 | 3 |
Defined Benefit Plan, Contributions by Plan Participants (Deprecated 2017-01-31) | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | (3) | 0 | |
Defined Benefit Plan, Actuarial Net (Gains) Losses | (6) | (9) | |
Defined Benefit Plan, Benefits Paid (Deprecated 2017-01-31) | (2) | (2) | |
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Benefit Obligation | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, Ending Balance | $ 75 | $ 81 | $ 87 |
Employee Benefit Plans (Sched_2
Employee Benefit Plans (Schedule of Changes in Fair Value of Plan Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | $ 157 | |
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 179 | $ 157 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (77) | (97) |
Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 157 | 133 |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 15 | 18 |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 19 | 18 |
Defined Benefit Plan, Contributions by Plan Participants (Deprecated 2017-01-31) | 0 | 0 |
Defined Benefit Plan, Benefits Paid (Deprecated 2017-01-31) | (12) | (12) |
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 179 | 157 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (77) | (97) |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 0 | 0 |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 0 | 0 |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 2 | 2 |
Defined Benefit Plan, Contributions by Plan Participants (Deprecated 2017-01-31) | 0 | 0 |
Defined Benefit Plan, Benefits Paid (Deprecated 2017-01-31) | (2) | (2) |
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 0 | 0 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | $ (75) | $ (81) |
Employee Benefit Plans (Sched_3
Employee Benefit Plans (Schedule of Net Funded Status) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Change In Benefit Obligation [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 179 | $ 157 | |
Defined Benefit Plan, Benefit Obligation | 256 | 254 | |
Defined Benefit Plan, Funded Status of Plan, Total | (77) | (97) | |
Qualified Plan [Member] | |||
Defined Benefit Plan Change In Benefit Obligation [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 179 | 157 | |
Defined Benefit Plan, Benefit Obligation | 166 | 160 | |
Defined Benefit Plan, Funded Status of Plan, Total | 13 | (3) | |
Nonqualified Plan [Member] | |||
Defined Benefit Plan Change In Benefit Obligation [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | [1] | 0 | 0 |
Defined Benefit Plan, Benefit Obligation | [1] | 90 | 94 |
Defined Benefit Plan, Funded Status of Plan, Total | [1] | $ (90) | $ (94) |
[1] | For non-qualified plans, there are no required funding levels. |
Employee Benefit Plans (Sched_4
Employee Benefit Plans (Schedule of Amounts Recognized in Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Change In Benefit Obligation [Line Items] | ||
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | $ 52 | $ 71 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Prior Service Costs (Credit) Arising During Period, Net of Tax | 0 | 0 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 52 | 71 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Change In Benefit Obligation [Line Items] | ||
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | 20 | 29 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Prior Service Costs (Credit) Arising During Period, Net of Tax | (9) | (8) |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | $ 11 | $ 21 |
Employee Benefit Plans (Sched_5
Employee Benefit Plans (Schedule of Projected Benefit Obligations in Excess of Fair Value of Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Retirement Benefits [Abstract] | ||
Defined Benefit Plan, Benefit Obligation | $ 256 | $ 254 |
Defined Benefit Plan, Plan Assets, Amount | $ 179 | $ 157 |
Employee Benefit Plans (Sched_6
Employee Benefit Plans (Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Retirement Benefits [Abstract] | ||
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation | $ 248 | $ 243 |
Defined Benefit Plan, Plan Assets, Amount | $ 179 | $ 157 |
Employee Benefit Plans (Compone
Employee Benefit Plans (Components of Net Periodic Benefit Cost Recognized in Other Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | $ 27 | $ (2) | $ (23) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | (2) | 1 | 1 |
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Defined Benefit Plan, Service Cost | 18 | 14 | 13 |
Defined Benefit Plan, Interest Cost | 4 | 6 | 7 |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (10) | (9) | (7) |
Defined Benefit Plan, Amortization of Gain (Loss) | 6 | 5 | 4 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | 0 | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost, Total | 18 | 16 | 17 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | (13) | 17 | 14 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | (6) | (5) | (4) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax | 0 | 0 | 0 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax | 0 | 0 | 0 |
Other Comprehensive Income Defined Benefit Plan Net Foreign Exchange Translations And Other Adjustments | 0 | 0 | 0 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | (19) | 12 | 10 |
Defined Benefit Plan Net Periodic Benefit Cost And Other Comprehensive Income Defined Benefit Plans Adjustment Before Tax Period Increase Decrease | (1) | 28 | 27 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Defined Benefit Plan, Service Cost | 3 | 3 | 3 |
Defined Benefit Plan, Interest Cost | 2 | 2 | 3 |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | 0 | 0 | 0 |
Defined Benefit Plan, Amortization of Gain (Loss) | 2 | 2 | 1 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | (1) | (1) | (1) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | 0 | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost, Total | 6 | 6 | 6 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | (6) | (8) | 14 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | (2) | (2) | (1) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | 1 | 1 | 1 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax | 0 | 0 | 0 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax | 3 | 0 | 0 |
Other Comprehensive Income Defined Benefit Plan Net Foreign Exchange Translations And Other Adjustments | 0 | 0 | 0 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | (10) | (9) | 14 |
Defined Benefit Plan Net Periodic Benefit Cost And Other Comprehensive Income Defined Benefit Plans Adjustment Before Tax Period Increase Decrease | $ (4) | $ (3) | $ 20 |
Employee Benefit Plans (Sched_7
Employee Benefit Plans (Schedule of Expected Future Benefit Payments) (Details) $ in Millions | Dec. 31, 2021USD ($) |
Pension Plans, Defined Benefit [Member] | |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |
Defined Benefit Plan, Expected Future Benefit Payments in Year One | $ 12 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Two | 15 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 16 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 18 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 17 |
Defined Benefit Plan, Expected Future Benefit Payments in Five Fiscal Years Thereafter | 97 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |
Defined Benefit Plan, Expected Future Benefit Payments in Year One | 2 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Two | 2 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 2 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 2 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 3 |
Defined Benefit Plan, Expected Future Benefit Payments in Five Fiscal Years Thereafter | $ 17 |
Employee Benefit Plans (Sched_8
Employee Benefit Plans (Schedule of Assumptions Used Calculating Benefit Obligations) (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.64% | 2.22% | 3.05% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 4.74% | 4.69% | 4.61% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 2.21% | 3.03% | 4.03% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 6.50% | 7.00% | 7.00% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 4.71% | 4.60% | 4.16% |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.76% | 2.41% | 3.17% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 2.41% | 3.17% | 4.17% |
Employee Benefit Plans (Sched_9
Employee Benefit Plans (Schedule of Health Care Costs Trend Rates) (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | ||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Next Fiscal Year | 6.50% | 7.00% |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 4.50% | 4.50% |
Defined Benefit Plan, Assumed Health Care Cost Trend Rate, Description | 2026 | 2026 |
Employee Benefit Plans (Sche_10
Employee Benefit Plans (Schedule of Allocation of Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | ||
Defined Benefit Plan Change In Benefit Obligation [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | $ 179 | $ 157 | ||
Mutual Funds [Member] | ||||
Defined Benefit Plan Change In Benefit Obligation [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 179 | [1] | $ 157 | [2] |
U.S. Equity Funds [Member] | ||||
Defined Benefit Plan Change In Benefit Obligation [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 27.00% | |||
U.S. Fixed Income Funds [Member] | ||||
Defined Benefit Plan Change In Benefit Obligation [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 39.00% | |||
Non-U.S. Equity Funds [Member] | ||||
Defined Benefit Plan Change In Benefit Obligation [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 18.00% | |||
Other [Member] | ||||
Defined Benefit Plan Change In Benefit Obligation [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 16.00% | |||
Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan Change In Benefit Obligation [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | $ 0 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan Change In Benefit Obligation [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 179 | 157 | ||
Fair Value, Inputs, Level 1 [Member] | Mutual Funds [Member] | ||||
Defined Benefit Plan Change In Benefit Obligation [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 179 | [1] | 157 | [2] |
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan Change In Benefit Obligation [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan Change In Benefit Obligation [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Mutual Funds [Member] | ||||
Defined Benefit Plan Change In Benefit Obligation [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | [1] | 0 | [2] |
Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan Change In Benefit Obligation [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan Change In Benefit Obligation [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Mutual Funds [Member] | ||||
Defined Benefit Plan Change In Benefit Obligation [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | [1] | 0 | [2] |
Fair Value, Inputs, Level 3 [Member] | Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan Change In Benefit Obligation [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | $ 0 | $ 0 | ||
[1] | Mutual funds were invested 27% in U.S. equity funds, 38% in U.S. fixed income funds, 18% in non-U.S. equity funds and 17% in other. | |||
[2] | Mutual funds were invested 27% in U.S. equity funds, 39% in U.S. fixed income funds, 18% in non-U.S. equity funds and 16% in other. |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Change In Benefit Obligation [Line Items] | |||
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation | $ 248 | $ 243 | |
Defined Contribution Plan, Cost | 21 | 19 | $ 16 |
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Change In Benefit Obligation [Line Items] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 18 | 16 | 17 |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | 22 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Change In Benefit Obligation [Line Items] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 6 | $ 6 | $ 6 |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | $ 2 | ||
Debt Securities [Member] | |||
Defined Benefit Plan Change In Benefit Obligation [Line Items] | |||
Defined Benefit Plan, Target Allocation Percentage of Assets, Equity Securities | 40.00% | ||
Equity Securities [Member] | |||
Defined Benefit Plan Change In Benefit Obligation [Line Items] | |||
Defined Benefit Plan, Target Allocation Percentage of Assets, Equity Securities | 60.00% |
Financial Condition and Net I_3
Financial Condition and Net Income on a Statutory Basis - Significant Subsidiaries (Statutory Accounting Practices Disclosure) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
RGA Reinsurance [Member] | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | $ 2,368 | $ 2,131 | |
Statutory Accounting Practices, Statutory Net Income Amount | (98) | (133) | $ 280 |
RGA Canada [Member] | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | 903 | 886 | |
Statutory Accounting Practices, Statutory Net Income Amount | 25 | 152 | (225) |
RGA Barbados [Member] | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | 1,781 | 1,835 | |
Statutory Accounting Practices, Statutory Net Income Amount | 52 | 268 | 234 |
RGA Australia [Member] | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | 485 | 535 | |
Statutory Accounting Practices, Statutory Net Income Amount | (22) | 42 | 15 |
