Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 30, 2023 | |
Cover [Abstract] | ||
Entity Incorporation, State or Country Code | MO | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
Amendment flag | false | |
Entity registrant name | REINSURANCE GROUP OF AMERICA, INCORPORATED | |
Entity central index key | 0000898174 | |
Entity current reporting status | Yes | |
Entity Interactive Data Current | Yes | |
Current fiscal year end date | --12-31 | |
Entity filer category | Large Accelerated Filer | |
Common Shares Outstanding | 66,542,169 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Tax Identification Number | 43-1627032 | |
Document Transition Report | false | |
Entity File Number | 1-11848 |
Document and Entity Informati_2
Document and Entity Information Address | 3 Months Ended |
Mar. 31, 2023 | |
Document Information [Line Items] | |
Entity Address, Address Line One | 16600 Swingley Ridge Road |
Entity Address, City or Town | Chesterfield |
Entity Address, State or Province | MO |
Entity Address, Postal Zip Code | 63017 |
City Area Code | 636 |
Local Phone Number | 736-7000 |
Document and Entity Informati_3
Document and Entity Information Document and Entity Information Entity Listings - NEW YORK STOCK EXCHANGE, INC. [Member] | 3 Months Ended |
Mar. 31, 2023 | |
RGA [Member] | |
Entity Information [Line Items] | |
Title of 12(b) Security | Common Stock, par value $0.01 |
Trading Symbol | RGA |
Security Exchange Name | NYSE |
RZA [Member] | |
Entity Information [Line Items] | |
Title of 12(b) Security | 5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056 |
Trading Symbol | RZB |
Security Exchange Name | NYSE |
RZB [Member] | |
Entity Information [Line Items] | |
Title of 12(b) Security | 7.125% Fixed Rate Subordinated Debentures due 2052 |
Trading Symbol | RZC |
Security Exchange Name | NYSE |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | ||
Assets | ||||
Fixed maturity securities available-for-sale, at fair value (amortized cost of $61,494 and $59,663; allowance for credit losses of $79 and $37) | $ 56,085 | [1] | $ 52,901 | [2] |
Available-for-sale Securities, Equity Securities | 138 | 134 | ||
Mortgage loans (net of allowance for credit losses of $48 and $51) | 6,833 | 6,590 | ||
Policy loans | 1,221 | 1,231 | ||
Funds withheld at interest | 5,976 | 6,003 | ||
Short-term investments | 246 | 154 | ||
Other invested assets | 1,111 | 1,140 | ||
Total investments | 74,015 | 70,480 | ||
Cash and cash equivalents | 3,294 | 2,927 | ||
Accrued investment income | 672 | 630 | ||
Premiums receivable and other reinsurance balances | 3,114 | 3,013 | ||
Reinsurance Recoverables, Including Reinsurance Premium Paid | 2,723 | 2,671 | ||
Deferred policy acquisition costs | 4,257 | 4,128 | ||
Other assets | 1,045 | 1,055 | ||
Total assets | 89,120 | 84,904 | ||
Liabilities and equity | ||||
Future policy benefits | 38,222 | 35,689 | ||
Interest-sensitive contract liabilities | 30,405 | 30,342 | ||
Other policy claims and benefits | 2,558 | 2,480 | ||
Other reinsurance balances | 851 | 725 | ||
Deferred income taxes | 1,446 | 1,383 | ||
Other liabilities | 3,206 | 2,906 | ||
Long-term debt | 4,455 | 3,961 | ||
Total liabilities | 81,404 | 77,733 | ||
Commitments and contingent liabilities (See Note 16) | ||||
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 March 31, 2023 and December 31, 2022 | 1 | 1 | ||
Additional paid-in-capital | 2,506 | 2,502 | ||
Retained earnings | 8,336 | 8,169 | ||
Treasury stock, at cost – 18,770,132 and 18,634,390 shares | (1,756) | (1,720) | ||
Accumulated other comprehensive income (loss) | (1,461) | (1,871) | ||
Total RGA, Inc. stockholders’ equity | 7,626 | 7,081 | ||
Stockholders' Equity Attributable to Noncontrolling Interest | 90 | 90 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 7,716 | 7,171 | ||
Total liabilities and stockholders’ equity | $ 89,120 | $ 84,904 | ||
[1]Excludes limited partnerships that are measured at estimated fair value using the NAV per share (or its equivalent) as a practical expedient. As of March 31, 2023, the fair value of such investments was $726 million.[2]Excludes limited partnerships that are measured at estimated fair value using the NAV per share (or its equivalent) as a practical expedient. As of December 31, 2022, the fair value of such investments was $683 million |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS PARENTHETICAL - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Available for Sale at Fair value - Amortized cost | $ 61,494 | $ 59,663 |
Preferred stock par value (per share) | $ 10,000 | |
Common stock par value (per share) | $ 10,000 | $ 10,000 |
Common stock shares authorized | 140,000,000,000,000 | 140,000,000,000,000 |
Common Stock, Shares, Issued | 85,310,598,000,000 | 85,310,598,000,000 |
Allowance for Loan and Lease Losses, Real Estate | $ 48 | $ 51 |
Financing Receivable, Allowance for Credit Loss | $ 79 | 37 |
Preferred stock shares authorized | 10,000,000,000,000 | |
Real Estate Investments, Joint Ventures | $ 2,405 | 2,327 |
Market Risk Benefit, Net Amount at Risk | $ 261 | $ 247 |
Treasury Stock, Common, Shares | 18,770,132,000,000 | 18,634,390,000,000 |
Preferred stock shares authorized | 10,000,000,000,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues | ||||
Net premiums | $ 3,385 | $ 3,155 | ||
Net investment income | 856 | 810 | ||
Investment related gains (losses), net | (77) | (139) | ||
Other revenues | 87 | 91 | ||
Total revenues | 4,251 | 3,917 | ||
Benefits and expenses | ||||
Claims and other policy benefits | 3,063 | 2,871 | ||
Liability for Future Policy Benefit, Remeasurement Gain (Loss) | (26) | 58 | ||
Market Risk Benefit, Change in Fair Value, Gain (Loss) | 14 | (34) | ||
Interest credited | 215 | 141 | ||
Policy acquisition costs and other insurance expenses | 331 | 344 | ||
Other operating expenses | 250 | 227 | ||
Interest expense | 50 | 42 | ||
Collateral finance and securitization expense | 3 | 1 | ||
Total benefits and expenses | 3,900 | 3,650 | ||
Income before income taxes | 351 | 267 | ||
Provision for income taxes | 98 | 70 | ||
Net income | $ 252 | $ 197 | $ 517 | $ 1,170 |
Earnings per share | ||||
Basic earnings per share | $ 3.77 | $ 2.93 | ||
Diluted earnings per share | $ 3.72 | $ 2.91 | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 253 | $ 197 | 521 | |
Net Income (Loss) Attributable to Noncontrolling Interest | $ 1 | $ 0 | $ 4 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Comprehensive income (loss) | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 253 | $ 197 | $ 521 | |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments | 22 | 22 | ||
Net unrealized investment gains (losses) | 1,103 | (3,790) | ||
OCI, Liability for Future Policy Benefit, Gain (Loss), after Reclassification Adjustment and Tax, Parent | (721) | 3,414 | ||
OCI, Market Risk Benefit, Instrument-Specific Credit Risk, Gain (Loss), after Adjustments and Tax, Parent | 1 | (4) | ||
Total other comprehensive income (loss), net of tax | 410 | (358) | $ (1,371) | $ 409 |
Total comprehensive income (loss) attributable to RGA, Inc. | 662 | (161) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, after Tax | 5 | 0 | ||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 663 | (161) | ||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $ 1 | $ 0 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders Equity - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock, Common |
Net income | $ 1,170 | |||||
Other Comprehensive Income (Loss), Net of Tax | 409 | $ 409 | ||||
Dividends, Common Stock, Cash | (194) | $ (194) | ||||
Treasury Stock, Value, Acquired, Cost Method | (99) | $ 99 | ||||
Stock Issued During Period, Value, Treasury Stock Reissued | (55) | $ (55) | (8) | (8) | ||
Stockholders' Equity Attributable to Parent | 8,180 | $ 1 | 2,461 | 7,871 | (500) | (1,653) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 8,180 | |||||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | |||||
Net income | 197 | |||||
Other Comprehensive Income (Loss), Net of Tax | (358) | (358) | ||||
Dividends, Common Stock, Cash | (49) | (49) | ||||
Treasury Stock, Value, Acquired, Cost Method | (27) | 27 | ||||
Stock Issued During Period, Value, Treasury Stock Reissued | (4) | (4) | (5) | (5) | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 197 | |||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | |||||
Net income | 517 | |||||
Other Comprehensive Income (Loss), Net of Tax | (1,371) | (1,371) | ||||
Dividends, Common Stock, Cash | (205) | (205) | ||||
Treasury Stock, Value, Acquired, Cost Method | (81) | 81 | ||||
Stock Issued During Period, Value, Treasury Stock Reissued | (41) | (41) | (14) | (14) | ||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (4) | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 521 | |||||
Net Income (Loss) Attributable to Noncontrolling Interest | 4 | |||||
Stockholders' Equity Attributable to Parent | 7,947 | 1 | 2,465 | 8,014 | (858) | (1,675) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 8,037 | |||||
Stockholders' Equity Attributable to Noncontrolling Interest | 90 | |||||
Stockholders' Equity Attributable to Parent | 7,081 | 1 | 2,502 | 8,169 | (1,871) | (1,720) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 7,171 | |||||
Stockholders' Equity Attributable to Noncontrolling Interest | 90 | |||||
Net income | 252 | |||||
Other Comprehensive Income (Loss), Net of Tax | 410 | 410 | ||||
Dividends, Common Stock, Cash | (53) | (53) | ||||
Treasury Stock, Value, Acquired, Cost Method | (67) | 67 | ||||
Stock Issued During Period, Value, Treasury Stock Reissued | (3) | (4) | (32) | (31) | ||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (1) | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 253 | |||||
Net Income (Loss) Attributable to Noncontrolling Interest | 1 | |||||
Stockholders' Equity Attributable to Parent | 7,626 | $ 1 | $ 2,506 | $ 8,336 | $ (1,461) | $ (1,756) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 7,716 | |||||
Stockholders' Equity Attributable to Noncontrolling Interest | $ 90 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders Equity Parenthetical - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||
Common Stock, Dividends, Per Share, Declared | $ 0.80 | $ 0.73 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash Flows from Operating Activities: | ||
Net Cash Provided by (Used in) Operating Activities | $ 1,574 | $ 163 |
Cash flows from investing activities | ||
Sales of fixed maturity securities available-for-sale | 1,973 | 2,608 |
Purchases of fixed maturity securities available-for-sale | 241 | 228 |
Proceeds from Sale of Available-for-sale Securities, Equity | 1 | 4 |
Proceeds from Sale and Collection of Mortgage Notes Receivable | 70 | 188 |
Payments to Acquire Available-for-sale Securities | (3,664) | (4,762) |
Payments to Acquire Real Estate and Real Estate Joint Ventures | (119) | (145) |
Payments to Acquire Mortgage Notes Receivable | (323) | (443) |
Payments for (Proceeds from) Short-Term Investments | (90) | (232) |
Purchases of property and equipment | 29 | (58) |
Net cash used in investing activities | (1,705) | (2,235) |
Cash flows from financing activities | ||
Dividends to stockholders | (53) | (49) |
Repayments of Long-term Debt | 0 | (14) |
Increase (Decrease) Cash Collateral from Counterparties | 17 | (6) |
Proceeds from Issuance or Sale of Equity | (67) | (27) |
Purchases of treasury stock | 976 | 2,369 |
Repayments of Annuities and Investment Certificates | (880) | (505) |
Net change in noncontrolling interest | 0 | 90 |
Net cash provided by financing activities | 497 | 1,854 |
Effect of exchange rate changes on cash | 1 | (21) |
Cash and Cash Equivalents, Period Increase (Decrease) | 367 | (239) |
Cash and cash equivalents, beginning of period | 2,948 | |
Cash and cash equivalents, end of period | 3,294 | 2,709 |
Supplemental disclosures of cash flow information | ||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 43 | 33 |
Income Taxes Paid, Net | 29 | 81 |
Transfer to Investments | 109 | 0 |
Payments to Acquire Equity Securities, FV-NI | (2) | 0 |
Proceeds from Issuance of Long-Term Debt | 500 | 0 |
Payments of Debt Issuance Costs | (6) | 0 |
Repayments of Debt | 1 | 1 |
Increase (Decrease) in Deposits | 11 | (3) |
Cash and cash equivalents | 3,294 | |
Proceeds from Real Estate and Real Estate Joint Ventures | 93 | 375 |
Proceeds from Collection of Policy Loans | 10 | 13 |
Increase (Decrease) in Funds Held under Reinsurance Agreements | 81 | (5) |
Payments to Acquire Property, Plant, and Equipment | $ (5) | $ (6) |
Business and Basis of Presentat
Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization 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 2022 Annual Report on Form 10-K filed with the SEC on February 24, 2023 (the “2022 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, 2023. Consolidation These unaudited condensed consolidated financial statements include the accounts of RGA and its subsidiaries and all intercompany accounts and transactions have been eliminated. Entities in which the Company has significant influence over the operating and financing decisions but are not required to be consolidated are reported under the equity method of accounting. Standards Issued and Implemented In the first quarter of 2023, the Company adopted 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, if necessary, with the impact recognized in net income in the period of the change. The liability for future policy benefits includes required adjustments at the cohort level to cap the net premium ratio at 100% and eliminate negative reserves. Upon adoption, an adjustment was recorded 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, an adjustment was recorded to accumulated other comprehensive income (loss) (“AOCI”) as a result of remeasuring in force contract liabilities using the current upper-medium grade fixed income instrument yields as of the date of transition. The adjustment reflects 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 should be amortized on a constant level or straight-line basis over the expected term of the contracts. Upon adoption, an adjustment was recorded to AOCI for the removal of cumulative adjustments to DAC associated with unrealized investment 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 liability’s instrument-specific credit risk, which is recognized in OCI. Upon adoption, an adjustment was recorded to retained earnings for the difference between the fair value and carrying value of the contracts at the transition date, excluding changes in the instrument-specific credit risks, and an adjustment to AOCI for the cumulative effect of changes in the instrument-specific credit risk between contract issue date and transition date. Change in Certain Segment Allocations Investment income for each segment has been adjusted to reflect the impacts of adopting ASU 2018-12 and due to an update to the Company’s internally developed economic capital model. Internal excess capital charges, included in each segment’s policy acquisition costs and other insurance expenses, were also updated as a result of adopting ASU 2018-12 and updates to the Company’s internally developed economic capital model. These changes did not impact the recognition or presentation of investment income or policy acquisition costs and other insurance expenses in the condensed consolidated financial statements. Significant Accounting Polices – Update The Company’s significant accounting policies are discussed in Note 2 – “ Significant Accounting Policies and Pronouncements” of the 2022 Annual Report. The significant accounting policies discussed below have been updated to reflect the impact of adopting ASU 2018-12. Liability for Future Policy Benefits Utilizing the net premium model, a liability for future policy benefits for life and long-term health business is established to meet the estimated future benefits to be paid on assumed life and health reinsurance in force less the present value of estimated future new premiums to be collected. The liability is estimated using the Company’s mortality, morbidity, and persistency assumptions that reflect the Company’s historical experience, industry data, cedant specific experience, and discount rates based on the current yields of upper-medium grade fixed income instruments. These assumptions vary with the characteristics of the reinsurance contract, the year the risk was assumed, age of the insured and other appropriate factors. Liabilities for future benefits for annuities in the payout phase have been established in an amount adequate to meet the estimated future obligations on policies in force using expected mortality, discount rates and other assumptions. These assumptions vary with the characteristics of the plan of insurance, year of issue, age of insured, and other appropriate factors. The mortality assumptions are based on the Company’s historical experience, industry data and cedant specific experience. A deferred profit liability is established when the insurance benefit extends beyond the period in which premiums are collected, and the gross premium exceeds the net premium. The deferred profit liability is amortized in proportion to insurance in force for traditional life insurance and expected future benefits for annuity contracts. The deferred profit liability is included in the liabilities for future policy benefits, and the amortization of the deferred profit liability is recognized as a reduction in claims and other policy benefits. For the purpose of calculating the liability for future policy benefits, the Company’s reinsurance contracts for its Traditional business are grouped into annual cohorts based on the effective date of the reinsurance contract. The annual groupings are further disaggregated based on: • How the reinsurance contracts are priced and managed; • Geographical locations; • Underlying currency of the contract; • Ceding company and other factors. Given the unique risks and highly customized nature of the Company’s financial solutions business, reinsurance contracts for the Financial Solutions business are not aggregated with other contracts for the purpose of calculating the liability for future policy benefits. Each quarter, the Company updates its estimate of cash flows expected over the entire life of a group of contracts using actual historical experience and current future cash flow assumptions. These updated cash flows, discounted using the original contract issuance discount rates, are used to calculate the revised net premium ratio, as of the beginning of the current reporting period. The present value of these updated cash flows is compared to the carrying amount of the liability as of that same date, before updating cash flow assumptions, to determine the current period change in the liability’s estimate. This current period change in the liability is a component of the liability remeasurement gain or loss. In subsequent periods, the revised net premium ratio is used to measure the liability for future policy benefits, subject to future revisions. The Company also reviews actual and anticipated experience compared to the assumptions used to establish the liability for future policy benefits on a quarterly basis. If evidence suggests that the assumptions should be revised, the cumulative effect of the change is reflected in future policy benefits remeasurement (gains) losses in the current period. The Company has elected to lock-in claims expense assumptions at contract inception and those assumptions are not subsequently reviewed or updated. The discount rates used to measure the liability are based on upper-medium grade fixed-income instruments (A rated credit) with similar tenor to the expected liability cash flows. The discount rate assumption is updated quarterly and used to remeasure the liability at the reporting date, with the resulting change reflected in other comprehensive income (loss). For unobservable discount rates, the Company uses estimates consistent with fair value guidance, maximizing the use of relevant, observable market prices and minimizing the use of unobservable inputs. The Company utilizes the discount rate curve at contract inception for purposes of interest accretion and updating the net premium ratio. Interest accretion is recognized in claims and other policy benefits on the condensed consolidated statements of income. The locked-in discount curve at contract inception for contracts entered into after the adoption of ASU 2018-12 (i.e., January 1, 2021 and after) is based on the average upper-medium grade fixed-income instrument yields during the first calendar year of the reinsurance contract. The locked-in discount rates at contract inception for contracts that were effective prior to the adoption of ASU 2018-12 (i.e., prior to January 1, 2021) are the discount rate assumptions used prior to the adoption of ASU 2018-12, which were based on estimates of expected investment yields. Included in the liability for future policy benefits are unpaid claims related to long-duration contracts and an accrual for incurred but not reported losses (“IBNR”). The Company’s IBNR accrual related to long-duration contracts is determined using case-basis estimates and lag studies of past experience. The time lag from the date of the claim or death to when the ceding company reports the claim to the Company can vary significantly by ceding company, business segment and product type, but generally averages around 3 months. Incurred but not reported claims are estimates on an undiscounted basis, using actuarial estimates of historical claims expense, adjusted for current trends and conditions. These estimates are continually reviewed and the ultimate liability may vary significantly from the amount recognized. Claims payable for incurred but not reported losses for long-duration contracts are included in the liability for future policy benefits on the condensed consolidated balance sheets. Prior to the adoption of ASU 2018-12, unpaid claims and IBNR related to long-duration contracts were included in other policy claims and benefits. Upon adoption of ASU 2018-12, the Company revised prior period amounts to conform to the current period’s presentation. See Note 2 – “Impact of New Accounting Standard” for additional information. Interest-Sensitive Contract Liabilities and Policyholder Account Balances Liabilities for future benefits on interest-sensitive life and investment-type contract liabilities are carried at the accumulated contract holder values without reduction for potential surrender or withdrawal charges. The Company reinsures asset-intensive products, including annuities and corporate-owned life insurance. The investment portfolios for these products are segregated for management purposes within the general account of the respective legal entity. The liabilities under asset-intensive insurance contracts or reinsurance contracts reinsured on a coinsurance basis are included in interest-sensitive contract liabilities on the condensed consolidated balance sheets. Asset-intensive contracts principally include individual fixed annuities in the accumulation phase, single premium immediate annuities, with no significant life contingency, equity-indexed annuities, individual variable annuities, corporate-owned life and interest-sensitive whole life insurance contracts. Interest-sensitive contract liabilities are equal to (i) policy account values, which consist of an accumulation of gross premium payments; (ii) credited interest less expenses, mortality charges, and withdrawals; and (iii) fair value adjustments relating to business combinations. Liabilities for immediate annuities are calculated as the present value of the expected cash flows, with the locked-in discount rate determined such that there is no gain or loss at inception. Equity-indexed annuity contracts reinsured by the Company allow the contract holder to elect an interest rate return or an equity market component where interest credited is based on the performance of common stock market indices, such as the S&P 500 Index ® , the Dow Jones Industrial Average, or the NASDAQ. The equity market option is considered an embedded derivative, similar to a call option, which is reflected at fair value on the condensed consolidated balance sheets in interest-sensitive contract liabilities. The fair value of embedded derivatives is computed based on a projection of future equity option costs using a budget methodology, discounted back to the balance sheet date using current market indicators of volatility and interest rates. Changes in the fair value of the embedded derivatives are included as a component of interest credited on the condensed consolidated statements of income (loss). The Company reviews its estimates of actuarial liabilities for interest-sensitive contract liabilities and compares them with its actual experience. Differences between actual experience and the assumptions used in pricing these guarantees and benefits and in the establishment of the related liabilities result in variances in profit and could result in losses. The effects of changes in such estimated liabilities are included in the results of operations in the period in which the changes occur. Market Risk Benefits Market risk benefits are contracts or contract features that both provide protection to the contract holder from other-than-nominal capital market risk and expose the Company to other-than-nominal capital market risk. Market risk benefits are measured at fair value using an option-based valuation model based on current net amounts at risk, market data, Company experience, and other factors. Changes in fair value are recognized in net income each period with the exception of the portion of the change in fair value due to a change in the liability’s instrument-specific credit risk, which is recognized in other comprehensive income. Market risk benefits include the following contract features on certain annuity products that provide minimum guarantees to policyholders: • Guaranteed minimum income benefits (“GMIB”) provide the contract holder, after a specified period of time determined at the time of issuance of the variable annuity contract, with a minimum level of income (annuity) payments. Under the reinsurance treaty, the Company makes a payment to the ceding company equal to the GMIB net amount-at-risk at the time of annuitization. • Guaranteed minimum withdrawal benefits (“GMWB”) guarantee the contract holder a return of their purchase payment via partial withdrawals, even if the account value is reduced to zero, provided that the contract holder’s cumulative withdrawals in a contract year do not exceed a certain limit. The initial guaranteed withdrawal amount is equal to the initial benefit base as defined in the contract (typically, the initial purchase payments plus applicable bonus amounts). • Guaranteed minimum accumulation benefits (“GMAB”) provide the contract holder, after a specified period of time determined at the time of issuance of the variable annuity contract, with a minimum accumulation of their purchase payments even if the account value is reduced to zero. The initial guaranteed accumulation amount is equal to the initial benefit base as defined in the contract (typically, the initial purchase payments plus applicable bonus amounts). • Guaranteed minimum death benefits (“GMDB”) provides the beneficiary a guaranteed minimum amount upon the death of the contract holder, regardless of the account balance. The fair values of the GMIB, GMWB, GMDB and GMAB contract features are reflected in market risk benefits and are calculated based on actuarial and capital market assumptions related to the projected cash flows, including benefits and related contract charges over the lives of the contracts. These projected cash flows incorporate expectations concerning policyholder behavior, such as lapses, withdrawals and benefit selections, and capital market assumptions such as interest rates and equity market volatilities. In measuring the fair value of GMIBs, GMWBs, GMABs and GMDBs, the Company attributes a portion of the fees collected from the policyholder equal to the present value of expected future guaranteed minimum income, withdrawal and accumulation and death benefits (at inception). The changes in fair value are reported in market risk benefits remeasurement (gains) losses. Any additional fees represent “excess” fees and are reported in other revenues. These variable annuity guaranteed living and death benefits may be more costly than expected in volatile or declining equity markets or falling interest rate markets, causing an increase in market risk benefit liabilities. Deferred Policy Acquisition Costs Costs of acquiring new business, which vary with and are directly related to the production of new business, have been deferred to the extent that such costs are deemed recoverable from future premiums or gross profits. Such costs include commissions and allowances as well as certain costs of policy issuance and underwriting. Non-commission costs related to the acquisition of new and renewal insurance contracts may be deferred only if they meet the following criteria: • Incremental direct costs of a successful contract acquisition • Portions of employees’ salaries and benefits directly related to time spent performing specified acquisition activities for a contract that has been acquired or renewed • Other costs directly related to the specified acquisition or renewal activities that would not have been incurred had that acquisition contract transaction not occurred DAC related to traditional life and interest-sensitive contracts are grouped by contract type and issue year into cohorts for consistency with the groupings used in estimating the associated liability. DAC is amortized on a constant level basis for the grouped contracts over the expected term of the related contracts to approximate straight-line amortization. The constant level basis used is based on the number of policies or policy face amount of the risk assumed in the reinsurance contract. The constant level bases used for amortization are projected using mortality and actuarial assumptions for policyholder behavior that are based on the Company’s experience, industry data and other factors and are consistent with those used for the liability for future policy benefits. Changes in assumptions are reflected in DAC amortization prospectively, and actual experience relating to number of policies reinsured will likely differ from the experience previously estimated. Amortization of DAC is included in policy acquisition costs and other insurance expenses. Reinsurance Ceded Receivables The Company generally reports retrocession activity on a gross basis. Amounts paid or deemed to have been paid for reinsurance are reflected in reinsurance ceded receivables and other. Reinsurance ceded receivables related to long-duration contracts are estimated using mortality, morbidity, and persistency assumptions that are similar to the liability for future policy benefits ceded. The discount rate used to measure the ceded receivable is based on the current yields of an upper-medium grade fixed income instrument. Similar to the liability for future policy benefits, ceded receivables are grouped into annual cohorts based on the effective date of the reinsurance contract. |
Accounting Changes and Error Co
Accounting Changes and Error Corrections | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Standards | IMPACT OF NEW ACCOUNTING STANDARD As discussed in Note 1, the Company adopted ASU 2018-12 during the first quarter of 2023. The updated guidance materially changed how the Company accounts for its long-duration insurance contracts. Below is a summary of the impact of adopting ASU 2018-12: • For the liability for future policy benefits, the net transition adjustment recorded in accumulated other comprehensive income (loss) is related to the difference in the discount rate used prior to the adoption of ASU 2018-12 and the discount rate at January 1, 2021, and the removal of shadow adjustments previously recorded in accumulated other comprehensive income (loss) for the impact of unrealized gains and losses that were included in the expected gross profits amortization calculation as of the transition date of $8,593 million, pretax. • At transition, the Company identified certain cohorts in its Traditional segments where the present value of future expected benefits and expenses exceeded the sum of existing benefit reserve and the present value of future gross premiums, resulting in a decrease to retained earnings, net of reinsurance (and a corresponding increase in the liabilities for future policy benefits and reinsurance recoverable) of approximately $1,462 million, pretax. See “Impact of Adoption by Segment” for the transition impact by reportable segment. • At transition, the Company identified certain cohorts, primarily longevity swaps, where the present value of future premiums exceeded the present value of future benefits resulting in a negative liability. The elimination of the negative liability at transition resulted in a decrease to retained earnings (and a corresponding increase in the liabilities for future policy benefits) of $284 million, pretax. See “Impact of Adoption by Segment” for the transition impact by reportable segment. • For DAC, the Company removed shadow adjustments previously recorded in AOCI in the amount of $114 million, pretax, for the impact of unrealized gains and losses that were included in the pre-ASU 2018-12 expected gross profits amortization calculation as of the transition date. See “Impact of Adoption by Segment” for the transition impact by reportable segment. • For market risk benefits, the transition adjustment of $45 million, pretax, recognized in AOCI relates to the cumulative effect of changes in the instrument-specific credit risk between contract issue date and transition date. The remaining difference of $(72) million, pretax between the fair value and carrying value of the market risk benefits at transition, excluding the amounts recorded in AOCI, was recorded as an adjustment to retained earnings as of the transition date. See “Impact of Adoption by Segment” for the transition impact by reportable segment. Impact on Shareholders’ Equity The following table provides the after-tax transition impact on January 1, 2021, to the reinsurance ceded receivables, liability for future policy benefits, market risk benefits, deferred policy acquisition costs and deferred tax asset and liability for the Company's adoption of ASU 2018-12 (dollars in millions): January 1, 2021 Retained Earnings Accumulated Other Comprehensive Income (Loss) Reinsurance ceded receivables and other $ 254 $ 388 Future policy benefits (1,746) (8,593) Market risk benefits (72) 45 Deferred policy acquisition costs — 114 Deferred tax asset (included in other assets) 8 — Deferred tax liability (included in deferred income taxes) 311 1,778 Total $ (1,245) $ (6,268) Impact of Adoption by Segment Traditional Business The following table provides the pre-tax transition impact to the liability for future policy benefits for the Company's adoption of Financial Services – Insurance on January 1, 2021, for its Traditional business (dollars in millions): U.S. and Latin America – Traditional Canada – Traditional Europe, Middle East and Africa – Traditional Asia Pacific – Traditional Future policy benefits Balance, January 1, 2021 pre-adoption $ 10,444 $ 3,477 $ 1,379 $ 3,568 Adjustment to retained earnings (1) 896 33 70 463 Effect of changes in discount rate assumptions 4,542 2,651 320 (772) Reclassification of claims and benefits payable (2) 1,750 203 901 1,160 Balance, January 1, 2021 post-adoption $ 17,632 $ 6,364 $ 2,670 $ 4,419 Less: reinsurance recoverable (1,123) (386) (85) (212) Balance, January 1, 2021 post-adoption, after reinsurance $ 16,509 $ 5,978 $ 2,585 $ 4,207 (1) Includes adjustments for capping the net premium ratio at 100% and eliminating negative reserves on certain issue year cohorts. (2) Amount includes certain reclassifications to conform with the revised presentation upon adoption of ASU 2018-12, such as reclassifying claims and benefits payable on long-duration contracts to liability for future policy benefits. Financial Solutions Business The following table provides the pre-tax transition impact to the liability for future policy benefits, market risk benefits and deferred policy acquisitions costs for the Company's adoption of Financial Services – Insurance on January 1, 2021, for its Financial Solutions business (dollars in millions): U.S. and Latin America – Financial Solutions Canada – Financial Solutions Europe, Middle East and Africa – Financial Solutions Asia Pacific – Financial Solutions Future policy benefits Balance, January 1, 2021 pre-adoption $ 5,037 $ 16 $ 5,657 $ 1,874 Adjustment to retained earnings (1) — 20 256 8 Effect of changes in discount rate assumptions 857 9 1,011 3 Amounts previously recorded in AOCI (2) (28) — — — Reclassification of claims and benefits payable (3) 17 4 67 2 Balance, January 1, 2021 post-adoption $ 5,883 $ 49 $ 6,991 $ 1,887 Less: reinsurance recoverable — — — — Balance, January 1, 2021 post-adoption, after reinsurance $ 5,883 $ 49 $ 6,991 $ 1,887 Market risk benefits Balance, January 1, 2021 pre-adoption $ — $ — $ — $ — Cumulative effect of change in credit risk in AOCI (45) — — — Cumulative effect to retained earnings 72 — — — Reclassification from interest-sensitive contract liabilities 239 — — — Balance, January 1, 2021 post-adoption $ 266 $ — $ — $ — Less: reinsurance recoverable — — — — Balance, January 1, 2021 post-adoption, after reinsurance $ 266 $ — $ — $ — Deferred policy acquisition costs Balance, January 1, 2021 pre-adoption $ 254 $ — $ — $ 41 Amounts previously recorded in AOCI (2) 114 — — — Balance, January 1, 2021 post-adoption $ 368 $ — $ — $ 41 (1) Includes adjustments for capping the net premium ratio at 100% and eliminating negative reserves on certain issue year cohorts. (2) Adjustment to remove amounts associated with unrealized gains and losses previously recorded in AOCI (i.e., “shadow adjustments”). (3) Amount includes certain reclassifications to conform with the revised presentation upon adoption of ASU 2018-12, such as reclassifying claims and benefits payable on long-duration contracts to liability for future policy benefits. Impact to Previously Reported Amounts The adoption of ASU 2018-12 impacted the Company’s previously reported consolidated balance sheets as of December 31, 2021 and 2022, and related statements of income, comprehensive income and equity for the each of the two years in the period ended December 31, 2022 as follows (dollars in millions). The adoption of ASU 2018-12 did not materially impact the Company’s previously reported consolidated statements of cash flows for the two years in the period ended December 31, 2022. As Previously Reported Adoption of ASU 2018-12 As Adjusted Consolidated Balance Sheets December 31, 2022 Assets Fixed maturity securities available-for-sale, at fair value $ 52,901 $ — $ 52,901 Equity securities, at fair value 134 — 134 Mortgage loans 6,590 — 6,590 Policy loans 1,231 — 1,231 Funds withheld at interest 6,003 — 6,003 Limited partnerships and real estate joint ventures 2,327 — 2,327 Short-term investments 154 — 154 Other invested assets 1,140 — 1,140 Total investments 70,480 — 70,480 Cash and cash equivalents 2,927 — 2,927 Accrued investment income 630 — 630 Premiums receivable and other reinsurance balances 3,013 — 3,013 Reinsurance ceded receivables and other 2,462 209 2,671 Deferred policy acquisition costs 3,974 154 4,128 Other assets 1,220 (165) 1,055 Total assets $ 84,706 $ 198 $ 84,904 Liabilities and equity Future policy benefits 35,220 469 35,689 Interest-sensitive contract liabilities 30,572 (230) 30,342 Market risk benefits, at fair value — 247 247 Other policy claims and benefits 6,571 (4,091) 2,480 Other reinsurance balances 756 (31) 725 Deferred income taxes 736 647 1,383 Other liabilities 2,655 251 2,906 Long-term debt 3,961 — 3,961 Total liabilities 80,471 (2,738) 77,733 Equity Preferred stock — — — Common stock 1 — 1 Additional paid-in-capital 2,502 — 2,502 Retained earnings 8,967 (798) 8,169 Treasury stock, at cost (1,720) — (1,720) Accumulated other comprehensive income (loss) (5,605) 3,734 (1,871) Total RGA, Inc. stockholders’ equity 4,145 2,936 7,081 Noncontrolling interest 90 — 90 Total equity 4,235 2,936 7,171 Total liabilities and stockholders’ equity $ 84,706 $ 198 $ 84,904 As Previously Reported Adoption of ASU 2018-12 As Adjusted December 31, 2021 Assets Fixed maturity securities available-for-sale, at fair value $ 60,749 $ — $ 60,749 Equity securities, at fair value 151 — 151 Mortgage loans 6,283 — 6,283 Policy loans 1,234 — 1,234 Funds withheld at interest 6,954 — 6,954 Limited partnerships and real estate joint ventures 1,996 — 1,996 Short-term investments 87 — 87 Other invested assets 1,074 — 1,074 Total investments 78,528 — 78,528 Cash and cash equivalents 2,948 — 2,948 Accrued investment income 533 — 533 Premiums receivable and other reinsurance balances 2,888 — 2,888 Reinsurance ceded receivables and other 2,580 585 3,165 Deferred policy acquisition costs 3,690 170 3,860 Other assets 1,008 11 1,019 Total assets $ 92,175 $ 766 $ 92,941 Liabilities and equity Future policy benefits 35,782 11,667 47,449 Interest-sensitive contract liabilities 26,377 (258) 26,119 Market risk benefits, at fair value — 262 262 Other policy claims and benefits 6,993 (4,883) 2,110 Other reinsurance balances 613 (56) 557 Deferred income taxes 2,886 (1,387) 1,499 Other liabilities 2,663 255 2,918 Long-term debt 3,667 — 3,667 Collateral finance and securitization notes 180 — 180 Total liabilities 79,161 5,600 84,761 Equity Preferred stock — — — Common stock 1 — 1 Additional paid-in-capital 2,461 — 2,461 Retained earnings 8,563 (692) 7,871 Treasury stock, at cost (1,653) — (1,653) Accumulated other comprehensive income (loss) 3,642 (4,142) (500) Total RGA, Inc. stockholders’ equity 13,014 (4,834) 8,180 Noncontrolling interest — — — Total equity 13,014 (4,834) 8,180 Total liabilities and stockholders’ equity $ 92,175 $ 766 $ 92,941 As Previously Reported Adoption of ASU 2018-12 As Adjusted Consolidated Statements of Income Year ended December 31, 2022 Revenues Net premiums $ 13,078 $ — $ 13,078 Net investment income 3,161 — 3,161 Investment related gains (losses), net (506) (33) (539) Other revenues 525 2 527 Total revenues 16,258 (31) 16,227 Benefits and expenses Claims and other policy benefits 12,046 (64) 11,982 Future policy benefits remeasurement (gains) losses — 291 291 Market risk benefits remeasurement (gains) losses — 10 10 Interest credited 682 — 682 Policy acquisition costs and other insurance expenses 1,499 (155) 1,344 Other operating expenses 1,009 — 1,009 Interest expense 184 — 184 Collateral finance and securitization expense 7 — 7 Total benefits and expenses 15,427 82 15,509 Income before income taxes 831 (113) 718 Provision for income taxes 204 (7) 197 Net income $ 627 $ (106) $ 521 Net income attributable to noncontrolling interest 4 — 4 Net income available to RGA, Inc. shareholders $ 623 $ (106) $ 517 As Previously Reported Adoption of ASU 2018-12 As Adjusted Year ended December 31, 2021 Revenues Net premiums $ 12,513 $ — $ 12,513 Net investment income 3,138 — 3,138 Investment related gains (losses), net 560 7 567 Other revenues 447 2 449 Total revenues 16,658 9 16,667 Benefits and expenses Claims and other policy benefits 12,776 (1,103) 11,673 Future policy benefits remeasurement (gains) losses — 567 567 Market risk benefits remeasurement (gains) losses — (58) (58) Interest credited 700 — 700 Policy acquisition costs and other insurance expenses 1,416 (91) 1,325 Other operating expenses 936 — 936 Interest expense 127 — 127 Collateral finance and securitization expense 12 — 12 Total benefits and expenses 15,967 (685) 15,282 Income before income taxes 691 694 1,385 Provision for income taxes 74 141 215 Net income $ 617 $ 553 $ 1,170 Net income attributable to noncontrolling interest — — — Net income available to RGA, Inc. shareholders $ 617 $ 553 $ 1,170 As Previously Reported Adoption of ASU 2018-12 As Adjusted Consolidated Statements of Comprehensive Income Year ended December 31, 2022 Net income $ 627 $ (106) $ 521 Other comprehensive income (loss), net of tax Foreign currency translation adjustments (162) 60 (102) Net unrealized investment gains (losses) (9,108) (168) (9,276) Effect of updating discount rates on future policy benefits — 7,964 7,964 Change in instrument-specific credit risk for market risk benefits — 20 20 Defined benefit pension and postretirement plan adjustments 23 — 23 Total other comprehensive income (loss), net of tax (9,247) 7,876 (1,371) Total comprehensive income (loss) (8,620) 7,770 (850) Comprehensive income (loss) attributable to noncontrolling interest 4 — 4 Total comprehensive income (loss) available to RGA, Inc. $ (8,624) $ 7,770 $ (854) Year ended December 31, 2021 Net income $ 617 $ 553 $ 1,170 Other comprehensive income (loss), net of tax Foreign currency translation adjustments 60 (4) 56 Net unrealized investment gains (losses) (1,799) (34) (1,833) Effect of updating discount rates on future policy benefits — 2,207 2,207 Change in instrument-specific credit risk for market risk benefits — (43) (43) Defined benefit pension and postretirement plan adjustments 22 — 22 Total other comprehensive income (loss), net of tax (1,717) 2,126 409 Total comprehensive income (loss) (1,100) 2,679 1,579 Comprehensive income (loss) attributable to noncontrolling interest — — — Total comprehensive income (loss) available to RGA, Inc. $ (1,100) $ 2,679 $ 1,579 RGA, Inc. Stockholders’ Equity Common Additional Paid In Capital Retained Treasury Accumulated Other Comprehensive Income (Loss) Total RGA, Inc. Stockholders’ Equity Noncontrolling Interest Total Equity Balance, December 31, 2020 as previously reported $ 1 $ 2,406 $ 8,148 $ (1,562) $ 5,359 $ 14,352 $ — $ 14,352 Cumulative effect of modified retrospective adoption of Financial Services – Insurance on long-duration contracts (1,187) (6,304) (7,491) (7,491) Cumulative effect of full retrospective adoption of Financial Services – Insurance on market risk benefits (58) 36 (22) (22) Adjusted balance, January 1, 2021 1 2,406 6,903 (1,562) (909) 6,839 — 6,839 Net income 1,170 1,170 1,170 Total other comprehensive income (loss) 409 409 409 Dividends to stockholders, $2.86 per share (194) (194) (194) Purchase of treasury stock (99) (99) (99) Reissuance of treasury stock 55 (8) 8 55 55 Balance, December, 31, 2021 1 2,461 7,871 (1,653) (500) 8,180 — 8,180 Issuance of preferred interests by subsidiary 90 90 Change in equity of noncontrolling interest (4) (4) Net income 517 517 4 521 Total other comprehensive income (loss) (1,371) (1,371) (1,371) Dividends to stockholders, $3.06 per share (205) (205) (205) Purchase of treasury stock (81) (81) (81) Reissuance of treasury stock 41 (14) 14 41 41 Balance, December 31, 2022 $ 1 $ 2,502 $ 8,169 $ (1,720) $ (1,871) $ 7,081 $ 90 $ 7,171 Additional Transition and Other Disclosures ASU 2018-12 expanded the disclosure requirements for long-duration contracts in the annual and interim financial statements. The following tables provide additional information regarding the transition adjustments and disaggregated rollforwards of beginning to ending balances of the liability for future policy benefits, policyholder account balances, market risk benefits and deferred policy acquisition costs for the years ended December 31, 2022 and 2021 (dollars in millions). Liability for Future Policy Benefits For the year ended December 31, 2022: U.S. and Latin America – Traditional Canada – Traditional Europe, Middle East and Africa – Traditional Asia Pacific – Traditional Present Value of Expected Net Premiums Beginning of year balance at original discount rate $ 73,447 $ 21,989 $ 14,440 $ 37,943 Effect of changes in cash flow assumptions (805) 189 123 1,604 Effect of actual variances from expected experience (4) 212 835 197 Adjusted balance, beginning of year 72,638 22,390 15,398 39,744 Issuances (1) 3,329 635 1,083 3,663 Interest accrual (2) 3,423 748 500 1,032 Net premiums collected (3) (5,182) (950) (1,324) (1,989) Derecognition (4) — — — — Foreign currency translation (1) (1,493) (1,413) (1,944) Ending balance at original discount rate 74,207 21,330 14,244 40,506 Effect of changes in discount rate assumptions (6,303) (4,899) (2,639) (10,927) Balance, end of period $ 67,904 $ 16,431 $ 11,605 $ 29,579 Present Value of Expected Future Policy Benefits Beginning of year balance at original discount rate $ 84,075 $ 25,440 $ 15,664 $ 41,971 Effect of changes in cash flow assumptions (675) 191 136 1,681 Effect of actual variances from expected experience 85 212 813 234 Adjusted balance, beginning of year 83,485 25,843 16,613 43,886 Issuances (1) 3,333 635 1,083 3,667 Interest accrual (2) 3,940 958 530 1,171 Benefit payments (5) (5,472) (1,051) (1,260) (1,832) Derecognition (4) — — — — Foreign currency translation (1) (1,730) (1,512) (2,107) Ending balance at original discount rate 85,285 24,655 15,454 44,785 Effect of changes in discount rate assumptions (7,907) (4,273) (2,808) (12,858) Balance, end of period $ 77,378 $ 20,382 $ 12,646 $ 31,927 Liability for future policy benefits $ 9,474 $ 3,951 $ 1,041 $ 2,348 Less: reinsurance recoverable (421) (265) (31) (100) Net liability for future policy benefits $ 9,053 $ 3,686 $ 1,010 $ 2,248 (1) Issuances: The present value, using the original discount rate, of the expected net premiums or the expected future policy benefits related to new reinsurance contracts that became effective during the current period and new policies assumed on existing contracts. (2) Interest accrual: The interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the original interest rate. (3) Net premiums collected: The portion of gross premiums collected from the ceding company that is used to fund expected benefit payments. (4) Derecognition: Includes the effects of treaty recaptures and treaty amendments that resulted in the termination of an existing treaty and the issuance of a new treaty under the internal replacement model. (5) Benefit payments: The release of the present value, using the original discount rate, of the expected future policy benefits due to death, lapse/withdrawal, and other benefit payments based on current assumptions. For the year ended December 31, 2021: U.S. and Latin America – Traditional Canada – Traditional Europe, Middle East and Africa – Traditional Asia Pacific – Traditional Present Value of Expected Net Premiums Balance, beginning of year $ 70,319 $ 21,332 $ 14,033 $ 34,167 Effect of adoption of Financial Services – Insurance 20,758 1,785 2,599 (3,385) Adjusted balance, beginning of year $ 91,077 $ 23,117 $ 16,632 $ 30,782 Beginning of year balance at original discount rate $ 70,317 $ 21,299 $ 13,999 $ 34,133 Effect of changes in cash flow assumptions 984 (45) 48 600 Effect of actual variances from expected experience 254 (24) 379 402 Adjusted balance, beginning of year 71,555 21,230 14,426 35,135 Issuances (1) 3,522 761 2,417 4,575 Interest accrual (2) 3,400 775 553 970 Net premiums collected (3) (5,025) (947) (1,488) (2,038) Derecognition (4) — — (1,167) — Foreign currency translation (5) 170 (301) (699) Ending balance at original discount rate 73,447 21,989 14,440 37,943 Effect of changes in discount rate assumptions 15,771 (199) 1,280 (5,458) Balance, end of period $ 89,218 $ 21,790 $ 15,720 $ 32,485 Present Value of Expected Future Policy Benefits Balance, beginning of year $ 80,275 $ 24,587 $ 15,246 $ 37,335 Effect of adoption of Financial Services – Insurance 26,196 4,469 2,989 (3,694) Adjusted balance, beginning of year 106,471 29,056 18,235 33,641 Beginning of year balance at original discount rate $ 81,172 $ 24,587 $ 15,281 $ 37,765 Effect of changes in cash flow assumptions 1,021 (45) 42 699 Effect of actual variances from expected experience 517 (24) 422 559 Adjusted balance, beginning of year 82,710 24,518 15,745 39,023 Issuances (1) 3,537 761 2,436 4,585 Interest accrual (2) 3,916 992 598 1,107 Benefit payments (5) (6,083) (1,025) (1,609) (1,971) Derecognition (4) — — (1,176) — Foreign currency translation (5) 194 (330) (773) Ending balance at original discount rate 84,075 25,440 15,664 41,971 Effect of changes in discount rate assumptions 19,185 1,905 1,445 (6,475) Balance, end of period $ 103,260 $ 27,345 $ 17,109 $ 35,496 Liability for future policy benefits $ 14,042 $ 5,555 $ 1,389 $ 3,011 Less: reinsurance recoverable (697) (367) (34) (116) Net liability for future policy benefits $ 13,345 $ 5,188 $ 1,355 $ 2,895 (1) Issuances: The present value, using the original discount rate, of the expected net premiums or the expected future policy benefits related to new reinsurance contracts that became effective during the current period and new policies assumed on existing contracts. (2) Interest accrual: The interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the original interest rate. (3) Net premiums collected: The portion of gross premiums collected from the ceding company that is used to fund expected benefit payments. (4) Derecognition: Includes the effects of treaty recaptures