Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 31, 2022 | |
Document Information [Line Items] | ||
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 67,007,268 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | MO | |
Entity Tax Identification Number | 43-1627032 | |
Entity File Number | 1-11848 | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Document Period End Date | Jun. 30, 2022 | |
Document Type | 10-Q | |
Entity Central Index Key | 0000898174 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | REINSURANCE GROUP OF AMERICA, INCORPORATED |
Document and Entity Informati_2
Document and Entity Information Address | 6 Months Ended |
Jun. 30, 2022 | |
Entity Addresses [Line Items] | |
City Area Code | 636 |
Local Phone Number | 736-7000 |
Entity Address, Address Line One | 16600 Swingley Ridge Road |
Entity Address, City or Town | Chesterfield |
Entity Address, State or Province | MO |
Entity Address, Postal Zip Code | 63017 |
Document and Entity Informati_3
Document and Entity Information Document and Entity Information Entity Listings - NEW YORK STOCK EXCHANGE, INC. [Member] | 6 Months Ended |
Jun. 30, 2022 | |
RGA [Member] | |
Entity Listings [Line Items] | |
Title of 12(b) Security | Common Stock, par value $0.01 |
Trading Symbol | RGA |
Security Exchange Name | NYSE |
RZA [Member] | |
Entity Listings [Line Items] | |
Title of 12(b) Security | 6.20% Fixed-To-Floating Rate Subordinated Debentures due 2042 |
Trading Symbol | RZA |
Security Exchange Name | NYSE |
RZB [Member] | |
Entity Listings [Line Items] | |
Title of 12(b) Security | 5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056 |
Trading Symbol | RZB |
Security Exchange Name | NYSE |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Fixed maturity securities available-for-sale, at fair value (amortized cost of $57,608 and $55,873; allowance for credit losses of $55 and $31) | $ 53,294 | $ 60,749 |
Equity securities, at fair value | 127 | 151 |
Mortgage loans (net of allowance for credit losses of $38 and $35) | 6,544 | 6,283 |
Policy loans | 1,218 | 1,234 |
Funds withheld at interest | 6,393 | 6,954 |
Short-term investments | 272 | 87 |
Other invested assets | 3,110 | 3,070 |
Total investments | 70,958 | 78,528 |
Cash and cash equivalents | 2,556 | 2,948 |
Accrued investment income | 572 | 533 |
Premiums receivable and other reinsurance balances | 2,884 | 2,888 |
Reinsurance ceded receivables and other | 2,558 | 2,580 |
Deferred policy acquisition costs | 3,856 | 3,690 |
Other assets | 1,225 | 1,008 |
Total assets | 84,609 | 92,175 |
Liabilities and Equity | ||
Future policy benefits | 34,833 | 35,782 |
Interest-sensitive contract liabilities | 29,023 | 26,377 |
Other policy claims and benefits | 6,464 | 6,993 |
Other reinsurance balances | 582 | 613 |
Deferred income taxes | 1,060 | 2,886 |
Other liabilities | 2,899 | 2,663 |
Long-term debt | 3,667 | 3,667 |
Collateral finance and securitization notes | 152 | 180 |
Total liabilities | 78,680 | 79,161 |
Commitments and contingent liabilities (See Note 8) | ||
Equity: | ||
Preferred stock – par value $0.01 per share, 10,000,000 shares authorized, no shares issued or outstanding | 0 | 0 |
Common stock – par value $0.01 per share, 140,000,000 shares authorized, 85,310,598 shares issued at June 30, 2022 and December 31, 2021 | 1 | 1 |
Additional paid-in capital | 2,478 | 2,461 |
Retained earnings | 8,592 | 8,563 |
Treasury stock, at cost – 18,303,330 and 18,139,868 shares | (1,673) | (1,653) |
Accumulated other comprehensive income (loss) | (3,559) | 3,642 |
Total Reinsurance Group of America, Inc. stockholders’ equity | 5,839 | 13,014 |
Total liabilities and stockholders’ equity | 84,609 | 92,175 |
Stockholders' Equity Attributable to Noncontrolling Interest | 90 | 0 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 5,929 | $ 13,014 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS PARENTHETICAL - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Available for Sale at Fair value - Amortized cost | $ 57,608 | $ 55,873 |
Preferred stock par value (per share) | $ 0.01 | |
Preferred stock shares authorized | 10,000,000 | |
Common stock par value (per share) | $ 0.01 | |
Common stock shares authorized | 140,000,000 | |
Common Stock, Shares, Issued | 85,310,598 | |
Treasury stock, shares | 18,303,330 | 18,139,868 |
Allowances for Loan and Lease Losses, Real Estate | $ 38 | $ 35 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenues: | ||||
Net premiums | $ 3,230 | $ 3,098 | $ 6,385 | $ 6,012 |
Net investment income | 754 | 759 | 1,564 | 1,571 |
Investment related gains (losses), net | (254) | 112 | (380) | 414 |
Other revenues | 157 | 168 | 248 | 259 |
Total revenues | 3,887 | 4,137 | 7,817 | 8,256 |
Benefits and Expenses: | ||||
Claims and other policy benefits | 2,815 | 2,813 | 6,040 | 6,005 |
Interest credited | 138 | 218 | 279 | 364 |
Policy acquisition costs and other insurance expenses | 393 | 339 | 748 | 672 |
Other operating expenses | 243 | 240 | 469 | 454 |
Interest expense | 42 | 43 | 84 | 88 |
Collateral finance and securitization expense | 2 | 2 | 3 | 5 |
Total benefits and expenses | 3,633 | 3,655 | 7,623 | 7,588 |
Income before income taxes | 254 | 482 | 194 | 668 |
Provision for income taxes | 55 | 138 | 58 | 185 |
Net income | 199 | 344 | 136 | 483 |
Net Income (Loss) Attributable to Noncontrolling Interest | 1 | 0 | 1 | 0 |
Net income available to RGA, Inc. shareholders | $ 198 | $ 344 | $ 135 | $ 483 |
Earnings per share: | ||||
Basic earnings per share | $ 2.95 | $ 5.06 | $ 2.01 | $ 7.11 |
Diluted earnings per share | $ 2.92 | $ 5.02 | $ 2 | $ 7.06 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Comprehensive income (loss) | ||||
Net income | $ 199 | $ 344 | $ 136 | $ 483 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments | (43) | 19 | (30) | 49 |
Net unrealized investment gains (losses) | (3,460) | 1,020 | (7,170) | (1,367) |
Defined benefit pension and postretirement plan adjustments | (1) | 0 | (1) | 0 |
Total other comprehensive income (loss), net of tax | (3,504) | 1,039 | (7,201) | (1,318) |
Total comprehensive income (loss) | (3,305) | 1,383 | (7,065) | (835) |
Comprehensive income attributable to noncontrolling interest | 1 | 0 | 1 | 0 |
Total comprehensive income (loss) available to RGA, Inc. shareholders | $ (3,306) | $ 1,383 | $ (7,066) | $ (835) |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY Statement - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] |
Stockholders' Equity Attributable to Parent | $ 14,352 | $ 1 | $ 2,406 | $ 8,148 | $ (1,562) | $ 5,359 |
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | |||||
Net income available to RGA, Inc. shareholders | 483 | |||||
Other Comprehensive Income (Loss), Net of Tax | (1,318) | |||||
Dividends, Common Stock, Cash | (95) | (95) | ||||
Proceeds from issuance of common stock, net | 0 | |||||
Treasury Stock, Value, Acquired, Cost Method | (2) | (2) | ||||
Stock Issued During Period, Value, Treasury Stock Reissued | 24 | 24 | 5 | 5 | ||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | 0 | |||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | |||||
Stockholders' Equity Attributable to Parent | 12,090 | 1 | 2,411 | 8,235 | (1,559) | 3,002 |
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | |||||
Net income available to RGA, Inc. shareholders | 344 | |||||
Other Comprehensive Income (Loss), Net of Tax | 1,039 | |||||
Dividends, Common Stock, Cash | (47) | (47) | ||||
Treasury Stock, Value, Acquired, Cost Method | (1) | (1) | ||||
Stock Issued During Period, Value, Treasury Stock Reissued | 19 | 19 | 1 | 1 | ||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | |||||
Stockholders' Equity Attributable to Parent | 13,444 | 1 | 2,430 | 8,531 | (1,559) | 4,041 |
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | |||||
Stockholders' Equity Attributable to Parent | 13,014 | 1 | 2,461 | 8,563 | (1,653) | 3,642 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 13,014 | |||||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | |||||
Net income available to RGA, Inc. shareholders | 135 | |||||
Other Comprehensive Income (Loss), Net of Tax | (7,201) | |||||
Dividends, Common Stock, Cash | (98) | (98) | ||||
Proceeds from issuance of common stock, net | 0 | |||||
Treasury Stock, Value, Acquired, Cost Method | (27) | (27) | ||||
Stock Issued During Period, Value, Treasury Stock Reissued | 16 | 17 | 8 | 7 | ||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (1) | |||||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | 136 | |||||
Net Income (Loss) Attributable to Noncontrolling Interest | 1 | |||||
Stockholders' Equity Attributable to Parent | 9,182 | 1 | 2,465 | 8,446 | (1,675) | (55) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 9,272 | |||||
Stockholders' Equity Attributable to Noncontrolling Interest | 90 | |||||
Net income available to RGA, Inc. shareholders | 198 | |||||
Other Comprehensive Income (Loss), Net of Tax | (3,504) | |||||
Dividends, Common Stock, Cash | (49) | (49) | ||||
Treasury Stock, Value, Acquired, Cost Method | 0 | |||||
Stock Issued During Period, Value, Treasury Stock Reissued | 12 | 13 | 3 | 2 | ||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (1) | |||||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | 199 | |||||
Net Income (Loss) Attributable to Noncontrolling Interest | 1 | |||||
Stockholders' Equity Attributable to Parent | 5,839 | $ 1 | $ 2,478 | $ 8,592 | $ (1,673) | $ (3,559) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 5,929 | |||||
Stockholders' Equity Attributable to Noncontrolling Interest | $ 90 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.73 | $ 0.70 | $ 1.46 | $ 1.40 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Net Cash Provided by (Used in) Operating Activities | $ 242 | $ 2,330 |
Cash flows from investing activities: | ||
Sales of fixed maturity securities available-for-sale | 6,018 | 7,235 |
Maturities of fixed maturity securities available-for-sale | 419 | 545 |
Sales of equity securities | 4 | 3 |
Principal payments and sales of mortgage loans | 552 | 417 |
Principal payments on policy loans | 21 | 12 |
Purchases of fixed maturity securities available-for-sale | 9,278 | 9,885 |
Purchases of equity securities | (5) | (1) |
Cash invested in mortgage loans | (834) | (783) |
Cash invested in policy loans | 5 | 8 |
Cash invested in funds withheld at interest | 4 | 52 |
Proceeds from sale of businesses, net of cash transferred of $1 and $43 | 7 | 19 |
Purchases of property and equipment | (12) | (10) |
Change in short-term investments | (200) | 223 |
Change in other invested assets | 106 | 112 |
Net cash provided by (used in) investing activities | (3,211) | (2,173) |
Cash flows from financing activities: | ||
Dividends to stockholders | (98) | (95) |
Repayment of collateral finance and securitization notes | (29) | (65) |
Principal payments of long-term debt | (2) | (401) |
Purchases of treasury stock | (27) | (2) |
Change in cash collateral for derivative positions and other arrangements | 143 | 184 |
Change in deposit asset on reinsurance | (32) | 0 |
Deposits on investment-type policies and contracts | 3,424 | 599 |
Withdrawals on investment-type policies and contracts | (783) | (520) |
Payments to Noncontrolling Interests | (1) | 0 |
Proceeds from Noncontrolling Interests | 90 | 0 |
Net cash provided by (used in) financing activities | 2,685 | (300) |
Effect of exchange rate changes on cash | (108) | (11) |
Change in cash and cash equivalents | (392) | (154) |
Cash and cash equivalents, beginning of period | 2,948 | 3,408 |
Cash and cash equivalents, end of period | 2,556 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 2,556 | 3,254 |
Supplemental disclosures of cash flow information: | ||
Interest paid | 72 | 85 |
Income taxes paid (received), net of refunds | 119 | 185 |
Transfer of invested assets | 494 | 1,557 |
Non-cash financing activities: | ||
Assets disposed, net of cash transferred | (6) | (512) |
Liabilities disposed | $ 1 | $ 504 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (PARENTHETICAL) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Cash Flows [Abstract] | ||
Cash Divested from Deconsolidation | $ 1 | $ 43 |
Business and Basis of Presentat
Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Business and Basis of Presentation Business Reinsurance Group of America, Incorporated (“RGA”) is an insurance holding company that was formed on December 31, 1992. RGA and its subsidiaries (collectively, the “Company”) is engaged in providing traditional reinsurance, which includes individual and group life and health, disability, and critical illness reinsurance. The Company also provides financial solutions, which includes longevity reinsurance, asset-intensive products, primarily annuities, financial reinsurance, capital solutions and stable value products. Basis of Presentation The unaudited condensed consolidated financial statements of the Company have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). Accordingly, these condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the Company’s 2021 Annual Report on Form 10-K filed with the SEC on February 25, 2022 (the “2021 Annual Report”). In the opinion of management, all adjustments, including normal recurring adjustments necessary for a fair presentation have been included. Interim results are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. Consolidation |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share on net income (in millions, except per share information): Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Earnings: Net income $ 199 $ 344 $ 136 $ 483 Less: Net income attributable to noncontrolling interest 1 — 1 — Net income available to RGA, Inc. shareholders $ 198 $ 344 $ 135 $ 483 Shares: Weighted average outstanding shares 67 68 67 68 Equivalent shares from outstanding stock awards 1 1 1 1 Denominator for diluted calculation 68 69 68 69 Earnings per share: Basic $ 2.95 $ 5.06 $ 2.01 $ 7.11 Diluted $ 2.92 $ 5.02 $ 2.00 $ 7.06 The calculation of common equivalent shares does not include the impact of stock awards with a conversion price that exceeds the average stock price for the earnings period, as the result would be antidilutive. The calculation of common equivalent shares also excludes the impact of outstanding performance contingent shares, as the conditions necessary for their issuance have not been satisfied as of the end of the reporting period. Approximately 1.4 million and 1.6 million stock awards and approximately 0.2 million performance contingent shares were excluded from the calculation of common equivalent shares during the three and six month periods ended June 30, 2022, respectively. |
Equity
Equity | 6 Months Ended |
Jun. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Equity Common Stock The changes in the number of common stock issued, held in treasury and outstanding are as follows for the periods indicated: Issued Held In Treasury Outstanding Balance, December 31, 2021 85,310,598 18,139,868 67,170,730 Issuance of common stock — — — Common stock acquired — 219,116 (219,116) Stock-based compensation (1) — (55,654) 55,654 Balance, June 30, 2022 85,310,598 18,303,330 67,007,268 Issued Held In Treasury Outstanding Balance, December 31, 2020 85,310,598 17,353,697 67,956,901 Issuance of common stock — — — Common stock acquired — — — Stock-based compensation (1) — (40,036) 40,036 Balance, June 30, 2021 85,310,598 17,313,661 67,996,937 (1) Represents net shares issued from treasury pursuant to the Company’s equity-based compensation programs. Common Stock Held in Treasury Common stock held in treasury is accounted for at average cost. Gains resulting from the reissuance of common stock held in treasury are credited to additional paid-in capital. Losses resulting from the reissuance of common stock held in treasury are charged first to additional paid-in capital to the extent the Company has previously recorded gains on treasury share transactions, then to retained earnings. On January 24, 2019, RGA’s board of directors authorized a share repurchase program for up to $400 million of RGA’s outstanding common stock. During the six months ended June 30, 2022, RGA repurchased 219,116 shares of common stock under this program for $25 million. 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. During the six months ended June 30, 2022, RGA did not repurchase any shares of common stock under this program. Noncontrolling Interest In 2022, Papara Financing LLC (“Papara”), a subsidiary of RGA Reinsurance Company, issued nonconvertible preferred interests to an unaffiliated third party. Papara holds investments in mortgage loans. The membership interests in Papara consist of (1) common interests, which are held by RGA Reinsurance Company and (2) preferred interests. The preferred interests total $90 million and pay an initial preferred distribution at an annual rate of 2.375% plus three month LIBOR. The applicable rate of interest is reset every five years. Distributions are paid quarterly, if declared by Papara. RGA can call the Papara preferred interests at the issue price beginning five years from the issuance date or upon the receipt of proceeds from the sale of the underlying assets. The holders of the Papara preferred interests have the option to require redemption upon the occurrence of certain contingent events, such as the failure of Papara to pay the preferred distribution for two or more periods or to meet certain other requirements, including a minimum credit rating. If notice is given upon such an event, all other holders of equal or more subordinate classes of membership interests in Papara are entitled to receive the same form of consideration payable to the holders of the preferred interests, resulting in a deemed liquidation for accounting purposes. The preferred interests are included in noncontrolling interest, and net income attributable to noncontrolling interest was $1 million for the six months ended June 30, 2022. Accumulated Other Comprehensive Income (Loss) The balance of and changes in each component of accumulated other comprehensive income (loss) (“AOCI”) for the six months ended June 30, 2022 and 2021 are as follows (dollars in millions): Accumulated Unrealized Appreciation (Depreciation) of Investments (1) Pension and Total Balance, December 31, 2021 $ (9) $ 3,701 $ (50) $ 3,642 Other comprehensive income (loss) before reclassifications (4) (9,459) (3) (9,466) Amounts reclassified to (from) AOCI — 308 2 310 Deferred income tax benefit (expense) (26) 1,981 — 1,955 Balance, June 30, 2022 $ (39) $ (3,469) $ (51) $ (3,559) Accumulated Unrealized Appreciation (Depreciation) of Investments (1) Pension and Total Balance, December 31, 2020 $ (69) $ 5,500 $ (72) $ 5,359 Other comprehensive income (loss) before reclassifications 55 (1,607) (3) (1,555) Amounts reclassified to (from) AOCI — (154) 3 (151) Deferred income tax benefit (expense) (6) 394 — 388 Balance, June 30, 2021 $ (20) $ 4,133 $ (72) $ 4,041 (1) Includes cash flow hedges of $(206) and $(22) as of June 30, 2022 and December 31, 2021, respectively, and $(40) and $(49) as of June 30, 2021 and December 31, 2020, respectively. See Note 5 – “Derivative Instruments” for additional information on cash flow hedges. The following table presents the amounts of AOCI reclassifications for the three and six months ended June 30, 2022 and 2021 (dollars in millions): Amount Reclassified from AOCI Three months ended June 30, Six months ended June 30, Details about AOCI Components 2022 2021 2022 2021 Affected Line Item in Statements of Income Net unrealized investment gains (losses): Net unrealized gains (losses) on available-for-sale securities $ (68) $ 26 $ (103) $ 183 Investment related gains (losses), net Cash flow hedges – Interest rate (2) — (2) (2) (1) Cash flow hedges – Currency/Interest rate (1) (4) (2) (4) (1) Deferred policy acquisition costs attributed to unrealized gains and losses (99) 19 (201) (23) (2) Total (170) 41 (308) 154 Provision for income taxes 35 (9) 64 (33) Net unrealized gains (losses), net of tax $ (135) $ 32 $ (244) $ 121 Amortization of defined benefit plan items: Prior service cost (credit) $ 1 $ 1 $ 1 $ 1 (3) Actuarial gains (losses) (2) (3) (3) (4) (3) Total (1) (2) (2) (3) Provision for income taxes — 1 — 1 Amortization of defined benefit plans, net of tax $ (1) $ (1) $ (2) $ (2) Total reclassifications for the period $ (136) $ 31 $ (246) $ 119 (1) See Note 5 – “Derivative Instruments” for additional information on cash flow hedges. (2) This AOCI component is included in the computation of the deferred policy acquisition cost. See Note 8 – “Deferred Policy Acquisition Costs” of the 2021 Annual Report for additional details. (3) This AOCI component is included in the computation of the net periodic pension cost. See Note 10 – “Employee Benefit Plans” for additional details. |
Equity Based Compensation
Equity Based Compensation | 6 Months Ended |
Jun. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Equity Based Compensation | Equity Based Compensation Equity compensation expense was $17 million and $24 million in the first six months of 2022 and 2021, respectively. In the first quarter of 2022, the Company granted 258,327 stock appreciation rights at $106.53 weighted average exercise price per share, 78,687 performance contingent shares and 219,553 restricted stock units to employees. Additionally, non-employee directors were granted a total of 17,937 shares of common stock. As of June 30, 2022, 1,705,128 share awards at a weighted average strike price per share of $105.83 were vested and exercisable, with a remaining weighted average exercise period of 4.3 years. As of June 30, 2022, the total compensation cost of non-vested awards not yet recognized in the condensed consolidated financial statements was $42 million. It is estimated that these costs will vest over a weighted average period of 0.8 years. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2022 | |
Investments [Abstract] | |
Investments | Investments Fixed Maturity Securities Available-for-Sale The Company holds various types of fixed maturity securities available-for-sale and classifies them as corporate securities (“Corporate”), Canadian and Canadian provincial government securities (“Canadian government”), residential mortgage-backed securities (“RMBS”), asset-backed securities (“ABS”), commercial mortgage-backed securities (“CMBS”), U.S. government and agencies (“U.S. government”), state and political subdivisions, and other foreign government, supranational and foreign government-sponsored enterprises (“Other foreign government”). RMBS, ABS and CMBS are collectively “structured securities.” The following tables provide information relating to investments in fixed maturity securities by type as of June 30, 2022 and December 31, 2021 (dollars in millions): June 30, 2022: Amortized Allowance for Credit Losses Unrealized Gains Unrealized Losses Estimated % of Total Available-for-sale: Corporate $ 37,819 $ 43 $ 257 $ 3,659 $ 34,374 64.5 % Canadian government 3,308 — 536 35 3,809 7.1 RMBS 1,004 — 8 62 950 1.8 ABS 4,091 5 3 307 3,782 7.1 CMBS 1,856 1 2 122 1,735 3.3 U.S. government 1,101 — 7 146 962 1.8 State and political subdivisions 1,202 — 21 107 1,116 2.1 Other foreign government 7,227 6 36 691 6,566 12.3 Total fixed maturity securities $ 57,608 $ 55 $ 870 $ 5,129 $ 53,294 100.0 % December 31, 2021: Amortized Cost Allowance for Credit Losses Unrealized Gains Unrealized Losses Estimated Fair Value % 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 % The Company enters into various collateral arrangements with counterparties that require both the pledging and acceptance of fixed maturity securities as collateral. Pledged fixed maturity securities are included in fixed maturity securities available-for-sale in the condensed consolidated balance sheets. Fixed maturity securities received as collateral are held in separate custodial accounts and are not recorded on the Company’s condensed consolidated balance sheets. Subject to certain constraints, the Company is permitted by contract to sell or repledge collateral it receives; however, as of June 30, 2022 and December 31, 2021, none of the collateral received had been sold or repledged. The Company also holds assets in trust to satisfy collateral requirements under derivative transactions and certain third-party reinsurance treaties. The following table includes fixed maturity securities pledged and received as collateral and assets in trust held to satisfy collateral requirements under derivative transactions and certain third-party reinsurance treaties as of June 30, 2022 and December 31, 2021 (dollars in millions): June 30, 2022 December 31, 2021 Amortized Estimated Amortized Estimated Fixed maturity securities pledged as collateral $ 373 $ 335 $ 100 $ 103 Fixed maturity securities received as collateral n/a 1,591 n/a 1,922 Assets in trust held to satisfy collateral requirements 30,476 28,080 28,671 31,173 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 equity included securities of the U.S. government and its agencies as well as the securities disclosed below, as of June 30, 2022 and December 31, 2021 (dollars in millions). June 30, 2022 December 31, 2021 Amortized Estimated Amortized Estimated Fixed maturity securities guaranteed or issued by: Government of Japan $ 3,031 $ 2,755 $ 3,080 $ 3,063 Canadian province of Quebec 1,390 1,747 1,377 2,347 Canadian province of Ontario 1,047 1,155 1,092 1,451 The amortized cost and estimated fair value of fixed maturity securities classified as available-for-sale as of June 30, 2022, 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 $ 1,408 $ 1,407 Due after one year through five years 9,847 9,730 Due after five years through ten years 11,466 10,701 Due after ten years 27,936 24,989 Structured securities 6,951 6,467 Total $ 57,608 $ 53,294 Corporate Fixed Maturity Securities The tables below show the major sectors of the Company’s corporate fixed maturity holdings as of June 30, 2022 and December 31, 2021 (dollars in millions): June 30, 2022: Estimated Amortized Cost Fair Value % of Total Finance $ 14,008 $ 12,703 37.0 % Industrial 19,152 17,526 51.0 Utility 4,659 4,145 12.0 Total $ 37,819 $ 34,374 100.0 % December 31, 2021: Estimated Amortized Cost Fair Value % 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 % Allowance for Credit Losses and Impairments – Fixed Maturity Securities Available-for-Sale As discussed in Note 2 – “Significant Accounting Policies and Pronouncements” of the Company’s 2021 Annual Report, 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 OCI. The following tables present the rollforward of the allowance for credit losses in fixed maturity securities by type for the six months ended June 30, 2022 and 2021 (dollars in millions) : Six months ended June 30, 2022 Corporate ABS CMBS Other Foreign Government Total Balance, beginning of period $ 26 $ — $ 1 $ 4 $ 31 Credit losses recognized on securities for which credit losses were not previously recorded 18 5 — 1 24 Reductions for securities sold during the period (6) — — (1) (7) Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period 5 — — 2 7 Balance, end of period $ 43 $ 5 $ 1 $ 6 $ 55 Six months ended June 30, 2021 Corporate ABS CMBS Other Foreign Government Total Balance, beginning of period $ 17 $ — $ 3 $ — $ 20 Credit losses recognized on securities for which credit losses were not previously recorded 2 — 1 4 7 Reductions for securities sold during the period (8) — (2) — (10) Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period — — (1) — (1) Balance, end of period $ 11 $ — $ 1 $ 4 $ 16 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 tables present the estimated fair value and gross unrealized losses for the 6,103 and 1,862 fixed maturity securities for which an allowance for credit loss has not been recorded as of June 30, 2022 and 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 Gross Gross Gross June 30, 2022: Estimated Unrealized Estimated Unrealized Estimated Unrealized Fair Value Losses Fair Value Losses Fair Value Losses Investment grade securities: Corporate $ 25,035 $ 3,170 $ 1,124 $ 327 $ 26,159 $ 3,497 Canadian government 359 29 13 6 372 35 RMBS 631 39 122 23 753 62 ABS 2,850 244 640 45 3,490 289 CMBS 1,523 111 39 4 1,562 115 U.S. government 839 137 24 9 863 146 State and political subdivisions 789 100 27 7 816 107 Other foreign government 4,348 469 795 145 5,143 614 Total investment grade securities 36,374 4,299 2,784 566 39,158 4,865 Below investment grade securities: Corporate 1,234 137 103 25 1,337 162 ABS 61 9 8 2 69 11 CMBS 29 3 11 1 40 4 Other foreign government 170 28 115 49 285 77 Total below investment grade securities 1,494 177 237 77 1,731 254 Total fixed maturity securities $ 37,868 $ 4,476 $ 3,021 $ 643 $ 40,889 $ 5,119 Less than 12 months 12 months or greater Total Gross Gross Gross December 31, 2021: Estimated Unrealized Estimated Unrealized Estimated Unrealized Fair Value Losses Fair Value Losses Fair Value Losses 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 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. Net Investment Income Major categories of net investment income consist of the following (dollars in millions): Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Fixed maturity securities available-for-sale $ 559 $ 516 $ 1,092 $ 1,011 Equity securities 1 1 3 3 Mortgage loans 76 73 149 139 Policy loans 14 13 27 27 Funds withheld at interest 57 95 108 179 Short-term investments and cash and cash equivalents 2 — 4 1 Other invested assets – limited partnerships and real estate joint ventures 77 70 238 231 Other invested assets – all other — 17 2 30 Investment income 786 785 1,623 1,621 Investment expense (32) (26) (59) (50) Net investment income $ 754 $ 759 $ 1,564 $ 1,571 Investment Related Gains (Losses), Net Investment related gains (losses), net consist of the following (dollars in millions): Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Fixed maturity securities available-for-sale: Change in allowance for credit losses and impairments $ (15) $ 5 $ (27) $ 3 Realized gains on investment activity 34 53 45 220 Realized losses on investment activity (94) (30) (130) (43) Net gains (losses) on equity securities (15) 20 (23) 23 Other impairment losses and change in mortgage loan allowance for credit losses (1) 3 (3) 21 Change in fair value of certain limited partnership investments and other, net 19 32 45 143 Net gains (losses) on derivatives (182) 29 (287) 47 Total investment related gains (losses), net $ (254) $ 112 $ (380) $ 414 Securities Borrowing, Lending and Repurchase/Reverse Repurchase Agreements The following table provides information relating to securities borrowing, lending and repurchase/reverse repurchase agreements as of June 30, 2022 and December 31, 2021 (dollars in millions): June 30, 2022 December 31, 2021 Amortized Estimated Amortized Estimated Securities borrowing agreements: Securities borrowed (1) n/a $ 676 n/a $ 420 Securities pledged as collateral (2) 529 466 279 290 Securities lending agreements: Securities loaned (2) 82 81 94 102 Securities received as collateral (3) n/a 92 n/a 102 Repurchase/reverse repurchase agreements: Securities pledged (2) 643 593 704 736 Cash (4) — — 10 10 Securities received (3) n/a 565 n/a 728 Cash received (5) 162 162 — — (1) Securities borrowed are not reflected on the condensed consolidated balance sheets. Collateral associated with certain borrowed securities is not included within this table as the collateral pledged to the counterparty is the right to reinsurance treaty cash flows. (2) Securities loaned and pledged to counterparties are included within fixed maturity securities. (3) Securities received as collateral from counterparties are not reflected on the condensed consolidated financial statements. (4) A receivable for the cash held by counterparties is included within other assets. (5) A payable for the cash received by the Company is included within other liabilities. The following tables present information on the remaining contractual maturity of the Company’s securities lending and repurchase agreements as of June 30, 2022 and December 31, 2021 (dollars in millions): June 30, 2022 Remaining Contractual Maturity of the Agreements Overnight and Continuous Up to 30 Days 30 – 90 Days Greater than 90 Days Total Securities lending agreements: Corporate $ — $ — $ — $ 68 $ 68 State and political subdivisions — — — 3 3 Other foreign government — — — 10 10 Total — — — 81 81 Repurchase agreements: Corporate — — 51 289 340 Other foreign government — — 7 246 253 Total — — 58 535 593 Total agreements $ — $ — $ 58 $ 616 $ 674 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 agreements: Corporate $ — $ — $ — $ 94 $ 94 State and political subdivisions — — — 3 3 Other foreign government — — — 5 5 Total — — — 102 102 Repurchase agreements: Corporate — — — 366 366 Other foreign government — — — 370 370 Total — — — 736 736 Total agreements $ — $ — $ — $ 838 $ 838 Mortgage Loans As of June 30, 2022, mortgage loans were geographically dispersed throughout the U.S. with the largest concentrations in California (12.9%), Texas (11.4%) and Washington (8.2%), in addition to loans secured by properties in Canada (3.3%) and United Kingdom (2.4%). The recorded investment in mortgage loans presented below is gross of unamortized deferred loan origination fees and expenses and allowance for credit losses. The following table presents the distribution of the Company’s recorded investment in mortgage loans by property type as of June 30, 2022 and December 31, 2021 (dollars in millions): June 30, 2022 December 31, 2021 Property type: Carrying Value % of Total Carrying Value % of Total Office $ 1,729 26.2 % $ 1,683 26.6 % Retail 2,319 35.1 2,090 33.0 Industrial 1,415 21.5 1,249 19.7 Apartment 776 11.8 801 12.7 Other commercial 355 5.4 506 8.0 Recorded investment 6,594 100.0 % 6,329 100.0 % Unamortized balance of loan origination fees and expenses (12) (11) Allowance for credit losses (38) (35) Total mortgage loans $ 6,544 $ 6,283 The following table presents the maturities of the Company’s recorded investment in mortgage loans as of June 30, 2022 and December 31, 2021 (dollars in millions): June 30, 2022 December 31, 2021 Recorded % of Total Recorded % of Total Due within five years $ 2,578 39.1 % $ 2,660 42.0 % Due after five years through ten years 2,759 41.8 2,593 41.0 Due after ten years 1,257 19.1 1,076 17.0 Total $ 6,594 100.0 % $ 6,329 100.0 % The following tables set forth certain key credit quality indicators of the Company’s recorded investment in mortgage loans as of June 30, 2022 and December 31, 2021 (dollars in millions): Recorded Investment Debt Service Ratios Construction Loans >1.20x 1.00x – 1.20x <1.00x Total % of Total June 30, 2022: Loan-to-Value Ratio 0% – 59.99% $ 3,350 $ 222 $ 67 $ 10 $ 3,649 55.3 % 60% – 69.99% 1,909 196 96 — 2,201 33.4 70% – 79.99% 455 34 40 — 529 8.0 80% or greater 89 — 126 — 215 3.3 Total $ 5,803 $ 452 $ 329 $ 10 $ 6,594 100.0 % Recorded Investment Debt Service Ratios Construction >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 % The following table sets forth credit quality grades by year of origination of the Company’s recorded investment in mortgage loans as of June 30, 2022 and December 31, 2021 (dollars in millions): Recorded Investment Year of Origination 2022 2021 2020 2019 2018 Prior Total June 30, 2022: Internal credit quality grade: High investment grade $ 451 $ 705 $ 373 $ 586 $ 431 $ 1,651 $ 4,197 Investment grade 368 313 246 312 271 645 2,155 Average — 6 — 26 76 98 206 Watch list — — — — — — — In or near default — — — — — 36 36 Total $ 819 $ 1,024 $ 619 $ 924 $ 778 $ 2,430 $ 6,594 Recorded Investment Year of Origination 2021 2020 2019 2018 2017 Prior Total December 31, 2021: 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 The following table presents the current and past due composition of the Company’s recorded investment in mortgage loans as of June 30, 2022 and December 31, 2021 (dollars in millions): June 30, 2022 December 31, 2021 Current $ 6,575 $ 6,329 Greater than 90 days 19 — Total $ 6,594 $ 6,329 The following table presents information regarding the Company’s allowance for credit losses for mortgage loans for the six months ended June 30, 2022 and 2021 (dollars in millions): Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Balance, beginning of period $ 37 $ 47 $ 35 $ 64 Change in allowance for credit losses 1 (2) 3 (19) Balance, end of period $ 38 $ 45 $ 38 $ 45 For the six months ended June 30, 2022, the Company restructured three mortgage loans to interest only payments as a result of lower occupancy levels. The total recorded investment before allowance for credit losses for mortgage loans, which were modified and met the criteria of Troubled Debt Restructuring (“TDR”), is $77 million as of June 30, 2022. For the six months ended June 30, 2021, the Company did not have any significant loans that were modified and met the criteria of a TDR. The Company had no mortgage loans that were on a nonaccrual status as of June 30, 2022 and 2021. The Company did not acquire any impaired mortgage loans during six months ended June 30, 2022 and 2021. Policy Loans The majority of policy loans are associated with one client. These policy loans present no credit risk as the amount of the loan cannot exceed the obligation due to the ceding company upon the death of the insured or surrender of the underlying policy. The provisions of the treaties in force and the underlying policies determine the policy loan interest rates. The Company earns a spread between the interest rate earned on policy loans and the interest rate credited to corresponding liabilities. Funds Withheld at Interest As of June 30, 2022, $4.1 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, and derivative contracts. Other invested assets also includes FHLB common stock and unit-linked investments, which are included in Other in the table below. As of June 30, 2022 and December 31, 2021, the allowance for credit losses for lifetime mortgages was not material. The carrying values of other invested assets as of June 30, 2022 and December 31, 2021 are as follows (dollars in millions): June 30, 2022 December 31, 2021 Limited partnership interests and real estate joint ventures $ 2,074 $ 1,996 Lifetime mortgages 812 758 Derivatives 115 175 Other 109 141 Total other invested assets $ 3,110 $ 3,070 |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments Accounting for Derivative Instruments and Hedging Activities See Note 2 – “Significant Accounting Policies and Pronouncements” of the Company’s 2021 Annual Report for a detailed discussion of the accounting treatment for derivative instruments, including embedded derivatives. See Note 6 – “Fair Value of Assets and Liabilities” for additional disclosures related to the fair value hierarchy for derivative instruments, including embedded derivatives. Types of Derivatives Used by the Company Commonly used derivative instruments include, but are not necessarily limited to: credit default swaps, financial futures, equity options, foreign currency swaps, foreign currency forwards, interest rate swaps, interest rate options, synthetic guaranteed investment contracts (“GICs”), consumer price index (“CPI”) swaps, forward bond purchase commitments, other derivatives and embedded derivatives. For detailed information on these derivative instruments and the related strategies, see Note 5 – “Derivative Instruments” of the Company’s 2021 Annual Report. Summary of Derivative Positions Derivatives, except for embedded derivatives, are included in other invested assets or other liabilities, at fair value. Embedded derivative assets and liabilities on modco or funds withheld arrangements are included on the condensed consolidated balance sheets with the host contract in funds withheld at interest or other liabilities, at fair value. Embedded derivative liabilities on indexed annuity and variable annuity products are included on the condensed consolidated balance sheets with the host contract in interest-sensitive contract liabilities, at fair value. The following table presents the notional amounts and gross fair value of derivative instruments prior to taking into account the netting effects of master netting agreements as of June 30, 2022 and December 31, 2021 (dollars in millions): June 30, 2022 December 31, 2021 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 $ 1,143 $ 23 $ 1 $ 1,273 $ 66 $ 1 Interest rate options Interest rate 2,893 9 — — — — Financial futures Equity 227 — — 240 — — Foreign currency swaps Foreign currency 150 18 — 150 1 — Foreign currency forwards Foreign currency 755 — 21 395 2 4 CPI swaps CPI 524 26 5 563 34 7 Credit default swaps Credit 1,675 13 39 1,321 29 1 Equity options Equity 298 43 — 472 29 — Synthetic GICs Interest rate 17,317 — — 16,143 — — Embedded derivatives in: Modco or funds withheld arrangements — 326 250 — 227 62 Indexed annuity products — — 584 — — 693 Variable annuity products — — 160 — — 162 Total non-hedging derivatives 24,982 458 1,060 20,557 388 930 Derivatives designated as hedging instruments: Interest rate swaps Foreign currency/Interest rate 1,338 2 128 941 4 33 Foreign currency swaps Foreign currency 114 — — 153 1 — Foreign currency forwards Foreign currency 1,170 14 5 1,320 14 11 Forward bond purchase commitments Interest rate 453 — 100 545 14 1 Total hedging derivatives 3,075 16 233 2,959 33 45 Total derivatives $ 28,057 $ 474 $ 1,293 $ 23,516 $ 421 $ 975 Fair Value Hedges The Company designates and reports certain foreign currency swaps to hedge the foreign currency fair value exposure of foreign currency denominated assets as fair value hedges when they meet the requirements of the general accounting principles for Derivatives and Hedging . The gain or loss on the hedged item attributable to a change in foreign currency and the offsetting gain or loss on the related foreign currency swaps as of June 30, 2022 and 2021 were (dollars in millions): Type of Fair Value Hedge Hedged Item Gains (Losses) Recognized for Derivatives Gains (Losses) Recognized for Hedged Items Investment Related Gains (Losses) For the three months ended June 30, 2022: Foreign currency swaps Foreign-denominated fixed maturity securities $ (8) $ 8 For the three months ended June 30, 2021: Foreign currency swaps Foreign-denominated fixed maturity securities $ (2) $ 2 For the six months ended June 30, 2022: Foreign currency swaps Foreign-denominated fixed maturity securities $ (1) $ 5 For the six months ended June 30, 2021: Foreign currency swaps Foreign-denominated fixed maturity securities $ (2) $ 3 Cash Flow Hedges Certain derivative instruments are designated as cash flow hedges when they meet the requirements of the general accounting principles for Derivatives and Hedging . The Company designates and accounts for the following as cash flow hedges: (i) certain interest rate swaps, in which the cash flows of assets and liabilities are variable based on a benchmark rate; (ii) certain interest rate swaps, in which the cash flows of assets are denominated in different currencies, commonly referred to as cross-currency swaps; and (iii) forward bond purchase commitments. The following tables present the components of AOCI, before income tax, and the condensed consolidated income statement classification where the gain or loss is recognized related to cash flow hedges for the three and six months ended June 30, 2022 and 2021 (dollars in millions): Three months ended June 30, 2022 2021 Balance, beginning of period $ (81) $ (71) Gains (losses), net deferred in other comprehensive income (loss) (128) 29 Amounts reclassified to investment income 2 — Amounts reclassified to interest expense 1 2 Balance, end of period $ (206) $ (40) Six months ended June 30, 2022 2021 Balance, beginning of period $ (22) $ (49) Gains (losses), net deferred in other comprehensive income (loss) (188) 5 Amounts reclassified to investment income 2 — Amounts reclassified to interest expense 2 4 Balance, end of period $ (206) $ (40) As of June 30, 2022, approximately $4 million of before-tax deferred net gains on derivative instruments recorded in AOCI are expected to be reclassified to interest expense during the next twelve months. For the same time period, there was an immaterial amount of before-tax deferred net gains recorded in AOCI expected to be reclassified to investment income during the next twelve months. The following table presents the effect of derivatives in cash flow hedging relationships on the condensed consolidated statements of income and the condensed consolidated statements of comprehensive income for the three and six months ended June 30, 2022 and 2021 (dollars in millions): Derivative Type Gains (Losses) Deferred in OCI Gains (Losses) Reclassified into Income from AOCI Investment Income Interest Expense For the three months ended June 30, 2022: Interest rate $ (106) $ — $ (1) Foreign currency/interest rate (22) (2) — Total $ (128) $ (2) $ (1) For the three months ended June 30, 2021: Interest rate $ 29 $ — $ (2) Foreign currency/interest rate — — — Total $ 29 $ — $ (2) For the six months ended June 30, 2022: Interest rate $ (170) $ — $ (2) Foreign currency/interest rate (18) (2) — Total $ (188) $ (2) $ (2) For the six months ended June 30, 2021: Interest rate $ 6 $ — $ (4) Foreign currency/interest rate (1) — — Total $ 5 $ — $ (4) For the three and six months ended June 30, 2022 and 2021, 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 three and six months ended June 30, 2022 and 2021 (dollars in millions): Derivative Gains (Losses) Deferred in OCI Three months ended June 30, Six months ended June 30, Type of NIFO Hedge 2022 2021 2022 2021 Foreign currency swaps $ 1 $ (2) $ 1 $ (3) Foreign currency forwards 38 (10) 22 (24) Total $ 39 $ (12) $ 23 $ (27) The cumulative foreign currency translation gain recorded in AOCI related to these hedges was $160 million and $137 million at June 30, 2022 and December 31, 2021, respectively. If a hedged foreign operation was sold or substantially liquidated, the amounts in AOCI would be reclassified to the condensed consolidated statements of income. A pro rata portion would be reclassified upon partial sale of a hedged foreign operation. There were no sales or substantial liquidations of net investments in foreign operations that would have required the reclassification of gains or losses from 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 condensed consolidated statements of income for the three and six months ended June 30, 2022 and 2021 is as follows (dollars in millions): Three months ended June 30, Type of Non-hedging Derivative Income Statement Location of Gain (Loss) 2022 2021 Interest rate swaps Investment related gains (losses), net $ (44) $ 33 Interest rate options Investment related gains (losses), net (6) — Financial futures Investment related gains (losses), net 24 (9) Foreign currency swaps Investment related gains (losses), net 11 3 Foreign currency forwards Investment related gains (losses), net (76) (1) CPI swaps Investment related gains (losses), net (11) 3 Credit default swaps Investment related gains (losses), net (33) 12 Equity options Investment related gains (losses), net 21 (11) Subtotal (114) 30 Embedded derivatives in: Modco or funds withheld arrangements Investment related gains (losses), net (56) 16 Indexed annuity products Interest credited 44 (13) Variable annuity products Investment related gains (losses), net (12) (17) Total non-hedging derivatives $ (138) $ 16 Six months ended June 30, Type of Non-hedging Derivative Income Statement Location of Gain (Loss) 2022 2021 Interest rate swaps Investment related gains (losses), net $ (96) $ (37) Interest rate options Investment related gains (losses), net (6) — Financial futures Investment related gains (losses), net 31 (19) Foreign currency swaps Investment related gains (losses), net 18 12 Foreign currency forwards Investment related gains (losses), net (99) (9) CPI swaps Investment related gains (losses), net 18 21 Credit default swaps Investment related gains (losses), net (91) 32 Equity options Investment related gains (losses), net 21 (21) Subtotal (204) (21) Embedded derivatives in: Modco or funds withheld arrangements Investment related gains (losses), net (89) 66 Indexed annuity products Interest credited 80 1 Variable annuity products Investment related gains (losses), net 2 1 Total non-hedging derivatives $ (211) $ 47 Credit Derivatives The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of credit default swaps sold by the Company at June 30, 2022 and December 31, 2021 (dollars in millions): June 30, 2022 December 31, 2021 Rating Agency Designation of Referenced Credit Obligations (1) Estimated Fair Maximum Amount of Future Payments under Credit Default Swaps (2) Weighted Average Years to Maturity (3) Estimated Fair Maximum Amount of Future Payments under Credit Default Swaps (2) Weighted Average Years to Maturity (3) AAA/AA+/AA/AA-/A+/A/A- Single name credit default swaps $ (23) $ 477 17.2 $ 28 $ 600 14.2 Subtotal (23) 477 17.2 28 600 14.2 BBB+/BBB/BBB- Single name credit default swaps — 158 3.7 1 141 2.4 Credit default swaps referencing indices (1) 1,015 6.6 — 565 5.1 Subtotal (1) 1,173 6.2 1 706 4.6 BB+/BB/BB- Single name credit default swaps (2) 25 3.7 (1) 15 3.5 Subtotal (2) 25 3.7 (1) 15 3.5 Total $ (26) $ 1,675 9.3 $ 28 $ 1,321 9.0 (1) The rating agency designations are based on ratings from Standard and Poor’s (“S&P”). (2) Assumes the value of the referenced credit obligations is zero. (3) The weighted average years to maturity of the credit default swaps is calculated based on weighted average notional amounts. Netting Arrangements and Credit Risk Certain of the Company’s derivatives are subject to enforceable master netting arrangements and reported as a net asset or liability in the condensed consolidated balance sheets. The Company nets all derivatives that are subject to such arrangements. The Company has elected to include all derivatives, except embedded derivatives, in the table below, irrespective of whether they are subject to an enforceable master netting arrangement or a similar agreement. See Note 4 – “Investments” for information regarding the Company’s securities borrowing, lending and repurchase/reverse repurchase agreements. The following table provides information relating to the netting of the Company’s derivative instruments as of June 30, 2022 and December 31, 2021 (dollars in millions): Gross Amounts Gross Amounts Net Amounts Financial Instruments/ Collateral (1) Net Amount June 30, 2022: Derivative assets $ 148 $ (33) $ 115 $ (115) $ — Derivative liabilities 299 (33) 266 (266) — December 31, 2021: Derivative assets $ 194 $ (19) $ 175 $ (175) $ — Derivative liabilities 58 (19) 39 (39) — (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 June 30, 2022, the Company had credit exposure of $15 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 |
Fair Value of Assets and Liabil
Fair Value of Assets and Liabilities | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Fair Value of Assets and Liabilities Fair Value Measurement General accounting principles for Fair Value Measurements and Disclosures define fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. These principles also establish a 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. For a discussion of the Company’s valuation methodologies for assets and liabilities measured at fair value and the fair value hierarchy, see Note 6 – “Fair Value of Assets and Liabilities” in the Notes to Consolidated Financial Statements included in the Company’s 2021 Annual Report. Assets and Liabilities by Hierarchy Level Assets and liabilities measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021 are summarized below (dollars in millions): June 30, 2022: Fair Value Measurements Using: Total Level 1 Level 2 Level 3 Assets: Fixed maturity securities – available-for-sale: Corporate $ 34,374 $ — $ 30,136 $ 4,238 Canadian government 3,809 — 3,809 — RMBS 950 — 944 6 ABS 3,782 — 2,624 1,158 CMBS 1,735 — 1,652 83 U.S. government 962 862 90 10 State and political subdivisions 1,116 — 1,083 33 Other foreign government 6,566 — 6,530 36 Total fixed maturity securities – available-for-sale 53,294 862 46,868 5,564 Equity securities 127 80 — 47 Funds withheld at interest – embedded derivatives (174) — — (174) Funds withheld at interest 62 — — 62 Cash equivalents 1,156 1,156 — — Short-term investments 234 171 42 21 Other invested assets: Derivatives 115 — 115 — Other 33 — 33 — Total other invested assets (1) 148 — 148 — Total $ 54,847 $ 2,269 $ 47,058 $ 5,520 Liabilities: Interest-sensitive contract liabilities – embedded derivatives $ 744 $ — $ — $ 744 Other liabilities: Funds withheld at interest – embedded derivatives (250) — — (250) Derivatives 266 — 266 — Total $ 760 $ — $ 266 $ 494 (1) Other invested assets included in the fair value hierarchy exclude limited partnership interests that are measured at estimated fair value using the net asset value (“NAV”) per share (or its equivalent) as a practical expedient. As of June 30, 2022, the fair value of such investments was $620 million. 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 — Other 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. Quantitative Information Regarding Internally Priced Assets and Liabilities The following table presents quantitative information about significant unobservable inputs used in Level 3 fair value measurements that are developed internally by the Company as of June 30, 2022 and December 31, 2021 (dollars in millions): Estimated Fair Value Valuation Technique Unobservable Inputs Range (Weighted Average) June 30, 2022 December 31, 2021 June 30, 2022 December 31, 2021 Assets: Corporate $ 35 $ 49 Market comparable securities Liquidity premium 1% 0-1% (1%) EBITDA Multiple 5.0x-7.0x (6.5x) 5.2x-7.0x (6.4x) ABS 233 205 Market comparable securities Liquidity premium 0-18% (3%) 2-18% (4%) U.S. government 10 12 Market comparable securities Liquidity premium 0-1% (1%) 0-1% (1%) Equity securities 6 5 Market comparable securities EBITDA Multiple 6.9x-11.2x (8.5x) 6.9x-10.6x (8.0x) Funds withheld at interest – embedded derivatives 61 182 Total return swap Mortality 0-100% (3%) 0-100% (3%) Lapse 0-35% (12%) 0-35% (18%) Withdrawal 0-5% (4%) 0-5% (4%) CVA 0-5% (0%) 0-5% (0%) Crediting rate 1-4% (2%) 1-4% (2%) Liabilities: Interest-sensitive contract liabilities – embedded derivatives – indexed annuities 584 693 Discounted cash flow Mortality 0-100% (3%) 0-100% (2%) Lapse 0-35% (11%) 0-35% (16%) Withdrawal 0-5% (3%) 0-5% (3%) Option budget projection 1-4% (2%) 1-4% (2%) Interest-sensitive contract liabilities – embedded derivatives – variable annuities 160 162 Discounted cash flow Mortality 0-100% (2%) 0-100% (2%) Lapse 0-25% (4%) 0-25% (4%) Withdrawal 0-7% (6%) 0-7% (5%) CVA 0-5% (1%) 0-5% (1%) Long-term volatility 0-27% (14%) 0-27% (14%) Changes in Level 3 Assets and Liabilities Assets and liabilities transferred into Level 3 are due to a lack of observable market transactions and price information. Transfers out of Level 3 are primarily the result of the Company obtaining observable pricing information or a third party pricing quotation that appropriately reflects the fair value of those assets and liabilities. For further information on the Company’s valuation processes, see Note 6 – “Fair Value of Assets and Liabilities” in the Notes to Consolidated Financial Statements included in the Company’s 2021 Annual Report. The reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) are as follows (dollars in millions): For the three months ended June 30, 2022: 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 $ 4,046 $ 29 $ 1,121 $ 44 $ 48 $ 48 $ 132 $ 75 $ (793) Total gains/losses (realized/unrealized) Included in earnings, net: Net investment income 2 — — — — — — (5) — Investment related gains (losses), net (6) — — — (5) 1 (56) — (12) Interest credited — — — — — — — — 44 Included in other comprehensive income (loss) (157) (6) (73) (3) — (1) — (5) — Purchases (2) 571 — 207 — 4 1 — 2 — Sales (2) (108) — — (1) — — — — — Settlements (2) (153) — (21) (1) — (28) — (5) 17 Transfers into Level 3 57 13 32 4 — — — — — Transfers out of Level 3 (14) — (19) — — — — — — Fair value, end of period $ 4,238 $ 36 $ 1,247 $ 43 $ 47 $ 21 $ 76 $ 62 $ (744) 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: Net investment income $ 1 $ — $ — $ — $ — $ — $ — $ (5) $ — Investment related gains (losses), net (8) — — — (5) — (56) — (13) Interest credited — — — — — — — — 27 Included in other comprehensive income (loss) (157) (6) (73) (3) — — — (5) — (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 six months ended June 30, 2022: 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 $ 3,888 $ 33 $ 1,179 $ 45 $ 50 $ 28 $ 165 $ 83 $ (855) Total gains/losses (realized/unrealized) Included in earnings, net: Net investment income 3 — — — — — — (10) — Investment related gains (losses), net (6) — (5) — (6) 1 (89) — 2 Interest credited — — — — — — — — 80 Included in other comprehensive income (loss) (301) (10) (145) (4) — (1) — (7) — Purchases (2) 936 — 302 — 4 21 — 3 (5) Sales (2) (124) — (51) (1) (1) — — — — Settlements (2) (179) — (59) (3) — (28) — (7) 34 Transfers into Level 3 57 13 45 10 — — — — — Transfers out of Level 3 (36) — (19) (4) — — — — — Fair value, end of period $ 4,238 $ 36 $ 1,247 $ 43 $ 47 $ 21 $ 76 $ 62 $ (744) 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: Net investment income $ 2 $ — $ — $ — $ — $ — $ — $ (10) $ — Investment related gains (losses), net (8) — (5) — (6) — (89) (1) Interest credited — — — — — — — — 45 Included in other comprehensive income (loss) (301) (10) (144) (4) — — — (7) — (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 three months ended June 30, 2021: 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 $ 3,101 $ 16 $ 388 $ 22 $ 54 $ 11 $ 109 $ 67 $ (857) Total gains/losses (realized/unrealized) Included in earnings, net: Net investment income 2 — — — — — — (1) — Investment related gains (losses), net 2 — — — 10 — 16 — (17) Interest credited — — — — — — — — (13) Included in other comprehensive income (loss) 49 — 5 — — — — — — Purchases (1) 317 25 262 — — — — 16 (13) Sales (1) (19) — (2) — (1) — — — — Settlements (1) (269) — (24) (1) — (10) — (1) 20 Transfers into Level 3 25 — 24 — — — — — — Transfers out of Level 3 — — — — — (1) — — — Fair value, end of period $ 3,208 $ 41 $ 653 $ 21 $ 63 $ — $ 125 $ 81 $ (880) Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period Included in earnings, net: Net investment income $ 1 $ — $ — $ — $ — $ — $ — $ (1) $ — Investment related gains (losses), net — — — — 9 — 16 — (19) Interest credited — — — — — — — — (33) Included in other comprehensive income (loss) 51 — 5 — — — — — — (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 six months ended June 30, 2021: 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 $ 3,029 $ 17 $ 254 $ 23 $ 53 $ 15 $ 58 $ 56 $ (907) Total gains/losses (realized/unrealized) Included in earnings, net: Net investment income 3 — — — — — — (6) — Investment related gains (losses), net 1 — — — 11 — 66 — 1 Interest credited — — — — — — — — 1 Included in other comprehensive income (loss) (33) (1) 4 — — — 1 — — Purchases (1) 540 25 428 — — — — 32 (17) Sales (1) (20) — (2) — (1) — — — — Settlements (1) (341) — (85) (2) — (10) — (1) 42 Transfers into Level 3 29 — 54 — — — — — — Transfers out of Level 3 — — — — — (5) — — — Fair value, end of period $ 3,208 $ 41 $ 653 $ 21 $ 63 $ — $ 125 $ 81 $ (880) Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period Included in earnings, net: Net investment income $ 2 $ — $ — $ — $ — $ — $ — $ (6) $ — Investment related gains (losses), net (1) — — — 10 — 66 — (3) Interest credited — — — — — — — — (41) Included in other comprehensive income (loss) (31) (1) 4 — — — 1 — — (1) The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period. Nonrecurring Fair Value Measurements The Company has certain assets subject to measurement at fair value on a nonrecurring basis, in periods subsequent to their initial recognition if they are determined to be impaired. During the six months ended June 30, 2022 and 2021, the Company did not have any material assets that were measured at fair value due to impairment. Fair Value of Financial Instruments The following table presents the carrying values and estimated fair values of the Company’s financial instruments, which were not measured at fair value on a recurring basis, as of June 30, 2022 and December 31, 2021 (dollars in millions). For additional information regarding the methods and significant assumptions used by the Company to estimate these fair values, see Note 6 – “Fair Value of Assets and Liabilities” in the Notes to Consolidated Financial Statements included in the Company’s 2021 Annual Report. This table excludes any payables or receivables for collateral under repurchase/reverse repurchase agreements and other transactions. The estimated fair value of the excluded amount approximates carrying value as they equal the amount of cash collateral received/paid. June 30, 2022: Carrying Value (1) Estimated Fair Value Measurement Using: Level 1 Level 2 Level 3 Assets: Mortgage loans $ 6,544 $ 6,051 $ — $ — $ 6,051 Policy loans 1,218 1,218 — 1,218 — Funds withheld at interest 6,519 6,335 — — 6,335 Cash and cash equivalents 1,400 1,400 1,400 — — Short-term investments 38 38 38 — — Other invested assets 924 805 5 60 740 Accrued investment income 572 572 — 572 — Liabilities: Interest-sensitive contract liabilities $ 21,836 $ 21,399 $ — $ — $ 21,399 Other liabilities – funds withheld at interest 1,610 1,417 1,417 Long-term debt 3,667 3,463 — — 3,463 Collateral finance and securitization notes 152 129 — — 129 December 31, 2021: Carrying Value (1) Estimated Fair Value Measurement Using: Level 1 Level 2 Level 3 Assets: Mortgage loans $ 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 (1) Carrying values presented herein may differ from those in the Company’s condensed consolidated balance sheets because certain items within the respective financial statement captions may be measured at fair value on a recurring basis. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The accounting policies of the segments are the same as those described in Note 2 – “ Significant Accounting Policies and Pronouncements” in the Notes to Consolidated Financial Statements included in the Company’s 2021 Annual Report. The Company measures segment performance primarily based on profit or loss from operations before income taxes. There are no intersegment reinsurance transactions and the Company does not have any material long-lived assets. The Company allocates capital to its segments based on an internally developed economic capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. The economic capital model considers the unique and specific nature of the risks inherent in the Company’s businesses. As a result of the economic capital allocation process, a portion of investment income is attributed to the segments based on the level of allocated capital. In addition, the segments are charged for excess capital utilized above the allocated economic capital basis. This charge is included in policy acquisition costs and other insurance expenses. The Company has geographic-based and business-based operational segments. Geographic-based operations are further segmented into traditional and financial solutions businesses. Information related to revenues, income (loss) before income taxes and total assets of the Company for each reportable segment are summarized below (dollars in millions). Three months ended June 30, Six months ended June 30, Revenues: 2022 2021 2022 2021 U.S. and Latin America: Traditional $ 1,868 $ 1,816 $ 3,735 $ 3,453 Financial Solutions 278 433 530 751 Total 2,146 2,249 4,265 4,204 Canada: Traditional 367 366 729 709 Financial Solutions 27 26 52 52 Total 394 392 781 761 Europe, Middle East and Africa: Traditional 447 459 923 916 Financial Solutions 134 139 316 285 Total 581 598 1,239 1,201 Asia Pacific: Traditional 686 653 1,374 1,300 Financial Solutions 43 104 64 208 Total 729 757 1,438 1,508 Corporate and Other 37 141 94 582 Total $ 3,887 $ 4,137 $ 7,817 $ 8,256 Three months ended June 30, Six months ended June 30, Income (loss) before income taxes: 2022 2021 2022 2021 U.S. and Latin America: Traditional $ 209 $ 135 $ 43 $ (203) Financial Solutions 61 186 105 269 Total 270 321 148 66 Canada: Traditional 16 32 22 56 Financial Solutions 4 4 17 10 Total 20 36 39 66 Europe, Middle East and Africa: Traditional 2 (12) (4) (80) Financial Solutions 33 83 118 143 Total 35 71 114 63 Asia Pacific: Traditional 58 (12) 109 29 Financial Solutions (66) 31 (122) 59 Total (8) 19 (13) 88 Corporate and Other (63) 35 (94) 385 Total $ 254 $ 482 $ 194 $ 668 Assets: June 30, 2022 December 31, 2021 U.S. and Latin America: Traditional $ 21,508 $ 20,572 Financial Solutions 26,201 29,028 Total 47,709 49,600 Canada: Traditional 5,026 5,091 Financial Solutions 34 18 Total 5,060 5,109 Europe, Middle East and Africa: Traditional 4,506 4,670 Financial Solutions 5,313 7,165 Total 9,819 11,835 Asia Pacific: Traditional 9,196 10,048 Financial Solutions 9,494 7,678 Total 18,690 17,726 Corporate and Other 3,331 7,905 Total $ 84,609 $ 92,175 |
Commitments, Contingencies and
Commitments, Contingencies and Guarantees | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Commitments, Contingencies and Guarantees Commitments Funding of Investments The Company’s commitments to fund investments as of June 30, 2022 and December 31, 2021 are presented in the following table (dollars in millions): June 30, 2022 December 31, 2021 Limited partnership interests and joint ventures $ 1,030 $ 1,031 Mortgage loans 102 152 Bank loans and private placements 786 768 Lifetime mortgages 96 41 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 an immaterial liability, included in other liabilities, for expected credit losses associated with unfunded commitments as of June 30, 2022 and December 31, 2021. Funding Agreements Federal Home Loan Bank (“FHLB”) 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 June 30, 2022 and December 31, 2021, the Company had $1.2 billion and $1.4 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 The Company’s Funding Agreement Backed Notes (“FABN”) program 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 June 30, 2022 and December 31, 2021, the Company had $900 million and $500 million, respectively, of FABN agreements outstanding and are included within interest-sensitive contract liabilities. 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 Support Certain RGA subsidiaries have committed to provide statutory reserve support to third parties, in exchange for a fee, by funding loans if certain defined events occur. Such statutory reserves are required under the U.S. Valuation of Life Policies Model Regulation (commonly referred to as Regulation XXX for term life insurance policies and Regulation A-XXX for universal life secondary guarantees). In addition, certain subsidiaries have also committed to provide capital support to a third party, in exchange for a fee, by agreeing to assume real estate leases in the event of a severe and prolonged decline in the commercial lease market. Upon assumption of a lease, the Company would recognize a right to use asset and lease obligation. As of June 30, 2022, the Company does not believe that it will be required to provide any funding under these commitments as the occurrence of the defined events is considered remote. The following table presents the maximum potential obligation for these commitments as of June 30, 2022 (dollars in millions): Commitment Period: Maximum Potential Obligation 2034 $ 1,243 2035 2,660 2036 3,599 2037 6,850 2038 2,300 2039 7,350 2046 3,000 Other Guarantees RGA has issued guarantees to third parties on behalf of its subsidiaries for the payment of amounts due under certain securities borrowing and repurchase arrangements, financing arrangements and office lease obligations, whereby, if a subsidiary fails to meet an obligation, RGA or one of its other subsidiaries will make a payment to fulfill the obligation. Additionally, in limited circumstances, treaty guarantees are granted to ceding companies in order to provide them additional security, particularly in cases where RGA’s subsidiary is relatively new, unrated, or not of a significant size, relative to the ceding company. Liabilities supported by the treaty guarantees, before consideration of any legally offsetting amounts due from the guaranteed party are reflected on the Company’s condensed consolidated balance sheets in future policy benefits. Potential guaranteed amounts of future payments will vary depending on production levels and underwriting results. Guarantees related to securities borrowing and repurchase arrangements provide additional security to third parties should a subsidiary fail to provide securities when due. RGA’s guarantees issued as of June 30, 2022 and December 31, 2021, are reflected in the following table (dollars in millions): June 30, 2022 December 31, 2021 Treaty guarantees $ 1,946 $ 2,208 Treaty guarantees, net of assets in trust 1,139 1,281 Securities borrowing and repurchase arrangements 170 134 |
Income Tax
Income Tax | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Income Tax For the three and six months ended June 30, 2022, the effective tax rate on pre-tax income was 22.1% and 30.1%, respectively. The Company’s effective tax rate for the three and six months ended June 30, 2022, differed from the U.S. statutory rate of 21% primarily due to income earned in jurisdictions with tax rates higher than the U.S., tax bases adjustments, and adjustments to the valuation allowance. For the three and six months ended June 30, 2021, the effective tax rate on pre-tax income was 28.5% and 27.6%, respectively. The Company’s effective tax rate for the three and six months ended June 30, 2021, differed from the U.S. statutory rate of 21% primarily due to income earned in jurisdictions with tax rates higher than the U.S., state income taxes, and the effect of the enacted UK corporate tax rate increase on the remeasurement of deferred taxes. |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2022 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans The components of net periodic benefit cost, included in other operating expenses on the Company’s condensed consolidated statements of income, for the three and six months ended June 30, 2022 and 2021 were as follows (dollars in millions): Pension Benefits Other Benefits Three months ended June 30, Three months ended June 30, 2022 2021 2022 2021 Service cost $ 4 $ 5 $ — $ 1 Interest cost 2 1 1 1 Expected return on plan assets (3) (3) — — Amortization of prior service cost (credit) — — (1) (1) Amortization of prior actuarial losses 1 2 1 1 Net periodic benefit cost $ 4 $ 5 $ 1 $ 2 Pension Benefits Other Benefits Six months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Service cost $ 8 $ 9 $ 1 $ 2 Interest cost 3 2 1 1 Expected return on plan assets (6) (5) — — Amortization of prior service cost (credit) — — (1) (1) Amortization of prior actuarial losses 2 3 1 1 Net periodic benefit cost $ 7 $ 9 $ 2 $ 3 |
Reinsurance
Reinsurance | 6 Months Ended |
Jun. 30, 2022 | |
Retrocession Arrangements And Reinsurance Ceded Receivables [Abstract] | |
Retrocession Arrangements and Reinsurance Ceded Receivables | Reinsurance Ceded Receivables and Other Retrocession reinsurance treaties do not relieve the Company from its obligations to direct writing companies. Failure of retrocessionaires to honor their obligations could result in losses to the Company. Consequently, allowances would be established for amounts deemed uncollectible. At June 30, 2022 and December 31, 2021, no allowances were deemed necessary. The Company regularly evaluates the financial condition of the insurance companies from which it assumes and to which it cedes reinsurance. Retrocessions are arranged through the Company’s retrocession pools for amounts in excess of the Company’s retention limit. As of June 30, 2022 and 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. The following table presents information for the Company’s reinsurance ceded receivable assets, including the respective amount and A.M. Best rating for each reinsurer representing in excess of five percent of the total as of June 30, 2022 or December 31, 2021 (dollars in millions): June 30, 2022 December 31, 2021 Reinsurer A.M. Best Rating Amount % of Total Amount % of Total Reinsurer A A- $ 1,611 63.0 % $ 1,626 63.0 % Reinsurer B A+ 431 16.8 423 16.4 Reinsurer C A+ 208 8.1 212 8.2 Reinsurer D A 59 2.3 59 2.3 Reinsurer E A++ 47 1.8 42 1.6 Reinsurer F A+ 44 1.7 44 1.7 Other reinsurers 158 6.3 174 6.8 Total $ 2,558 100.0 % $ 2,580 100.0 % Included in the total reinsurance ceded receivables and other balance were $215 million and $203 million of claims recoverable, of which $10 million and $10 million were in excess of 90 days past due, as of June 30, 2022 and December 31, 2021, respectively. Also included in the total reinsurance ceded receivable and other is a deposit asset on reinsurance of $1,611 million and $1,626 million as of June 30, 2022 and December 31, 2021, respectively. |
Policy Claims and Benefits
Policy Claims and Benefits | 6 Months Ended |
Jun. 30, 2022 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | |
Liability for Future Policy Benefits and Unpaid Claims Disclosure [Text Block] | Policy Claims and Benefits Rollforward of Claims and Claim Adjustment Expenses The liability for unpaid claims is reported in future policy benefits and other policy claims and benefits on the Company’s condensed consolidated balance sheets. Activity associated with unpaid claims is summarized below (dollars in millions): Six Months Ended June 30, 2022 2021 Balance, beginning of period $ 8,053 $ 7,556 Less: reinsurance recoverable (556) (641) Net balance, beginning of period 7,497 6,915 Incurred: Current year 6,813 7,631 Prior years (114) (122) Total incurred 6,699 7,509 Payments: Current year (2,009) (2,747) Prior years (4,975) (4,358) Total payments (6,984) (7,105) Other changes: Interest accretion 15 20 Foreign exchange adjustments (233) (38) Total other changes (218) (18) Net balance, end of period 6,994 7,302 Plus: reinsurance recoverable 573 674 Balance, end of period $ 7,567 $ 7,976 Incurred claims associated with prior periods are primarily due to events, related to long-duration business, which were incurred in prior periods but were reported in the current period, and to a lesser extent, the development of short-duration business claims for prior years being different than were anticipated when the liabilities for unpaid claims were originally estimated. These trends have been considered in establishing the current year liability for unpaid claims. |
New Accounting Standards
New Accounting Standards | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Standards | New Accounting Standards Changes to the general accounting principles are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates to the FASB Accounting Standards Codification™. Accounting standards updates not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company’s condensed consolidated financial statements. Standards Adopted For information on the adoption of recent accounting guidance and their impact, if any, on the Company’s results of operations and financial position, see Note 2 – “Significant Accounting Policies and Pronouncements” of the Company’s 2021 Annual Report. Standards Not Yet Adopted In the first quarter of 2023, the Company will adopt Accounting Standards Update (“ASU”): ASU 2018-12, Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts (“ASU 2018-12”). ASU 2018-12 updates certain requirements for the accounting for long-duration insurance contracts. • Cash flow assumptions and measuring liability for future policy benefits – ASU 2018-12 requires the Company to review its cash flow assumptions at least annually and update, when necessary, with the impact recognized in net income in the period of the change. Upon adoption, there will be an adjustment to retained earnings as a result of capping the net premium ratio at 100% and eliminating negative reserves on certain issue year cohorts. • Discount rat e – The discount rate assumption is prescribed by ASU 2018-12 as an upper-medium (low credit risk) fixed-income yield and is required to be updated every quarter. The change in the liability as a result of updating the discount rate assumption is recognized in other comprehensive income (loss) (“OCI”). Upon adoption, there will be an adjustment to accumulated other comprehensive income (loss) 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. • Deferred policy acquisition costs and similar balances – Deferred policy acquisition costs (“DAC”) and other capitalized costs such as unearned revenue are amortized on a constant level or straight-line basis over the expected term of the contracts. Upon adoption, the Company expects an adjustment to accumulated other comprehensive income (loss) for the removal of cumulative adjustments to DAC associated with unrealized gains and losses previously recorded in accumulated other comprehensive income (loss). • Market risk benefits – Market risk benefits, which are contracts or contract features that provide protection to the policyholder from capital market risk and expose the Company to other-than-nominal capital market risk, are measured at fair value. The periodic change in fair value is recognized in net income with the exception of the periodic change in fair value related to the instrument-specific credit risk, which is recognized in OCI. Upon adoption, the Company expects an impact to (1) accumulated other comprehensive income (loss) 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 updated guidance for the cash flow assumptions, discount rate and deferred policy acquisition costs will be applied on a modified retrospective method as of the earliest period included in the financial statements; that is, to contracts in force as of January 1, 2021. The guidance for market risk benefits will be applied retrospectively as of January 1, 2021. The Company estimates the adoption of the new guidance will decrease previously reported retained earnings by approximately $1.0 billion to $1.3 billion, net of tax, and accumulated other comprehensive income (loss) by approximately $5.1 billion to $7.1 billion, net of tax, as of the transition date of January 1, 2021. In addition, the Company estimates the adoption of the new guidance will decrease previously reported retained earnings by approximately $0.5 billion to $0.8 billion, net of tax, and accumulated other comprehensive income (loss) by approximately $3.2 billion to $5.2 billion, net of tax, as of December 31, 2021. All amounts assume a tax rate of 24 percent. While the Company has substantially completed the necessary updates to its valuation models and other systems to implement the standard, the Company’s implementation of the new guidance is ongoing. The actual impact of adoption, including the actual tax rate, will be updated as the model validation, system testing and parallel runs continue through the remainder of 2022; therefore, the Company’s estimates are subject to change. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the computation of basic and diluted earnings per share on net income (in millions, except per share information): Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Earnings: Net income $ 199 $ 344 $ 136 $ 483 Less: Net income attributable to noncontrolling interest 1 — 1 — Net income available to RGA, Inc. shareholders $ 198 $ 344 $ 135 $ 483 Shares: Weighted average outstanding shares 67 68 67 68 Equivalent shares from outstanding stock awards 1 1 1 1 Denominator for diluted calculation 68 69 68 69 Earnings per share: Basic $ 2.95 $ 5.06 $ 2.01 $ 7.11 Diluted $ 2.92 $ 5.02 $ 2.00 $ 7.06 |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stock by Class [Table Text Block] | The changes in the number of common stock issued, held in treasury and outstanding are as follows for the periods indicated: Issued Held In Treasury Outstanding Balance, December 31, 2021 85,310,598 18,139,868 67,170,730 Issuance of common stock — — — Common stock acquired — 219,116 (219,116) Stock-based compensation (1) — (55,654) 55,654 Balance, June 30, 2022 85,310,598 18,303,330 67,007,268 Issued Held In Treasury Outstanding Balance, December 31, 2020 85,310,598 17,353,697 67,956,901 Issuance of common stock — — — Common stock acquired — — — Stock-based compensation (1) — (40,036) 40,036 Balance, June 30, 2021 85,310,598 17,313,661 67,996,937 (1) Represents net shares issued from treasury pursuant to the Company’s equity-based compensation programs. |
Components of Accumulated Other Comprehensive Income | The balance of and changes in each component of accumulated other comprehensive income (loss) (“AOCI”) for the six months ended June 30, 2022 and 2021 are as follows (dollars in millions): Accumulated Unrealized Appreciation (Depreciation) of Investments (1) Pension and Total Balance, December 31, 2021 $ (9) $ 3,701 $ (50) $ 3,642 Other comprehensive income (loss) before reclassifications (4) (9,459) (3) (9,466) Amounts reclassified to (from) AOCI — 308 2 310 Deferred income tax benefit (expense) (26) 1,981 — 1,955 Balance, June 30, 2022 $ (39) $ (3,469) $ (51) $ (3,559) Accumulated Unrealized Appreciation (Depreciation) of Investments (1) Pension and Total Balance, December 31, 2020 $ (69) $ 5,500 $ (72) $ 5,359 Other comprehensive income (loss) before reclassifications 55 (1,607) (3) (1,555) Amounts reclassified to (from) AOCI — (154) 3 (151) Deferred income tax benefit (expense) (6) 394 — 388 Balance, June 30, 2021 $ (20) $ 4,133 $ (72) $ 4,041 (1) Includes cash flow hedges of $(206) and $(22) as of June 30, 2022 and December 31, 2021, respectively, and $(40) and $(49) as of June 30, 2021 and December 31, 2020, respectively. See Note 5 – “Derivative Instruments” for additional information on cash flow hedges. |
Reclassification Out Of Accumulated Other Comprehensive Income | The following table presents the amounts of AOCI reclassifications for the three and six months ended June 30, 2022 and 2021 (dollars in millions): Amount Reclassified from AOCI Three months ended June 30, Six months ended June 30, Details about AOCI Components 2022 2021 2022 2021 Affected Line Item in Statements of Income Net unrealized investment gains (losses): Net unrealized gains (losses) on available-for-sale securities $ (68) $ 26 $ (103) $ 183 Investment related gains (losses), net Cash flow hedges – Interest rate (2) — (2) (2) (1) Cash flow hedges – Currency/Interest rate (1) (4) (2) (4) (1) Deferred policy acquisition costs attributed to unrealized gains and losses (99) 19 (201) (23) (2) Total (170) 41 (308) 154 Provision for income taxes 35 (9) 64 (33) Net unrealized gains (losses), net of tax $ (135) $ 32 $ (244) $ 121 Amortization of defined benefit plan items: Prior service cost (credit) $ 1 $ 1 $ 1 $ 1 (3) Actuarial gains (losses) (2) (3) (3) (4) (3) Total (1) (2) (2) (3) Provision for income taxes — 1 — 1 Amortization of defined benefit plans, net of tax $ (1) $ (1) $ (2) $ (2) Total reclassifications for the period $ (136) $ 31 $ (246) $ 119 (1) See Note 5 – “Derivative Instruments” for additional information on cash flow hedges. (2) This AOCI component is included in the computation of the deferred policy acquisition cost. See Note 8 – “Deferred Policy Acquisition Costs” of the 2021 Annual Report for additional details. (3) This AOCI component is included in the computation of the net periodic pension cost. See Note 10 – “Employee Benefit Plans” for additional details. |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Investments [Abstract] | |
Debt Securities, Available-for-sale | The following tables provide information relating to investments in fixed maturity securities by type as of June 30, 2022 and December 31, 2021 (dollars in millions): June 30, 2022: Amortized Allowance for Credit Losses Unrealized Gains Unrealized Losses Estimated % of Total Available-for-sale: Corporate $ 37,819 $ 43 $ 257 $ 3,659 $ 34,374 64.5 % Canadian government 3,308 — 536 35 3,809 7.1 RMBS 1,004 — 8 62 950 1.8 ABS 4,091 5 3 307 3,782 7.1 CMBS 1,856 1 2 122 1,735 3.3 U.S. government 1,101 — 7 146 962 1.8 State and political subdivisions 1,202 — 21 107 1,116 2.1 Other foreign government 7,227 6 36 691 6,566 12.3 Total fixed maturity securities $ 57,608 $ 55 $ 870 $ 5,129 $ 53,294 100.0 % December 31, 2021: Amortized Cost Allowance for Credit Losses Unrealized Gains Unrealized Losses Estimated Fair Value % 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 % |
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block] | The following table includes fixed maturity securities pledged and received as collateral and assets in trust held to satisfy collateral requirements under derivative transactions and certain third-party reinsurance treaties as of June 30, 2022 and December 31, 2021 (dollars in millions): June 30, 2022 December 31, 2021 Amortized Estimated Amortized Estimated Fixed maturity securities pledged as collateral $ 373 $ 335 $ 100 $ 103 Fixed maturity securities received as collateral n/a 1,591 n/a 1,922 Assets in trust held to satisfy collateral requirements 30,476 28,080 28,671 31,173 |
Concentration Risk Disclosure [Text Block] | The Company’s exposure to concentrations of credit risk from single issuers greater than 10% of the Company’s equity included securities of the U.S. government and its agencies as well as the securities disclosed below, as of June 30, 2022 and December 31, 2021 (dollars in millions). June 30, 2022 December 31, 2021 Amortized Estimated Amortized Estimated Fixed maturity securities guaranteed or issued by: Government of Japan $ 3,031 $ 2,755 $ 3,080 $ 3,063 Canadian province of Quebec 1,390 1,747 1,377 2,347 Canadian province of Ontario 1,047 1,155 1,092 1,451 |
Investments Classified By Contractual Maturity Date | The amortized cost and estimated fair value of fixed maturity securities classified as available-for-sale as of June 30, 2022, 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 $ 1,408 $ 1,407 Due after one year through five years 9,847 9,730 Due after five years through ten years 11,466 10,701 Due after ten years 27,936 24,989 Structured securities 6,951 6,467 Total $ 57,608 $ 53,294 |
Fixed Maturity Holdings Industry Types Weighted Average Credit Ratings [Table Text Block] | The tables below show the major sectors of the Company’s corporate fixed maturity holdings as of June 30, 2022 and December 31, 2021 (dollars in millions): June 30, 2022: Estimated Amortized Cost Fair Value % of Total Finance $ 14,008 $ 12,703 37.0 % Industrial 19,152 17,526 51.0 Utility 4,659 4,145 12.0 Total $ 37,819 $ 34,374 100.0 % December 31, 2021: Estimated Amortized Cost Fair Value % 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 % |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | The following tables present the rollforward of the allowance for credit losses in fixed maturity securities by type for the six months ended June 30, 2022 and 2021 (dollars in millions) : Six months ended June 30, 2022 Corporate ABS CMBS Other Foreign Government Total Balance, beginning of period $ 26 $ — $ 1 $ 4 $ 31 Credit losses recognized on securities for which credit losses were not previously recorded 18 5 — 1 24 Reductions for securities sold during the period (6) — — (1) (7) Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period 5 — — 2 7 Balance, end of period $ 43 $ 5 $ 1 $ 6 $ 55 Six months ended June 30, 2021 Corporate ABS CMBS Other Foreign Government Total Balance, beginning of period $ 17 $ — $ 3 $ — $ 20 Credit losses recognized on securities for which credit losses were not previously recorded 2 — 1 4 7 Reductions for securities sold during the period (8) — (2) — (10) Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period — — (1) — (1) Balance, end of period $ 11 $ — $ 1 $ 4 $ 16 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | Less than 12 months 12 months or greater Total Gross Gross Gross June 30, 2022: Estimated Unrealized Estimated Unrealized Estimated Unrealized Fair Value Losses Fair Value Losses Fair Value Losses Investment grade securities: Corporate $ 25,035 $ 3,170 $ 1,124 $ 327 $ 26,159 $ 3,497 Canadian government 359 29 13 6 372 35 RMBS 631 39 122 23 753 62 ABS 2,850 244 640 45 3,490 289 CMBS 1,523 111 39 4 1,562 115 U.S. government 839 137 24 9 863 146 State and political subdivisions 789 100 27 7 816 107 Other foreign government 4,348 469 795 145 5,143 614 Total investment grade securities 36,374 4,299 2,784 566 39,158 4,865 Below investment grade securities: Corporate 1,234 137 103 25 1,337 162 ABS 61 9 8 2 69 11 CMBS 29 3 11 1 40 4 Other foreign government 170 28 115 49 285 77 Total below investment grade securities 1,494 177 237 77 1,731 254 Total fixed maturity securities $ 37,868 $ 4,476 $ 3,021 $ 643 $ 40,889 $ 5,119 Less than 12 months 12 months or greater Total Gross Gross Gross December 31, 2021: Estimated Unrealized Estimated Unrealized Estimated Unrealized Fair Value Losses Fair Value Losses Fair Value Losses 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 |