RGA Atlantic [Member] | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | 1,137 | 1,441 | |
Statutory Accounting Practices, Statutory Net Income Amount | (226) | 175 | 243 |
RGA International Reinsurance Company dac [Member] | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | 1,121 | 1,460 | |
Statutory Accounting Practices, Statutory Net Income Amount | 43 | 52 | 37 |
RGA Americas [Member] | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | 6,812 | 8,249 | |
Statutory Accounting Practices, Statutory Net Income Amount | (241) | 879 | 1,049 |
Other Reinsurance Subsidiaries [Member] | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | 1,015 | 1,298 | |
Statutory Accounting Practices, Statutory Net Income Amount | (152) | 194 | 114 |
RGA Reinsurance Company Of Missouri | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | 2,362 | 2,136 | |
Statutory Accounting Practices, Statutory Net Income Amount | (13) | 4 | 75 |
RGA Worldwide Reinsurance Company | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | 702 | 703 | |
Statutory Accounting Practices, Statutory Net Income Amount | 10 | 104 | 106 |
RGA Global Reinsurance Company | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | 565 | 495 | |
Statutory Accounting Practices, Statutory Net Income Amount | $ 93 | $ 59 | $ 71 |
Financial Condition and Net I_4
Financial Condition and Net Income on a Statutory Basis - Significant Subsidiaries (Reconciliation of NAIC SAP and Prescribed Practice) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Statutory Basis [Abstract] | ||
Prescribed Practice Surplus Note | $ 403 | $ 577 |
Prescribed Practice Letters Of Credit | (461) | (461) |
Surplus Deficit NAIC SAP | $ (58) | $ 116 |
Financial Condition and Net I_5
Financial Condition and Net Income on a Statutory Basis - Significant Subsidiaries (Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Statutory Basis [Abstract] | |
Number Of Preceeding Months To Accumulate Dividend Paid For Approval | 12 months |
Future Dividend Payment Restricted To Such Percent Of Surplus To Policy Holders | 10.00% |
RGA Reinsurance Max Dividend Payments Without Approval | $ 237 |
Commitments Contingencies and_3
Commitments Contingencies and Guarantees (Commitments to Fund Investments) (Details) - USD ($) $ in Millions | Dec. 31, 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 | $ 1,031 | $ 678 |
Commercial Loan [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 152 | 199 |
Bank Loan Obligations [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 768 | 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 | $ 41 | $ 43 |
Commitments Contingencies and_4
Commitments Contingencies and Guarantees (Maximum Potential Obligation) (Details) $ in Millions | Dec. 31, 2021USD ($) |
Commitment Period Two Thousand Thirty Five [Member] | |
Guarantor Obligations [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 2,671 |
Commitment Period Two Thousand Thirty Six [Member] | |
Guarantor Obligations [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 3,599 |
Commitment Period Two Thousand Thirty Seven [Member] | |
Guarantor Obligations [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 6,850 |
Commitment Period Two Thousand Thirty Eight [Member] | |
Guarantor Obligations [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 2,300 |
Commitment Period Two Thousand Thirty Nine [Member] | |
Guarantor Obligations [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 7,351 |
Commitment Period Two Thousand Thirty Four | |
Guarantor Obligations [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 1,243 |
Commitment Period Two Thousand Forty Six | |
Guarantor Obligations [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 3,000 |
Commitments Contingencies and_5
Commitments Contingencies and Guarantees (Guarantees Issued) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Insurance Treaty Guarantee [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Current Carrying Value | $ 2,208 | $ 1,934 |
Insurance Treaty Guarantee Net Of Assets Held In Trust [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Current Carrying Value | 1,281 | 961 |
Guarantee Of Borrowed Securities [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Current Carrying Value | $ 134 | $ 133 |
Commitments Contingencies and_6
Commitments Contingencies and Guarantees (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Maximum Capital Lease Obligations As Offset Against Industrial Bonds | $ 150 | |
Liability For Expected Credit Losses Included in Other Liabilities | 1 | $ 2 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | 1,400 | $ 1,900 |
Other Notes Payable | 500 | |
Other Notes Payable Funding Agreement Backed Notes | $ 400 |
Debt (Schedule of Long-term Deb
Debt (Schedule of Long-term Debt Instruments) (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2006 |
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 3,695,000,000 | $ 3,597,000,000 | |
Debt Issuance Cost | 28,000,000 | 24,000,000 | |
Debt Instrument, Face Amount | $ 850,000,000 | ||
Long-term debt | 3,667,000,000 | 3,573,000,000 | |
Senior Notes Due 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | 0 | 400,000,000 | |
Debt Instrument, Face Amount | $ 400,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | ||
Senior Notes Due 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 400,000,000 | 399,000,000 | |
Debt Instrument, Face Amount | $ 400,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.70% | ||
Senior Notes Due 2026 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 400,000,000 | 400,000,000 | |
Debt Instrument, Face Amount | $ 400,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.95% | ||
Senior Notes Due 2029 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 599,000,000 | 599,000,000 | |
Debt Instrument, Face Amount | $ 600,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.90% | ||
Subordinated Debentures Due 2042 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 400,000,000 | 400,000,000 | |
Debt Instrument, Face Amount | $ 400,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.20% | ||
Subordinated Debentures Due 2056 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 400,000,000 | 400,000,000 | |
Debt Instrument, Face Amount | $ 400,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | ||
Junior Subordinated Debentures Due 2065 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 319,000,000 | 319,000,000 | |
Debt Instrument, Face Amount | $ 400,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.82% | ||
Notes Payable to Banks [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 80,000,000 | 83,000,000 | |
Debt Instrument, Face Amount | $ 100,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.09% | ||
Senior Notes Due 2030 | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 597,000,000 | 597,000,000 | |
Debt Instrument, Face Amount | $ 600,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.15% | ||
Surplus Note Due 2051 | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 500,000,000 | $ 0 | |
Debt Instrument, Face Amount | $ 500,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% |
Debt (Repayments of Debt) (Deta
Debt (Repayments of Debt) (Details) $ in Millions | Dec. 31, 2021USD ($) |
Debt Disclosure [Abstract] | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 3 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 403 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 3 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 4 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 404 |
Long-term Debt, Maturities, Repayments of Principal after Year Five | $ 2,883 |
Debt (Schedule of Line of Credi
Debt (Schedule of Line of Credit Facilities) (Details) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 988 | ||
Syndicated Credit Facility $850 Million [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 850 | ||
Long-term Line of Credit | [1] | $ 21 | $ 21 |
Line of Credit Facility, Interest Rate Description | Senior unsecured long-term debt rating | ||
Credit Facility 100 Million [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100 | ||
Long-term Line of Credit | [1] | $ 70 | 75 |
Line of Credit Facility, Interest Rate Description | Fixed | ||
Foreign Line of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | [2] | $ 80 | |
Long-term Line of Credit | [1],[2] | $ 80 | 100 |
Line of Credit Facility, Interest Rate Description | [2] | Fixed | |
Syndicated Credit Facility $500 Million [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500 | ||
Long-term Line of Credit | [1] | $ 376 | 210 |
Line of Credit Facility, Interest Rate Description | Debt rating and utilization % | ||
Credit Facility $108 Million | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 108 | ||
Long-term Line of Credit | [1] | $ 108 | 107 |
Line of Credit Facility, Interest Rate Description | Fixed | ||
Credit Facility 100 Million (2024) | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100 | ||
Long-term Line of Credit | [1] | $ 51 | 51 |
Line of Credit Facility, Interest Rate Description | Fixed | ||
Credit Facility 100 Million (August 2024) | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100 | ||
Long-term Line of Credit | [1] | $ 40 | $ 100 |
Line of Credit Facility, Interest Rate Description | Fixed | ||
[1] | Represents issued but undrawn letters of credit. There was no cash borrowed for the periods presented. | ||
[2] | Foreign currency denominated facility, amounts presented are in U.S. dollars. |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2006 | ||
Debt Instrument [Line Items] | |||||
Debt Issuance Cost | $ 28,000,000 | $ 24,000,000 | |||
Undrawn Outstanding Letters Of Credit In Favor Of Third Parties | 53,000,000 | 23,000,000 | |||
Undrawn Outstanding Letters Of Credit Between Subsidiaries | 1,440,000,000 | $ 1,508,000,000 | |||
Debt Instrument, Face Amount | $ 850,000,000 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 988,000,000 | ||||
Debt, Weighted Average Interest Rate | 4.42% | 4.54% | |||
Long-term Debt, Gross | $ 3,695,000,000 | $ 3,597,000,000 | |||
Long-term debt | 3,667,000,000 | 3,573,000,000 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 4,000,000 | ||||
Line of Credit Facility, Commitment Fee Amount | $ 11,000,000 | 10,000,000 | $ 8,000,000 | ||
Senior Notes Due 2026 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.95% | ||||
Debt Instrument, Face Amount | $ 400,000,000 | ||||
Long-term Debt, Gross | $ 400,000,000 | 400,000,000 | |||
Subordinated Debentures Due 2056 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | ||||
Debt Instrument, Face Amount | $ 400,000,000 | ||||
Long-term Debt, Gross | $ 400,000,000 | 400,000,000 | |||
Junior Subordinated Debentures Due 2065 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.82% | ||||
Debt Instrument, Face Amount | $ 400,000,000 | ||||
Long-term Debt, Gross | $ 319,000,000 | 319,000,000 | |||
Senior Notes Due 2021 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | ||||
Debt Instrument, Face Amount | $ 400,000,000 | ||||
Long-term Debt, Gross | $ 0 | 400,000,000 | |||
Subordinated Debentures Due 2042 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 6.20% | ||||
Debt Instrument, Face Amount | $ 400,000,000 | ||||
Long-term Debt, Gross | $ 400,000,000 | 400,000,000 | |||
Senior Notes Due 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.70% | ||||
Debt Instrument, Face Amount | $ 400,000,000 | ||||
Long-term Debt, Gross | $ 400,000,000 | 399,000,000 | |||
Notes Payable to Banks [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.09% | ||||
Debt Instrument, Face Amount | $ 100,000,000 | ||||
Long-term Debt, Gross | $ 80,000,000 | 83,000,000 | |||
Senior Notes Due 2029 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.90% | ||||
Debt Instrument, Face Amount | $ 600,000,000 | ||||
Long-term Debt, Gross | $ 599,000,000 | 599,000,000 | |||
Senior Notes Due 2030 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.15% | ||||
Debt Instrument, Face Amount | $ 600,000,000 | ||||
Long-term Debt, Gross | $ 597,000,000 | 597,000,000 | |||
Debt Instrument, Offering Date | Jun. 9, 2020 | ||||
Proceeds from Debt, Net of Issuance Costs | $ 593,000,000 | ||||
Debt Related Commitment Fees and Debt Issuance Costs | $ 5,000,000 | ||||
Surplus Note Due 2051 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | ||||
Debt Instrument, Face Amount | $ 500,000,000 | ||||
Long-term Debt, Gross | $ 500,000,000 | 0 | |||
Debt Instrument, Offering Date | Dec. 13, 2021 | ||||
Debt Related Commitment Fees and Debt Issuance Costs | $ 6,000,000 | ||||
Syndicated Credit Facility $850 Million [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 850,000,000 | ||||
Long-term Line of Credit | [1] | 21,000,000 | $ 21,000,000 | ||
Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,025,000,000 | ||||
[1] | Represents issued but undrawn letters of credit. There was no cash borrowed for the periods presented. |
Debt (Senior Note Offering) (Na
Debt (Senior Note Offering) (Narrative) (Details) - USD ($) | Dec. 31, 2021 | Jun. 30, 2006 |
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 850,000,000 | |
Senior Notes Due 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.90% | |
Debt Instrument, Face Amount | $ 600,000,000 |
Collateral Finance and Securi_3