and treaty amendments that resulted in the termination of an existing treaty and the issuance of a new treaty under the internal replacement model. (5) Benefit payments: The release of the present value, using the original discount rate, of the expected future policy benefits due to death, lapse/withdrawal, and other benefit payments based on the revised assumptions. For the year ended December 31, 2022: U.S. and Latin America – Financial Solutions Canada – Financial Solutions Europe, Middle East and Africa – Financial Solutions Asia Pacific – Financial Solutions Present Value of Expected Net Premiums Beginning of year balance at original discount rate $ 228 $ 3,329 $ 31,973 $ 1,051 Effect of changes in cash flow assumptions (31) — (126) 3 Effect of actual variances from expected experience (22) (12) 573 29 Adjusted balance, beginning of year 175 3,317 32,420 1,083 Issuances (1) 1,580 574 12,594 1,465 Interest accrual (2) 41 112 698 24 Net premiums collected (3) (125) (354) (3,169) (764) Derecognition (4) — — — — Foreign currency translation — (255) (3,761) (203) Ending balance at original discount rate 1,671 3,394 38,782 1,605 Effect of changes in discount rate assumptions (284) (433) (8,805) 25 Balance, end of period $ 1,387 $ 2,961 $ 29,977 $ 1,630 Present Value of Expected Future Policy Benefits Beginning of year balance at original discount rate $ 4,628 $ 3,393 $ 38,196 $ 6,062 Effect of changes in cash flow assumptions (34) — (140) 3 Effect of actual variances from expected experience (46) (24) 566 36 Adjusted balance, beginning of year 4,548 3,369 38,622 6,101 Issuances (1) 1,580 574 12,594 1,465 Interest accrual (2) 220 115 856 70 Benefit payments (5) (525) (351) (3,355) (227) Derecognition (4) — — — — Foreign currency translation — (260) (4,387) (848) Ending balance at original discount rate 5,823 3,447 44,330 6,561 Effect of changes in discount rate assumptions (617) (432) (9,719) (435) Balance, end of period $ 5,206 $ 3,015 $ 34,611 $ 6,126 Liability for future policy benefits $ 3,819 $ 54 $ 4,634 $ 4,496 Less: reinsurance recoverable — — — — Net liability for future policy benefits $ 3,819 $ 54 $ 4,634 $ 4,496 (1) Issuances: The present value, using the original discount rate, of the expected net premiums or the expected future policy benefits related to new reinsurance contracts that became effective during the current period and new policies assumed on existing contracts. (2) Interest accrual: The interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the original interest rate. (3) Net premiums collected: The portion of gross premiums collected from the ceding company that is used to fund expected benefit payments. (4) Derecognition: Includes the effects of treaty recaptures and treaty amendments that resulted in the termination of an existing treaty and the issuance of a new treaty under the internal replacement model. (5) Benefit payments: The release of the present value, using the original discount rate, of the expected future policy benefits due to death, lapse/withdrawal, and other benefit payments based on current assumptions. For the year ended December 31, 2021: U.S. and Latin America – Financial Solutions Canada – Financial Solutions Europe, Middle East and Africa – Financial Solutions Asia Pacific – Financial Solutions Present Value of Expected Net Premiums Balance, beginning of year $ 285 $ 3,568 $ 28,055 $ 781 Effect of adoption of Financial Services – Insurance 102 343 3,634 114 Adjusted balance, beginning of year 387 3,911 31,689 895 Beginning of year balance at original discount rate $ 314 $ 3,556 $ 27,799 $ 781 Effect of changes in cash flow assumptions (33) (30) (76) — Effect of actual variances from expected experience (29) 17 997 777 Adjusted balance, beginning of year 252 3,543 28,720 1,558 Issuances (1) — — 8,357 3,156 Interest accrual (2) 3 109 714 28 Net premiums collected (3) (27) (349) (3,590) (3,621) Derecognition (4) — — (1,669) — Foreign currency translation — 26 (559) (70) Ending balance at original discount rate 228 3,329 31,973 1,051 Effect of changes in discount rate assumptions 28 97 668 247 Balance, end of period $ 256 $ 3,426 $ 32,641 $ 1,298 Present Value of Expected Future Policy Benefits Balance, beginning of year $ 4,951 $ 3,584 $ 33,410 $ 2,645 Effect of adoption of Financial Services – Insurance 931 372 4,901 125 Adjusted balance, beginning of year 5,882 3,956 38,311 2,770 Beginning of year balance at original discount rate $ 4,951 $ 3,592 $ 33,410 $ 2,653 Effect of changes in cash flow assumptions (33) 6 (76) — Effect of actual variances from expected experience (37) 6 1,000 777 Adjusted balance, beginning of year 4,881 3,604 34,334 3,430 Issuances (1) — — 8,357 3,156 Interest accrual (2) 193 112 890 63 Benefit payments (5) (446) (350) (3,064) (162) Derecognition (4) — — (1,682) — Foreign currency translation — 27 (639) (425) Ending balance at original discount rate 4,628 3,393 38,196 6,062 Effect of changes in discount rate assumptions 575 114 1,174 250 Balance, end of period $ 5,203 $ 3,507 $ 39,370 $ 6,312 Liability for future policy benefits $ 4,947 $ 81 $ 6,729 $ 5,014 Less: reinsurance recoverable — — — — Net liability for future policy benefits $ 4,947 $ 81 $ 6,729 $ 5,014 (1) Issuances: The present value, using the original discount rate, of the expected net premiums or the expected future policy benefits related to new reinsurance contracts that became effective during the current period and new policies assumed on existing contracts. (2) Interest accrual: The interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the original interest rate. (3) Net premiums collected: The portion of gross premiums collected from the ceding company that is used to fund expected benefit payments. (4) Derecognition: Includes the effects of treaty recaptures and treaty amendments that resulted in the termination of an existing treaty and the issuance of a new treaty under the internal replacement model. (5) Benefit payments: The release of the present value, using the original discount rate, of the expected future policy benefits due to death, lapse/withdrawal, and other benefit payments based on current assumptions. Policyholder Account Balances The following tables provide the balances and changes in the Company’s policyholder account balances as of and for the years ending December 31, 2022 and 2021 (dollars in millions): For the year ended December 31, 2022: U.S. and Latin America – Traditional U.S. and Latin America – Financial Solutions Asia Pacific – Financial Solutions Balance, beginning of year $ 1,719 $ 18,758 $ 1,621 Deposits 24 1,289 2,521 Policy charges (32) (33) (134) Surrenders and withdrawals (17) (1,258) (639) Benefit payments (76) (448) (46) Interest credited 65 598 51 Foreign currency translation — — (23) Balance, end of period $ 1,683 $ 18,906 $ 3,351 Less: reinsurance recoverable — (1,543) — Balance, end of period, after reinsurance $ 1,683 $ 17,363 $ 3,351 For the year ended December 31, 2021: U.S. and Latin America – Traditional U.S. and Latin America – Financial Solutions Asia Pacific – Financial Solutions Balance, beginning of year $ 1,752 $ 16,273 $ 809 Deposits 25 3,290 868 Policy charges (32) (31) (1) Surrenders and withdrawals (13) (1,015) (36) Benefit payments (79) (404) (24) Interest credited 66 645 19 Foreign currency translation — — (14) Balance, end of period $ 1,719 $ 18,758 $ 1,621 Less: reinsurance recoverable — (1,561) — Balance, end of period, after reinsurance $ 1,719 $ 17,197 $ 1,621 Market Risk Benefits The following tables provide the balances and changes in the Company’s liabilities for market risk benefits as of and for the years ending December 31, 2022 and 2021 (dollars in millions): For the year ended December 31, 2022: U.S. and Latin America – Financial Solutions Balance, beginning of year $ 262 Balance, beginning of year, before effect of changes in the instrument-specific credit risk 254 Interest accrual 54 Attributed fees collected 28 Benefit payments (9) Effect of changes in future assumptions 18 Effect of changes in interest rates (175) Effect of changes in equity markets 48 Effect of changes in volatility 19 Other market impacts 7 Actual policyholder behavior different from expected behavior 19 Balance, end of period, before effect of changes in the instrument-specific credit risk 263 Effect of changes in the instrument-specific credit risk (16) Balance, end of period 247 Less: reinsurance recoverable — Balance, end of period, after reinsurance $ 247 For the year ended December 31, 2021: U.S. and Latin America – Financial Solutions Balance, beginning of year $ — Effect of adoption of Financial Services – Insurance 266 Adjusted balance, beginning of year 266 Balance, beginning of year, before effect of changes in the instrument-specific credit risk 311 Interest accrual 3 Attributed fees collected 12 Benefit payments (14) Effect of changes in future assumptions 25 Effect of changes in interest rates (51) Effect of changes in equity markets (49) Effect of changes in volatility (2) Other market impacts 5 Actual policyholder behavior different from expected behavior 14 Balance, end of period, before effect of changes in the instrument-specific credit risk 254 Effect of changes in the instrument-specific credit risk 8 Balance, end of period 262 Less: reinsurance recoverable — Balance, end of period, after reinsurance $ 262 Deferred Policy Acquisition Costs The following tables provide the balances and changes in the Company’s deferred policy acquisition costs as of and for the years ending December 31, 2022 and 2021 (dollars in millions): For the year ended December 31, 2022: U.S. and Latin America – Traditional Canada – Traditional Europe, Middle East and Africa – Traditional Asia Pacific – Traditional Balance, beginning of year $ 1,947 $ 191 $ 270 $ 1,056 Capitalization 284 10 83 86 Amortization expense (144) (17) (38) (67) Foreign currency translation — (13) (21) (32) Balance, end of period $ 2,087 $ 171 $ 294 $ 1,043 For the year ended December 31, 2022: U.S. and Latin America – Financial Solutions Canada – Financial Solutions Europe, Middle East and Africa – Financial Solutions Asia Pacific – Financial Solutions Balance, beginning of year $ 312 $ — $ — $ 81 Capitalization 87 — — 121 Amortization expense (58) — — (13) Foreign currency translation — — — (1) Balance, end of period $ 341 $ — $ — $ 188 For the year ended December 31, 2021: U.S. and Latin America – Traditional Canada – Traditional Europe, Middle East and Africa – Traditional Asia Pacific – |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share on net income (in millions, except per share information): Three months ended March 31, 2023 2022 Earnings: Net income $ 253 $ 197 Less: Net income attributable to noncontrolling interest 1 — Net income available to RGA, Inc. shareholders $ 252 $ 197 Shares: Weighted average outstanding shares 67 67 Equivalent shares from outstanding stock awards 1 1 Denominator for diluted calculation 68 68 Earnings per share: Basic $ 3.77 $ 2.93 Diluted $ 3.72 $ 2.91 |
Equity
Equity | 3 Months Ended |
Mar. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Common stock The changes in number of common stock shares issued, held in treasury and outstanding are as follows for the periods indicated: Issued Held In Treasury Outstanding Balance, December 31, 2022 85,310,598 18,634,390 66,676,208 Common stock acquired — 371,343 (371,343) Stock-based compensation (1) — (235,601) 235,601 Balance, March 31, 2023 85,310,598 18,770,132 66,540,466 Issued Held In Treasury Outstanding Balance, December 31, 2021 85,310,598 18,139,868 67,170,730 Common Stock acquired — 219,116 (219,116) Stock-based compensation (1) — (36,639) 36,639 Balance, March 31, 2022 85,310,598 18,322,345 66,988,253 (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 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. During the three months ended March 31, 2023, RGA repurchased 371,343 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. 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. The preferred interests are included in noncontrolling interest, and net income attributable to noncontrolling interest was $1 million for the three months ended March 31, 2023. Accumulated Other Comprehensive Income (Loss) The balance of and changes in each component of accumulated other comprehensive income (loss) (“AOCI”) for the three months ended March 31, 2023 and 2022 are as follows (dollars in millions): Accumulated Other Comprehensive Income (Loss), Net of Income Tax Foreign Currency Translation Adjustments Net Unrealized Investment Gains (Losses) (1) Pension and Effect of Updating Discount Rates on Future Policy Benefits Instrument-Specific Credit Risk for Market Risk Benefits Total Balance, December 31, 2022 $ (116) $ (5,496) $ (27) $ 3,755 $ 13 $ (1,871) Other comprehensive income (loss) before reclassifications 28 1,316 5 (927) 2 424 Amounts reclassified to (from) AOCI 88 1 — — 89 Deferred income tax benefit (expense) (6) (301) (1) 206 (1) (103) Balance, March 31, 2023 $ (94) $ (4,393) $ (22) $ 3,034 $ 14 $ (1,461) Accumulated Other Comprehensive Income (Loss), Net of Income Tax Foreign Currency Translation Adjustments Net Unrealized Investment Gains (Losses) (1) Pension and Effect of Updating Discount Rates on Future Policy Benefits Instrument-Specific Credit Risk for Market Risk Benefits Total Balance, December 31, 2021 $ (13) $ 3,779 $ (50) $ (4,209) $ (7) $ (500) Other comprehensive income (loss) before reclassifications 27 (4,886) (1) 4,375 (5) (490) Amounts reclassified to (from) AOCI — 36 1 — — 37 Deferred income tax benefit (expense) (6) 1,061 — (961) 1 95 Balance, March 31, 2022 $ 8 $ (10) $ (50) $ (795) $ (11) $ (858) (1) Includes cash flow hedges of $(198) and $(205) as of March 31, 2023 and December 31, 2022, respectively, and $(81) and $(22) as of March 31, 2022 and December 31, 2021, respectively. See Note 12 – “Derivative Instruments” for additional information on cash flow hedges. The following table presents the amounts of AOCI reclassifications for the three months ended March 31, 2023 and 2022 (dollars in millions): Amount Reclassified from AOCI Three months ended March 31, Affected Line Item in Details about AOCI Components 2023 2022 Net unrealized investment gains (losses): Net unrealized gains (losses) on available-for-sale securities $ (87) $ (35) Investment related gains (losses), net Cash flow hedges – Interest rate 2 — (1) Cash flow hedges – Currency/Interest rate (3) (1) (1) Total (88) (36) Provision for income taxes 18 7 Net unrealized gains (losses), net of tax $ (70) $ (29) Amortization of defined benefit plan items: Prior service cost (credit) $ — $ — (2) Actuarial gains (losses) (1) (1) (2) Total (1) (1) Provision for income taxes — — Amortization of defined benefit plans, net of tax $ (1) $ (1) Total reclassifications for the period $ (71) $ (30) (1) See Note 12 – “Derivative Instruments” for additional information on cash flow hedges. (2) This AOCI component is included in the computation of the net periodic pension cost. See Note 15 – “Employee Benefit Plans” for additional details. |
Equity Based Compensation
Equity Based Compensation | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Equity Based Compensation | Equity Based Compensation Equity compensation expense was $4 million for the three months ended March 31, 2023 and 2022. In the first quarter of 2023, the Company granted 129,146 stock appreciation rights at $138.34 weighted average exercise price per share, 185,311 performance contingent shares and 105,122 restricted stock units to employees. As of March 31, 2023, 1,737,943 share awards at a weighted average strike price per share of $113.12 were vested and exercisable with a remaining weighted average exercise period of 4.5 years. As of March 31, 2023, the total compensation cost of non-vested awards not yet recognized in the financial statements was $31 million. It is estimated that these costs will vest over a weighted average period of 1.2 years. |
Future Policy Benefits
Future Policy Benefits | 3 Months Ended |
Mar. 31, 2023 | |
Insurance [Abstract] | |
Liability for Future Policy Benefits and Unpaid Claims Disclosure | FUTURE POLICY BENEFITS Liability for Future Policy Benefits – Traditional Business The following tables provide the balances of and changes in the Company’s liability for future policy benefits for long-duration reinsurance contracts for its Traditional business, which primarily consists of individual life, group life and critical illness reinsurance for the three months ended March 31, 2023 and 2022 (dollars in millions): Three months ended March 31, 2023: U.S. and Latin America – Traditional Canada – Traditional Europe, Middle East and Africa – Traditional Asia Pacific – Traditional Present Value of Expected Net Premiums Beginning of year balance at original discount rate $ 74,207 $ 21,330 $ 14,244 $ 40,506 Effect of changes in cash flow assumptions — — — (8) Effect of actual variances from expected experience (103) 97 (256) 128 Adjusted balance, beginning of year 74,104 21,427 13,988 40,626 Issuances (1) 1,016 110 382 619 Interest accrual (2) 851 182 119 256 Net premiums collected (3) (1,229) (231) (344) (490) Derecognition (4) (35) — — — Foreign currency translation — 46 184 (113) Ending balance at original discount rate 74,707 21,534 14,329 40,898 Effect of changes in discount rate assumptions (4,074) (4,376) (2,515) (11,029) Balance, end of period $ 70,633 $ 17,158 $ 11,814 $ 29,869 Present Value of Expected Future Policy Benefits Beginning of year balance at original discount rate $ 85,285 $ 24,655 $ 15,454 $ 44,785 Effect of changes in cash flow assumptions — — — (8) Effect of actual variances from expected experience (79) 98 (258) 121 Adjusted balance, beginning of year 85,206 24,753 15,196 44,898 Issuances (1) 1,018 110 382 619 Interest accrual (2) 981 233 127 293 Benefit payments (5) (1,486) (256) (331) (458) Derecognition (4) (54) — — — Foreign currency translation 1 56 201 (125) Ending balance at original discount rate 85,666 24,896 15,575 45,227 Effect of changes in discount rate assumptions (5,188) (3,607) (2,686) (12,914) Balance, end of period $ 80,478 $ 21,289 $ 12,889 $ 32,313 Liability for future policy benefits $ 9,845 $ 4,131 $ 1,075 $ 2,444 Less: reinsurance recoverable (417) (277) (37) (99) Net liability for future policy benefits $ 9,428 $ 3,854 $ 1,038 $ 2,345 Weighted-average duration of the liability (in years) 12 15 8 16 Weighted-average interest accretion rate 4.7 % 3.6 % 3.4 % 2.6 % Weighted-average current discount rate 4.9 % 4.7 % 5.4 % 4.3 % (1) Issuances: The present value, using the original discount rate, of the expected net premiums or the expected future policy benefits related to new reinsurance contracts that became effective during the current period and new policies assumed on existing contracts. (2) Interest accrual: The interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the original interest rate. (3) Net premiums collected: The portion of gross premiums collected from the ceding company that is used to fund expected benefit payments. (4) Derecognition: Includes the effects of treaty recaptures and treaty amendments that resulted in the termination of an existing treaty and the issuance of a new treaty under the internal replacement model. (5) Benefit payments: The release of the present value, using the original discount rate, of the expected future policy benefits due to death, lapse/withdrawal, and other benefit payments based on current assumptions. Three months ended March 31, 2022: U.S. and Latin America – Traditional Canada – Traditional Europe, Middle East and Africa – Traditional Asia Pacific – Traditional Present Value of Expected Net Premiums Beginning of year balance at original discount rate $ 73,447 $ 21,989 $ 14,440 $ 37,943 Effect of changes in cash flow assumptions — — — — Effect of actual variances from expected experience (33) 166 90 (1,504) Adjusted balance, beginning of year 73,414 22,155 14,530 36,439 Issuances (1) 832 206 297 2,217 Interest accrual (2) 845 194 127 239 Net premiums collected (3) (1,207) (248) (337) (502) Derecognition (4) — — — — Foreign currency translation 3 235 (234) (549) Ending balance at original discount rate 73,887 22,542 14,383 37,844 Effect of changes in discount rate assumptions 6,120 (2,933) (234) (7,976) Balance, end of period $ 80,007 $ 19,609 $ 14,149 $ 29,868 Present Value of Expected Future Policy Benefits Beginning of year balance at original discount rate $ 84,075 $ 25,440 $ 15,664 $ 41,971 Effect of changes in cash flow assumptions — — — — Effect of actual variances from expected experience 72 174 88 (1,501) Adjusted balance, beginning of year 84,147 25,614 15,752 40,470 Issuances (1) 833 206 297 2,162 Interest accrual (2) 970 250 135 272 Benefit payments (5) (1,628) (299) (346) (506) Derecognition (4) — — — — Foreign currency translation 4 271 (264) (563) Ending balance at original discount rate 84,326 26,042 15,574 41,835 Effect of changes in discount rate assumptions 7,446 (1,621) (197) (9,362) Balance, end of period $ 91,772 $ 24,421 $ 15,377 $ 32,473 Liability for future policy benefits $ 11,765 $ 4,812 $ 1,228 $ 2,605 Less: reinsurance recoverable (572) (322) (36) (115) Net liability for future policy benefits $ 11,193 $ 4,490 $ 1,192 $ 2,490 Weighted-average duration of the liability (in years) 13 16 10 16 Weighted-average interest accretion rate 4.7 % 3.7 % 3.5 % 2.6 % Weighted-average current discount rate 3.9 % 4.1 % 3.7 % 3.9 % (1) Issuances: The present value, using the original discount rate, of the expected net premiums or the expected future policy benefits related to new reinsurance contracts that became effective during the current period and new policies assumed on existing contracts. (2) Interest accrual: The interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the original interest rate. (3) Net premiums collected: The portion of gross premiums collected from the ceding company that is used to fund expected benefit payments. (4) Derecognition: Includes the effects of treaty recaptures and treaty amendments that resulted in the termination of an existing treaty and the issuance of a new treaty under the internal replacement model. (5) Benefit payments: The release of the present value, using the original discount rate, of the expected future policy benefits due to death, lapse/withdrawal, and other benefit payments based on current assumptions. Significant assumptions used to compute the liability for future policy benefits for the Traditional business include mortality, morbidity, lapse rates and discount rates (both accretion and current). The Company updated the underlying market data used to determine the current discount rate resulting in changes to the discount rate assumption used to measure the net liability for future policy benefits each period. The Company’s Traditional business actual-to-expected variances and the effects of changes in discount rate assumption for the three months ending March 31, 2023 and 2022 are summarized in the tables below: Three months ended March 31, 2023: Segment Net liability for future policy benefits at original discount rate Actual-to-expected variance Impact of updating discount rate recognized in OCI Commentary U.S. and Latin America – Traditional $11.0 billion $24 million $490 million During the first quarter of 2023, the Company reviewed the significant assumptions used to measure the liability for future policy benefits and did not make any changes to the segment’s mortality, morbidity, and lapse assumptions as actual experience was consistent with the underlying assumptions. 1.1% decrease 0.2% increase 4.4% increase Canada – Traditional $3.4 billion $1 million $143 million During the first quarter of 2023, the Company reviewed the significant assumptions used to measure the liability for future policy benefits and did not make any changes to the segment’s mortality, morbidity, and lapse assumptions as actual experience was consistent with the underlying assumptions. 1.1% increase 0.0% increase 4.3% increase Europe, Middle East and Africa – Traditional $1.2 billion $(2) million $(2) million During the first quarter of 2023, the Company reviewed the significant assumptions used to measure the liability for future policy benefits and did not make any material changes to the segment’s mortality, morbidity, and lapse assumptions as actual experience was consistent with the underlying assumptions. 3.0% increase 0.2% decrease 0.2% decrease Asia Pacific – Traditional $4.3 billion $(7) million $46 million During the first quarter of 2023, the Company reviewed the significant assumptions used to measure the liability for future policy benefits and did not make any material changes to the segment’s mortality, morbidity, and lapse assumptions as actual experience was consistent with the underlying assumptions. 1.2% increase 0.2% decrease 1.1% increase Three months ended March 31, 2022: Segment Net liability for future policy benefits at original discount rate Actual-to-expected variance Impact of updating discount rate recognized in OCI Commentary U.S. and Latin America – Traditional $10.4 billion $105 million $(2,088) million During the first quarter of 2022, the Company reviewed the significant assumptions used to measure the liability for future policy benefits and did not make any changes to the segment’s mortality, morbidity, and lapse assumptions as actual experience was consistent with the underlying assumptions. The actual-to-expected variance was predominately related to COVID-19. 1.8% decrease 1.0% increase 19.6% decrease Canada – Traditional $3.5 billion $8 million $(792) million During the first quarter of 2022, the Company reviewed the significant assumptions used to measure the liability for future policy benefits and did not make any changes to the segment’s mortality, morbidity, and lapse assumptions as actual experience was consistent with the underlying assumptions. 1.4% increase 0.2% increase 22.9% decrease Europe, Middle East and Africa – Traditional $1.2 billion $(2) million $(128) million During the first quarter of 2022, the Company reviewed the significant assumptions used to measure the liability for future policy benefits and did not make any changes to the segment’s mortality, morbidity, and lapse assumptions as actual experience was consistent with the underlying assumptions. 2.7% decrease 0.2% decrease 10.5% decrease Asia Pacific – Traditional $4.0 billion $3 million $(369) million During the first quarter of 2022, the Company reviewed the significant assumptions used to measure the liability for future policy benefits and did not make any changes to the segment’s mortality, morbidity, and lapse assumptions as actual experience was consistent with the underlying assumptions. 0.9% decrease 0.1% increase 9.2% decrease Liability for Future Policy Benefits – Financial Solutions Business The deferred profit liability related to the longevity business is presented together with the liability for future policy benefits. The following tables provide the balances of and changes in the Company’s liability for future policy benefits for its Financial Solutions business, which primarily consists of longevity reinsurance, asset-intensive products, primarily annuities and financial reinsurance for the three months ending March 31, 2023 and 2022 (dollars in millions): Three months ended March 31, 2023: U.S. and Latin America – Financial Solutions Canada – Financial Solutions Europe, Middle East and Africa – Financial Solutions Asia Pacific – Financial Solutions Present Value of Expected Net Premiums Beginning of year balance at original discount rate $ 1,671 $ 3,394 $ 38,782 $ 1,605 Effect of changes in cash flow assumptions — — — — Effect of actual variances from expected experience (7) (2) 42 — Adjusted balance, beginning of year 1,664 3,392 38,824 1,605 Issuances (1) 146 — 3,681 1,244 Interest accrual (2) 13 27 185 6 Net premiums collected (3) (186) (84) (764) (1,260) Derecognition (4) — — — — Foreign currency translation — 9 742 (21) Ending balance at original discount rate 1,637 3,344 42,668 1,574 Effect of changes in discount rate assumptions (223) (336) (8,323) 74 Balance, end of period $ 1,414 $ 3,008 $ 34,345 $ 1,648 Present Value of Expected Future Policy Benefits Beginning of year balance at original discount rate $ 5,823 $ 3,447 $ 44,330 $ 6,561 Effect of changes in cash flow assumptions — — — — Effect of actual variances from expected experience (11) (6) 31 (1) Adjusted balance, beginning of year 5,812 3,441 44,361 6,560 Issuances (1) 154 — 3,681 1,289 Interest accrual (2) 56 28 225 18 Benefit payments (5) (138) (83) (858) (68) Derecognition (4) — — — — Foreign currency translation (16) 8 852 (77) Ending balance at original discount rate 5,868 3,394 48,261 7,722 Effect of changes in discount rate assumptions (460) (332) (9,191) (250) Balance, end of period $ 5,408 $ 3,062 $ 39,070 $ 7,472 Liability for future policy benefits $ 3,994 $ 54 $ 4,725 $ 5,824 Less: reinsurance recoverable — — — — Net liability for future policy benefits $ 3,994 $ 54 $ 4,725 $ 5,824 Weighted-average duration of the liability (in years) 8 7 9 15 Weighted-average interest accretion rate 3.5 % 3.3 % 1.9 % 1.3 % Weighted-average current discount rate 5.0 % 4.7 % 4.7 % 1.5 % (1) Issuances: The present value, using the original discount rate, of the expected net premiums or the expected future policy benefits related to new reinsurance contracts that became effective during the current period and new policies assumed on existing contracts. (2) Interest accrual: The interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the original interest rate. (3) Net premiums collected: The portion of gross premiums collected from the ceding company that is used to fund expected benefit payments. (4) Derecognition: Includes the effects of treaty recaptures and treaty amendments that resulted in the termination of an existing treaty and the issuance of a new treaty under the internal replacement model. (5) Benefit payments: The release of the present value, using the original discount rate, of the expected future policy benefits due to death, lapse/withdrawal, and other benefit payments based on current assumptions. Three months ended March 31, 2022: U.S. and Latin America – Financial Solutions Canada – Financial Solutions Europe, Middle East and Africa – Financial Solutions Asia Pacific – Financial Solutions Present Value of Expected Net Premiums Beginning of year balance at original discount rate $ 228 $ 3,329 $ 31,973 $ 1,051 Effect of changes in cash flow assumptions — — — — Effect of actual variances from expected experience (3) (7) 111 47 Adjusted balance, beginning of year 225 3,322 32,084 1,098 Issuances (1) — 581 10,932 1,325 Interest accrual (2) 1 26 185 6 Net premiums collected (3) (7) (88) (799) (613) Derecognition (4) — — — — Foreign currency translation — 41 (1,175) (77) Ending balance at original discount rate 219 3,882 41,227 1,739 Effect of changes in discount rate assumptions (36) (193) (3,365) 187 Balance, end of period $ 183 $ 3,689 $ 37,862 $ 1,926 Present Value of Expected Future Policy Benefits Beginning of year balance at original discount rate $ 4,628 $ 3,393 $ 38,196 $ 6,062 Effect of changes in cash flow assumptions — — — — Effect of actual variances from expected experience (23) (12) 103 48 Adjusted balance, beginning of year 4,605 3,381 38,299 6,110 Issuances (1) — 581 10,932 1,325 Interest accrual (2) 47 27 228 17 Benefit payments (5) (111) (87) (895) (50) Derecognition (4) — — — — Foreign currency translation — 42 (1,354) (346) Ending balance at original discount rate 4,541 3,944 47,210 7,056 Effect of changes in discount rate assumptions 107 (184) (3,472) 51 Balance, end of period $ 4,648 $ 3,760 $ 43,738 $ 7,107 Liability for future policy benefits $ 4,465 $ 71 $ 5,876 $ 5,181 Less: reinsurance recoverable — — — — Net liability for future policy benefits $ 4,465 $ 71 $ 5,876 $ 5,181 Weighted-average duration of the liability (in years) 10 8 10 16 Weighted-average interest accretion rate 3.0 % 2.9 % 2.1 % 1.4 % Weighted-average current discount rate 3.9 % 3.9 % 2.8 % 1.3 % (1) Issuances: The present value, using the original discount rate, of the expected net premiums or the expected future policy benefits related to new reinsurance contracts that became effective during the current period and new policies assumed on existing contracts. (2) Interest accrual: The interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the original interest rate. (3) Net premiums collected: The portion of gross premiums collected from the ceding company that is used to fund expected benefit payments. (4) Derecognition: Includes the effects of treaty recaptures and treaty amendments that resulted in the termination of an existing treaty and the issuance of a new treaty under the internal replacement model. (5) Benefit payments: The release of the present value, using the original discount rate, of the expected future policy benefits due to death, lapse/withdrawal, and other benefit payments based on current assumptions. Significant assumptions used to compute the liability for future policy benefits for the Financial Solutions business include mortality, morbidity, lapse rates and discount rates (both accretion and current). The Company updated the underlying market data used to determine the current discount rate resulting in changes to the discount rate assumption used to measure the net liability for future policy benefits. The Company’s Financial Solutions business actual-to-expected variances and the effects of changes in discount rate assumption for the three months ending March 31, 2023 and 2022 are summarized in the tables below: Three months ended March 31, 2023: Segment Net liability for future policy benefits at original discount rate Actual-to-expected variance Impact of updating discount rate recognized in OCI Commentary U.S. and Latin America – Financial Solutions $4.2 billion $(4) million $96 million During the first quarter of 2023, the Company reviewed the significant assumptions used to measure the liability for future policy benefits and did not make any changes to the segment’s mortality, morbidity, and lapse assumptions as actual experience was consistent with the underlying assumptions. 1.9% increase 0.1% decrease 2.3% increase Canada – Financial Solutions $0.1 billion $(4) million $3 million During the first quarter of 2023, the Company reviewed the significant assumptions used to measure the liability for future policy benefits and did not make any changes to the segment’s mortality, morbidity, and lapse assumptions as actual experience was consistent with the underlying assumptions. 5.7% decrease 7.5% decrease 5.7% increase Europe, Middle East and Africa – Financial Solutions $5.6 billion $(11) million $46 million During the first quarter of 2023, the Company reviewed the significant assumptions used to measure the liability for future policy benefits and did not make any changes to the segment’s mortality, morbidity, and lapse assumptions as actual experience was consistent with the underlying assumptions. 0.8% increase 0.2% decrease 0.8% increase Asia Pacific – Financial Solutions $6.1 billion $(1) million $136 million During the first quarter of 2023, the Company reviewed the significant assumptions used to measure the liability for future policy benefits and did not make any changes to the segment’s mortality, morbidity, and lapse assumptions as actual experience was consistent with the underlying assumptions. 24.1% increase 0.0% decrease 2.7% increase For the three months ended March 31, 2022: Segment Net liability for future policy benefits at original discount rate Actual-to-expected variance Impact of updating discount rate recognized in OCI Commentary U.S. and Latin America – Financial Solutions $4.3 billion $(20) million $(404) million During the first quarter of 2022, the Company reviewed the significant assumptions used to measure the liability for future policy benefits and did not make any changes to the segment’s mortality, morbidity, and lapse assumptions as actual experience was consistent with the underlying assumptions. 1.8% decrease 0.5% decrease 9.2% decrease Canada – Financial Solutions $0.1 billion $(5) million $(8) million During the first quarter of 2022, the Company reviewed the significant assumptions used to measure the liability for future policy benefits and did not make any changes to the segment’s mortality, morbidity, and lapse assumptions as actual experience was consistent with the underlying assumptions. 3.1% decrease 7.8% decrease 12.5% decrease Europe, Middle East and Africa – Financial Solutions $6.0 billion $(8) million $(613) million During the first quarter of 2022, the Company reviewed the significant assumptions used to measure the liability for future policy benefits and did not make any changes to the segment’s mortality, morbidity, and lapse assumptions as actual experience was consistent with the underlying assumptions. 3.9% decrease 0.1% decrease 9.9% decrease Asia Pacific – Financial Solutions $5.3 billion $1 million $(139) million During the first quarter of 2022, the Company reviewed the significant assumptions used to measure the liability for future policy benefits and did not make any changes to the segment’s mortality, morbidity, and lapse assumptions as actual experience was consistent with the underlying assumptions. 6.1% increase 0.0% increase 2.8% decrease Reconciliation and Other Disclosures The reconciliation of the rollforward of the liability for future policy benefits to the condensed consolidated balance sheets as of March 31, 2023 and 2022 is as follows (dollars in millions): March 31, 2023 2022 Liability for future policy benefits included in the rollforwards: Traditional: U.S. and Latin America $ 9,845 $ 11,765 Canada 4,131 4,812 Europe, Middle East and Africa 1,075 1,228 Asia Pacific 2,444 2,605 Financial Solutions: U.S. and Latin America 3,994 4,465 Canada 54 71 Europe, Middle East and Africa 4,725 5,876 Asia Pacific 5,824 5,181 Other long-duration contracts 181 177 Claims liability and incurred but not reported claims 5,417 5,659 Unearned revenue liability 532 567 Total liability for future policy benefits $ 38,222 $ 42,406 The amount of undiscounted and discounted expected future gross premiums and expected future benefit payments for the liability for future policy benefits included in the rollforwards as of March 31, 2023 and 2022 is as follows (dollars in millions): March 31, 2023 2022 Undiscounted Discounted Undiscounted Discounted Expected future gross premiums Traditional: U.S. and Latin America $ 172,081 $ 82,288 $ 172,097 $ 93,268 Canada 53,244 21,317 56,648 24,355 Europe, Middle East and Africa 24,591 13,611 25,517 16,254 Asia Pacific 92,305 37,986 84,355 38,094 Financial Solutions: U.S. and Latin America 3,112 1,975 972 686 Canada 4,738 3,149 5,506 3,843 Europe, Middle East and Africa 64,424 37,636 56,874 41,655 Asia Pacific 2,977 2,478 3,280 2,840 Expected future benefit payments Traditional: U.S. and Latin America $ 181,123 $ 80,478 $ 181,789 $ 91,772 Canada 56,223 21,289 60,162 24,421 Europe, Middle East and Africa 24,150 12,889 24,939 15,377 Asia Pacific 88,496 32,313 82,052 32,473 Financial Solutions: U.S. and Latin America 9,214 5,408 7,360 4,648 Canada 4,602 3,062 5,387 3,760 Europe, Middle East and Africa 66,775 39,070 59,907 43,738 Asia Pacific 10,144 7,472 9,175 7,107 The amount of gross premiums and interest expense recognized in the consolidated statements of income for the liability for future policy benefits included in the rollforwards for the three months ended March 31, 2023 and 2022 is as follows (dollars in millions): Gross Premiums Interest Expense March 31, March 31, 2023 2022 2023 2022 Traditional: U.S. and Latin America $ 1,422 $ 1,397 $ 130 $ 125 Canada 262 272 51 56 Europe, Middle East and Africa 355 361 8 8 Asia Pacific 620 629 37 33 Financial Solutions: U.S. and Latin America 156 8 43 46 Canada 23 23 1 1 Europe, Middle East and Africa 161 163 40 43 Asia Pacific 63 43 12 11 Total $ 3,062 $ 2,896 $ 322 $ 323 There were no material charges incurred for the three months ended March 31, 2023 and 2022, resulting from net premiums exceeding gross premiums. |
Policyholder Account Balances
Policyholder Account Balances | 3 Months Ended |
Mar. 31, 2023 | |
Insurance [Abstract] | |
Long-Duration Insurance Contracts Disclosure | POLICYHOLDER ACCOUNT BALANCES Policyholder Account Balances The following tables provide the balances of and changes in the Company’s liability for its policyholder account balances for the three months ended March 31, 2023 and 2022 (dollars in millions): Three months ended March 31, 2023: U.S. and Latin America – Traditional U.S. and Latin America – Financial Solutions Asia Pacific – Financial Solutions Balance, beginning of year $ 1,683 $ 18,906 $ 3,351 Deposits 3 41 431 Policy charges (8) (8) — Surrenders and withdrawals (5) (528) (19) Benefit payments (43) (116) (22) Interest credited 16 142 32 Foreign currency translation — — (15) Balance, end of period $ 1,646 $ 18,437 $ 3,758 Less: reinsurance recoverable — (1,532) — Balance, end of period, after reinsurance $ 1,646 $ 16,905 $ 3,758 Weighted-average crediting rate 4.0 % 3.3 % 2.9 % Net amount at risk $ 697 $ 2,468 $ — Cash surrender value $ 1,635 $ 18,398 $ 3,340 Three months ended March 31, 2022: U.S. and Latin America – Traditional U.S. and Latin America – Financial Solutions Asia Pacific – Financial Solutions Balance, beginning of year $ 1,719 $ 18,758 $ 1,621 Deposits 3 152 246 Policy charges (8) (8) (1) Surrenders and withdrawals (4) (296) (15) Benefit payments (27) (115) (6) Interest credited 16 153 6 Foreign currency translation — — 13 Balance, end of period $ 1,699 $ 18,644 $ 1,864 Less: reinsurance recoverable — (1,552) — Balance, end of period, after reinsurance $ 1,699 $ 17,092 $ 1,864 Weighted-average crediting rate 4.0 % 3.2 % 1.4 % Net amount at risk $ 728 $ 2,561 $ — Cash surrender value $ 1,688 $ 18,552 $ 1,636 Information regarding the Company’s policyholder account balances as of March 31, 2023 and 2022 is as follows (dollars in millions): March 31, 2023 2022 Policyholder account balances included in the rollforwards: Traditional: U.S. and Latin America $ 1,646 $ 1,699 Financial Solutions: U.S. and Latin America 18,437 18,644 Asia Pacific 3,758 1,864 Other policyholder account balances U.S. and Latin America – Financial Solutions 70 49 Total policyholder account balances $ 23,911 $ 22,256 The balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums as of March 31, 2023 and 2022 is as follows (dollars in millions): March 31, 2023 Range of Guaranteed Minimum Crediting Rate At Guaranteed Minimum 1 Basis Point – 50 Basis Points Above 51 Basis Points – 150 Basis Points Above Greater Than 150 Basis Points Above Total U.S. and Latin America – Traditional Less than 1.00% $ — $ — $ — $ — $ — 1.00 – 1.99% — — — — — 2.00 – 2.99% — — — — — 3.00 – 3.99% — — — — — 4.00% and Greater 1,646 — — — 1,646 Total $ 1,646 $ — $ — $ — $ 1,646 U.S. and Latin America – Financial Solutions Less than 1.00% $ — $ — $ — $ — $ — 1.00 – 1.99% 1,844 14 97 40 1,995 2.00 – 2.99% 1,831 9 727 14 2,581 3.00 – 3.99% 4,718 240 79 1 5,038 4.00% and Greater 8,773 50 — — 8,823 Total $ 17,166 $ 313 $ 903 $ 55 $ 18,437 Asia Pacific – Financial Solutions Less than 1.00% $ 291 $ — $ — $ — $ 291 1.00 – 1.99% 717 — — — 717 2.00 – 2.99% 804 — — — 804 3.00 – 3.99% 1,225 — — — 1,225 4.00% and Greater 721 — — — 721 Total $ 3,758 $ — $ — $ — $ 3,758 March 31, 2022 Range of Guaranteed Minimum Crediting Rate At Guaranteed Minimum 1 Basis Point – 50 Basis Points Above 51 Basis Points – 150 Basis Points Above Greater Than 150 Basis Points Above Total U.S. and Latin America – Traditional Less than 1.00% $ — $ — $ — $ — $ — 1.00 – 1.99% — — — — — 2.00 – 2.99% — — — — — 3.00 – 3.99% — — — — — 4.00% and Greater 1,699 — — — 1,699 Total $ 1,699 $ — $ — $ — $ 1,699 U.S. and Latin America – Financial Solutions Less than 1.00% $ — $ — $ — $ — $ — 1.00 – 1.99% 1,995 16 85 57 2,153 2.00 – 2.99% 2,140 6 788 — 2,934 3.00 – 3.99% 4,782 258 60 — 5,100 4.00% and Greater 8,403 54 — — 8,457 Total $ 17,320 $ 334 $ 933 $ 57 $ 18,644 Asia Pacific – Financial Solutions Less than 1.00% $ 651 $ — $ — $ — $ 651 1.00 – 1.99% 954 — — — 954 2.00 – 2.99% 10 — — — 10 3.00 – 3.99% 240 — — — 240 4.00% and Greater 9 — — — 9 Total $ 1,864 $ — $ — $ — $ 1,864 |
Unpaid Claims and Claims Expens
Unpaid Claims and Claims Expense Short Duration Contracts | 3 Months Ended |
Mar. 31, 2023 | |
Insurance [Abstract] | |
Short-Duration Insurance and Deposit Contracts [Text Block] | UNPAID CLAIMS AND CLAIM EXPENSE – SHORT-DURATION CONTRACTS Rollforward of Claims and Claim Adjustment Expenses The liability for unpaid claims for short-duration contracts is reported in other policy claims and benefits on the Company’s condensed consolidated balance sheets. Activity associated with unpaid claims is summarized below (dollars in millions): Three months ended March 31, 2023 2022 Balance, beginning of year $ 2,480 $ 2,110 Less: reinsurance recoverable (57) (81) Net balance, beginning of year 2,423 2,029 Incurred: Current year 363 726 Prior years (25) (51) Total incurred 338 675 Payments: Current year (23) (25) Prior years (249) (260) Total payments (272) (285) Other changes: Interest accretion 8 8 Foreign exchange adjustments (6) 36 Total other changes 2 44 Net balance, end of period 2,491 2,463 Plus: reinsurance recoverable 67 94 Balance, end of period $ 2,558 $ 2,557 |
Market Risk Benefits
Market Risk Benefits | 3 Months Ended |
Mar. 31, 2023 | |
Insurance [Abstract] | |
Market Risk Benefits | MARKET RISK BENEFITS The following table provides the balances of and changes in the Company’s market risk benefits for the three months ended March 31, 2023 and 2022 (dollars in millions): U.S. and Latin America – Financial Solutions Three months ended March 31, 2023 2022 Balance, beginning of year $ 247 $ 262 Balance, beginning of year, before effect of changes in the instrument-specific credit risk 263 254 Interest accrual 4 — Attributed fees collected 6 7 Benefit payments — (5) Effect of changes in interest rates 21 (61) Effect of changes in equity markets (17) 13 Effect of changes in volatility (5) 3 Other market impacts — 2 Actual policyholder behavior different from expected behavior 5 6 Balance, end of period, before effect of changes in the instrument-specific credit risk 277 219 Effect of changes in the instrument-specific credit risk (18) 14 Balance, end of period 259 233 Less: reinsurance recoverable — — Balance, end of period, after reinsurance $ 259 $ 233 Net amount at risk $ 1,428 $ 1,220 Weighted-average attained age of contract holders (in years) 71 68 The reconciliation of the rollforward for market risk benefits to the condensed consolidated balance sheets as of March 31, 2023 and 2022 is as follows (dollars in millions): March 31, March 31, 2023 2022 Asset (1) Liability Net Asset (1) Liability Net U.S. and Latin America – Financial Solutions $ 2 $ 261 $ (259) $ — $ 233 $ (233) Total market risk benefits $ 2 $ 261 $ (259) $ — $ 233 $ (233) (1) Included in Other assets Fair Value Measurement See Note 13 – “Fair Value of Assets and Liabilities” for information about fair value measurement of assets and liabilities, except for market risk benefits. Market risk benefits are classified within Level 3 on the fair value hierarchy. The fair value of market risk benefits is monitored through the use of attribution reports to quantify the effect of underlying sources of fair value change, including capital market inputs based on policyholder account values, interest rates and short-term and long-term implied volatilities from period to period. D uring the three months ended March 31, 2023 and 2022, there were no material changes made to the inputs in the market risk benefit calculations, and nonfinancial assumptions were unchanged. |
Deferred Policy Acquisition Cos
Deferred Policy Acquisition Costs | 3 Months Ended |
Mar. 31, 2023 | |
Insurance [Abstract] | |
Deferred Policy Acquisition Costs | DEFERRED POLICY ACQUISITION COSTS The following tables provide the balances of and changes in deferred policy acquisition costs for the Company’s Traditional business for the three months ended March 31, 2023 and 2022 (dollars in millions): Three months ended March 31, 2023: U.S. and Latin America – Traditional Canada – Traditional Europe, Middle East and Africa – Traditional Asia Pacific – Traditional Balance, beginning of year $ 2,087 $ 171 $ 294 $ 1,043 Capitalization 57 3 25 19 Amortization expense (35) (3) (10) (15) Foreign currency translation — — — (3) Balance, end of period $ 2,109 $ 171 $ 309 $ 1,044 Three months ended March 31, 2022: U.S. and Latin America – Traditional Canada – Traditional Europe, Middle East and Africa – Traditional Asia Pacific – Traditional Balance, beginning of year $ 1,947 $ 191 $ 270 $ 1,056 Capitalization 70 2 15 34 Amortization expense (36) (3) (11) (23) Foreign currency translation — 2 4 (6) Balance, end of period $ 1,981 $ 192 $ 278 $ 1,061 The following tables provide the balances of and changes in deferred policy acquisition costs for the Company’s Financial Solutions business for the three months ended March 31, 2023 and 2022 (dollars in millions): Three months ended March 31, 2023: U.S. and Latin America – Financial Solutions Canada – Financial Solutions Europe, Middle East and Africa – Financial Solutions Asia Pacific – Financial Solutions Balance, beginning of year $ 341 $ — $ — $ 188 Capitalization — — — 108 Amortization expense (11) — — (6) Foreign currency translation — — — (1) Balance, end of period $ 330 $ — $ — $ 289 Three months ended March 31, 2022: U.S. and Latin America – Financial Solutions Canada – Financial Solutions Europe, Middle East and Africa – Financial Solutions Asia Pacific – Financial Solutions Balance, beginning of year $ 312 $ — $ — $ 81 Capitalization 6 — — 13 Amortization expense (20) — — (3) Foreign currency translation — — — — Balance, end of period $ 298 $ — $ — $ 91 The reconciliation of deferred policy acquisition costs to the condensed consolidated balance sheets as of March 31, 2023 and 2022 is as follows (dollars in millions): March 31, 2023 2022 Deferred policy acquisition costs included in the rollforwards: Traditional: U.S. and Latin America $ 2,109 $ 1,981 Canada 171 192 Europe, Middle East and Africa 309 278 Asia Pacific 1,044 1,061 Financial Solutions: U.S. and Latin America 330 298 Canada — — Europe, Middle East and Africa — — Asia Pacific 289 91 Other long-duration business: Corporate and Other 5 5 Total deferred policy acquisition costs $ 4,257 $ 3,906 |
Reinsurance
Reinsurance | 3 Months Ended |
Mar. 31, 2023 | |
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. The Company regularly evaluates the financial condition of the insurance companies from which it assumes and to which it cedes reinsurance. At March 31, 2023 and December 31, 2022, no allowances were deemed necessary. Two major reinsurance companies account for approximately 76% of reinsurance ceded receivables and other as of March 31, 2023. Retrocessions are arranged through the Company’s retrocession pools for amounts in excess of the Company’s retention limit. As of March 31, 2023, 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 have been posted. In addition, the Company performs annual financial reviews of its retrocessionaires to evaluate financial stability and performance. Included in the total reinsurance ceded receivables and other balance are $183 million and $183 million of claims recoverable, of which $17 million and $16 million were in excess of 90 days past due, as of March 31, 2023 and December 31, 2022, respectively. Also included in the total reinsurance ceded receivable and other is a deposit asset on reinsurance of $1.6 billion and $1.6 billion as of March 31, 2023 and December 31, 2022, respectively. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2023 | |