Investment Income | Major categories of net investment income consist of the following (dollars in millions): Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Fixed maturity securities available-for-sale $ 559 $ 516 $ 1,092 $ 1,011 Equity securities 1 1 3 3 Mortgage loans 76 73 149 139 Policy loans 14 13 27 27 Funds withheld at interest 57 95 108 179 Short-term investments and cash and cash equivalents 2 — 4 1 Other invested assets – limited partnerships and real estate joint ventures 77 70 238 231 Other invested assets – all other — 17 2 30 Investment income 786 785 1,623 1,621 Investment expense (32) (26) (59) (50) Net investment income $ 754 $ 759 $ 1,564 $ 1,571 |
Gain Loss On Investments | Investment related gains (losses), net consist of the following (dollars in millions): Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Fixed maturity securities available-for-sale: Change in allowance for credit losses and impairments $ (15) $ 5 $ (27) $ 3 Realized gains on investment activity 34 53 45 220 Realized losses on investment activity (94) (30) (130) (43) Net gains (losses) on equity securities (15) 20 (23) 23 Other impairment losses and change in mortgage loan allowance for credit losses (1) 3 (3) 21 Change in fair value of certain limited partnership investments and other, net 19 32 45 143 Net gains (losses) on derivatives (182) 29 (287) 47 Total investment related gains (losses), net $ (254) $ 112 $ (380) $ 414 |
Schedule of Repurchase Agreements [Table Text Block] | The following table provides information relating to securities borrowing, lending and repurchase/reverse repurchase agreements as of June 30, 2022 and December 31, 2021 (dollars in millions): June 30, 2022 December 31, 2021 Amortized Estimated Amortized Estimated Securities borrowing agreements: Securities borrowed (1) n/a $ 676 n/a $ 420 Securities pledged as collateral (2) 529 466 279 290 Securities lending agreements: Securities loaned (2) 82 81 94 102 Securities received as collateral (3) n/a 92 n/a 102 Repurchase/reverse repurchase agreements: Securities pledged (2) 643 593 704 736 Cash (4) — — 10 10 Securities received (3) n/a 565 n/a 728 Cash received (5) 162 162 — — |
Schedule of Underlying Assets of Repurchase Agreements when Amount of Repurchase Agreements Exceeds 10 Percent of Assets [Table Text Block] | June 30, 2022 and December 31, 2021 (dollars in millions): June 30, 2022 Remaining Contractual Maturity of the Agreements Overnight and Continuous Up to 30 Days 30 – 90 Days Greater than 90 Days Total Securities lending agreements: Corporate $ — $ — $ — $ 68 $ 68 State and political subdivisions — — — 3 3 Other foreign government — — — 10 10 Total — — — 81 81 Repurchase agreements: Corporate — — 51 289 340 Other foreign government — — 7 246 253 Total — — 58 535 593 Total agreements $ — $ — $ 58 $ 616 $ 674 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 agreements: Corporate $ — $ — $ — $ 94 $ 94 State and political subdivisions — — — 3 3 Other foreign government — — — 5 5 Total — — — 102 102 Repurchase agreements: Corporate — — — 366 366 Other foreign government — — — 370 370 Total — — — 736 736 Total agreements $ — $ — $ — $ 838 $ 838 |
Disclosure Of Real Estate Holdings By Property Type [Table Text Block] | The following table presents the distribution of the Company’s recorded investment in mortgage loans by property type as of June 30, 2022 and December 31, 2021 (dollars in millions): June 30, 2022 December 31, 2021 Property type: Carrying Value % of Total Carrying Value % of Total Office $ 1,729 26.2 % $ 1,683 26.6 % Retail 2,319 35.1 2,090 33.0 Industrial 1,415 21.5 1,249 19.7 Apartment 776 11.8 801 12.7 Other commercial 355 5.4 506 8.0 Recorded investment 6,594 100.0 % 6,329 100.0 % Unamortized balance of loan origination fees and expenses (12) (11) Allowance for credit losses (38) (35) Total mortgage loans $ 6,544 $ 6,283 |
Mortgage Loans Classified By Contractual Maturity Date [Table Text Block] | The following table presents the maturities of the Company’s recorded investment in mortgage loans as of June 30, 2022 and December 31, 2021 (dollars in millions): June 30, 2022 December 31, 2021 Recorded % of Total Recorded % of Total Due within five years $ 2,578 39.1 % $ 2,660 42.0 % Due after five years through ten years 2,759 41.8 2,593 41.0 Due after ten years 1,257 19.1 1,076 17.0 Total $ 6,594 100.0 % $ 6,329 100.0 % |
Accounts Receivable, Noncurrent, Credit Quality Indicator [Table Text Block] | The following tables set forth certain key credit quality indicators of the Company’s recorded investment in mortgage loans as of June 30, 2022 and December 31, 2021 (dollars in millions): Recorded Investment Debt Service Ratios Construction Loans >1.20x 1.00x – 1.20x <1.00x Total % of Total June 30, 2022: Loan-to-Value Ratio 0% – 59.99% $ 3,350 $ 222 $ 67 $ 10 $ 3,649 55.3 % 60% – 69.99% 1,909 196 96 — 2,201 33.4 70% – 79.99% 455 34 40 — 529 8.0 80% or greater 89 — 126 — 215 3.3 Total $ 5,803 $ 452 $ 329 $ 10 $ 6,594 100.0 % Recorded Investment Debt Service Ratios Construction >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 % |
Financing Receivable Credit Quality Indicators [Table Text Block] | The following table sets forth credit quality grades by year of origination of the Company’s recorded investment in mortgage loans as of June 30, 2022 and December 31, 2021 (dollars in millions): Recorded Investment Year of Origination 2022 2021 2020 2019 2018 Prior Total June 30, 2022: Internal credit quality grade: High investment grade $ 451 $ 705 $ 373 $ 586 $ 431 $ 1,651 $ 4,197 Investment grade 368 313 246 312 271 645 2,155 Average — 6 — 26 76 98 206 Watch list — — — — — — — In or near default — — — — — 36 36 Total $ 819 $ 1,024 $ 619 $ 924 $ 778 $ 2,430 $ 6,594 Recorded Investment Year of Origination 2021 2020 2019 2018 2017 Prior Total December 31, 2021: 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 |
Financing Receivable, Past Due [Table Text Block] | The following table presents the current and past due composition of the Company’s recorded investment in mortgage loans as of June 30, 2022 and December 31, 2021 (dollars in millions): June 30, 2022 December 31, 2021 Current $ 6,575 $ 6,329 Greater than 90 days 19 — Total $ 6,594 $ 6,329 |
Allowance For Mortgage Loan And Lease Losses Provision For Loss Net | The following table presents information regarding the Company’s allowance for credit losses for mortgage loans for the six months ended June 30, 2022 and 2021 (dollars in millions): Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Balance, beginning of period $ 37 $ 47 $ 35 $ 64 Change in allowance for credit losses 1 (2) 3 (19) Balance, end of period $ 38 $ 45 $ 38 $ 45 |
Schedule Of Other Invested Assets [Table Text Block] | arrying values of other invested assets as of June 30, 2022 and December 31, 2021 are as follows (dollars in millions): June 30, 2022 December 31, 2021 Limited partnership interests and real estate joint ventures $ 2,074 $ 1,996 Lifetime mortgages 812 758 Derivatives 115 175 Other 109 141 Total other invested assets $ 3,110 $ 3,070 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule Of Derivative Instruments In Statement Of Financial Position Fair Value | The following table presents the notional amounts and gross fair value of derivative instruments prior to taking into account the netting effects of master netting agreements as of June 30, 2022 and December 31, 2021 (dollars in millions): June 30, 2022 December 31, 2021 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 $ 1,143 $ 23 $ 1 $ 1,273 $ 66 $ 1 Interest rate options Interest rate 2,893 9 — — — — Financial futures Equity 227 — — 240 — — Foreign currency swaps Foreign currency 150 18 — 150 1 — Foreign currency forwards Foreign currency 755 — 21 395 2 4 CPI swaps CPI 524 26 5 563 34 7 Credit default swaps Credit 1,675 13 39 1,321 29 1 Equity options Equity 298 43 — 472 29 — Synthetic GICs Interest rate 17,317 — — 16,143 — — Embedded derivatives in: Modco or funds withheld arrangements — 326 250 — 227 62 Indexed annuity products — — 584 — — 693 Variable annuity products — — 160 — — 162 Total non-hedging derivatives 24,982 458 1,060 20,557 388 930 Derivatives designated as hedging instruments: Interest rate swaps Foreign currency/Interest rate 1,338 2 128 941 4 33 Foreign currency swaps Foreign currency 114 — — 153 1 — Foreign currency forwards Foreign currency 1,170 14 5 1,320 14 11 Forward bond purchase commitments Interest rate 453 — 100 545 14 1 Total hedging derivatives 3,075 16 233 2,959 33 45 Total derivatives $ 28,057 $ 474 $ 1,293 $ 23,516 $ 421 $ 975 |
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The gain or loss on the hedged item attributable to a change in foreign currency and the offsetting gain or loss on the related foreign currency swaps as of June 30, 2022 and 2021 were (dollars in millions): Type of Fair Value Hedge Hedged Item Gains (Losses) Recognized for Derivatives Gains (Losses) Recognized for Hedged Items Investment Related Gains (Losses) For the three months ended June 30, 2022: Foreign currency swaps Foreign-denominated fixed maturity securities $ (8) $ 8 For the three months ended June 30, 2021: Foreign currency swaps Foreign-denominated fixed maturity securities $ (2) $ 2 For the six months ended June 30, 2022: Foreign currency swaps Foreign-denominated fixed maturity securities $ (1) $ 5 For the six months ended June 30, 2021: Foreign currency swaps Foreign-denominated fixed maturity securities $ (2) $ 3 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following tables present the components of AOCI, before income tax, and the condensed consolidated income statement classification where the gain or loss is recognized related to cash flow hedges for the three and six months ended June 30, 2022 and 2021 (dollars in millions): Three months ended June 30, 2022 2021 Balance, beginning of period $ (81) $ (71) Gains (losses), net deferred in other comprehensive income (loss) (128) 29 Amounts reclassified to investment income 2 — Amounts reclassified to interest expense 1 2 Balance, end of period $ (206) $ (40) Six months ended June 30, 2022 2021 Balance, beginning of period $ (22) $ (49) Gains (losses), net deferred in other comprehensive income (loss) (188) 5 Amounts reclassified to investment income 2 — Amounts reclassified to interest expense 2 4 Balance, end of period $ (206) $ (40) |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following table presents the effect of derivatives in cash flow hedging relationships on the condensed consolidated statements of income and the condensed consolidated statements of comprehensive income for the three and six months ended June 30, 2022 and 2021 (dollars in millions): Derivative Type Gains (Losses) Deferred in OCI Gains (Losses) Reclassified into Income from AOCI Investment Income Interest Expense For the three months ended June 30, 2022: Interest rate $ (106) $ — $ (1) Foreign currency/interest rate (22) (2) — Total $ (128) $ (2) $ (1) For the three months ended June 30, 2021: Interest rate $ 29 $ — $ (2) Foreign currency/interest rate — — — Total $ 29 $ — $ (2) For the six months ended June 30, 2022: Interest rate $ (170) $ — $ (2) Foreign currency/interest rate (18) (2) — Total $ (188) $ (2) $ (2) For the six months ended June 30, 2021: Interest rate $ 6 $ — $ (4) Foreign currency/interest rate (1) — — Total $ 5 $ — $ (4) |
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 three and six months ended June 30, 2022 and 2021 (dollars in millions): Derivative Gains (Losses) Deferred in OCI Three months ended June 30, Six months ended June 30, Type of NIFO Hedge 2022 2021 2022 2021 Foreign currency swaps $ 1 $ (2) $ 1 $ (3) Foreign currency forwards 38 (10) 22 (24) Total $ 39 $ (12) $ 23 $ (27) |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | A summary of the effect of non-hedging derivatives, including embedded derivatives, on the Company’s condensed consolidated statements of income for the three and six months ended June 30, 2022 and 2021 is as follows (dollars in millions): Three months ended June 30, Type of Non-hedging Derivative Income Statement Location of Gain (Loss) 2022 2021 Interest rate swaps Investment related gains (losses), net $ (44) $ 33 Interest rate options Investment related gains (losses), net (6) — Financial futures Investment related gains (losses), net 24 (9) Foreign currency swaps Investment related gains (losses), net 11 3 Foreign currency forwards Investment related gains (losses), net (76) (1) CPI swaps Investment related gains (losses), net (11) 3 Credit default swaps Investment related gains (losses), net (33) 12 Equity options Investment related gains (losses), net 21 (11) Subtotal (114) 30 Embedded derivatives in: Modco or funds withheld arrangements Investment related gains (losses), net (56) 16 Indexed annuity products Interest credited 44 (13) Variable annuity products Investment related gains (losses), net (12) (17) Total non-hedging derivatives $ (138) $ 16 Six months ended June 30, Type of Non-hedging Derivative Income Statement Location of Gain (Loss) 2022 2021 Interest rate swaps Investment related gains (losses), net $ (96) $ (37) Interest rate options Investment related gains (losses), net (6) — Financial futures Investment related gains (losses), net 31 (19) Foreign currency swaps Investment related gains (losses), net 18 12 Foreign currency forwards Investment related gains (losses), net (99) (9) CPI swaps Investment related gains (losses), net 18 21 Credit default swaps Investment related gains (losses), net (91) 32 Equity options Investment related gains (losses), net 21 (21) Subtotal (204) (21) Embedded derivatives in: Modco or funds withheld arrangements Investment related gains (losses), net (89) 66 Indexed annuity products Interest credited 80 1 Variable annuity products Investment related gains (losses), net 2 1 Total non-hedging derivatives $ (211) $ 47 |
Disclosure of Credit Derivatives [Table Text Block] | The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of credit default swaps sold by the Company at June 30, 2022 and December 31, 2021 (dollars in millions): June 30, 2022 December 31, 2021 Rating Agency Designation of Referenced Credit Obligations (1) Estimated Fair Maximum Amount of Future Payments under Credit Default Swaps (2) Weighted Average Years to Maturity (3) Estimated Fair Maximum Amount of Future Payments under Credit Default Swaps (2) Weighted Average Years to Maturity (3) AAA/AA+/AA/AA-/A+/A/A- Single name credit default swaps $ (23) $ 477 17.2 $ 28 $ 600 14.2 Subtotal (23) 477 17.2 28 600 14.2 BBB+/BBB/BBB- Single name credit default swaps — 158 3.7 1 141 2.4 Credit default swaps referencing indices (1) 1,015 6.6 — 565 5.1 Subtotal (1) 1,173 6.2 1 706 4.6 BB+/BB/BB- Single name credit default swaps (2) 25 3.7 (1) 15 3.5 Subtotal (2) 25 3.7 (1) 15 3.5 Total $ (26) $ 1,675 9.3 $ 28 $ 1,321 9.0 (1) The rating agency designations are based on ratings from Standard and Poor’s (“S&P”). (2) Assumes the value of the referenced credit obligations is zero. (3) The weighted average years to maturity of the credit default swaps is calculated based on weighted average notional amounts. |
Offsetting Assets [Table Text Block] | The following table provides information relating to the netting of the Company’s derivative instruments as of June 30, 2022 and December 31, 2021 (dollars in millions): Gross Amounts Gross Amounts Net Amounts Financial Instruments/ Collateral (1) Net Amount June 30, 2022: Derivative assets $ 148 $ (33) $ 115 $ (115) $ — Derivative liabilities 299 (33) 266 (266) — December 31, 2021: Derivative assets $ 194 $ (19) $ 175 $ (175) $ — Derivative liabilities 58 (19) 39 (39) — (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 June 30, 2022 and December 31, 2021 (dollars in millions): Gross Amounts Gross Amounts Net Amounts Financial Instruments/ Collateral (1) Net Amount June 30, 2022: Derivative assets $ 148 $ (33) $ 115 $ (115) $ — Derivative liabilities 299 (33) 266 (266) — December 31, 2021: Derivative assets $ 194 $ (19) $ 175 $ (175) $ — Derivative liabilities 58 (19) 39 (39) — (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 Fair Value of Assets and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Fair Value Assets and Liabilities Measured on Recurring Basis Table Text Block | Assets and liabilities measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021 are summarized below (dollars in millions): June 30, 2022: Fair Value Measurements Using: Total Level 1 Level 2 Level 3 Assets: Fixed maturity securities – available-for-sale: Corporate $ 34,374 $ — $ 30,136 $ 4,238 Canadian government 3,809 — 3,809 — RMBS 950 — 944 6 ABS 3,782 — 2,624 1,158 CMBS 1,735 — 1,652 83 U.S. government 962 862 90 10 State and political subdivisions 1,116 — 1,083 33 Other foreign government 6,566 — 6,530 36 Total fixed maturity securities – available-for-sale 53,294 862 46,868 5,564 Equity securities 127 80 — 47 Funds withheld at interest – embedded derivatives (174) — — (174) Funds withheld at interest 62 — — 62 Cash equivalents 1,156 1,156 — — Short-term investments 234 171 42 21 Other invested assets: Derivatives 115 — 115 — Other 33 — 33 — Total other invested assets (1) 148 — 148 — Total $ 54,847 $ 2,269 $ 47,058 $ 5,520 Liabilities: Interest-sensitive contract liabilities – embedded derivatives $ 744 $ — $ — $ 744 Other liabilities: Funds withheld at interest – embedded derivatives (250) — — (250) Derivatives 266 — 266 — Total $ 760 $ — $ 266 $ 494 (1) Other invested assets included in the fair value hierarchy exclude limited partnership interests that are measured at estimated fair value using the net asset value (“NAV”) per share (or its equivalent) as a practical expedient. As of June 30, 2022, the fair value of such investments was $620 million. 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 — Other 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. |
Fair Value Inputs, Liabilities, Quantitative Information [Table Text Block] | The following table presents quantitative information about significant unobservable inputs used in Level 3 fair value measurements that are developed internally by the Company as of June 30, 2022 and December 31, 2021 (dollars in millions): Estimated Fair Value Valuation Technique Unobservable Inputs Range (Weighted Average) June 30, 2022 December 31, 2021 June 30, 2022 December 31, 2021 Assets: Corporate $ 35 $ 49 Market comparable securities Liquidity premium 1% 0-1% (1%) EBITDA Multiple 5.0x-7.0x (6.5x) 5.2x-7.0x (6.4x) ABS 233 205 Market comparable securities Liquidity premium 0-18% (3%) 2-18% (4%) U.S. government 10 12 Market comparable securities Liquidity premium 0-1% (1%) 0-1% (1%) Equity securities 6 5 Market comparable securities EBITDA Multiple 6.9x-11.2x (8.5x) 6.9x-10.6x (8.0x) Funds withheld at interest – embedded derivatives 61 182 Total return swap Mortality 0-100% (3%) 0-100% (3%) Lapse 0-35% (12%) 0-35% (18%) Withdrawal 0-5% (4%) 0-5% (4%) CVA 0-5% (0%) 0-5% (0%) Crediting rate 1-4% (2%) 1-4% (2%) Liabilities: Interest-sensitive contract liabilities – embedded derivatives – indexed annuities 584 693 Discounted cash flow Mortality 0-100% (3%) 0-100% (2%) Lapse 0-35% (11%) 0-35% (16%) Withdrawal 0-5% (3%) 0-5% (3%) Option budget projection 1-4% (2%) 1-4% (2%) Interest-sensitive contract liabilities – embedded derivatives – variable annuities 160 162 Discounted cash flow Mortality 0-100% (2%) 0-100% (2%) Lapse 0-25% (4%) 0-25% (4%) Withdrawal 0-7% (6%) 0-7% (5%) CVA 0-5% (1%) 0-5% (1%) Long-term volatility 0-27% (14%) 0-27% (14%) |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) are as follows (dollars in millions): For the three months ended June 30, 2022: 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 $ 4,046 $ 29 $ 1,121 $ 44 $ 48 $ 48 $ 132 $ 75 $ (793) Total gains/losses (realized/unrealized) Included in earnings, net: Net investment income 2 — — — — — — (5) — Investment related gains (losses), net (6) — — — (5) 1 (56) — (12) Interest credited — — — — — — — — 44 Included in other comprehensive income (loss) (157) (6) (73) (3) — (1) — (5) — Purchases (2) 571 — 207 — 4 1 — 2 — Sales (2) (108) — — (1) — — — — — Settlements (2) (153) — (21) (1) — (28) — (5) 17 Transfers into Level 3 57 13 32 4 — — — — — Transfers out of Level 3 (14) — (19) — — — — — — Fair value, end of period $ 4,238 $ 36 $ 1,247 $ 43 $ 47 $ 21 $ 76 $ 62 $ (744) 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: Net investment income $ 1 $ — $ — $ — $ — $ — $ — $ (5) $ — Investment related gains (losses), net (8) — — — (5) — (56) — (13) Interest credited — — — — — — — — 27 Included in other comprehensive income (loss) (157) (6) (73) (3) — — — (5) — (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 six months ended June 30, 2022: 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 $ 3,888 $ 33 $ 1,179 $ 45 $ 50 $ 28 $ 165 $ 83 $ (855) Total gains/losses (realized/unrealized) Included in earnings, net: Net investment income 3 — — — — — — (10) — Investment related gains (losses), net (6) — (5) — (6) 1 (89) — 2 Interest credited — — — — — — — — 80 Included in other comprehensive income (loss) (301) (10) (145) (4) — (1) — (7) — Purchases (2) 936 — 302 — 4 21 — 3 (5) Sales (2) (124) — (51) (1) (1) — — — — Settlements (2) (179) — (59) (3) — (28) — (7) 34 Transfers into Level 3 57 13 45 10 — — — — — Transfers out of Level 3 (36) — (19) (4) — — — — — Fair value, end of period $ 4,238 $ 36 $ 1,247 $ 43 $ 47 $ 21 $ 76 $ 62 $ (744) 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: Net investment income $ 2 $ — $ — $ — $ — $ — $ — $ (10) $ — Investment related gains (losses), net (8) — (5) — (6) — (89) (1) Interest credited — — — — — — — — 45 Included in other comprehensive income (loss) (301) (10) (144) (4) — — — (7) — (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 three months ended June 30, 2021: 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 $ 3,101 $ 16 $ 388 $ 22 $ 54 $ 11 $ 109 $ 67 $ (857) Total gains/losses (realized/unrealized) Included in earnings, net: Net investment income 2 — — — — — — (1) — Investment related gains (losses), net 2 — — — 10 — 16 — (17) Interest credited — — — — — — — — (13) Included in other comprehensive income (loss) 49 — 5 — — — — — — Purchases (1) 317 25 262 — — — — 16 (13) Sales (1) (19) — (2) — (1) — — — — Settlements (1) (269) — (24) (1) — (10) — (1) 20 Transfers into Level 3 25 — 24 — — — — — — Transfers out of Level 3 — — — — — (1) — — — Fair value, end of period $ 3,208 $ 41 $ 653 $ 21 $ 63 $ — $ 125 $ 81 $ (880) Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period Included in earnings, net: Net investment income $ 1 $ — $ — $ — $ — $ — $ — $ (1) $ — Investment related gains (losses), net — — — — 9 — 16 — (19) Interest credited — — — — — — — — (33) Included in other comprehensive income (loss) 51 — 5 — — — — — — (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 six months ended June 30, 2021: 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 $ 3,029 $ 17 $ 254 $ 23 $ 53 $ 15 $ 58 $ 56 $ (907) Total gains/losses (realized/unrealized) Included in earnings, net: Net investment income 3 — — — — — — (6) — Investment related gains (losses), net 1 — — — 11 — 66 — 1 Interest credited — — — — — — — — 1 Included in other comprehensive income (loss) (33) (1) 4 — — — 1 — — Purchases (1) 540 25 428 — — — — 32 (17) Sales (1) (20) — (2) — (1) — — — — Settlements (1) (341) — (85) (2) — (10) — (1) 42 Transfers into Level 3 29 — 54 — — — — — — Transfers out of Level 3 — — — — — (5) — — — Fair value, end of period $ 3,208 $ 41 $ 653 $ 21 $ 63 $ — $ 125 $ 81 $ (880) Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period Included in earnings, net: Net investment income $ 2 $ — $ — $ — $ — $ — $ — $ (6) $ — Investment related gains (losses), net (1) — — — 10 — 66 — (3) Interest credited — — — — — — — — (41) Included in other comprehensive income (loss) (31) (1) 4 — — — 1 — — (1) The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period. |
Financial Instruments Carrying Amounts And Estimated Fair Value [Table Text Block] | The following table presents the carrying values and estimated fair values of the Company’s financial instruments, which were not measured at fair value on a recurring basis, as of June 30, 2022 and December 31, 2021 (dollars in millions). For additional information regarding the methods and significant assumptions used by the Company to estimate these fair values, see Note 6 – “Fair Value of Assets and Liabilities” in the Notes to Consolidated Financial Statements included in the Company’s 2021 Annual Report. This table excludes any payables or receivables for collateral under repurchase/reverse repurchase agreements and other transactions. The estimated fair value of the excluded amount approximates carrying value as they equal the amount of cash collateral received/paid. June 30, 2022: Carrying Value (1) Estimated Fair Value Measurement Using: Level 1 Level 2 Level 3 Assets: Mortgage loans $ 6,544 $ 6,051 $ — $ — $ 6,051 Policy loans 1,218 1,218 — 1,218 — Funds withheld at interest 6,519 6,335 — — 6,335 Cash and cash equivalents 1,400 1,400 1,400 — — Short-term investments 38 38 38 — — Other invested assets 924 805 5 60 740 Accrued investment income 572 572 — 572 — Liabilities: Interest-sensitive contract liabilities $ 21,836 $ 21,399 $ — $ — $ 21,399 Other liabilities – funds withheld at interest 1,610 1,417 1,417 Long-term debt 3,667 3,463 — — 3,463 Collateral finance and securitization notes 152 129 — — 129 December 31, 2021: Carrying Value (1) Estimated Fair Value Measurement Using: Level 1 Level 2 Level 3 Assets: Mortgage loans $ 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 (1) Carrying values presented herein may differ from those in the Company’s condensed consolidated balance sheets because certain items within the respective financial statement captions may be measured at fair value on a recurring basis. |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Reconciliation Of Revenue From Segments To Consolidated Text Block | Information related to revenues, income (loss) before income taxes and total assets of the Company for each reportable segment are summarized below (dollars in millions). Three months ended June 30, Six months ended June 30, Revenues: 2022 2021 2022 2021 U.S. and Latin America: Traditional $ 1,868 $ 1,816 $ 3,735 $ 3,453 Financial Solutions 278 433 530 751 Total 2,146 2,249 4,265 4,204 Canada: Traditional 367 366 729 709 Financial Solutions 27 26 52 52 Total 394 392 781 761 Europe, Middle East and Africa: Traditional 447 459 923 916 Financial Solutions 134 139 316 285 Total 581 598 1,239 1,201 Asia Pacific: Traditional 686 653 1,374 1,300 Financial Solutions 43 104 64 208 Total 729 757 1,438 1,508 Corporate and Other 37 141 94 582 Total $ 3,887 $ 4,137 $ 7,817 $ 8,256 |
Reconciliation Of Operating Profit Loss From Segments To Consolidated Text Block | Three months ended June 30, Six months ended June 30, Income (loss) before income taxes: 2022 2021 2022 2021 U.S. and Latin America: Traditional $ 209 $ 135 $ 43 $ (203) Financial Solutions 61 186 105 269 Total 270 321 148 66 Canada: Traditional 16 32 22 56 Financial Solutions 4 4 17 10 Total 20 36 39 66 Europe, Middle East and Africa: Traditional 2 (12) (4) (80) Financial Solutions 33 83 118 143 Total 35 71 114 63 Asia Pacific: Traditional 58 (12) 109 29 Financial Solutions (66) 31 (122) 59 Total (8) 19 (13) 88 Corporate and Other (63) 35 (94) 385 Total $ 254 $ 482 $ 194 $ 668 |
Reconciliation Of Assets From Segment To Consolidated Text Block | Assets: June 30, 2022 December 31, 2021 U.S. and Latin America: Traditional $ 21,508 $ 20,572 Financial Solutions 26,201 29,028 Total 47,709 49,600 Canada: Traditional 5,026 5,091 Financial Solutions 34 18 Total 5,060 5,109 Europe, Middle East and Africa: Traditional 4,506 4,670 Financial Solutions 5,313 7,165 Total 9,819 11,835 Asia Pacific: Traditional 9,196 10,048 Financial Solutions 9,494 7,678 Total 18,690 17,726 Corporate and Other 3,331 7,905 Total $ 84,609 $ 92,175 |