Collateral Finance and Securitization Notes Collateral Finance and Securitization Notes (List of Collateral Finance and Securitization Notes) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Collateralized Financings | $ 180 | $ 388 |
Debt Issuance Cost | (28) | (24) |
Timerberlake Financial [Member] | ||
Collateralized Financings | 181 | 247 |
Chesterfield Financial Holdings LLC [Member] | ||
Collateralized Financings | 0 | 143 |
Secured Debt [Member] | ||
Debt Issuance Cost | $ (1) | $ (2) |
Collateral Finance and Securi_4
Collateral Finance and Securitization Notes (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2006 | |
Collateral Finance Facility [Line Items] | ||||
Debt Instrument, Face Amount | $ 850,000,000 | |||
Direct investment in subsidiary | $ 113,000,000 | |||
Assets Held-in-trust | $ 465,000,000 | $ 572,000,000 | ||
Amount Held In Debt Service Coverage Account | 39,000,000 | 40,000,000 | ||
Collateral Financing Expense | 12,000,000 | 17,000,000 | $ 29,000,000 | |
Debt Issuance Cost | 28,000,000 | 24,000,000 | ||
Reinsurance Group Of America Barbados [Member] | ||||
Collateral Finance Facility [Line Items] | ||||
Collateral Financing Expense | 0 | 2,000,000 | 5,000,000 | |
Timerberlake Financial [Member] | ||||
Collateral Finance Facility [Line Items] | ||||
Collateral Financing Expense | 1,000,000 | 3,000,000 | 9,000,000 | |
Chesterfield Financial Holdings LLC [Member] | ||||
Collateral Finance Facility [Line Items] | ||||
Debt Instrument, Face Amount | 300,000,000 | |||
Assets Held-in-trust | 0 | 10,000,000 | ||
Collateral Financing Expense | $ 6,000,000 | $ 7,000,000 | $ 8,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.50% |
Segment Information (Reconcilia
Segment Information (Reconciliation of Revenue from Segments to Consolidated) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | $ 4,359 | $ 4,043 | $ 4,137 | $ 4,119 | $ 4,143 | $ 3,643 | $ 3,606 | $ 3,204 | $ 16,658 | $ 14,596 | $ 14,300 |
Americas [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 8,690 | 7,780 | 7,779 | ||||||||
Canada Segment Reporting Information [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 1,549 | 1,352 | 1,385 | ||||||||
EMEA [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 2,443 | 2,104 | 1,970 | ||||||||
Asia Pacific [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 3,195 | 3,115 | 2,909 | ||||||||
Corporate And Other Segment Reporting Information [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 781 | 245 | 257 | ||||||||
Life Insurance Product Line [Member] | Americas [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 7,198 | 6,560 | 6,500 | ||||||||
Life Insurance Product Line [Member] | Canada Segment Reporting Information [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 1,448 | 1,260 | 1,286 | ||||||||
Life Insurance Product Line [Member] | EMEA [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 1,827 | 1,633 | 1,520 | ||||||||
Life Insurance Product Line [Member] | Asia Pacific [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 2,778 | 2,806 | 2,681 | ||||||||
Insurance, Other [Member] | Americas [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 1,492 | 1,220 | 1,279 | ||||||||
Insurance, Other [Member] | Canada Segment Reporting Information [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 101 | 92 | 99 | ||||||||
Insurance, Other [Member] | EMEA [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 616 | 471 | 450 | ||||||||
Insurance, Other [Member] | Asia Pacific [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | $ 417 | $ 309 | $ 228 |
Segment Information (Reconcil_2
Segment Information (Reconciliation of Income before Income Taxes from Segments to Consolidated) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | $ 57 | $ (34) | $ 482 | $ 186 | $ 169 | $ 285 | $ 195 | $ (96) | $ 691 | $ 553 | $ 1,132 |
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 | (25) | (3) | 663 | ||||||||
Canada Segment Reporting Information [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 | 143 | 155 | 183 | ||||||||
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 | 64 | 285 | 303 | ||||||||
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 | 88 | 233 | 128 | ||||||||
Corporate And Other Segment Reporting Information [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 | 421 | (117) | (145) | ||||||||
Life Insurance Product Line [Member] | Americas [Member] | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | (540) | (298) | 265 | ||||||||
Life Insurance Product Line [Member] | Canada Segment Reporting Information [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 | 128 | 134 | 168 | ||||||||
Life Insurance Product Line [Member] | EMEA [Member] | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | (239) | 27 | 80 | ||||||||
Life Insurance Product Line [Member] | Asia Pacific [Member] | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | (10) | 174 | 105 | ||||||||
Insurance, Other [Member] | Americas [Member] | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 515 | 295 | 398 | ||||||||
Insurance, Other [Member] | Canada Segment Reporting Information [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 | 15 | 21 | 15 | ||||||||
Insurance, Other [Member] | EMEA [Member] | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 303 | 258 | 223 | ||||||||
Insurance, Other [Member] | Asia Pacific [Member] | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | $ 98 | $ 59 | $ 23 |
Segment Information (Reconcil_3
Segment Information (Reconciliation of Interest Expense from Segments to Consolidated) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Interest expense | $ 127 | $ 170 | $ 173 |
Corporate Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest expense | $ 127 | $ 170 | $ 173 |
Segment Information (Reconcil_4
Segment Information (Reconciliation of Depreciation and Amortization from Segment to Consolidated) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Depreciation, Depletion and Amortization [Abstract] | |||
Depreciation, Depletion and Amortization, Nonproduction | $ 680 | $ 589 | $ 609 |
Americas [Member] | |||
Depreciation, Depletion and Amortization [Abstract] | |||
Depreciation, Depletion and Amortization, Nonproduction | 440 | 381 | 434 |
Canada Segment Reporting Information [Member] | |||
Depreciation, Depletion and Amortization [Abstract] | |||
Depreciation, Depletion and Amortization, Nonproduction | 21 | 24 | 20 |
EMEA [Member] | |||
Depreciation, Depletion and Amortization [Abstract] | |||
Depreciation, Depletion and Amortization, Nonproduction | 67 | 47 | 57 |
Asia Pacific [Member] | |||
Depreciation, Depletion and Amortization [Abstract] | |||
Depreciation, Depletion and Amortization, Nonproduction | 130 | 114 | 76 |
Corporate And Other Segment Reporting Information [Member] | |||
Depreciation, Depletion and Amortization [Abstract] | |||
Depreciation, Depletion and Amortization, Nonproduction | 22 | 23 | 22 |
Life Insurance Product Line [Member] | Americas [Member] | |||
Depreciation, Depletion and Amortization [Abstract] | |||
Depreciation, Depletion and Amortization, Nonproduction | 360 | 291 | 291 |
Life Insurance Product Line [Member] | Canada Segment Reporting Information [Member] | |||
Depreciation, Depletion and Amortization [Abstract] | |||
Depreciation, Depletion and Amortization, Nonproduction | 21 | 24 | 20 |
Life Insurance Product Line [Member] | EMEA [Member] | |||
Depreciation, Depletion and Amortization [Abstract] | |||
Depreciation, Depletion and Amortization, Nonproduction | 66 | 46 | 56 |
Life Insurance Product Line [Member] | Asia Pacific [Member] | |||
Depreciation, Depletion and Amortization [Abstract] | |||
Depreciation, Depletion and Amortization, Nonproduction | 87 | 94 | 60 |
Insurance, Other [Member] | Americas [Member] | |||
Depreciation, Depletion and Amortization [Abstract] | |||
Depreciation, Depletion and Amortization, Nonproduction | 80 | 90 | 143 |
Insurance, Other [Member] | Canada Segment Reporting Information [Member] | |||
Depreciation, Depletion and Amortization [Abstract] | |||
Depreciation, Depletion and Amortization, Nonproduction | 0 | 0 | 0 |
Insurance, Other [Member] | EMEA [Member] | |||
Depreciation, Depletion and Amortization [Abstract] | |||
Depreciation, Depletion and Amortization, Nonproduction | 1 | 1 | 1 |
Insurance, Other [Member] | Asia Pacific [Member] | |||
Depreciation, Depletion and Amortization [Abstract] | |||
Depreciation, Depletion and Amortization, Nonproduction | $ 43 | $ 20 | $ 16 |
Segment Information (Reconcil_5
Segment Information (Reconciliation of Assets from Segment to Consolidated) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 92,175 | $ 84,656 |
Americas [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 49,600 | 45,504 |
Canada Segment Reporting Information [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 5,109 | 4,695 |
EMEA [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 11,835 | 12,055 |
Asia Pacific [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 17,726 | 12,496 |
Corporate And Other Segment Reporting Information [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 7,905 | 9,906 |
Life Insurance Product Line [Member] | Americas [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 20,572 | 20,071 |
Life Insurance Product Line [Member] | Canada Segment Reporting Information [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 5,091 | 4,682 |
Life Insurance Product Line [Member] | EMEA [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 4,670 | 4,763 |
Life Insurance Product Line [Member] | Asia Pacific [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 10,048 | 8,197 |
Insurance, Other [Member] | Americas [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 29,028 | 25,433 |
Insurance, Other [Member] | Canada Segment Reporting Information [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 18 | 13 |
Insurance, Other [Member] | EMEA [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 7,165 | 7,292 |
Insurance, Other [Member] | Asia Pacific [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 7,678 | $ 4,299 |
Policy Claims and Benefits (Cla
Policy Claims and Benefits (Claims Development) (Details) - Life Insurance Product Line [Member] - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | [1] | Dec. 31, 2019 | [1] | Dec. 31, 2018 | [1] | Dec. 31, 2017 | [1] | Dec. 31, 2016 | [1] | Dec. 31, 2015 | [1] | Dec. 31, 2014 | [1] | Dec. 31, 2013 | [1] | Dec. 31, 2012 | [1] |
Claims Development [Line Items] | |||||||||||||||||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net | $ 1,379 | ||||||||||||||||||
Asia Pacific [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 1,876 | ||||||||||||||||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented | 75 | ||||||||||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 2,432 | ||||||||||||||||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net | 631 | ||||||||||||||||||
Americas [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 3,768 | ||||||||||||||||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented | 110 | ||||||||||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 4,406 | ||||||||||||||||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net | 748 | ||||||||||||||||||
Short-duration Insurance Contracts, Accident Year 2012 [Member] | Asia Pacific [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 307 | $ 301 | $ 293 | $ 283 | $ 268 | $ 251 | $ 230 | $ 191 | $ 139 | $ 51 | |||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 328 | 325 | 323 | 319 | 313 | 303 | 295 | 292 | 287 | 214 | |||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 3 | ||||||||||||||||||
Short-duration Insurance Contracts, Accident Year 2012 [Member] | Americas [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 279 | 275 | 272 | 268 | 264 | 258 | 252 | 244 | 222 | 109 | |||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 297 | 296 | 297 | 297 | 298 | 299 | 298 | 297 | 309 | $ 323 | |||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 0 | ||||||||||||||||||
Short-duration Insurance Contracts, Accident Year 2013 [Member] | Asia Pacific [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 320 | 313 | 304 | 292 | 269 | 243 | 216 | 149 | 51 | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 340 | 339 | 340 | 338 | 324 | 310 | 313 | 323 | 302 | ||||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 4 | ||||||||||||||||||
Short-duration Insurance Contracts, Accident Year 2013 [Member] | Americas [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 309 | 305 | 302 | 297 | 292 | 286 | 277 | 249 | 114 | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 336 | 335 | 337 | 336 | 336 | 337 | 339 | 333 | $ 349 | ||||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 0 | ||||||||||||||||||
Short-duration Insurance Contracts, Accident Year 2014 [Member] | Asia Pacific [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 267 | 260 | 250 | 236 | 212 | 183 | 140 | 36 | |||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 294 | 295 | 295 | 293 | 279 | 273 | 309 | 285 | |||||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 5 | ||||||||||||||||||
Short-duration Insurance Contracts, Accident Year 2014 [Member] | Americas [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 374 | 368 | 364 | 356 | 349 | 337 | 305 | 129 | |||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 401 | 399 | 399 | 396 | 397 | 396 | 411 | $ 408 | |||||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 0 | ||||||||||||||||||