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”), Japanese government and agencies (“Japanese government”), asset-backed securities (“ABS”), commercial mortgage-backed securities (“CMBS”), residential mortgage-backed securities (“RMBS”), 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”). ABS, CMBS and RMBS are collectively “structured securities.” The following tables provide information relating to investments in fixed maturity securities by type as of March 31, 2023 and December 31, 2022 (dollars in millions): March 31, 2023: Amortized Allowance for Unrealized Unrealized Estimated Fair % of Cost Credit Losses Gains Losses Value Total Available-for-sale: Corporate $ 39,621 $ 69 $ 255 $ 4,330 $ 35,477 63.3 % Canadian government 3,345 — 455 45 3,755 6.7 Japanese government 3,749 — 9 315 3,443 6.1 ABS 4,470 10 8 365 4,103 7.3 CMBS 1,882 — — 212 1,670 3.0 RMBS 1,120 — 2 98 1,024 1.8 U.S. government 1,923 — 6 184 1,745 3.1 State and political subdivisions 1,261 — 9 132 1,138 2.0 Other foreign government 4,123 — 31 424 3,730 6.7 Total fixed maturity securities $ 61,494 $ 79 $ 775 $ 6,105 $ 56,085 100.0 % December 31, 2022: Amortized Allowance for Unrealized Unrealized Estimated Fair % of Cost Credit Losses Gains Losses Value Total Available-for-sale: Corporate $ 38,963 $ 27 $ 168 $ 5,135 $ 33,969 64.2 % Canadian government 3,311 — 381 66 3,626 6.9 Japanese government 3,033 — 4 478 2,559 4.8 ABS 4,324 10 4 440 3,878 7.3 CMBS 1,835 — — 212 1,623 3.1 RMBS 1,054 — 1 114 941 1.8 U.S. government 1,690 — 4 212 1,482 2.8 State and political subdivisions 1,282 — 10 173 1,119 2.1 Other foreign government 4,171 — 22 489 3,704 7.0 Total fixed maturity securities $ 59,663 $ 37 $ 594 $ 7,319 $ 52,901 100.0 % The Company enters into various collateral arrangements with counterparties that require both the pledging and acceptance of fixed maturity securities as collateral. Pledged fixed maturity securities are included in fixed maturity securities available-for-sale in the condensed consolidated balance sheets. Fixed maturity securities received as collateral are held in separate custodial accounts and are not recorded on the Company’s condensed consolidated balance sheets. Subject to certain constraints, the Company is permitted by contract to sell or repledge collateral it receives; however, as of March 31, 2023 and December 31, 2022, none of the collateral received had been sold or repledged. The Company also holds assets in trust to satisfy collateral requirements under derivative transactions and certain third-party reinsurance treaties. The following table includes fixed maturity securities pledged and received as collateral and assets in trust held to satisfy collateral requirements under derivative transactions and certain third-party reinsurance treaties as of March 31, 2023 and December 31, 2022 (dollars in millions): March 31, 2023 December 31, 2022 Amortized Estimated Amortized Estimated Fixed maturity securities pledged as collateral $ 414 $ 366 $ 355 $ 292 Fixed maturity securities received as collateral n/a 1,506 n/a 1,428 Assets in trust held to satisfy collateral requirements 31,586 28,622 31,510 27,817 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 and the Japanese government and its agencies, as well as the securities disclosed below, as of March 31, 2023 and December 31, 2022 (dollars in millions). March 31, 2023 December 31, 2022 Amortized Estimated Amortized Estimated Fixed maturity securities guaranteed or issued by: Canadian province of Quebec $ 1,388 $ 1,642 $ 1,436 $ 1,649 Canadian province of Ontario 1,033 1,146 982 1,068 The amortized cost and estimated fair value of fixed maturity securities classified as available-for-sale as of March 31, 2023, 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 $ 1,899 $ 1,849 Due after one year through five years 10,092 9,879 Due after five years through ten years 11,375 10,513 Due after ten years 30,656 27,047 Structured securities 7,472 6,797 Total $ 61,494 $ 56,085 Corporate Fixed Maturity Securities The tables below show the major sectors of the Company’s corporate fixed maturity holdings as of March 31, 2023 and December 31, 2022 (dollars in millions): March 31, 2023: Estimated Amortized Cost Fair Value % of Total Finance $ 14,732 $ 13,043 36.8 % Industrial 19,945 18,108 51.0 Utility 4,944 4,326 12.2 Total $ 39,621 $ 35,477 100.0 % December 31, 2022: Estimated Amortized Cost Fair Value % of Total Finance $ 14,551 $ 12,680 37.3 % Industrial 19,624 17,257 50.8 Utility 4,788 4,032 11.9 Total $ 38,963 $ 33,969 100.0 % 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 2022 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 three months ended March 31, 2023 and 2022 (dollars in millions) : For the three months ended March 31, 2023: Corporate ABS CMBS Other Foreign Government Total Balance, beginning of year $ 27 $ 10 $ — $ — $ 37 Credit losses recognized on securities for which credit losses were not previously recorded 43 — — — 43 Reductions for securities sold during the period (3) — — — (3) Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period 2 — — — 2 Balance, end of period $ 69 $ 10 $ — $ — $ 79 For the three months ended March 31, 2022: Corporate ABS CMBS Other Foreign Government Total Balance, beginning of year $ 26 $ — $ 1 $ 4 $ 31 Credit losses recognized on securities for which credit losses were not previously recorded 6 5 — — 11 Reductions for securities sold during the period (1) — — (1) (2) Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period 2 — — — 2 Balance, end of period $ 33 $ 5 $ 1 $ 3 $ 42 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 values and gross unrealized losses for the 6,228 and 6,441 fixed maturity securities for which an allowance for credit loss has not been recorded as of March 31, 2023 and December 31, 2022, 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 March 31, 2023: Estimated Unrealized Estimated Unrealized Estimated Unrealized Fair Value Losses Fair Value Losses Fair Value Losses Investment grade securities: Corporate $ 9,861 $ 486 $ 18,130 $ 3,705 $ 27,991 $ 4,191 Canadian government 395 15 165 30 560 45 Japanese government 379 4 2,291 311 2,670 315 ABS 811 38 2,777 311 3,588 349 CMBS 341 20 1,271 188 1,612 208 RMBS 332 16 513 82 845 98 U.S. government 909 5 606 179 1,515 184 State and political subdivisions 350 10 635 122 985 132 Other foreign government 1,073 38 1,763 325 2,836 363 Total investment grade securities 14,451 632 28,151 5,253 42,602 5,885 Below investment grade securities: Corporate 550 58 546 79 1,096 $ 137 ABS 45 3 46 10 91 13 Other foreign government — — 187 61 187 61 Total below investment grade securities 595 61 779 150 1,374 211 Total fixed maturity securities $ 15,046 $ 693 $ 28,930 $ 5,403 $ 43,976 $ 6,096 Less than 12 months 12 months or greater Total Gross Gross Gross December 31, 2022: Estimated Unrealized Estimated Unrealized Estimated Unrealized Fair Value Losses Fair Value Losses Fair Value Losses Investment grade securities: Corporate $ 21,867 $ 2,756 $ 6,840 $ 2,225 $ 28,707 $ 4,981 Canadian government 554 42 71 23 625 65 Japanese government 815 86 1,694 392 2,509 478 ABS 1,596 153 1,931 269 3,527 422 CMBS 1,314 144 281 65 1,595 209 RMBS 664 62 181 53 845 115 U.S. government 1,202 64 253 148 1,455 212 State and political subdivisions 819 124 131 50 950 174 Other foreign government 1,942 167 1,026 260 2,968 427 Total investment grade securities 30,773 3,598 12,408 3,485 43,181 7,083 Below investment grade securities: Corporate 767 87 305 61 1,072 148 ABS 52 6 38 9 90 15 Other foreign government 39 2 164 60 203 62 Total below investment grade securities 858 95 507 130 1,365 225 Total fixed maturity securities $ 31,631 $ 3,693 $ 12,915 $ 3,615 $ 44,546 $ 7,308 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 risk-free interest rates and credit spreads. Net Investment Income Major categories of net investment income consist of the following (dollars in millions): Three months ended March 31, 2023 2022 Fixed maturity securities available-for-sale $ 645 $ 533 Equity securities 2 2 Mortgage loans 74 73 Policy loans 13 13 Funds withheld at interest 72 51 Limited partnerships and real estate joint ventures 54 161 Short-term investments and cash and cash equivalents 21 2 Other invested assets 9 2 Investment income 890 837 Investment expense (34) (27) Net investment income $ 856 $ 810 Investment Related Gains (Losses), Net Investment related gains (losses), net consist of the following (dollars in millions): Three months ended March 31, 2023 2022 Fixed maturity securities available-for-sale: Change in allowance for credit losses $ (42) $ (11) Impairments on fixed maturities (1) (1) Realized gains on investment activity 31 11 Realized losses on investment activity (75) (36) Net gains (losses) on equity securities 2 (8) Change in mortgage loan allowance for credit losses 3 (2) Change in fair value of certain limited partnership investments (3) 19 Other, net 2 8 Net gains (losses) on derivatives 6 (119) Total investment related gains (losses), net $ (77) $ (139) 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 March 31, 2023 and December 31, 2022 (dollars in millions): March 31, 2023 December 31, 2022 Amortized Estimated Amortized Estimated Securities borrowing agreements: Securities borrowed (1) n/a $ 930 n/a $ 852 Securities pledged as collateral (2) 922 804 859 693 Securities lending agreements: Securities loaned (2) 60 56 59 55 Securities received as collateral (3) n/a 66 n/a 66 Repurchase/reverse repurchase agreements: Securities sold (2) 1,071 964 898 779 Securities purchased (3) n/a 629 n/a 619 Cash received (4) 248 248 149 149 (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, pledged or sold to counterparties are included within fixed maturity securities. (3) Securities received as collateral or purchased from counterparties are not reflected on the condensed consolidated financial statements. (4) 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 March 31, 2023 and December 31, 2022 (dollars in millions): March 31, 2023 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 $ — $ — $ — $ 40 $ 40 Canadian government — — — 5 5 State and political subdivisions — — — 6 6 Other foreign government — — — 5 5 Total — — — 56 56 Repurchase agreements: Corporate — — — 342 342 Japanese government — — — 290 290 ABS — — — 57 57 CMBS — — — 111 111 RMBS — — — 53 53 U.S. government — — — 13 13 Other foreign government — — — 98 98 Total — — — 964 964 Total agreements $ — $ — $ — $ 1,020 $ 1,020 December 31, 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 $ — $ — $ — $ 42 $ 42 Canadian government — — — 5 5 State and political subdivisions — — — 3 3 Other foreign government — — — 5 5 Total — — — 55 55 Repurchase agreements: Corporate — — — 279 279 Japanese government — — — 278 278 ABS — — — 54 54 CMBS — — — 63 63 RMBS — — — 10 10 U.S. government — — — — — Other foreign government — — — 95 95 Total — — — 779 779 Total agreements $ — $ — $ — $ 834 $ 834 Mortgage Loans As of March 31, 2023, mortgage loans were geographically dispersed throughout the U.S. with the largest concentrations in California (12.8%), Texas (12.0%) and Washington (8.0%), in addition to loans secured by properties in Canada (3.5%) and the United Kingdom (2.3%). 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 March 31, 2023 and December 31, 2022 (dollars in millions): March 31, 2023 December 31, 2022 Property type: Carrying Value % of Total Carrying Value % of Total Office $ 1,710 24.8 % $ 1,706 25.6 % Retail 2,319 33.6 2,290 34.4 Industrial 1,602 23.3 1,518 22.8 Apartment 835 12.1 763 11.5 Other commercial 429 6.2 376 5.7 Recorded investment 6,895 100.0 % 6,653 100.0 % Unamortized balance of loan origination fees and expenses (14) (12) Allowance for credit losses (48) (51) Total mortgage loans $ 6,833 $ 6,590 The following table presents the maturities of the Company’s recorded investment in mortgage loans as of March 31, 2023 and December 31, 2022 (dollars in millions): March 31, 2023 December 31, 2022 Recorded % of Total Recorded % of Total Due within five years $ 2,827 41.0 % $ 2,652 39.9 % Due after five years through ten years 3,101 45.0 2,930 44.0 Due after ten years 967 14.0 1,071 16.1 Total $ 6,895 100.0 % $ 6,653 100.0 % The following tables set forth certain key credit quality indicators of the Company’s recorded investment in mortgage loans as of March 31, 2023 and December 31, 2022 (dollars in millions): Recorded Investment Debt Service Ratios Construction loans >1.20x 1.00x – 1.20x <1.00x Total % of Total March 31, 2023: Loan-to-Value Ratio 0% – 59.99% $ 3,740 $ 210 $ 82 $ 30 $ 4,062 58.9 % 60% – 69.99% 1,811 140 70 — 2,021 29.3 70% – 79.99% 529 41 21 — 591 8.6 80% or greater 59 30 132 — 221 3.2 Total $ 6,139 $ 421 $ 305 $ 30 $ 6,895 100.0 % Recorded Investment Debt Service Ratios Construction loans >1.20x 1.00x – 1.20x <1.00x Total % of Total December 31, 2022: Loan-to-Value Ratio 0% – 59.99% $ 3,466 $ 215 $ 56 $ 18 $ 3,755 56.4 % 60% – 69.99% 1,894 119 71 — 2,084 31.3 70% – 79.99% 475 49 91 — 615 9.3 80% or greater 81 — 118 — 199 3.0 Total $ 5,916 $ 383 $ 336 $ 18 $ 6,653 100.0 % The following table sets forth credit quality grades by year of origination of the Company’s recorded investment in mortgage loans as of March 31, 2023 and December 31, 2022 (dollars in millions): Recorded Investment Year of Origination 2023 2022 2021 2020 2019 Prior Total March 31, 2023: Internal credit quality grade: High investment grade $ 66 $ 694 $ 676 $ 335 $ 531 $ 1,944 $ 4,246 Investment grade 245 599 283 238 306 754 2,425 Average — — 6 — 39 160 205 Watch list — — — — — — — In or near default — — — — — 19 19 Total $ 311 $ 1,293 $ 965 $ 573 $ 876 $ 2,877 $ 6,895 Recorded Investment Year of Origination 2022 2021 2020 2019 2018 Prior Total December 31, 2022: Internal credit quality grade: High investment grade $ 698 $ 684 $ 327 $ 561 $ 422 $ 1,565 $ 4,257 Investment grade 586 284 248 279 252 531 2,180 Average — 6 — 39 52 83 180 Watch list — — — — — — — In or near default — — — — — 36 36 Total $ 1,284 $ 974 $ 575 $ 879 $ 726 $ 2,215 $ 6,653 The following table presents the current and past due composition of the Company’s recorded investment in mortgage loans as of March 31, 2023 and December 31, 2022. March 31, 2023 December 31, 2022 Current $ 6,869 $ 6,617 31 – 60 days past due 7 — Greater than 90 days past due 19 36 Total $ 6,895 $ 6,653 The following table presents information regarding the Company’s allowance for credit losses for mortgage loans for the three months ended March 31, 2023 and 2022 (dollars in millions): Three months ended March 31, 2023 2022 Balance, beginning of period $ 51 $ 35 Change in allowance for credit losses (3) 2 Balance, end of period $ 48 $ 37 During the three months ended March 31, 2023, the Company converted one mortgage loan in the amount of $17 million to an owned property through a deed in lieu of foreclosure. During the three months ended March 31, 2022, the Company restructured three mortgage loans to interest only payments as a result of lower occupancy levels, one of which was paid in full as of December 31, 2022. The total recorded investment before allowance for credit losses for mortgage loans that were modified or met the criteria of Troubled Debt Restructuring (“TDR”) is $77 million as of March 31, 2022. The Company had one mortgage loan in the amount of $19 million that was on a nonaccrual status as of March 31, 2023. The Company had no mortgage loans that were on a nonaccrual status as of March 31, 2022. The Company did not acquire any impaired mortgage loans during the three months ended March 31, 2023 and 2022. Policy Loans The majority of policy loans are associated with one client. These policy loans present no credit risk as the amount of the loan cannot exceed the obligation due to the ceding company upon the death of the insured or surrender of the underlying policy. The provisions of the treaties in force and the underlying policies determine the policy loan interest rates. The Company earns a spread between the interest rate earned on policy loans and the interest rate credited to corresponding liabilities. Funds Withheld at Interest As of March 31, 2023, $3.7 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. Limited Partnerships and Real Estate Joint Ventures The carrying values of limited partnerships and real estate joint ventures as of March 31, 2023 and December 31, 2022 are as follows (dollars in millions): March 31, 2023 December 31, 2022 Limited partnerships – equity method $ 970 $ 934 Limited partnerships – fair value 726 683 Limited partnerships – cost method 54 49 Real estate joint ventures 655 661 Total limited partnerships and real estate joint ventures $ 2,405 $ 2,327 Other Invested Assets Other invested assets include lifetime mortgages and derivative contracts. Other invested assets also includes FHLB common stock, unit-linked investments, and real estate held for investment, which are included in “Other” in the table below. As of March 31, 2023 and December 31, 2022, the allowance for credit losses for lifetime mortgages was not material. The carrying values of other invested assets as of March 31, 2023 and December 31, 2022 are as follows (dollars in millions): March 31, 2023 December 31, 2022 Lifetime mortgages $ 897 $ 868 Derivatives 100 170 Other 114 102 Total other invested assets $ 1,111 $ 1,140 |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | See Note 2 – “Significant Accounting Policies and Pronouncements” of the Company’s 2022 Annual Report for a detailed discussion of the accounting treatment for derivative instruments, including embedded derivatives. See Note 13 – “Fair Value of Assets and Liabilities” for additional disclosures related to the fair value hierarchy for derivative instruments, including embedded derivatives. Commonly used derivative instruments include, but are not necessarily limited to: credit default swaps, equity futures, equity options, foreign currency swaps, foreign currency forwards, interest rate swaps, interest rate options, interest rate futures, total return swaps, 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 12 – “Derivative Instruments” of the Company’s 2022 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 products are included on the condensed consolidated balance sheets with the host contract in interest-sensitive contract liabilities, at fair value. The following table presents the notional amounts and gross fair value of derivative instruments prior to taking into account the netting effects of master netting agreements as of March 31, 2023 and December 31, 2022 (dollars in millions): March 31, 2023 December 31, 2022 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 $ 1,578 $ 13 $ 1 $ 1,271 $ 2 $ 2 Interest rate options Interest rate 7,957 11 — 7,756 34 — Total return swaps Interest rate 500 19 — 500 18 — Interest rate futures Interest rate 97 — — 96 — — Equity futures Equity 186 — — 164 — — Foreign currency swaps Foreign currency 150 16 — 150 18 — Foreign currency forwards Foreign currency 1,006 4 8 766 50 — CPI swaps CPI 478 19 5 496 20 3 Credit default swaps Credit 1,528 2 14 1,523 2 21 Equity options Equity 336 24 — 358 38 — Synthetic GICs Interest rate 17,280 — — 17,411 — — Embedded derivatives in: Modco or funds withheld arrangements — 362 333 — 363 371 Indexed annuity products — — 495 — — 530 Total non-hedging derivatives 31,096 470 856 30,491 545 927 Derivatives designated as hedging instruments: Interest rate swaps Foreign currency/Interest rate 1,701 5 112 1,310 3 113 Foreign currency swaps Foreign currency 114 — 3 114 — — Foreign currency forwards Foreign currency 1,161 29 2 1,019 38 1 Forward bond purchase commitments Interest rate 407 — 86 407 — 96 Total hedging derivatives 3,383 34 203 2,850 41 210 Total derivatives $ 34,479 $ 504 $ 1,059 $ 33,341 $ 586 $ 1,137 Fair Value Hedges The Company designates and reports certain foreign currency swaps to hedge the foreign currency fair value exposure of foreign currency denominated assets as fair value hedges when they meet the requirements of the general accounting principles for Derivatives and Hedging . The gain or loss on the hedged item attributable to a change in foreign currency and the offsetting gain or loss on the related foreign currency swaps as of March 31, 2023 and 2022 were as follows (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), Net For the three months ended March 31, 2023: Foreign currency swaps Foreign-denominated fixed maturity securities $ (3) $ 2 For the three months ended March 31, 2022: Foreign currency swaps Foreign-denominated fixed maturity securities $ 7 $ (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; (iii) certain interest rate swaps, in which floating rate assets are converted to fixed rate assets; and (iv) forward bond purchase commitments. The following table presents the components of AOCI, before income tax, and the condensed consolidated income statement classification where the gain or loss is recognized related to cash flow hedges for the three months ended March 31, 2023 and 2022 (dollars in millions): Three months ended March 31, 2023 2022 Balance, beginning of period $ (205) $ (22) Gains (losses), net deferred in other comprehensive income (loss) 6 (60) Amounts reclassified to net investment income 3 — Amounts reclassified to interest expense (2) 1 Balance, end of period $ (198) $ (81) As of March 31, 2023, approximately $1 million of before-tax deferred net losses recorded in AOCI are expected to be reclassified to investment income during the next twelve months. For the same time period, $10 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. The following table presents the effect of derivatives in cash flow hedging relationships on the condensed consolidated statements of income and the condensed consolidated statements of comprehensive income for the three months ended March 31, 2023 and 2022 (dollars in millions): Derivative Type Gains (Losses) Deferred in OCI Gains (Losses) Reclassified into Income from AOCI Net Investment Income Interest Expense For the three months ended March 31, 2023: Interest rate $ 14 $ — $ 2 Foreign currency/interest rate (8) (3) — Total $ 6 $ (3) $ 2 For the three months ended March 31, 2022: Interest rate $ (64) $ — $ (1) Foreign currency/interest rate 4 — — Total $ (60) $ — $ (1) For the three months ended March 31, 2023 and 2022, 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 months ended March 31, 2023 and 2022 (dollars in millions): Derivative Gains (Losses) Deferred in OCI For the three months ended March 31, Type of NIFO Hedge 2023 2022 Foreign currency forwards $ — $ (16) The cumulative foreign currency translation gain recorded in AOCI related to these hedges was $210 million as of March 31, 2023 and December 31, 2022. 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 months ended March 31, 2023 and 2022 is as follows (dollars in millions): Gains (Losses) for the three months ended Type of Non-hedging Derivative Income Statement Location of Gains (Losses) 2023 2022 Interest rate swaps Investment related gains (losses), net $ 20 $ (52) Interest rate options Investment related gains (losses), net (23) — Total return swaps Investment related gains (losses), net 3 — Interest rate futures Investment related gains (losses), net — 2 Equity futures Investment related gains (losses), net (9) 5 Foreign currency swaps Investment related gains (losses), net — 7 Foreign currency forwards Investment related gains (losses), net (19) (23) CPI swaps Investment related gains (losses), net 1 29 Credit default swaps Investment related gains (losses), net 11 (58) Equity options Investment related gains (losses), net (14) — Subtotal (30) (90) Embedded derivatives in: Modco or funds withheld arrangements Investment related gains (losses), net 37 (33) Indexed annuity products Interest credited 16 36 Total non-hedging derivatives $ 23 $ (87) Credit Derivatives The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of credit default swaps sold by the Company at March 31, 2023 and December 31, 2022 (dollars in millions): March 31, 2023 December 31, 2022 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 $ (13) $ 428 18.5 $ (18) $ 428 18.7 BBB+/BBB/BBB- Single name credit default swaps 2 160 3 1 155 3.3 Credit default swaps referencing indices — 915 5.8 — 915 6.2 Subtotal 2 1,075 5.4 1 1,070 5.8 BB+/BB/BB- Single name credit default swaps (1) 25 2.9 (2) 25 3.2 Total $ (12) $ 1,528 9 $ (19) $ 1,523 9.4 (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 11 – “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 March 31, 2023 and December 31, 2022 (dollars in millions): Gross Amounts Gross Amounts Net Amounts Financial Instruments/Collateral (1) Net Amount March 31, 2023: Derivative assets $ 142 $ (42) $ 100 $ (100) $ — Derivative liabilities 231 (42) 189 (189) — December 31, 2022: Derivative assets 223 (53) 170 (170) — Derivative liabilities 236 (53) 183 (183) — (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 March 31, 2023, 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 derivatives are settled on a daily basis, thereby reducing the credit risk exposure in the event of non-performance by counterparties to such financial instruments. |
Fair Value of Assets and Liabil
Fair Value of Assets and Liabilities | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | 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 2022 Annual Report. See Note 8 – “Market Risk Benefits” for information about fair value measurement of market risk benefits. Assets and Liabilities by Hierarchy Level Assets and liabilities measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022 are summarized below (dollars in millions): March 31, 2023: Fair Value Measurements Using: Total Level 1 Level 2 Level 3 Assets: (1) Fixed maturity securities available-for-sale: Corporate $ 35,477 $ — $ 30,864 $ 4,613 Canadian government 3,755 — 3,755 — Japanese government 3,443 — 3,443 — ABS 4,103 — 2,699 1,404 CMBS 1,670 — 1,614 56 RMBS 1,024 — 1,023 1 U.S. government 1,745 1,649 88 8 State and political subdivisions 1,138 — 1,118 20 Other foreign government 3,730 — 3,693 37 Total fixed maturity securities available-for-sale 56,085 1,649 48,297 6,139 Equity securities 138 70 — 68 Funds withheld at interest – embedded derivatives (322) — — (322) Funds withheld at interest 53 — — 53 Cash equivalents 1,654 1,653 — 1 Short-term investments 203 118 78 7 Other invested assets: Derivatives 100 — 100 — Other 24 — 24 — Total other invested assets 124 — 124 — Total $ 57,935 $ 3,490 $ 48,499 $ 5,946 Liabilities: Interest-sensitive contract liabilities – embedded derivatives $ 495 $ — $ — $ 495 Other liabilities: Funds withheld at interest – embedded derivatives (351) — — (351) Derivatives 189 — 189 — Total $ 333 $ — $ 189 $ 144 (1) Excludes limited partnerships that are measured at estimated fair value using the NAV per share (or its equivalent) as a practical expedient. As of March 31, 2023, the fair value of such investments was $726 million. December 31, 2022: Fair Value Measurements Using: Total Level 1 Level 2 Level 3 Assets: (1) Fixed maturity securities available-for-sale: Corporate $ 33,969 $ — $ 29,670 $ 4,299 Canadian government 3,626 — 3,626 — Japanese government 2,559 — 2,559 — ABS 3,878 — 2,603 1,275 CMBS 1,623 — 1,555 68 RMBS 941 — 931 10 U.S. government 1,482 1,388 85 9 State and political subdivisions 1,119 — 1,093 26 Other foreign government 3,704 — 3,669 35 Total fixed maturity securities available-for-sale 52,901 1,388 45,791 5,722 Equity securities 134 68 — 66 Funds withheld at interest – embedded derivatives (371) — — (371) Funds withheld at interest 54 — — 54 Cash equivalents 1,535 1,535 — — Short-term investments 121 54 54 13 Other invested assets: Derivatives 170 — 170 — Other 23 — 23 — Total other invested assets 193 — 193 — Total $ 54,567 $ 3,045 $ 46,038 $ 5,484 Liabilities: Interest-sensitive contract liabilities – embedded derivatives $ 530 $ — $ — $ 530 Other liabilities: Funds withheld at interest – embedded derivatives (363) — — (363) Derivatives 183 — 183 — Total $ 350 $ — $ 183 $ 167 (1) Excludes limited partnerships that are measured at estimated fair value using the NAV per share (or its equivalent) as a practical expedient. As of December 31, 2022, the fair value of such investments was $683 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 March 31, 2023 and December 31, 2022 (dollars in millions): Estimated Fair Value Valuation Technique Unobservable Inputs Range (Weighted Average) March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Assets: Corporate $ 25 $ 25 Market comparable securities Liquidity premium 1% 1% EBITDA Multiple 5.3x 5.3x ABS 272 274 Market comparable securities Liquidity premium 0-18% (2%) 0-18% (2%) U.S. government 8 9 Market comparable securities Liquidity premium 0-1% (1%) 0-1% (1%) Equity securities 9 9 Market comparable securities EBITDA Multiple 8.4x-11.2x (9.7x) 8.4x-11.2x (9.6x) Funds withheld at interest – embedded derivatives 4 (34) Total return swap Mortality 0-100% (3%) 0-100% (3%) Lapse 0-35% (15%) 0-35% (17%) 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 495 530 Discounted cash flow Mortality 0-100% (3%) 0-100% (3%) Lapse 0-35% (14%) 0-35% (16%) Withdrawal 0-5% (4%) 0-5% (3%) Option budget projection 1-4% (2%) 1-4% (2%) 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 2022 Annual Report. The reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) are as follows (dollars in millions): For the three months ended March 31, 2023: 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 Cash equivalents Short-term investments Fair value, beginning of period $ 4,299 $ 35 $ 1,353 $ 35 $ 66 $ — $ 13 $ (8) $ 54 $ (530) Total gains/losses (realized/unrealized) Included in earnings, net: Net investment income 1 — 1 — — — — — (2) — Investment related gains (losses), net (1) — 1 — — — (1) 37 — — Interest credited — — — — — — — — — 16 Included in other comprehensive income (loss) 55 2 33 (1) — — — — 1 — Purchases (2) 318 — 98 — 2 1 1 — — 2 Sales (2) — — — — — — — — — — Settlements (2) (59) — (62) (1) — — — — — 17 Transfers into Level 3 — — 64 — — — — — — — Transfers out of Level 3 — — (27) (5) — — (6) — — — Fair value, end of period $ 4,613 $ 37 $ 1,461 $ 28 $ 68 $ 1 $ 7 $ 29 $ 53 $ (495) 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 $ — $ — $ — $ — $ — $ (2) $ — Investment related gains (losses), net (2) — — — — — (1) 37 — — Interest credited — — — — — — — — — (1) Included in other comprehensive income (loss) 52 2 33 (1) — — — — 1 — (1) Funds withheld at interest – embedded derivatives 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 March 31, 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 Cash equivalents Short-term investments Fair value, beginning of period $ 3,888 $ 33 $ 1,179 $ 45 $ 50 $ — $ 28 $ 165 $ 83 $ (693) Total gains/losses (realized/unrealized) Included in earnings, net: Net investment income 1 — — — — — — — (5) — Investment related gains (losses), net — — (5) — (1) — — (33) — — Interest credited — — — — — — — — — 36 Included in other comprehensive income (loss) (144) (4) (72) (1) — — — — (2) — Purchases (2) 365 — 95 — — — 20 — 1 (6) Sales (2) (16) — (51) — (1) — — — — — Settlements (2) (26) — (38) (2) — — — — (2) 18 Transfers into Level 3 — — 13 6 — — — — — — Transfers out of Level 3 (22) — — (4) — — — — — — Fair value, end of period $ 4,046 $ 29 $ 1,121 $ 44 $ 48 $ — $ 48 $ 132 $ 75 $ (645) 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 — — (5) — (1) — — (33) — — Claims and other policy benefits — — — — — — — — — — Interest credited — — — — — — — — — 18 Included in other comprehensive income (loss) (144) (4) (71) (1) — — — — (2) — (1) Funds withheld at interest – embedded derivatives 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. 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 three months ended March 31, 2023 and 2022, the Company did not have any material assets that were measured at fair value due to impairment. Fair Value of Financial Instruments Carried at Other Than Fair Value 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 March 31, 2023 and December 31, 2022 (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 2022 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. March 31, 2023: Carrying Value (1) Estimated Fair Value Measurement Using: Level 1 Level 2 Level 3 Assets: Mortgage loans $ 6,833 $ 6,367 $ — $ — $ 6,367 Policy loans 1,221 1,221 — 1,221 — Funds withheld at interest 6,245 5,821 — — 5,821 Limited partnerships – cost method 54 57 — — 57 Cash and cash equivalents 1,640 1,640 1,640 — — Short-term investments 43 43 43 — — Other invested assets 974 780 5 64 711 Accrued investment income 672 672 — 672 — Liabilities: Interest-sensitive contract liabilities $ 23,515 $ 23,213 $ — $ — $ 23,213 Other liabilities – funds withheld at interest 1,593 1,316 — — 1,316 Long-term debt 4,455 4,260 — — 4,260 December 31, 2022: Assets: Mortgage loans $ 6,590 $ 6,109 $ — $ — $ 6,109 Policy loans 1,231 1,231 — 1,231 — Funds withheld at interest 6,319 5,884 — — 5,884 Limited partnerships – cost method 49 52 — — 52 Cash and cash equivalents 1,392 1,392 1,392 — — Short-term investments 33 33 33 — — Other invested assets 947 758 4 65 689 Accrued investment income 630 630 — 630 — Liabilities: Interest-sensitive contract liabilities $ 23,493 $ 23,065 $ — $ — $ 23,065 Other liabilities – funds withheld at interest 1,596 1,321 — — 1,321 Long-term debt 3,961 3,670 — — 3,670 (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. |
Income Tax
Income Tax | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | On August 16, 2022, the Inflation Reduction Act of 2022 (“the Act”) was enacted in the U.S. The Act includes law changes relating to tax, climate change, energy and health care. In particular, for tax years ending after December 31, 2022, the Act imposes a 15% minimum tax on adjusted financial statement income for applicable corporations with average financial statement income over $1 billion for the previous 3-year period ending in 2022 or after. Based on the current guidance, the Company is not an applicable corporation for 2023. The Act also imposes a 1% excise tax on stock buybacks of a publicly traded corporation. The Act is not expected to have a material impact to the Company’s tax expense. The effective tax rate for the three months ending March 31, 2023, was 28.0% on pre-tax income. The tax rate was higher than the U.S. statutory rate primarily due to income earned in jurisdiction with tax rates greater than the U.S. statutory tax rate, Global Intangible Low-Taxed income (“GILTI”), Subpart F income and adjustments to the valuation allowance. The effective tax rate for the three months ending March 31, 2022, was 26.3%. The tax rate was higher than the U.S. statutory rate primarily as a result of income in jurisdictions with tax rates higher than the U.S. and basis adjustments in foreign jurisdictions. These increases were partially offset with benefits received from tax credits generated during the year. |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2023 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | The components of net periodic benefit cost, included in other operating expenses on the Company’s condensed consolidated statements of income, for the three months ended March 31, 2023 and 2022 were as follows (dollars in millions): Pension Benefits Other Benefits Three months ended March 31, Three months ended March 31, 2023 2022 2023 2022 Service cost $ 3 $ 4 $ — $ 1 Interest cost 2 1 1 — Expected return on plan assets (3) (3) — — Amortization of prior service cost (credit) — — — — Amortization of prior actuarial losses 1 1 — — Net periodic benefit cost $ 3 $ 3 $ 1 $ 1 |
Commitments, Contingencies and
Commitments, Contingencies and Guarantees | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Commitments Funding of Investments The Company’s commitments to fund investments as of March 31, 2023 and December 31, 2022, are presented in the following table (dollars in millions): March 31, 2023 December 31, 2022 Limited partnerships and real estate joint ventures $ 955 $ 937 Mortgage loans 189 137 Bank loans and private placements 644 682 Lifetime mortgages 33 59 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 March 31, 2023 and December 31, 2022. Funding Agreements Federal Home Loan Bank of Des Moines The Company is a member of the FHLB and, through membership, has issued funding agreements to the FHLB in exchange for cash advances. As of March 31, 2023 and December 31, 2022, the Company had $1.3 billion 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 both March 31, 2023 and December 31, 2022, the Company had $900 million of FABN agreements outstanding and are included within interest-sensitive contract liabilities. Contingencies Litigation The Company is subject to litigation and regulatory investigations or actions from time to time. Based on current knowledge, management does not believe that loss contingencies arising from pending legal, regulatory and governmental matters will have a material adverse effect on the financial condition, results of operations or cash flows of the Company. However, in light of the inherent uncertainties involved in future or pending legal, regulatory and governmental matters, some of which are beyond the Company’s control, and indeterminate or potentially substantial amount of damages sought in any such matters, an adverse outcome could be material to the Company’s financial condition, results of operations or cash flows for any particular reporting period. A legal reserve is established when the Company is notified of an arbitration demand, litigation or regulatory action or is notified that an arbitration demand, litigation or regulatory action 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 March 31, 2023, the Company does not believe that it will be required to provide any funding under these commitments as the occurrence of the defined events is considered remote. The following table presents the maximum potential obligation for these commitments as of March 31, 2023 (dollars in millions): Commitment Period Maximum Potential Obligation 2034 $ 1,243 2035 2,630 2036 3,599 2037 6,850 2038 800 2039 8,751 2046 3,000 |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
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 2022 Annual Report. The Company measures segment performance primarily based on profit or loss from operations before income taxes. There are no intersegment reinsurance transactions and the Company does not have any material long-lived assets. The Company allocates capital to its segments based on an internally developed economic capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. The economic capital model considers the unique and specific nature of the risks inherent in the Company’s businesses. As a result of the economic capital allocation process, a portion of investment income is attributed to the segments based on the level of allocated capital. In addition, the segments are charged for excess capital utilized above the allocated economic capital basis. This charge is included in policy acquisition costs and other insurance expenses. The Company has geographic-based and business-based operational segments. Geographic-based operations are further segmented into Traditional and Financial Solutions businesses. Information related to revenues, income (loss) before income taxes and total assets of the Company for each reportable segment are summarized below (dollars in millions): Three months ended March 31, Revenues: 2023 2022 U.S. and Latin America: Traditional $ 1,812 $ 1,851 Financial Solutions 515 233 Total 2,327 2,084 Canada: Traditional 359 365 Financial Solutions 27 26 Total 386 391 Europe, Middle East and Africa: Traditional 460 473 Financial Solutions 169 183 Total 629 656 Asia Pacific: Traditional 729 703 Financial Solutions 131 20 Total 860 723 Corporate and Other 49 63 Total $ 4,251 $ 3,917 Three months ended March 31, Income (loss) before income taxes: 2023 2022 U.S. and Latin America: Traditional $ 121 $ 60 Financial Solutions 114 57 Total 235 117 Canada: Traditional 29 15 Financial Solutions 10 9 Total 39 24 Europe, Middle East and Africa: Traditional 27 34 Financial Solutions 59 67 Total 86 101 Asia Pacific: Traditional 79 108 Financial Solutions (13) (56) Total 66 52 Corporate and Other (75) (27) Total $ 351 $ 267 Assets: March 31, 2023 December 31, 2022 U.S. and Latin America: Traditional $ 22,671 $ 22,612 Financial Solutions 25,111 25,203 Total 47,782 47,815 Canada: Traditional 4,898 4,826 Financial Solutions 196 177 Total 5,094 5,003 Europe, Middle East and Africa: Traditional 4,011 3,652 Financial Solutions 5,561 5,215 Total 9,572 8,867 Asia Pacific: Traditional 9,615 9,254 Financial Solutions 14,693 12,023 Total 24,308 21,277 Corporate and Other 2,364 1,942 Total $ 89,120 $ 84,904 |
Financing Activities
Financing Activities | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt Disclosure | On March 23, 2023, Chesterfield Reinsurance Company, a subsidiary of RGA, issued 7.125% Surplus Notes due 2043, with a face amount of $500 million. Capitalized issue costs were approximately $6 million. On March 13, 2023, the Company entered into a new syndicated revolving credit facility with a five year term and an overall capacity of $850 million, replacing its existing $850 million syndicated revolving credit facility, which was scheduled to mature in August 2023. The Company may borrow cash and may obtain letters of credit in multiple currencies under this facility. |
New Accounting Standards
New Accounting Standards | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Standards | IMPACT OF NEW ACCOUNTING STANDARD As discussed in Note 1, the Company adopted ASU 2018-12 during the first quarter of 2023. The updated guidance materially changed how the Company accounts for its long-duration insurance contracts. Below is a summary of the impact of adopting ASU 2018-12: • For the liability for future policy benefits, the net transition adjustment recorded in accumulated other comprehensive income (loss) is related to the difference in the discount rate used prior to the adoption of ASU 2018-12 and the discount rate at January 1, 2021, and the removal of shadow adjustments previously recorded in accumulated other comprehensive income (loss) for the impact of unrealized gains and losses that were included in the expected gross profits amortization calculation as of the transition date of $8,593 million, pretax. • At transition, the Company identified certain cohorts in its Traditional segments where the present value of future expected benefits and expenses exceeded the sum of existing benefit reserve and the present value of future gross premiums, resulting in a decrease to retained earnings, net of reinsurance (and a corresponding increase in the liabilities for future policy benefits and reinsurance recoverable) of approximately $1,462 million, pretax. See “Impact of Adoption by Segment” for the transition impact by reportable segment. • At transition, the Company identified certain cohorts, primarily longevity swaps, where the present value of future premiums exceeded the present value of future benefits resulting in a negative liability. The elimination of the negative liability at transition resulted in a decrease to retained earnings (and a corresponding increase in the liabilities for future policy benefits) of $284 million, pretax. See “Impact of Adoption by Segment” for the transition impact by reportable segment. • For DAC, the Company removed shadow adjustments previously recorded in AOCI in the amount of $114 million, pretax, for the impact of unrealized gains and losses that were included in the pre-ASU 2018-12 expected gross profits amortization calculation as of the transition date. See “Impact of Adoption by Segment” for the transition impact by reportable segment. • For market risk benefits, the transition adjustment of $45 million, pretax, recognized in AOCI relates to the cumulative effect of changes in the instrument-specific credit risk between contract issue date and transition date. The remaining difference of $(72) million, pretax between the fair value and carrying value of the market risk benefits at transition, excluding the amounts recorded in AOCI, was recorded as an adjustment to retained earnings as of the transition date. See “Impact of Adoption by Segment” for the transition impact by reportable segment. Impact on Shareholders’ Equity The following table provides the after-tax transition impact on January 1, 2021, to the reinsurance ceded receivables, liability for future policy benefits, market risk benefits, deferred policy acquisition costs and deferred tax asset and liability for the Company's adoption of ASU 2018-12 (dollars in millions): January 1, 2021 Retained Earnings Accumulated Other Comprehensive Income (Loss) Reinsurance ceded receivables and other $ 254 $ 388 Future policy benefits (1,746) (8,593) Market risk benefits (72) 45 Deferred policy acquisition costs — 114 Deferred tax asset (included in other assets) 8 — Deferred tax liability (included in deferred income taxes) 311 1,778 Total $ (1,245) $ (6,268) Impact of Adoption by Segment Traditional Business The following table provides the pre-tax transition impact to the liability for future policy benefits for the Company's adoption of Financial Services – Insurance on January 1, 2021, for its Traditional business (dollars in millions): U.S. and Latin America – Traditional Canada – Traditional Europe, Middle East and Africa – Traditional Asia Pacific – Traditional Future policy benefits Balance, January 1, 2021 pre-adoption $ 10,444 $ 3,477 $ 1,379 $ 3,568 Adjustment to retained earnings (1) 896 33 70 463 Effect of changes in discount rate assumptions 4,542 2,651 320 (772) Reclassification of claims and benefits payable (2) 1,750 203 901 1,160 Balance, January 1, 2021 post-adoption $ 17,632 $ 6,364 $ 2,670 $ 4,419 Less: reinsurance recoverable (1,123) (386) (85) (212) Balance, January 1, 2021 post-adoption, after reinsurance $ 16,509 $ 5,978 $ 2,585 $ 4,207 (1) Includes adjustments for capping the net premium ratio at 100% and eliminating negative reserves on certain issue year cohorts. (2) Amount includes certain reclassifications to conform with the revised presentation upon adoption of ASU 2018-12, such as reclassifying claims and benefits payable on long-duration contracts to liability for future policy benefits. Financial Solutions Business The following table provides the pre-tax transition impact to the liability for future policy benefits, market risk benefits and deferred policy acquisitions costs for the Company's adoption of Financial Services – Insurance on January 1, 2021, for its Financial Solutions business (dollars in millions): U.S. and Latin America – Financial Solutions Canada – Financial Solutions Europe, Middle East and Africa – Financial Solutions Asia Pacific – Financial Solutions Future policy benefits Balance, January 1, 2021 pre-adoption $ 5,037 $ 16 $ 5,657 $ 1,874 Adjustment to retained earnings (1) — 20 256 8 Effect of changes in discount rate assumptions 857 9 1,011 3 Amounts previously recorded in AOCI (2) (28) — — — Reclassification of claims and benefits payable (3) 17 4 67 2 Balance, January 1, 2021 post-adoption $ 5,883 $ 49 $ 6,991 $ 1,887 Less: reinsurance recoverable — — — — Balance, January 1, 2021 post-adoption, after reinsurance $ 5,883 $ 49 $ 6,991 $ 1,887 Market risk benefits Balance, January 1, 2021 pre-adoption $ — $ — $ — $ — Cumulative effect of change in credit risk in AOCI (45) — — — Cumulative effect to retained earnings 72 — — — Reclassification from interest-sensitive contract liabilities 239 — — — Balance, January 1, 2021 post-adoption $ 266 $ — $ — $ — Less: reinsurance recoverable — — — — Balance, January 1, 2021 post-adoption, after reinsurance $ 266 $ — $ — $ — Deferred policy acquisition costs Balance, January 1, 2021 pre-adoption $ 254 $ — $ — $ 41 Amounts previously recorded in AOCI (2) 114 — — — Balance, January 1, 2021 post-adoption $ 368 $ — $ — $ 41 (1) Includes adjustments for capping the net premium ratio at 100% and eliminating negative reserves on certain issue year cohorts. (2) Adjustment to remove amounts associated with unrealized gains and losses previously recorded in AOCI (i.e., “shadow adjustments”). (3) Amount includes certain reclassifications to conform with the revised presentation upon adoption of ASU 2018-12, such as reclassifying claims and benefits payable on long-duration contracts to liability for future policy benefits. Impact to Previously Reported Amounts The adoption of ASU 2018-12 impacted the Company’s previously reported consolidated balance sheets as of December 31, 2021 and 2022, and related statements of income, comprehensive income and equity for the each of the two years in the period ended December 31, 2022 as follows (dollars in millions). The adoption of ASU 2018-12 did not materially impact the Company’s previously reported consolidated statements of cash flows for the two years in the period ended December 31, 2022. As Previously Reported Adoption of ASU 2018-12 As Adjusted Consolidated Balance Sheets December 31, 2022 Assets Fixed maturity securities available-for-sale, at fair value $ 52,901 $ — $ 52,901 Equity securities, at fair value 134 — 134 Mortgage loans 6,590 — 6,590 Policy loans 1,231 — 1,231 Funds withheld at interest 6,003 — 6,003 Limited partnerships and real estate joint ventures 2,327 — 2,327 Short-term investments 154 — 154 Other invested assets 1,140 — 1,140 Total investments 70,480 — 70,480 Cash and cash equivalents 2,927 — 2,927 Accrued investment income 630 — 630 Premiums receivable and other reinsurance balances 3,013 — 3,013 Reinsurance ceded receivables and other 2,462 209 2,671 Deferred policy acquisition costs 3,974 154 4,128 Other assets 1,220 (165) 1,055 Total assets $ 84,706 $ 198 $ 84,904 Liabilities and equity Future policy benefits 35,220 469 35,689 Interest-sensitive contract liabilities 30,572 (230) 30,342 Market risk benefits, at fair value — 247 247 Other policy claims and benefits 6,571 (4,091) 2,480 Other reinsurance balances 756 (31) 725 Deferred income taxes 736 647 1,383 Other liabilities 2,655 251 2,906 Long-term debt 3,961 — 3,961 Total liabilities 80,471 (2,738) 77,733 Equity Preferred stock — — — Common stock 1 — 1 Additional paid-in-capital 2,502 — 2,502 Retained earnings 8,967 (798) 8,169 Treasury stock, at cost (1,720) — (1,720) Accumulated other comprehensive income (loss) (5,605) 3,734 (1,871) Total RGA, Inc. stockholders’ equity 4,145 2,936 7,081 Noncontrolling interest 90 — 90 Total equity 4,235 2,936 7,171 Total liabilities and stockholders’ equity $ 84,706 $ 198 $ 84,904 As Previously Reported Adoption of ASU 2018-12 As Adjusted December 31, 2021 Assets Fixed maturity securities available-for-sale, at fair value $ 60,749 $ — $ 60,749 Equity securities, at fair value 151 — 151 Mortgage loans 6,283 — 6,283 Policy loans 1,234 — 1,234 Funds withheld at interest 6,954 — 6,954 Limited partnerships and real estate joint ventures 1,996 — 1,996 Short-term investments 87 — 87 Other invested assets 1,074 — 1,074 Total investments 78,528 — 78,528 Cash and cash equivalents 2,948 — 2,948 Accrued investment income 533 — 533 Premiums receivable and other reinsurance balances 2,888 — 2,888 Reinsurance ceded receivables and other 2,580 585 3,165 Deferred policy acquisition costs 3,690 170 3,860 Other assets 1,008 11 1,019 Total assets $ 92,175 $ 766 $ 92,941 Liabilities and equity Future policy benefits 35,782 11,667 47,449 Interest-sensitive contract liabilities 26,377 (258) 26,119 Market risk benefits, at fair value — 262 262 Other policy claims and benefits 6,993 (4,883) 2,110 Other reinsurance balances 613 (56) 557 Deferred income taxes 2,886 (1,387) 1,499 Other liabilities 2,663 255 2,918 Long-term debt 3,667 — 3,667 Collateral finance and securitization notes 180 — 180 Total liabilities 79,161 5,600 84,761 Equity Preferred stock — — — Common stock 1 — 1 Additional paid-in-capital 2,461 — 2,461 Retained earnings 8,563 (692) 7,871 Treasury stock, at cost (1,653) — (1,653) Accumulated other comprehensive income (loss) 3,642 (4,142) (500) Total RGA, Inc. stockholders’ equity 13,014 (4,834) 8,180 Noncontrolling interest — — — Total equity 13,014 (4,834) 8,180 Total liabilities and stockholders’ equity $ 92,175 $ 766 $ 92,941 As Previously Reported Adoption of ASU 2018-12 As Adjusted Consolidated Statements of Income Year ended December 31, 2022 Revenues Net premiums $ 13,078 $ — $ 13,078 Net investment income 3,161 — 3,161 Investment related gains (losses), net (506) (33) (539) Other revenues 525 2 527 Total revenues 16,258 (31) 16,227 Benefits and expenses Claims and other policy benefits 12,046 (64) 11,982 Future policy benefits remeasurement (gains) losses — 291 291 Market risk benefits remeasurement (gains) losses — 10 10 Interest credited 682 — 682 Policy acquisition costs and other insurance expenses 1,499 (155) 1,344 Other operating expenses 1,009 — 1,009 Interest expense 184 — 184 Collateral finance and securitization expense 7 — 7 Total benefits and expenses 15,427 82 15,509 Income before income taxes 831 (113) 718 Provision for income taxes 204 (7) 197 Net income $ 627 $ (106) $ 521 Net income attributable to noncontrolling interest 4 — 4 Net income available to RGA, Inc. shareholders $ 623 $ (106) $ 517 As Previously Reported Adoption of ASU 2018-12 As Adjusted Year ended December 31, 2021 Revenues Net premiums $ 12,513 $ — $ 12,513 Net investment income 3,138 — 3,138 Investment related gains (losses), net 560 7 567 Other revenues 447 2 449 Total revenues 16,658 9 16,667 Benefits and expenses Claims and other policy benefits 12,776 (1,103) 11,673 Future policy benefits remeasurement (gains) losses — 567 567 Market risk benefits remeasurement (gains) losses — (58) (58) Interest credited 700 — 700 Policy acquisition costs and other insurance expenses 1,416 (91) 1,325 Other operating expenses 936 — 936 Interest expense 127 — 127 Collateral finance and securitization expense 12 — 12 Total benefits and expenses 15,967 (685) 15,282 Income before income taxes 691 694 1,385 Provision for income taxes 74 141 215 Net income $ 617 $ 553 $ 1,170 Net income attributable to noncontrolling interest — — — Net income available to RGA, Inc. shareholders $ 617 $ 553 $ 1,170 As Previously Reported Adoption of ASU 2018-12 As Adjusted Consolidated Statements of Comprehensive Income Year ended December 31, 2022 Net income $ 627 $ (106) $ 521 Other comprehensive income (loss), net of tax Foreign currency translation adjustments (162) 60 (102) Net unrealized investment gains (losses) (9,108) (168) (9,276) Effect of updating discount rates on future