Commitments, Contingencies an_2
Commitments, Contingencies and Guarantees (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | The Company’s commitments to fund investments as of June 30, 2022 and December 31, 2021 are presented in the following table (dollars in millions): June 30, 2022 December 31, 2021 Limited partnership interests and joint ventures $ 1,030 $ 1,031 Mortgage loans 102 152 Bank loans and private placements 786 768 Lifetime mortgages 96 41 |
Other Commitments [Table Text Block] | The following table presents the maximum potential obligation for these commitments as of June 30, 2022 (dollars in millions): Commitment Period: Maximum Potential Obligation 2034 $ 1,243 2035 2,660 2036 3,599 2037 6,850 2038 2,300 2039 7,350 2046 3,000 |
Schedule of Guarantor Obligations [Table Text Block] | RGA’s guarantees issued as of June 30, 2022 and December 31, 2021, are reflected in the following table (dollars in millions): June 30, 2022 December 31, 2021 Treaty guarantees $ 1,946 $ 2,208 Treaty guarantees, net of assets in trust 1,139 1,281 Securities borrowing and repurchase arrangements 170 134 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Retirement Benefits [Abstract] | |
Schedule Of Defined Benefit Plans Disclosures Text Block | The components of net periodic benefit cost, included in other operating expenses on the Company’s condensed consolidated statements of income, for the three and six months ended June 30, 2022 and 2021 were as follows (dollars in millions): Pension Benefits Other Benefits Three months ended June 30, Three months ended June 30, 2022 2021 2022 2021 Service cost $ 4 $ 5 $ — $ 1 Interest cost 2 1 1 1 Expected return on plan assets (3) (3) — — Amortization of prior service cost (credit) — — (1) (1) Amortization of prior actuarial losses 1 2 1 1 Net periodic benefit cost $ 4 $ 5 $ 1 $ 2 Pension Benefits Other Benefits Six months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Service cost $ 8 $ 9 $ 1 $ 2 Interest cost 3 2 1 1 Expected return on plan assets (6) (5) — — Amortization of prior service cost (credit) — — (1) (1) Amortization of prior actuarial losses 2 3 1 1 Net periodic benefit cost $ 7 $ 9 $ 2 $ 3 |
Reinsurance (Tables)
Reinsurance (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Retrocession Arrangements And Reinsurance Ceded Receivables [Abstract] | |
Ceded Credit Risk [Table Text Block] | The following table presents information for the Company’s reinsurance ceded receivable assets, including the respective amount and A.M. Best rating for each reinsurer representing in excess of five percent of the total as of June 30, 2022 or December 31, 2021 (dollars in millions): June 30, 2022 December 31, 2021 Reinsurer A.M. Best Rating Amount % of Total Amount % of Total Reinsurer A A- $ 1,611 63.0 % $ 1,626 63.0 % Reinsurer B A+ 431 16.8 423 16.4 Reinsurer C A+ 208 8.1 212 8.2 Reinsurer D A 59 2.3 59 2.3 Reinsurer E A++ 47 1.8 42 1.6 Reinsurer F A+ 44 1.7 44 1.7 Other reinsurers 158 6.3 174 6.8 Total $ 2,558 100.0 % $ 2,580 100.0 % |
Policy Claims and Benefits (Tab
Policy Claims and Benefits (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Insurance [Abstract] | |
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block] | The liability for unpaid claims is reported in future policy benefits and other policy claims and benefits on the Company’s condensed consolidated balance sheets. Activity associated with unpaid claims is summarized below (dollars in millions): Six Months Ended June 30, 2022 2021 Balance, beginning of period $ 8,053 $ 7,556 Less: reinsurance recoverable (556) (641) Net balance, beginning of period 7,497 6,915 Incurred: Current year 6,813 7,631 Prior years (114) (122) Total incurred 6,699 7,509 Payments: Current year (2,009) (2,747) Prior years (4,975) (4,358) Total payments (6,984) (7,105) Other changes: Interest accretion 15 20 Foreign exchange adjustments (233) (38) Total other changes (218) (18) Net balance, end of period 6,994 7,302 Plus: reinsurance recoverable 573 674 Balance, end of period $ 7,567 $ 7,976 |
Earnings Per Share (Reconciliat
Earnings Per Share (Reconciliation of the Numerators and Denominators of the Basic and Diluted Per Shares) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings: | ||||
Net income | $ 198 | $ 344 | $ 135 | $ 483 |
Shares: | ||||
Weighted average outstanding shares | 67 | 68 | 67 | 68 |
Equivalent shares from outstanding stock awards | 1 | 1 | 1 | 1 |
Denominator for diluted calculation | 68 | 69 | 68 | 69 |
Earnings Per Share: | ||||
Basic earnings per share | $ 2.95 | $ 5.06 | $ 2.01 | $ 7.11 |
Diluted earnings per share | $ 2.92 | $ 5.02 | $ 2 | $ 7.06 |
Earnings Per Share (Stock Optio
Earnings Per Share (Stock Options and Performance Shares Excluded From Common Equivalent Shares) (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | |
Share-based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,400 | 1,600 |
Share-based Payment Arrangement [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 200 |
Equity (Common Stock Changes In
Equity (Common Stock Changes In Number of Shares Issued, Held In Treasury and Outstanding) (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Class of Stock [Line Items] | ||||
Common Stock, Shares, Issued | 85,310,598 | 85,310,598 | ||
Common Stock Issuable [Member] | ||||
Class of Stock [Line Items] | ||||
Common Stock, Shares, Issued | 85,310,598 | 85,310,598 | ||
Issuance of common stock | 0 | 0 | ||
Common stock acquired | 0 | 0 | ||
Stock-based compensation (1) | [1] | 0 | 0 | |
Common Stock, Shares, Issued | 85,310,598 | 85,310,598 | 85,310,598 | |
Common Stock Held In Treasury [Member] | ||||
Class of Stock [Line Items] | ||||
Common Stock, Shares, Issued | 18,139,868 | 17,353,697 | ||
Issuance of common stock | 0 | 0 | ||
Common stock acquired | (219,116) | 0 | ||
Stock-based compensation (1) | [1] | (55,654) | (40,036) | |
Common Stock, Shares, Issued | 18,303,330 | 18,303,330 | 17,313,661 | |
Common Stock Outstanding [Member] | ||||
Class of Stock [Line Items] | ||||
Common Stock, Shares, Issued | 67,170,730 | 67,956,901 | ||
Issuance of common stock | 0 | 0 | ||
Common stock acquired | (219,116) | 0 | ||
Stock-based compensation (1) | [1] | (55,654) | (40,036) | |
Common Stock, Shares, Issued | 67,007,268 | 67,007,268 | 67,996,937 | |
[1]Represents net shares issued from treasury pursuant to the Company’s equity-based compensation programs. |
Equity (Balance of and Changes
Equity (Balance of and Changes in Each Component of AOCI) (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ 3,642 | $ 5,359 | |
Other comprehensive income (loss) before reclassifications | (9,466) | (1,555) | |
Amounts reclassified to (from) AOCI | 310 | (151) | |
Deferred income tax benefit (expense) | 1,955 | 388 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (3,559) | 4,041 | |
Accumulated Translation Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (9) | (69) | |
Other comprehensive income (loss) before reclassifications | (4) | 55 | |
Amounts reclassified to (from) AOCI | 0 | 0 | |
Deferred income tax benefit (expense) | 26 | 6 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (39) | (20) | |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | [1] | 3,701 | 5,500 |
Other comprehensive income (loss) before reclassifications | [1] | (9,459) | (1,607) |
Amounts reclassified to (from) AOCI | [1] | 308 | (154) |
Deferred income tax benefit (expense) | [1] | 1,981 | 394 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | [1] | (3,469) | 4,133 |
Accumulated Defined Benefit Plans Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (50) | (72) | |
Other comprehensive income (loss) before reclassifications | (3) | (3) | |
Amounts reclassified to (from) AOCI | 2 | 3 | |
Deferred income tax benefit (expense) | 0 | 0 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (51) | $ (72) | |
[1]Includes cash flow hedges of $(206) and $(22) as of June 30, 2022 and December 31, 2021, respectively, and $(40) and $(49) as of June 30, 2021 and December 31, 2020, respectively. See Note 5 – “Derivative Instruments” for additional information on cash flow hedges. |
Equity (Schedule of Reclassific
Equity (Schedule of Reclassifications out of AOCI) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||
Income Tax Expense (Benefit) | $ (55) | $ (138) | $ (58) | $ (185) | |
Net income available to RGA, Inc. shareholders | 198 | 344 | 135 | 483 | |
Unrealized Appreciation Depreciation Of Investments [Member] | |||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | (170) | 41 | (308) | 154 | |
Income Tax Expense (Benefit) | 35 | (9) | 64 | (33) | |
Net income available to RGA, Inc. shareholders | (135) | 32 | (244) | 121 | |
Unrealized Appreciation Depreciation Of Investments [Member] | Unrealized Gains Losses On Available For Sale Securities [Member] | |||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||
Investment related gains (losses), net | (68) | 26 | (103) | 183 | |
Unrealized Appreciation Depreciation Of Investments [Member] | Interest Rate Swap [Member] | |||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | [1] | (2) | 0 | (2) | (2) |
Unrealized Appreciation Depreciation Of Investments [Member] | Currency Swap [Member] | |||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | [1] | (1) | (4) | (2) | (4) |
Unrealized Appreciation Depreciation Of Investments [Member] | DAC Attributed To Unrealized Gains Losses [Member] | |||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||
Deferred policy acquisition costs attributed to unrealized gains and losses | [2] | (99) | 19 | 201 | (23) |
Amortization Of Unrealized Pension And Postretirement Benefits [Member] | |||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | (1) | (2) | (2) | (3) | |
Income Tax Expense (Benefit) | 0 | 1 | 0 | 1 | |
Net income available to RGA, Inc. shareholders | (1) | (1) | (2) | (2) | |
Amounts Reclassified From AOCI [Member] | |||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||
Net income available to RGA, Inc. shareholders | (136) | 31 | (246) | 119 | |
Prior Service Cost [Member] | Amortization Of Unrealized Pension And Postretirement Benefits [Member] | |||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||
Prior service cost | [3] | 1 | 1 | 1 | 1 |
Actuarial Gains Losses [Member] | Amortization Of Unrealized Pension And Postretirement Benefits [Member] | |||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||
Actuarial gains/(losses) | [3] | $ (2) | $ (3) | $ 3 | $ (4) |
[1]See Note 5 – “Derivative Instruments” for additional information on cash flow hedges.[2]This AOCI component is included in the computation of the deferred policy acquisition cost. See Note 8 – “Deferred Policy Acquisition Costs” of the 2021 Annual Report for additional details.[3]This AOCI component is included in the computation of the net periodic pension cost. See Note 10 – “Employee Benefit Plans” for additional details. |
Equity (Narrative) (Details)
Equity (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |
Equity, Class of Treasury Stock [Line Items] | ||||||||
Document Period End Date | Jun. 30, 2022 | |||||||
Treasury Stock, Value, Acquired, Cost Method | $ 0 | $ 1 | $ 27 | $ 2 | ||||
Proceeds from issuance of common stock, net | $ 0 | 0 | ||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 219,116 | 219,116 | ||||||
Payments for Repurchase of Common Stock | $ 25 | |||||||
Stockholders' Equity Attributable to Noncontrolling Interest | $ 90 | 0 | 90 | 0 | $ 90 | $ 0 | $ 0 | $ 0 |
Net Income (Loss) Attributable to Noncontrolling Interest | 1 | $ 0 | 1 | $ 0 | ||||
Share Repurchase Program | ||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||
Stock Repurchase Program, Authorized Amount | $ 400 | $ 400 |
Equity Based Compensation (Narr
Equity Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity compensation expense | $ 17 | $ 24 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 258,327 | ||
Stock appreciation rights granted, weighted average exercise price (per share) | $ 106.53 | ||
Shares Granted To Non Employee Directors | 17,937 | ||
Document Period End Date | Jun. 30, 2022 | ||
Options exercisable (shares) | 1,705,128 | ||
Options exercisable, weighted average price (per share) | $ 105.83 | ||
Options, remaining term | 4 years 3 months 18 days | ||
Compensation cost not yet recognized | $ 42 | ||
Period for recognition | 9 months 18 days | ||
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 78,687 | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 219,553 |
Investments (Investments in Fix
Investments (Investments in Fixed Maturity Securities Available-for-Sale by Sector) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss | $ 55 | $ 31 |
Fixed maturity securities, available-for-sale | 53,294 | 60,749 |
Available for Sale at Fair value - Amortized cost | 57,608 | $ 55,873 |
Funds Held Under Reinsurance Agreements Asset Specific Client | $ 4,100 | |
Fixed maturity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
% of Total | 100% | 100% |
Debt Securities, Available-for-sale, Allowance for Credit Loss | $ 55 | $ 31 |
Fixed maturity securities, available-for-sale | 53,294 | 60,749 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 870 | 5,256 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 5,129 | 349 |
Available for Sale at Fair value - Amortized cost | $ 57,608 | $ 55,873 |
Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
% of Total | 100% | 100% |
Fixed maturity securities, available-for-sale | $ 34,374 | $ 38,103 |
Available for Sale at Fair value - Amortized cost | $ 37,819 | $ 35,239 |
Corporate Debt Securities [Member] | Fixed maturity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
% of Total | 64.50% | 62.80% |
Debt Securities, Available-for-sale, Allowance for Credit Loss | $ 43 | $ 26 |
Fixed maturity securities, available-for-sale | 34,374 | 38,103 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 257 | 3,084 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 3,659 | 194 |
Available for Sale at Fair value - Amortized cost | 37,819 | 35,239 |
Canadian and Canadian provincial governments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturity securities, available-for-sale | $ 3,809 | $ 4,944 |
Canadian and Canadian provincial governments | Fixed maturity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
% of Total | 7.10% | 8.10% |
Debt Securities, Available-for-sale, Allowance for Credit Loss | $ 0 | $ 0 |
Fixed maturity securities, available-for-sale | 3,809 | 4,944 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 536 | 1,606 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 35 | 1 |
Available for Sale at Fair value - Amortized cost | 3,308 | 3,339 |
Residential mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturity securities, available-for-sale | $ 950 | $ 1,050 |
Residential mortgage-backed securities | Fixed maturity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
% of Total | 1.80% | 1.70% |
Debt Securities, Available-for-sale, Allowance for Credit Loss | $ 0 | $ 0 |
Fixed maturity securities, available-for-sale | 950 | 1,050 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 8 | 37 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 62 | 7 |
Available for Sale at Fair value - Amortized cost | 1,004 | 1,020 |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturity securities, available-for-sale | $ 3,782 | $ 4,005 |
Asset-backed securities | Fixed maturity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
% of Total | 7.10% | 6.60% |
Debt Securities, Available-for-sale, Allowance for Credit Loss | $ 5 | $ 0 |
Fixed maturity securities, available-for-sale | 3,782 | 4,005 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 3 | 22 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 307 | 41 |
Available for Sale at Fair value - Amortized cost | 4,091 | 4,024 |
Commercial Mortgage Backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturity securities, available-for-sale | $ 1,735 | $ 1,849 |
Commercial Mortgage Backed Securities [Member] | Fixed maturity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
% of Total | 3.30% | 3% |
Debt Securities, Available-for-sale, Allowance for Credit Loss | $ 1 | $ 1 |
Fixed maturity securities, available-for-sale | 1,735 | 1,849 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 2 | 66 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 122 | 6 |
Available for Sale at Fair value - Amortized cost | $ 1,856 | $ 1,790 |
US Treasury and Government [Member] | Fixed maturity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
% of Total | 1.80% | 3.50% |
Debt Securities, Available-for-sale, Allowance for Credit Loss | $ 0 | $ 0 |
Fixed maturity securities, available-for-sale | 962 | 2,105 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 7 | 31 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 146 | 8 |
Available for Sale at Fair value - Amortized cost | 1,101 | 2,082 |
US States and Political Subdivisions Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturity securities, available-for-sale | $ 1,116 | $ 1,323 |
US States and Political Subdivisions Debt Securities [Member] | Fixed maturity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
% of Total | 2.10% | 2.20% |
Debt Securities, Available-for-sale, Allowance for Credit Loss | $ 0 | $ 0 |
Fixed maturity securities, available-for-sale | 1,116 | 1,323 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 21 | 137 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 107 | 5 |
Available for Sale at Fair value - Amortized cost | 1,202 | 1,191 |
Debt Security, Government, Non-US [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturity securities, available-for-sale | $ 6,566 | $ 7,370 |
Debt Security, Government, Non-US [Member] | Fixed maturity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
% of Total | 12.30% | 12.10% |
Debt Securities, Available-for-sale, Allowance for Credit Loss | $ 6 | $ 4 |
Fixed maturity securities, available-for-sale | 6,566 | 7,370 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 36 | 273 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 691 | 87 |
Available for Sale at Fair value - Amortized cost | $ 7,227 | $ 7,188 |
Investments (Fixed Maturity Sec
Investments (Fixed Maturity Securities Pledged And Received As Collateral) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Debt Securities, Available-for-sale [Line Items] | ||
Document Period End Date | Jun. 30, 2022 | |
Available for Sale at Fair value - Amortized cost | $ 57,608 | $ 55,873 |
Fixed maturity securities, available-for-sale | 53,294 | 60,749 |
Collateral Fixed Maturity Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available for Sale at Fair value - Amortized cost | 373 | 100 |
Fixed maturity securities, available-for-sale | 335 | 103 |
Collateral Received Fixed Maturity Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturity securities, available-for-sale | 1,591 | 1,922 |
Reported Value Measurement [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Assets Held-in-trust | 30,476 | 28,671 |
Estimate of Fair Value Measurement [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Assets Held-in-trust | $ 28,080 | $ 31,173 |
Investments (Exposure To Concen
Investments (Exposure To Concentrations Of Credit Risk) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Debt Securities, Available-for-sale [Line Items] | ||
Document Period End Date | Jun. 30, 2022 | |
Available for Sale at Fair value - Amortized cost | $ 57,608 | $ 55,873 |
Fixed maturity securities, available-for-sale | 53,294 | 60,749 |
Government Of Japan [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available for Sale at Fair value - Amortized cost | 3,031 | 3,080 |
Fixed maturity securities, available-for-sale | 2,755 | 3,063 |
Canadian Province Of Quebec Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available for Sale at Fair value - Amortized cost | 1,047 | 1,092 |
Fixed maturity securities, available-for-sale | 1,155 | 1,451 |
Canadian Province Of Ontario Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available for Sale at Fair value - Amortized cost | 1,390 | 1,377 |
Fixed maturity securities, available-for-sale | $ 1,747 | $ 2,347 |
Investments (Amortized Cost and
Investments (Amortized Cost and Fair Value of Fixed Maturities by Contractual Maturities) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Available For Sale Securities Debt Maturities Amortized Cost | ||
Due in one year or less | $ 1,408 | |
Due after one year through five years | 9,847 | |
Due after five year through ten years | 11,466 | |
Due after ten years | 27,936 | |
Asset and mortgage-backed securities | 6,951 | |
Total | 57,608 | $ 55,873 |
Available For Sale Securities Debt Maturities Fair Value | ||
Due in one year or less | 1,407 | |
Due after one year through five years | 9,730 | |
Due after five year through ten years | 10,701 | |
Due after ten years | 24,989 | |
Asset and mortgage-backed securities | 6,467 | |
Total | $ 53,294 | $ 60,749 |
Investments (Amortized Cost a_2
Investments (Amortized Cost and Fair Value of Fixed Maturity Holdings by Industry Type) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Corporate Securities by Investment Sector And Credit Rating [Line Items] | ||
Amortized Cost | $ 57,608 | $ 55,873 |
Fixed maturity securities, available-for-sale | 53,294 | 60,749 |
Corporate Debt Securities [Member] | ||
Corporate Securities by Investment Sector And Credit Rating [Line Items] | ||
Amortized Cost | $ 37,819 | $ 35,239 |
% of Total | 100% | 100% |
Fixed maturity securities, available-for-sale | $ 34,374 | $ 38,103 |
Corporate Debt Securities [Member] | Financial Services Sector [Member] | ||
Corporate Securities by Investment Sector And Credit Rating [Line Items] | ||
Amortized Cost | $ 14,008 | $ 13,101 |
% of Total | 37% | 36.90% |
Fixed maturity securities, available-for-sale | $ 12,703 | $ 14,045 |
Corporate Debt Securities [Member] | Commercial and Industrial Sector [Member] | ||
Corporate Securities by Investment Sector And Credit Rating [Line Items] | ||
Amortized Cost | $ 19,152 | $ 17,857 |
% of Total | 51% | 50.80% |
Fixed maturity securities, available-for-sale | $ 17,526 | $ 19,375 |
Corporate Debt Securities [Member] | Utility Sector [Member] | ||
Corporate Securities by Investment Sector And Credit Rating [Line Items] | ||
Amortized Cost | $ 4,659 | $ 4,281 |
% of Total | 12% | 12.30% |
Fixed maturity securities, available-for-sale | $ 4,145 | $ 4,683 |
Investments Investments (Rollfo
Investments Investments (Rollforward of Allowance For Credit Losses) (Details) - Available-for-sale Securities [Member] - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held | $ 55 | $ 16 | $ 31 | $ 20 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, No Previous Impairment | 24 | 7 | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Securities Sold | (7) | (10) | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, Additional Credit Losses | 7 | 1 | ||
Corporate Debt Securities [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held | 43 | 11 | 26 | 17 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, No Previous Impairment | 18 | 2 | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Securities Sold | (6) | (8) | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, Additional Credit Losses | 5 | 0 | ||
Debt Security, Government, Non-US [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held | 6 | 4 | 4 | 0 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, No Previous Impairment | 1 | 4 | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Securities Sold | (1) | 0 | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, Additional Credit Losses | 2 | 0 | ||
Commercial Mortgage Backed Securities [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held | 1 | 1 | 1 | 3 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, No Previous Impairment | 0 | 1 | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Securities Sold | 0 | (2) | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, Additional Credit Losses | 0 | 1 | ||
Asset-backed securities | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held | 5 | 0 | $ 0 | $ 0 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, No Previous Impairment | 5 | 0 | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Securities Sold | 0 | 0 | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, Additional Credit Losses | $ 0 | $ 0 |
Investments (Fair Value Below A
Investments (Fair Value Below Amortized Cost of Gross Unrealized Losses for Fixed Maturity Securities) (Details) | 6 Months Ended |
Jun. 30, 2022 | |
Gross unrealized losses with number of securities [Line Items] | |
Document Period End Date | Jun. 30, 2022 |
Investments (Fair Value and Los
Investments (Fair Value and Losses by Investment Category and Length of Time in a Loss Position) (Details) - Fixed maturity securities - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 37,868 | $ 10,644 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 3,021 | 2,640 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 643 | 171 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 40,889 | 13,284 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 5,119 | 347 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 4,476 | 176 |
Non-investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 1,494 | 599 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 237 | 185 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 77 | 67 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 1,731 | 784 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 254 | 87 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 177 | 20 |
Investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 36,374 | 10,045 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 2,784 | 2,455 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 566 | 104 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 39,158 | 12,500 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 4,865 | 260 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 4,299 | 156 |
Corporate Debt Securities [Member] | Non-investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 1,234 | 463 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 103 | 97 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 25 | 44 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 1,337 | 560 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 162 | 57 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 137 | 13 |
Corporate Debt Securities [Member] | Investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 25,035 | 4,135 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 1,124 | 946 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 327 | 51 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 26,159 | 5,081 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 3,497 | 137 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 3,170 | 86 |
Canadian and Canadian provincial governments | Investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 359 | 20 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 13 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 6 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 372 | 20 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 35 | 1 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 29 | 1 |
Residential mortgage-backed securities | Investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 631 | 132 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 122 | 102 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 23 | 4 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 753 | 234 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 62 | 7 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 39 | 3 |
Asset-backed securities | Non-investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 61 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 8 | 13 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 2 | 13 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 69 | 13 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 11 | 13 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 9 | 0 |
Asset-backed securities | Investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 2,850 | 1,747 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 640 | 589 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 45 | 6 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 3,490 | 2,336 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 289 | 28 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 244 | 22 |
Commercial mortgage-backed securities | Non-investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 29 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 11 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 1 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 40 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 4 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 3 | 0 |
Commercial mortgage-backed securities | Investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 1,523 | 152 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 39 | 35 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 4 | 2 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 1,562 | 187 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 115 | 4 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 111 | 2 |