Short-duration Insurance Contracts, Accident Year 2015 [Member] | Asia Pacific [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 251 | 241 | 229 | 208 | 172 | 122 | 50 | ||||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 275 | 276 | 275 | 275 | 258 | 265 | 287 | ||||||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 8 | ||||||||||||||||||
Short-duration Insurance Contracts, Accident Year 2015 [Member] | Americas [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 441 | 437 | 431 | 422 | 407 | 361 | 146 | ||||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 463 | 463 | 462 | 462 | 465 | 461 | $ 460 | ||||||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 0 | ||||||||||||||||||
Short-duration Insurance Contracts, Accident Year 2016 [Member] | Asia Pacific [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 183 | 172 | 157 | 137 | 101 | 39 | |||||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 223 | 226 | 227 | 219 | 212 | 235 | |||||||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 7 | ||||||||||||||||||
Short-duration Insurance Contracts, Accident Year 2016 [Member] | Americas [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 467 | 460 | 451 | 437 | 393 | 185 | |||||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 498 | 497 | 497 | 501 | 500 | $ 501 | |||||||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 0 | ||||||||||||||||||
Short-duration Insurance Contracts, Accident Year 2017 [Member] | Asia Pacific [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 157 | 141 | 119 | 90 | 37 | ||||||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 211 | 224 | 221 | 221 | 219 | ||||||||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 7 | ||||||||||||||||||
Short-duration Insurance Contracts, Accident Year 2017 [Member] | Americas [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 468 | 462 | 448 | 403 | 190 | ||||||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 503 | 504 | 509 | 514 | $ 485 | ||||||||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 0 | ||||||||||||||||||
Short-duration Insurance Contracts, Accident Year 2018 [Member] | Asia Pacific [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 182 | 151 | 110 | 33 | |||||||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 261 | 273 | 279 | 261 | |||||||||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 22 | ||||||||||||||||||
Short-duration Insurance Contracts, Accident Year 2018 [Member] | Americas [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 479 | 465 | 415 | 183 | |||||||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 517 | 524 | 538 | $ 538 | |||||||||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 1 | ||||||||||||||||||
Short-Duration Insurance Contract, Accident Year 2019 [Member] | Asia Pacific [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 145 | 105 | 39 | ||||||||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 277 | 270 | 261 | ||||||||||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 44 | ||||||||||||||||||
Short-Duration Insurance Contract, Accident Year 2019 [Member] | Americas [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 418 | 372 | 180 | ||||||||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 456 | 473 | $ 491 | ||||||||||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 4 | ||||||||||||||||||
Short-Duration Insurance Contract, Accident Year 2020 | Asia Pacific [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 56 | 23 | |||||||||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 151 | 154 | |||||||||||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 40 | ||||||||||||||||||
Short-Duration Insurance Contract, Accident Year 2020 | Americas [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 356 | 159 | |||||||||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 426 | $ 469 | |||||||||||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 25 | ||||||||||||||||||
Short-Duration Insurance Contract, Accident Year 2021 | Asia Pacific [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 8 | ||||||||||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 72 | ||||||||||||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | 37 | ||||||||||||||||||
Short-Duration Insurance Contract, Accident Year 2021 | Americas [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 177 | ||||||||||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 509 | ||||||||||||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 211 | ||||||||||||||||||
[1] | 2012 – 2020 unaudited. |
Policy Claims and Benefits Poli
Policy Claims and Benefits Policy Claims and Benefits (Schedule of Historical Claims Duration) (Details) - Life Insurance Product Line [Member] | Dec. 31, 2021 |
Americas [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 35.60% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 42.80% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 9.00% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 2.80% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 1.80% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Six | 1.60% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven | 1.20% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight | 1.30% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine | 1.10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten | 1.10% |
Asia Pacific [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 15.00% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 27.20% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 16.10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 10.60% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 7.30% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Six | 5.20% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven | 3.90% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight | 2.60% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine | 2.20% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten | 2.00% |
Policy Claims and Benefits (Rec
Policy Claims and Benefits (Reconciliation of Claims Development to Liability) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | $ 556 | $ 641 | $ 564 | $ 433 |
Short-duration Insurance Contract, Discounted Liability, Discount | 85 | |||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Claim Adjustment Expense, Other Reconciling Item | 2,478 | |||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Claim Adjustment Expense, Aggregate Reconciling Items | 5,575 | |||
Liability for Claims and Claims Adjustment Expense | 8,053 | $ 7,556 | $ 6,786 | $ 6,585 |
Canada Segment Reporting Information [Member] | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Claim Adjustment Expense, Other Reconciling Item | 276 | |||
EMEA [Member] | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Claim Adjustment Expense, Other Reconciling Item | 636 | |||
Corporate And Other Segment Reporting Information [Member] | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Claim Adjustment Expense, Other Reconciling Item | 272 | |||
Life Insurance Product Line [Member] | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net | 1,379 | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 13 | |||
Short-duration Insurance Contract, Discounted Liability, Discount for Reinsurance | (105) | |||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Claims Adjustment Expense, Accumulated Unallocated Claim Adjustment Expense | 7 | |||
Life Insurance Product Line [Member] | Asia Pacific [Member] | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net | 631 | |||
Life Insurance Product Line [Member] | Americas [Member] | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net | $ 748 |
Policy Claims and Benefits Po_2
Policy Claims and Benefits Policy Claims and Benefits (Rollforward of Claims and Claim Adjustment Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | |||
Liability for Claims and Claims Adjustment Expense Beginning Balance | $ 7,556 | $ 6,786 | $ 6,585 |
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments, Beginning Balance | (641) | (564) | (433) |
Liability For Unpaid Claims And Claims Adjustment Expense Net Of Recoverable, Beginning Balance | 6,915 | 6,222 | 6,152 |
Current Year Claims and Claims Adjustment Expense | 13,181 | 11,195 | 10,307 |
Prior Year Claims and Claims Adjustment Expense | (377) | (123) | (154) |
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims | 12,804 | 11,318 | 10,461 |
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Current Year | (6,284) | (5,617) | (5,140) |
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Prior Years | (5,810) | (5,204) | (5,305) |
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid | (12,094) | (10,821) | (10,445) |
Interest On Liability For Policy And Contract Claims | 31 | 36 | 33 |
Liability for Unpaid Claims and Claims Adjustment Expense, Foreign Currency Translation Gain (Loss) | (159) | (160) | (21) |
Liability for Unpaid Claims and Claims Adjustment Expense Other | (128) | (196) | (54) |
Liability For Unpaid Claims And Claims Adjustment Expense Net Of Recoverable, Ending Balance | 7,497 | 6,915 | 6,222 |
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments, Ending Balance | 556 | 641 | 564 |
Liability for Claims and Claims Adjustment Expense, Ending Balance | $ 8,053 | $ 7,556 | $ 6,786 |
Equity Equity (Common Stock Cha
Equity Equity (Common Stock Changes in Number of Shares Issued, Held in Treasury and Oustanding) (Details) - shares | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Class of Stock [Line Items] | |||||
Common Stock, Shares, Issued | 85,310,598 | 85,310,598 | |||
Stock Issued During Period, Shares, New Issues | (6,172,840) | ||||
Common Stock Issuable [Member] | |||||
Class of Stock [Line Items] | |||||
Common Stock, Shares, Issued | 85,310,598 | 85,310,598 | 79,137,758 | 79,137,758 | |
Stock Issued During Period, Shares, New Issues | 0 | (6,172,840) | |||
Stock Based Compensation Shares | [1] | 0 | 0 | 0 | |
Treasury Stock, Shares, Acquired | 0 | 0 | |||
Common Stock Held In Treasury [Member] | |||||
Class of Stock [Line Items] | |||||
Common Stock, Shares, Issued | 18,139,868 | 17,353,697 | 16,481,656 | 16,323,390 | |
Stock Issued During Period, Shares, New Issues | (852,037) | 0 | |||
Stock Based Compensation Shares | [1] | (65,866) | (202,372) | (388,348) | |
Treasury Stock, Shares, Acquired | (1,074,413) | (546,614) | |||
Common Stock Outstanding [Member] | |||||
Class of Stock [Line Items] | |||||
Common Stock, Shares, Issued | 67,170,730 | 67,956,901 | 62,656,102 | 62,814,368 | |
Stock Issued During Period, Shares, New Issues | (852,037) | (6,172,840) | |||
Stock Based Compensation Shares | [1] | (65,866) | (202,372) | (388,348) | |
Treasury Stock, Shares, Acquired | (1,074,413) | (546,614) | |||
[1] | Represents net shares issued from treasury pursuant to the Company’s stock-based compensation programs. |
Equity Equity (Share Repurchase
Equity Equity (Share Repurchase Program) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Equity, Class of Treasury Stock [Line Items] | |||
Treasury Stock, Value, Acquired, Cost Method | $ 99 | $ 163 | $ 101 |
Share Repurchase Program [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Treasury Stock, Shares, Acquired | 852,037 | 1,074,413 | |
Treasury Stock, Value, Acquired, Cost Method | $ 96 | $ 153 | |
Treasury Stock Acquired, Average Cost Per Share | $ 112.64 | $ 142.05 |
Equity (Components of Other Com
Equity (Components of Other Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | $ 85 | $ 43 | $ 113 | |
Other Comprehensive Income (Loss), Foreign Currency Translation Gain (Loss) Arising During Period, Tax | (24) | 3 | (10) | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | 61 | 46 | 103 | |
Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Foreign Currency Swap, Before Reclassification and Tax | (2) | (29) | (33) | |
Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Foreign Currency Swap Tax | 1 | 6 | 7 | |
Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Foreign Currency Swap Net Of Tax | (1) | (23) | (26) | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | 83 | 14 | 80 | |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | (23) | 9 | (3) | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 60 | 23 | 77 | |
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, before Tax | [1] | (2,093) | 2,812 | 3,208 |
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, Tax | [1] | 471 | (614) | (698) |
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax | [1] | (1,622) | 2,198 | 2,510 |
Other Comprehensive Income (Loss), Transfers from Held-to-maturity to Available-for-Sale Securities, before Tax | [1] | 226 | (8) | 84 |
Other Comprehensive Income (Loss), Transfers from Held-to-maturity to Available-for-Sale Securities, Tax | [1] | (49) | (1) | (17) |
Other Comprehensive Income (Loss), Transfers from Held-to-maturity to Available-for-Sale Securities, Net of Tax | [1] | 177 | (9) | 67 |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, before Reclassification Adjustments and Tax | [1] | (2,319) | 2,820 | 3,124 |
Other Comprehensive Income (Loss), Available-for-sale Securities, before Reclassification Adjustments, Tax | [1] | 520 | (613) | (681) |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, after Tax | [1] | (1,799) | 2,207 | 2,443 |
Other than Temporary Impairment Loss, Investments, Portion in Other Comprehensive Loss, before Tax, Portion Attributable to Parent, Available-for-sale Securities | 0 | (8) | 0 | |