policy benefits — 7,964 7,964 Change in instrument-specific credit risk for market risk benefits — 20 20 Defined benefit pension and postretirement plan adjustments 23 — 23 Total other comprehensive income (loss), net of tax (9,247) 7,876 (1,371) Total comprehensive income (loss) (8,620) 7,770 (850) Comprehensive income (loss) attributable to noncontrolling interest 4 — 4 Total comprehensive income (loss) available to RGA, Inc. $ (8,624) $ 7,770 $ (854) Year ended December 31, 2021 Net income $ 617 $ 553 $ 1,170 Other comprehensive income (loss), net of tax Foreign currency translation adjustments 60 (4) 56 Net unrealized investment gains (losses) (1,799) (34) (1,833) Effect of updating discount rates on future policy benefits — 2,207 2,207 Change in instrument-specific credit risk for market risk benefits — (43) (43) Defined benefit pension and postretirement plan adjustments 22 — 22 Total other comprehensive income (loss), net of tax (1,717) 2,126 409 Total comprehensive income (loss) (1,100) 2,679 1,579 Comprehensive income (loss) attributable to noncontrolling interest — — — Total comprehensive income (loss) available to RGA, Inc. $ (1,100) $ 2,679 $ 1,579 RGA, Inc. Stockholders’ Equity Common Additional Paid In Capital Retained Treasury Accumulated Other Comprehensive Income (Loss) Total RGA, Inc. Stockholders’ Equity Noncontrolling Interest Total Equity Balance, December 31, 2020 as previously reported $ 1 $ 2,406 $ 8,148 $ (1,562) $ 5,359 $ 14,352 $ — $ 14,352 Cumulative effect of modified retrospective adoption of Financial Services – Insurance on long-duration contracts (1,187) (6,304) (7,491) (7,491) Cumulative effect of full retrospective adoption of Financial Services – Insurance on market risk benefits (58) 36 (22) (22) Adjusted balance, January 1, 2021 1 2,406 6,903 (1,562) (909) 6,839 — 6,839 Net income 1,170 1,170 1,170 Total other comprehensive income (loss) 409 409 409 Dividends to stockholders, $2.86 per share (194) (194) (194) Purchase of treasury stock (99) (99) (99) Reissuance of treasury stock 55 (8) 8 55 55 Balance, December, 31, 2021 1 2,461 7,871 (1,653) (500) 8,180 — 8,180 Issuance of preferred interests by subsidiary 90 90 Change in equity of noncontrolling interest (4) (4) Net income 517 517 4 521 Total other comprehensive income (loss) (1,371) (1,371) (1,371) Dividends to stockholders, $3.06 per share (205) (205) (205) Purchase of treasury stock (81) (81) (81) Reissuance of treasury stock 41 (14) 14 41 41 Balance, December 31, 2022 $ 1 $ 2,502 $ 8,169 $ (1,720) $ (1,871) $ 7,081 $ 90 $ 7,171 Additional Transition and Other Disclosures ASU 2018-12 expanded the disclosure requirements for long-duration contracts in the annual and interim financial statements. The following tables provide additional information regarding the transition adjustments and disaggregated rollforwards of beginning to ending balances of the liability for future policy benefits, policyholder account balances, market risk benefits and deferred policy acquisition costs for the years ended December 31, 2022 and 2021 (dollars in millions). Liability for Future Policy Benefits For the year ended December 31, 2022: U.S. and Latin America – Traditional Canada – Traditional Europe, Middle East and Africa – Traditional Asia Pacific – Traditional Present Value of Expected Net Premiums Beginning of year balance at original discount rate $ 73,447 $ 21,989 $ 14,440 $ 37,943 Effect of changes in cash flow assumptions (805) 189 123 1,604 Effect of actual variances from expected experience (4) 212 835 197 Adjusted balance, beginning of year 72,638 22,390 15,398 39,744 Issuances (1) 3,329 635 1,083 3,663 Interest accrual (2) 3,423 748 500 1,032 Net premiums collected (3) (5,182) (950) (1,324) (1,989) Derecognition (4) — — — — Foreign currency translation (1) (1,493) (1,413) (1,944) Ending balance at original discount rate 74,207 21,330 14,244 40,506 Effect of changes in discount rate assumptions (6,303) (4,899) (2,639) (10,927) Balance, end of period $ 67,904 $ 16,431 $ 11,605 $ 29,579 Present Value of Expected Future Policy Benefits Beginning of year balance at original discount rate $ 84,075 $ 25,440 $ 15,664 $ 41,971 Effect of changes in cash flow assumptions (675) 191 136 1,681 Effect of actual variances from expected experience 85 212 813 234 Adjusted balance, beginning of year 83,485 25,843 16,613 43,886 Issuances (1) 3,333 635 1,083 3,667 Interest accrual (2) 3,940 958 530 1,171 Benefit payments (5) (5,472) (1,051) (1,260) (1,832) Derecognition (4) — — — — Foreign currency translation (1) (1,730) (1,512) (2,107) Ending balance at original discount rate 85,285 24,655 15,454 44,785 Effect of changes in discount rate assumptions (7,907) (4,273) (2,808) (12,858) Balance, end of period $ 77,378 $ 20,382 $ 12,646 $ 31,927 Liability for future policy benefits $ 9,474 $ 3,951 $ 1,041 $ 2,348 Less: reinsurance recoverable (421) (265) (31) (100) Net liability for future policy benefits $ 9,053 $ 3,686 $ 1,010 $ 2,248 (1) Issuances: The present value, using the original discount rate, of the expected net premiums or the expected future policy benefits related to new reinsurance contracts that became effective during the current period and new policies assumed on existing contracts. (2) Interest accrual: The interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the original interest rate. (3) Net premiums collected: The portion of gross premiums collected from the ceding company that is used to fund expected benefit payments. (4) Derecognition: Includes the effects of treaty recaptures and treaty amendments that resulted in the termination of an existing treaty and the issuance of a new treaty under the internal replacement model. (5) Benefit payments: The release of the present value, using the original discount rate, of the expected future policy benefits due to death, lapse/withdrawal, and other benefit payments based on current assumptions. For the year ended December 31, 2021: U.S. and Latin America – Traditional Canada – Traditional Europe, Middle East and Africa – Traditional Asia Pacific – Traditional Present Value of Expected Net Premiums Balance, beginning of year $ 70,319 $ 21,332 $ 14,033 $ 34,167 Effect of adoption of Financial Services – Insurance 20,758 1,785 2,599 (3,385) Adjusted balance, beginning of year $ 91,077 $ 23,117 $ 16,632 $ 30,782 Beginning of year balance at original discount rate $ 70,317 $ 21,299 $ 13,999 $ 34,133 Effect of changes in cash flow assumptions 984 (45) 48 600 Effect of actual variances from expected experience 254 (24) 379 402 Adjusted balance, beginning of year 71,555 21,230 14,426 35,135 Issuances (1) 3,522 761 2,417 4,575 Interest accrual (2) 3,400 775 553 970 Net premiums collected (3) (5,025) (947) (1,488) (2,038) Derecognition (4) — — (1,167) — Foreign currency translation (5) 170 (301) (699) Ending balance at original discount rate 73,447 21,989 14,440 37,943 Effect of changes in discount rate assumptions 15,771 (199) 1,280 (5,458) Balance, end of period $ 89,218 $ 21,790 $ 15,720 $ 32,485 Present Value of Expected Future Policy Benefits Balance, beginning of year $ 80,275 $ 24,587 $ 15,246 $ 37,335 Effect of adoption of Financial Services – Insurance 26,196 4,469 2,989 (3,694) Adjusted balance, beginning of year 106,471 29,056 18,235 33,641 Beginning of year balance at original discount rate $ 81,172 $ 24,587 $ 15,281 $ 37,765 Effect of changes in cash flow assumptions 1,021 (45) 42 699 Effect of actual variances from expected experience 517 (24) 422 559 Adjusted balance, beginning of year 82,710 24,518 15,745 39,023 Issuances (1) 3,537 761 2,436 4,585 Interest accrual (2) 3,916 992 598 1,107 Benefit payments (5) (6,083) (1,025) (1,609) (1,971) Derecognition (4) — — (1,176) — Foreign currency translation (5) 194 (330) (773) Ending balance at original discount rate 84,075 25,440 15,664 41,971 Effect of changes in discount rate assumptions 19,185 1,905 1,445 (6,475) Balance, end of period $ 103,260 $ 27,345 $ 17,109 $ 35,496 Liability for future policy benefits $ 14,042 $ 5,555 $ 1,389 $ 3,011 Less: reinsurance recoverable (697) (367) (34) (116) Net liability for future policy benefits $ 13,345 $ 5,188 $ 1,355 $ 2,895 (1) Issuances: The present value, using the original discount rate, of the expected net premiums or the expected future policy benefits related to new reinsurance contracts that became effective during the current period and new policies assumed on existing contracts. (2) Interest accrual: The interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the original interest rate. (3) Net premiums collected: The portion of gross premiums collected from the ceding company that is used to fund expected benefit payments. (4) Derecognition: Includes the effects of treaty recaptures and treaty amendments that resulted in the termination of an existing treaty and the issuance of a new treaty under the internal replacement model. (5) Benefit payments: The release of the present value, using the original discount rate, of the expected future policy benefits due to death, lapse/withdrawal, and other benefit payments based on the revised assumptions. For the year ended December 31, 2022: U.S. and Latin America – Financial Solutions Canada – Financial Solutions Europe, Middle East and Africa – Financial Solutions Asia Pacific – Financial Solutions Present Value of Expected Net Premiums Beginning of year balance at original discount rate $ 228 $ 3,329 $ 31,973 $ 1,051 Effect of changes in cash flow assumptions (31) — (126) 3 Effect of actual variances from expected experience (22) (12) 573 29 Adjusted balance, beginning of year 175 3,317 32,420 1,083 Issuances (1) 1,580 574 12,594 1,465 Interest accrual (2) 41 112 698 24 Net premiums collected (3) (125) (354) (3,169) (764) Derecognition (4) — — — — Foreign currency translation — (255) (3,761) (203) Ending balance at original discount rate 1,671 3,394 38,782 1,605 Effect of changes in discount rate assumptions (284) (433) (8,805) 25 Balance, end of period $ 1,387 $ 2,961 $ 29,977 $ 1,630 Present Value of Expected Future Policy Benefits Beginning of year balance at original discount rate $ 4,628 $ 3,393 $ 38,196 $ 6,062 Effect of changes in cash flow assumptions (34) — (140) 3 Effect of actual variances from expected experience (46) (24) 566 36 Adjusted balance, beginning of year 4,548 3,369 38,622 6,101 Issuances (1) 1,580 574 12,594 1,465 Interest accrual (2) 220 115 856 70 Benefit payments (5) (525) (351) (3,355) (227) Derecognition (4) — — — — Foreign currency translation — (260) (4,387) (848) Ending balance at original discount rate 5,823 3,447 44,330 6,561 Effect of changes in discount rate assumptions (617) (432) (9,719) (435) Balance, end of period $ 5,206 $ 3,015 $ 34,611 $ 6,126 Liability for future policy benefits $ 3,819 $ 54 $ 4,634 $ 4,496 Less: reinsurance recoverable — — — — Net liability for future policy benefits $ 3,819 $ 54 $ 4,634 $ 4,496 (1) Issuances: The present value, using the original discount rate, of the expected net premiums or the expected future policy benefits related to new reinsurance contracts that became effective during the current period and new policies assumed on existing contracts. (2) Interest accrual: The interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the original interest rate. (3) Net premiums collected: The portion of gross premiums collected from the ceding company that is used to fund expected benefit payments. (4) Derecognition: Includes the effects of treaty recaptures and treaty amendments that resulted in the termination of an existing treaty and the issuance of a new treaty under the internal replacement model. (5) Benefit payments: The release of the present value, using the original discount rate, of the expected future policy benefits due to death, lapse/withdrawal, and other benefit payments based on current assumptions. For the year ended December 31, 2021: U.S. and Latin America – Financial Solutions Canada – Financial Solutions Europe, Middle East and Africa – Financial Solutions Asia Pacific – Financial Solutions Present Value of Expected Net Premiums Balance, beginning of year $ 285 $ 3,568 $ 28,055 $ 781 Effect of adoption of Financial Services – Insurance 102 343 3,634 114 Adjusted balance, beginning of year 387 3,911 31,689 895 Beginning of year balance at original discount rate $ 314 $ 3,556 $ 27,799 $ 781 Effect of changes in cash flow assumptions (33) (30) (76) — Effect of actual variances from expected experience (29) 17 997 777 Adjusted balance, beginning of year 252 3,543 28,720 1,558 Issuances (1) — — 8,357 3,156 Interest accrual (2) 3 109 714 28 Net premiums collected (3) (27) (349) (3,590) (3,621) Derecognition (4) — — (1,669) — Foreign currency translation — 26 (559) (70) Ending balance at original discount rate 228 3,329 31,973 1,051 Effect of changes in discount rate assumptions 28 97 668 247 Balance, end of period $ 256 $ 3,426 $ 32,641 $ 1,298 Present Value of Expected Future Policy Benefits Balance, beginning of year $ 4,951 $ 3,584 $ 33,410 $ 2,645 Effect of adoption of Financial Services – Insurance 931 372 4,901 125 Adjusted balance, beginning of year 5,882 3,956 38,311 2,770 Beginning of year balance at original discount rate $ 4,951 $ 3,592 $ 33,410 $ 2,653 Effect of changes in cash flow assumptions (33) 6 (76) — Effect of actual variances from expected experience (37) 6 1,000 777 Adjusted balance, beginning of year 4,881 3,604 34,334 3,430 Issuances (1) — — 8,357 3,156 Interest accrual (2) 193 112 890 63 Benefit payments (5) (446) (350) (3,064) (162) Derecognition (4) — — (1,682) — Foreign currency translation — 27 (639) (425) Ending balance at original discount rate 4,628 3,393 38,196 6,062 Effect of changes in discount rate assumptions 575 114 1,174 250 Balance, end of period $ 5,203 $ 3,507 $ 39,370 $ 6,312 Liability for future policy benefits $ 4,947 $ 81 $ 6,729 $ 5,014 Less: reinsurance recoverable — — — — Net liability for future policy benefits $ 4,947 $ 81 $ 6,729 $ 5,014 (1) Issuances: The present value, using the original discount rate, of the expected net premiums or the expected future policy benefits related to new reinsurance contracts that became effective during the current period and new policies assumed on existing contracts. (2) Interest accrual: The interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the original interest rate. (3) Net premiums collected: The portion of gross premiums collected from the ceding company that is used to fund expected benefit payments. (4) Derecognition: Includes the effects of treaty recaptures and treaty amendments that resulted in the termination of an existing treaty and the issuance of a new treaty under the internal replacement model. (5) Benefit payments: The release of the present value, using the original discount rate, of the expected future policy benefits due to death, lapse/withdrawal, and other benefit payments based on current assumptions. Policyholder Account Balances The following tables provide the balances and changes in the Company’s policyholder account balances as of and for the years ending December 31, 2022 and 2021 (dollars in millions): For the year ended December 31, 2022: U.S. and Latin America – Traditional U.S. and Latin America – Financial Solutions Asia Pacific – Financial Solutions Balance, beginning of year $ 1,719 $ 18,758 $ 1,621 Deposits 24 1,289 2,521 Policy charges (32) (33) (134) Surrenders and withdrawals (17) (1,258) (639) Benefit payments (76) (448) (46) Interest credited 65 598 51 Foreign currency translation — — (23) Balance, end of period $ 1,683 $ 18,906 $ 3,351 Less: reinsurance recoverable — (1,543) — Balance, end of period, after reinsurance $ 1,683 $ 17,363 $ 3,351 For the year ended December 31, 2021: U.S. and Latin America – Traditional U.S. and Latin America – Financial Solutions Asia Pacific – Financial Solutions Balance, beginning of year $ 1,752 $ 16,273 $ 809 Deposits 25 3,290 868 Policy charges (32) (31) (1) Surrenders and withdrawals (13) (1,015) (36) Benefit payments (79) (404) (24) Interest credited 66 645 19 Foreign currency translation — — (14) Balance, end of period $ 1,719 $ 18,758 $ 1,621 Less: reinsurance recoverable — (1,561) — Balance, end of period, after reinsurance $ 1,719 $ 17,197 $ 1,621 Market Risk Benefits The following tables provide the balances and changes in the Company’s liabilities for market risk benefits as of and for the years ending December 31, 2022 and 2021 (dollars in millions): For the year ended December 31, 2022: U.S. and Latin America – Financial Solutions Balance, beginning of year $ 262 Balance, beginning of year, before effect of changes in the instrument-specific credit risk 254 Interest accrual 54 Attributed fees collected 28 Benefit payments (9) Effect of changes in future assumptions 18 Effect of changes in interest rates (175) Effect of changes in equity markets 48 Effect of changes in volatility 19 Other market impacts 7 Actual policyholder behavior different from expected behavior 19 Balance, end of period, before effect of changes in the instrument-specific credit risk 263 Effect of changes in the instrument-specific credit risk (16) Balance, end of period 247 Less: reinsurance recoverable — Balance, end of period, after reinsurance $ 247 For the year ended December 31, 2021: U.S. and Latin America – Financial Solutions Balance, beginning of year $ — Effect of adoption of Financial Services – Insurance 266 Adjusted balance, beginning of year 266 Balance, beginning of year, before effect of changes in the instrument-specific credit risk 311 Interest accrual 3 Attributed fees collected 12 Benefit payments (14) Effect of changes in future assumptions 25 Effect of changes in interest rates (51) Effect of changes in equity markets (49) Effect of changes in volatility (2) Other market impacts 5 Actual policyholder behavior different from expected behavior 14 Balance, end of period, before effect of changes in the instrument-specific credit risk 254 Effect of changes in the instrument-specific credit risk 8 Balance, end of period 262 Less: reinsurance recoverable — Balance, end of period, after reinsurance $ 262 Deferred Policy Acquisition Costs The following tables provide the balances and changes in the Company’s deferred policy acquisition costs as of and for the years ending December 31, 2022 and 2021 (dollars in millions): For the year ended December 31, 2022: U.S. and Latin America – Traditional Canada – Traditional Europe, Middle East and Africa – Traditional Asia Pacific – Traditional Balance, beginning of year $ 1,947 $ 191 $ 270 $ 1,056 Capitalization 284 10 83 86 Amortization expense (144) (17) (38) (67) Foreign currency translation — (13) (21) (32) Balance, end of period $ 2,087 $ 171 $ 294 $ 1,043 For the year ended December 31, 2022: U.S. and Latin America – Financial Solutions Canada – Financial Solutions Europe, Middle East and Africa – Financial Solutions Asia Pacific – Financial Solutions Balance, beginning of year $ 312 $ — $ — $ 81 Capitalization 87 — — 121 Amortization expense (58) — — (13) Foreign currency translation — — — (1) Balance, end of period $ 341 $ — $ — $ 188 For the year ended December 31, 2021: U.S. and Latin America – Traditional Canada – Traditional Europe, Middle East and Africa – Traditional Asia Pacific – |
Net Accounting Standards Not Yet Adopted | 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™. There are no accounting standards not yet adopted that are applicable or are expected to have more than a minimal impact on the Company’s condensed consolidated financial statements. |
Accounting Changes and Error _2
Accounting Changes and Error Corrections (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Standards Update and Change in Accounting Principle | Impact on Shareholders’ Equity The following table provides the after-tax transition impact on January 1, 2021, to the reinsurance ceded receivables, liability for future policy benefits, market risk benefits, deferred policy acquisition costs and deferred tax asset and liability for the Company's adoption of ASU 2018-12 (dollars in millions): January 1, 2021 Retained Earnings Accumulated Other Comprehensive Income (Loss) Reinsurance ceded receivables and other $ 254 $ 388 Future policy benefits (1,746) (8,593) Market risk benefits (72) 45 Deferred policy acquisition costs — 114 Deferred tax asset (included in other assets) 8 — Deferred tax liability (included in deferred income taxes) 311 1,778 Total $ (1,245) $ (6,268) Impact of Adoption by Segment Traditional Business The following table provides the pre-tax transition impact to the liability for future policy benefits for the Company's adoption of Financial Services – Insurance on January 1, 2021, for its Traditional business (dollars in millions): U.S. and Latin America – Traditional Canada – Traditional Europe, Middle East and Africa – Traditional Asia Pacific – Traditional Future policy benefits Balance, January 1, 2021 pre-adoption $ 10,444 $ 3,477 $ 1,379 $ 3,568 Adjustment to retained earnings (1) 896 33 70 463 Effect of changes in discount rate assumptions 4,542 2,651 320 (772) Reclassification of claims and benefits payable (2) 1,750 203 901 1,160 Balance, January 1, 2021 post-adoption $ 17,632 $ 6,364 $ 2,670 $ 4,419 Less: reinsurance recoverable (1,123) (386) (85) (212) Balance, January 1, 2021 post-adoption, after reinsurance $ 16,509 $ 5,978 $ 2,585 $ 4,207 (1) Includes adjustments for capping the net premium ratio at 100% and eliminating negative reserves on certain issue year cohorts. (2) Amount includes certain reclassifications to conform with the revised presentation upon adoption of ASU 2018-12, such as reclassifying claims and benefits payable on long-duration contracts to liability for future policy benefits. Financial Solutions Business The following table provides the pre-tax transition impact to the liability for future policy benefits, market risk benefits and deferred policy acquisitions costs for the Company's adoption of Financial Services – Insurance on January 1, 2021, for its Financial Solutions business (dollars in millions): U.S. and Latin America – Financial Solutions Canada – Financial Solutions Europe, Middle East and Africa – Financial Solutions Asia Pacific – Financial Solutions Future policy benefits Balance, January 1, 2021 pre-adoption $ 5,037 $ 16 $ 5,657 $ 1,874 Adjustment to retained earnings (1) — 20 256 8 Effect of changes in discount rate assumptions 857 9 1,011 3 Amounts previously recorded in AOCI (2) (28) — — — Reclassification of claims and benefits payable (3) 17 4 67 2 Balance, January 1, 2021 post-adoption $ 5,883 $ 49 $ 6,991 $ 1,887 Less: reinsurance recoverable — — — — Balance, January 1, 2021 post-adoption, after reinsurance $ 5,883 $ 49 $ 6,991 $ 1,887 Market risk benefits Balance, January 1, 2021 pre-adoption $ — $ — $ — $ — Cumulative effect of change in credit risk in AOCI (45) — — — Cumulative effect to retained earnings 72 — — — Reclassification from interest-sensitive contract liabilities 239 — — — Balance, January 1, 2021 post-adoption $ 266 $ — $ — $ — Less: reinsurance recoverable — — — — Balance, January 1, 2021 post-adoption, after reinsurance $ 266 $ — $ — $ — Deferred policy acquisition costs Balance, January 1, 2021 pre-adoption $ 254 $ — $ — $ 41 Amounts previously recorded in AOCI (2) 114 — — — Balance, January 1, 2021 post-adoption $ 368 $ — $ — $ 41 (1) Includes adjustments for capping the net premium ratio at 100% and eliminating negative reserves on certain issue year cohorts. (2) Adjustment to remove amounts associated with unrealized gains and losses previously recorded in AOCI (i.e., “shadow adjustments”). (3) Amount includes certain reclassifications to conform with the revised presentation upon adoption of ASU 2018-12, such as reclassifying claims and benefits payable on long-duration contracts to liability for future policy benefits. Impact to Previously Reported Amounts The adoption of ASU 2018-12 impacted the Company’s previously reported consolidated balance sheets as of December 31, 2021 and 2022, and related statements of income, comprehensive income and equity for the each of the two years in the period ended December 31, 2022 as follows (dollars in millions). The adoption of ASU 2018-12 did not materially impact the Company’s previously reported consolidated statements of cash flows for the two years in the period ended December 31, 2022. As Previously Reported Adoption of ASU 2018-12 As Adjusted Consolidated Balance Sheets December 31, 2022 Assets Fixed maturity securities available-for-sale, at fair value $ 52,901 $ — $ 52,901 Equity securities, at fair value 134 — 134 Mortgage loans 6,590 — 6,590 Policy loans 1,231 — 1,231 Funds withheld at interest 6,003 — 6,003 Limited partnerships and real estate joint ventures 2,327 — 2,327 Short-term investments 154 — 154 Other invested assets 1,140 — 1,140 Total investments 70,480 — 70,480 Cash and cash equivalents 2,927 — 2,927 Accrued investment income 630 — 630 Premiums receivable and other reinsurance balances 3,013 — 3,013 Reinsurance ceded receivables and other 2,462 209 2,671 Deferred policy acquisition costs 3,974 154 4,128 Other assets 1,220 (165) 1,055 Total assets $ 84,706 $ 198 $ 84,904 Liabilities and equity Future policy benefits 35,220 469 35,689 Interest-sensitive contract liabilities 30,572 (230) 30,342 Market risk benefits, at fair value — 247 247 Other policy claims and benefits 6,571 (4,091) 2,480 Other reinsurance balances 756 (31) 725 Deferred income taxes 736 647 1,383 Other liabilities 2,655 251 2,906 Long-term debt 3,961 — 3,961 Total liabilities 80,471 (2,738) 77,733 Equity Preferred stock — — — Common stock 1 — 1 Additional paid-in-capital 2,502 — 2,502 Retained earnings 8,967 (798) 8,169 Treasury stock, at cost (1,720) — (1,720) Accumulated other comprehensive income (loss) (5,605) 3,734 (1,871) Total RGA, Inc. stockholders’ equity 4,145 2,936 7,081 Noncontrolling interest 90 — 90 Total equity 4,235 2,936 7,171 Total liabilities and stockholders’ equity $ 84,706 $ 198 $ 84,904 As Previously Reported Adoption of ASU 2018-12 As Adjusted December 31, 2021 Assets Fixed maturity securities available-for-sale, at fair value $ 60,749 $ — $ 60,749 Equity securities, at fair value 151 — 151 Mortgage loans 6,283 — 6,283 Policy loans 1,234 — 1,234 Funds withheld at interest 6,954 — 6,954 Limited partnerships and real estate joint ventures 1,996 — 1,996 Short-term investments 87 — 87 Other invested assets 1,074 — 1,074 Total investments 78,528 — 78,528 Cash and cash equivalents 2,948 — 2,948 Accrued investment income 533 — 533 Premiums receivable and other reinsurance balances 2,888 — 2,888 Reinsurance ceded receivables and other 2,580 585 3,165 Deferred policy acquisition costs 3,690 170 3,860 Other assets 1,008 11 1,019 Total assets $ 92,175 $ 766 $ 92,941 Liabilities and equity Future policy benefits 35,782 11,667 47,449 Interest-sensitive contract liabilities 26,377 (258) 26,119 Market risk benefits, at fair value — 262 262 Other policy claims and benefits 6,993 (4,883) 2,110 Other reinsurance balances 613 (56) 557 Deferred income taxes 2,886 (1,387) 1,499 Other liabilities 2,663 255 2,918 Long-term debt 3,667 — 3,667 Collateral finance and securitization notes 180 — 180 Total liabilities 79,161 5,600 84,761 Equity Preferred stock — — — Common stock 1 — 1 Additional paid-in-capital 2,461 — 2,461 Retained earnings 8,563 (692) 7,871 Treasury stock, at cost (1,653) — (1,653) Accumulated other comprehensive income (loss) 3,642 (4,142) (500) Total RGA, Inc. stockholders’ equity 13,014 (4,834) 8,180 Noncontrolling interest — — — Total equity 13,014 (4,834) 8,180 Total liabilities and stockholders’ equity $ 92,175 $ 766 $ 92,941 As Previously Reported Adoption of ASU 2018-12 As Adjusted Consolidated Statements of Income Year ended December 31, 2022 Revenues Net premiums $ 13,078 $ — $ 13,078 Net investment income 3,161 — 3,161 Investment related gains (losses), net (506) (33) (539) Other revenues 525 2 527 Total revenues 16,258 (31) 16,227 Benefits and expenses Claims and other policy benefits 12,046 (64) 11,982 Future policy benefits remeasurement (gains) losses — 291 291 Market risk benefits remeasurement (gains) losses — 10 10 Interest credited 682 — 682 Policy acquisition costs and other insurance expenses 1,499 (155) 1,344 Other operating expenses 1,009 — 1,009 Interest expense 184 — 184 Collateral finance and securitization expense 7 — 7 Total benefits and expenses 15,427 82 15,509 Income before income taxes 831 (113) 718 Provision for income taxes 204 (7) 197 Net income $ 627 $ (106) $ 521 Net income attributable to noncontrolling interest 4 — 4 Net income available to RGA, Inc. shareholders $ 623 $ (106) $ 517 As Previously Reported Adoption of ASU 2018-12 As Adjusted Year ended December 31, 2021 Revenues Net premiums $ 12,513 $ — $ 12,513 Net investment income 3,138 — 3,138 Investment related gains (losses), net 560 7 567 Other revenues 447 2 449 Total revenues 16,658 9 16,667 Benefits and expenses Claims and other policy benefits 12,776 (1,103) 11,673 Future policy benefits remeasurement (gains) losses — 567 567 Market risk benefits remeasurement (gains) losses — (58) (58) Interest credited 700 — 700 Policy acquisition costs and other insurance expenses 1,416 (91) 1,325 Other operating expenses 936 — 936 Interest expense 127 — 127 Collateral finance and securitization expense 12 — 12 Total benefits and expenses 15,967 (685) 15,282 Income before income taxes 691 694 1,385 Provision for income taxes 74 141 215 Net income $ 617 $ 553 $ 1,170 Net income attributable to noncontrolling interest — — — Net income available to RGA, Inc. shareholders $ 617 $ 553 $ 1,170 As Previously Reported Adoption of ASU 2018-12 As Adjusted Consolidated Statements of Comprehensive Income Year ended December 31, 2022 Net income $ 627 $ (106) $ 521 Other comprehensive income (loss), net of tax Foreign currency translation adjustments (162) 60 (102) Net unrealized investment gains (losses) (9,108) (168) (9,276) Effect of updating discount rates on future policy benefits — 7,964 7,964 Change in instrument-specific credit risk for market risk benefits — 20 20 Defined benefit pension and postretirement plan adjustments 23 — 23 Total other comprehensive income (loss), net of tax (9,247) 7,876 (1,371) Total comprehensive income (loss) (8,620) 7,770 (850) Comprehensive income (loss) attributable to noncontrolling interest 4 — 4 Total comprehensive income (loss) available to RGA, Inc. $ (8,624) $ 7,770 $ (854) Year ended December 31, 2021 Net income $ 617 $ 553 $ 1,170 Other comprehensive income (loss), net of tax Foreign currency translation adjustments 60 (4) 56 Net unrealized investment gains (losses) (1,799) (34) (1,833) Effect of updating discount rates on future policy benefits — 2,207 2,207 Change in instrument-specific credit risk for market risk benefits — (43) (43) Defined benefit pension and postretirement plan adjustments 22 — 22 Total other comprehensive income (loss), net of tax (1,717) 2,126 409 Total comprehensive income (loss) (1,100) 2,679 1,579 Comprehensive income (loss) attributable to noncontrolling interest — — — Total comprehensive income (loss) available to RGA, Inc. $ (1,100) $ 2,679 $ 1,579 RGA, Inc. Stockholders’ Equity Common Additional Paid In Capital Retained Treasury Accumulated Other Comprehensive Income (Loss) Total RGA, Inc. Stockholders’ Equity Noncontrolling Interest Total Equity Balance, December 31, 2020 as previously reported $ 1 $ 2,406 $ 8,148 $ (1,562) $ 5,359 $ 14,352 $ — $ 14,352 Cumulative effect of modified retrospective adoption of Financial Services – Insurance on long-duration contracts (1,187) (6,304) (7,491) (7,491) Cumulative effect of full retrospective adoption of Financial Services – Insurance on market risk benefits (58) 36 (22) (22) Adjusted balance, January 1, 2021 1 2,406 6,903 (1,562) (909) 6,839 — 6,839 Net income 1,170 1,170 1,170 Total other comprehensive income (loss) 409 409 409 Dividends to stockholders, $2.86 per share (194) (194) (194) Purchase of treasury stock (99) (99) (99) Reissuance of treasury stock 55 (8) 8 55 55 Balance, December, 31, 2021 1 2,461 7,871 (1,653) (500) 8,180 — 8,180 Issuance of preferred interests by subsidiary 90 90 Change in equity of noncontrolling interest (4) (4) Net income 517 517 4 521 Total other comprehensive income (loss) (1,371) (1,371) (1,371) Dividends to stockholders, $3.06 per share (205) (205) (205) Purchase of treasury stock (81) (81) (81) Reissuance of treasury stock 41 (14) 14 41 41 Balance, December 31, 2022 $ 1 $ 2,502 $ 8,169 $ (1,720) $ (1,871) $ 7,081 $ 90 $ 7,171 |
Policyholder Account Balances ASU 2018 12 Adoption | Policyholder Account Balances The following tables provide the balances and changes in the Company’s policyholder account balances as of and for the years ending December 31, 2022 and 2021 (dollars in millions): For the year ended December 31, 2022: U.S. and Latin America – Traditional U.S. and Latin America – Financial Solutions Asia Pacific – Financial Solutions Balance, beginning of year $ 1,719 $ 18,758 $ 1,621 Deposits 24 1,289 2,521 Policy charges (32) (33) (134) Surrenders and withdrawals (17) (1,258) (639) Benefit payments (76) (448) (46) Interest credited 65 598 51 Foreign currency translation — — (23) Balance, end of period $ 1,683 $ 18,906 $ 3,351 Less: reinsurance recoverable — (1,543) — Balance, end of period, after reinsurance $ 1,683 $ 17,363 $ 3,351 For the year ended December 31, 2021: U.S. and Latin America – Traditional U.S. and Latin America – Financial Solutions Asia Pacific – Financial Solutions Balance, beginning of year $ 1,752 $ 16,273 $ 809 Deposits 25 3,290 868 Policy charges (32) (31) (1) Surrenders and withdrawals (13) (1,015) (36) Benefit payments (79) (404) (24) Interest credited 66 645 19 Foreign currency translation — — (14) Balance, end of period $ 1,719 $ 18,758 $ 1,621 Less: reinsurance recoverable — (1,561) — Balance, end of period, after reinsurance $ 1,719 $ 17,197 $ 1,621 |
Market Risk Benefit, Activity ASU 2018 12 Adoption | Market Risk Benefits The following tables provide the balances and changes in the Company’s liabilities for market risk benefits as of and for the years ending December 31, 2022 and 2021 (dollars in millions): For the year ended December 31, 2022: U.S. and Latin America – Financial Solutions Balance, beginning of year $ 262 Balance, beginning of year, before effect of changes in the instrument-specific credit risk 254 Interest accrual 54 Attributed fees collected 28 Benefit payments (9) Effect of changes in future assumptions 18 Effect of changes in interest rates (175) Effect of changes in equity markets 48 Effect of changes in volatility 19 Other market impacts 7 Actual policyholder behavior different from expected behavior 19 Balance, end of period, before effect of changes in the instrument-specific credit risk 263 Effect of changes in the instrument-specific credit risk (16) Balance, end of period 247 Less: reinsurance recoverable — Balance, end of period, after reinsurance $ 247 For the year ended December 31, 2021: U.S. and Latin America – Financial Solutions Balance, beginning of year $ — Effect of adoption of Financial Services – Insurance 266 Adjusted balance, beginning of year 266 Balance, beginning of year, before effect of changes in the instrument-specific credit risk 311 Interest accrual 3 Attributed fees collected 12 Benefit payments (14) Effect of changes in future assumptions 25 Effect of changes in interest rates (51) Effect of changes in equity markets (49) Effect of changes in volatility (2) Other market impacts 5 Actual policyholder behavior different from expected behavior 14 Balance, end of period, before effect of changes in the instrument-specific credit risk 254 Effect of changes in the instrument-specific credit risk 8 Balance, end of period 262 Less: reinsurance recoverable — Balance, end of period, after reinsurance $ 262 |
Deferred Policy Acquisition Costs ASU 2018 12 Adoption | Deferred Policy Acquisition Costs The following tables provide the balances and changes in the Company’s deferred policy acquisition costs as of and for the years ending December 31, 2022 and 2021 (dollars in millions): For the year ended December 31, 2022: U.S. and Latin America – Traditional Canada – Traditional Europe, Middle East and Africa – Traditional Asia Pacific – Traditional Balance, beginning of year $ 1,947 $ 191 $ 270 $ 1,056 Capitalization 284 10 83 86 Amortization expense (144) (17) (38) (67) Foreign currency translation — (13) (21) (32) Balance, end of period $ 2,087 $ 171 $ 294 $ 1,043 For the year ended December 31, 2022: U.S. and Latin America – Financial Solutions Canada – Financial Solutions Europe, Middle East and Africa – Financial Solutions Asia Pacific – Financial Solutions Balance, beginning of year $ 312 $ — $ — $ 81 Capitalization 87 — — 121 Amortization expense (58) — — (13) Foreign currency translation — — — (1) Balance, end of period $ 341 $ — $ — $ 188 For the year ended December 31, 2021: U.S. and Latin America – Traditional Canada – Traditional Europe, Middle East and Africa – Traditional Asia Pacific – Traditional Balance, beginning of year $ 1,816 $ 195 $ 264 $ 1,046 Effect of adoption of Financial Services – Insurance — — — — Adjusted balance, beginning of year 1,816 195 264 1,046 Capitalization 254 8 42 83 Amortization expense (123) (13) (24) (55) Foreign currency translation — 1 (12) (18) Balance, end of period $ 1,947 $ 191 $ 270 $ 1,056 For the year ended December 31, 2021: U.S. and Latin America – Financial Solutions Canada – Financial Solutions Europe, Middle East and Africa – Financial Solutions Asia Pacific – Financial Solutions Balance, beginning of year $ 254 $ — $ — $ 41 Effect of adoption of Financial Services – Insurance 114 — — — Adjusted balance, beginning of year 368 — — 41 Capitalization 8 — — 49 Amortization expense (64) — — (8) Foreign currency translation — — — (1) Balance, end of period $ 312 $ — $ — $ 81 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule Of Earnings Per Share Basic And Diluted By Common Class [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 March 31, 2023 2022 Earnings: Net income $ 253 $ 197 Less: Net income attributable to noncontrolling interest 1 — Net income available to RGA, Inc. shareholders $ 252 $ 197 Shares: Weighted average outstanding shares 67 67 Equivalent shares from outstanding stock awards 1 1 Denominator for diluted calculation 68 68 Earnings per share: Basic $ 3.77 $ 2.93 Diluted $ 3.72 $ 2.91 |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stock by Class [Table Text Block] | The changes in number of common stock shares issued, held in treasury and outstanding are as follows for the periods indicated: Issued Held In Treasury Outstanding Balance, December 31, 2022 85,310,598 18,634,390 66,676,208 Common stock acquired — 371,343 (371,343) Stock-based compensation (1) — (235,601) 235,601 Balance, March 31, 2023 85,310,598 18,770,132 66,540,466 Issued Held In Treasury Outstanding Balance, December 31, 2021 85,310,598 18,139,868 67,170,730 Common Stock acquired — 219,116 (219,116) Stock-based compensation (1) — (36,639) 36,639 Balance, March 31, 2022 85,310,598 18,322,345 66,988,253 (1) Represents net shares issued from treasury pursuant to the Company’s equity-based compensation programs. |
Components of Accumulated Other Comprehensive Income | The balance of and changes in each component of accumulated other comprehensive income (loss) (“AOCI”) for the three months ended March 31, 2023 and 2022 are as follows (dollars in millions): Accumulated Other Comprehensive Income (Loss), Net of Income Tax Foreign Currency Translation Adjustments Net Unrealized Investment Gains (Losses) (1) Pension and Effect of Updating Discount Rates on Future Policy Benefits Instrument-Specific Credit Risk for Market Risk Benefits Total Balance, December 31, 2022 $ (116) $ (5,496) $ (27) $ 3,755 $ 13 $ (1,871) Other comprehensive income (loss) before reclassifications 28 1,316 5 (927) 2 424 Amounts reclassified to (from) AOCI 88 1 — — 89 Deferred income tax benefit (expense) (6) (301) (1) 206 (1) (103) Balance, March 31, 2023 $ (94) $ (4,393) $ (22) $ 3,034 $ 14 $ (1,461) Accumulated Other Comprehensive Income (Loss), Net of Income Tax Foreign Currency Translation Adjustments Net Unrealized Investment Gains (Losses) (1) Pension and Effect of Updating Discount Rates on Future Policy Benefits Instrument-Specific Credit Risk for Market Risk Benefits Total Balance, December 31, 2021 $ (13) $ 3,779 $ (50) $ (4,209) $ (7) $ (500) Other comprehensive income (loss) before reclassifications 27 (4,886) (1) 4,375 (5) (490) Amounts reclassified to (from) AOCI — 36 1 — — 37 Deferred income tax benefit (expense) (6) 1,061 — (961) 1 95 Balance, March 31, 2022 $ 8 $ (10) $ (50) $ (795) $ (11) $ (858) (1) Includes cash flow hedges of $(198) and $(205) as of March 31, 2023 and December 31, 2022, respectively, and $(81) and $(22) as of March 31, 2022 and December 31, 2021, respectively. See Note 12 – “Derivative Instruments” for additional information on cash flow hedges. |
Reclassification Out Of Accumulated Other Comprehensive Income | The following table presents the amounts of AOCI reclassifications for the three months ended March 31, 2023 and 2022 (dollars in millions): Amount Reclassified from AOCI Three months ended March 31, Affected Line Item in Details about AOCI Components 2023 2022 Net unrealized investment gains (losses): Net unrealized gains (losses) on available-for-sale securities $ (87) $ (35) Investment related gains (losses), net Cash flow hedges – Interest rate 2 — (1) Cash flow hedges – Currency/Interest rate (3) (1) (1) Total (88) (36) Provision for income taxes 18 7 Net unrealized gains (losses), net of tax $ (70) $ (29) Amortization of defined benefit plan items: Prior service cost (credit) $ — $ — (2) Actuarial gains (losses) (1) (1) (2) Total (1) (1) Provision for income taxes — — Amortization of defined benefit plans, net of tax $ (1) $ (1) Total reclassifications for the period $ (71) $ (30) (1) See Note 12 – “Derivative Instruments” for additional information on cash flow hedges. (2) This AOCI component is included in the computation of the net periodic pension cost. See Note 15 – “Employee Benefit Plans” for additional details. |
Future Policy Benefits (Tables)
Future Policy Benefits (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Insurance [Abstract] | |
Liability for Future Policy Benefit, Activity | Liability for Future Policy Benefits – Traditional Business The following tables provide the balances of and changes in the Company’s liability for future policy benefits for long-duration reinsurance contracts for its Traditional business, which primarily consists of individual life, group life and critical illness reinsurance for the three months ended March 31, 2023 and 2022 (dollars in millions): Three months ended March 31, 2023: U.S. and Latin America – Traditional Canada – Traditional Europe, Middle East and Africa – Traditional Asia Pacific – Traditional Present Value of Expected Net Premiums Beginning of year balance at original discount rate $ 74,207 $ 21,330 $ 14,244 $ 40,506 Effect of changes in cash flow assumptions — — — (8) Effect of actual variances from expected experience (103) 97 (256) 128 Adjusted balance, beginning of year 74,104 21,427 13,988 40,626 Issuances (1) 1,016 110 382 619 Interest accrual (2) 851 182 119 256 Net premiums collected (3) (1,229) (231) (344) (490) Derecognition (4) (35) — — — Foreign currency translation — 46 184 (113) Ending balance at original discount rate 74,707 21,534 14,329 40,898 Effect of changes in discount rate assumptions (4,074) (4,376) (2,515) (11,029) Balance, end of period $ 70,633 $ 17,158 $ 11,814 $ 29,869 Present Value of Expected Future Policy Benefits Beginning of year balance at original discount rate $ 85,285 $ 24,655 $ 15,454 $ 44,785 Effect of changes in cash flow assumptions — — — (8) Effect of actual variances from expected experience (79) 98 (258) 121 Adjusted balance, beginning of year 85,206 24,753 15,196 44,898 Issuances (1) 1,018 110 382 619 Interest accrual (2) 981 233 127 293 Benefit payments (5) (1,486) (256) (331) (458) Derecognition (4) (54) — — — Foreign currency translation 1 56 201 (125) Ending balance at original discount rate 85,666 24,896 15,575 45,227 Effect of changes in discount rate assumptions (5,188) (3,607) (2,686) (12,914) Balance, end of period $ 80,478 $ 21,289 $ 12,889 $ 32,313 Liability for future policy benefits $ 9,845 $ 4,131 $ 1,075 $ 2,444 Less: reinsurance recoverable (417) (277) (37) (99) Net liability for future policy benefits $ 9,428 $ 3,854 $ 1,038 $ 2,345 Weighted-average duration of the liability (in years) 12 15 8 16 Weighted-average interest accretion rate 4.7 % 3.6 % 3.4 % 2.6 % Weighted-average current discount rate 4.9 % 4.7 % 5.4 % 4.3 % (1) Issuances: The present value, using the original discount rate, of the expected net premiums or the expected future policy benefits related to new reinsurance contracts that became effective during the current period and new policies assumed on existing contracts. (2) Interest accrual: The interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the original interest rate. (3) Net premiums collected: The portion of gross premiums collected from the ceding company that is used to fund expected benefit payments. (4) Derecognition: Includes the effects of treaty recaptures and treaty amendments that resulted in the termination of an existing treaty and the issuance of a new treaty under the internal replacement model. (5) Benefit payments: The release of the present value, using the original discount rate, of the expected future policy benefits due to death, lapse/withdrawal, and other benefit payments based on current assumptions. Three months ended March 31, 2022: U.S. and Latin America – Traditional Canada – Traditional Europe, Middle East and Africa – Traditional Asia Pacific – Traditional Present Value of Expected Net Premiums Beginning of year balance at original discount rate $ 73,447 $ 21,989 $ 14,440 $ 37,943 Effect of changes in cash flow assumptions — — — — Effect of actual variances from expected experience (33) 166 90 (1,504) Adjusted balance, beginning of year 73,414 22,155 14,530 36,439 Issuances (1) 832 206 297 2,217 Interest accrual (2) 845 194 127 239 Net premiums collected (3) (1,207) (248) (337) (502) Derecognition (4) — — — — Foreign currency translation 3 235 (234) (549) Ending balance at original discount rate 73,887 22,542 14,383 37,844 Effect of changes in discount rate assumptions 6,120 (2,933) (234) (7,976) Balance, end of period $ 80,007 $ 19,609 $ 14,149 $ 29,868 Present Value of Expected Future Policy Benefits Beginning of year balance at original discount rate $ 84,075 $ 25,440 $ 15,664 $ 41,971 Effect of changes in cash flow assumptions — — — — Effect of actual variances from expected experience 72 174 88 (1,501) Adjusted balance, beginning of year 84,147 25,614 15,752 40,470 Issuances (1) 833 206 297 2,162 Interest accrual (2) 970 250 135 272 Benefit payments (5) (1,628) (299) (346) (506) Derecognition (4) — — — — Foreign currency translation 4 271 (264) (563) Ending balance at original discount rate 84,326 26,042 15,574 41,835 Effect of changes in discount rate assumptions 7,446 (1,621) (197) (9,362) Balance, end of period $ 91,772 $ 24,421 $ 15,377 $ 32,473 Liability for future policy benefits $ 11,765 $ 4,812 $ 1,228 $ 2,605 Less: reinsurance recoverable (572) (322) (36) (115) Net liability for future policy benefits $ 11,193 $ 4,490 $ 1,192 $ 2,490 Weighted-average duration of the liability (in years) 13 16 10 16 Weighted-average interest accretion rate 4.7 % 3.7 % 3.5 % 2.6 % Weighted-average current discount rate 3.9 % 4.1 % 3.7 % 3.9 % (1) Issuances: The present value, using the original discount rate, of the expected net premiums or the expected future policy benefits related to new reinsurance contracts that became effective during the current period and new policies assumed on existing contracts. (2) Interest accrual: The interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the original interest rate. (3) Net premiums collected: The portion of gross premiums collected from the ceding company that is used to fund expected benefit payments. (4) Derecognition: Includes the effects of treaty recaptures and treaty amendments that resulted in the termination of an existing treaty and the issuance of a new treaty under the internal replacement model. (5) Benefit payments: The release of the present value, using the original discount rate, of the expected future policy benefits due to death, lapse/withdrawal, and other benefit payments based on current assumptions. Significant assumptions used to compute the liability for future policy benefits for the Traditional business include mortality, morbidity, lapse rates and discount rates (both accretion and current). The Company updated the underlying market data used to determine the current discount rate resulting in changes to the discount rate assumption used to measure the net liability for future policy benefits each period. The Company’s Traditional business actual-to-expected variances and the effects of changes in discount rate assumption for the three months ending March 31, 2023 and 2022 are summarized in the tables below: Three months ended March 31, 2023: Segment Net liability for future policy benefits at original discount rate Actual-to-expected variance Impact of updating discount rate recognized in OCI Commentary U.S. and Latin America – Traditional $11.0 billion $24 million $490 million During the first quarter of 2023, the Company reviewed the significant assumptions used to measure the liability for future policy benefits and did not make any changes to the segment’s mortality, morbidity, and lapse assumptions as actual experience was consistent with the underlying assumptions. 1.1% decrease 0.2% increase 4.4% increase Canada – Traditional $3.4 billion $1 million $143 million During the first quarter of 2023, the Company reviewed the significant assumptions used to measure the liability for future policy benefits and did not make any changes to the segment’s mortality, morbidity, and lapse assumptions as actual experience was consistent with the underlying assumptions. 1.1% increase 0.0% increase 4.3% increase Europe, Middle East and Africa – Traditional $1.2 billion $(2) million $(2) million During the first quarter of 2023, the Company reviewed the significant assumptions used to measure the liability for future policy benefits and did not make any material changes to the segment’s mortality, morbidity, and lapse assumptions as actual experience was consistent with the underlying assumptions. 3.0% increase 0.2% decrease 0.2% decrease Asia Pacific – Traditional $4.3 billion $(7) million $46 million During the first quarter of 2023, the Company reviewed the significant assumptions used to measure the liability for future policy benefits and did not make any material changes to the segment’s mortality, morbidity, and lapse assumptions as actual experience was consistent with the underlying assumptions. 1.2% increase 0.2% decrease 1.1% increase Three months ended March 31, 2022: Segment Net liability for future policy benefits at original discount rate Actual-to-expected variance Impact of updating discount rate recognized in OCI Commentary U.S. and Latin America – Traditional $10.4 billion $105 million $(2,088) million During the first quarter of 2022, the Company reviewed the significant assumptions used to measure the liability for future policy benefits and did not make any changes to the segment’s mortality, morbidity, and lapse assumptions as actual experience was consistent with the underlying assumptions. The actual-to-expected variance was predominately related to COVID-19. 1.8% decrease 1.0% increase 19.6% decrease Canada – Traditional $3.5 billion $8 million $(792) million During the first quarter of 2022, the Company reviewed the significant assumptions used to measure the liability for future policy benefits and did not make any changes to the segment’s mortality, morbidity, and lapse assumptions as actual experience was consistent with the underlying assumptions. 1.4% increase 0.2% increase 22.9% decrease Europe, Middle East and Africa – Traditional $1.2 billion $(2) million $(128) million During the first quarter of 2022, the Company reviewed the significant assumptions used to measure the liability for future policy benefits and did not make any changes to the segment’s mortality, morbidity, and lapse assumptions as actual experience was consistent with the underlying assumptions. 2.7% decrease 0.2% decrease 10.5% decrease Asia Pacific – Traditional $4.0 billion $3 million $(369) million During the first quarter of 2022, the Company reviewed the significant assumptions used to measure the liability for future policy benefits and did not make any changes to the segment’s mortality, morbidity, and lapse assumptions as actual experience was consistent with the underlying assumptions. 