US Government Agencies Debt Securities [Member] | Investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 839 | 1,513 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 24 | 31 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 9 | 2 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 863 | 1,544 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 146 | 8 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 137 | 6 |
US States and Political Subdivisions Debt Securities [Member] | Investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 789 | 109 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 27 | 28 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 7 | 2 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 816 | 137 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 107 | 5 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 100 | 3 |
Debt Security, Government, Non-US [Member] | Non-investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 170 | 136 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 115 | 75 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 49 | 10 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 285 | 211 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 77 | 17 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 28 | 7 |
Debt Security, Government, Non-US [Member] | Investment grade securities | ||
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 4,348 | 2,237 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 795 | 724 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 145 | 37 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 5,143 | 2,961 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 614 | 70 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 469 | $ 33 |
Investments (Investment Income
Investments (Investment Income Net of Related Expenses) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Major Categories Of Investment Income Net of Expenses [Line Items] | ||||
Investment revenue | $ 786 | $ 785 | $ 1,623 | $ 1,621 |
Investment expense | (32) | (26) | (59) | (50) |
Investment income, net of related expenses | 754 | 759 | 1,564 | 1,571 |
Limited Partner [Member] | ||||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||||
Investment revenue | 77 | 70 | 238 | 231 |
Available-for-sale Securities [Member] | ||||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||||
Investment revenue | 559 | 516 | 1,092 | 1,011 |
Equity securities | ||||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||||
Investment revenue | 1 | 1 | 3 | 3 |
Mortgage Loans on Real Estate [Member] | ||||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||||
Investment revenue | 76 | 73 | 149 | 139 |
Policy loans | ||||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||||
Investment revenue | 14 | 13 | 27 | 27 |
Funds withheld at interest | ||||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||||
Investment revenue | 57 | 95 | 108 | 179 |
Short-term Investments [Member] | ||||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||||
Investment revenue | 2 | 0 | 4 | 1 |
Other invested assets | ||||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||||
Investment revenue | $ 0 | $ 17 | $ 2 | $ 30 |
Investments (Investment Related
Investments (Investment Related Gains (Losses) Net) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Investment Gains And Losses [Abstract] | ||||
Gain on investment activity | $ (34) | $ (53) | $ (45) | $ (220) |
Available-for-sale Securities, Realized Losses, Excluding Other than Temporary Impairments | (94) | (30) | (130) | (43) |
Gain (Loss) on Sale of Equity Investments | (15) | 20 | (23) | 23 |
Other impairment losses and change in mortgage loan provision | (1) | 3 | (3) | 21 |
Derivatives and other, net | (182) | 29 | (287) | 47 |
Total investment related gains (losses), net | (254) | 112 | (380) | 414 |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | (15) | 5 | (27) | 3 |
Change in Fair Value Limited Partnership Investments and Other Net | $ 19 | $ 32 | $ 45 | $ 143 |
Investments (Borrowed Securitie
Investments (Borrowed Securities Repurchased Securities And Repurchased Reversed Repurchased Securities) (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2021 | ||
Debt Securities, Available-for-sale [Line Items] | |||
Document Period End Date | Jun. 30, 2022 | ||
Securities Loaned, Fair Value of Collateral | $ 81 | $ 102 | |
Securities Financing Transaction, Cost | |||
Debt Securities, Available-for-sale [Line Items] | |||
Securities Loaned, Fair Value of Collateral | [1] | 82 | 94 |
Securities for Reverse Repurchase Agreements | [1] | 643 | 704 |
Cash | [2] | 0 | 10 |
Collateralized Agreements | [1] | 529 | 279 |
Cash Received | [3] | 162 | 0 |
Securities Financing Transaction, Fair Value | |||
Debt Securities, Available-for-sale [Line Items] | |||
Securities Borrowed | [4] | 676 | 420 |
Securities Loaned, Fair Value of Collateral | [1] | 81 | 102 |
Securities Received as Collateral | [5] | 92 | 102 |
Securities for Reverse Repurchase Agreements | [1] | 593 | 736 |
Securities Sold under Agreements to Repurchase, Collateral, Right to Reclaim Securities | [5] | 565 | 728 |
Cash | [2] | 0 | 10 |
Collateralized Agreements | [1] | 466 | 290 |
Cash Received | [3] | $ 162 | $ 0 |
[1]Securities loaned and pledged to counterparties are included within fixed maturity securities.[2]A receivable for the cash held by counterparties is included within other assets.[3]A payable for the cash received by the Company is included within other liabilities.[4]Securities borrowed are not reflected on the condensed consolidated balance sheets. Collateral associated with certain borrowed securities is not included within this table as the collateral pledged to the counterparty is the right to reinsurance treaty cash flows.[5]Securities received as collateral from counterparties are not reflected on the condensed consolidated financial statements. |
Investments (Securities Pledged
Investments (Securities Pledged as Collateral Related to Repurchase Reverse Repurchase Program) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | $ 81 | $ 102 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 593 | 736 |
Obligation to Return Securities Received as Collateral | 674 | 838 |
Maturity Overnight [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 0 | 0 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Obligation to Return Securities Received as Collateral | 0 | 0 |
Maturity up to 30 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 0 | 0 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Obligation to Return Securities Received as Collateral | 0 | 0 |
Maturity 30 to 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 0 | 0 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 58 | 0 |
Obligation to Return Securities Received as Collateral | 58 | 0 |
Maturity over 90 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 81 | 102 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 535 | 736 |
Obligation to Return Securities Received as Collateral | 616 | 838 |
Corporate Debt Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 68 | 94 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 340 | 366 |
Corporate Debt Securities [Member] | Maturity Overnight [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 0 | 0 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Corporate Debt Securities [Member] | Maturity up to 30 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 0 | 0 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Corporate Debt Securities [Member] | Maturity 30 to 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 0 | 0 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 51 | 0 |
Corporate Debt Securities [Member] | Maturity over 90 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 68 | 94 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 289 | 366 |
Debt Security, Government, Non-US [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 10 | 5 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 253 | 370 |
Debt Security, Government, Non-US [Member] | Maturity Overnight [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 0 | 0 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Debt Security, Government, Non-US [Member] | Maturity up to 30 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 0 | 0 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Debt Security, Government, Non-US [Member] | Maturity 30 to 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 0 | 0 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 7 | 0 |
Debt Security, Government, Non-US [Member] | Maturity over 90 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 10 | 5 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 246 | 370 |
US States and Political Subdivisions Debt Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 3 | 3 |
US States and Political Subdivisions Debt Securities [Member] | Maturity Overnight [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | Maturity up to 30 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | Maturity 30 to 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | Maturity over 90 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | $ 3 | $ 3 |
Investments (Mortgage Loans by
Investments (Mortgage Loans by Property Type) (Details) - USD ($) $ in Millions | 6 Months Ended | |||||
Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Document Period End Date | Jun. 30, 2022 | |||||
Recorded investment | $ 6,594 | $ 6,329 | ||||
Percentage of total | 100% | 100% | ||||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | $ (12) | $ (11) | ||||
Allowance for Loan and Lease Losses, Real Estate | (38) | $ (37) | (35) | $ (45) | $ (47) | $ (64) |
Mortgage loans (net of allowance for credit losses of $38 and $35) | 6,544 | 6,283 | ||||
Apartment | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Recorded investment | $ 776 | $ 801 | ||||
Percentage of total | 11.80% | 12.70% | ||||
Retail | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Recorded investment | $ 2,319 | $ 2,090 | ||||
Percentage of total | 35.10% | 33% | ||||
Office building | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Recorded investment | $ 1,729 | $ 1,683 | ||||
Percentage of total | 26.20% | 26.60% | ||||
Industrial | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Recorded investment | $ 1,415 | $ 1,249 | ||||
Percentage of total | 21.50% | 19.70% | ||||
Other commercial | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Recorded investment | $ 355 | $ 506 | ||||
Percentage of total | 5.40% | 8% |
Investments (Mortgage Loans b_2
Investments (Mortgage Loans by Maturity Date) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Document Period End Date | Jun. 30, 2022 | |
Loans Receivable, Gross, Commercial, Real Estate | $ 6,594 | $ 6,329 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 100% | 100% |
Due within five years | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 2,578 | $ 2,660 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 39.10% | 42% |
Due after five years through ten years | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 2,759 | $ 2,593 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 41.80% | 41% |
Due after ten years | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 1,257 | $ 1,076 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 19.10% | 17% |
Investments (Mortgage Loans b_3
Investments (Mortgage Loans by Credit Quality Indicator) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 6,594 | $ 6,329 |
Loans Receivable, Gross, Commercial, Construction | $ 10 | $ 6 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 100% | 100% |
LTV 0 to 59 Percent [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 3,649 | $ 3,406 |
Loans Receivable, Gross, Commercial, Construction | $ 10 | $ 6 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 55.30% | 53.80% |
LTV 60 To 69 Percent [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 2,201 | $ 2,142 |
Loans Receivable, Gross, Commercial, Construction | $ 0 | $ 0 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 33.40% | 33.80% |
LTV 70 To 79 Percent [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 529 | $ 573 |
Loans Receivable, Gross, Commercial, Construction | $ 0 | $ 0 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 8% | 9.10% |
Debt-to-Value Ratio, 80 to 100 Percent [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 215 | $ 208 |
Loans Receivable, Gross, Commercial, Construction | $ 0 | $ 0 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 3.30% | 3.30% |
Debt Service Coverage Ratio Range One [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 5,803 | $ 5,685 |
Debt Service Coverage Ratio Range One [Member] | LTV 0 to 59 Percent [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 3,350 | 3,111 |
Debt Service Coverage Ratio Range One [Member] | LTV 60 To 69 Percent [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 1,909 | 1,906 |
Debt Service Coverage Ratio Range One [Member] | LTV 70 To 79 Percent [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 455 | 520 |
Debt Service Coverage Ratio Range One [Member] | Debt-to-Value Ratio, 80 to 100 Percent [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 89 | 148 |
Debt Service Coverage Ratio Range Two [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 452 | 469 |
Debt Service Coverage Ratio Range Two [Member] | LTV 0 to 59 Percent [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 222 | 238 |
Debt Service Coverage Ratio Range Two [Member] | LTV 60 To 69 Percent [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 196 | 190 |
Debt Service Coverage Ratio Range Two [Member] | LTV 70 To 79 Percent [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 34 | 41 |
Debt Service Coverage Ratio Range Two [Member] | Debt-to-Value Ratio, 80 to 100 Percent [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 0 | 0 |
Debt Service Coverage Ratio Range Three [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 329 | 169 |
Debt Service Coverage Ratio Range Three [Member] | LTV 0 to 59 Percent [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 67 | 51 |
Debt Service Coverage Ratio Range Three [Member] | LTV 60 To 69 Percent [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 96 | 46 |
Debt Service Coverage Ratio Range Three [Member] | LTV 70 To 79 Percent [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 40 | 12 |
Debt Service Coverage Ratio Range Three [Member] | Debt-to-Value Ratio, 80 to 100 Percent [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 126 | $ 60 |
Investments (Internal Credit Ra
Investments (Internal Credit Rating Disclosure) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 6,594 | $ 6,329 |
High Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 4,197 | 4,111 |
Internal Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 2,155 | 2,069 |
Average Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 206 | 109 |
Watch List [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 0 | 4 |
Internal Noninvestment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 36 | 36 |
Year Of Origination Prior Periods [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 2,430 | 2,108 |
Year Of Origination Prior Periods [Member] | High Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 1,651 | 1,534 |
Year Of Origination Prior Periods [Member] | Internal Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 645 | 502 |
Year Of Origination Prior Periods [Member] | Average Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 98 | 32 |
Year Of Origination Prior Periods [Member] | Watch List [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 0 | 4 |
Year Of Origination Prior Periods [Member] | Internal Noninvestment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 36 | 36 |
Year Of Origination 2016 [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 645 | |
Year Of Origination 2016 [Member] | High Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 344 | |
Year Of Origination 2016 [Member] | Internal Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 296 | |
Year Of Origination 2016 [Member] | Average Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 5 | |
Year Of Origination 2016 [Member] | Watch List [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 0 | |
Year Of Origination 2016 [Member] | Internal Noninvestment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 0 | |
Year Of Origination 2017 [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 778 | 801 |
Year Of Origination 2017 [Member] | High Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 431 | 461 |
Year Of Origination 2017 [Member] | Internal Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 271 | 301 |
Year Of Origination 2017 [Member] | Average Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 76 | 39 |
Year Of Origination 2017 [Member] | Watch List [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 0 | 0 |
Year Of Origination 2017 [Member] | Internal Noninvestment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 0 | 0 |
Year Of Origination 2018 [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 924 | 1,003 |
Year Of Origination 2018 [Member] | High Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 586 | 645 |
Year Of Origination 2018 [Member] | Internal Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 312 | 331 |
Year Of Origination 2018 [Member] | Average Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 26 | 27 |
Year Of Origination 2018 [Member] | Watch List [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 0 | 0 |
Year Of Origination 2018 [Member] | Internal Noninvestment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 0 | 0 |
Year Of Origination 2019 [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 619 | 674 |
Year Of Origination 2019 [Member] | High Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 373 | 402 |
Year Of Origination 2019 [Member] | Internal Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 246 | 272 |
Year Of Origination 2019 [Member] | Average Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 0 | 0 |
Year Of Origination 2019 [Member] | Watch List [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 0 | 0 |
Year Of Origination 2019 [Member] | Internal Noninvestment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 0 | 0 |
Year Of Origination 2020 [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 1,024 | 1,098 |
Year Of Origination 2020 [Member] | High Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 705 | 725 |
Year Of Origination 2020 [Member] | Internal Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 313 | 367 |
Year Of Origination 2020 [Member] | Average Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 6 | 6 |
Year Of Origination 2020 [Member] | Watch List [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 0 | 0 |
Year Of Origination 2020 [Member] | Internal Noninvestment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 0 | $ 0 |
Year Of Origination 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 819 | |
Year Of Origination 2021 | High Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 451 | |
Year Of Origination 2021 | Internal Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 368 | |
Year Of Origination 2021 | Average Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 0 | |
Year Of Origination 2021 | Watch List [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 0 | |
Year Of Origination 2021 | Internal Noninvestment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 0 |
Investments (Age Analysis of Pa
Investments (Age Analysis of Past Due Recorded Investments) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Financing Receivable, Past Due [Line Items] | ||
Document Period End Date | Jun. 30, 2022 | |
Loans Receivable, Gross, Commercial, Real Estate | $ 6,594 | $ 6,329 |
Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 6,575 | 6,329 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 19 | $ 0 |
Investments (Mortgage Loans b_4
Investments (Mortgage Loans by Method of Evaluation and Related Valuation Allowances) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Document Period End Date | Jun. 30, 2022 | |
Mortgage Loans: | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 6,594 | $ 6,329 |
Mortgage Loans on Real Estate, Commercial and Consumer, Net, (Investment Based Operations Presentation) [Abstract] | ||
Mortgage loans on real estate (net of valuation allowances) | $ 6,544 | $ 6,283 |
Investments (Loan Valuation All
Investments (Loan Valuation Allowance for Mortgage Loans) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Allowance For Loan And Lease Losses Roll Forward | ||||
Balance, Beginning of Period | $ 37 | $ 47 | $ 35 | $ 64 |
Provision (release) | (1) | (2) | (3) | |
Allowance for Loan and Lease Losses, Foreign Currency Translation | (19) | |||
Balance, End of Period | $ 38 | $ 45 | $ 38 | $ 45 |
Investments (Other Invested Ass
Investments (Other Invested Assets) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Document Period End Date | Jun. 30, 2022 | |
Other invested assets | $ 3,110 | $ 3,070 |
Equity Release Mortgages [Member] | ||
Other invested assets | 812 | 758 |
Limited Partner [Member] | ||
Other invested assets | 2,074 | 1,996 |
Derivatives | ||
Other invested assets | 115 | 175 |
Other | ||
Other invested assets | $ 109 | $ 141 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Investment Narrative [Line Items] | |||||
Funds Held Under Reinsurance Agreements Asset Specific Client | $ 4,100 | $ 4,100 | |||
Securities As Percentage Of Consolidated Stockholder Equity | 10% | 10% | |||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 100% | 100% | 100% | ||
Funds withheld at interest | $ 6,393 | $ 6,393 | $ 6,954 | ||
Income before income taxes | $ 254 | $ 482 | $ 194 | $ 668 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 6,103 | 6,103 | 1,862 | ||
Financing Receivable, Troubled Debt Restructuring | $ 77 | $ 77 | |||
CALIFORNIA | |||||
Investment Narrative [Line Items] | |||||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 11.40% | 11.40% | |||
TEXAS | |||||
Investment Narrative [Line Items] | |||||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 12.90% | 12.90% | |||
CANADA | |||||
Investment Narrative [Line Items] | |||||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 3.30% | 3.30% | |||
UNITED KINGDOM | |||||
Investment Narrative [Line Items] | |||||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 2.40% | 2.40% | |||
GEORGIA | |||||
Investment Narrative [Line Items] | |||||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 8.20% | 8.20% |
Derivative Instruments (Gross N
Derivative Instruments (Gross Notional Amount and Fair Value of Derivatives Contracts) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | ||
Document Period End Date | Jun. 30, 2022 | |
Notional Amount | $ 28,057 | $ 23,516 |
Carrying Value / Fair Value of Assets | 474 | 421 |
Derivative Liability, Fair Value, Gross Liability | 1,293 | 975 |
Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount | 24,982 | 20,557 |
Carrying Value / Fair Value of Assets | 458 | 388 |
Derivative Liability, Fair Value, Gross Liability | 1,060 | 930 |
Not Designated as Hedging Instrument | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 1,143 | 1,273 |
Carrying Value / Fair Value of Assets | 23 | 66 |
Derivative Liability, Fair Value, Gross Liability | 1 | 1 |
Not Designated as Hedging Instrument | Financial Futures | ||
Derivative [Line Items] | ||
Notional Amount | 227 | 240 |
Carrying Value / Fair Value of Assets | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Not Designated as Hedging Instrument | Foreign Currency Forwards | ||
Derivative [Line Items] | ||
Notional Amount | 755 | 395 |
Carrying Value / Fair Value of Assets | 0 | 2 |
Derivative Liability, Fair Value, Gross Liability | 21 | 4 |
Not Designated as Hedging Instrument | Consumer Price Index Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 524 | 563 |
Carrying Value / Fair Value of Assets | 26 | 34 |
Derivative Liability, Fair Value, Gross Liability | 5 | 7 |
Not Designated as Hedging Instrument | Credit Default Swaps | ||
Derivative [Line Items] | ||
Notional Amount | 1,675 | 1,321 |
Carrying Value / Fair Value of Assets | 13 | 29 |
Derivative Liability, Fair Value, Gross Liability | 39 | 1 |
Not Designated as Hedging Instrument | Equity Options | ||
Derivative [Line Items] | ||
Notional Amount | 298 | 472 |
Carrying Value / Fair Value of Assets | 43 | 29 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Not Designated as Hedging Instrument | Currency Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 150 | 150 |
Carrying Value / Fair Value of Assets | 18 | 1 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Not Designated as Hedging Instrument | Embedded Derivatives In Modified Coinsurance Or Funds Withheld Arrangements | ||
Derivative [Line Items] | ||
Notional Amount | 0 | 0 |
Carrying Value / Fair Value of Assets | 326 | 227 |
Derivative Liability, Fair Value, Gross Liability | 250 | 62 |
Not Designated as Hedging Instrument | Embedded Derivatives In Indexed Annuity [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 0 | 0 |
Carrying Value / Fair Value of Assets | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 584 | 693 |
Not Designated as Hedging Instrument | Embedded Derivatives In Variable Annuity [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 0 | 0 |
Carrying Value / Fair Value of Assets | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 160 | 162 |
Not Designated as Hedging Instrument | Synthetic Guaranteed Investment Contracts | ||
Derivative [Line Items] | ||
Notional Amount | 17,317 | 16,143 |
Carrying Value / Fair Value of Assets | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Not Designated as Hedging Instrument | Interest Rate Swaption | ||
Derivative [Line Items] | ||
Notional Amount | 2,893 | 0 |
Carrying Value / Fair Value of Assets | 9 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Designated As Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount | 3,075 | 2,959 |
Carrying Value / Fair Value of Assets | 16 | 33 |
Derivative Liability, Fair Value, Gross Liability | 233 | 45 |
Designated As Hedging Instrument | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 1,338 | 941 |
Carrying Value / Fair Value of Assets | 2 | 4 |
Derivative Liability, Fair Value, Gross Liability | 128 | 33 |
Designated As Hedging Instrument | Foreign Currency Forwards | ||
Derivative [Line Items] | ||
Notional Amount | 1,320 | |
Carrying Value / Fair Value of Assets | 14 | |
Derivative Liability, Fair Value, Gross Liability | 11 | |
Designated As Hedging Instrument | Currency Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 114 | 153 |
Carrying Value / Fair Value of Assets | 0 | 1 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Designated As Hedging Instrument | Purchase Commitment | ||
Derivative [Line Items] | ||
Notional Amount | 545 | |
Carrying Value / Fair Value of Assets | 14 | |
Derivative Liability, Fair Value, Gross Liability | $ 1 | |
Designated As Hedging Instrument | Forward Contracts | ||
Derivative [Line Items] | ||
Notional Amount | 1,170 | |
Carrying Value / Fair Value of Assets | 14 | |
Derivative Liability, Fair Value, Gross Liability | 5 | |
Designated As Hedging Instrument | Other Contract | ||
Derivative [Line Items] | ||
Notional Amount | 453 | |
Carrying Value / Fair Value of Assets | 0 | |
Derivative Liability, Fair Value, Gross Liability | $ 100 |
Derivative Instruments Derivati
Derivative Instruments Derivative Instruments (Fair Value Hedge Attributable to Foreign Currency) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | $ (8) | $ (2) | $ (1) | $ (2) |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | $ 8 | $ 2 | $ 5 | $ 3 |
Derivative Instruments (Current
Derivative Instruments (Current Period Cash Flow Hedges in AOCI (loss) before Taxes) (Details) - Cash Flow Hedging [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative, Amount of Hedged Item | $ (206) | $ (40) | $ (206) | $ (40) | $ (81) | $ (22) | $ (71) | $ (49) |
Investment Income [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 2 | 0 | 2 | 0 | ||||
Interest Expense [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 1 | 2 | 2 | 4 | ||||
Other Comprehensive Income (Loss) [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (128) | $ 29 | $ (188) | $ 5 |
Derivative Instruments (Cash Fl
Derivative Instruments (Cash Flow Hedges) (Details) - Cash Flow Hedging [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Investment Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (2) | $ 0 | $ (2) | $ 0 |
Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (1) | (2) | (2) | (4) |
Other Comprehensive Income (Loss) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 128 | (29) | 188 | (5) |
Interest Rate Swap [Member] | Investment Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | 0 | 0 |
Interest Rate Swap [Member] | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (1) | (2) | (2) | (4) |
Interest Rate Swap [Member] | Other Comprehensive Income (Loss) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (106) | 29 | (170) | 6 |