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Loss, Tax, Portion Attributable to Parent, Available-for-sale Securities | 0 | 2 | 0 | |
Change in other-than-temporary impairment losses on fixed maturity securities | 0 | (6) | 0 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | 2 | (1) | (1) | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, Tax | 0 | 0 | 0 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, after Tax | 2 | (1) | (1) | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | 27 | (2) | (23) | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax | (7) | 1 | 5 | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax | 20 | (1) | (18) | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | 29 | (3) | (24) | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax | (7) | 1 | 5 | |
Defined benefit pension and postretirement plan adjustments | 22 | (2) | (19) | |
Other Comprehensive Income (Loss), before Tax | (2,207) | 2,823 | 3,180 | |
Other Comprehensive Income (Loss), Tax | 490 | (601) | (679) | |
Other Comprehensive Income (Loss), Net of Tax | $ (1,717) | $ 2,222 | $ 2,501 | |
[1] | Includes cash flow hedges. See Note 5 for additional information on cash flow hedges. |
Equity (Components of Net Unrea
Equity (Components of Net Unrealized Appreciation Depreciation of Balances Carried at Fair Value) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Comprehensive Income Net Of Tax [Line Items] | |||||
Fixed maturity securities available-for-sale | $ (60,749) | $ (56,735) | |||
Other invested assets | (3,070) | (2,829) | |||
Deferred policy acquisition costs | (3,690) | (3,616) | $ (3,512) | $ (3,398) | |
Accumulated Other Comprehensive Income Loss Change In Component During Period | (2,319) | 2,812 | 3,123 | ||
Change In Net Unrealized Appreciation Depreciation [Member] | |||||
Comprehensive Income Net Of Tax [Line Items] | |||||
Fixed maturity securities available-for-sale | (2,299) | (2,837) | (3,258) | ||
Other invested assets | [1] | (64) | (29) | (37) | |
Effect On Unrealized Appreciation Depreciation [Member] | |||||
Comprehensive Income Net Of Tax [Line Items] | |||||
Deferred policy acquisition costs | $ (44) | $ (54) | $ (98) | ||
[1] | Includes cash flow hedges. See Note 5 for additional information on cash flow hedges. |
Equity (Balance of and Changes
Equity (Balance of and Changes in Each Component of AOCI) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Accumulated Other Comprehensive Income Loss Net Of Tax [Roll Forward] | ||||
Balance, beginning of year | $ 5,359 | $ 3,137 | $ 636 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (2,039) | 2,859 | 3,358 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (168) | (36) | (178) | |
Other Comprehensive Income (Loss), Tax | 490 | (601) | (679) | |
Balance, end of year | 3,642 | 5,359 | 3,137 | |
Accumulated Translation Adjustment [Member] | ||||
Accumulated Other Comprehensive Income Loss Net Of Tax [Roll Forward] | ||||
Balance, beginning of year | (69) | (92) | (169) | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 83 | 14 | 80 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | 0 | |
Other Comprehensive Income (Loss), Tax | (23) | 9 | (3) | |
Balance, end of year | (9) | (69) | (92) | |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||||
Accumulated Other Comprehensive Income Loss Net Of Tax [Roll Forward] | ||||
Balance, beginning of year | [1] | 5,500 | 3,299 | 856 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | [1] | (2,144) | 2,854 | 3,306 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | [1] | 175 | 42 | 182 |
Other Comprehensive Income (Loss), Tax | [1] | 520 | (611) | (681) |
Balance, end of year | [1] | 3,701 | 5,500 | 3,299 |
Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Accumulated Other Comprehensive Income Loss Net Of Tax [Roll Forward] | ||||
Balance, beginning of year | (72) | (70) | (51) | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 22 | (9) | (28) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (7) | (6) | (4) | |
Other Comprehensive Income (Loss), Tax | (7) | 1 | 5 | |
Balance, end of year | (50) | (72) | (70) | |
Accounting Standards Update 2018-02 [Member] | ||||
Accumulated Other Comprehensive Income Loss Net Of Tax [Roll Forward] | ||||
Stockholders' Equity, Other | $ 0 | $ (12) | $ 0 | |
[1] | Includes cash flow hedges of $(22), $(49) and $(26) as of December 31, 2021, 2020 and 2019, respectively. See Note 5 for additional information on cash flow hedges. |
Equity Equity (Balance of and C
Equity Equity (Balance of and Changes in Each Component of AOCI) (Footnote) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (22) | $ (49) | $ (26) | $ 9 |
Equity (Schedule of Reclassific
Equity (Schedule of Reclassifications out of AOCI) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Investment income, net of related expenses | $ 3,138 | $ 2,575 | $ 2,520 | |||||||||
Deferred Policy Acquisition Cost, Amortization Expense, Unrealized Investment Gains (Losses) | (33) | 26 | 97 | |||||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | (2) | 1 | 1 | |||||||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | (27) | 2 | 23 | |||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | $ 57 | $ (34) | $ 482 | $ 186 | $ 169 | $ 285 | $ 195 | $ (96) | 691 | 553 | 1,132 | |
Income Tax Expense (Benefit) | (74) | (138) | (262) | |||||||||
Net Income (Loss) Attributable to Parent | $ 156 | $ (22) | $ 344 | $ 139 | $ 132 | $ 213 | $ 158 | $ (88) | 617 | 415 | $ 870 | |
Amortization Of Unrealized Pension And Postretirement Benefits [Member] | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | [1] | 1 | (1) | |||||||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | [1] | (8) | (7) | |||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | (7) | (6) | ||||||||||
Income Tax Expense (Benefit) | 1 | 1 | ||||||||||
Net Income (Loss) Attributable to Parent | (6) | (5) | ||||||||||
Unrealized Appreciation Depreciation Of Investments [Member] | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Other investment related gains (losses), net | 226 | (8) | ||||||||||
Deferred Policy Acquisition Cost, Amortization Expense, Unrealized Investment Gains (Losses) | [2] | (44) | 54 | |||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 175 | 42 | ||||||||||
Income Tax Expense (Benefit) | (38) | (12) | ||||||||||
Net Income (Loss) Attributable to Parent | 137 | 30 | ||||||||||
Amounts Reclassified From AOCI [Member] | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Net Income (Loss) Attributable to Parent | 131 | 25 | ||||||||||
Interest Rate Options [Member] | Unrealized Gains Losses On Available For Sale Securities [Member] | Unrealized Appreciation Depreciation Of Investments [Member] | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | [3] | (7) | (4) | |||||||||
Currency Swap [Member] | Unrealized Gains Losses On Available For Sale Securities [Member] | Unrealized Appreciation Depreciation Of Investments [Member] | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | [3] | 0 | 0 | |||||||||
Forward Contracts [Member] | Unrealized Gains Losses On Available For Sale Securities [Member] | Unrealized Appreciation Depreciation Of Investments [Member] | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | [3] | $ 0 | $ 0 | |||||||||
[1] | See Note 10 for information on employee benefit plans. | |||||||||||
[2] | See Note 8 for information on deferred policy acquisition costs. | |||||||||||
[3] | See Note 5 for information on cash flow hedges. |
Equity (Narrative) (Details)
Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Equity [Abstract] | |||
Stock Repurchase Program, Authorized Amount | $ 400 | $ 400 | |
Treasury Stock, Value, Acquired, Cost Method | 99 | $ 163 | 101 |
Proceeds from Issuance of Common Stock | $ 0 | $ 481 | $ 0 |
Stock Issued During Period, Shares, New Issues | 6,172,840 | ||
Shares Issued, Price Per Share | $ 81 | ||
Common stock par value | $ 0.01 | $ 0.01 | |
Common Stock Issued Underwriter Option | 925,926 | ||
Common Stock Price Per Share Underwriter Option | $ 81 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 72 |
Equity Based Compensation (Disc
Equity Based Compensation (Disclosure of Share-based Compensation Arrangements by Share-based Payment Award) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||||
Options, Grants in Period, Weighted Average Exercise Price | $ 129.01 | $ 117.85 | $ 145.25 | |
Options, Outstanding, Intrinsic Value | $ 28.7 | |||
Options, Exercisable, Intrinsic Value | $ 28.7 | |||
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Outstanding, Number, Beginning Balance | 291,129 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 167,862 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | 0 | |||
Forfeited | (997) | |||
Outstanding, Number, Ending Balance | 340,405 | [1] | 291,129 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||||
Options, Grants in Period, Weighted Average Exercise Price | $ 129.01 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Other Increases (Decreases) in Period | (117,589) | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Outstanding, Number, Beginning Balance | 76,390 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 328,491 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | (18,487) | |||
Forfeited | (6,506) | |||
Outstanding, Number, Ending Balance | 379,888 | [1] | 76,390 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Other Increases (Decreases) in Period | 0 | |||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Outstanding, Number, Beginning Balance | 2,168,395 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 200,239 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | (144,042) | |||
Forfeited | (1,878) | |||
Outstanding, Number, Ending Balance | 2,222,714 | 2,168,395 | ||
Options exercisable | 1,800,569 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||||
Options, Outstanding, Weighted Average Exercise Price, Beginning of Period | $ 102.30 | |||
Options, Grants in Period, Weighted Average Exercise Price | 129.01 | |||
Exercised / Lapsed | 60.47 | |||
Forfeited | 129.01 | |||
Options, Outstanding, Weighted Average Exercise Price, End of Period | 107.39 | $ 102.30 | ||
Options exercisable | $ 103.30 | |||
[1] | Amount outstanding at December 31, 2021, includes the amount of shares to be issued under RSUs expected to vest and number of shares to be issued under performance continent awards at target performance. The amount of shares do not reflect potential increases or decreases that may result from the performance factor results except for the 2019 – 2021 grants which vested as of December 31, 2021. |
Equity Based Compensation (Di_2
Equity Based Compensation (Disclosure of Share-based Compensation Shares Authorized under Stock Option Plans by Exercise Price Range) (Details) | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Options Outstanding | shares | 2,222,714 |
Options Outstanding, Weighted-Average Remaining Contractual Life | 5 years 3 months 18 days |
Options Outstanding, Weighted Average Exercise Price | $ 107.39 |
Options Exercisable | shares | 1,800,569 |
Options Exercisable, Weighted-Average Exercise Price | $ 103.30 |
$50.00 - $59.99 [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Options Outstanding | shares | 368,754 |
Options Outstanding, Weighted-Average Remaining Contractual Life | 1 year 3 months 18 days |
Options Outstanding, Weighted Average Exercise Price | $ 64.03 |
Options Exercisable | shares | 368,754 |
Options Exercisable, Weighted-Average Exercise Price | $ 64.03 |
Exercise Price Range, Lower Range Limit | 50 |
Exercise Price Range, Upper Range Limit | $ 89.99 |
$60.00 - $69.99 [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Options Outstanding | shares | 703,305 |
Options Outstanding, Weighted-Average Remaining Contractual Life | 3 years 9 months 18 days |
Options Outstanding, Weighted Average Exercise Price | $ 92.55 |
Options Exercisable | shares | 703,305 |
Options Exercisable, Weighted-Average Exercise Price | $ 92.55 |
Exercise Price Range, Lower Range Limit | 90 |
Exercise Price Range, Upper Range Limit | $ 99.99 |
$70.00 - $79.99 [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Options Outstanding | shares | 805,743 |
Options Outstanding, Weighted-Average Remaining Contractual Life | 7 years 9 months 18 days |
Options Outstanding, Weighted Average Exercise Price | $ 122.90 |
Options Exercisable | shares | 430,718 |
Options Exercisable, Weighted-Average Exercise Price | $ 123.44 |
Exercise Price Range, Lower Range Limit | 100 |
Exercise Price Range, Upper Range Limit | $ 139.99 |
$90.00 plus [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Options Outstanding | shares | 344,912 |
Options Outstanding, Weighted-Average Remaining Contractual Life | 6 years 8 months 12 days |
Options Outstanding, Weighted Average Exercise Price | $ 147.80 |
Options Exercisable | shares | 297,792 |
Options Exercisable, Weighted-Average Exercise Price | $ 148.20 |
Exercise Price Range, Lower Range Limit | $ 140 |
Equity Based Compensation (Weig
Equity Based Compensation (Weighted Average Assumptions) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 2.17% | 2.37% | 1.65% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.04% | 0.69% | 2.67% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 34.50% | 18.80% | 18.20% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years 3 months 18 days | 7 years | 6 years |