0.9% decrease 0.1% increase 9.2% decrease Liability for Future Policy Benefits – Financial Solutions Business The deferred profit liability related to the longevity business is presented together with the liability for future policy benefits. The following tables provide the balances of and changes in the Company’s liability for future policy benefits for its Financial Solutions business, which primarily consists of longevity reinsurance, asset-intensive products, primarily annuities and financial reinsurance for the three months ending March 31, 2023 and 2022 (dollars in millions): Three months ended March 31, 2023: U.S. and Latin America – Financial Solutions Canada – Financial Solutions Europe, Middle East and Africa – Financial Solutions Asia Pacific – Financial Solutions Present Value of Expected Net Premiums Beginning of year balance at original discount rate $ 1,671 $ 3,394 $ 38,782 $ 1,605 Effect of changes in cash flow assumptions — — — — Effect of actual variances from expected experience (7) (2) 42 — Adjusted balance, beginning of year 1,664 3,392 38,824 1,605 Issuances (1) 146 — 3,681 1,244 Interest accrual (2) 13 27 185 6 Net premiums collected (3) (186) (84) (764) (1,260) Derecognition (4) — — — — Foreign currency translation — 9 742 (21) Ending balance at original discount rate 1,637 3,344 42,668 1,574 Effect of changes in discount rate assumptions (223) (336) (8,323) 74 Balance, end of period $ 1,414 $ 3,008 $ 34,345 $ 1,648 Present Value of Expected Future Policy Benefits Beginning of year balance at original discount rate $ 5,823 $ 3,447 $ 44,330 $ 6,561 Effect of changes in cash flow assumptions — — — — Effect of actual variances from expected experience (11) (6) 31 (1) Adjusted balance, beginning of year 5,812 3,441 44,361 6,560 Issuances (1) 154 — 3,681 1,289 Interest accrual (2) 56 28 225 18 Benefit payments (5) (138) (83) (858) (68) Derecognition (4) — — — — Foreign currency translation (16) 8 852 (77) Ending balance at original discount rate 5,868 3,394 48,261 7,722 Effect of changes in discount rate assumptions (460) (332) (9,191) (250) Balance, end of period $ 5,408 $ 3,062 $ 39,070 $ 7,472 Liability for future policy benefits $ 3,994 $ 54 $ 4,725 $ 5,824 Less: reinsurance recoverable — — — — Net liability for future policy benefits $ 3,994 $ 54 $ 4,725 $ 5,824 Weighted-average duration of the liability (in years) 8 7 9 15 Weighted-average interest accretion rate 3.5 % 3.3 % 1.9 % 1.3 % Weighted-average current discount rate 5.0 % 4.7 % 4.7 % 1.5 % (1) Issuances: The present value, using the original discount rate, of the expected net premiums or the expected future policy benefits related to new reinsurance contracts that became effective during the current period and new policies assumed on existing contracts. (2) Interest accrual: The interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the original interest rate. (3) Net premiums collected: The portion of gross premiums collected from the ceding company that is used to fund expected benefit payments. (4) Derecognition: Includes the effects of treaty recaptures and treaty amendments that resulted in the termination of an existing treaty and the issuance of a new treaty under the internal replacement model. (5) Benefit payments: The release of the present value, using the original discount rate, of the expected future policy benefits due to death, lapse/withdrawal, and other benefit payments based on current assumptions. Three months ended March 31, 2022: U.S. and Latin America – Financial Solutions Canada – Financial Solutions Europe, Middle East and Africa – Financial Solutions Asia Pacific – Financial Solutions Present Value of Expected Net Premiums Beginning of year balance at original discount rate $ 228 $ 3,329 $ 31,973 $ 1,051 Effect of changes in cash flow assumptions — — — — Effect of actual variances from expected experience (3) (7) 111 47 Adjusted balance, beginning of year 225 3,322 32,084 1,098 Issuances (1) — 581 10,932 1,325 Interest accrual (2) 1 26 185 6 Net premiums collected (3) (7) (88) (799) (613) Derecognition (4) — — — — Foreign currency translation — 41 (1,175) (77) Ending balance at original discount rate 219 3,882 41,227 1,739 Effect of changes in discount rate assumptions (36) (193) (3,365) 187 Balance, end of period $ 183 $ 3,689 $ 37,862 $ 1,926 Present Value of Expected Future Policy Benefits Beginning of year balance at original discount rate $ 4,628 $ 3,393 $ 38,196 $ 6,062 Effect of changes in cash flow assumptions — — — — Effect of actual variances from expected experience (23) (12) 103 48 Adjusted balance, beginning of year 4,605 3,381 38,299 6,110 Issuances (1) — 581 10,932 1,325 Interest accrual (2) 47 27 228 17 Benefit payments (5) (111) (87) (895) (50) Derecognition (4) — — — — Foreign currency translation — 42 (1,354) (346) Ending balance at original discount rate 4,541 3,944 47,210 7,056 Effect of changes in discount rate assumptions 107 (184) (3,472) 51 Balance, end of period $ 4,648 $ 3,760 $ 43,738 $ 7,107 Liability for future policy benefits $ 4,465 $ 71 $ 5,876 $ 5,181 Less: reinsurance recoverable — — — — Net liability for future policy benefits $ 4,465 $ 71 $ 5,876 $ 5,181 Weighted-average duration of the liability (in years) 10 8 10 16 Weighted-average interest accretion rate 3.0 % 2.9 % 2.1 % 1.4 % Weighted-average current discount rate 3.9 % 3.9 % 2.8 % 1.3 % (1) Issuances: The present value, using the original discount rate, of the expected net premiums or the expected future policy benefits related to new reinsurance contracts that became effective during the current period and new policies assumed on existing contracts. (2) Interest accrual: The interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the original interest rate. (3) Net premiums collected: The portion of gross premiums collected from the ceding company that is used to fund expected benefit payments. (4) Derecognition: Includes the effects of treaty recaptures and treaty amendments that resulted in the termination of an existing treaty and the issuance of a new treaty under the internal replacement model. (5) Benefit payments: The release of the present value, using the original discount rate, of the expected future policy benefits due to death, lapse/withdrawal, and other benefit payments based on current assumptions. Significant assumptions used to compute the liability for future policy benefits for the Financial Solutions business include mortality, morbidity, lapse rates and discount rates (both accretion and current). The Company updated the underlying market data used to determine the current discount rate resulting in changes to the discount rate assumption used to measure the net liability for future policy benefits. The Company’s Financial Solutions business actual-to-expected variances and the effects of changes in discount rate assumption for the three months ending March 31, 2023 and 2022 are summarized in the tables below: Three months ended March 31, 2023: Segment Net liability for future policy benefits at original discount rate Actual-to-expected variance Impact of updating discount rate recognized in OCI Commentary U.S. and Latin America – Financial Solutions $4.2 billion $(4) million $96 million During the first quarter of 2023, the Company reviewed the significant assumptions used to measure the liability for future policy benefits and did not make any changes to the segment’s mortality, morbidity, and lapse assumptions as actual experience was consistent with the underlying assumptions. 1.9% increase 0.1% decrease 2.3% increase Canada – Financial Solutions $0.1 billion $(4) million $3 million During the first quarter of 2023, the Company reviewed the significant assumptions used to measure the liability for future policy benefits and did not make any changes to the segment’s mortality, morbidity, and lapse assumptions as actual experience was consistent with the underlying assumptions. 5.7% decrease 7.5% decrease 5.7% increase Europe, Middle East and Africa – Financial Solutions $5.6 billion $(11) million $46 million During the first quarter of 2023, the Company reviewed the significant assumptions used to measure the liability for future policy benefits and did not make any changes to the segment’s mortality, morbidity, and lapse assumptions as actual experience was consistent with the underlying assumptions. 0.8% increase 0.2% decrease 0.8% increase Asia Pacific – Financial Solutions $6.1 billion $(1) million $136 million During the first quarter of 2023, the Company reviewed the significant assumptions used to measure the liability for future policy benefits and did not make any changes to the segment’s mortality, morbidity, and lapse assumptions as actual experience was consistent with the underlying assumptions. 24.1% increase 0.0% decrease 2.7% increase For the three months ended March 31, 2022: Segment Net liability for future policy benefits at original discount rate Actual-to-expected variance Impact of updating discount rate recognized in OCI Commentary U.S. and Latin America – Financial Solutions $4.3 billion $(20) million $(404) million During the first quarter of 2022, the Company reviewed the significant assumptions used to measure the liability for future policy benefits and did not make any changes to the segment’s mortality, morbidity, and lapse assumptions as actual experience was consistent with the underlying assumptions. 1.8% decrease 0.5% decrease 9.2% decrease Canada – Financial Solutions $0.1 billion $(5) million $(8) million During the first quarter of 2022, the Company reviewed the significant assumptions used to measure the liability for future policy benefits and did not make any changes to the segment’s mortality, morbidity, and lapse assumptions as actual experience was consistent with the underlying assumptions. 3.1% decrease 7.8% decrease 12.5% decrease Europe, Middle East and Africa – Financial Solutions $6.0 billion $(8) million $(613) million During the first quarter of 2022, the Company reviewed the significant assumptions used to measure the liability for future policy benefits and did not make any changes to the segment’s mortality, morbidity, and lapse assumptions as actual experience was consistent with the underlying assumptions. 3.9% decrease 0.1% decrease 9.9% decrease Asia Pacific – Financial Solutions $5.3 billion $1 million $(139) million During the first quarter of 2022, the Company reviewed the significant assumptions used to measure the liability for future policy benefits and did not make any changes to the segment’s mortality, morbidity, and lapse assumptions as actual experience was consistent with the underlying assumptions. 6.1% increase 0.0% increase 2.8% decrease |
Future Policy Benefits Reconciliation To Balance Sheet | Reconciliation and Other Disclosures The reconciliation of the rollforward of the liability for future policy benefits to the condensed consolidated balance sheets as of March 31, 2023 and 2022 is as follows (dollars in millions): March 31, 2023 2022 Liability for future policy benefits included in the rollforwards: Traditional: U.S. and Latin America $ 9,845 $ 11,765 Canada 4,131 4,812 Europe, Middle East and Africa 1,075 1,228 Asia Pacific 2,444 2,605 Financial Solutions: U.S. and Latin America 3,994 4,465 Canada 54 71 Europe, Middle East and Africa 4,725 5,876 Asia Pacific 5,824 5,181 Other long-duration contracts 181 177 Claims liability and incurred but not reported claims 5,417 5,659 Unearned revenue liability 532 567 Total liability for future policy benefits $ 38,222 $ 42,406 |
Undiscounted and Discounted Future Gross Premiums and Expected Future Benefits | The amount of undiscounted and discounted expected future gross premiums and expected future benefit payments for the liability for future policy benefits included in the rollforwards as of March 31, 2023 and 2022 is as follows (dollars in millions): March 31, 2023 2022 Undiscounted Discounted Undiscounted Discounted Expected future gross premiums Traditional: U.S. and Latin America $ 172,081 $ 82,288 $ 172,097 $ 93,268 Canada 53,244 21,317 56,648 24,355 Europe, Middle East and Africa 24,591 13,611 25,517 16,254 Asia Pacific 92,305 37,986 84,355 38,094 Financial Solutions: U.S. and Latin America 3,112 1,975 972 686 Canada 4,738 3,149 5,506 3,843 Europe, Middle East and Africa 64,424 37,636 56,874 41,655 Asia Pacific 2,977 2,478 3,280 2,840 Expected future benefit payments Traditional: U.S. and Latin America $ 181,123 $ 80,478 $ 181,789 $ 91,772 Canada 56,223 21,289 60,162 24,421 Europe, Middle East and Africa 24,150 12,889 24,939 15,377 Asia Pacific 88,496 32,313 82,052 32,473 Financial Solutions: U.S. and Latin America 9,214 5,408 7,360 4,648 Canada 4,602 3,062 5,387 3,760 Europe, Middle East and Africa 66,775 39,070 59,907 43,738 Asia Pacific 10,144 7,472 9,175 7,107 |
Gross Premiums And Interest Expense Liability Future Policy Benefits | The amount of gross premiums and interest expense recognized in the consolidated statements of income for the liability for future policy benefits included in the rollforwards for the three months ended March 31, 2023 and 2022 is as follows (dollars in millions): Gross Premiums Interest Expense March 31, March 31, 2023 2022 2023 2022 Traditional: U.S. and Latin America $ 1,422 $ 1,397 $ 130 $ 125 Canada 262 272 51 56 Europe, Middle East and Africa 355 361 8 8 Asia Pacific 620 629 37 33 Financial Solutions: U.S. and Latin America 156 8 43 46 Canada 23 23 1 1 Europe, Middle East and Africa 161 163 40 43 Asia Pacific 63 43 12 11 Total $ 3,062 $ 2,896 $ 322 $ 323 There were no material charges incurred for the three months ended March 31, 2023 and 2022, resulting from net premiums exceeding gross premiums. |
Policyholder Account Balances (
Policyholder Account Balances (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Insurance [Abstract] | |
Policyholder Account Balance | Policyholder Account Balances The following tables provide the balances of and changes in the Company’s liability for its policyholder account balances for the three months ended March 31, 2023 and 2022 (dollars in millions): Three months ended March 31, 2023: U.S. and Latin America – Traditional U.S. and Latin America – Financial Solutions Asia Pacific – Financial Solutions Balance, beginning of year $ 1,683 $ 18,906 $ 3,351 Deposits 3 41 431 Policy charges (8) (8) — Surrenders and withdrawals (5) (528) (19) Benefit payments (43) (116) (22) Interest credited 16 142 32 Foreign currency translation — — (15) Balance, end of period $ 1,646 $ 18,437 $ 3,758 Less: reinsurance recoverable — (1,532) — Balance, end of period, after reinsurance $ 1,646 $ 16,905 $ 3,758 Weighted-average crediting rate 4.0 % 3.3 % 2.9 % Net amount at risk $ 697 $ 2,468 $ — Cash surrender value $ 1,635 $ 18,398 $ 3,340 Three months ended March 31, 2022: U.S. and Latin America – Traditional U.S. and Latin America – Financial Solutions Asia Pacific – Financial Solutions Balance, beginning of year $ 1,719 $ 18,758 $ 1,621 Deposits 3 152 246 Policy charges (8) (8) (1) Surrenders and withdrawals (4) (296) (15) Benefit payments (27) (115) (6) Interest credited 16 153 6 Foreign currency translation — — 13 Balance, end of period $ 1,699 $ 18,644 $ 1,864 Less: reinsurance recoverable — (1,552) — Balance, end of period, after reinsurance $ 1,699 $ 17,092 $ 1,864 Weighted-average crediting rate 4.0 % 3.2 % 1.4 % Net amount at risk $ 728 $ 2,561 $ — Cash surrender value $ 1,688 $ 18,552 $ 1,636 Information regarding the Company’s policyholder account balances as of March 31, 2023 and 2022 is as follows (dollars in millions): March 31, 2023 2022 Policyholder account balances included in the rollforwards: Traditional: U.S. and Latin America $ 1,646 $ 1,699 Financial Solutions: U.S. and Latin America 18,437 18,644 Asia Pacific 3,758 1,864 Other policyholder account balances U.S. and Latin America – Financial Solutions 70 49 Total policyholder account balances $ 23,911 $ 22,256 |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate | The balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums as of March 31, 2023 and 2022 is as follows (dollars in millions): March 31, 2023 Range of Guaranteed Minimum Crediting Rate At Guaranteed Minimum 1 Basis Point – 50 Basis Points Above 51 Basis Points – 150 Basis Points Above Greater Than 150 Basis Points Above Total U.S. and Latin America – Traditional Less than 1.00% $ — $ — $ — $ — $ — 1.00 – 1.99% — — — — — 2.00 – 2.99% — — — — — 3.00 – 3.99% — — — — — 4.00% and Greater 1,646 — — — 1,646 Total $ 1,646 $ — $ — $ — $ 1,646 U.S. and Latin America – Financial Solutions Less than 1.00% $ — $ — $ — $ — $ — 1.00 – 1.99% 1,844 14 97 40 1,995 2.00 – 2.99% 1,831 9 727 14 2,581 3.00 – 3.99% 4,718 240 79 1 5,038 4.00% and Greater 8,773 50 — — 8,823 Total $ 17,166 $ 313 $ 903 $ 55 $ 18,437 Asia Pacific – Financial Solutions Less than 1.00% $ 291 $ — $ — $ — $ 291 1.00 – 1.99% 717 — — — 717 2.00 – 2.99% 804 — — — 804 3.00 – 3.99% 1,225 — — — 1,225 4.00% and Greater 721 — — — 721 Total $ 3,758 $ — $ — $ — $ 3,758 March 31, 2022 Range of Guaranteed Minimum Crediting Rate At Guaranteed Minimum 1 Basis Point – 50 Basis Points Above 51 Basis Points – 150 Basis Points Above Greater Than 150 Basis Points Above Total U.S. and Latin America – Traditional Less than 1.00% $ — $ — $ — $ — $ — 1.00 – 1.99% — — — — — 2.00 – 2.99% — — — — — 3.00 – 3.99% — — — — — 4.00% and Greater 1,699 — — — 1,699 Total $ 1,699 $ — $ — $ — $ 1,699 U.S. and Latin America – Financial Solutions Less than 1.00% $ — $ — $ — $ — $ — 1.00 – 1.99% 1,995 16 85 57 2,153 2.00 – 2.99% 2,140 6 788 — 2,934 3.00 – 3.99% 4,782 258 60 — 5,100 4.00% and Greater 8,403 54 — — 8,457 Total $ 17,320 $ 334 $ 933 $ 57 $ 18,644 Asia Pacific – Financial Solutions Less than 1.00% $ 651 $ — $ — $ — $ 651 1.00 – 1.99% 954 — — — 954 2.00 – 2.99% 10 — — — 10 3.00 – 3.99% 240 — — — 240 4.00% and Greater 9 — — — 9 Total $ 1,864 $ — $ — $ — $ 1,864 |
Unpaid Claims and Claims Expe_2
Unpaid Claims and Claims Expense Short Duration Contracts (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Insurance [Abstract] | |
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block] | The liability for unpaid claims for short-duration contracts is reported in other policy claims and benefits on the Company’s condensed consolidated balance sheets. Activity associated with unpaid claims is summarized below (dollars in millions): Three months ended March 31, 2023 2022 Balance, beginning of year $ 2,480 $ 2,110 Less: reinsurance recoverable (57) (81) Net balance, beginning of year 2,423 2,029 Incurred: Current year 363 726 Prior years (25) (51) Total incurred 338 675 Payments: Current year (23) (25) Prior years (249) (260) Total payments (272) (285) Other changes: Interest accretion 8 8 Foreign exchange adjustments (6) 36 Total other changes 2 44 Net balance, end of period 2,491 2,463 Plus: reinsurance recoverable 67 94 Balance, end of period $ 2,558 $ 2,557 |
Market Risk Benefits (Tables)
Market Risk Benefits (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Insurance [Abstract] | |
Market Risk Benefit, Activity | The following table provides the balances of and changes in the Company’s market risk benefits for the three months ended March 31, 2023 and 2022 (dollars in millions): U.S. and Latin America – Financial Solutions Three months ended March 31, 2023 2022 Balance, beginning of year $ 247 $ 262 Balance, beginning of year, before effect of changes in the instrument-specific credit risk 263 254 Interest accrual 4 — Attributed fees collected 6 7 Benefit payments — (5) Effect of changes in interest rates 21 (61) Effect of changes in equity markets (17) 13 Effect of changes in volatility (5) 3 Other market impacts — 2 Actual policyholder behavior different from expected behavior 5 6 Balance, end of period, before effect of changes in the instrument-specific credit risk 277 219 Effect of changes in the instrument-specific credit risk (18) 14 Balance, end of period 259 233 Less: reinsurance recoverable — — Balance, end of period, after reinsurance $ 259 $ 233 Net amount at risk $ 1,428 $ 1,220 Weighted-average attained age of contract holders (in years) 71 68 The reconciliation of the rollforward for market risk benefits to the condensed consolidated balance sheets as of March 31, 2023 and 2022 is as follows (dollars in millions): March 31, March 31, 2023 2022 Asset (1) Liability Net Asset (1) Liability Net U.S. and Latin America – Financial Solutions $ 2 $ 261 $ (259) $ — $ 233 $ (233) Total market risk benefits $ 2 $ 261 $ (259) $ — $ 233 $ (233) (1) Included in Other assets |
Deferred Policy Acquisition C_2
Deferred Policy Acquisition Costs (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Insurance [Abstract] | |
Deferred Policy Acquisition Costs | The following tables provide the balances of and changes in deferred policy acquisition costs for the Company’s Traditional business for the three months ended March 31, 2023 and 2022 (dollars in millions): Three months ended March 31, 2023: U.S. and Latin America – Traditional Canada – Traditional Europe, Middle East and Africa – Traditional Asia Pacific – Traditional Balance, beginning of year $ 2,087 $ 171 $ 294 $ 1,043 Capitalization 57 3 25 19 Amortization expense (35) (3) (10) (15) Foreign currency translation — — — (3) Balance, end of period $ 2,109 $ 171 $ 309 $ 1,044 Three months ended March 31, 2022: U.S. and Latin America – Traditional Canada – Traditional Europe, Middle East and Africa – Traditional Asia Pacific – Traditional Balance, beginning of year $ 1,947 $ 191 $ 270 $ 1,056 Capitalization 70 2 15 34 Amortization expense (36) (3) (11) (23) Foreign currency translation — 2 4 (6) Balance, end of period $ 1,981 $ 192 $ 278 $ 1,061 The following tables provide the balances of and changes in deferred policy acquisition costs for the Company’s Financial Solutions business for the three months ended March 31, 2023 and 2022 (dollars in millions): Three months ended March 31, 2023: U.S. and Latin America – Financial Solutions Canada – Financial Solutions Europe, Middle East and Africa – Financial Solutions Asia Pacific – Financial Solutions Balance, beginning of year $ 341 $ — $ — $ 188 Capitalization — — — 108 Amortization expense (11) — — (6) Foreign currency translation — — — (1) Balance, end of period $ 330 $ — $ — $ 289 Three months ended March 31, 2022: U.S. and Latin America – Financial Solutions Canada – Financial Solutions Europe, Middle East and Africa – Financial Solutions Asia Pacific – Financial Solutions Balance, beginning of year $ 312 $ — $ — $ 81 Capitalization 6 — — 13 Amortization expense (20) — — (3) Foreign currency translation — — — — Balance, end of period $ 298 $ — $ — $ 91 The reconciliation of deferred policy acquisition costs to the condensed consolidated balance sheets as of March 31, 2023 and 2022 is as follows (dollars in millions): March 31, 2023 2022 Deferred policy acquisition costs included in the rollforwards: Traditional: U.S. and Latin America $ 2,109 $ 1,981 Canada 171 192 Europe, Middle East and Africa 309 278 Asia Pacific 1,044 1,061 Financial Solutions: U.S. and Latin America 330 298 Canada — — Europe, Middle East and Africa — — Asia Pacific 289 91 Other long-duration business: Corporate and Other 5 5 Total deferred policy acquisition costs $ 4,257 $ 3,906 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investments [Abstract] | |
Debt Securities, Available-for-sale | The following tables provide information relating to investments in fixed maturity securities by type as of March 31, 2023 and December 31, 2022 (dollars in millions): March 31, 2023: Amortized Allowance for Unrealized Unrealized Estimated Fair % of Cost Credit Losses Gains Losses Value Total Available-for-sale: Corporate $ 39,621 $ 69 $ 255 $ 4,330 $ 35,477 63.3 % Canadian government 3,345 — 455 45 3,755 6.7 Japanese government 3,749 — 9 315 3,443 6.1 ABS 4,470 10 8 365 4,103 7.3 CMBS 1,882 — — 212 1,670 3.0 RMBS 1,120 — 2 98 1,024 1.8 U.S. government 1,923 — 6 184 1,745 3.1 State and political subdivisions 1,261 — 9 132 1,138 2.0 Other foreign government 4,123 — 31 424 3,730 6.7 Total fixed maturity securities $ 61,494 $ 79 $ 775 $ 6,105 $ 56,085 100.0 % December 31, 2022: Amortized Allowance for Unrealized Unrealized Estimated Fair % of Cost Credit Losses Gains Losses Value Total Available-for-sale: Corporate $ 38,963 $ 27 $ 168 $ 5,135 $ 33,969 64.2 % Canadian government 3,311 — 381 66 3,626 6.9 Japanese government 3,033 — 4 478 2,559 4.8 ABS 4,324 10 4 440 3,878 7.3 CMBS 1,835 — — 212 1,623 3.1 RMBS 1,054 — 1 114 941 1.8 U.S. government 1,690 — 4 212 1,482 2.8 State and political subdivisions 1,282 — 10 173 1,119 2.1 Other foreign government 4,171 — 22 489 3,704 7.0 Total fixed maturity securities $ 59,663 $ 37 $ 594 $ 7,319 $ 52,901 100.0 % |
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block] | The following table includes fixed maturity securities pledged and received as collateral and assets in trust held to satisfy collateral requirements under derivative transactions and certain third-party reinsurance treaties as of March 31, 2023 and December 31, 2022 (dollars in millions): March 31, 2023 December 31, 2022 Amortized Estimated Amortized Estimated Fixed maturity securities pledged as collateral $ 414 $ 366 $ 355 $ 292 Fixed maturity securities received as collateral n/a 1,506 n/a 1,428 Assets in trust held to satisfy collateral requirements 31,586 28,622 31,510 27,817 |
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 and the Japanese government and its agencies, as well as the securities disclosed below, as of March 31, 2023 and December 31, 2022 (dollars in millions). March 31, 2023 December 31, 2022 Amortized Estimated Amortized Estimated Fixed maturity securities guaranteed or issued by: Canadian province of Quebec $ 1,388 $ 1,642 $ 1,436 $ 1,649 Canadian province of Ontario 1,033 1,146 982 1,068 |
Investments Classified By Contractual Maturity Date | The amortized cost and estimated fair value of fixed maturity securities classified as available-for-sale as of March 31, 2023, 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 $ 1,899 $ 1,849 Due after one year through five years 10,092 9,879 Due after five years through ten years 11,375 10,513 Due after ten years 30,656 27,047 Structured securities 7,472 6,797 Total $ 61,494 $ 56,085 |
Fixed Maturity Holdings Industry Types Weighted Average Credit Ratings [Table Text Block] | The tables below show the major sectors of the Company’s corporate fixed maturity holdings as of March 31, 2023 and December 31, 2022 (dollars in millions): March 31, 2023: Estimated Amortized Cost Fair Value % of Total Finance $ 14,732 $ 13,043 36.8 % Industrial 19,945 18,108 51.0 Utility 4,944 4,326 12.2 Total $ 39,621 $ 35,477 100.0 % December 31, 2022: Estimated Amortized Cost Fair Value % of Total Finance $ 14,551 $ 12,680 37.3 % Industrial 19,624 17,257 50.8 Utility 4,788 4,032 11.9 Total $ 38,963 $ 33,969 100.0 % |
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 three months ended March 31, 2023 and 2022 (dollars in millions) : For the three months ended March 31, 2023: Corporate ABS CMBS Other Foreign Government Total Balance, beginning of year $ 27 $ 10 $ — $ — $ 37 Credit losses recognized on securities for which credit losses were not previously recorded 43 — — — 43 Reductions for securities sold during the period (3) — — — (3) Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period 2 — — — 2 Balance, end of period $ 69 $ 10 $ — $ — $ 79 For the three months ended March 31, 2022: Corporate ABS CMBS Other Foreign Government Total Balance, beginning of year $ 26 $ — $ 1 $ 4 $ 31 Credit losses recognized on securities for which credit losses were not previously recorded 6 5 — — 11 Reductions for securities sold during the period (1) — — (1) (2) Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period 2 — — — 2 Balance, end of period $ 33 $ 5 $ 1 $ 3 $ 42 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | Less than 12 months 12 months or greater Total Gross Gross Gross March 31, 2023: Estimated Unrealized Estimated Unrealized Estimated Unrealized Fair Value Losses Fair Value Losses Fair Value Losses Investment grade securities: Corporate $ 9,861 $ 486 $ 18,130 $ 3,705 $ 27,991 $ 4,191 Canadian government 395 15 165 30 560 45 Japanese government 379 4 2,291 311 2,670 315 ABS 811 38 2,777 311 3,588 349 CMBS 341 20 1,271 188 1,612 208 RMBS 332 16 513 82 845 98 U.S. government 909 5 606 179 1,515 184 State and political subdivisions 350 10 635 122 985 132 Other foreign government 1,073 38 1,763 325 2,836 363 Total investment grade securities 14,451 632 28,151 5,253 42,602 5,885 Below investment grade securities: Corporate 550 58 546 79 1,096 $ 137 ABS 45 3 46 10 91 13 Other foreign government — — 187 61 187 61 Total below investment grade securities 595 61 779 150 1,374 211 Total fixed maturity securities $ 15,046 $ 693 $ 28,930 $ 5,403 $ 43,976 $ 6,096 Less than 12 months 12 months or greater Total Gross Gross Gross December 31, 2022: Estimated Unrealized Estimated Unrealized Estimated Unrealized Fair Value Losses Fair Value Losses Fair Value Losses Investment grade securities: Corporate $ 21,867 $ 2,756 $ 6,840 $ 2,225 $ 28,707 $ 4,981 Canadian government 554 42 71 23 625 65 Japanese government 815 86 1,694 392 2,509 478 ABS 1,596 153 1,931 269 3,527 422 CMBS 1,314 144 281 65 1,595 209 RMBS 664 62 181 53 845 115 U.S. government 1,202 64 253 148 1,455 212 State and political subdivisions 819 124 131 50 950 174 Other foreign government 1,942 167 1,026 260 2,968 427 Total investment grade securities 30,773 3,598 12,408 3,485 43,181 7,083 Below investment grade securities: Corporate 767 87 305 61 1,072 148 ABS 52 6 38 9 90 15 Other foreign government 39 2 164 60 203 62 Total below investment grade securities 858 95 507 130 1,365 225 Total fixed maturity securities $ 31,631 $ 3,693 $ 12,915 $ 3,615 $ 44,546 $ 7,308 |
Investment Income | Major categories of net investment income consist of the following (dollars in millions): Three months ended March 31, 2023 2022 Fixed maturity securities available-for-sale $ 645 $ 533 Equity securities 2 2 Mortgage loans 74 73 Policy loans 13 13 Funds withheld at interest 72 51 Limited partnerships and real estate joint ventures 54 161 Short-term investments and cash and cash equivalents 21 2 Other invested assets 9 2 Investment income 890 837 Investment expense (34) (27) Net investment income $ 856 $ 810 |
Gain Loss On Investments | Investment related gains (losses), net consist of the following (dollars in millions): Three months ended March 31, 2023 2022 Fixed maturity securities available-for-sale: Change in allowance for credit losses $ (42) $ (11) Impairments on fixed maturities (1) (1) Realized gains on investment activity 31 11 Realized losses on investment activity (75) (36) Net gains (losses) on equity securities 2 (8) Change in mortgage loan allowance for credit losses 3 (2) Change in fair value of certain limited partnership investments (3) 19 Other, net 2 8 Net gains (losses) on derivatives 6 (119) Total investment related gains (losses), net $ (77) $ (139) |
Schedule of Repurchase Agreements [Table Text Block] | The following table provides information relating to securities borrowing, lending and repurchase/reverse repurchase agreements as of March 31, 2023 and December 31, 2022 (dollars in millions): March 31, 2023 December 31, 2022 Amortized Estimated Amortized Estimated Securities borrowing agreements: Securities borrowed (1) n/a $ 930 n/a $ 852 Securities pledged as collateral (2) 922 804 859 693 Securities lending agreements: Securities loaned (2) 60 56 59 55 Securities received as collateral (3) n/a 66 n/a 66 Repurchase/reverse repurchase agreements: Securities sold (2) 1,071 964 898 779 Securities purchased (3) n/a 629 n/a 619 Cash received (4) 248 248 149 149 (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, pledged or sold to counterparties are included within fixed maturity securities. (3) Securities received as collateral or purchased from counterparties are not reflected on the condensed consolidated financial statements. (4) A payable for the cash received by the Company is included within other liabilities. |
Schedule of Underlying Assets of Repurchase Agreements when Amount of Repurchase Agreements Exceeds 10 Percent of Assets [Table Text Block] | The following tables present information on the remaining contractual maturity of the Company’s securities lending and repurchase agreements as of March 31, 2023 and December 31, 2022 (dollars in millions): March 31, 2023 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 $ — $ — $ — $ 40 $ 40 Canadian government — — — 5 5 State and political subdivisions — — — 6 6 Other foreign government — — — 5 5 Total — — — 56 56 Repurchase agreements: Corporate — — — 342 342 Japanese government — — — 290 290 ABS — — — 57 57 CMBS — — — 111 111 RMBS — — — 53 53 U.S. government — — — 13 13 Other foreign government — — — 98 98 Total — — — 964 964 Total agreements $ — $ — $ — $ 1,020 $ 1,020 December 31, 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 $ — $ — $ — $ 42 $ 42 Canadian government — — — 5 5 State and political subdivisions — — — 3 3 Other foreign government — — — 5 5 Total — — — 55 55 Repurchase agreements: Corporate — — — 279 279 Japanese government — — — 278 278 ABS — — — 54 54 CMBS — — — 63 63 RMBS — — — 10 10 U.S. government — — — — — Other foreign government — — — 95 95 Total — — — 779 779 Total agreements $ — $ — $ — $ 834 $ 834 |
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 March 31, 2023 and December 31, 2022 (dollars in millions): March 31, 2023 December 31, 2022 Property type: Carrying Value % of Total Carrying Value % of Total Office $ 1,710 24.8 % $ 1,706 25.6 % Retail 2,319 33.6 2,290 34.4 Industrial 1,602 23.3 1,518 22.8 Apartment 835 12.1 763 11.5 Other commercial 429 6.2 376 5.7 Recorded investment 6,895 100.0 % 6,653 100.0 % Unamortized balance of loan origination fees and expenses (14) (12) Allowance for credit losses (48) (51) Total mortgage loans $ 6,833 $ 6,590 |
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 March 31, 2023 and December 31, 2022 (dollars in millions): March 31, 2023 December 31, 2022 Recorded % of Total Recorded % of Total Due within five years $ 2,827 41.0 % $ 2,652 39.9 % Due after five years through ten years 3,101 45.0 2,930 44.0 Due after ten years 967 14.0 1,071 16.1 Total $ 6,895 100.0 % $ 6,653 100.0 % |
Mortgage Loan Internal Credit Risk Grade [Table Text Block] | The following tables set forth certain key credit quality indicators of the Company’s recorded investment in mortgage loans as of March 31, 2023 and December 31, 2022 (dollars in millions): Recorded Investment Debt Service Ratios Construction loans >1.20x 1.00x – 1.20x <1.00x Total % of Total March 31, 2023: Loan-to-Value Ratio 0% – 59.99% $ 3,740 $ 210 $ 82 $ 30 $ 4,062 58.9 % 60% – 69.99% 1,811 140 70 — 2,021 29.3 70% – 79.99% 529 41 21 — 591 8.6 80% or greater 59 30 132 — 221 3.2 Total $ 6,139 $ 421 $ 305 $ 30 $ 6,895 100.0 % Recorded Investment Debt Service Ratios Construction loans >1.20x 1.00x – 1.20x <1.00x Total % of Total December 31, 2022: Loan-to-Value Ratio 0% – 59.99% $ 3,466 $ 215 $ 56 $ 18 $ 3,755 56.4 % 60% – 69.99% 1,894 119 71 — 2,084 31.3 70% – 79.99% 475 49 91 — 615 9.3 80% or greater 81 — 118 — 199 3.0 Total $ 5,916 $ 383 $ 336 $ 18 $ 6,653 100.0 % The following table sets forth credit quality grades by year of origination of the Company’s recorded investment in mortgage loans as of March 31, 2023 and December 31, 2022 (dollars in millions): Recorded Investment Year of Origination 2023 2022 2021 2020 2019 Prior Total March 31, 2023: Internal credit quality grade: High investment grade $ 66 $ 694 $ 676 $ 335 $ 531 $ 1,944 $ 4,246 Investment grade 245 599 283 238 306 754 2,425 Average — — 6 — 39 160 205 Watch list — — — — — — — In or near default — — — — — 19 19 Total $ 311 $ 1,293 $ 965 $ 573 $ 876 $ 2,877 $ 6,895 Recorded Investment Year of Origination 2022 2021 2020 2019 2018 Prior Total December 31, 2022: Internal credit quality grade: High investment grade $ 698 $ 684 $ 327 $ 561 $ 422 $ 1,565 $ 4,257 Investment grade 586 284 248 279 252 531 2,180 Average — 6 — 39 52 83 180 Watch list — — — — — — — In or near default — — — — — 36 36 Total $ 1,284 $ 974 $ 575 $ 879 $ 726 $ 2,215 $ 6,653 |
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 March 31, 2023 and December 31, 2022. March 31, 2023 December 31, 2022 Current $ 6,869 $ 6,617 31 – 60 days past due 7 — Greater than 90 days past due 19 36 Total $ 6,895 $ 6,653 |
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 three months ended March 31, 2023 and 2022 (dollars in millions): Three months ended March 31, 2023 2022 Balance, beginning of period $ 51 $ 35 Change in allowance for credit losses (3) 2 Balance, end of period $ 48 $ 37 |
Limited Partnership And Joint Ventures Table Text Block | Limited Partnerships and Real Estate Joint Ventures The carrying values of limited partnerships and real estate joint ventures as of March 31, 2023 and December 31, 2022 are as follows (dollars in millions): March 31, 2023 December 31, 2022 Limited partnerships – equity method $ 970 $ 934 Limited partnerships – fair value 726 683 Limited partnerships – cost method 54 49 Real estate joint ventures 655 661 Total limited partnerships and real estate joint ventures $ 2,405 $ 2,327 |
Schedule Of Other Invested Assets [Table Text Block] | The carrying values of other invested assets as of March 31, 2023 and December 31, 2022 are as follows (dollars in millions): March 31, 2023 December 31, 2022 Lifetime mortgages $ 897 $ 868 Derivatives 100 170 Other 114 102 Total other invested assets $ 1,111 $ 1,140 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule Of Derivative Instruments In Statement Of Financial Position Fair Value | The following table presents the notional amounts and gross fair value of derivative instruments prior to taking into account the netting effects of master netting agreements as of March 31, 2023 and December 31, 2022 (dollars in millions): March 31, 2023 December 31, 2022 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 $ 1,578 $ 13 $ 1 $ 1,271 $ 2 $ 2 Interest rate options Interest rate 7,957 11 — 7,756 34 — Total return swaps Interest rate 500 19 — 500 18 — Interest rate futures Interest rate 97 — — 96 — — Equity futures Equity 186 — — 164 — — Foreign currency swaps Foreign currency 150 16 — 150 18 — Foreign currency forwards Foreign currency 1,006 4 8 766 50 — CPI swaps CPI 478 19 5 496 20 3 Credit default swaps Credit 1,528 2 14 1,523 2 21 Equity options Equity 336 24 — 358 38 — Synthetic GICs Interest rate 17,280 — — 17,411 — — Embedded derivatives in: Modco or funds withheld arrangements — 362 333 — 363 371 Indexed annuity products — — 495 — — 530 Total non-hedging derivatives 31,096 470 856 30,491 545 927 Derivatives designated as hedging instruments: Interest rate swaps Foreign currency/Interest rate 1,701 5 112 1,310 3 113 Foreign currency swaps Foreign currency 114 — 3 114 — — Foreign currency forwards Foreign currency 1,161 29 2 1,019 38 1 Forward bond purchase commitments Interest rate 407 — 86 407 — 96 Total hedging derivatives 3,383 34 203 2,850 41 210 Total derivatives $ 34,479 $ 504 $ 1,059 $ 33,341 $ 586 $ 1,137 |
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The gain or loss on the hedged item attributable to a change in foreign currency and the offsetting gain or loss on the related foreign currency swaps as of March 31, 2023 and 2022 were as follows (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), Net For the three months ended March 31, 2023: Foreign currency swaps Foreign-denominated fixed maturity securities $ (3) $ 2 For the three months ended March 31, 2022: Foreign currency swaps Foreign-denominated fixed maturity securities $ 7 $ (3) |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table presents the components of AOCI, before income tax, and the condensed consolidated income statement classification where the gain or loss is recognized related to cash flow hedges for the three months ended March 31, 2023 and 2022 (dollars in millions): Three months ended March 31, 2023 2022 Balance, beginning of period $ (205) $ (22) Gains (losses), net deferred in other comprehensive income (loss) 6 (60) Amounts reclassified to net investment income 3 — Amounts reclassified to interest expense (2) 1 Balance, end of period $ (198) $ (81) |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following table presents the effect of derivatives in cash flow hedging relationships on the condensed consolidated statements of income and the condensed consolidated statements of comprehensive income for the three months ended March 31, 2023 and 2022 (dollars in millions): Derivative Type Gains (Losses) Deferred in OCI Gains (Losses) Reclassified into Income from AOCI Net Investment Income Interest Expense For the three months ended March 31, 2023: Interest rate $ 14 $ — $ 2 Foreign currency/interest rate (8) (3) — Total $ 6 $ (3) $ 2 For the three months ended March 31, 2022: Interest rate $ (64) $ — $ (1) Foreign currency/interest rate 4 — — Total $ (60) $ — $ (1) |
Schedule of Net Investment Hedges, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following table illustrates the Company’s net investments in foreign operations (“NIFO”) hedges and the gains (losses) deferred in OCI for the three months ended March 31, 2023 and 2022 (dollars in millions): Derivative Gains (Losses) Deferred in OCI For the three months ended March 31, Type of NIFO Hedge 2023 2022 Foreign currency forwards $ — $ (16) |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | A summary of the effect of non-hedging derivatives, including embedded derivatives, on the Company’s condensed consolidated statements of income for the three months ended March 31, 2023 and 2022 is as follows (dollars in millions): Gains (Losses) for the three months ended Type of Non-hedging Derivative Income Statement Location of Gains (Losses) 2023 2022 Interest rate swaps Investment related gains (losses), net $ 20 $ (52) Interest rate options Investment related gains (losses), net (23) — Total return swaps Investment related gains (losses), net 3 — Interest rate futures Investment related gains (losses), net — 2 Equity futures Investment related gains (losses), net (9) 5 Foreign currency swaps Investment related gains (losses), net — 7 Foreign currency forwards Investment related gains (losses), net (19) (23) CPI swaps Investment related gains (losses), net 1 29 Credit default swaps Investment related gains (losses), net 11 (58) Equity options Investment related gains (losses), net (14) — Subtotal (30) (90) Embedded derivatives in: Modco or funds withheld arrangements Investment related gains (losses), net 37 (33) Indexed annuity products Interest credited 16 36 Total non-hedging derivatives $ 23 $ (87) |
Disclosure Of Credit Derivatives | The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of credit default swaps sold by the Company at March 31, 2023 and December 31, 2022 (dollars in millions): March 31, 2023 December 31, 2022 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 $ (13) $ 428 18.5 $ (18) $ 428 18.7 BBB+/BBB/BBB- Single name credit default swaps 2 160 3 1 155 3.3 Credit default swaps referencing indices — 915 5.8 — 915 6.2 Subtotal 2 1,075 5.4 1 1,070 5.8 BB+/BB/BB- Single name credit default swaps (1) 25 2.9 (2) 25 3.2 Total $ (12) $ 1,528 9 $ (19) $ 1,523 9.4 (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 March 31, 2023 and December 31, 2022 (dollars in millions): Gross Amounts Gross Amounts Net Amounts Financial Instruments/Collateral (1) Net Amount March 31, 2023: Derivative assets $ 142 $ (42) $ 100 $ (100) $ — Derivative liabilities 231 (42) 189 (189) — December 31, 2022: Derivative assets 223 (53) 170 (170) — Derivative liabilities 236 (53) 183 (183) — (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 March 31, 2023 and December 31, 2022 (dollars in millions): Gross Amounts Gross Amounts Net Amounts Financial Instruments/Collateral (1) Net Amount March 31, 2023: Derivative assets $ 142 $ (42) $ 100 $ (100) $ — Derivative liabilities 231 (42) 189 (189) — December 31, 2022: Derivative assets 223 (53) 170 (170) — Derivative liabilities 236 (53) 183 (183) — (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) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Fair Value Assets and Liabilities Measured on Recurring Basis Table Text Block | Assets and liabilities measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022 are summarized below (dollars in millions): March 31, 2023: Fair Value Measurements Using: Total Level 1 Level 2 Level 3 Assets: (1) Fixed maturity securities available-for-sale: Corporate $ 35,477 $ — $ 30,864 $ 4,613 Canadian government 3,755 — 3,755 — Japanese government 3,443 — 3,443 — ABS 4,103 — 2,699 1,404 CMBS 1,670 — 1,614 56 RMBS 1,024 — 1,023 1 U.S. government 1,745 1,649 88 8 State and political subdivisions 1,138 — 1,118 20 Other foreign government 3,730 — 3,693 37 Total fixed maturity securities available-for-sale 56,085 1,649 48,297 6,139 Equity securities 138 70 — 68 Funds withheld at interest – embedded derivatives (322) — — (322) Funds withheld at interest 53 — — 53 Cash equivalents 1,654 1,653 — 1 Short-term investments 203 118 78 7 Other invested assets: Derivatives 100 — 100 — Other 24 — 24 — Total other invested assets 124 — 124 — Total $ 57,935 $ 3,490 $ 48,499 $ 5,946 Liabilities: Interest-sensitive contract liabilities – embedded derivatives $ 495 $ — $ — $ 495 Other liabilities: Funds withheld at interest – embedded derivatives (351) — — (351) Derivatives 189 — 189 — Total $ 333 $ — $ 189 $ 144 (1) Excludes limited partnerships that are measured at estimated fair value using the NAV per share (or its equivalent) as a practical expedient. As of March 31, 2023, the fair value of such investments was $726 million. December 31, 2022: Fair Value Measurements Using: Total Level 1 Level 2 Level 3 Assets: (1) Fixed maturity securities available-for-sale: Corporate $ 33,969 $ — $ 29,670 $ 4,299 Canadian government 3,626 — 3,626 — Japanese government 2,559 — 2,559 — ABS 3,878 — 2,603 1,275 CMBS 1,623 — 1,555 68 RMBS 941 — 931 10 U.S. government 1,482 1,388 85 9 State and political subdivisions 1,119 — 1,093 26 Other foreign government 3,704 — 3,669 35 Total fixed maturity securities available-for-sale 52,901 1,388 45,791 5,722 Equity securities 134 68 — 66 Funds withheld at interest – embedded derivatives (371) — — (371) Funds withheld at interest 54 — — 54 Cash equivalents 1,535 1,535 — — Short-term investments 121 54 54 13 Other invested assets: Derivatives 170 — 170 — Other 23 — 23 — Total other invested assets 193 — 193 — Total $ 54,567 $ 3,045 $ 46,038 $ 5,484 Liabilities: Interest-sensitive contract liabilities – embedded derivatives $ 530 $ — $ — $ 530 Other liabilities: Funds withheld at interest – embedded derivatives (363) — — (363) Derivatives 183 — 183 — Total $ 350 $ — $ 183 $ 167 (1) Excludes limited partnerships that are measured at estimated fair value using the NAV per share (or its equivalent) as a practical expedient. As of December 31, 2022, the fair value of such investments was $683 million. |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | The following table presents quantitative information about significant unobservable inputs used in Level 3 fair value measurements that are developed internally by the Company as of March 31, 2023 and December 31, 2022 (dollars in millions): Estimated Fair Value Valuation Technique Unobservable Inputs Range (Weighted Average) March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Assets: Corporate $ 25 $ 25 Market comparable securities Liquidity premium 1% 1% EBITDA Multiple 5.3x 5.3x ABS 272 274 Market comparable securities Liquidity premium 0-18% (2%) 0-18% (2%) U.S. government 8 9 Market comparable securities Liquidity premium 0-1% (1%) 0-1% (1%) Equity securities 9 9 Market comparable securities EBITDA Multiple 8.4x-11.2x (9.7x) 8.4x-11.2x (9.6x) Funds withheld at interest – embedded derivatives 4 (34) Total return swap Mortality 0-100% (3%) 0-100% (3%) Lapse 0-35% (15%) 0-35% (17%) 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 495 530 Discounted cash flow Mortality 0-100% (3%) 0-100% (3%) Lapse 0-35% (14%) 0-35% (16%) Withdrawal 0-5% (4%) 0-5% (3%) Option budget projection 1-4% (2%) 1-4% (2%) |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | For the three months ended March 31, 2023: 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 Cash equivalents Short-term investments Fair value, beginning of period $ 4,299 $ 35 $ 1,353 $ 35 $ 66 $ — $ 13 $ (8) $ 54 $ (530) Total gains/losses (realized/unrealized) Included in earnings, net: Net investment income 1 — 1 — — — — — (2) — Investment related gains (losses), net (1) — 1 — — — (1) 37 — — Interest credited — — — — — — — — — 16 Included in other comprehensive income (loss) 55 2 33 (1) — — — — 1 — Purchases (2) 318 — 98 — 2 1 1 — — 2 Sales (2) — — — — — — — — — — Settlements (2) (59) — (62) (1) — — — — — 17 Transfers into Level 3 — — 64 — — — — — — — Transfers out of Level 3 — — (27) (5) — — (6) — — — Fair value, end of period $ 4,613 $ 37 $ 1,461 $ 28 $ 68 $ 1 $ 7 $ 29 $ 53 $ (495) 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 $ — $ — $ — $ — $ — $ (2) $ — Investment related gains (losses), net (2) — — — — — (1) 37 — — Interest credited — — — — — — — — — (1) Included in other comprehensive income (loss) 52 2 33 (1) — — — — 1 — (1) Funds withheld at interest – embedded derivatives 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 March 31, 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 Cash equivalents Short-term investments Fair value, beginning of period $ 3,888 $ 33 $ 1,179 $ 45 $ 50 $ — $ 28 $ 165 $ 83 $ (693) Total gains/losses (realized/unrealized) Included in earnings, net: Net investment income 1 — — — — — — — (5) — Investment related gains (losses), net — — (5) — (1) — — (33) — — Interest credited — — — — — — — — — 36 Included in other comprehensive income (loss) (144) (4) (72) (1) — — — — (2) — Purchases (2) 365 — 95 — — — 20 — 1 (6) Sales (2) (16) — (51) — (1) — — — — — Settlements (2) (26) — (38) (2) — — — — (2) 18 Transfers into Level 3 — — 13 6 — — — — — — Transfers out of Level 3 (22) — — (4) — — — — — — Fair value, end of period $ 4,046 $ 29 $ 1,121 $ 44 $ 48 $ — $ 48 $ 132 $ 75 $ (645) 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 — — (5) — (1) — — (33) — — Claims and other policy benefits — — — — — — — — — — Interest credited — — — — — — — — — 18 Included in other comprehensive income (loss) (144) (4) (71) (1) — — — — (2) — (1) Funds withheld at interest – embedded derivatives 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. |
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 March 31, 2023 and December 31, 2022 (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 2022 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. March 31, 2023: Carrying Value (1) Estimated Fair Value Measurement Using: Level 1 Level 2 Level 3 Assets: Mortgage loans $ 6,833 $ 6,367 $ — $ — $ 6,367 Policy loans 1,221 1,221 — 1,221 — Funds withheld at interest 6,245 5,821 — — 5,821 Limited partnerships – cost method 54 57 — — 57 Cash and cash equivalents 1,640 1,640 1,640 — — Short-term investments 43 43 43 — — Other invested assets 974 780 5 64 711 Accrued investment income 672 672 — 672 — Liabilities: Interest-sensitive contract liabilities $ 23,515 $ 23,213 $ — $ — $ 23,213 Other liabilities – funds withheld at interest 1,593 1,316 — — 1,316 Long-term debt 4,455 4,260 — — 4,260 December 31, 2022: Assets: Mortgage loans $ 6,590 $ 6,109 $ — $ — $ 6,109 Policy loans 1,231 1,231 — 1,231 — Funds withheld at interest 6,319 5,884 — — 5,884 Limited partnerships – cost method 49 52 — — 52 Cash and cash equivalents 1,392 1,392 1,392 — — Short-term investments 33 33 33 — — Other invested assets 947 758 4 65 689 Accrued investment income 630 630 — 630 — Liabilities: Interest-sensitive contract liabilities $ 23,493 $ 23,065 $ — $ — $ 23,065 Other liabilities – funds withheld at interest 1,596 1,321 — — 1,321 Long-term debt 3,961 3,670 — — 3,670 (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. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Retirement Benefits [Abstract] | |
Schedule Of Defined Benefit Plans Disclosures Text Block | The components of net periodic benefit cost, included in other operating expenses on the Company’s condensed consolidated statements of income, for the three months ended March 31, 2023 and 2022 were as follows (dollars in millions): Pension Benefits Other Benefits Three months ended March 31, Three months ended March 31, 2023 2022 2023 2022 Service cost $ 3 $ 4 $ — $ 1 Interest cost 2 1 1 — Expected return on plan assets (3) (3) — — Amortization of prior service cost (credit) — — — — Amortization of prior actuarial losses 1 1 — — Net periodic benefit cost $ 3 $ 3 $ 1 $ 1 |
Commitments, Contingencies an_2
Commitments, Contingencies and Guarantees (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | The Company’s commitments to fund investments as of March 31, 2023 and December 31, 2022, are presented in the following table (dollars in millions): March 31, 2023 December 31, 2022 Limited partnerships and real estate joint ventures $ 955 $ 937 Mortgage loans 189 137 Bank loans and private placements 644 682 Lifetime mortgages 33 59 |