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 | (2) | 0 | (2) | 0 |
Currency Swap [Member] | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | 0 | 0 |
Currency Swap [Member] | Other Comprehensive Income (Loss) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (22) | $ 0 | $ (18) | $ (1) |
Derivative Instruments (Hedges
Derivative Instruments (Hedges of Net Investments in Foreign Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Derivatives, Fair Value [Line Items] | ||||
Net Derivatives Gains (Losses) Deferred in AOCI | $ 39 | $ (12) | $ 23 | $ (27) |
Currency Swap [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Net Derivatives Gains (Losses) Deferred in AOCI | 1 | (2) | 1 | (3) |
Foreign Currency Forwards | ||||
Derivatives, Fair Value [Line Items] | ||||
Net Derivatives Gains (Losses) Deferred in AOCI | $ 38 | $ (10) | $ 22 | $ (24) |
Derivative Instruments (Non Hed
Derivative Instruments (Non Hedging Derivatives and Embedded Derivatives Effect on Income Statement) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Affect Of Non Hedging Derivatives [Line Items] | ||||
Total investment related gains (losses), net | $ (254) | $ 112 | $ (380) | $ 414 |
Policy acquisition costs and other insurance expenses | (393) | (339) | (748) | (672) |
Interest credited | 138 | 218 | 279 | 364 |
Other revenues | 157 | 168 | 248 | 259 |
Gain Loss On Investments Related To Change In Fair Value Of Derivatives Excluding Embedded Derivatives | (114) | 30 | (204) | (21) |
Not Designated as Hedging Instrument | ||||
Income Affect Of Non Hedging Derivatives [Line Items] | ||||
Total investment related gains (losses), net | (138) | 16 | (211) | 47 |
Not Designated as Hedging Instrument | Interest Rate Swaption | ||||
Income Affect Of Non Hedging Derivatives [Line Items] | ||||
Total investment related gains (losses), net | (6) | 0 | (6) | 0 |
Not Designated as Hedging Instrument | Interest Rate Swap [Member] | ||||
Income Affect Of Non Hedging Derivatives [Line Items] | ||||
Total investment related gains (losses), net | (44) | 33 | (96) | (37) |
Not Designated as Hedging Instrument | Financial Futures | ||||
Income Affect Of Non Hedging Derivatives [Line Items] | ||||
Total investment related gains (losses), net | 24 | (9) | 31 | (19) |
Not Designated as Hedging Instrument | Currency Swap [Member] | ||||
Income Affect Of Non Hedging Derivatives [Line Items] | ||||
Total investment related gains (losses), net | 11 | 3 | 18 | 12 |
Not Designated as Hedging Instrument | Foreign Currency Forwards | ||||
Income Affect Of Non Hedging Derivatives [Line Items] | ||||
Total investment related gains (losses), net | (76) | (1) | (99) | (9) |
Not Designated as Hedging Instrument | Consumer Price Index Swap [Member] | ||||
Income Affect Of Non Hedging Derivatives [Line Items] | ||||
Total investment related gains (losses), net | (11) | 3 | 18 | 21 |
Not Designated as Hedging Instrument | Credit Default Swaps | ||||
Income Affect Of Non Hedging Derivatives [Line Items] | ||||
Total investment related gains (losses), net | (33) | 12 | (91) | 32 |
Not Designated as Hedging Instrument | Equity Options | ||||
Income Affect Of Non Hedging Derivatives [Line Items] | ||||
Total investment related gains (losses), net | 21 | (11) | 21 | (21) |
Not Designated as Hedging Instrument | Embedded Derivatives In Modified Coinsurance Or Funds Withheld Arrangements | ||||
Income Affect Of Non Hedging Derivatives [Line Items] | ||||
Total investment related gains (losses), net | (56) | 16 | (89) | 66 |
Not Designated as Hedging Instrument | Embedded Derivatives In Indexed Annuity [Member] | ||||
Income Affect Of Non Hedging Derivatives [Line Items] | ||||
Policyholder Account Balance, Interest Credited | 13 | |||
Interest credited | 44 | 80 | 1 | |
Not Designated as Hedging Instrument | Embedded Derivatives In Variable Annuity [Member] | ||||
Income Affect Of Non Hedging Derivatives [Line Items] | ||||
Total investment related gains (losses), net | $ (12) | $ (17) | $ 2 | $ 1 |
Derivative Instruments (Exposur
Derivative Instruments (Exposure from Credit Derivatives by Rating of the Underlying Credits) (Details) - USD ($) $ in Millions | 6 Months Ended | 9 Months Ended | ||||
Jun. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | ||||
Credit Derivatives [Line Items] | ||||||
Credit Derivative Current Fair Value | [1] | $ (26) | $ 28 | |||
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 1,675 | 1,321 | |||
Derivative Average Remaining Maturity | [1],[3] | 9 years 3 months 18 days | 9 years | |||
Standard Poors AAA To A Minus Ratings [Member] | Single Name Credit Default Swaps [Member] | ||||||
Credit Derivatives [Line Items] | ||||||
Credit Derivative Current Fair Value | [1] | $ (23) | 28 | |||
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 477 | 600 | |||
Derivative Average Remaining Maturity | [1],[3] | 17 years 2 months 12 days | 14 years 2 months 12 days | |||
Standard Poors AAA To A Minus Ratings [Member] | Credit Default Subtotal [Member] | ||||||
Credit Derivatives [Line Items] | ||||||
Credit Derivative Current Fair Value | [1] | $ (23) | 28 | |||
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 477 | 600 | |||
Derivative Average Remaining Maturity | [1],[3] | 17 years 2 months 12 days | 14 years 2 months 12 days | |||
Standard Poors BBB Rating [Member] | Single Name Credit Default Swaps [Member] | ||||||
Credit Derivatives [Line Items] | ||||||
Credit Derivative Current Fair Value | [1] | $ 0 | 1 | |||
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 158 | 141 | |||
Derivative Average Remaining Maturity | [1],[3] | 3 years 8 months 12 days | 2 years 4 months 24 days | |||
Standard Poors BBB Rating [Member] | Credit Default Swaps Referencing Indices [Member] | ||||||
Credit Derivatives [Line Items] | ||||||
Credit Derivative Current Fair Value | [1] | $ (1) | 0 | |||
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 1,015 | 565 | |||
Derivative Average Remaining Maturity | [1],[3] | 6 years 7 months 6 days | 5 years 1 month 6 days | |||
Standard Poors BBB Rating [Member] | Credit Default Subtotal [Member] | ||||||
Credit Derivatives [Line Items] | ||||||
Credit Derivative Current Fair Value | [1] | $ (1) | 1 | |||
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 1,173 | 706 | |||
Derivative Average Remaining Maturity | [1],[3] | 6 years 2 months 12 days | 4 years 7 months 6 days | |||
Standard & Poor's, BB Rating [Member] | ||||||
Credit Derivatives [Line Items] | ||||||
Derivative Average Remaining Maturity | [1] | 3 years 8 months 12 days | [3] | 3 years 6 months | [2] | |
Standard & Poor's, BB Rating [Member] | Single Name Credit Default Swaps [Member] | ||||||
Credit Derivatives [Line Items] | ||||||
Credit Derivative Current Fair Value | [1] | $ (2) | (1) | |||
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | 25 | 15 | |||
Standard & Poor's, BB Rating [Member] | Credit Default Subtotal [Member] | ||||||
Credit Derivatives [Line Items] | ||||||
Credit Derivative Current Fair Value | [1] | (2) | (1) | |||
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 25 | $ 15 | |||
[1]The rating agency designations are based on ratings from Standard and Poor’s (“S&P”).[2]Assumes the value of the referenced credit obligations is zero.[3]The weighted average years to maturity of the credit default swaps is calculated based on weighted average notional amounts. |
Derivative Instruments (Derivat
Derivative Instruments (Derivative Instruments Offsetting Balance Sheet) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | |
Derivative Assets [Abstract] | |||
Derivative Fair Value Of Free Standing Derivative Asset | $ 148 | $ 194 | |
Gross Amounts Offset in the Balance Sheet | (33) | (19) | |
Net Amounts Presented in the Balance Sheet | 115 | 175 | |
Derivative Asset, Fair Value of Collateral | [1] | (115) | (175) |
Net Amount | 0 | 0 | |
Derivative Liabilities [Abstract] | |||
Derivative Fair Value Of Free Standing Derivative Liability | 299 | 58 | |
Gross Amounts Offset in the Balance Sheet | (33) | (19) | |
Net Amounts Presented in the Balance Sheet | 266 | 39 | |
Gross Amounts Not Offset in the Balance Sheet - Financial Instruments | [1] | (266) | (39) |
Net Amount | $ 0 | $ 0 | |
[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 | 6 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2021 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Document Period End Date | Jun. 30, 2022 | ||
Credit Risk Derivative Liabilities, at Fair Value | $ 15 | ||
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | 1,675 | $ 1,321 |
Cumulative Foreign Currency Translation Gain Loss Recorded In Accumulated Other Comprehensive Income Loss For Terminated Net Investment In Foreign Operations Hedges | 160 | $ 137 | |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 4 | ||
[1]Assumes the value of the referenced credit obligations is zero.[2]The rating agency designations are based on ratings from Standard and Poor’s (“S&P”). |
Fair Value of Assets and Liab_3
Fair Value of Assets and Liabilities (Balances of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | ||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | $ 53,294 | $ 60,749 | ||
Equity Method Investments, Fair Value Disclosure | 127 | 151 | ||
Funds withheld at interest embedded derivatives | (174) | 104 | ||
Cash and cash equivalents | 1,156 | 1,138 | ||
Short-term investments | 234 | 64 | ||
Derivative Assets (Liabilities), at Fair Value, Net | 175 | |||
Investments, Fair Value Disclosure | 148 | [1] | 227 | [2] |
Assets, Fair Value Disclosure | 54,847 | 62,516 | ||
Fair Value Measured On Recurring Basis Guaranteed Interest Contracts Embedded Derivatives | 744 | 855 | ||
Funds Held under Reinsurance Agreements, Liability | (250) | (61) | ||
Liabilities Fair Value Disclosure | ||||
Other liabilities | (39) | |||
Financial Liabilities Fair Value Disclosure | 760 | 833 | ||
Fair Value, Net Asset (Liability) | 620 | 581 | ||
Funds Held Under Reinsurance Agreements, Asset Fair Value Disclosure | 62 | 83 | ||
Other | ||||
Assets Fair Value Disclosure | ||||
Investments, Fair Value Disclosure | 33 | |||
Interest Rate Swap [Member] | ||||
Assets Fair Value Disclosure | ||||
Investments, Fair Value Disclosure | 115 | |||
Liabilities Fair Value Disclosure | ||||
Other liabilities | (266) | |||
Fair Value Option Contractholder Directed Unit Linked Investments [Member] | ||||
Assets Fair Value Disclosure | ||||
Investments, Fair Value Disclosure | 52 | |||
Corporate Debt Securities [Member] | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 34,374 | 38,103 | ||
Canadian and Canadian provincial governments | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 3,809 | 4,944 | ||
Residential mortgage-backed securities | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 950 | 1,050 | ||
Asset-backed securities | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 3,782 | 4,005 | ||
Assets, Fair Value Disclosure | 233 | 205 | ||
Commercial Mortgage Backed Securities [Member] | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 1,735 | 1,849 | ||
US Government Agencies Debt Securities [Member] | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 962 | 2,105 | ||
Assets, Fair Value Disclosure | 10 | 12 | ||
US States and Political Subdivisions Debt Securities [Member] | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 1,116 | 1,323 | ||
Debt Security, Government, Non-US [Member] | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 6,566 | 7,370 | ||
Fair Value Inputs Level 1 Member | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 862 | 1,993 | ||
Equity Method Investments, Fair Value Disclosure | 80 | 101 | ||
Funds withheld at interest embedded derivatives | 0 | 0 | ||
Cash and cash equivalents | 1,156 | 1,138 | ||
Short-term investments | 171 | 0 | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |||
Investments, Fair Value Disclosure | 0 | [1] | 0 | [2] |
Assets, Fair Value Disclosure | 2,269 | 3,232 | ||
Fair Value Measured On Recurring Basis Guaranteed Interest Contracts Embedded Derivatives | 0 | 0 | ||
Funds Held under Reinsurance Agreements, Liability | 0 | 0 | ||
Liabilities Fair Value Disclosure | ||||
Other liabilities | 0 | |||
Financial Liabilities Fair Value Disclosure | 0 | 0 | ||
Funds Held Under Reinsurance Agreements, Asset Fair Value Disclosure | 0 | 0 | ||
Fair Value Inputs Level 1 Member | Other | ||||
Assets Fair Value Disclosure | ||||
Investments, Fair Value Disclosure | 0 | |||
Fair Value Inputs Level 1 Member | Interest Rate Swap [Member] | ||||
Assets Fair Value Disclosure | ||||
Investments, Fair Value Disclosure | 0 | |||
Liabilities Fair Value Disclosure | ||||
Other liabilities | 0 | |||
Fair Value Inputs Level 1 Member | Fair Value Option Contractholder Directed Unit Linked Investments [Member] | ||||
Assets Fair Value Disclosure | ||||
Investments, Fair Value Disclosure | 0 | |||
Fair Value Inputs Level 1 Member | Corporate Debt Securities [Member] | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 0 | 0 | ||
Fair Value Inputs Level 1 Member | Canadian and Canadian provincial governments | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 0 | 0 | ||
Fair Value Inputs Level 1 Member | Residential mortgage-backed securities | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 0 | 0 | ||
Fair Value Inputs Level 1 Member | Asset-backed securities | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 0 | 0 | ||
Fair Value Inputs Level 1 Member | Commercial Mortgage Backed Securities [Member] | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 0 | 0 | ||
Fair Value Inputs Level 1 Member | US Government Agencies Debt Securities [Member] | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 862 | 1,993 | ||
Fair Value Inputs Level 1 Member | US States and Political Subdivisions Debt Securities [Member] | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 0 | 0 | ||
Fair Value Inputs Level 1 Member | Debt Security, Government, Non-US [Member] | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 0 | 0 | ||
Fair Value Inputs Level 2 Member | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 46,868 | 53,611 | ||
Equity Method Investments, Fair Value Disclosure | 0 | 0 | ||
Funds withheld at interest embedded derivatives | 0 | 0 | ||
Cash and cash equivalents | 0 | 0 | ||
Short-term investments | 42 | 36 | ||
Derivative Assets (Liabilities), at Fair Value, Net | 175 | |||
Investments, Fair Value Disclosure | 148 | [1] | 227 | [2] |
Assets, Fair Value Disclosure | 47,058 | 53,874 | ||
Fair Value Measured On Recurring Basis Guaranteed Interest Contracts Embedded Derivatives | 0 | 0 | ||
Funds Held under Reinsurance Agreements, Liability | 0 | 0 | ||
Liabilities Fair Value Disclosure | ||||
Other liabilities | (39) | |||
Financial Liabilities Fair Value Disclosure | 266 | 39 | ||
Funds Held Under Reinsurance Agreements, Asset Fair Value Disclosure | 0 | 0 | ||
Fair Value Inputs Level 2 Member | Other | ||||
Assets Fair Value Disclosure | ||||
Investments, Fair Value Disclosure | 33 | |||
Fair Value Inputs Level 2 Member | Interest Rate Swap [Member] | ||||
Assets Fair Value Disclosure | ||||
Investments, Fair Value Disclosure | 115 | |||
Liabilities Fair Value Disclosure | ||||
Other liabilities | (266) | |||
Fair Value Inputs Level 2 Member | Fair Value Option Contractholder Directed Unit Linked Investments [Member] | ||||
Assets Fair Value Disclosure | ||||
Investments, Fair Value Disclosure | 52 | |||
Fair Value Inputs Level 2 Member | Corporate Debt Securities [Member] | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 30,136 | 34,215 | ||
Fair Value Inputs Level 2 Member | Canadian and Canadian provincial governments | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 3,809 | 4,944 | ||
Fair Value Inputs Level 2 Member | Residential mortgage-backed securities | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 944 | 1,049 | ||
Fair Value Inputs Level 2 Member | Asset-backed securities | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 2,624 | 2,908 | ||
Fair Value Inputs Level 2 Member | Commercial Mortgage Backed Securities [Member] | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 1,652 | 1,768 | ||
Fair Value Inputs Level 2 Member | US Government Agencies Debt Securities [Member] | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 90 | 100 | ||
Fair Value Inputs Level 2 Member | US States and Political Subdivisions Debt Securities [Member] | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 1,083 | 1,290 | ||
Fair Value Inputs Level 2 Member | Debt Security, Government, Non-US [Member] | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 6,530 | 7,337 | ||
Fair Value Inputs Level 3 Member | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 5,564 | 5,145 | ||
Equity Method Investments, Fair Value Disclosure | 47 | 50 | ||
Funds withheld at interest embedded derivatives | (174) | 104 | ||
Cash and cash equivalents | 0 | 0 | ||
Short-term investments | 21 | 28 | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |||
Investments, Fair Value Disclosure | 0 | [1] | 0 | [2] |
Assets, Fair Value Disclosure | 5,520 | 5,410 | ||
Fair Value Measured On Recurring Basis Guaranteed Interest Contracts Embedded Derivatives | 744 | 855 | ||
Funds Held under Reinsurance Agreements, Liability | (250) | (61) | ||
Liabilities Fair Value Disclosure | ||||
Other liabilities | 0 | |||
Financial Liabilities Fair Value Disclosure | 494 | 794 | ||
Funds Held Under Reinsurance Agreements, Asset Fair Value Disclosure | 62 | 83 | ||
Fair Value Inputs Level 3 Member | Other | ||||
Assets Fair Value Disclosure | ||||
Investments, Fair Value Disclosure | 0 | |||
Fair Value Inputs Level 3 Member | Interest Rate Swap [Member] | ||||
Assets Fair Value Disclosure | ||||
Investments, Fair Value Disclosure | 0 | |||
Liabilities Fair Value Disclosure | ||||
Other liabilities | 0 | |||
Fair Value Inputs Level 3 Member | Fair Value Option Contractholder Directed Unit Linked Investments [Member] | ||||
Assets Fair Value Disclosure | ||||
Investments, Fair Value Disclosure | 0 | |||
Fair Value Inputs Level 3 Member | Corporate Debt Securities [Member] | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 4,238 | 3,888 | ||
Fair Value Inputs Level 3 Member | Canadian and Canadian provincial governments | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 0 | 0 | ||
Fair Value Inputs Level 3 Member | Residential mortgage-backed securities | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 6 | 1 | ||
Fair Value Inputs Level 3 Member | Asset-backed securities | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 1,158 | 1,097 | ||
Fair Value Inputs Level 3 Member | Commercial Mortgage Backed Securities [Member] | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 83 | 81 | ||
Fair Value Inputs Level 3 Member | US Government Agencies Debt Securities [Member] | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 10 | 12 | ||
Fair Value Inputs Level 3 Member | US States and Political Subdivisions Debt Securities [Member] | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 33 | 33 | ||
Fair Value Inputs Level 3 Member | Debt Security, Government, Non-US [Member] | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | $ 36 | $ 33 | ||
[1]Other invested assets included in the fair value hierarchy exclude limited partnership interests that are measured at estimated fair value using the net asset value (“NAV”) per share (or its equivalent) as a practical expedient. As of June 30, 2022, the fair value of such investments was $620 million.[2]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 | 6 Months Ended | |
Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Document Period End Date | Jun. 30, 2022 | |
Assets, Fair Value Disclosure | $ 54,847 | $ 62,516 |
Corporate Debt Securities [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure | $ 35 | $ 49 |
Corporate Debt Securities [Member] | Weighted Average [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 0.01 | 0.01 |
Corporate Debt Securities [Member] | Maximum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 0.01 | |
Corporate Debt Securities [Member] | Minimum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 0 | |
Asset-backed securities | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure | $ 233 | $ 205 |
Asset-backed securities | Weighted Average [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 0.03 | 0.04 |
Asset-backed securities | Maximum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 0.18 | 0.18 |
Asset-backed securities | Minimum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 0 | 0.02 |
US Government Agencies Debt Securities [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure | $ 10 | $ 12 |
US Government Agencies Debt Securities [Member] | Weighted Average [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 0.01 | 0.01 |
US Government Agencies Debt Securities [Member] | Maximum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 0.01 | 0.01 |
US Government Agencies Debt Securities [Member] | Minimum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 0 | 0 |
Equity securities | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure | $ 6 | $ 5 |
Funds Withheld At Interest Embedded Derivatives [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure | 61 | 182 |
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 | $ 584 | $ 693 |
Embedded Derivatives In Indexed Annuity [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.02 | 0.02 |
Embedded Derivatives In Indexed Annuity [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.04 | 0.04 |
Embedded Derivatives In Indexed Annuity [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.01 | 0.01 |
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 | $ 160 | $ 162 |
Measurement Input, Mortality Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Weighted Average [Member] | Valuation, Income Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0.03 | 0.03 |
Measurement Input, Mortality Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Maximum [Member] | Valuation, Income Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 1 | 1 |
Measurement Input, Mortality Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Minimum [Member] | Valuation, Income Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0 | 0 |
Measurement Input, Mortality Rate [Member] | Embedded Derivatives In Indexed Annuity [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.03 | 0.02 |
Measurement Input, Mortality Rate [Member] | Embedded Derivatives In Indexed Annuity [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 1 | 1 |
Measurement Input, Mortality Rate [Member] | Embedded Derivatives In Indexed Annuity [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0 | 0 |
Measurement Input, Mortality Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.02 | 0.02 |
Measurement Input, Mortality Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 1 | 1 |
Measurement Input, Mortality Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0 | 0 |
Measurement Input, Lapse Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Weighted Average [Member] | Valuation, Income Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0.12 | 0.18 |
Measurement Input, Lapse Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Maximum [Member] | Valuation, Income Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0.35 | 0.35 |
Measurement Input, Lapse Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Minimum [Member] | Valuation, Income Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0 | 0 |
Measurement Input, Lapse Rate [Member] | Embedded Derivatives In Indexed Annuity [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.11 | 0.16 |
Measurement Input, Lapse Rate [Member] | Embedded Derivatives In Indexed Annuity [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.35 | 0.35 |
Measurement Input, Lapse Rate [Member] | Embedded Derivatives In Indexed Annuity [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0 | 0 |
Measurement Input, Lapse Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.04 | 0.04 |
Measurement Input, Lapse Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.25 | 0.25 |
Measurement Input, Lapse Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0 | 0 |
Measurement Input, Withdrawal Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Weighted Average [Member] | Valuation, Income Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0.04 | 0.04 |
Measurement Input, Withdrawal Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Maximum [Member] | Valuation, Income Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0.05 | 0.05 |
Measurement Input, Withdrawal Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Minimum [Member] | Valuation, Income Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0 | 0 |
Measurement Input, Withdrawal Rate [Member] | Embedded Derivatives In Indexed Annuity [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.03 | 0.03 |
Measurement Input, Withdrawal Rate [Member] | Embedded Derivatives In Indexed Annuity [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.05 | 0.05 |
Measurement Input, Withdrawal Rate [Member] | Embedded Derivatives In Indexed Annuity [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0 | 0 |
Measurement Input, Withdrawal Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.06 | 0.05 |
Measurement Input, Withdrawal Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.07 | 0.07 |
Measurement Input, Withdrawal Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0 | 0 |
Measurement Input, Counterparty Credit Risk [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Weighted Average [Member] | Valuation, Income Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0 | 0 |
Measurement Input, Counterparty Credit Risk [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Maximum [Member] | Valuation, Income Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0.05 | 0.05 |
Measurement Input, Counterparty Credit Risk [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Minimum [Member] | Valuation, Income Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0 | 0 |
Measurement Input, Counterparty Credit Risk [Member] | Embedded Derivatives In Variable Annuity [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.01 | 0.01 |
Measurement Input, Counterparty Credit Risk [Member] | Embedded Derivatives In Variable Annuity [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.05 | 0.05 |
Measurement Input, Counterparty Credit Risk [Member] | Embedded Derivatives In Variable Annuity [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0 | 0 |
Measurement Input, Long-term Revenue Growth Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.14 | 0.14 |
Measurement Input, Long-term Revenue Growth Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.27 | 0.27 |
Measurement Input, Long-term Revenue Growth Rate [Member] | Embedded Derivatives In Variable Annuity [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0 | 0 |
Measurement Input Crediting Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Weighted Average [Member] | Valuation, Income Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0.02 | 0.02 |
Measurement Input Crediting Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Maximum [Member] | Valuation, Income Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0.04 | 0.04 |
Measurement Input Crediting Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Minimum [Member] | Valuation, Income Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset, Measurement Input | 0.01 | 0.01 |
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 | 6.5 | 6.4 |
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 | 7 |
Measurement Input, EBITDA Multiple [Member] | Corporate Debt Securities [Member] | Minimum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Instrument, Measurement Input | 5 | 5.2 |
Measurement Input, EBITDA Multiple [Member] | Equity securities | Weighted Average [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity Securities, FV-NI, Measurement Input | 8.5 | 8 |
Measurement Input, EBITDA Multiple [Member] | Equity securities | Maximum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity Securities, FV-NI, Measurement Input | 11.2 | 10.6 |
Measurement Input, EBITDA Multiple [Member] | Equity securities | Minimum [Member] | Valuation, Market Approach [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity Securities, FV-NI, Measurement Input | 6.9 | 6.9 |
Fair Value of Assets and Liab_5
Fair Value of Assets and Liabilities (Changes in Level 3 Assets and Liabilities) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Corporate Debt Securities [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, beginning of period | $ 4,046 | $ 3,101 | $ 3,888 | $ 3,029 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (157) | 49 | (301) | (33) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 571 | 317 | 936 | 540 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | (108) | (19) | (124) | (20) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | (153) | (269) | (179) | (341) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 57 | 25 | 57 | 29 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 14 | 0 | 36 | 0 | |
Fair Value, end of period | 4,238 | 3,208 | 4,238 | 3,208 | |