Options, Grants in Period, Weighted Average Exercise Price | $ 129.01 | $ 117.85 | $ 145.25 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 34.93 | $ 15.14 | $ 26.59 |
Equity Based Compensation (Summ
Equity Based Compensation (Summary of Performance Contingent Unit Activity) (Details) | 12 Months Ended | |
Dec. 31, 2021shares | ||
Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Other Increases (Decreases) in Period | (117,589) | |
Outstanding, Number, Beginning Balance | 291,129 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 167,862 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 997 | |
Outstanding, Number, Ending Balance | 340,405 | [1] |
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, Options, Other Increases (Decreases) in Period | 0 | |
Outstanding, Number, Beginning Balance | 76,390 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 328,491 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | 18,487 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 6,506 | |
Outstanding, Number, Ending Balance | 379,888 | [1] |
[1] | Amount outstanding at December 31, 2021, includes the amount of shares to be issued under RSUs expected to vest and number of shares to be issued under performance continent awards at target performance. The amount of shares do not reflect potential increases or decreases that may result from the performance factor results except for the 2019 – 2021 grants which vested as of December 31, 2021. |
Equity Based Compensation (Narr
Equity Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Document Period End Date | Dec. 31, 2021 | ||
Options, Exercises in Period, Total Intrinsic Value | $ 8 | $ 15 | $ 31 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 8 months 12 days | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 21 | ||
Share-based Payment Arrangement, Expense | $ 55 | $ (12) | $ 39 |
Options, Grants in Period, Weighted Average Exercise Price | $ 129.01 | $ 117.85 | $ 145.25 |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | 144,042 | ||
Expiration Period | 10 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 200,239 | ||
Options, Grants in Period, Weighted Average Exercise Price | $ 129.01 | ||
Flexible Stock Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number Of Shares Available For Grant | 16,460,077 | ||
Flexible Stock Plan For Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number Of Shares Available For Grant | 462,500 | ||
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 167,862 | ||
Options, Grants in Period, Weighted Average Exercise Price | $ 129.01 | ||
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, Options, Expirations in Period | 18,487 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 328,491 |
Quarterly Results of Operatio_3
Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 4,359 | $ 4,043 | $ 4,137 | $ 4,119 | $ 4,143 | $ 3,643 | $ 3,606 | $ 3,204 | $ 16,658 | $ 14,596 | $ 14,300 |
Total benefits and expenses | 4,302 | 4,077 | 3,655 | 3,933 | 3,974 | 3,358 | 3,411 | 3,300 | 15,967 | 14,043 | 13,168 |
Income before income taxes | 57 | (34) | 482 | 186 | 169 | 285 | 195 | (96) | 691 | 553 | 1,132 |
Net Income (Loss) Attributable to Parent | $ 156 | $ (22) | $ 344 | $ 139 | $ 132 | $ 213 | $ 158 | $ (88) | $ 617 | $ 415 | $ 870 |
Basic earnings per share: | |||||||||||
Earnings Per Share, Basic (in dollars per share) | $ 2.32 | $ (0.32) | $ 5.06 | $ 2.04 | $ 1.95 | $ 3.13 | $ 2.49 | $ (1.41) | $ 9.10 | $ 6.35 | $ 13.88 |
Earnings Per Share, Diluted (in dollars per share) | $ 2.30 | $ (0.32) | $ 5.02 | $ 2.03 | $ 1.94 | $ 3.12 | $ 2.48 | $ (1.41) | $ 9.04 | $ 6.31 | $ 13.62 |
Summary of Investments Other _3
Summary of Investments Other Than Investments in Related Parties (Details) $ in Millions | Dec. 31, 2021USD ($) | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost | $ 73,677 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount | 78,528 | [1] |
Fixed Maturities [Member] | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost | 55,873 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Fair Value | 60,749 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount | 60,749 | [1] |
US Treasury and Government [Member] | Fixed Maturities [Member] | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost | 2,082 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Fair Value | 2,105 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount | 2,105 | [1] |
US States and Political Subdivisions Debt Securities [Member] | Fixed Maturities [Member] | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost | 1,191 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Fair Value | 1,323 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount | 1,323 | [1] |
Foreign Government Debt [Member] | Fixed Maturities [Member] | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost | 10,527 | [2] |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Fair Value | 12,314 | [2] |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount | 12,314 | [1],[2] |
Public Utility, Bonds [Member] | Fixed Maturities [Member] | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost | 4,281 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Fair Value | 4,683 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount | 4,683 | [1] |
Asset-backed Securities [Member] | Fixed Maturities [Member] | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost | 6,834 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Fair Value | 6,904 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount | 6,904 | [1] |
All Other Corporate Bonds [Member] | Fixed Maturities [Member] | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost | 30,958 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Fair Value | 33,420 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount | 33,420 | [1] |
Equity Securities [Member] | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost | 176 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Fair Value | 151 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount | 151 | [1] |
Mortgage Loans on Real Estate [Member] | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost | 6,283 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount | 6,283 | [1] |
Policy Loans [Member] | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost | 1,234 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount | 1,234 | [1] |
Funds Withheld At Interest [Member] | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost | 6,954 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount | 6,954 | [1] |
Short-term Investments [Member] | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost | 87 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount | 87 | [1] |
Other Invested Assets [Member] | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Cost | 3,070 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties, Amount | $ 3,070 | [1] |
[1] | Fixed maturity securities are classified as available-for-sale and carried at fair value. | |
[2] | Includes fixed maturities directly issued by foreign governments, supranational and foreign government-sponsored enterprises. |
Condensed Financial Informati_3
Condensed Financial Information of The Registrant (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2006 | ||
Assets | ||||||||||||||
Fixed maturity securities available-for-sale | $ 60,749,000,000 | $ 56,735,000,000 | $ 60,749,000,000 | $ 56,735,000,000 | ||||||||||
Short-term investments | 87,000,000 | 227,000,000 | 87,000,000 | 227,000,000 | ||||||||||
Cash and cash equivalents | 2,948,000,000 | 3,408,000,000 | 2,948,000,000 | 3,408,000,000 | $ 1,449,000,000 | $ 1,890,000,000 | ||||||||
Other assets | 1,008,000,000 | 896,000,000 | 1,008,000,000 | 896,000,000 | ||||||||||
Total assets | 92,175,000,000 | 84,656,000,000 | 92,175,000,000 | 84,656,000,000 | ||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||
Other liabilities | 2,663,000,000 | 1,340,000,000 | 2,663,000,000 | 1,340,000,000 | ||||||||||
Total stockholders equity | 13,014,000,000 | 14,352,000,000 | 13,014,000,000 | 14,352,000,000 | 11,601,000,000 | 8,450,000,000 | ||||||||
Total liabilities and stockholders’ equity | 92,175,000,000 | 84,656,000,000 | 92,175,000,000 | 84,656,000,000 | ||||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||
Total investment related gains (losses), net | 560,000,000 | (33,000,000) | 91,000,000 | |||||||||||
Provision for income taxes | 74,000,000 | 138,000,000 | 262,000,000 | |||||||||||
Net Income (Loss) Attributable to Parent | 156,000,000 | $ (22,000,000) | $ 344,000,000 | $ 139,000,000 | 132,000,000 | $ 213,000,000 | $ 158,000,000 | $ (88,000,000) | 617,000,000 | 415,000,000 | 870,000,000 | |||
Other Comprehensive Income (Loss), Net of Tax | (1,717,000,000) | 2,222,000,000 | 2,501,000,000 | |||||||||||
Total comprehensive income (loss) | (1,100,000,000) | 2,637,000,000 | 3,371,000,000 | |||||||||||
Debt Disclosure [Abstract] | ||||||||||||||
Debt Issuance Cost | (28,000,000) | (24,000,000) | (28,000,000) | (24,000,000) | ||||||||||
Long-term Debt, Gross | 3,695,000,000 | 3,597,000,000 | 3,695,000,000 | 3,597,000,000 | ||||||||||
Debt Instrument, Face Amount | $ 850,000,000 | |||||||||||||
Cash flows from operating activities | ||||||||||||||
Net Income (Loss) Attributable to Parent | 156,000,000 | $ (22,000,000) | $ 344,000,000 | 139,000,000 | 132,000,000 | $ 213,000,000 | $ 158,000,000 | (88,000,000) | 617,000,000 | 415,000,000 | 870,000,000 | |||
Other, net | (436,000,000) | (98,000,000) | (57,000,000) | |||||||||||
Net cash provided by operating activities | 4,182,000,000 | 3,322,000,000 | 2,307,000,000 | |||||||||||
Cash flows from investing activities | ||||||||||||||
Sales of fixed maturity securities available-for-sale | 12,142,000,000 | 6,514,000,000 | 13,214,000,000 | |||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | (156,000,000) | 0 | 4,000,000 | |||||||||||
Payments for (Proceeds from) Short-term Investments | 371,000,000 | (155,000,000) | 199,000,000 | |||||||||||
Payments for (Proceeds from) Other Investing Activities | 397,000,000 | (335,000,000) | (304,000,000) | |||||||||||
Net cash used in investing activities | (4,628,000,000) | (2,680,000,000) | (2,638,000,000) | |||||||||||
Cash flows from financing activities | ||||||||||||||
Dividends to stockholders | (194,000,000) | (182,000,000) | (163,000,000) | |||||||||||
Purchases of treasury stock | (99,000,000) | (163,000,000) | (101,000,000) | |||||||||||
Exercise of stock options, net | 0 | 1,000,000 | 6,000,000 | |||||||||||
Maturities of Senior Debt | 403,000,000 | 3,000,000 | 403,000,000 | |||||||||||
Proceeds from affiliated long-term debt issuance | (500,000,000) | (598,000,000) | (599,000,000) | |||||||||||
Payments Of Debt Issuance Costs | (6,000,000) | (5,000,000) | (5,000,000) | |||||||||||
Net cash used in financing activities | 20,000,000 | 1,254,000,000 | (121,000,000) | |||||||||||
Cash and cash equivalents, beginning of period | 3,408,000,000 | 1,449,000,000 | 3,408,000,000 | 1,449,000,000 | 1,890,000,000 | |||||||||
Cash and cash equivalents, end of period | 2,948,000,000 | 3,408,000,000 | 2,948,000,000 | 3,408,000,000 | 1,449,000,000 | |||||||||
Supplemental disclosures of cash flow information: | ||||||||||||||
Interest paid | 160,000,000 | 166,000,000 | 180,000,000 | |||||||||||
Income taxes paid (received), net of refunds | 368,000,000 | 108,000,000 | 44,000,000 | |||||||||||
Cash Acquired from Acquisition | 53,000,000 | 27,000,000 | ||||||||||||
Long-term debt | 3,667,000,000 | 3,573,000,000 | 3,667,000,000 | 3,573,000,000 | ||||||||||
Proceeds from Issuance of Common Stock | 0 | 481,000,000 | 0 | |||||||||||
Parent Company [Member] | ||||||||||||||
Assets | ||||||||||||||
Fixed maturity securities available-for-sale | 523,000,000 | 642,000,000 | 523,000,000 | 642,000,000 | ||||||||||
Short-term investments | 7,000,000 | 172,000,000 | 7,000,000 | 172,000,000 | ||||||||||
Cash and cash equivalents | 92,000,000 | 494,000,000 | 92,000,000 | 494,000,000 | 10,000,000 | $ 21,000,000 | ||||||||
Investments In Subsidiary | 15,737,000,000 | 16,937,000,000 | 15,737,000,000 | 16,937,000,000 | ||||||||||
Loans and Leases Receivable, Related Parties | 1,020,000,000 | 1,010,000,000 | 1,020,000,000 | 1,010,000,000 | ||||||||||
Other assets | 382,000,000 | 326,000,000 | 382,000,000 | 326,000,000 | ||||||||||
Total assets | 17,761,000,000 | 19,581,000,000 | 17,761,000,000 | 19,581,000,000 | ||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||
Long-term debt - affiliated | [1] | 600,000,000 | 500,000,000 | 600,000,000 | 500,000,000 | |||||||||
Other liabilities | 975,000,000 | 1,160,000,000 | 975,000,000 | 1,160,000,000 | ||||||||||
Total stockholders equity | 13,014,000,000 | 14,352,000,000 | 13,014,000,000 | 14,352,000,000 | ||||||||||
Total liabilities and stockholders’ equity | 17,761,000,000 | 19,581,000,000 | 17,761,000,000 | 19,581,000,000 | ||||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||
Interest and Dividend Income, Operating | [2] | 399,000,000 | 472,000,000 | 308,000,000 | ||||||||||
Total investment related gains (losses), net | 5,000,000 | 14,000,000 | 4,000,000 | |||||||||||
Operating Expenses | (66,000,000) | (59,000,000) | (55,000,000) | |||||||||||
Interest and Debt Expense | (152,000,000) | (202,000,000) | (206,000,000) | |||||||||||