Other Commitments [Table Text Block] | The following table presents the maximum potential obligation for these commitments as of March 31, 2023 (dollars in millions): Commitment Period Maximum Potential Obligation 2034 $ 1,243 2035 2,630 2036 3,599 2037 6,850 2038 800 2039 8,751 2046 3,000 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Reconciliation Of Revenue From Segments To Consolidated Text Block | Information related to revenues, income (loss) before income taxes and total assets of the Company for each reportable segment are summarized below (dollars in millions): Three months ended March 31, Revenues: 2023 2022 U.S. and Latin America: Traditional $ 1,812 $ 1,851 Financial Solutions 515 233 Total 2,327 2,084 Canada: Traditional 359 365 Financial Solutions 27 26 Total 386 391 Europe, Middle East and Africa: Traditional 460 473 Financial Solutions 169 183 Total 629 656 Asia Pacific: Traditional 729 703 Financial Solutions 131 20 Total 860 723 Corporate and Other 49 63 Total $ 4,251 $ 3,917 |
Reconciliation Of Operating Profit Loss From Segments To Consolidated Text Block | Three months ended March 31, Income (loss) before income taxes: 2023 2022 U.S. and Latin America: Traditional $ 121 $ 60 Financial Solutions 114 57 Total 235 117 Canada: Traditional 29 15 Financial Solutions 10 9 Total 39 24 Europe, Middle East and Africa: Traditional 27 34 Financial Solutions 59 67 Total 86 101 Asia Pacific: Traditional 79 108 Financial Solutions (13) (56) Total 66 52 Corporate and Other (75) (27) Total $ 351 $ 267 |
Reconciliation Of Assets From Segment To Consolidated Text Block | Assets: March 31, 2023 December 31, 2022 U.S. and Latin America: Traditional $ 22,671 $ 22,612 Financial Solutions 25,111 25,203 Total 47,782 47,815 Canada: Traditional 4,898 4,826 Financial Solutions 196 177 Total 5,094 5,003 Europe, Middle East and Africa: Traditional 4,011 3,652 Financial Solutions 5,561 5,215 Total 9,572 8,867 Asia Pacific: Traditional 9,615 9,254 Financial Solutions 14,693 12,023 Total 24,308 21,277 Corporate and Other 2,364 1,942 Total $ 89,120 $ 84,904 |
Accounting Changes and Error _3
Accounting Changes and Error Corrections (Balance Sheet) (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Fixed maturity securities, available-for-sale | $ 56,085 | [1] | $ 52,901 | [2] | |||
Available-for-sale Securities, Equity Securities | 138 | 134 | |||||
Mortgage loans (net of allowance for credit losses of $48 and $51) | 6,833 | 6,590 | |||||
Policy loans | 1,221 | 1,231 | |||||
Funds withheld at interest | 5,976 | 6,003 | |||||
Real Estate Investments, Joint Ventures | 2,405 | 2,327 | |||||
Short-term investments | 246 | 154 | |||||
Other invested assets | 1,111 | 1,140 | |||||
Investments | 74,015 | 70,480 | |||||
Cash and cash equivalents | 3,294 | 2,927 | |||||
Accrued investment income | 672 | 630 | |||||
Premiums receivable and other reinsurance balances | 3,114 | 3,013 | |||||
Reinsurance Recoverables, Including Reinsurance Premium Paid | 2,723 | 2,671 | |||||
Deferred policy acquisition costs | 4,257 | 4,128 | $ 3,906 | ||||
Other assets | 1,045 | 1,055 | |||||
Assets | 89,120 | 84,904 | |||||
Future policy benefits | 38,222 | 35,689 | 42,406 | ||||
Interest-sensitive contract liabilities | 30,405 | 30,342 | |||||
Market Risk Benefit, Net Amount at Risk | 261 | 247 | |||||
Other policy claims and benefits | 2,558 | 2,480 | |||||
Other reinsurance balances | 851 | 725 | |||||
Deferred income taxes | 1,446 | 1,383 | |||||
Other liabilities | 3,206 | 2,906 | |||||
Long-term debt | 4,455 | 3,961 | |||||
Liabilities | 81,404 | 77,733 | |||||
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 March 31, 2023 and December 31, 2022 | 1 | 1 | |||||
Additional paid-in-capital | 2,506 | 2,502 | |||||
Retained earnings | 8,336 | 8,169 | |||||
Treasury Stock, Value | (1,756) | (1,720) | |||||
Accumulated other comprehensive income (loss) | (1,461) | (1,871) | (858) | $ (500) | |||
Stockholders' Equity Attributable to Parent | 7,626 | 7,081 | 7,947 | 8,180 | |||
Stockholders' Equity Attributable to Noncontrolling Interest | 90 | 90 | 90 | 0 | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 7,716 | 7,171 | $ 8,037 | 8,180 | |||
Liabilities and Equity | $ 89,120 | 84,904 | |||||
Accounting Standards Update 2018-12 | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Fixed maturity securities, available-for-sale | 52,901 | 60,749 | |||||
Available-for-sale Securities, Equity Securities | 134 | 151 | |||||
Mortgage loans (net of allowance for credit losses of $48 and $51) | 6,590 | 6,283 | |||||
Policy loans | 1,231 | 1,234 | |||||
Funds withheld at interest | 6,003 | 6,954 | |||||
Real Estate Investments, Joint Ventures | 2,327 | 1,996 | |||||
Short-term investments | 154 | 87 | |||||
Other invested assets | 1,140 | 1,074 | |||||
Investments | 70,480 | 78,528 | |||||
Cash and cash equivalents | 2,927 | 2,948 | |||||
Accrued investment income | 630 | 533 | |||||
Premiums receivable and other reinsurance balances | 3,013 | 2,888 | |||||
Reinsurance Recoverables, Including Reinsurance Premium Paid | 2,671 | 3,165 | |||||
Deferred policy acquisition costs | 4,128 | 3,860 | |||||
Other assets | 1,055 | 1,019 | |||||
Assets | 84,904 | 92,941 | |||||
Future policy benefits | 35,689 | 47,449 | |||||
Interest-sensitive contract liabilities | 30,342 | 26,119 | |||||
Market Risk Benefit, Net Amount at Risk | 247 | 262 | |||||
Other policy claims and benefits | 2,480 | 2,110 | |||||
Other reinsurance balances | 725 | 557 | |||||
Deferred income taxes | 1,383 | 1,499 | |||||
Other liabilities | 2,906 | 2,918 | |||||
Long-term debt | 3,961 | 3,667 | |||||
Collateralized Financings | 180 | ||||||
Liabilities | 77,733 | 84,761 | |||||
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 March 31, 2023 and December 31, 2022 | 1 | 1 | |||||
Additional paid-in-capital | 2,502 | 2,461 | |||||
Retained earnings | 8,169 | 7,871 | |||||
Treasury Stock, Value | (1,720) | (1,653) | |||||
Accumulated other comprehensive income (loss) | (1,871) | (500) | |||||
Stockholders' Equity Attributable to Parent | 7,081 | 8,180 | $ 6,839 | ||||
Stockholders' Equity Attributable to Noncontrolling Interest | 90 | 0 | 0 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 7,171 | 8,180 | 6,839 | ||||
Liabilities and Equity | 84,904 | 92,941 | |||||
Accounting Standards Update 2018-12 | Previously Reported | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Fixed maturity securities, available-for-sale | 52,901 | 60,749 | |||||
Available-for-sale Securities, Equity Securities | 134 | 151 | |||||
Mortgage loans (net of allowance for credit losses of $48 and $51) | 6,590 | 6,283 | |||||
Policy loans | 1,231 | 1,234 | |||||
Funds withheld at interest | 6,003 | 6,954 | |||||
Real Estate Investments, Joint Ventures | 2,327 | 1,996 | |||||
Short-term investments | 154 | 87 | |||||
Other invested assets | 1,140 | 1,074 | |||||
Investments | 70,480 | 78,528 | |||||
Cash and cash equivalents | 2,927 | 2,948 | |||||
Accrued investment income | 630 | 533 | |||||
Premiums receivable and other reinsurance balances | 3,013 | 2,888 | |||||
Reinsurance Recoverables, Including Reinsurance Premium Paid | 2,462 | 2,580 | |||||
Deferred policy acquisition costs | 3,974 | 3,690 | |||||
Other assets | 1,220 | 1,008 | |||||
Assets | 84,706 | 92,175 | |||||
Future policy benefits | 35,220 | 35,782 | |||||
Interest-sensitive contract liabilities | 30,572 | 26,377 | |||||
Market Risk Benefit, Net Amount at Risk | 0 | 0 | |||||
Other policy claims and benefits | 6,571 | 6,993 | |||||
Other reinsurance balances | 756 | 613 | |||||
Deferred income taxes | 736 | 2,886 | |||||
Other liabilities | 2,655 | 2,663 | |||||
Long-term debt | 3,961 | 3,667 | |||||
Collateralized Financings | 180 | ||||||
Liabilities | 80,471 | 79,161 | |||||
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 March 31, 2023 and December 31, 2022 | 1 | 1 | |||||
Additional paid-in-capital | 2,502 | 2,461 | |||||
Retained earnings | 8,967 | 8,563 | |||||
Treasury Stock, Value | (1,720) | (1,653) | |||||
Accumulated other comprehensive income (loss) | (5,605) | 3,642 | |||||
Stockholders' Equity Attributable to Parent | 4,145 | 13,014 | 14,352 | ||||
Stockholders' Equity Attributable to Noncontrolling Interest | 90 | 0 | 0 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 4,235 | 13,014 | $ 14,352 | ||||
Liabilities and Equity | 84,706 | 92,175 | |||||
Accounting Standards Update 2018-12 | Revision of Prior Period, Change in Accounting Principle, Adjustment | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Fixed maturity securities, available-for-sale | 0 | 0 | |||||
Available-for-sale Securities, Equity Securities | 0 | 0 | |||||
Mortgage loans (net of allowance for credit losses of $48 and $51) | 0 | 0 | |||||
Policy loans | 0 | 0 | |||||
Funds withheld at interest | 0 | 0 | |||||
Real Estate Investments, Joint Ventures | 0 | 0 | |||||
Short-term investments | 0 | 0 | |||||
Other invested assets | 0 | 0 | |||||
Investments | 0 | 0 | |||||
Cash and cash equivalents | 0 | 0 | |||||
Accrued investment income | 0 | 0 | |||||
Premiums receivable and other reinsurance balances | 0 | 0 | |||||
Reinsurance Recoverables, Including Reinsurance Premium Paid | 209 | 585 | |||||
Deferred policy acquisition costs | 154 | 170 | |||||
Other assets | (165) | 11 | |||||
Assets | 198 | 766 | |||||
Future policy benefits | 469 | 11,667 | |||||
Interest-sensitive contract liabilities | (230) | (258) | |||||
Market Risk Benefit, Net Amount at Risk | 247 | 262 | |||||
Other policy claims and benefits | (4,091) | (4,883) | |||||
Other reinsurance balances | (31) | (56) | |||||
Deferred income taxes | 647 | (1,387) | |||||
Other liabilities | 251 | 255 | |||||
Long-term debt | 0 | 0 | |||||
Collateralized Financings | 0 | ||||||
Liabilities | (2,738) | 5,600 | |||||
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 March 31, 2023 and December 31, 2022 | 0 | 0 | |||||
Additional paid-in-capital | 0 | 0 | |||||
Retained earnings | (798) | (692) | |||||
Treasury Stock, Value | 0 | 0 | |||||
Accumulated other comprehensive income (loss) | 3,734 | (4,142) | |||||
Stockholders' Equity Attributable to Parent | 2,936 | (4,834) | |||||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,936 | (4,834) | |||||
Liabilities and Equity | $ 198 | $ 766 | |||||
[1]Excludes limited partnerships that are measured at estimated fair value using the NAV per share (or its equivalent) as a practical expedient. As of March 31, 2023, the fair value of such investments was $726 million.[2]Excludes limited partnerships that are measured at estimated fair value using the NAV per share (or its equivalent) as a practical expedient. As of December 31, 2022, the fair value of such investments was $683 million |
Accounting Changes and Error _4
Accounting Changes and Error Corrections (Income Statement) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net premiums | $ 3,385 | $ 3,155 | ||
Net investment income | 856 | 810 | ||
Total investment related gains (losses), net | (77) | (139) | ||
Other revenues | 87 | 91 | ||
Revenues | 4,251 | 3,917 | ||
Claims and other policy benefits | 3,063 | 2,871 | ||
Liability for Future Policy Benefit, Remeasurement Gain (Loss) | (26) | 58 | ||
Market Risk Benefit, Change in Fair Value, Gain (Loss) | 14 | (34) | ||
Interest credited | 215 | 141 | ||
Policy acquisition costs and other insurance expenses | 331 | 344 | ||
Other operating expenses | 250 | 227 | ||
Interest expense | 50 | 42 | ||
Collateral finance and securitization expense | 3 | 1 | ||
Benefits, Losses and Expenses | 3,900 | 3,650 | ||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 351 | 267 | ||
Provision for income taxes | 98 | 70 | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 253 | 197 | $ 521 | |
Net Income (Loss) Attributable to Noncontrolling Interest | 1 | 0 | 4 | |
Net income | $ 252 | $ 197 | 517 | $ 1,170 |
Accounting Standards Update 2018-12 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net premiums | 13,078 | 12,513 | ||
Net investment income | 3,161 | 3,138 | ||
Total investment related gains (losses), net | (539) | 567 | ||
Other revenues | 527 | 449 | ||
Revenues | 16,227 | 16,667 | ||
Claims and other policy benefits | 11,982 | 11,673 | ||
Liability for Future Policy Benefit, Remeasurement Gain (Loss) | 291 | 567 | ||
Market Risk Benefit, Change in Fair Value, Gain (Loss) | 10 | (58) | ||
Interest credited | 682 | 700 | ||
Policy acquisition costs and other insurance expenses | 1,344 | 1,325 | ||
Other operating expenses | 1,009 | 936 | ||
Interest expense | 184 | 127 | ||
Collateral finance and securitization expense | 7 | 12 | ||
Benefits, Losses and Expenses | 15,509 | 15,282 | ||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 718 | 1,385 | ||
Provision for income taxes | 197 | 215 | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 521 | 1,170 | ||
Net Income (Loss) Attributable to Noncontrolling Interest | 4 | 0 | ||
Net income | 517 | 1,170 | ||
Accounting Standards Update 2018-12 | Previously Reported | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net premiums | 13,078 | 12,513 | ||
Net investment income | 3,161 | 3,138 | ||
Total investment related gains (losses), net | (506) | 560 | ||
Other revenues | 525 | 447 | ||
Revenues | 16,258 | 16,658 | ||
Claims and other policy benefits | 12,046 | 12,776 | ||
Liability for Future Policy Benefit, Remeasurement Gain (Loss) | 0 | 0 | ||
Market Risk Benefit, Change in Fair Value, Gain (Loss) | 0 | 0 | ||
Interest credited | 682 | 700 | ||
Policy acquisition costs and other insurance expenses | 1,499 | 1,416 | ||
Other operating expenses | 1,009 | 936 | ||
Interest expense | 184 | 127 | ||
Collateral finance and securitization expense | 7 | 12 | ||
Benefits, Losses and Expenses | 15,427 | 15,967 | ||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 831 | 691 | ||
Provision for income taxes | 204 | 74 | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 627 | 617 | ||
Net Income (Loss) Attributable to Noncontrolling Interest | 4 | 0 | ||
Net income | 623 | 617 | ||
Accounting Standards Update 2018-12 | Revision of Prior Period, Change in Accounting Principle, Adjustment | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net premiums | 0 | 0 | ||
Net investment income | 0 | 0 | ||
Total investment related gains (losses), net | (33) | 7 | ||
Other revenues | 2 | 2 | ||
Revenues | (31) | 9 | ||
Claims and other policy benefits | (64) | (1,103) | ||
Liability for Future Policy Benefit, Remeasurement Gain (Loss) | 291 | 567 | ||
Market Risk Benefit, Change in Fair Value, Gain (Loss) | 10 | (58) | ||
Interest credited | 0 | 0 | ||
Policy acquisition costs and other insurance expenses | (155) | (91) | ||
Other operating expenses | 0 | 0 | ||
Interest expense | 0 | 0 | ||
Collateral finance and securitization expense | 0 | 0 | ||
Benefits, Losses and Expenses | 82 | (685) | ||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (113) | 694 | ||
Provision for income taxes | (7) | 141 | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (106) | 553 | ||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | ||
Net income | $ (106) | $ 553 |
Accounting Changes and Error _5
Accounting Changes and Error Corrections (Comp Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 253 | $ 197 | $ 521 | |
Foreign currency translation adjustments | 22 | 22 | ||
Net unrealized investment gains (losses) | 1,103 | (3,790) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, after Tax | 5 | 0 | ||
Other Comprehensive Income (Loss), Net of Tax | 410 | (358) | (1,371) | $ 409 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 663 | (161) | ||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 1 | 0 | ||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 662 | (161) | ||
OCI, Liability for Future Policy Benefit, Gain (Loss), after Reclassification Adjustment and Tax, Parent | (721) | 3,414 | ||
OCI, Market Risk Benefit, Instrument-Specific Credit Risk, Gain (Loss), after Adjustments and Tax, Parent | $ 1 | $ (4) | ||
Accounting Standards Update 2018-12 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 521 | 1,170 | ||
Foreign currency translation adjustments | (102) | 56 | ||
Net unrealized investment gains (losses) | (9,276) | (1,833) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, after Tax | 23 | 22 | ||
Other Comprehensive Income (Loss), Net of Tax | (1,371) | 409 | ||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (850) | 1,579 | ||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 4 | 0 | ||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (854) | 1,579 | ||
OCI, Liability for Future Policy Benefit, Gain (Loss), after Reclassification Adjustment and Tax, Parent | 7,964 | 2,207 | ||
OCI, Market Risk Benefit, Instrument-Specific Credit Risk, Gain (Loss), after Adjustments and Tax, Parent | 20 | (43) | ||
Accounting Standards Update 2018-12 | Previously Reported | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 627 | 617 | ||
Foreign currency translation adjustments | (162) | 60 | ||
Net unrealized investment gains (losses) | (9,108) | (1,799) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, after Tax | 23 | 22 | ||
Other Comprehensive Income (Loss), Net of Tax | (9,247) | (1,717) | ||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (8,620) | (1,100) | ||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 4 | 0 | ||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (8,624) | (1,100) | ||
OCI, Liability for Future Policy Benefit, Gain (Loss), after Reclassification Adjustment and Tax, Parent | 0 | 0 | ||
OCI, Market Risk Benefit, Instrument-Specific Credit Risk, Gain (Loss), after Adjustments and Tax, Parent | 0 | 0 | ||
Accounting Standards Update 2018-12 | Revision of Prior Period, Adjustment | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (106) | 553 | ||
Foreign currency translation adjustments | 60 | (4) | ||
Net unrealized investment gains (losses) | (168) | (34) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, after Tax | 0 | 0 | ||
Other Comprehensive Income (Loss), Net of Tax | 7,876 | 2,126 | ||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 7,770 | 2,679 | ||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | ||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 7,770 | 2,679 | ||
OCI, Liability for Future Policy Benefit, Gain (Loss), after Reclassification Adjustment and Tax, Parent | 7,964 | 2,207 | ||
OCI, Market Risk Benefit, Instrument-Specific Credit Risk, Gain (Loss), after Adjustments and Tax, Parent | $ 20 | $ (43) |
Accounting Changes and Error _6
Accounting Changes and Error Corrections (Stockholders Equity) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stockholders' Equity Attributable to Parent | $ 7,626 | $ 7,947 | $ 7,081 | $ 8,180 | |
Stockholders' Equity Attributable to Noncontrolling Interest | 90 | 90 | 90 | 0 | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 7,716 | 8,037 | 7,171 | 8,180 | |
Net income | 252 | 197 | 517 | 1,170 | |
Other Comprehensive Income (Loss), Net of Tax | 410 | (358) | (1,371) | 409 | |
Dividends, Common Stock, Cash | (53) | (49) | (205) | (194) | |
Treasury Stock, Value, Acquired, Cost Method | (67) | (27) | (81) | (99) | |
Stock Issued During Period, Value, Treasury Stock Reissued | (3) | (4) | (41) | (55) | |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (1) | (4) | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 253 | 197 | 521 | ||
Net Income (Loss) Attributable to Noncontrolling Interest | 1 | 0 | 4 | ||
Accounting Standards Update 2018-12 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stockholders' Equity Attributable to Parent | 7,081 | 8,180 | $ 6,839 | ||
Stockholders' Equity Attributable to Noncontrolling Interest | 90 | 0 | 0 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 7,171 | 8,180 | 6,839 | ||
Net income | 517 | 1,170 | |||
Other Comprehensive Income (Loss), Net of Tax | (1,371) | 409 | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 521 | 1,170 | |||
Net Income (Loss) Attributable to Noncontrolling Interest | 4 | 0 | |||
Accounting Standards Update 2018-12 | Previously Reported | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stockholders' Equity Attributable to Parent | 4,145 | 13,014 | 14,352 | ||
Stockholders' Equity Attributable to Noncontrolling Interest | 90 | 0 | 0 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 4,235 | 13,014 | 14,352 | ||
Net income | 623 | 617 | |||
Other Comprehensive Income (Loss), Net of Tax | (9,247) | (1,717) | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 627 | 617 | |||
Net Income (Loss) Attributable to Noncontrolling Interest | 4 | 0 | |||
Effect of Modified Retrospective Application Accounting Standards Update 2018-12 | Previously Reported | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stockholders' Equity Attributable to Parent | (7,491) | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (7,491) | ||||
Effect of Retrospective Application of Accounting Standards Update 2018-12 | Previously Reported | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stockholders' Equity Attributable to Parent | (22) | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (22) | ||||
Common Stock [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stockholders' Equity Attributable to Parent | 1 | 1 | 1 | 1 | |
Common Stock [Member] | Accounting Standards Update 2018-12 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stockholders' Equity Attributable to Parent | 1 | 1 | 1 | ||
Common Stock [Member] | Accounting Standards Update 2018-12 | Previously Reported | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stockholders' Equity Attributable to Parent | 1 | ||||
Additional Paid-in Capital [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stockholders' Equity Attributable to Parent | 2,506 | 2,465 | 2,502 | 2,461 | |
Stock Issued During Period, Value, Treasury Stock Reissued | (4) | (4) | (41) | (55) | |
Additional Paid-in Capital [Member] | Accounting Standards Update 2018-12 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stockholders' Equity Attributable to Parent | 2,502 | 2,461 | 2,406 | ||
Additional Paid-in Capital [Member] | Accounting Standards Update 2018-12 | Previously Reported | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stockholders' Equity Attributable to Parent | 2,406 | ||||
Retained Earnings [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stockholders' Equity Attributable to Parent | 8,336 | 8,014 | 8,169 | 7,871 | |
Dividends, Common Stock, Cash | (53) | (49) | (205) | (194) | |
Stock Issued During Period, Value, Treasury Stock Reissued | (32) | (5) | (14) | (8) | |
Retained Earnings [Member] | Accounting Standards Update 2018-12 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stockholders' Equity Attributable to Parent | 8,169 | 7,871 | 6,903 | ||
Retained Earnings [Member] | Accounting Standards Update 2018-12 | Previously Reported | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stockholders' Equity Attributable to Parent | 8,148 | ||||
Retained Earnings [Member] | Effect of Modified Retrospective Application Accounting Standards Update 2018-12 | Previously Reported | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stockholders' Equity Attributable to Parent | (1,187) | ||||
Retained Earnings [Member] | Effect of Retrospective Application of Accounting Standards Update 2018-12 | Previously Reported | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stockholders' Equity Attributable to Parent | (58) | ||||
Treasury Stock, Common | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stockholders' Equity Attributable to Parent | (1,756) | (1,675) | (1,720) | (1,653) | |
Treasury Stock, Value, Acquired, Cost Method | 67 | 27 | 81 | 99 | |
Stock Issued During Period, Value, Treasury Stock Reissued | (31) | (5) | (14) | (8) | |
Treasury Stock, Common | Accounting Standards Update 2018-12 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stockholders' Equity Attributable to Parent | (1,720) | (1,653) | (1,562) | ||
Treasury Stock, Common | Accounting Standards Update 2018-12 | Previously Reported | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stockholders' Equity Attributable to Parent | (1,562) | ||||
AOCI Attributable to Parent [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stockholders' Equity Attributable to Parent | (1,461) | (858) | (1,871) | (500) | |
Other Comprehensive Income (Loss), Net of Tax | $ 410 | $ (358) | (1,371) | 409 | |
AOCI Attributable to Parent [Member] | Accounting Standards Update 2018-12 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stockholders' Equity Attributable to Parent | $ (1,871) | $ (500) | (909) | ||
AOCI Attributable to Parent [Member] | Accounting Standards Update 2018-12 | Previously Reported | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stockholders' Equity Attributable to Parent | 5,359 | ||||
AOCI Attributable to Parent [Member] | Effect of Modified Retrospective Application Accounting Standards Update 2018-12 | Previously Reported | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stockholders' Equity Attributable to Parent | (6,304) | ||||
AOCI Attributable to Parent [Member] | Effect of Retrospective Application of Accounting Standards Update 2018-12 | Previously Reported | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stockholders' Equity Attributable to Parent | $ 36 |
Accounting Changes and Error _7
Accounting Changes and Error Corrections (Impact at Adoption) (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Reinsurance Recoverables, Including Reinsurance Premium Paid | $ 2,723 | $ 2,671 | ||||
Future policy benefits | 38,222 | 35,689 | $ 42,406 | |||
Market Risk Benefit, Net Amount at Risk | 261 | 247 | ||||
Deferred policy acquisition costs | 4,257 | 4,128 | 3,906 | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 7,716 | 7,171 | $ 8,037 | $ 8,180 | ||
Accounting Standards Update 2018-12 | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Reinsurance Recoverables, Including Reinsurance Premium Paid | 2,671 | 3,165 | ||||
Future policy benefits | 35,689 | 47,449 | ||||
Market Risk Benefit, Net Amount at Risk | 247 | 262 | ||||
Deferred policy acquisition costs | 4,128 | 3,860 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 7,171 | $ 8,180 | $ 6,839 | |||
Accounting Standards Update 2018-12 | Revision of Prior Period, Accounting Standards Update, Adjustment | Retained Earnings [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Reinsurance Recoverables, Including Reinsurance Premium Paid | $ 254 | |||||
Future policy benefits | (1,746) | |||||
Market Risk Benefit, Net Amount at Risk | (72) | |||||
Deferred policy acquisition costs | 0 | |||||
Deferred Tax Assets, Other | 8 | |||||
Deferred Tax Liabilities, Tax Deferred Income | 311 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (1,245) | |||||
Accounting Standards Update 2018-12 | Revision of Prior Period, Accounting Standards Update, Adjustment | AOCI Attributable to Parent [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Reinsurance Recoverables, Including Reinsurance Premium Paid | 388 | |||||
Future policy benefits | (8,593) | |||||
Market Risk Benefit, Net Amount at Risk | 45 | |||||
Deferred policy acquisition costs | 114 | |||||
Deferred Tax Assets, Other | 0 | |||||
Deferred Tax Liabilities, Tax Deferred Income | 1,778 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (6,268) |
Accounting Changes and Error _8
Accounting Changes and Error Corrections (Impact by Segment) (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 | |
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Future policy benefits | $ 38,222 | $ 35,689 | $ 42,406 | ||||
Deferred policy acquisition costs | 4,257 | 4,128 | 3,906 | ||||
Life Insurance Product Line [Member] | Americas [Member] | Other Segments | |||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | (417) | (572) | |||||
Liability for Future Policy Benefit, after Reinsurance | 9,428 | 11,193 | |||||
Future policy benefits | 9,845 | 11,765 | |||||
Deferred policy acquisition costs | 2,109 | 2,087 | 1,981 | $ 1,947 | |||
Life Insurance Product Line [Member] | CANADA | Other Segments | |||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | (277) | (322) | |||||
Liability for Future Policy Benefit, after Reinsurance | 3,854 | 4,490 | |||||
Future policy benefits | 4,131 | 4,812 | |||||
Deferred policy acquisition costs | 171 | 171 | 192 | 191 | |||
Life Insurance Product Line [Member] | EMEA [Member] | Other Segments | |||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | (37) | (36) | |||||
Liability for Future Policy Benefit, after Reinsurance | 1,038 | 1,192 | |||||
Future policy benefits | 1,075 | 1,228 | |||||
Deferred policy acquisition costs | 309 | 294 | 278 | 270 | |||
Life Insurance Product Line [Member] | Asia Pacific [Member] | Other Segments | |||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | (99) | (115) | |||||
Liability for Future Policy Benefit, after Reinsurance | 2,345 | 2,490 | |||||
Future policy benefits | 2,444 | 2,605 | |||||
Deferred policy acquisition costs | 1,044 | 1,043 | 1,061 | 1,056 | |||
Insurance, Other | Americas [Member] | Other Segments | |||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 0 | 0 | |||||
Liability for Future Policy Benefit, after Reinsurance | 3,994 | 4,465 | |||||
Future policy benefits | 3,994 | 4,465 | |||||
Market Risk Benefit, before Reinsurance and Cumulative Increase (Decrease) from Instrument-Specific Credit Risk Change | (18) | 263 | 14 | 254 | |||
Market Risk Benefit, Reinsurance Recoverable, after Allowance | 0 | 0 | |||||
Market Risk Benefit, after Reinsurance and Cumulative Increase (Decrease) from Instrument-Specific Credit Risk Change | 259 | 247 | 233 | 262 | |||
Deferred policy acquisition costs | 330 | 341 | 298 | 312 | |||
Insurance, Other | CANADA | Other Segments | |||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 0 | 0 | |||||
Liability for Future Policy Benefit, after Reinsurance | 54 | 71 | |||||
Future policy benefits | 54 | 71 | |||||
Deferred policy acquisition costs | 0 | 0 | 0 | 0 | |||
Insurance, Other | EMEA [Member] | Other Segments | |||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 0 | 0 | |||||
Liability for Future Policy Benefit, after Reinsurance | 4,725 | 5,876 | |||||
Future policy benefits | 4,725 | 5,876 | |||||
Deferred policy acquisition costs | 0 | 0 | 0 | 0 | |||
Insurance, Other | Asia Pacific [Member] | Other Segments | |||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 0 | 0 | |||||
Liability for Future Policy Benefit, after Reinsurance | 5,824 | 5,181 | |||||
Future policy benefits | 5,824 | 5,181 | |||||
Deferred policy acquisition costs | $ 289 | 188 | $ 91 | 81 | |||
Accounting Standards Update 2018-12 | |||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Future policy benefits | 35,689 | 47,449 | |||||
Deferred policy acquisition costs | 4,128 | 3,860 | |||||
Accounting Standards Update 2018-12 | Previously Reported | |||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Future policy benefits | 35,220 | 35,782 | |||||
Deferred policy acquisition costs | 3,974 | 3,690 | |||||
Accounting Standards Update 2018-12 | Revision of Prior Period, Change in Accounting Principle, Adjustment | |||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Future policy benefits | 469 | 11,667 | |||||
Deferred policy acquisition costs | 154 | 170 | |||||
Accounting Standards Update 2018-12 | Life Insurance Product Line [Member] | Other Segments | Revision of Prior Period, Change in Accounting Principle, Adjustment | Retained Earnings [Member] | |||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Future policy benefits | $ 1,462 | ||||||
Accounting Standards Update 2018-12 | Life Insurance Product Line [Member] | Americas [Member] | Other Segments | |||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | (421) | (697) | (1,123) | ||||
Liability for Future Policy Benefit, after Reinsurance | 9,053 | 13,345 | 16,509 | ||||
Future policy benefits | 9,474 | 14,042 | 17,632 | ||||
Deferred policy acquisition costs | 2,087 | 1,947 | |||||
Accounting Standards Update 2018-12 | Life Insurance Product Line [Member] | Americas [Member] | Other Segments | Previously Reported | |||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Future policy benefits | 10,444 | ||||||
Accounting Standards Update 2018-12 | Life Insurance Product Line [Member] | Americas [Member] | Other Segments | Revision of Prior Period, Change in Accounting Principle, Adjustment | Retained Earnings [Member] | |||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Future policy benefits | [1] | 896 | |||||
Accounting Standards Update 2018-12 | Life Insurance Product Line [Member] | Americas [Member] | Other Segments | Revision of Prior Period, Change in Accounting Principle, Adjustment | Reclassification of Claims and Benefits payable | |||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Future policy benefits | [2] | 1,750 | |||||
Accounting Standards Update 2018-12 | Life Insurance Product Line [Member] | Americas [Member] | Other Segments | Revision of Prior Period, Change in Accounting Principle, Adjustment | Effect Of Changes In Discount Rate Assumptions | |||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Future policy benefits | 4,542 | ||||||
Accounting Standards Update 2018-12 | Life Insurance Product Line [Member] | CANADA | Other Segments | |||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | (265) | (367) | (386) | ||||
Liability for Future Policy Benefit, after Reinsurance | 3,686 | 5,188 | 5,978 | ||||
Future policy benefits | 3,951 | 5,555 | 6,364 | ||||
Deferred policy acquisition costs | 171 | 191 | |||||
Accounting Standards Update 2018-12 | Life Insurance Product Line [Member] | CANADA | Other Segments | Previously Reported | |||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Future policy benefits | 3,477 | ||||||
Accounting Standards Update 2018-12 | Life Insurance Product Line [Member] | CANADA | Other Segments | Revision of Prior Period, Change in Accounting Principle, Adjustment | Retained Earnings [Member] | |||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Future policy benefits | [1] | 33 | |||||
Accounting Standards Update 2018-12 | Life Insurance Product Line [Member] | CANADA | Other Segments | Revision of Prior Period, Change in Accounting Principle, Adjustment | Reclassification of Claims and Benefits payable | |||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Future policy benefits | [2] | 203 | |||||
Accounting Standards Update 2018-12 | Life Insurance Product Line [Member] | CANADA | Other Segments | Revision of Prior Period, Change in Accounting Principle, Adjustment | Effect Of Changes In Discount Rate Assumptions | |||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Future policy benefits | 2,651 | ||||||
Accounting Standards Update 2018-12 | Life Insurance Product Line [Member] | EMEA [Member] | Other Segments | |||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | (31) | (34) | (85) | ||||
Liability for Future Policy Benefit, after Reinsurance | 1,010 | 1,355 | 2,585 | ||||
Future policy benefits | 1,041 | 1,389 | 2,670 | ||||
Deferred policy acquisition costs | 294 | 270 | |||||
Accounting Standards Update 2018-12 | Life Insurance Product Line [Member] | EMEA [Member] | Other Segments | Previously Reported | |||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Future policy benefits | 1,379 | ||||||
Accounting Standards Update 2018-12 | Life Insurance Product Line [Member] | EMEA [Member] | Other Segments | Revision of Prior Period, Change in Accounting Principle, Adjustment | Retained Earnings [Member] | |||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Future policy benefits | [1] | 70 | |||||
Accounting Standards Update 2018-12 | Life Insurance Product Line [Member] | EMEA [Member] | Other Segments | Revision of Prior Period, Change in Accounting Principle, Adjustment | Reclassification of Claims and Benefits payable | |||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Future policy benefits | [2] | 901 | |||||
Accounting Standards Update 2018-12 | Life Insurance Product Line [Member] | EMEA [Member] | Other Segments | Revision of Prior Period, Change in Accounting Principle, Adjustment | Effect Of Changes In Discount Rate Assumptions | |||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Future policy benefits | 320 | ||||||
Accounting Standards Update 2018-12 | Life Insurance Product Line [Member] | Asia Pacific [Member] | Other Segments | |||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | (100) | (116) | (212) | ||||
Liability for Future Policy Benefit, after Reinsurance | 2,248 | 2,895 | 4,207 | ||||
Future policy benefits | 2,348 | 3,011 | 4,419 | ||||
Deferred policy acquisition costs | 1,043 | 1,056 | |||||
Accounting Standards Update 2018-12 | Life Insurance Product Line [Member] | Asia Pacific [Member] | Other Segments | Previously Reported | |||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Future policy benefits | 3,568 | ||||||
Accounting Standards Update 2018-12 | Life Insurance Product Line [Member] | Asia Pacific [Member] | Other Segments | Revision of Prior Period, Change in Accounting Principle, Adjustment | Retained Earnings [Member] | |||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Future policy benefits | [1] | 463 | |||||
Accounting Standards Update 2018-12 | Life Insurance Product Line [Member] | Asia Pacific [Member] | Other Segments | Revision of Prior Period, Change in Accounting Principle, Adjustment | Reclassification of Claims and Benefits payable | |||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Future policy benefits | [2] | 1,160 | |||||
Accounting Standards Update 2018-12 | Life Insurance Product Line [Member] | Asia Pacific [Member] | Other Segments | Revision of Prior Period, Change in Accounting Principle, Adjustment | Effect Of Changes In Discount Rate Assumptions | |||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Future policy benefits | (772) | ||||||
Accounting Standards Update 2018-12 | Insurance, Other | Other Segments | Revision of Prior Period, Change in Accounting Principle, Adjustment | Retained Earnings [Member] | |||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Future policy benefits | 284 | ||||||
Accounting Standards Update 2018-12 | Insurance, Other | Americas [Member] | Other Segments | |||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 0 | 0 | 0 | ||||
Liability for Future Policy Benefit, after Reinsurance | 3,819 | 4,947 | 5,883 | ||||
Future policy benefits | 3,819 | 4,947 | 5,883 | ||||
Market Risk Benefit, before Reinsurance and Cumulative Increase (Decrease) from Instrument-Specific Credit Risk Change | 263 | 254 | 266 | $ 311 | |||
Market Risk Benefit, Reinsurance Recoverable, after Allowance | 0 | 0 | 0 | ||||
Market Risk Benefit, after Reinsurance and Cumulative Increase (Decrease) from Instrument-Specific Credit Risk Change | 247 | 262 | 266 | $ 266 | |||
Deferred policy acquisition costs | 341 | 312 | 368 | ||||
Accounting Standards Update 2018-12 | Insurance, Other | Americas [Member] | Other Segments | Previously Reported | |||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Future policy benefits | 5,037 | ||||||
Market Risk Benefit, before Reinsurance and Cumulative Increase (Decrease) from Instrument-Specific Credit Risk Change | 0 | ||||||
Deferred policy acquisition costs | 254 | ||||||
Accounting Standards Update 2018-12 | Insurance, Other | Americas [Member] | Other Segments | Revision of Prior Period, Change in Accounting Principle, Adjustment | Retained Earnings [Member] | |||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Future policy benefits | [3] | 0 | |||||
Market Risk Benefit, before Reinsurance and Cumulative Increase (Decrease) from Instrument-Specific Credit Risk Change | 72 | ||||||
Accounting Standards Update 2018-12 | Insurance, Other | Americas [Member] | Other Segments | Revision of Prior Period, Change in Accounting Principle, Adjustment | AOCI Attributable to Parent [Member] | |||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Future policy benefits | [4] | (28) | |||||
Market Risk Benefit, before Reinsurance and Cumulative Increase (Decrease) from Instrument-Specific Credit Risk Change | (45) | ||||||
Deferred policy acquisition costs | 114 | ||||||
Accounting Standards Update 2018-12 | Insurance, Other | Americas [Member] | Other Segments | Revision of Prior Period, Change in Accounting Principle, Adjustment | Reclassification of Claims and Benefits payable | |||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Future policy benefits | [5] | 17 | |||||
Market Risk Benefit, before Reinsurance and Cumulative Increase (Decrease) from Instrument-Specific Credit Risk Change | 239 | ||||||
Accounting Standards Update 2018-12 | Insurance, Other | Americas [Member] | Other Segments | Revision of Prior Period, Change in Accounting Principle, Adjustment | Effect Of Changes In Discount Rate Assumptions | |||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Future policy benefits | 857 | ||||||
Accounting Standards Update 2018-12 | Insurance, Other | CANADA | Other Segments | |||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 0 | 0 | 0 | ||||
Liability for Future Policy Benefit, after Reinsurance | 54 | 81 | 49 | ||||
Future policy benefits | 54 | 81 | 49 | ||||
Market Risk Benefit, before Reinsurance and Cumulative Increase (Decrease) from Instrument-Specific Credit Risk Change | 0 | ||||||
Market Risk Benefit, Reinsurance Recoverable, after Allowance | 0 | ||||||
Market Risk Benefit, after Reinsurance and Cumulative Increase (Decrease) from Instrument-Specific Credit Risk Change | 0 | ||||||
Deferred policy acquisition costs | 0 | 0 | 0 | ||||
Accounting Standards Update 2018-12 | Insurance, Other | CANADA | Other Segments | Previously Reported | |||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Future policy benefits | 16 | ||||||
Market Risk Benefit, before Reinsurance and Cumulative Increase (Decrease) from Instrument-Specific Credit Risk Change | 0 | ||||||
Deferred policy acquisition costs | 0 | ||||||
Accounting Standards Update 2018-12 | Insurance, Other | CANADA | Other Segments | Revision of Prior Period, Change in Accounting Principle, Adjustment | Retained Earnings [Member] | |||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Future policy benefits | [3] | 20 | |||||
Market Risk Benefit, before Reinsurance and Cumulative Increase (Decrease) from Instrument-Specific Credit Risk Change | 0 | ||||||
Accounting Standards Update 2018-12 | Insurance, Other | CANADA | Other Segments | Revision of Prior Period, Change in Accounting Principle, Adjustment | AOCI Attributable to Parent [Member] | |||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Future policy benefits | [4] | 0 | |||||
Market Risk Benefit, before Reinsurance and Cumulative Increase (Decrease) from Instrument-Specific Credit Risk Change | 0 | ||||||
Deferred policy acquisition costs | 0 | ||||||
Accounting Standards Update 2018-12 | Insurance, Other | CANADA | Other Segments | Revision of Prior Period, Change in Accounting Principle, Adjustment | Reclassification of Claims and Benefits payable | |||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Future policy benefits | [5] | 4 | |||||
Market Risk Benefit, before Reinsurance and Cumulative Increase (Decrease) from Instrument-Specific Credit Risk Change | 0 | ||||||
Accounting Standards Update 2018-12 | Insurance, Other | CANADA | Other Segments | Revision of Prior Period, Change in Accounting Principle, Adjustment | Effect Of Changes In Discount Rate Assumptions | |||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Future policy benefits | 9 | ||||||
Accounting Standards Update 2018-12 | Insurance, Other | EMEA [Member] | Other Segments | |||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 0 | 0 | 0 | ||||
Liability for Future Policy Benefit, after Reinsurance | 4,634 | 6,729 | 6,991 | ||||
Future policy benefits | 4,634 | 6,729 | 6,991 | ||||
Market Risk Benefit, before Reinsurance and Cumulative Increase (Decrease) from Instrument-Specific Credit Risk Change | 0 | ||||||
Market Risk Benefit, Reinsurance Recoverable, after Allowance | 0 | ||||||
Market Risk Benefit, after Reinsurance and Cumulative Increase (Decrease) from Instrument-Specific Credit Risk Change | 0 | ||||||
Deferred policy acquisition costs | 0 | 0 | 0 | ||||
Accounting Standards Update 2018-12 | Insurance, Other | EMEA [Member] | Other Segments | Previously Reported | |||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Future policy benefits | 5,657 | ||||||
Market Risk Benefit, before Reinsurance and Cumulative Increase (Decrease) from Instrument-Specific Credit Risk Change | 0 | ||||||
Deferred policy acquisition costs | 0 | ||||||
Accounting Standards Update 2018-12 | Insurance, Other | EMEA [Member] | Other Segments | Revision of Prior Period, Change in Accounting Principle, Adjustment | Retained Earnings [Member] | |||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Future policy benefits | [3] | 256 | |||||
Market Risk Benefit, before Reinsurance and Cumulative Increase (Decrease) from Instrument-Specific Credit Risk Change | 0 | ||||||
Accounting Standards Update 2018-12 | Insurance, Other | EMEA [Member] | Other Segments | Revision of Prior Period, Change in Accounting Principle, Adjustment | AOCI Attributable to Parent [Member] | |||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Future policy benefits | [4] | 0 | |||||
Market Risk Benefit, before Reinsurance and Cumulative Increase (Decrease) from Instrument-Specific Credit Risk Change | 0 | ||||||
Deferred policy acquisition costs | 0 | ||||||
Accounting Standards Update 2018-12 | Insurance, Other | EMEA [Member] | Other Segments | Revision of Prior Period, Change in Accounting Principle, Adjustment | Reclassification of Claims and Benefits payable | |||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Future policy benefits | [5] | 67 | |||||
Market Risk Benefit, before Reinsurance and Cumulative Increase (Decrease) from Instrument-Specific Credit Risk Change | 0 | ||||||
Accounting Standards Update 2018-12 | Insurance, Other | EMEA [Member] | Other Segments | Revision of Prior Period, Change in Accounting Principle, Adjustment | Effect Of Changes In Discount Rate Assumptions | |||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Future policy benefits | 1,011 | ||||||
Accounting Standards Update 2018-12 | Insurance, Other | Asia Pacific [Member] | Other Segments | |||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 0 | 0 | 0 | ||||
Liability for Future Policy Benefit, after Reinsurance | 4,496 | 5,014 | 1,887 | ||||
Future policy benefits | 4,496 | 5,014 | 1,887 | ||||
Market Risk Benefit, before Reinsurance and Cumulative Increase (Decrease) from Instrument-Specific Credit Risk Change | 0 | ||||||
Market Risk Benefit, Reinsurance Recoverable, after Allowance | 0 | ||||||
Market Risk Benefit, after Reinsurance and Cumulative Increase (Decrease) from Instrument-Specific Credit Risk Change | 0 | ||||||
Deferred policy acquisition costs | $ 188 | $ 81 | 41 | ||||
Accounting Standards Update 2018-12 | Insurance, Other | Asia Pacific [Member] | Other Segments | Previously Reported | |||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Future policy benefits | 1,874 | ||||||
Market Risk Benefit, before Reinsurance and Cumulative Increase (Decrease) from Instrument-Specific Credit Risk Change | 0 | ||||||
Deferred policy acquisition costs | 41 | ||||||
Accounting Standards Update 2018-12 | Insurance, Other | Asia Pacific [Member] | Other Segments | Revision of Prior Period, Change in Accounting Principle, Adjustment | Retained Earnings [Member] | |||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Future policy benefits | [3] | 8 | |||||
Market Risk Benefit, before Reinsurance and Cumulative Increase (Decrease) from Instrument-Specific Credit Risk Change | 0 | ||||||
Accounting Standards Update 2018-12 | Insurance, Other | Asia Pacific [Member] | Other Segments | Revision of Prior Period, Change in Accounting Principle, Adjustment | AOCI Attributable to Parent [Member] | |||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Future policy benefits | [4] | 0 | |||||
Market Risk Benefit, before Reinsurance and Cumulative Increase (Decrease) from Instrument-Specific Credit Risk Change | 0 | ||||||
Deferred policy acquisition costs | 0 | ||||||
Accounting Standards Update 2018-12 | Insurance, Other | Asia Pacific [Member] | Other Segments | Revision of Prior Period, Change in Accounting Principle, Adjustment | Reclassification of Claims and Benefits payable | |||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Future policy benefits | [5] | 2 | |||||
Market Risk Benefit, before Reinsurance and Cumulative Increase (Decrease) from Instrument-Specific Credit Risk Change | 0 | ||||||
Accounting Standards Update 2018-12 | Insurance, Other | Asia Pacific [Member] | Other Segments | Revision of Prior Period, Change in Accounting Principle, Adjustment | Effect Of Changes In Discount Rate Assumptions | |||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||||
Future policy benefits | $ 3 | ||||||
[1]Includes adjustments for capping the net premium ratio at 100% and eliminating negative reserves on certain issue year cohorts.[2]Amount includes certain reclassifications to conform with the revised presentation upon adoption of ASU 2018-12, such as reclassifying claims and benefits payable on long-duration contracts to liability for future policy benefits.[3]Includes adjustments for capping the net premium ratio at 100% and eliminating negative reserves on certain issue year cohorts.[4]Adjustment to remove amounts associated with unrealized gains and losses previously recorded in AOCI (i.e., “shadow adjustments”).[5]Amount includes certain reclassifications to conform with the revised presentation upon adoption of ASU 2018-12, such as reclassifying claims and benefits payable on long-duration contracts to liability for future policy benefits. |
Accounting Changes and Error _9
Accounting Changes and Error Corrections (Policyholder Balance) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Policyholder Account Balance | $ 23,911 | $ 22,256 | |||
Interest credited | 215 | 141 | |||
Insurance, Other | Americas [Member] | Other Segments | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Policyholder Account Balance | 18,437 | 18,644 | $ 18,906 | $ 18,758 | |
Policyholder Account Balance Reinsurance Recoverable | (1,532) | (1,552) | |||
Policyholder Account Balance, Issuance | 41 | 152 | |||
Policyholder Account Balance, Policy Charge | (8) | (8) | |||
Policyholder Account Balance, Surrender and Withdrawal | (528) | (296) | |||
Policyholder Account Balance, Benefit Payment | (116) | (115) | |||
Interest credited | 142 | 153 | |||
Policyholder Account Balance Foreign Currency Translation | 0 | 0 | |||
Policyholder Account Balance After Reinsurance | 16,905 | 17,092 | |||
Insurance, Other | Asia Pacific [Member] | Other Segments | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Policyholder Account Balance | 3,758 | 1,864 | 3,351 | 1,621 | |
Policyholder Account Balance Reinsurance Recoverable | 0 | 0 | |||
Policyholder Account Balance, Issuance | 431 | 246 | |||
Policyholder Account Balance, Policy Charge | 0 | (1) | |||
Policyholder Account Balance, Surrender and Withdrawal | (19) | (15) | |||
Policyholder Account Balance, Benefit Payment | (22) | (6) | |||
Interest credited | 32 | 6 | |||
Policyholder Account Balance Foreign Currency Translation | (15) | (13) | |||
Policyholder Account Balance After Reinsurance | 3,758 | 1,864 | |||
Life Insurance Product Line [Member] | Americas [Member] | Other Segments | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Policyholder Account Balance | 1,646 | 1,699 | 1,683 | 1,719 | |
Policyholder Account Balance Reinsurance Recoverable | 0 | 0 | |||
Policyholder Account Balance, Issuance | 3 | 3 | |||
Policyholder Account Balance, Policy Charge | (8) | (8) | |||
Policyholder Account Balance, Surrender and Withdrawal | (5) | (4) | |||
Policyholder Account Balance, Benefit Payment | (43) | (27) | |||
Interest credited | 16 | 16 | |||
Policyholder Account Balance Foreign Currency Translation | 0 | 0 | |||
Policyholder Account Balance After Reinsurance | $ 1,646 | $ 1,699 | |||
Accounting Standards Update 2018-12 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Interest credited | 682 | 700 | |||
Accounting Standards Update 2018-12 | Insurance, Other | Americas [Member] | Other Segments | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Policyholder Account Balance | 18,906 | 18,758 | $ 16,273 | ||
Policyholder Account Balance Reinsurance Recoverable | (1,543) | (1,561) | |||
Policyholder Account Balance, Issuance | 1,289 | 3,290 | |||
Policyholder Account Balance, Policy Charge | (33) | (31) | |||
Policyholder Account Balance, Surrender and Withdrawal | (1,258) | (1,015) | |||
Policyholder Account Balance, Benefit Payment | (448) | (404) | |||
Interest credited | 598 | 645 | |||
Policyholder Account Balance Foreign Currency Translation | 0 | 0 | |||
Policyholder Account Balance After Reinsurance | 17,363 | 17,197 | |||
Accounting Standards Update 2018-12 | Insurance, Other | Asia Pacific [Member] | Other Segments | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Policyholder Account Balance | 3,351 | 1,621 | 809 | ||
Policyholder Account Balance Reinsurance Recoverable | 0 | 0 | |||
Policyholder Account Balance, Issuance | 2,521 | 868 | |||
Policyholder Account Balance, Policy Charge | (134) | (1) | |||
Policyholder Account Balance, Surrender and Withdrawal | (639) | (36) | |||
Policyholder Account Balance, Benefit Payment | (46) | (24) | |||
Interest credited | 51 | 19 | |||