Corporate Debt Securities [Member] | Investment Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 2 | 2 | 3 | 3 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 1 | 1 | 2 | 2 | |
Corporate Debt Securities [Member] | Interest Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
Corporate Debt Securities [Member] | Investment Related Gains Losses [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (6) | 2 | (6) | 1 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | (8) | 0 | (8) | (1) | |
Corporate Debt Securities [Member] | Other Comprehensive Income (Loss) [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | (157) | 51 | (301) | (31) | |
Debt Security, Government, Non-US [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, beginning of period | 29 | 16 | 33 | 17 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (6) | 0 | (10) | (1) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 0 | 25 | 0 | 25 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | 0 | 0 | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | 0 | 0 | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 13 | 0 | 13 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | 0 | 0 | |
Fair Value, end of period | 36 | 41 | 36 | 41 | |
Debt Security, Government, Non-US [Member] | Investment Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
Debt Security, Government, Non-US [Member] | Interest Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
Debt Security, Government, Non-US [Member] | Investment Related Gains Losses [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
Debt Security, Government, Non-US [Member] | Other Comprehensive Income (Loss) [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | (6) | 0 | (10) | (1) | |
US Government Agencies Debt Securities [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, beginning of period | 44 | 22 | 45 | 23 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (3) | 0 | (4) | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 0 | 0 | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | (1) | 0 | (1) | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | (1) | (1) | (3) | (2) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 4 | 0 | 10 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | 4 | 0 | |
Fair Value, end of period | 43 | 21 | 43 | 21 | |
US Government Agencies Debt Securities [Member] | Investment Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
US Government Agencies Debt Securities [Member] | Interest Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
US Government Agencies Debt Securities [Member] | Investment Related Gains Losses [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
US Government Agencies Debt Securities [Member] | Other Comprehensive Income (Loss) [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | (3) | 0 | (4) | 0 | |
Funds Withheld At Interest Embedded Derivatives [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, beginning of period | 132 | 109 | 165 | 58 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | 0 | 1 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 0 | 0 | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | 0 | 0 | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | 0 | 0 | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | 0 | 0 | |
Fair Value, end of period | 76 | 125 | 76 | 125 | |
Funds Withheld At Interest Embedded Derivatives [Member] | Investment Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
Funds Withheld At Interest Embedded Derivatives [Member] | Interest Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
Funds Withheld At Interest Embedded Derivatives [Member] | Investment Related Gains Losses [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (56) | 16 | (89) | 66 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | (56) | 16 | (89) | 66 | |
Funds Withheld At Interest Embedded Derivatives [Member] | Other Comprehensive Income (Loss) [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | 1 | |
Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Sales | [1] | 0 | 0 | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | 0 | 0 | 0 | 0 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, beginning of period | 793 | 857 | 855 | 907 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases | [1] | 0 | (13) | (5) | (17) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | [1] | 17 | 20 | 34 | 42 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | 0 | 0 | 0 | 0 | |
Fair Value, end of period | 744 | 880 | 744 | 880 | |
Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | Investment Income [Member] | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 0 | 0 | 0 | 0 | |
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | Interest Income [Member] | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | (44) | 13 | (80) | (1) | |
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss) | (27) | 33 | (45) | 41 | |
Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | Investment Related Gains Losses [Member] | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 12 | 17 | (2) | (1) | |
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss) | 13 | 19 | 1 | 3 | |
Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | Other Comprehensive Income (Loss) [Member] | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
Equity securities | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, beginning of period | 48 | 54 | 50 | 53 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 4 | 0 | 4 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | 0 | (1) | (1) | (1) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | 0 | 0 | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | 0 | 0 | |
Fair Value, end of period | 47 | 63 | 47 | 63 | |
Equity securities | Investment Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
Equity securities | Interest Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
Equity securities | Investment Related Gains Losses [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (5) | 10 | (6) | 11 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | (5) | 9 | (6) | 10 | |
Equity securities | Other Comprehensive Income (Loss) [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
Short-term Investments [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, beginning of period | 48 | 11 | 28 | 15 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (1) | 0 | (1) | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 1 | 0 | 21 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | 0 | 0 | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | (28) | (10) | (28) | (10) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 1 | 0 | 5 | |
Fair Value, end of period | 21 | 0 | 21 | 0 | |
Short-term Investments [Member] | Investment Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
Short-term Investments [Member] | Interest Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
Short-term Investments [Member] | Investment Related Gains Losses [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 1 | 0 | 1 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
Short-term Investments [Member] | Other Comprehensive Income (Loss) [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
Structured Finance [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, beginning of period | 1,121 | 388 | 1,179 | 254 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (73) | 5 | (145) | 4 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 207 | 262 | 302 | 428 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | 0 | (2) | (51) | (2) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | (21) | (24) | (59) | (85) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 32 | 24 | 45 | 54 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 19 | 0 | 19 | 0 | |
Fair Value, end of period | 1,247 | 653 | 1,247 | 653 | |
Structured Finance [Member] | Investment Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
Structured Finance [Member] | Interest Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | 0 | |
Structured Finance [Member] | Investment Related Gains Losses [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | (5) | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | (5) | 0 | |
Structured Finance [Member] | Other Comprehensive Income (Loss) [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | (73) | 5 | (144) | 4 | |
Other Assets | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, beginning of period | 75 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (5) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 2 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | (5) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | ||||
Fair Value, end of period | 62 | 62 | |||
Other Assets | Investment Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (5) | ||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | (5) | ||||
Other Assets | Interest Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | ||||
Other Assets | Investment Related Gains Losses [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | ||||
Other Assets | Other Comprehensive Income (Loss) [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | (5) | ||||
Funds withheld at interest | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, beginning of period | 67 | 83 | 56 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | (7) | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 16 | 3 | 32 | |
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] | (1) | (7) | (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 | 0 | 0 | 0 | ||
Fair Value, end of period | $ 62 | 81 | 62 | 81 | |
Funds withheld at interest | Investment Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (1) | (10) | (6) | ||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | (1) | (10) | (6) | ||
Funds withheld at interest | Interest Income [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | 0 | ||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | 0 | ||
Funds withheld at interest | Investment Related Gains Losses [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | 0 | ||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | |||
Funds withheld at interest | Other Comprehensive Income (Loss) [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | $ 0 | $ (7) | $ 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. |
Fair Value of Assets and Liab_6
Fair Value of Assets and Liabilities (Financial Instruments where Carrying Amounts and Fair Values May Differ) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Assets | |||||
Mortgage loans on real estate (net of valuation allowances) | $ 6,544 | $ 6,283 | |||
Policy loans | 1,218 | 1,234 | |||
Funds withheld at interest | 6,393 | 6,954 | |||
Cash and cash equivalents | 2,556 | 2,948 | $ 3,408 | ||
Short-term investments | 272 | 87 | |||
Other invested assets | 3,110 | 3,070 | |||
Accrued investment income | 572 | 533 | |||
Liabilities | |||||
Interest-sensitive contract liabilities | 29,023 | 26,377 | |||
Other liabilities | 2,899 | 2,663 | |||
Long-term debt | 3,667 | 3,667 | |||
Reported Value Measurement [Member] | |||||
Assets | |||||
Mortgage loans on real estate (net of valuation allowances) | [1] | 6,544 | 6,283 | ||
Policy loans | [1] | 1,218 | 1,234 | ||
Funds withheld at interest | [1] | 6,519 | 6,747 | ||
Cash and cash equivalents | [1] | 1,400 | 1,810 | ||
Short-term investments | [1] | 38 | 23 | ||
Other invested assets | [1] | 924 | 910 | ||
Accrued investment income | [1] | 572 | 533 | ||
Liabilities | |||||
Interest-sensitive contract liabilities | [1] | 21,836 | 18,625 | ||
Other liabilities | [1] | 1,610 | 1,658 | ||
Long-term debt | [1] | 3,667 | 3,667 | ||
Collateral finance and securitization notes | 152 | [1] | 180 | ||
Estimate of Fair Value Measurement [Member] | |||||
Assets | |||||
Mortgage loans on real estate (net of valuation allowances) | 6,051 | 6,580 | |||
Policy loans | 1,218 | 1,234 | |||
Funds withheld at interest | 6,335 | 7,075 | |||
Cash and cash equivalents | 1,400 | 1,810 | |||
Short-term investments | 38 | 23 | |||
Other invested assets | 805 | 907 | |||
Accrued investment income | 572 | 533 | |||
Liabilities | |||||
Interest-sensitive contract liabilities | 21,399 | 19,540 | |||
Other liabilities | 1,417 | 1,657 | |||
Long-term Debt, Fair Value | 3,463 | 3,886 | |||
Collateral finance and securitization notes | 129 | 153 | |||
Estimate of Fair Value Measurement [Member] | Fair Value Inputs Level 1 Member | |||||
Assets | |||||
Mortgage loans on real estate (net of valuation allowances) | 0 | 0 | |||
Policy loans | 0 | 0 | |||
Funds withheld at interest | 0 | 0 | |||
Cash and cash equivalents | 1,400 | 1,810 | |||
Short-term investments | 38 | 23 | |||
Other invested assets | 5 | 6 | |||
Accrued investment income | 0 | 0 | |||
Liabilities | |||||
Interest-sensitive contract liabilities | 0 | 0 | |||
Other liabilities | 0 | ||||
Long-term Debt, Fair Value | 0 | 0 | |||
Collateral finance and securitization notes | 0 | 0 | |||
Estimate of Fair Value Measurement [Member] | Fair Value Inputs Level 2 Member | |||||
Assets | |||||
Mortgage loans on real estate (net of valuation allowances) | 0 | 0 | |||
Policy loans | 1,218 | 1,234 | |||
Funds withheld at interest | 0 | 0 | |||
Cash and cash equivalents | 0 | 0 | |||
Short-term investments | 0 | 0 | |||
Other invested assets | 60 | 70 | |||
Accrued investment income | 572 | 533 | |||
Liabilities | |||||
Interest-sensitive contract liabilities | 0 | 0 | |||
Other liabilities | 0 | ||||
Long-term Debt, Fair Value | 0 | 0 | |||
Collateral finance and securitization notes | 0 | 0 | |||
Estimate of Fair Value Measurement [Member] | Fair Value Inputs Level 3 Member | |||||
Assets | |||||
Mortgage loans on real estate (net of valuation allowances) | 6,051 | 6,580 | |||
Policy loans | 0 | 0 | |||
Funds withheld at interest | 6,335 | 7,075 | |||
Cash and cash equivalents | 0 | 0 | |||
Short-term investments | 0 | 0 | |||
Other invested assets | 740 | 831 | |||
Accrued investment income | 0 | 0 | |||
Liabilities | |||||
Interest-sensitive contract liabilities | 21,399 | 19,540 | |||
Other liabilities | 1,417 | 1,657 | |||
Long-term Debt, Fair Value | 3,463 | 3,886 | |||
Collateral finance and securitization notes | $ 129 | $ 153 | |||
[1]Carrying values presented herein may differ from those in the Company’s condensed consolidated balance sheets because certain items within the respective financial statement captions may be measured at fair value on a recurring basis. |
Segment Information (Total Reve
Segment Information (Total Revenues of Reportable Segments) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | $ 3,887 | $ 4,137 | $ 7,817 | $ 8,256 |
Corporate and Other [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 37 | 141 | 94 | 582 |
Other Segments | Americas [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 2,146 | 2,249 | 4,265 | 4,204 |
Other Segments | CANADA | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 394 | 392 | 781 | 761 |
Other Segments | EMEA [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 581 | 598 | 1,239 | 1,201 |
Other Segments | Asia Pacific [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 729 | 757 | 1,438 | 1,508 |
Life Insurance Product Line [Member] | Other Segments | Americas [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 1,868 | 1,816 | 3,735 | 3,453 |
Life Insurance Product Line [Member] | Other Segments | CANADA | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 367 | 366 | 729 | 709 |
Life Insurance Product Line [Member] | Other Segments | EMEA [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 447 | 459 | 923 | 916 |
Life Insurance Product Line [Member] | Other Segments | Asia Pacific [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 686 | 653 | 1,374 | 1,300 |
Nontraditional Long-Duration Contracts [Member] | Other Segments | Americas [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 278 | 433 | 530 | 751 |
Nontraditional Long-Duration Contracts [Member] | Other Segments | CANADA | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 27 | 26 | 52 | 52 |
Nontraditional Long-Duration Contracts [Member] | Other Segments | EMEA [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 134 | 139 | 316 | 285 |
Nontraditional Long-Duration Contracts [Member] | Other Segments | Asia Pacific [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | $ 43 | $ 104 | $ 64 | $ 208 |
Segment Information (Income Los
Segment Information (Income Loss Before Provision for Income Tax of Reportable Segments) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income before income taxes | $ 254 | $ 482 | $ 194 | $ 668 |
Corporate and Other [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income before income taxes | (63) | 35 | (94) | 385 |
Other Segments | Americas [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income before income taxes | 270 | 321 | 148 | 66 |
Other Segments | CANADA | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income before income taxes | 20 | 36 | 39 | 66 |
Other Segments | EMEA [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income before income taxes | 35 | 71 | 114 | 63 |
Other Segments | Asia Pacific [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income before income taxes | (8) | 19 | (13) | 88 |
Life Insurance Product Line [Member] | Other Segments | Americas [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income before income taxes | 209 | 135 | 43 | (203) |
Life Insurance Product Line [Member] | Other Segments | CANADA | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income before income taxes | 16 | 32 | 22 | 56 |
Life Insurance Product Line [Member] | Other Segments | EMEA [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income before income taxes | 2 | (12) | (4) | (80) |
Life Insurance Product Line [Member] | Other Segments | Asia Pacific [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income before income taxes | 58 | (12) | 109 | 29 |
Nontraditional Long-Duration Contracts [Member] | Other Segments | Americas [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income before income taxes | 61 | 186 | 105 | 269 |
Nontraditional Long-Duration Contracts [Member] | Other Segments | CANADA | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income before income taxes | 4 | 4 | 17 | 10 |
Nontraditional Long-Duration Contracts [Member] | Other Segments | EMEA [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income before income taxes | 33 | 83 | 118 | 143 |
Nontraditional Long-Duration Contracts [Member] | Other Segments | Asia Pacific [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income before income taxes | $ (66) | $ 31 | $ (122) | $ 59 |
Segment Information (Total Asse
Segment Information (Total Assets of Reportable Segments) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 84,609 | $ 92,175 |
Corporate and Other [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 3,331 | 7,905 |
Other Segments | Americas [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 47,709 | 49,600 |
Other Segments | CANADA | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 5,060 | 5,109 |
Other Segments | EMEA [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 9,819 | 11,835 |
Other Segments | Asia Pacific [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 18,690 | 17,726 |
Life Insurance Product Line [Member] | Other Segments | Americas [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 21,508 | 20,572 |
Life Insurance Product Line [Member] | Other Segments | CANADA | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 5,026 | 5,091 |
Life Insurance Product Line [Member] | Other Segments | EMEA [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 4,506 | 4,670 |
Life Insurance Product Line [Member] | Other Segments | Asia Pacific [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 9,196 | 10,048 |
Nontraditional Long-Duration Contracts [Member] | Other Segments | Americas [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 26,201 | 29,028 |
Nontraditional Long-Duration Contracts [Member] | Other Segments | CANADA | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 34 | 18 |
Nontraditional Long-Duration Contracts [Member] | Other Segments | EMEA [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 5,313 | 7,165 |
Nontraditional Long-Duration Contracts [Member] | Other Segments | Asia Pacific [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 9,494 | $ 7,678 |
Commitments, Contingencies an_3
Commitments, Contingencies and Guarantees (Commitments to Fund Investments) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Limited Partner [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $ 1,030 | $ 1,031 |
Commercial Loan [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 102 | 152 |
Bank Loans [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 786 | 768 |
Equity Release Mortgages [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $ 96 | $ 41 |
Commitments, Contingencies an_4
Commitments, Contingencies and Guarantees (Maximum Potential Obligation) (Details) $ in Millions | Jun. 30, 2022 USD ($) |
2034 | |
Other Commitments [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 1,243 |
2035 | |
Other Commitments [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 2,660 |
2036 | |
Other Commitments [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 3,599 |
2037 | |
Other Commitments [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 6,850 |
2038 | |
Other Commitments [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 2,300 |
2039 | |
Other Commitments [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 7,350 |
2046 | |
Other Commitments [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 3,000 |
Commitments, Contingencies an_5
Commitments, Contingencies and Guarantees (Guarantees Issued) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Treaty guarantees | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Current Carrying Value | $ 1,946 | $ 2,208 |
Treaty guarantees, net of assets in trust | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Current Carrying Value | 1,139 | 1,281 |
Securities borrowing and repurchase arrangements | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Current Carrying Value | $ 170 | $ 134 |
Commitments, Contingencies an_6
Commitments, Contingencies and Guarantees (Narrative) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Commitments and Contingencies Disclosure [Abstract] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | $ 1,200 | $ 1,400 |
Other Notes Payable | $ 900 | $ 500 |
Income Tax (Provision for Incom
Income Tax (Provision for Income Tax Expense) (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Effective Income Tax Rate Reconciliation, Percent | 22.10% | 28.50% | 30.10% | 27.60% |
Employee Benefit Plans (Defined
Employee Benefit Plans (Defined Benefit Plans Disclosure) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 4 | $ 5 | $ 8 | $ 9 |
Interest cost | 2 | 1 | 3 | 2 |
Expected return on plan assets | (3) | (3) | (6) | (5) |
Amortization of prior service cost | 0 | 0 | 0 | 0 |
Amortization of prior actuarial loss | 1 | 2 | 2 | 3 |
Total | 4 | 5 | 7 | 9 |
Other Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0 | 1 | 1 | 2 |
Interest cost | 1 | 1 | 1 | 1 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service cost | (1) | (1) | (1) | (1) |
Amortization of prior actuarial loss | 1 | 1 | 1 | 1 |
Total | $ 1 | $ 2 | $ 2 | $ 3 |
Reinsurance (Ceded Reinsurance
Reinsurance (Ceded Reinsurance Receivable Assets) (Details) - USD ($) $ in Millions | 6 Months Ended | 9 Months Ended | |
Jun. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Ceded Credit Risk [Line Items] | |||
Reinsurance ceded receivables and other | $ 2,558 | $ 2,580 | |
Reinsurer Concentration Risk | Reinsurance Recoverable Including Reinsurance Premium Paid | |||
Ceded Credit Risk [Line Items] | |||
Reinsurance ceded receivables and other | $ 2,558 | 2,580 | |
Reinsurer Concentration Risk | 100% | 100% | |
Other Reinsurers [Member] | Reinsurer Concentration Risk | Reinsurance Recoverable Including Reinsurance Premium Paid | |||
Ceded Credit Risk [Line Items] | |||
Reinsurance ceded receivables and other | $ 158 | 174 | |
Reinsurer Concentration Risk | 6.30% | 6.80% | |
AM Best, A+ Rating [Member] | Reinsurer A [Member] | Reinsurer Concentration Risk | Reinsurance Recoverable Including Reinsurance Premium Paid | |||
Ceded Credit Risk [Line Items] | |||
Reinsurance ceded receivables and other | $ 1,611 | 1,626 | |
Reinsurer Concentration Risk | 63% | 63% | |
AM Best, A+ Rating [Member] | Reinsurer B [Member] | Reinsurer Concentration Risk | Reinsurance Recoverable Including Reinsurance Premium Paid | |||
Ceded Credit Risk [Line Items] | |||
Reinsurance ceded receivables and other | $ 431 | 423 | |
Reinsurer Concentration Risk | 16.80% | 16.40% | |
AM Best, A+ Rating [Member] | Reinsurer C [Member] | Reinsurer Concentration Risk | Reinsurance Recoverable Including Reinsurance Premium Paid | |||
Ceded Credit Risk [Line Items] | |||
Reinsurance ceded receivables and other | $ 208 | 212 | |
Reinsurer Concentration Risk | 8.10% | 8.20% | |
AM Best, A+ Rating [Member] | Reinsurer E [Member] | Reinsurer Concentration Risk | Reinsurance Recoverable Including Reinsurance Premium Paid | |||
Ceded Credit Risk [Line Items] | |||
Reinsurance ceded receivables and other | $ 47 | 42 | |
Reinsurer Concentration Risk | 1.80% | 1.60% | |
AM Best, A Rating [Member] | Reinsurer D [Member] | Reinsurer Concentration Risk | Reinsurance Recoverable Including Reinsurance Premium Paid | |||
Ceded Credit Risk [Line Items] | |||
Reinsurance ceded receivables and other | $ 59 | 59 | |
Reinsurer Concentration Risk | 2.30% | 2.30% | |
AM Best, A++ Rating [Member] | Reinsurer F | Reinsurer Concentration Risk | Reinsurance Recoverable Including Reinsurance Premium Paid | |||
Ceded Credit Risk [Line Items] | |||
Reinsurance ceded receivables and other | $ 44 | $ 44 | |
Reinsurer Concentration Risk | 1.70% | 1.70% |
Reinsurance (Narrative) (Detail
Reinsurance (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | 9 Months Ended | |
Jun. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Ceded Credit Risk [Line Items] | |||
Reinsurance Claims Recoverables | $ 215 | $ 203 | |
Claims Recoverable From Retrocessionaires Past Due | $ 10 | $ 10 | |
AM Best, A- Rating [Member] | |||
Ceded Credit Risk [Line Items] | |||
Ceded Credit Risk, Disclosure | “A- (excellent)” | “A- (excellent)” |
Policy Claims and Benefits (Det
Policy Claims and Benefits (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||
Liability for Claims and Claims Adjustment Expense | $ 8,053 | $ 7,556 |
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | (556) | (641) |
Liability For Unpaid Claims And Claims Adjustment Expense Net Of Recoverable | 7,497 | 6,915 |
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims [Abstract] | ||
Current Year Claims and Claims Adjustment Expense | 6,813 | 7,631 |
Prior Year Claims and Claims Adjustment Expense | (114) | (122) |
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims | 6,699 | 7,509 |
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid [Abstract] | ||
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Current Year | (2,009) | (2,747) |
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Prior Years | (4,975) | (4,358) |
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid | (6,984) | (7,105) |
Liability for Unpaid Claims and Claims Adjustment Expense, Interest Accretion | 15 | 20 |
Liability for Unpaid Claims and Claims Adjustment Expense, Foreign Currency Translation Gain (Loss) | (233) | (38) |
Liability for Unpaid Claims and Claims Adjustment Expense, Adjustments | (218) | (18) |
Liability For Unpaid Claims And Claims Adjustment Expense Net Of Recoverable | 6,994 | 7,302 |
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | (573) | (674) |
Liability for Claims and Claims Adjustment Expense | $ 7,567 | $ 7,976 |
New Accounting Standards (Narra
New Accounting Standards (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2022 | Dec. 31, 2021 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 5,929 | $ 5,929 | $ 9,272 | $ 13,014 | ||
Other Comprehensive Income (Loss), Net of Tax | (3,504) | $ 1,039 | (7,201) | $ (1,318) | ||
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Adjusted Balance | Minimum [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,000 | 1,000 | ||||
Other Comprehensive Income (Loss), Net of Tax | 5,100 | |||||
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Adjusted Balance | Maximum [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,300 | 1,300 | ||||
Other Comprehensive Income (Loss), Net of Tax | 7,100 | |||||
Revision of Prior Period, Accounting Standards Update, Adjustment | Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Adjusted Balance | Minimum [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 500 | 500 | ||||
Other Comprehensive Income (Loss), Net of Tax | 3,200 | |||||
Revision of Prior Period, Accounting Standards Update, Adjustment | Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Adjusted Balance | Maximum [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 800 | 800 | ||||
Other Comprehensive Income (Loss), Net of Tax | $ 5,200 |