Income (loss) before income tax and undistributed earnings of subsidiaries | 186,000,000 | 225,000,000 | 51,000,000 | |||||||||||
Provision for income taxes | (21,000,000) | (21,000,000) | (33,000,000) | |||||||||||
Net income (loss) before undistributed earnings of subsidiaries | 207,000,000 | 246,000,000 | 84,000,000 | |||||||||||
Equity In Undistributed Earnings Of Subsidiaries | 410,000,000 | 169,000,000 | 786,000,000 | |||||||||||
Net Income (Loss) Attributable to Parent | 617,000,000 | 415,000,000 | 870,000,000 | |||||||||||
Other Comprehensive Income (Loss), Net of Tax | 14,000,000 | (29,000,000) | (33,000,000) | |||||||||||
Total comprehensive income (loss) | 631,000,000 | 386,000,000 | 837,000,000 | |||||||||||
Debt Disclosure [Abstract] | ||||||||||||||
Debt Issuance Cost | (23,000,000) | (25,000,000) | (23,000,000) | (25,000,000) | ||||||||||
Proceeds from Dividends Received | 270,000,000 | 340,000,000 | ||||||||||||
Long-term Debt, Gross | 3,195,000,000 | 3,594,000,000 | 3,195,000,000 | 3,594,000,000 | ||||||||||
Long-term Debt | 600,000,000 | 600,000,000 | 600,000,000 | 600,000,000 | ||||||||||
Cash flows from operating activities | ||||||||||||||
Net Income (Loss) Attributable to Parent | 617,000,000 | 415,000,000 | 870,000,000 | |||||||||||
Equity Net Earnings Subsidiaries | (410,000,000) | (169,000,000) | (786,000,000) | |||||||||||
Other, net | (227,000,000) | (170,000,000) | 72,000,000 | |||||||||||
Net cash provided by operating activities | (20,000,000) | 76,000,000 | 156,000,000 | |||||||||||
Cash flows from investing activities | ||||||||||||||
Sales of fixed maturity securities available-for-sale | 268,000,000 | 358,000,000 | 576,000,000 | |||||||||||
Purchases of fixed maturity securities available-for-sale | (150,000,000) | (400,000,000) | (494,000,000) | |||||||||||
Purchases Of Subsidiary Debt Securities | (10,000,000) | 0 | 0 | |||||||||||
Payments for (Proceeds from) Short-term Investments | 165,000,000 | (165,000,000) | 0 | |||||||||||
Payments for (Proceeds from) Other Investing Activities | (1,000,000) | (26,000,000) | 0 | |||||||||||
Capital Contributions To Subsidiaries | (43,000,000) | (78,000,000) | (96,000,000) | |||||||||||
Net cash used in investing activities | 229,000,000 | (311,000,000) | (14,000,000) | |||||||||||
Cash flows from financing activities | ||||||||||||||
Dividends to stockholders | (194,000,000) | (182,000,000) | (163,000,000) | |||||||||||
Purchases of treasury stock | (99,000,000) | (163,000,000) | (101,000,000) | |||||||||||
Exercise of stock options, net | 0 | 1,000,000 | 6,000,000 | |||||||||||
Net Change In Cash Collateral For Loaned Securities | (19,000,000) | (11,000,000) | (92,000,000) | |||||||||||
Maturities of Senior Debt | (399,000,000) | 0 | (397,000,000) | |||||||||||
Repayments of Long-term Debt | (500,000,000) | 0 | 0 | |||||||||||
Proceeds from Issuance of Senior Long-term Debt | 0 | 598,000,000 | 599,000,000 | |||||||||||
Proceeds from affiliated long-term debt issuance | (600,000,000) | 0 | 0 | |||||||||||
Payments Of Debt Issuance Costs | 0 | (5,000,000) | (5,000,000) | |||||||||||
Net cash used in financing activities | (611,000,000) | 719,000,000 | (153,000,000) | |||||||||||
Change in cash and cash equivalents | (402,000,000) | 484,000,000 | (11,000,000) | |||||||||||
Cash and cash equivalents, beginning of period | $ 494,000,000 | $ 10,000,000 | 494,000,000 | 10,000,000 | 21,000,000 | |||||||||
Cash and cash equivalents, end of period | 92,000,000 | 494,000,000 | 92,000,000 | 494,000,000 | 10,000,000 | |||||||||
Supplemental disclosures of cash flow information: | ||||||||||||||
Interest paid | 173,000,000 | 187,000,000 | 192,000,000 | |||||||||||
Income taxes paid (received), net of refunds | 323,000,000 | 23,000,000 | 9,000,000 | |||||||||||
Long-term debt | [3] | 3,172,000,000 | 3,569,000,000 | 3,172,000,000 | 3,569,000,000 | |||||||||
Proceeds from Issuance of Common Stock | 0 | 481,000,000 | $ 0 | |||||||||||
Senior Notes Due 2021 [Member] | ||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||
Long-term Debt, Gross | 0 | 400,000,000 | 0 | 400,000,000 | ||||||||||
Debt Instrument, Face Amount | $ 400,000,000 | $ 400,000,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% | ||||||||||||
Senior Notes Due 2021 [Member] | Parent Company [Member] | ||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||
Long-term Debt, Gross | $ 0 | 400,000,000 | $ 0 | 400,000,000 | ||||||||||
Senior Notes Due 2023 [Member] | ||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||
Long-term Debt, Gross | 400,000,000 | 399,000,000 | 400,000,000 | 399,000,000 | ||||||||||
Debt Instrument, Face Amount | $ 400,000,000 | $ 400,000,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.70% | 4.70% | ||||||||||||
Senior Notes Due 2023 [Member] | Parent Company [Member] | ||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||
Long-term Debt, Gross | $ 400,000,000 | 399,000,000 | $ 400,000,000 | 399,000,000 | ||||||||||
Senior Notes Due 2026 [Member] | ||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||
Long-term Debt, Gross | 400,000,000 | 400,000,000 | 400,000,000 | 400,000,000 | ||||||||||
Debt Instrument, Face Amount | $ 400,000,000 | $ 400,000,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.95% | 3.95% | ||||||||||||
Senior Notes Due 2026 [Member] | Parent Company [Member] | ||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||
Long-term Debt, Gross | $ 400,000,000 | 400,000,000 | $ 400,000,000 | 400,000,000 | ||||||||||
Senior Notes Due 2029 [Member] | ||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||
Long-term Debt, Gross | 599,000,000 | 599,000,000 | 599,000,000 | 599,000,000 | ||||||||||
Debt Instrument, Face Amount | $ 600,000,000 | $ 600,000,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.90% | 3.90% | ||||||||||||
Senior Notes Due 2029 [Member] | Parent Company [Member] | ||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||
Long-term Debt, Gross | $ 599,000,000 | 599,000,000 | $ 599,000,000 | 599,000,000 | ||||||||||
Subordinated Debentures Due 2042 [Member] | ||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||
Long-term Debt, Gross | 400,000,000 | 400,000,000 | 400,000,000 | 400,000,000 | ||||||||||
Debt Instrument, Face Amount | $ 400,000,000 | $ 400,000,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.20% | 6.20% | ||||||||||||
Subordinated Debentures Due 2042 [Member] | Parent Company [Member] | ||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||
Long-term Debt, Gross | $ 400,000,000 | 400,000,000 | $ 400,000,000 | 400,000,000 | ||||||||||
Subordinated Debentures Due 2056 [Member] | ||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||
Long-term Debt, Gross | 400,000,000 | 400,000,000 | 400,000,000 | 400,000,000 | ||||||||||
Debt Instrument, Face Amount | $ 400,000,000 | $ 400,000,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | 5.75% | ||||||||||||
Subordinated Debentures Due 2056 [Member] | Parent Company [Member] | ||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||
Long-term Debt, Gross | $ 400,000,000 | 400,000,000 | $ 400,000,000 | 400,000,000 | ||||||||||
Junior Subordinated Debentures Due 2065 [Member] | ||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||
Long-term Debt, Gross | 319,000,000 | 319,000,000 | 319,000,000 | 319,000,000 | ||||||||||
Debt Instrument, Face Amount | $ 400,000,000 | $ 400,000,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.82% | 4.82% | ||||||||||||
Junior Subordinated Debentures Due 2065 [Member] | Parent Company [Member] | ||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||
Long-term Debt, Gross | $ 399,000,000 | 398,000,000 | $ 399,000,000 | 398,000,000 | ||||||||||
Senior Notes Due 2030 | ||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||
Long-term Debt, Gross | 597,000,000 | 597,000,000 | 597,000,000 | 597,000,000 | ||||||||||
Debt Instrument, Face Amount | $ 600,000,000 | $ 600,000,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.15% | 3.15% | ||||||||||||
Senior Notes Due 2030 | Parent Company [Member] | ||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||
Long-term Debt, Gross | $ 597,000,000 | $ 598,000,000 | $ 597,000,000 | $ 598,000,000 | ||||||||||
[1] | Long-term debt includes $600 million and $500 million of affiliated subordinated debt in 2021 and 2020, respectively. The affiliated subordinated debt was issued to various operating subsidiaries. | |||||||||||||
[2] | Interest/dividend income includes $270 million and $340 million of cash dividends received from consolidated subsidiaries in 2021 and 2020, respectively. | |||||||||||||
[3] | Long-term debt – unaffiliated consists of the following: 2021 2020 $400 million 5.00% Senior Notes due 2021 $ — $ 400 $400 million 4.70% Senior Notes due 2023 400 399 $400 million 3.95% Senior Notes due 2026 400 400 $600 million 3.90% Senior Notes due 2029 599 599 $600 million 3.15% Senior Notes due 2030 597 598 $400 million 6.20% Subordinated Debentures due 2042 400 400 $400 million 5.75% Subordinated Debentures due 2056 400 400 $400 million Variable Rate Junior Subordinated Debentures due 2065 399 398 Subtotal 3,195 3,594 Unamortized debt issuance costs (23) (25) Total $ 3,172 $ 3,569 |
Supplementary Insurance Infor_3
Supplementary Insurance Information (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | ||||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Deferred Policy Acquisition Cost | $ 3,690 | $ 3,616 | ||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Liability for Future Policy Benefit, Loss, Claim and Loss Expense | 62,159 | 54,729 | ||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Other Policy Claim and Benefit Payable | 6,993 | 6,413 | ||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Premium Revenue | 12,513 | 11,694 | $ 11,297 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Net Investment Income | 3,138 | 2,575 | 2,520 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Benefit, Claim, Loss and Settlement Expenses | 13,476 | 11,779 | 10,894 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Amortization of Deferred Policy Acquisition Cost | [1] | 532 | 383 | 330 |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Other Operating Expense | [2] | 1,959 | 1,881 | 1,944 |
US Traditional Segment Reporting Information [Member] | ||||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | ||||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Deferred Policy Acquisition Cost | 1,926 | 1,816 | ||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Liability for Future Policy Benefit, Loss, Claim and Loss Expense | 12,757 | 12,245 | ||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Other Policy Claim and Benefit Payable | 2,806 | 2,578 | ||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Premium Revenue | 6,244 | 5,838 | 5,729 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Net Investment Income | 930 | 714 | 769 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Benefit, Claim, Loss and Settlement Expenses | 6,790 | 5,979 | 5,339 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Amortization of Deferred Policy Acquisition Cost | [1] | 269 | 200 | 199 |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Other Operating Expense | [2] | 679 | 679 | 697 |
US Non-Traditional Segment Reporting Information [Member] | ||||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | ||||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Deferred Policy Acquisition Cost | 190 | 255 | ||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Liability for Future Policy Benefit, Loss, Claim and Loss Expense | 25,107 | 23,104 | ||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Other Policy Claim and Benefit Payable | 24 | 18 | ||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Premium Revenue | 55 | 53 | 39 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Net Investment Income | 1,089 | 999 | 931 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Benefit, Claim, Loss and Settlement Expenses | 731 | 764 | 737 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Amortization of Deferred Policy Acquisition Cost | [1] | 101 | 52 | 31 |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Other Operating Expense | [2] | 145 | 109 | 113 |
Canada Traditional Segment Reporting Information [Member] | ||||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | ||||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Deferred Policy Acquisition Cost | 192 | 195 | ||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Liability for Future Policy Benefit, Loss, Claim and Loss Expense | 3,668 | 3,474 | ||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Other Policy Claim and Benefit Payable | 330 | 292 | ||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Premium Revenue | 1,194 | 1,052 | 1,066 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Net Investment Income | 248 | 207 | 205 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Benefit, Claim, Loss and Settlement Expenses | 1,096 | 909 | 857 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Amortization of Deferred Policy Acquisition Cost | [1] | 13 | 16 | 12 |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Other Operating Expense | [2] | 211 | 201 | 249 |