Policyholder Account Balance Foreign Currency Translation | (23) | (14) | |||
Policyholder Account Balance After Reinsurance | 3,351 | 1,621 | |||
Accounting Standards Update 2018-12 | Life Insurance Product Line [Member] | Americas [Member] | Other Segments | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Policyholder Account Balance | 1,683 | 1,719 | $ 1,752 | ||
Policyholder Account Balance Reinsurance Recoverable | 0 | 0 | |||
Policyholder Account Balance, Issuance | 24 | 25 | |||
Policyholder Account Balance, Policy Charge | (32) | (32) | |||
Policyholder Account Balance, Surrender and Withdrawal | (17) | (13) | |||
Policyholder Account Balance, Benefit Payment | (76) | (79) | |||
Interest credited | 65 | 66 | |||
Policyholder Account Balance Foreign Currency Translation | 0 | 0 | |||
Policyholder Account Balance After Reinsurance | 1,683 | 1,719 | |||
Accounting Standards Update 2018-12 | Previously Reported | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Interest credited | $ 682 | $ 700 |
Accounting Changes and Error_10
Accounting Changes and Error Corrections (Market Risk Benefits) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Market Risk Benefit, after Increase (Decrease) from Instrument-Specific Credit Risk | $ (259) | $ (233) | ||||
Insurance, Other | Americas [Member] | Other Segments | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Market Risk Benefit, Attributed Fee Collected | 6 | 7 | ||||
Market Risk Benefit, Benefit Payment | 0 | (5) | ||||
Market Risk Benefit, Increase (Decrease) from Future Expected Policyholder Behavior Assumption | 21 | (61) | ||||
Market Risk Benefit, Increase (Decrease) from Interest Rate Change | (17) | 13 | ||||
Market Risk Benefit, Increase (Decrease) from Equity Market Change | (5) | 3 | ||||
Market Risk Benefit, Increase (Decrease) from Volatility | 0 | 2 | ||||
Market Risk Benefit, Increase (Decrease) from Other Assumption | 5 | 6 | ||||
Market Risk Benefit, Increase (Decrease) from Actual Policyholder Behavior Different from Expected | 277 | 219 | ||||
Market Risk Benefit, after Increase (Decrease) from Instrument-Specific Credit Risk | (259) | (233) | ||||
AOCI, Market Risk Benefit, Instrument-Specific Credit Risk, before Tax | 259 | 233 | ||||
Market Risk Benefit, after Reinsurance and Cumulative Increase (Decrease) from Instrument-Specific Credit Risk Change | 259 | 233 | $ 247 | $ 262 | ||
Market Risk Benefit, before Reinsurance and Cumulative Increase (Decrease) from Instrument-Specific Credit Risk Change | (18) | 14 | 263 | 254 | ||
Market Risk Benefit, Interest Expense | 4 | 0 | ||||
Market Risk Benefit, Reinsurance Recoverable, after Allowance | $ 0 | $ 0 | ||||
Accounting Standards Update 2018-12 | Insurance, Other | Americas [Member] | Other Segments | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Market Risk Benefit, Attributed Fee Collected | 28 | 12 | ||||
Market Risk Benefit, Benefit Payment | (9) | (14) | ||||
Market Risk Benefit, Increase (Decrease) from Future Expected Policyholder Behavior Assumption | 18 | 25 | ||||
Market Risk Benefit, Increase (Decrease) from Interest Rate Change | (175) | (51) | ||||
Market Risk Benefit, Increase (Decrease) from Equity Market Change | 48 | (49) | ||||
Market Risk Benefit, Increase (Decrease) from Volatility | 19 | (2) | ||||
Market Risk Benefit, Increase (Decrease) from Other Assumption | 7 | 5 | ||||
Market Risk Benefit, Increase (Decrease) from Actual Policyholder Behavior Different from Expected | 19 | 14 | ||||
Market Risk Benefit, after Increase (Decrease) from Instrument-Specific Credit Risk | 247 | 262 | ||||
AOCI, Market Risk Benefit, Instrument-Specific Credit Risk, before Tax | (16) | 8 | ||||
Market Risk Benefit, after Reinsurance and Cumulative Increase (Decrease) from Instrument-Specific Credit Risk Change | 247 | 262 | $ 266 | $ 266 | ||
Market Risk Benefit, before Reinsurance and Cumulative Increase (Decrease) from Instrument-Specific Credit Risk Change | 263 | 254 | 266 | 311 | ||
Market Risk Benefit, Interest Expense | 54 | 3 | ||||
Market Risk Benefit, Reinsurance Recoverable, after Allowance | $ 0 | $ 0 | $ 0 | |||
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Adjusted Balance | Insurance, Other | Americas [Member] | Other Segments | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Market Risk Benefit, after Reinsurance and Cumulative Increase (Decrease) from Instrument-Specific Credit Risk Change | 0 | |||||
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Adjustment | Insurance, Other | Americas [Member] | Other Segments | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Market Risk Benefit, after Reinsurance and Cumulative Increase (Decrease) from Instrument-Specific Credit Risk Change | $ 266 |
Accounting Changes and Error_11
Accounting Changes and Error Corrections (Future Policy Benefits) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Future policy benefits | $ 38,222 | $ 42,406 | $ 35,689 | ||||
Life Insurance Product Line [Member] | Americas [Member] | Other Segments | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | (4,074) | 6,120 | 74,207 | $ 73,447 | |||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 0 | |||||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | (103) | (33) | |||||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Reinsurance, after Cash Flow Change | 74,707 | 73,887 | 74,104 | 73,414 | |||
Liability for Future Policy Benefit, Expected Net Premium, Issuance | [1] | 1,016 | 832 | ||||
Liability for Future Policy Benefit, Expected Net Premium, Interest Income | [2] | 851 | 845 | ||||
Liability for Future Policy Benefit, Expected Net Premium, Net Premium Collected | [3] | (1,229) | (1,207) | ||||
Liability for Future Policy Benefit, Expected Net Premium, Derecognition | [4] | (35) | 0 | ||||
Liability for Future Policy Benefit, Expected Net Premium, Increase (Decrease) for Other Change | 0 | 3 | |||||
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change | 70,633 | 80,007 | |||||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | (5,188) | 7,446 | 85,285 | 84,075 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 80,478 | 91,772 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 0 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | (79) | 72 | |||||
Liability for Future Policy Benefit, Expected Future Benefit, Original Discount Rate, before Reinsurance, after Cash Flow Change | 85,666 | 84,326 | 85,206 | 84,147 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Issuance | [1] | 1,018 | 833 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense | [2] | 981 | 970 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Benefit Payment | [5] | (1,486) | (1,628) | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Derecognition | [4] | (54) | 0 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Increase (Decrease) for Other Change | 1 | 4 | |||||
Future policy benefits | 9,845 | 11,765 | |||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | (417) | (572) | |||||
Liability for Future Policy Benefit, after Reinsurance | 9,428 | 11,193 | |||||
Life Insurance Product Line [Member] | CANADA | Other Segments | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | (4,376) | (2,933) | 21,330 | 21,989 | |||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 0 | |||||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | 97 | 166 | |||||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Reinsurance, after Cash Flow Change | 21,534 | 22,542 | 21,427 | 22,155 | |||
Liability for Future Policy Benefit, Expected Net Premium, Issuance | [1] | 110 | 206 | ||||
Liability for Future Policy Benefit, Expected Net Premium, Interest Income | [2] | 182 | 194 | ||||
Liability for Future Policy Benefit, Expected Net Premium, Net Premium Collected | [3] | (231) | (248) | ||||
Liability for Future Policy Benefit, Expected Net Premium, Derecognition | [4] | 0 | 0 | ||||
Liability for Future Policy Benefit, Expected Net Premium, Increase (Decrease) for Other Change | 46 | 235 | |||||
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change | 17,158 | 19,609 | |||||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | (3,607) | (1,621) | 24,655 | 25,440 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 21,289 | 24,421 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 0 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | 98 | 174 | |||||
Liability for Future Policy Benefit, Expected Future Benefit, Original Discount Rate, before Reinsurance, after Cash Flow Change | 24,896 | 26,042 | 24,753 | 25,614 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Issuance | [1] | 110 | 206 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense | [2] | 233 | 250 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Benefit Payment | [5] | (256) | (299) | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Derecognition | [4] | 0 | 0 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Increase (Decrease) for Other Change | 56 | 271 | |||||
Future policy benefits | 4,131 | 4,812 | |||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | (277) | (322) | |||||
Liability for Future Policy Benefit, after Reinsurance | 3,854 | 4,490 | |||||
Life Insurance Product Line [Member] | EMEA [Member] | Other Segments | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | (2,515) | (234) | 14,244 | 14,440 | |||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 0 | |||||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | (256) | 90 | |||||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Reinsurance, after Cash Flow Change | 14,329 | 14,383 | 13,988 | 14,530 | |||
Liability for Future Policy Benefit, Expected Net Premium, Issuance | [1] | 382 | 297 | ||||
Liability for Future Policy Benefit, Expected Net Premium, Interest Income | [2] | 119 | 127 | ||||
Liability for Future Policy Benefit, Expected Net Premium, Net Premium Collected | [3] | (344) | (337) | ||||
Liability for Future Policy Benefit, Expected Net Premium, Derecognition | [4] | 0 | 0 | ||||
Liability for Future Policy Benefit, Expected Net Premium, Increase (Decrease) for Other Change | 184 | (234) | |||||
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change | 11,814 | 14,149 | |||||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | (2,686) | (197) | 15,454 | 15,664 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 12,889 | 15,377 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 0 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | (258) | 88 | |||||
Liability for Future Policy Benefit, Expected Future Benefit, Original Discount Rate, before Reinsurance, after Cash Flow Change | 15,575 | 15,574 | 15,196 | 15,752 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Issuance | [1] | 382 | 297 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense | [2] | 127 | 135 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Benefit Payment | [5] | (331) | (346) | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Derecognition | [4] | 0 | 0 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Increase (Decrease) for Other Change | 201 | (264) | |||||
Future policy benefits | 1,075 | 1,228 | |||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | (37) | (36) | |||||
Liability for Future Policy Benefit, after Reinsurance | 1,038 | 1,192 | |||||
Life Insurance Product Line [Member] | Asia Pacific [Member] | Other Segments | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | (11,029) | (7,976) | 40,506 | 37,943 | |||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Cash Flow Change | (8) | 0 | |||||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | 128 | (1,504) | |||||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Reinsurance, after Cash Flow Change | 40,898 | 37,844 | 40,626 | 36,439 | |||
Liability for Future Policy Benefit, Expected Net Premium, Issuance | [1] | 619 | 2,217 | ||||
Liability for Future Policy Benefit, Expected Net Premium, Interest Income | [2] | 256 | 239 | ||||
Liability for Future Policy Benefit, Expected Net Premium, Net Premium Collected | [3] | (490) | (502) | ||||
Liability for Future Policy Benefit, Expected Net Premium, Derecognition | [4] | 0 | 0 | ||||
Liability for Future Policy Benefit, Expected Net Premium, Increase (Decrease) for Other Change | (113) | (549) | |||||
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change | 29,869 | 29,868 | |||||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | (12,914) | (9,362) | 44,785 | 41,971 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 32,313 | 32,473 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Cash Flow Change | (8) | 0 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | 121 | (1,501) | |||||
Liability for Future Policy Benefit, Expected Future Benefit, Original Discount Rate, before Reinsurance, after Cash Flow Change | 45,227 | 41,835 | 44,898 | 40,470 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Issuance | [1] | 619 | 2,162 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense | [2] | 293 | 272 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Benefit Payment | [5] | (458) | (506) | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Derecognition | [4] | 0 | 0 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Increase (Decrease) for Other Change | (125) | (563) | |||||
Future policy benefits | 2,444 | 2,605 | |||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | (99) | (115) | |||||
Liability for Future Policy Benefit, after Reinsurance | 2,345 | 2,490 | |||||
Insurance, Other | Americas [Member] | Other Segments | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | (223) | (36) | 1,671 | 228 | |||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 0 | |||||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | (7) | (3) | |||||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Reinsurance, after Cash Flow Change | 1,637 | 219 | 1,664 | 225 | |||
Liability for Future Policy Benefit, Expected Net Premium, Issuance | [1] | 146 | 0 | ||||
Liability for Future Policy Benefit, Expected Net Premium, Interest Income | [2] | 13 | 1 | ||||
Liability for Future Policy Benefit, Expected Net Premium, Net Premium Collected | [3] | (186) | (7) | ||||
Liability for Future Policy Benefit, Expected Net Premium, Derecognition | [4] | 0 | 0 | ||||
Liability for Future Policy Benefit, Expected Net Premium, Increase (Decrease) for Other Change | 0 | 0 | |||||
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change | 1,414 | 183 | |||||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | (460) | 107 | 5,823 | 4,628 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 5,408 | 4,648 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 0 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | (11) | (23) | |||||
Liability for Future Policy Benefit, Expected Future Benefit, Original Discount Rate, before Reinsurance, after Cash Flow Change | 5,868 | 4,541 | 5,812 | 4,605 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Issuance | [1] | 154 | 0 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense | [2] | 56 | 47 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Benefit Payment | [5] | (138) | (111) | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Derecognition | [4] | 0 | 0 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Increase (Decrease) for Other Change | (16) | 0 | |||||
Future policy benefits | 3,994 | 4,465 | |||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 0 | 0 | |||||
Liability for Future Policy Benefit, after Reinsurance | 3,994 | 4,465 | |||||
Insurance, Other | CANADA | Other Segments | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | (336) | (193) | 3,394 | 3,329 | |||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 0 | |||||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | (2) | (7) | |||||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Reinsurance, after Cash Flow Change | 3,344 | 3,882 | 3,392 | 3,322 | |||
Liability for Future Policy Benefit, Expected Net Premium, Issuance | [1] | 0 | 581 | ||||
Liability for Future Policy Benefit, Expected Net Premium, Interest Income | [2] | 27 | 26 | ||||
Liability for Future Policy Benefit, Expected Net Premium, Net Premium Collected | [3] | (84) | (88) | ||||
Liability for Future Policy Benefit, Expected Net Premium, Derecognition | [4] | 0 | 0 | ||||
Liability for Future Policy Benefit, Expected Net Premium, Increase (Decrease) for Other Change | 9 | 41 | |||||
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change | 3,008 | 3,689 | |||||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | (332) | (184) | 3,447 | 3,393 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 3,062 | 3,760 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 0 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | (6) | (12) | |||||
Liability for Future Policy Benefit, Expected Future Benefit, Original Discount Rate, before Reinsurance, after Cash Flow Change | 3,394 | 3,944 | 3,441 | 3,381 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Issuance | [1] | 0 | 581 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense | [2] | 28 | 27 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Benefit Payment | [5] | (83) | (87) | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Derecognition | [4] | 0 | 0 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Increase (Decrease) for Other Change | 8 | 42 | |||||
Future policy benefits | 54 | 71 | |||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 0 | 0 | |||||
Liability for Future Policy Benefit, after Reinsurance | 54 | 71 | |||||
Insurance, Other | EMEA [Member] | Other Segments | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | (8,323) | (3,365) | 38,782 | 31,973 | |||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 0 | |||||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | 42 | 111 | |||||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Reinsurance, after Cash Flow Change | 42,668 | 41,227 | 38,824 | 32,084 | |||
Liability for Future Policy Benefit, Expected Net Premium, Issuance | [1] | 3,681 | 10,932 | ||||
Liability for Future Policy Benefit, Expected Net Premium, Interest Income | [2] | 185 | 185 | ||||
Liability for Future Policy Benefit, Expected Net Premium, Net Premium Collected | [3] | (764) | (799) | ||||
Liability for Future Policy Benefit, Expected Net Premium, Derecognition | [4] | 0 | 0 | ||||
Liability for Future Policy Benefit, Expected Net Premium, Increase (Decrease) for Other Change | 742 | (1,175) | |||||
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change | 34,345 | 37,862 | |||||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | (9,191) | (3,472) | 44,330 | 38,196 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 39,070 | 43,738 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 0 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | 31 | 103 | |||||
Liability for Future Policy Benefit, Expected Future Benefit, Original Discount Rate, before Reinsurance, after Cash Flow Change | 48,261 | 47,210 | 44,361 | 38,299 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Issuance | [1] | 3,681 | 10,932 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense | [2] | 225 | 228 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Benefit Payment | [5] | (858) | (895) | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Derecognition | [4] | 0 | 0 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Increase (Decrease) for Other Change | 852 | (1,354) | |||||
Future policy benefits | 4,725 | 5,876 | |||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 0 | 0 | |||||
Liability for Future Policy Benefit, after Reinsurance | 4,725 | 5,876 | |||||
Insurance, Other | Asia Pacific [Member] | Other Segments | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | 74 | 187 | 1,605 | 1,051 | |||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 0 | |||||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | 0 | 47 | |||||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Reinsurance, after Cash Flow Change | 1,574 | 1,739 | 1,605 | 1,098 | |||
Liability for Future Policy Benefit, Expected Net Premium, Issuance | [1] | 1,244 | 1,325 | ||||
Liability for Future Policy Benefit, Expected Net Premium, Interest Income | [2] | 6 | 6 | ||||
Liability for Future Policy Benefit, Expected Net Premium, Net Premium Collected | [3] | (1,260) | (613) | ||||
Liability for Future Policy Benefit, Expected Net Premium, Derecognition | [4] | 0 | 0 | ||||
Liability for Future Policy Benefit, Expected Net Premium, Increase (Decrease) for Other Change | (21) | (77) | |||||
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change | 1,648 | 1,926 | |||||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | (250) | 51 | 6,561 | 6,062 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 7,472 | 7,107 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 0 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | (1) | 48 | |||||
Liability for Future Policy Benefit, Expected Future Benefit, Original Discount Rate, before Reinsurance, after Cash Flow Change | 7,722 | 7,056 | 6,560 | 6,110 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Issuance | [1] | 1,289 | 1,325 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense | [2] | 18 | 17 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Benefit Payment | [5] | (68) | (50) | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Derecognition | [4] | 0 | 0 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Increase (Decrease) for Other Change | (77) | (346) | |||||
Future policy benefits | 5,824 | 5,181 | |||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 0 | 0 | |||||
Liability for Future Policy Benefit, after Reinsurance | $ 5,824 | $ 5,181 | |||||
Accounting Standards Update 2018-12 | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Future policy benefits | 35,689 | 47,449 | |||||
Accounting Standards Update 2018-12 | Life Insurance Product Line [Member] | Americas [Member] | Other Segments | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | (6,303) | 15,771 | |||||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Cash Flow Change | (805) | $ 984 | |||||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | (4) | 254 | |||||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Reinsurance, after Cash Flow Change | 72,638 | 71,555 | |||||
Liability for Future Policy Benefit, Expected Net Premium, Issuance | [6] | 3,329 | 3,522 | ||||
Liability for Future Policy Benefit, Expected Net Premium, Interest Income | [7] | 3,423 | 3,400 | ||||
Liability for Future Policy Benefit, Expected Net Premium, Net Premium Collected | [8] | (5,182) | (5,025) | ||||
Liability for Future Policy Benefit, Expected Net Premium, Derecognition | [9] | 0 | 0 | ||||
Liability for Future Policy Benefit, Expected Net Premium, Increase (Decrease) for Other Change | (1) | (5) | |||||
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change | 67,904 | 89,218 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance | 85,285 | 84,075 | 81,172 | ||||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | (7,907) | 19,185 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 77,378 | 103,260 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Cash Flow Change | (675) | 1,021 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | 85 | 517 | |||||
Liability for Future Policy Benefit, Expected Future Benefit, Original Discount Rate, before Reinsurance, after Cash Flow Change | 83,485 | 82,710 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Issuance | [6] | 3,333 | 3,537 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense | [7] | 3,940 | 3,916 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Benefit Payment | [10] | (5,472) | (6,083) | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Derecognition | [9] | 0 | 0 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Increase (Decrease) for Other Change | (1) | (5) | |||||
Future policy benefits | 9,474 | 14,042 | $ 17,632 | ||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | (421) | (697) | (1,123) | ||||
Liability for Future Policy Benefit, after Reinsurance | 9,053 | 13,345 | 16,509 | ||||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance | 74,207 | 73,447 | 70,317 | ||||
Accounting Standards Update 2018-12 | Life Insurance Product Line [Member] | CANADA | Other Segments | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | (4,899) | (199) | |||||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Cash Flow Change | 189 | (45) | |||||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | 212 | (24) | |||||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Reinsurance, after Cash Flow Change | 22,390 | 21,230 | |||||
Liability for Future Policy Benefit, Expected Net Premium, Issuance | [6] | 635 | 761 | ||||
Liability for Future Policy Benefit, Expected Net Premium, Interest Income | [7] | 748 | 775 | ||||
Liability for Future Policy Benefit, Expected Net Premium, Net Premium Collected | [8] | (950) | (947) | ||||
Liability for Future Policy Benefit, Expected Net Premium, Derecognition | [9] | 0 | 0 | ||||
Liability for Future Policy Benefit, Expected Net Premium, Increase (Decrease) for Other Change | (1,493) | 170 | |||||
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change | 16,431 | 21,790 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance | 24,655 | 25,440 | 24,587 | ||||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | (4,273) | 1,905 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 20,382 | 27,345 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Cash Flow Change | 191 | (45) | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | 212 | (24) | |||||
Liability for Future Policy Benefit, Expected Future Benefit, Original Discount Rate, before Reinsurance, after Cash Flow Change | 25,843 | 24,518 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Issuance | [6] | 635 | 761 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense | [7] | 958 | 992 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Benefit Payment | [10] | (1,051) | (1,025) | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Derecognition | [9] | 0 | 0 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Increase (Decrease) for Other Change | (1,730) | 194 | |||||
Future policy benefits | 3,951 | 5,555 | 6,364 | ||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | (265) | (367) | (386) | ||||
Liability for Future Policy Benefit, after Reinsurance | 3,686 | 5,188 | 5,978 | ||||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance | 21,330 | 21,989 | 21,299 | ||||
Accounting Standards Update 2018-12 | Life Insurance Product Line [Member] | EMEA [Member] | Other Segments | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | (2,639) | 1,280 | |||||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Cash Flow Change | 123 | 48 | |||||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | 835 | 379 | |||||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Reinsurance, after Cash Flow Change | 15,398 | 14,426 | |||||
Liability for Future Policy Benefit, Expected Net Premium, Issuance | [6] | 1,083 | 2,417 | ||||
Liability for Future Policy Benefit, Expected Net Premium, Interest Income | [7] | 500 | 553 | ||||
Liability for Future Policy Benefit, Expected Net Premium, Net Premium Collected | [8] | (1,324) | (1,488) | ||||
Liability for Future Policy Benefit, Expected Net Premium, Derecognition | [9] | 0 | (1,167) | ||||
Liability for Future Policy Benefit, Expected Net Premium, Increase (Decrease) for Other Change | (1,413) | (301) | |||||
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change | 11,605 | 15,720 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance | 15,454 | 15,664 | 15,281 | ||||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | (2,808) | 1,445 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 12,646 | 17,109 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Cash Flow Change | 136 | 42 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | 813 | 422 | |||||
Liability for Future Policy Benefit, Expected Future Benefit, Original Discount Rate, before Reinsurance, after Cash Flow Change | 16,613 | 15,745 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Issuance | [6] | 1,083 | 2,436 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense | [7] | 530 | 598 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Benefit Payment | [10] | (1,260) | (1,609) | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Derecognition | [9] | 0 | (1,176) | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Increase (Decrease) for Other Change | (1,512) | (330) | |||||
Future policy benefits | 1,041 | 1,389 | 2,670 | ||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | (31) | (34) | (85) | ||||
Liability for Future Policy Benefit, after Reinsurance | 1,010 | 1,355 | 2,585 | ||||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance | 14,244 | 14,440 | 13,999 | ||||
Accounting Standards Update 2018-12 | Life Insurance Product Line [Member] | Asia Pacific [Member] | Other Segments | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | (10,927) | (5,458) | |||||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Cash Flow Change | 1,604 | 600 | |||||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | 197 | 402 | |||||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Reinsurance, after Cash Flow Change | 39,744 | 35,135 | |||||
Liability for Future Policy Benefit, Expected Net Premium, Issuance | [6] | 3,663 | 4,575 | ||||
Liability for Future Policy Benefit, Expected Net Premium, Interest Income | [7] | 1,032 | 970 | ||||
Liability for Future Policy Benefit, Expected Net Premium, Net Premium Collected | [8] | (1,989) | (2,038) | ||||
Liability for Future Policy Benefit, Expected Net Premium, Derecognition | [9] | 0 | 0 | ||||
Liability for Future Policy Benefit, Expected Net Premium, Increase (Decrease) for Other Change | (1,944) | (699) | |||||
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change | 29,579 | 32,485 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance | 44,785 | 41,971 | 37,765 | ||||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | (12,858) | (6,475) | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 31,927 | 35,496 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Cash Flow Change | 1,681 | 699 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | 234 | 559 | |||||
Liability for Future Policy Benefit, Expected Future Benefit, Original Discount Rate, before Reinsurance, after Cash Flow Change | 43,886 | 39,023 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Issuance | [6] | 3,667 | 4,585 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense | [7] | 1,171 | 1,107 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Benefit Payment | [10] | (1,832) | (1,971) | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Derecognition | [9] | 0 | 0 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Increase (Decrease) for Other Change | (2,107) | (773) | |||||
Future policy benefits | 2,348 | 3,011 | 4,419 | ||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | (100) | (116) | (212) | ||||
Liability for Future Policy Benefit, after Reinsurance | 2,248 | 2,895 | 4,207 | ||||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance | 40,506 | 37,943 | 34,133 | ||||
Accounting Standards Update 2018-12 | Insurance, Other | Americas [Member] | Other Segments | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | (284) | 28 | |||||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Cash Flow Change | (31) | (33) | |||||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | (22) | (29) | |||||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Reinsurance, after Cash Flow Change | 175 | 252 | |||||
Liability for Future Policy Benefit, Expected Net Premium, Issuance | [6] | 1,580 | 0 | ||||
Liability for Future Policy Benefit, Expected Net Premium, Interest Income | [7] | 41 | 3 | ||||
Liability for Future Policy Benefit, Expected Net Premium, Net Premium Collected | [8] | (125) | (27) | ||||
Liability for Future Policy Benefit, Expected Net Premium, Derecognition | [9] | 0 | 0 | ||||
Liability for Future Policy Benefit, Expected Net Premium, Increase (Decrease) for Other Change | 0 | 0 | |||||
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change | 1,387 | 256 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance | 5,823 | 4,628 | 4,951 | ||||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | (617) | 575 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 5,206 | 5,203 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Cash Flow Change | (34) | (33) | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | (46) | (37) | |||||
Liability for Future Policy Benefit, Expected Future Benefit, Original Discount Rate, before Reinsurance, after Cash Flow Change | 4,548 | 4,881 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Issuance | [6] | 1,580 | 0 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense | [7] | 220 | 193 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Benefit Payment | [10] | (525) | (446) | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Derecognition | [9] | 0 | 0 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Increase (Decrease) for Other Change | 0 | 0 | |||||
Future policy benefits | 3,819 | 4,947 | 5,883 | ||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 0 | 0 | 0 | ||||
Liability for Future Policy Benefit, after Reinsurance | 3,819 | 4,947 | 5,883 | ||||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance | 1,671 | 228 | 314 | ||||
Accounting Standards Update 2018-12 | Insurance, Other | CANADA | Other Segments | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | (433) | 97 | |||||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Cash Flow Change | 0 | (30) | |||||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | (12) | 17 | |||||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Reinsurance, after Cash Flow Change | 3,317 | 3,543 | |||||
Liability for Future Policy Benefit, Expected Net Premium, Issuance | [6] | 574 | 0 | ||||
Liability for Future Policy Benefit, Expected Net Premium, Interest Income | [7] | 112 | 109 | ||||
Liability for Future Policy Benefit, Expected Net Premium, Net Premium Collected | [8] | (354) | (349) | ||||
Liability for Future Policy Benefit, Expected Net Premium, Derecognition | [9] | 0 | 0 | ||||
Liability for Future Policy Benefit, Expected Net Premium, Increase (Decrease) for Other Change | (255) | 26 | |||||
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change | 2,961 | 3,426 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance | 3,447 | 3,393 | 3,592 | ||||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | (432) | 114 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 3,015 | 3,507 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 6 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | (24) | 6 | |||||
Liability for Future Policy Benefit, Expected Future Benefit, Original Discount Rate, before Reinsurance, after Cash Flow Change | 3,369 | 3,604 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Issuance | [6] | 574 | 0 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense | [7] | 115 | 112 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Benefit Payment | [10] | (351) | (350) | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Derecognition | [9] | 0 | 0 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Increase (Decrease) for Other Change | (260) | 27 | |||||
Future policy benefits | 54 | 81 | 49 | ||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 0 | 0 | 0 | ||||
Liability for Future Policy Benefit, after Reinsurance | 54 | 81 | 49 | ||||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance | 3,394 | 3,329 | 3,556 | ||||
Accounting Standards Update 2018-12 | Insurance, Other | EMEA [Member] | Other Segments | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | (8,805) | 668 | |||||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Cash Flow Change | (126) | (76) | |||||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | 573 | 997 | |||||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Reinsurance, after Cash Flow Change | 32,420 | 28,720 | |||||
Liability for Future Policy Benefit, Expected Net Premium, Issuance | [6] | 12,594 | 8,357 | ||||
Liability for Future Policy Benefit, Expected Net Premium, Interest Income | [7] | 698 | 714 | ||||
Liability for Future Policy Benefit, Expected Net Premium, Net Premium Collected | [8] | (3,169) | (3,590) | ||||
Liability for Future Policy Benefit, Expected Net Premium, Derecognition | [9] | 0 | (1,669) | ||||
Liability for Future Policy Benefit, Expected Net Premium, Increase (Decrease) for Other Change | (3,761) | (559) | |||||
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change | 29,977 | 32,641 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance | 44,330 | 38,196 | 33,410 | ||||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | (9,719) | 1,174 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 34,611 | 39,370 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Cash Flow Change | (140) | (76) | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | 566 | 1,000 | |||||
Liability for Future Policy Benefit, Expected Future Benefit, Original Discount Rate, before Reinsurance, after Cash Flow Change | 38,622 | 34,334 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Issuance | [6] | 12,594 | 8,357 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense | [7] | 856 | 890 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Benefit Payment | [10] | (3,355) | (3,064) | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Derecognition | [9] | 0 | (1,682) | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Increase (Decrease) for Other Change | (4,387) | (639) | |||||
Future policy benefits | 4,634 | 6,729 | 6,991 | ||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 0 | 0 | 0 | ||||
Liability for Future Policy Benefit, after Reinsurance | 4,634 | 6,729 | 6,991 | ||||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance | 38,782 | 31,973 | 27,799 | ||||
Accounting Standards Update 2018-12 | Insurance, Other | Asia Pacific [Member] | Other Segments | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | 25 | 247 | |||||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Cash Flow Change | 3 | 0 | |||||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | 29 | 777 | |||||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Reinsurance, after Cash Flow Change | 1,083 | 1,558 | |||||
Liability for Future Policy Benefit, Expected Net Premium, Issuance | [6] | 1,465 | 3,156 | ||||
Liability for Future Policy Benefit, Expected Net Premium, Interest Income | [7] | 24 | 28 | ||||
Liability for Future Policy Benefit, Expected Net Premium, Net Premium Collected | [8] | (764) | (3,621) | ||||
Liability for Future Policy Benefit, Expected Net Premium, Derecognition | [9] | 0 | 0 | ||||
Liability for Future Policy Benefit, Expected Net Premium, Increase (Decrease) for Other Change | (203) | (70) | |||||
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change | 1,630 | 1,298 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance | 6,561 | 6,062 | 2,653 | ||||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | (435) | 250 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 6,126 | 6,312 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Cash Flow Change | 3 | 0 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | 36 | 777 | |||||
Liability for Future Policy Benefit, Expected Future Benefit, Original Discount Rate, before Reinsurance, after Cash Flow Change | 6,101 | 3,430 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Issuance | [6] | 1,465 | 3,156 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense | [7] | 70 | 63 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Benefit Payment | [10] | (227) | (162) | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Derecognition | [9] | 0 | 0 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Increase (Decrease) for Other Change | (848) | (425) | |||||
Future policy benefits | 4,496 | 5,014 | 1,887 | ||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 0 | 0 | 0 | ||||
Liability for Future Policy Benefit, after Reinsurance | 4,496 | 5,014 | 1,887 | ||||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance | 1,605 | 1,051 | 781 | ||||
Accounting Standards Update 2018-12 | Previously Reported | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Future policy benefits | $ 35,220 | $ 35,782 | |||||
Accounting Standards Update 2018-12 | Previously Reported | Life Insurance Product Line [Member] | Americas [Member] | Other Segments | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Future policy benefits | 10,444 | ||||||
Accounting Standards Update 2018-12 | Previously Reported | Life Insurance Product Line [Member] | CANADA | Other Segments | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Future policy benefits | 3,477 | ||||||
Accounting Standards Update 2018-12 | Previously Reported | Life Insurance Product Line [Member] | EMEA [Member] | Other Segments | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Future policy benefits | 1,379 | ||||||
Accounting Standards Update 2018-12 | Previously Reported | Life Insurance Product Line [Member] | Asia Pacific [Member] | Other Segments | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Future policy benefits | 3,568 | ||||||
Accounting Standards Update 2018-12 | Previously Reported | Insurance, Other | Americas [Member] | Other Segments | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | 285 | ||||||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | 4,951 | ||||||
Future policy benefits | 5,037 | ||||||
Accounting Standards Update 2018-12 | Previously Reported | Insurance, Other | CANADA | Other Segments | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | 3,568 | ||||||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | 3,584 | ||||||
Future policy benefits | 16 | ||||||
Accounting Standards Update 2018-12 | Previously Reported | Insurance, Other | EMEA [Member] | Other Segments | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | 28,055 | ||||||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | 33,410 | ||||||
Future policy benefits | 5,657 | ||||||
Accounting Standards Update 2018-12 | Previously Reported | Insurance, Other | Asia Pacific [Member] | Other Segments | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | 781 | ||||||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | 2,645 | ||||||
Future policy benefits | $ 1,874 | ||||||
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Adjustment | Life Insurance Product Line [Member] | Americas [Member] | Other Segments | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | 20,758 | ||||||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | 26,196 | ||||||
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Adjustment | Life Insurance Product Line [Member] | CANADA | Other Segments | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | 1,785 | ||||||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | 4,469 | ||||||
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Adjustment | Life Insurance Product Line [Member] | EMEA [Member] | Other Segments | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | 2,599 | ||||||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | 2,989 | ||||||
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Adjustment | Life Insurance Product Line [Member] | Asia Pacific [Member] | Other Segments | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | (3,385) | ||||||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | (3,694) | ||||||
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Adjustment | Insurance, Other | Americas [Member] | Other Segments | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | 102 | ||||||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | 931 | ||||||
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Adjustment | Insurance, Other | CANADA | Other Segments | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | 343 | ||||||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | 372 | ||||||
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Adjustment | Insurance, Other | EMEA [Member] | Other Segments | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | 3,634 | ||||||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | 4,901 | ||||||
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Adjustment | Insurance, Other | Asia Pacific [Member] | Other Segments | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | 114 | ||||||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | 125 | ||||||
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Adjusted Balance | Life Insurance Product Line [Member] | Americas [Member] | Other Segments | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | 91,077 | ||||||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | 106,471 | ||||||
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Adjusted Balance | Life Insurance Product Line [Member] | CANADA | Other Segments | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | 23,117 | ||||||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | 29,056 | ||||||
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Adjusted Balance | Life Insurance Product Line [Member] | EMEA [Member] | Other Segments | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | 16,632 | ||||||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | 18,235 | ||||||
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Adjusted Balance | Life Insurance Product Line [Member] | Asia Pacific [Member] | Other Segments | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | 30,782 | ||||||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | 33,641 | ||||||
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Adjusted Balance | Insurance, Other | Americas [Member] | Other Segments | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | 387 | ||||||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | 5,882 | ||||||
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Adjusted Balance | Insurance, Other | CANADA | Other Segments | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | 3,911 | ||||||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | 3,956 | ||||||
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Adjusted Balance | Insurance, Other | EMEA [Member] | Other Segments | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | 31,689 | ||||||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | 38,311 | ||||||
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Adjusted Balance | Insurance, Other | Asia Pacific [Member] | Other Segments | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | 895 | ||||||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | 2,770 | ||||||
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Original Balance | Life Insurance Product Line [Member] | Americas [Member] | Other Segments | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | 70,319 | ||||||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | 80,275 | ||||||
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Original Balance | Life Insurance Product Line [Member] | CANADA | Other Segments | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | 21,332 | ||||||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | 24,587 | ||||||
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Original Balance | Life Insurance Product Line [Member] | EMEA [Member] | Other Segments | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | 14,033 | ||||||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | 15,246 | ||||||
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Original Balance | Life Insurance Product Line [Member] | Asia Pacific [Member] | Other Segments | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | 34,167 | ||||||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | $ 37,335 | ||||||
[1]Issuances: The present value, using the original discount rate, of the expected net premiums or the expected future policy benefits related to new reinsurance contracts that became effective during the current period and new policies assumed on existing contracts.[2]Interest accrual: The interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the original interest rate.[3]Net premiums collected: The portion of gross premiums collected from the ceding company that is used to fund expected benefit payments.[4]Derecognition: Includes the effects of treaty recaptures and treaty amendments that resulted in the termination of an existing treaty and the issuance of a new treaty under the internal replacement model.[5]Benefit payments: The release of the present value, using the original discount rate, of the expected future policy benefits due to death, lapse/withdrawal, and other benefit payments based on current assumptions.[6]Issuances: The present value, using the original discount rate, of the expected net premiums or the expected future policy benefits related to new reinsurance contracts that became effective during the current period and new policies assumed on existing contracts.[7]Interest accrual: The interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the original interest rate.[8]Net premiums collected: The portion of gross premiums collected from the ceding company that is used to fund expected benefit payments.[9]Derecognition: Includes the effects of treaty recaptures and treaty amendments that resulted in the termination of an existing treaty and the issuance of a new treaty under the internal replacement model.[10]Benefit payments: The release of the present value, using the original discount rate, of the expected future policy benefits due to death, lapse/withdrawal, and other benefit payments based on current assumptions. |
Accounting Changes and Error_12
Accounting Changes and Error Corrections (DAC) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred policy acquisition costs | $ 4,257 | $ 3,906 | $ 4,128 | |||
Life Insurance Product Line [Member] | Americas [Member] | Other Segments | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred policy acquisition costs | 2,109 | 1,981 | 2,087 | $ 1,947 | ||
Deferred Policy Acquisition Cost, Capitalization | 57 | 70 | ||||
Deferred Policy Acquisition Costs, Amortization Expense | (35) | (36) | ||||
Deferred Policy Acquisition Costs, Foreign Currency Translation Gain (Loss) | 0 | 0 | ||||
Life Insurance Product Line [Member] | CANADA | Other Segments | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred policy acquisition costs | 171 | 192 | 171 | 191 | ||
Deferred Policy Acquisition Cost, Capitalization | 3 | 2 | ||||
Deferred Policy Acquisition Costs, Amortization Expense | (3) | (3) | ||||
Deferred Policy Acquisition Costs, Foreign Currency Translation Gain (Loss) | 0 | 2 | ||||
Life Insurance Product Line [Member] | EMEA [Member] | Other Segments | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred policy acquisition costs | 309 | 278 | 294 | 270 | ||
Deferred Policy Acquisition Cost, Capitalization | 25 | 15 | ||||
Deferred Policy Acquisition Costs, Amortization Expense | (10) | (11) | ||||
Deferred Policy Acquisition Costs, Foreign Currency Translation Gain (Loss) | 0 | 4 | ||||
Life Insurance Product Line [Member] | Asia Pacific [Member] | Other Segments | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred policy acquisition costs | 1,044 | 1,061 | 1,043 | 1,056 | ||
Deferred Policy Acquisition Cost, Capitalization | 19 | 34 | ||||
Deferred Policy Acquisition Costs, Amortization Expense | (15) | (23) | ||||
Deferred Policy Acquisition Costs, Foreign Currency Translation Gain (Loss) | (3) | (6) | ||||
Insurance, Other | Americas [Member] | Other Segments | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred policy acquisition costs | 330 | 298 | 341 | 312 | ||
Deferred Policy Acquisition Cost, Capitalization | 0 | 6 | ||||
Deferred Policy Acquisition Costs, Amortization Expense | (11) | (20) | ||||
Deferred Policy Acquisition Costs, Foreign Currency Translation Gain (Loss) | 0 | 0 | ||||
Insurance, Other | CANADA | Other Segments | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred policy acquisition costs | 0 | 0 | 0 | 0 | ||
Deferred Policy Acquisition Cost, Capitalization | 0 | 0 | ||||
Deferred Policy Acquisition Costs, Amortization Expense | 0 | 0 | ||||
Deferred Policy Acquisition Costs, Foreign Currency Translation Gain (Loss) | 0 | 0 | ||||
Insurance, Other | EMEA [Member] | Other Segments | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred policy acquisition costs | 0 | 0 | 0 | 0 | ||
Deferred Policy Acquisition Cost, Capitalization | 0 | 0 | ||||
Deferred Policy Acquisition Costs, Amortization Expense | 0 | 0 | ||||
Deferred Policy Acquisition Costs, Foreign Currency Translation Gain (Loss) | 0 | 0 | ||||
Insurance, Other | Asia Pacific [Member] | Other Segments | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred policy acquisition costs | 289 | 91 | 188 | 81 | ||
Deferred Policy Acquisition Cost, Capitalization | 108 | 13 | ||||
Deferred Policy Acquisition Costs, Amortization Expense | (6) | (3) | ||||
Deferred Policy Acquisition Costs, Foreign Currency Translation Gain (Loss) | $ (1) | $ 0 | ||||