Canada Non-Traditional Segment Reporting Information [Member] | ||||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | ||||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Deferred Policy Acquisition Cost | 0 | 0 | ||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Liability for Future Policy Benefit, Loss, Claim and Loss Expense | 16 | 16 | ||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Other Policy Claim and Benefit Payable | 5 | 4 | ||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Premium Revenue | 90 | 83 | 89 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Net Investment Income | 0 | 1 | 3 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Benefit, Claim, Loss and Settlement Expenses | 79 | 68 | 80 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Amortization of Deferred Policy Acquisition Cost | [1] | 0 | 0 | 0 |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Other Operating Expense | [2] | 7 | 3 | 4 |
EMEA Traditional Segment Reporting Information [Member] | ||||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | ||||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Deferred Policy Acquisition Cost | 253 | 264 | ||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Liability for Future Policy Benefit, Loss, Claim and Loss Expense | 1,366 | 1,379 | ||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Other Policy Claim and Benefit Payable | 1,612 | 1,389 | ||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Premium Revenue | 1,738 | 1,555 | 1,442 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Net Investment Income | 88 | 72 | 73 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Benefit, Claim, Loss and Settlement Expenses | 1,829 | 1,389 | 1,205 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Amortization of Deferred Policy Acquisition Cost | [1] | 48 | 31 | 36 |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Other Operating Expense | [2] | 189 | 186 | 199 |
EMEA Non-Traditional Segment Reporting Information [Member] | ||||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | ||||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Deferred Policy Acquisition Cost | 0 | 0 | ||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Liability for Future Policy Benefit, Loss, Claim and Loss Expense | 5,999 | 5,881 | ||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Other Policy Claim and Benefit Payable | 89 | 66 | ||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Premium Revenue | 350 | 252 | 218 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Net Investment Income | 205 | 193 | 195 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Benefit, Claim, Loss and Settlement Expenses | 258 | 163 | 175 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Amortization of Deferred Policy Acquisition Cost | [1] | 0 | 0 | 0 |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Other Operating Expense | [2] | 55 | 50 | 52 |
Asia Pacific Traditional Segment Reporting Information [Member] | ||||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | ||||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Deferred Policy Acquisition Cost | 1,052 | 1,045 | ||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Liability for Future Policy Benefit, Loss, Claim and Loss Expense | 3,792 | 3,568 | ||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Other Policy Claim and Benefit Payable | 2,116 | 2,059 | ||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Premium Revenue | 2,624 | 2,681 | 2,568 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Net Investment Income | 136 | 107 | 104 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Benefit, Claim, Loss and Settlement Expenses | 2,445 | 2,293 | 2,317 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Amortization of Deferred Policy Acquisition Cost | [1] | 60 | 65 | 36 |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Other Operating Expense | [2] | 283 | 274 | 223 |
Asia Pacific Non-Traditional Segment Reporting Information [Member] | ||||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | ||||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Deferred Policy Acquisition Cost | 74 | 41 | ||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Liability for Future Policy Benefit, Loss, Claim and Loss Expense | 8,202 | 4,187 | ||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Other Policy Claim and Benefit Payable | 6 | 2 | ||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Premium Revenue | 218 | 180 | 146 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Net Investment Income | 138 | 85 | 46 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Benefit, Claim, Loss and Settlement Expenses | 244 | 206 | 162 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Amortization of Deferred Policy Acquisition Cost | [1] | 41 | 19 | 16 |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Other Operating Expense | [2] | 34 | 25 | 27 |
Corporate And Other Segment Reporting Information [Member] | ||||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | ||||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Deferred Policy Acquisition Cost | 3 | 0 | ||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Liability for Future Policy Benefit, Loss, Claim and Loss Expense | 1,252 | 875 | ||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Other Policy Claim and Benefit Payable | 5 | 5 | ||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Premium Revenue | 0 | 0 | 0 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Net Investment Income | 304 | 197 | 194 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Benefit, Claim, Loss and Settlement Expenses | 4 | 8 | 22 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Amortization of Deferred Policy Acquisition Cost | [1] | 0 | 0 | 0 |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Other Operating Expense | [2] | $ 356 | $ 354 | $ 380 |
[1] | Includes the effect from investment related gains and losses. | |||
[2] | Includes policy acquisition costs and other insurance expenses, excluding amortization of DAC. Also includes other operating expenses, interest expense, and collateral finance and securitization expense. |
Supplemental Schedule of Rein_3
Supplemental Schedule of Reinsurance (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Direct Premiums, Life Insurance in Force | $ 1,117 | $ 1,990 | $ 1,316 |
Ceded Premiums, Life Insurance in Force | 166,842 | 184,625 | 192,864 |
Assumed Premiums, Life Insurance in Force | 3,467,054 | 3,480,692 | 3,480,206 |
Premiums, Net, Life Insurance in Force | $ 3,301,329 | $ 3,298,057 | $ 3,288,658 |
Life Insurance in Force Premiums, Percentage Assumed to Net | 105.00% | 105.50% | 105.80% |
Direct Premiums Earned | $ 33 | $ 58 | $ 76 |
Reinsurance Premiums for Insurance Companies, by Product Segment, Amount Ceded to Other Companies | 868 | 947 | 929 |
Assumed Premiums Earned | 13,348 | 12,583 | 12,150 |
Reinsurance Premiums for Insurance Companies, by Product Segment, Net Amount | $ 12,513 | $ 11,694 | $ 11,297 |
Reinsurance Premiums for Insurance Companies, by Product Segment, Percentage of Amount Assumed to Net | 106.70% | 107.60% | 107.50% |
US Traditional Segment Reporting Information [Member] | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Direct Premiums Earned | $ 26 | $ 23 | $ 29 |
Reinsurance Premiums for Insurance Companies, by Product Segment, Amount Ceded to Other Companies | 472 | 585 | 591 |
Assumed Premiums Earned | 6,690 | 6,399 | 6,291 |
Reinsurance Premiums for Insurance Companies, by Product Segment, Net Amount | $ 6,244 | $ 5,837 | $ 5,729 |
Reinsurance Premiums for Insurance Companies, by Product Segment, Percentage of Amount Assumed to Net | 107.10% | 109.60% | 109.80% |
US Non-Traditional Segment Reporting Information [Member] | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Direct Premiums Earned | $ 2 | $ 3 | $ 2 |
Reinsurance Premiums for Insurance Companies, by Product Segment, Amount Ceded to Other Companies | 0 | 0 | 0 |
Assumed Premiums Earned | 53 | 50 | 37 |
Reinsurance Premiums for Insurance Companies, by Product Segment, Net Amount | $ 55 | $ 53 | $ 39 |
Reinsurance Premiums for Insurance Companies, by Product Segment, Percentage of Amount Assumed to Net | 96.40% | 94.30% | 95.40% |
Canada Traditional Segment Reporting Information [Member] | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Direct Premiums Earned | $ 0 | $ 0 | $ 0 |
Reinsurance Premiums for Insurance Companies, by Product Segment, Amount Ceded to Other Companies | 50 | 54 | 54 |
Assumed Premiums Earned | 1,244 | 1,106 | 1,120 |
Reinsurance Premiums for Insurance Companies, by Product Segment, Net Amount | $ 1,194 | $ 1,052 | $ 1,066 |
Reinsurance Premiums for Insurance Companies, by Product Segment, Percentage of Amount Assumed to Net | 104.20% | 105.10% | 105.00% |
Canada Non-Traditional Segment Reporting Information [Member] | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Direct Premiums Earned | $ 0 | $ 0 | $ 0 |
Reinsurance Premiums for Insurance Companies, by Product Segment, Amount Ceded to Other Companies | 0 | 0 | 0 |
Assumed Premiums Earned | 90 | 83 | 89 |
Reinsurance Premiums for Insurance Companies, by Product Segment, Net Amount | $ 90 | $ 83 | $ 89 |
Reinsurance Premiums for Insurance Companies, by Product Segment, Percentage of Amount Assumed to Net | 100.00% | 100.00% | 100.00% |
EMEA Traditional Segment Reporting Information [Member] | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Direct Premiums Earned | $ 5 | $ 32 | $ 45 |
Reinsurance Premiums for Insurance Companies, by Product Segment, Amount Ceded to Other Companies | 32 | 24 | 52 |
Assumed Premiums Earned | 1,765 | 1,548 | 1,449 |
Reinsurance Premiums for Insurance Companies, by Product Segment, Net Amount | $ 1,738 | $ 1,556 | $ 1,442 |
Reinsurance Premiums for Insurance Companies, by Product Segment, Percentage of Amount Assumed to Net | 101.60% | 99.50% | 100.60% |
EMEA Non-Traditional Segment Reporting Information [Member] | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Direct Premiums Earned | $ 0 | $ 0 | $ 0 |
Reinsurance Premiums for Insurance Companies, by Product Segment, Amount Ceded to Other Companies | 202 | 178 | 148 |
Assumed Premiums Earned | 552 | 430 | 366 |
Reinsurance Premiums for Insurance Companies, by Product Segment, Net Amount | $ 350 | $ 252 | $ 218 |
Reinsurance Premiums for Insurance Companies, by Product Segment, Percentage of Amount Assumed to Net | 157.70% | 170.60% | 167.90% |
Asia Pacific Traditional Segment Reporting Information [Member] | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Direct Premiums Earned | $ 0 | $ 0 | $ 0 |
Reinsurance Premiums for Insurance Companies, by Product Segment, Amount Ceded to Other Companies | 112 | 106 | 84 |
Assumed Premiums Earned | 2,736 | 2,787 | 2,652 |
Reinsurance Premiums for Insurance Companies, by Product Segment, Net Amount | $ 2,624 | $ 2,681 | $ 2,568 |
Reinsurance Premiums for Insurance Companies, by Product Segment, Percentage of Amount Assumed to Net | 104.30% | 104.00% | 103.20% |
Asia Pacific Non-Traditional Segment Reporting Information [Member] | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Direct Premiums Earned | $ 0 | $ 0 | $ 0 |
Reinsurance Premiums for Insurance Companies, by Product Segment, Amount Ceded to Other Companies | 0 | 0 | 0 |
Assumed Premiums Earned | 218 | 180 | 146 |
Reinsurance Premiums for Insurance Companies, by Product Segment, Net Amount | $ 218 | $ 180 | $ 146 |
Reinsurance Premiums for Insurance Companies, by Product Segment, Percentage of Amount Assumed to Net | 100.00% | 100.00% | 100.00% |
Valuation and Qualifying Acco_3
Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Adoption of New Accounting Standard Current Expected Credit Losses | $ 0 | $ 14 | $ 0 | |||
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | ||||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Valuation Allowances and Reserves, Balance, Beginning Balance | 251 | 236 | 181 | |||
Valuation Allowances and Reserves, Charged to Cost and Expense | 18 | 4 | 56 | |||
Valuation Allowances and Reserves, Charged to Other Accounts | 15 | 19 | 1 | |||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | 0 | 0 | 0 | |||
Valuation Allowances and Reserves, Balance, Ending Balance | 218 | 251 | 236 | |||
SEC Schedule, 12-09, Allowance, Loan and Lease Loss, Real Estate [Member] | ||||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Valuation Allowances and Reserves, Balance, Beginning Balance | 64 | [1] | 12 | [1] | 11 | |
Valuation Allowances and Reserves, Charged to Cost and Expense | 0 | 38 | [1] | 1 | ||
Valuation Allowances and Reserves, Charged to Other Accounts | 0 | 14 | [1] | 0 | ||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | 29 | 0 | [1] | 0 | ||
Valuation Allowances and Reserves, Balance, Ending Balance | 35 | 64 | [1] | 12 | [1] | |
SEC Schedule, 12-09, Allowance, Loss on Finance Receivable | ||||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Valuation Allowances and Reserves, Balance, Beginning Balance | 20 | 0 | ||||
Valuation Allowances and Reserves, Charged to Cost and Expense | 27 | 41 | ||||
Valuation Allowances and Reserves, Charged to Other Accounts | 0 | 0 | ||||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | 16 | 21 | ||||
Valuation Allowances and Reserves, Balance, Ending Balance | $ 31 | $ 20 | $ 0 | |||
[1] | Upon adoption of Financial Instruments – Credits Losses on January 1, 2020, the Company increased the valuation allowance for mortgage loans by $14 million. The increase was reflected as a decrease to opening retained earnings, net of income taxes. |