Accounting Standards Update 2018-12 | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred policy acquisition costs | 4,128 | 3,860 | ||||
Accounting Standards Update 2018-12 | Life Insurance Product Line [Member] | Americas [Member] | Other Segments | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred policy acquisition costs | 2,087 | 1,947 | ||||
Deferred Policy Acquisition Cost, Capitalization | 284 | 254 | ||||
Deferred Policy Acquisition Costs, Amortization Expense | (144) | (123) | ||||
Deferred Policy Acquisition Costs, Foreign Currency Translation Gain (Loss) | 0 | 0 | ||||
Accounting Standards Update 2018-12 | Life Insurance Product Line [Member] | CANADA | Other Segments | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred policy acquisition costs | 171 | 191 | ||||
Deferred Policy Acquisition Cost, Capitalization | 10 | 8 | ||||
Deferred Policy Acquisition Costs, Amortization Expense | (17) | (13) | ||||
Deferred Policy Acquisition Costs, Foreign Currency Translation Gain (Loss) | (13) | 1 | ||||
Accounting Standards Update 2018-12 | Life Insurance Product Line [Member] | EMEA [Member] | Other Segments | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred policy acquisition costs | 294 | 270 | ||||
Deferred Policy Acquisition Cost, Capitalization | 83 | 42 | ||||
Deferred Policy Acquisition Costs, Amortization Expense | (38) | (24) | ||||
Deferred Policy Acquisition Costs, Foreign Currency Translation Gain (Loss) | (21) | (12) | ||||
Accounting Standards Update 2018-12 | Life Insurance Product Line [Member] | Asia Pacific [Member] | Other Segments | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred policy acquisition costs | 1,043 | 1,056 | ||||
Deferred Policy Acquisition Cost, Capitalization | 86 | 83 | ||||
Deferred Policy Acquisition Costs, Amortization Expense | (67) | (55) | ||||
Deferred Policy Acquisition Costs, Foreign Currency Translation Gain (Loss) | (32) | (18) | ||||
Accounting Standards Update 2018-12 | Insurance, Other | Americas [Member] | Other Segments | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred policy acquisition costs | 341 | 312 | $ 368 | |||
Deferred Policy Acquisition Cost, Capitalization | 87 | 8 | ||||
Deferred Policy Acquisition Costs, Amortization Expense | (58) | (64) | ||||
Deferred Policy Acquisition Costs, Foreign Currency Translation Gain (Loss) | 0 | 0 | ||||
Accounting Standards Update 2018-12 | Insurance, Other | CANADA | Other Segments | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred policy acquisition costs | 0 | 0 | 0 | |||
Deferred Policy Acquisition Cost, Capitalization | 0 | 0 | ||||
Deferred Policy Acquisition Costs, Amortization Expense | 0 | 0 | ||||
Deferred Policy Acquisition Costs, Foreign Currency Translation Gain (Loss) | 0 | 0 | ||||
Accounting Standards Update 2018-12 | Insurance, Other | EMEA [Member] | Other Segments | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred policy acquisition costs | 0 | 0 | 0 | |||
Deferred Policy Acquisition Cost, Capitalization | 0 | 0 | ||||
Deferred Policy Acquisition Costs, Amortization Expense | 0 | 0 | ||||
Deferred Policy Acquisition Costs, Foreign Currency Translation Gain (Loss) | 0 | 0 | ||||
Accounting Standards Update 2018-12 | Insurance, Other | Asia Pacific [Member] | Other Segments | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred policy acquisition costs | 188 | 81 | $ 41 | |||
Deferred Policy Acquisition Cost, Capitalization | 121 | 49 | ||||
Deferred Policy Acquisition Costs, Amortization Expense | (13) | (8) | ||||
Deferred Policy Acquisition Costs, Foreign Currency Translation Gain (Loss) | $ (1) | $ (1) | ||||
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Adjustment | Life Insurance Product Line [Member] | Americas [Member] | Other Segments | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred policy acquisition costs | $ 0 | |||||
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Adjustment | Life Insurance Product Line [Member] | CANADA | Other Segments | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred policy acquisition costs | 0 | |||||
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Adjustment | Life Insurance Product Line [Member] | EMEA [Member] | Other Segments | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred policy acquisition costs | 0 | |||||
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Adjustment | Life Insurance Product Line [Member] | Asia Pacific [Member] | Other Segments | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred policy acquisition costs | 0 | |||||
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Adjustment | Insurance, Other | Americas [Member] | Other Segments | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred policy acquisition costs | 114 | |||||
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Adjustment | Insurance, Other | CANADA | Other Segments | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred policy acquisition costs | 0 | |||||
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Adjustment | Insurance, Other | EMEA [Member] | Other Segments | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred policy acquisition costs | 0 | |||||
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Adjustment | Insurance, Other | Asia Pacific [Member] | Other Segments | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred policy acquisition costs | 0 | |||||
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Adjusted Balance | Life Insurance Product Line [Member] | Americas [Member] | Other Segments | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred policy acquisition costs | 1,816 | |||||
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Adjusted Balance | Life Insurance Product Line [Member] | CANADA | Other Segments | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred policy acquisition costs | 195 | |||||
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Adjusted Balance | Life Insurance Product Line [Member] | EMEA [Member] | Other Segments | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred policy acquisition costs | 264 | |||||
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Adjusted Balance | Life Insurance Product Line [Member] | Asia Pacific [Member] | Other Segments | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred policy acquisition costs | 1,046 | |||||
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Adjusted Balance | Insurance, Other | Americas [Member] | Other Segments | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred policy acquisition costs | 368 | |||||
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Adjusted Balance | Insurance, Other | CANADA | Other Segments | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred policy acquisition costs | 0 | |||||
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Adjusted Balance | Insurance, Other | EMEA [Member] | Other Segments | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred policy acquisition costs | 0 | |||||
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Adjusted Balance | Insurance, Other | Asia Pacific [Member] | Other Segments | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred policy acquisition costs | 41 | |||||
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Original Balance | Life Insurance Product Line [Member] | Americas [Member] | Other Segments | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred policy acquisition costs | 1,816 | |||||
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Original Balance | Life Insurance Product Line [Member] | CANADA | Other Segments | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred policy acquisition costs | 195 | |||||
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Original Balance | Life Insurance Product Line [Member] | EMEA [Member] | Other Segments | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred policy acquisition costs | 264 | |||||
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Original Balance | Life Insurance Product Line [Member] | Asia Pacific [Member] | Other Segments | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred policy acquisition costs | 1,046 | |||||
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Original Balance | Insurance, Other | Americas [Member] | Other Segments | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred policy acquisition costs | 254 | |||||
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Original Balance | Insurance, Other | CANADA | Other Segments | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred policy acquisition costs | 0 | |||||
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Original Balance | Insurance, Other | EMEA [Member] | Other Segments | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred policy acquisition costs | 0 | |||||
Accounting Standards Update 2018-12 | Cumulative Effect, Period of Adoption, Original Balance | Insurance, Other | Asia Pacific [Member] | Other Segments | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred policy acquisition costs | $ 41 |
Accounting Changes and Error_13
Accounting Changes and Error Corrections (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Future policy benefits | $ 38,222 | $ 35,689 | $ 42,406 | |||
Life Insurance Product Line [Member] | Americas [Member] | Other Segments | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Future policy benefits | 9,845 | 11,765 | ||||
Insurance, Other | Americas [Member] | Other Segments | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Future policy benefits | $ 3,994 | $ 4,465 | ||||
Accounting Standards Update 2018-12 | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Future policy benefits | 35,689 | $ 47,449 | ||||
Accounting Standards Update 2018-12 | Life Insurance Product Line [Member] | Americas [Member] | Other Segments | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Future policy benefits | 9,474 | 14,042 | $ 17,632 | |||
Accounting Standards Update 2018-12 | Insurance, Other | Americas [Member] | Other Segments | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Future policy benefits | 3,819 | 4,947 | 5,883 | |||
Revision of Prior Period, Accounting Standards Update, Adjustment | Accounting Standards Update 2018-12 | Retained Earnings [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Future policy benefits | (1,746) | |||||
Revision of Prior Period, Change in Accounting Principle, Adjustment | Accounting Standards Update 2018-12 | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Future policy benefits | $ 469 | $ 11,667 | ||||
Revision of Prior Period, Change in Accounting Principle, Adjustment | Accounting Standards Update 2018-12 | Retained Earnings [Member] | Life Insurance Product Line [Member] | Other Segments | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Future policy benefits | 1,462 | |||||
Revision of Prior Period, Change in Accounting Principle, Adjustment | Accounting Standards Update 2018-12 | Retained Earnings [Member] | Life Insurance Product Line [Member] | Americas [Member] | Other Segments | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Future policy benefits | [1] | 896 | ||||
Revision of Prior Period, Change in Accounting Principle, Adjustment | Accounting Standards Update 2018-12 | Retained Earnings [Member] | Insurance, Other | Other Segments | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Future policy benefits | 284 | |||||
Revision of Prior Period, Change in Accounting Principle, Adjustment | Accounting Standards Update 2018-12 | Retained Earnings [Member] | Insurance, Other | Americas [Member] | Other Segments | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Future policy benefits | [2] | $ 0 | ||||
[1]Includes adjustments for capping the net premium ratio at 100% and eliminating negative reserves on certain issue year cohorts.[2]Includes adjustments for capping the net premium ratio at 100% and eliminating negative reserves on certain issue year cohorts. |
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 | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net Income (Loss) Available to Common Stockholders, Basic [Abstract] | ||||
Net income | $ 252 | $ 197 | $ 517 | $ 1,170 |
Shares: | ||||
Weighted average outstanding shares | 67 | 67 | ||
Equivalent shares from outstanding stock awards | 1 | 1 | ||
Denominator for diluted calculation | 68 | 68 | ||
Diluted earnings per share | $ 3.72 | $ 2.91 | ||
Basic earnings per share | $ 3.77 | $ 2.93 | ||
Net Income (Loss) Attributable to Noncontrolling Interest | $ 1 | $ 0 | 4 | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 253 | $ 197 | $ 521 |
Equity (Common Stock Changes In
Equity (Common Stock Changes In Number of Shares Issued, Held In Treasury and Outstanding) (Details) - shares | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Class of Stock [Line Items] | |||
Common Stock, Shares, Issued | 85,310,598,000,000 | ||
Common Stock, Shares, Issued | 85,310,598,000,000 | ||
Common Stock Issuable [Member] | |||
Class of Stock [Line Items] | |||
Common Stock, Shares, Issued | 85,310,598 | 85,310,598 | |
Treasury Stock, Shares, Acquired | 0 | 0 | |
Stock Based Compensation Shares | [1] | 0 | 0 |
Common Stock, Shares, Issued | 85,310,598 | 85,310,598 | |
Common Stock Held In Treasury [Member] | |||
Class of Stock [Line Items] | |||
Common Stock, Shares, Issued | 18,634,390 | 18,139,868 | |
Treasury Stock, Shares, Acquired | (371,343) | (219,116) | |
Stock Based Compensation Shares | [1] | (235,601) | (36,639) |
Common Stock, Shares, Issued | 18,770,132 | 18,322,345 | |
Common Stock Outstanding [Member] | |||
Class of Stock [Line Items] | |||
Common Stock, Shares, Issued | 66,676,208 | 67,170,730 | |
Treasury Stock, Shares, Acquired | (371,343) | (219,116) | |
Stock Based Compensation Shares | [1] | (235,601) | (36,639) |
Common Stock, Shares, Issued | 66,540,466 | 66,988,253 | |
[1]Represents net shares issued from treasury pursuant to the Company’s equity-based compensation programs. |
Equity (Balance of and Changes
Equity (Balance of and Changes in Each Component of AOCI) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Balance, Beginning of Period | $ (1,871) | $ (500) | |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 424 | (490) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 89 | 37 | |
Other Comprehensive Income (Loss), Tax | 103 | (95) | |
Balance, End of Period | (1,461) | (858) | |
Accumulated Translation Adjustment [Member] | |||
Balance, Beginning of Period | (116) | (13) | |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 28 | 27 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | ||
Other Comprehensive Income (Loss), Tax | (6) | (6) | |
Balance, End of Period | (94) | 8 | |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||
Balance, Beginning of Period | [1] | (5,496) | 3,779 |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | [1] | 1,316 | (4,886) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [1] | 88 | 36 |
Other Comprehensive Income (Loss), Tax | [1] | 301 | (1,061) |
Balance, End of Period | [1] | (4,393) | (10) |
Accumulated Defined Benefit Plans Adjustment [Member] | |||
Balance, Beginning of Period | (27) | (50) | |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 5 | (1) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 1 | 1 | |
Other Comprehensive Income (Loss), Tax | (1) | 0 | |
Balance, End of Period | (22) | (50) | |
AOCI, Market Risk Benefit, Instrument-Specific Credit Risk, Parent | |||
Balance, Beginning of Period | 13 | (7) | |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 2 | (5) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | |
Other Comprehensive Income (Loss), Tax | (1) | 1 | |
Balance, End of Period | 14 | (11) | |
AOCI, Liability for Future Policy Benefit, Parent | |||
Balance, Beginning of Period | 3,755 | (4,209) | |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (927) | 4,375 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | |
Other Comprehensive Income (Loss), Tax | (206) | 961 | |
Balance, End of Period | $ 3,034 | $ (795) | |
[1]Includes cash flow hedges of $(198) and $(205) as of March 31, 2023 and December 31, 2022, respectively, and $(81) and $(22) as of March 31, 2022 and December 31, 2021, respectively. See Note 12 – “Derivative Instruments” for additional information on cash flow hedges. |
Equity (Balance of and Change_2
Equity (Balance of and Changes in Each Component of AOCI) (Footnote) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (198) | $ (81) | $ (205) | $ (22) |
Equity (Schedule of Reclassific
Equity (Schedule of Reclassifications out of AOCI) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||
Income Tax Expense (Benefit) | $ (98) | $ (70) | |||
Net income | 252 | 197 | $ 517 | $ 1,170 | |
Unrealized Appreciation Depreciation Of Investments [Member] | |||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||
Investment related gains (losses), net | (87) | (35) | |||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (88) | (36) | |||
Income Tax Expense (Benefit) | 18 | 7 | |||
Net income | (70) | (29) | |||
Amortization Of Unrealized Pension And Postretirement Benefits [Member] | |||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||
Prior service cost | [1] | 0 | 0 | ||
Actuarial gains/(losses) | [1] | (1) | (1) | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (1) | (1) | |||
Income Tax Expense (Benefit) | 0 | 0 | |||
Net income | (1) | (1) | |||
Amounts Reclassified From AOCI [Member] | |||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||
Net income | (71) | (30) | |||
Currency Swap [Member] | Unrealized Appreciation Depreciation Of Investments [Member] | Unrealized Gains Losses On Available For Sale Securities [Member] | |||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | [2] | (3) | (1) | ||
Interest Rate Options [Member] | Unrealized Appreciation Depreciation Of Investments [Member] | Unrealized Gains Losses On Available For Sale Securities [Member] | |||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | [2] | $ 2 | $ 0 | ||
[1]This AOCI component is included in the computation of the net periodic pension cost. See Note 15 – “Employee Benefit Plans” for additional details.[2]See Note 12 – “Derivative Instruments” for additional information on cash flow hedges. |
Equity (Narrative) (Details)
Equity (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Stockholders' Equity Attributable to Noncontrolling Interest | $ 90 | $ 90 | $ 90 | $ 0 |
Net Income (Loss) Attributable to Noncontrolling Interest | 1 | $ 0 | $ 4 | |
Share Repurchase Program [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Stock Repurchase Program, Authorized Amount | $ 400 | |||
Common Stock Held In Treasury [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Treasury Stock, Shares, Acquired | 371,343 | 219,116 |
Equity Based Compensation (Narr
Equity Based Compensation (Narrative) (Details) $ / shares in Units, $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Equity compensation expense | $ | $ 4 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 129,146 |
Stock appreciation rights granted, weighted average exercise price (per share) | $ / shares | $ 138.34 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 1,737,943 |
Options exercisable, weighted average price (per share) | $ / shares | $ 113.12 |
Options, remaining term | 4 years 6 months |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ | $ 31 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 2 months 12 days |
Performance Shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 185,311 |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 105,122 |
Future Policy Benefits (Details
Future Policy Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Future policy benefits | $ 38,222 | $ 42,406 | $ 35,689 | ||
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense | 5,417 | 5,659 | |||
Future Policy Benefits Unearned Revenue Liability | 532 | 567 | |||
Additional Liability, Long-Duration Insurance, before Reinsurance, after Discount Rate Change | 181 | 177 | |||
Life Insurance Product Line [Member] | Americas [Member] | Other Segments | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | (4,074) | 6,120 | 74,207 | $ 73,447 | |
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 0 | |||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | (103) | (33) | |||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Reinsurance, after Cash Flow Change | 74,707 | 73,887 | 74,104 | 73,414 | |
Liability for Future Policy Benefit, Expected Net Premium, Issuance | [1] | 1,016 | 832 | ||
Liability for Future Policy Benefit, Expected Net Premium, Interest Income | [2] | 851 | 845 | ||
Liability for Future Policy Benefit, Expected Net Premium, Net Premium Collected | [3] | (1,229) | (1,207) | ||
Liability for Future Policy Benefit, Expected Net Premium, Derecognition | [4] | (35) | 0 | ||
Liability for Future Policy Benefit, Expected Net Premium, Increase (Decrease) for Other Change | 0 | 3 | |||
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change | 70,633 | 80,007 | |||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | (5,188) | 7,446 | 85,285 | 84,075 | |
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 0 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | (79) | 72 | |||
Liability for Future Policy Benefit, Expected Future Benefit, Original Discount Rate, before Reinsurance, after Cash Flow Change | 85,666 | 84,326 | 85,206 | 84,147 | |
Liability for Future Policy Benefit, Expected Future Policy Benefit, Issuance | [1] | 1,018 | 833 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense | [2] | 981 | 970 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Benefit Payment | [5] | (1,486) | (1,628) | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Derecognition | [4] | (54) | 0 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Increase (Decrease) for Other Change | 1 | 4 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 80,478 | 91,772 | |||
Future policy benefits | 9,845 | 11,765 | |||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | (417) | (572) | |||
Liability for Future Policy Benefit, after Reinsurance | $ 9,428 | $ 11,193 | |||
Liability for Future Policy Benefit, Weighted-Average Duration | 12 years | 13 years | |||
Liability for Future Policy Benefit, Weighted-Average Interest Accretion Rate | 4.70% | 4.70% | |||
Liability for Future Policy Benefit, Current Weighted-Average Discount Rate | 4.90% | 3.90% | |||
Life Insurance Product Line [Member] | CANADA | Other Segments | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | $ (4,376) | $ (2,933) | 21,330 | 21,989 | |
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 0 | |||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | 97 | 166 | |||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Reinsurance, after Cash Flow Change | 21,534 | 22,542 | 21,427 | 22,155 | |
Liability for Future Policy Benefit, Expected Net Premium, Issuance | [1] | 110 | 206 | ||
Liability for Future Policy Benefit, Expected Net Premium, Interest Income | [2] | 182 | 194 | ||
Liability for Future Policy Benefit, Expected Net Premium, Net Premium Collected | [3] | (231) | (248) | ||
Liability for Future Policy Benefit, Expected Net Premium, Derecognition | [4] | 0 | 0 | ||
Liability for Future Policy Benefit, Expected Net Premium, Increase (Decrease) for Other Change | 46 | 235 | |||
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change | 17,158 | 19,609 | |||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | (3,607) | (1,621) | 24,655 | 25,440 | |
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 0 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | 98 | 174 | |||
Liability for Future Policy Benefit, Expected Future Benefit, Original Discount Rate, before Reinsurance, after Cash Flow Change | 24,896 | 26,042 | 24,753 | 25,614 | |
Liability for Future Policy Benefit, Expected Future Policy Benefit, Issuance | [1] | 110 | 206 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense | [2] | 233 | 250 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Benefit Payment | [5] | (256) | (299) | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Derecognition | [4] | 0 | 0 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Increase (Decrease) for Other Change | 56 | 271 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 21,289 | 24,421 | |||
Future policy benefits | 4,131 | 4,812 | |||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | (277) | (322) | |||
Liability for Future Policy Benefit, after Reinsurance | $ 3,854 | $ 4,490 | |||
Liability for Future Policy Benefit, Weighted-Average Duration | 15 years | 16 years | |||
Liability for Future Policy Benefit, Weighted-Average Interest Accretion Rate | 3.60% | 3.70% | |||
Liability for Future Policy Benefit, Current Weighted-Average Discount Rate | 4.70% | 4.10% | |||
Life Insurance Product Line [Member] | EMEA [Member] | Other Segments | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | $ (2,515) | $ (234) | 14,244 | 14,440 | |
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 0 | |||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | (256) | 90 | |||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Reinsurance, after Cash Flow Change | 14,329 | 14,383 | 13,988 | 14,530 | |
Liability for Future Policy Benefit, Expected Net Premium, Issuance | [1] | 382 | 297 | ||
Liability for Future Policy Benefit, Expected Net Premium, Interest Income | [2] | 119 | 127 | ||
Liability for Future Policy Benefit, Expected Net Premium, Net Premium Collected | [3] | (344) | (337) | ||
Liability for Future Policy Benefit, Expected Net Premium, Derecognition | [4] | 0 | 0 | ||
Liability for Future Policy Benefit, Expected Net Premium, Increase (Decrease) for Other Change | 184 | (234) | |||
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change | 11,814 | 14,149 | |||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | (2,686) | (197) | 15,454 | 15,664 | |
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 0 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | (258) | 88 | |||
Liability for Future Policy Benefit, Expected Future Benefit, Original Discount Rate, before Reinsurance, after Cash Flow Change | 15,575 | 15,574 | 15,196 | 15,752 | |
Liability for Future Policy Benefit, Expected Future Policy Benefit, Issuance | [1] | 382 | 297 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense | [2] | 127 | 135 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Benefit Payment | [5] | (331) | (346) | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Derecognition | [4] | 0 | 0 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Increase (Decrease) for Other Change | 201 | (264) | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 12,889 | 15,377 | |||
Future policy benefits | 1,075 | 1,228 | |||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | (37) | (36) | |||
Liability for Future Policy Benefit, after Reinsurance | $ 1,038 | $ 1,192 | |||
Liability for Future Policy Benefit, Weighted-Average Duration | 8 years | 10 years | |||
Liability for Future Policy Benefit, Weighted-Average Interest Accretion Rate | 3.40% | 3.50% | |||
Liability for Future Policy Benefit, Current Weighted-Average Discount Rate | 5.40% | 3.70% | |||
Life Insurance Product Line [Member] | Asia Pacific [Member] | Other Segments | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | $ (11,029) | $ (7,976) | 40,506 | 37,943 | |
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Cash Flow Change | (8) | 0 | |||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | 128 | (1,504) | |||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Reinsurance, after Cash Flow Change | 40,898 | 37,844 | 40,626 | 36,439 | |
Liability for Future Policy Benefit, Expected Net Premium, Issuance | [1] | 619 | 2,217 | ||
Liability for Future Policy Benefit, Expected Net Premium, Interest Income | [2] | 256 | 239 | ||
Liability for Future Policy Benefit, Expected Net Premium, Net Premium Collected | [3] | (490) | (502) | ||
Liability for Future Policy Benefit, Expected Net Premium, Derecognition | [4] | 0 | 0 | ||
Liability for Future Policy Benefit, Expected Net Premium, Increase (Decrease) for Other Change | (113) | (549) | |||
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change | 29,869 | 29,868 | |||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | (12,914) | (9,362) | 44,785 | 41,971 | |
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Cash Flow Change | (8) | 0 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | 121 | (1,501) | |||
Liability for Future Policy Benefit, Expected Future Benefit, Original Discount Rate, before Reinsurance, after Cash Flow Change | 45,227 | 41,835 | 44,898 | 40,470 | |
Liability for Future Policy Benefit, Expected Future Policy Benefit, Issuance | [1] | 619 | 2,162 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense | [2] | 293 | 272 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Benefit Payment | [5] | (458) | (506) | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Derecognition | [4] | 0 | 0 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Increase (Decrease) for Other Change | (125) | (563) | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 32,313 | 32,473 | |||
Future policy benefits | 2,444 | 2,605 | |||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | (99) | (115) | |||
Liability for Future Policy Benefit, after Reinsurance | $ 2,345 | $ 2,490 | |||
Liability for Future Policy Benefit, Weighted-Average Duration | 16 years | 16 years | |||
Liability for Future Policy Benefit, Weighted-Average Interest Accretion Rate | 2.60% | 2.60% | |||
Liability for Future Policy Benefit, Current Weighted-Average Discount Rate | 4.30% | 3.90% | |||
Insurance, Other | Americas [Member] | Other Segments | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | $ (223) | $ (36) | 1,671 | 228 | |
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 0 | |||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | (7) | (3) | |||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Reinsurance, after Cash Flow Change | 1,637 | 219 | 1,664 | 225 | |
Liability for Future Policy Benefit, Expected Net Premium, Issuance | [1] | 146 | 0 | ||
Liability for Future Policy Benefit, Expected Net Premium, Interest Income | [2] | 13 | 1 | ||
Liability for Future Policy Benefit, Expected Net Premium, Net Premium Collected | [3] | (186) | (7) | ||
Liability for Future Policy Benefit, Expected Net Premium, Derecognition | [4] | 0 | 0 | ||
Liability for Future Policy Benefit, Expected Net Premium, Increase (Decrease) for Other Change | 0 | 0 | |||
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change | 1,414 | 183 | |||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | (460) | 107 | 5,823 | 4,628 | |
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 0 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | (11) | (23) | |||
Liability for Future Policy Benefit, Expected Future Benefit, Original Discount Rate, before Reinsurance, after Cash Flow Change | 5,868 | 4,541 | 5,812 | 4,605 | |
Liability for Future Policy Benefit, Expected Future Policy Benefit, Issuance | [1] | 154 | 0 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense | [2] | 56 | 47 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Benefit Payment | [5] | (138) | (111) | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Derecognition | [4] | 0 | 0 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Increase (Decrease) for Other Change | (16) | 0 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 5,408 | 4,648 | |||
Future policy benefits | 3,994 | 4,465 | |||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 0 | 0 | |||
Liability for Future Policy Benefit, after Reinsurance | $ 3,994 | $ 4,465 | |||
Liability for Future Policy Benefit, Weighted-Average Duration | 8 years | 10 years | |||
Liability for Future Policy Benefit, Weighted-Average Interest Accretion Rate | 3.50% | 3% | |||
Liability for Future Policy Benefit, Current Weighted-Average Discount Rate | 5% | 3.90% | |||
Insurance, Other | CANADA | Other Segments | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | $ (336) | $ (193) | 3,394 | 3,329 | |
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 0 | |||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | (2) | (7) | |||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Reinsurance, after Cash Flow Change | 3,344 | 3,882 | 3,392 | 3,322 | |
Liability for Future Policy Benefit, Expected Net Premium, Issuance | [1] | 0 | 581 | ||
Liability for Future Policy Benefit, Expected Net Premium, Interest Income | [2] | 27 | 26 | ||
Liability for Future Policy Benefit, Expected Net Premium, Net Premium Collected | [3] | (84) | (88) | ||
Liability for Future Policy Benefit, Expected Net Premium, Derecognition | [4] | 0 | 0 | ||
Liability for Future Policy Benefit, Expected Net Premium, Increase (Decrease) for Other Change | 9 | 41 | |||
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change | 3,008 | 3,689 | |||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | (332) | (184) | 3,447 | 3,393 | |
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 0 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | (6) | (12) | |||
Liability for Future Policy Benefit, Expected Future Benefit, Original Discount Rate, before Reinsurance, after Cash Flow Change | 3,394 | 3,944 | 3,441 | 3,381 | |
Liability for Future Policy Benefit, Expected Future Policy Benefit, Issuance | [1] | 0 | 581 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense | [2] | 28 | 27 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Benefit Payment | [5] | (83) | (87) | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Derecognition | [4] | 0 | 0 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Increase (Decrease) for Other Change | 8 | 42 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 3,062 | 3,760 | |||
Future policy benefits | 54 | 71 | |||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 0 | 0 | |||
Liability for Future Policy Benefit, after Reinsurance | $ 54 | $ 71 | |||
Liability for Future Policy Benefit, Weighted-Average Duration | 7 years | 8 years | |||
Liability for Future Policy Benefit, Weighted-Average Interest Accretion Rate | 3.30% | 2.90% | |||
Liability for Future Policy Benefit, Current Weighted-Average Discount Rate | 4.70% | 3.90% | |||
Insurance, Other | EMEA [Member] | Other Segments | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | $ (8,323) | $ (3,365) | 38,782 | 31,973 | |
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 0 | |||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | 42 | 111 | |||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Reinsurance, after Cash Flow Change | 42,668 | 41,227 | 38,824 | 32,084 | |
Liability for Future Policy Benefit, Expected Net Premium, Issuance | [1] | 3,681 | 10,932 | ||
Liability for Future Policy Benefit, Expected Net Premium, Interest Income | [2] | 185 | 185 | ||
Liability for Future Policy Benefit, Expected Net Premium, Net Premium Collected | [3] | (764) | (799) | ||
Liability for Future Policy Benefit, Expected Net Premium, Derecognition | [4] | 0 | 0 | ||
Liability for Future Policy Benefit, Expected Net Premium, Increase (Decrease) for Other Change | 742 | (1,175) | |||
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change | 34,345 | 37,862 | |||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | (9,191) | (3,472) | 44,330 | 38,196 | |
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 0 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | 31 | 103 | |||
Liability for Future Policy Benefit, Expected Future Benefit, Original Discount Rate, before Reinsurance, after Cash Flow Change | 48,261 | 47,210 | 44,361 | 38,299 | |
Liability for Future Policy Benefit, Expected Future Policy Benefit, Issuance | [1] | 3,681 | 10,932 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense | [2] | 225 | 228 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Benefit Payment | [5] | (858) | (895) | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Derecognition | [4] | 0 | 0 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Increase (Decrease) for Other Change | 852 | (1,354) | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 39,070 | 43,738 | |||
Future policy benefits | 4,725 | 5,876 | |||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 0 | 0 | |||
Liability for Future Policy Benefit, after Reinsurance | $ 4,725 | $ 5,876 | |||
Liability for Future Policy Benefit, Weighted-Average Duration | 9 years | 10 years | |||
Liability for Future Policy Benefit, Weighted-Average Interest Accretion Rate | 1.90% | 2.10% | |||
Liability for Future Policy Benefit, Current Weighted-Average Discount Rate | 4.70% | 2.80% | |||
Insurance, Other | Asia Pacific [Member] | Other Segments | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax | $ 74 | $ 187 | 1,605 | 1,051 | |
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 0 | |||
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | 0 | 47 | |||
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Reinsurance, after Cash Flow Change | 1,574 | 1,739 | 1,605 | 1,098 | |
Liability for Future Policy Benefit, Expected Net Premium, Issuance | [1] | 1,244 | 1,325 | ||
Liability for Future Policy Benefit, Expected Net Premium, Interest Income | [2] | 6 | 6 | ||
Liability for Future Policy Benefit, Expected Net Premium, Net Premium Collected | [3] | (1,260) | (613) | ||
Liability for Future Policy Benefit, Expected Net Premium, Derecognition | [4] | 0 | 0 | ||
Liability for Future Policy Benefit, Expected Net Premium, Increase (Decrease) for Other Change | (21) | (77) | |||
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change | 1,648 | 1,926 | |||
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | (250) | 51 | 6,561 | 6,062 | |
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Cash Flow Change | 0 | 0 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) of Actual Variance from Expected Experience | (1) | 48 | |||
Liability for Future Policy Benefit, Expected Future Benefit, Original Discount Rate, before Reinsurance, after Cash Flow Change | 7,722 | 7,056 | $ 6,560 | $ 6,110 | |
Liability for Future Policy Benefit, Expected Future Policy Benefit, Issuance | [1] | 1,289 | 1,325 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense | [2] | 18 | 17 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Benefit Payment | [5] | (68) | (50) | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Derecognition | [4] | 0 | 0 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, Increase (Decrease) for Other Change | (77) | (346) | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 7,472 | 7,107 | |||
Future policy benefits | 5,824 | 5,181 | |||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 0 | 0 | |||
Liability for Future Policy Benefit, after Reinsurance | $ 5,824 | $ 5,181 | |||
Liability for Future Policy Benefit, Weighted-Average Duration | 15 years | 16 years | |||
Liability for Future Policy Benefit, Weighted-Average Interest Accretion Rate | 1.30% | 1.40% | |||
Liability for Future Policy Benefit, Current Weighted-Average Discount Rate | 1.50% | 1.30% | |||
[1]Issuances: The present value, using the original discount rate, of the expected net premiums or the expected future policy benefits related to new reinsurance contracts that became effective during the current period and new policies assumed on existing contracts.[2]Interest accrual: The interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the original interest rate.[3]Net premiums collected: The portion of gross premiums collected from the ceding company that is used to fund expected benefit payments.[4]Derecognition: Includes the effects of treaty recaptures and treaty amendments that resulted in the termination of an existing treaty and the issuance of a new treaty under the internal replacement model.[5]Benefit payments: The release of the present value, using the original discount rate, of the expected future policy benefits due to death, lapse/withdrawal, and other benefit payments based on current assumptions. |
Future Policy Benefits (Undisco
Future Policy Benefits (Undiscounted and Discounted) (Details) - Other Segments - USD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 |
Americas [Member] | Life Insurance Product Line [Member] | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Liability for Future Policy Benefit, Expected Future Gross Premium, Discounted, before Reinsurance | $ 82,288 | $ 93,268 |
Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted, before Reinsurance | 181,123 | 181,789 |
Liability For Future Policy Benefit Expected Future Policy Benefit Discounted Before Reinsurance | 80,478 | 91,772 |
Liability for Future Policy Benefit, Expected Future Gross Premium, Undiscounted, before Reinsurance | 172,081 | 172,097 |
Americas [Member] | Insurance, Other | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Liability for Future Policy Benefit, Expected Future Gross Premium, Discounted, before Reinsurance | 1,975 | 686 |
Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted, before Reinsurance | 9,214 | 7,360 |
Liability For Future Policy Benefit Expected Future Policy Benefit Discounted Before Reinsurance | 5,408 | 4,648 |
Liability for Future Policy Benefit, Expected Future Gross Premium, Undiscounted, before Reinsurance | 3,112 | 972 |
CANADA | Life Insurance Product Line [Member] | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Liability for Future Policy Benefit, Expected Future Gross Premium, Discounted, before Reinsurance | 21,317 | 24,355 |
Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted, before Reinsurance | 56,223 | 60,162 |
Liability For Future Policy Benefit Expected Future Policy Benefit Discounted Before Reinsurance | 21,289 | 24,421 |
Liability for Future Policy Benefit, Expected Future Gross Premium, Undiscounted, before Reinsurance | 53,244 | 56,648 |
CANADA | Insurance, Other | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Liability for Future Policy Benefit, Expected Future Gross Premium, Discounted, before Reinsurance | 3,149 | 3,843 |
Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted, before Reinsurance | 4,602 | 5,387 |
Liability For Future Policy Benefit Expected Future Policy Benefit Discounted Before Reinsurance | 3,062 | 3,760 |
Liability for Future Policy Benefit, Expected Future Gross Premium, Undiscounted, before Reinsurance | 4,738 | 5,506 |
EMEA [Member] | Life Insurance Product Line [Member] | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Liability for Future Policy Benefit, Expected Future Gross Premium, Discounted, before Reinsurance | 13,611 | 16,254 |
Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted, before Reinsurance | 24,150 | 24,939 |
Liability For Future Policy Benefit Expected Future Policy Benefit Discounted Before Reinsurance | 12,889 | 15,377 |
Liability for Future Policy Benefit, Expected Future Gross Premium, Undiscounted, before Reinsurance | 24,591 | 25,517 |
EMEA [Member] | Insurance, Other | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Liability for Future Policy Benefit, Expected Future Gross Premium, Discounted, before Reinsurance | 37,636 | 41,655 |
Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted, before Reinsurance | 66,775 | 59,907 |
Liability For Future Policy Benefit Expected Future Policy Benefit Discounted Before Reinsurance | 39,070 | 43,738 |
Liability for Future Policy Benefit, Expected Future Gross Premium, Undiscounted, before Reinsurance | 64,424 | 56,874 |
Asia Pacific [Member] | Life Insurance Product Line [Member] | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Liability for Future Policy Benefit, Expected Future Gross Premium, Discounted, before Reinsurance | 37,986 | 38,094 |
Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted, before Reinsurance | 88,496 | 82,052 |
Liability For Future Policy Benefit Expected Future Policy Benefit Discounted Before Reinsurance | 32,313 | 32,473 |
Liability for Future Policy Benefit, Expected Future Gross Premium, Undiscounted, before Reinsurance | 92,305 | 84,355 |
Asia Pacific [Member] | Insurance, Other | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Liability for Future Policy Benefit, Expected Future Gross Premium, Discounted, before Reinsurance | 2,478 | 2,840 |
Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted, before Reinsurance | 10,144 | 9,175 |
Liability For Future Policy Benefit Expected Future Policy Benefit Discounted Before Reinsurance | 7,472 | 7,107 |
Liability for Future Policy Benefit, Expected Future Gross Premium, Undiscounted, before Reinsurance | $ 2,977 | $ 3,280 |
Future Policy Benefits (Premium
Future Policy Benefits (Premiums and Interest) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Liability for Future Policy Benefit, Activity [Line Items] | ||
Liability for Future Policy Benefit, Interest Expense | $ 322 | $ 323 |
Liability for Future Policy Benefit, Gross Premium Income | 3,062 | 2,896 |
Americas [Member] | Life Insurance Product Line [Member] | Other Segments | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Liability for Future Policy Benefit, Interest Expense | 130 | 125 |
Liability for Future Policy Benefit, Gross Premium Income | 1,422 | 1,397 |
Americas [Member] | Insurance, Other | Other Segments | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Liability for Future Policy Benefit, Interest Expense | 43 | 46 |
Liability for Future Policy Benefit, Gross Premium Income | 156 | 8 |
CANADA | Life Insurance Product Line [Member] | Other Segments | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Liability for Future Policy Benefit, Interest Expense | 51 | 56 |
Liability for Future Policy Benefit, Gross Premium Income | 262 | 272 |
CANADA | Insurance, Other | Other Segments | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Liability for Future Policy Benefit, Interest Expense | 1 | 1 |
Liability for Future Policy Benefit, Gross Premium Income | 23 | 23 |
EMEA [Member] | Life Insurance Product Line [Member] | Other Segments | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Liability for Future Policy Benefit, Interest Expense | 8 | 8 |
Liability for Future Policy Benefit, Gross Premium Income | 355 | 361 |
EMEA [Member] | Insurance, Other | Other Segments | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Liability for Future Policy Benefit, Interest Expense | 40 | 43 |
Liability for Future Policy Benefit, Gross Premium Income | 161 | 163 |
Asia Pacific [Member] | Life Insurance Product Line [Member] | Other Segments | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Liability for Future Policy Benefit, Interest Expense | 37 | 33 |
Liability for Future Policy Benefit, Gross Premium Income | 620 | 629 |
Asia Pacific [Member] | Insurance, Other | Other Segments | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Liability for Future Policy Benefit, Interest Expense | 12 | 11 |
Liability for Future Policy Benefit, Gross Premium Income | $ 63 | $ 43 |
Future Policy Benefits (Assumpt
Future Policy Benefits (Assumption Explanations) (Details) - Other Segments - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Life Insurance Product Line [Member] | Americas [Member] | ||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Net Liability For Future Policy Benefits At Original Discount Rate | $ 11,000 | $ 10,400 |
Future Policy Benefits Actual To Expected Variance | (24) | (105) |
Impact Of Updating Discount Rate Recognized In OCI | $ (490) | $ (2,088) |
Net Liability For Future Policy Benefits At Original Discount Rate Increase Decrease | 1.1% decrease | 1.8% decrease |
Future Policy Benefits Actual To Expected Variance Increase Decrease | 0.2% increase | 1.0% increase |
Impact Of Updating Discount Rate Recognized In OCI Increase Decrease | 4.4% increase | 19.6% decrease |
Life Insurance Product Line [Member] | CANADA | ||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Net Liability For Future Policy Benefits At Original Discount Rate | $ 3,400 | $ 3,500 |
Future Policy Benefits Actual To Expected Variance | (1) | (8) |
Impact Of Updating Discount Rate Recognized In OCI | $ (143) | $ (792) |
Net Liability For Future Policy Benefits At Original Discount Rate Increase Decrease | 1.1% increase | 1.4% increase |
Future Policy Benefits Actual To Expected Variance Increase Decrease | 0.0% increase | 0.2% increase |
Impact Of Updating Discount Rate Recognized In OCI Increase Decrease | 4.3% increase | 22.9% decrease |
Life Insurance Product Line [Member] | EMEA [Member] | ||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Net Liability For Future Policy Benefits At Original Discount Rate | $ 1,200 | $ 1,200 |
Future Policy Benefits Actual To Expected Variance | (2) | (2) |
Impact Of Updating Discount Rate Recognized In OCI | $ (2) | $ (128) |
Net Liability For Future Policy Benefits At Original Discount Rate Increase Decrease | 3.0% increase | 2.7% decrease |
Future Policy Benefits Actual To Expected Variance Increase Decrease | 0.2% decrease | 0.2% decrease |
Impact Of Updating Discount Rate Recognized In OCI Increase Decrease | 0.2% decrease | 10.5% decrease |
Life Insurance Product Line [Member] | Asia Pacific [Member] | ||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Net Liability For Future Policy Benefits At Original Discount Rate | $ 4,300 | $ 4,000 |
Future Policy Benefits Actual To Expected Variance | (7) | (3) |
Impact Of Updating Discount Rate Recognized In OCI | $ (46) | $ (369) |
Net Liability For Future Policy Benefits At Original Discount Rate Increase Decrease | 1.2% increase | 0.9% decrease |
Future Policy Benefits Actual To Expected Variance Increase Decrease | 0.2% decrease | 0.1% increase |
Impact Of Updating Discount Rate Recognized In OCI Increase Decrease | 1.1% increase | 9.2% decrease |
Insurance, Other | Americas [Member] | ||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Net Liability For Future Policy Benefits At Original Discount Rate | $ 4,200 | $ 4,300 |
Future Policy Benefits Actual To Expected Variance | 4 | 20 |
Impact Of Updating Discount Rate Recognized In OCI | $ (96) | $ 404 |
Net Liability For Future Policy Benefits At Original Discount Rate Increase Decrease | 1.9% increase | 1.8% decrease |
Future Policy Benefits Actual To Expected Variance Increase Decrease | 0.1% decrease | 0.5% decrease |
Impact Of Updating Discount Rate Recognized In OCI Increase Decrease | 2.3% increase | 9.2% decrease |
Insurance, Other | CANADA | ||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Net Liability For Future Policy Benefits At Original Discount Rate | $ 100 | $ 100 |
Future Policy Benefits Actual To Expected Variance | 4 | 5 |
Impact Of Updating Discount Rate Recognized In OCI | $ (3) | $ 8 |
Net Liability For Future Policy Benefits At Original Discount Rate Increase Decrease | 5.7% decrease | 3.1% decrease |
Future Policy Benefits Actual To Expected Variance Increase Decrease | 7.5% decrease | 7.8% decrease |
Impact Of Updating Discount Rate Recognized In OCI Increase Decrease | 5.7% increase | 12.5% decrease |
Insurance, Other | EMEA [Member] | ||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Net Liability For Future Policy Benefits At Original Discount Rate | $ 5,600 | $ 6,000 |
Future Policy Benefits Actual To Expected Variance | (11) | (8) |
Impact Of Updating Discount Rate Recognized In OCI | $ 46 | $ (613) |
Net Liability For Future Policy Benefits At Original Discount Rate Increase Decrease | 0.8% increase | 3.9% decrease |
Future Policy Benefits Actual To Expected Variance Increase Decrease | 0.2% decrease | 0.1% decrease |
Impact Of Updating Discount Rate Recognized In OCI Increase Decrease | 0.8% increase | 9.9% decrease |
Insurance, Other | Asia Pacific [Member] | ||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Net Liability For Future Policy Benefits At Original Discount Rate | $ 6,100 | $ 5,300 |
Future Policy Benefits Actual To Expected Variance | (1) | 1 |
Impact Of Updating Discount Rate Recognized In OCI | $ (136) | $ 139 |
Net Liability For Future Policy Benefits At Original Discount Rate Increase Decrease | 24.1% increase | 6.1% increase |
Future Policy Benefits Actual To Expected Variance Increase Decrease | 0.0% decrease | 0.0% increase |
Impact Of Updating Discount Rate Recognized In OCI Increase Decrease | 2.7% increase | 2.8% decrease |
Policyholder Account Balances_2
Policyholder Account Balances (Account Balances) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Policyholder Account Balance [Line Items] | |||||
Policyholder Account Balance | $ 23,911 | $ 22,256 | |||
Interest credited | 215 | 141 | |||
Policyholder Account Balance, Increase (Decrease) from Other Change | 70 | 49 | |||
Accounting Standards Update 2018-12 | |||||
Policyholder Account Balance [Line Items] | |||||
Interest credited | $ 682 | $ 700 | |||
Life Insurance Product Line [Member] | Americas [Member] | Other Segments | |||||
Policyholder Account Balance [Line Items] | |||||
Policyholder Account Balance | 1,646 | 1,699 | 1,683 | 1,719 | |
Policyholder Account Balance, Issuance | 3 | 3 | |||
Policyholder Account Balance, Policy Charge | (8) | (8) | |||
Policyholder Account Balance, Surrender and Withdrawal | (5) | (4) | |||
Policyholder Account Balance, Benefit Payment | (43) | (27) | |||
Interest credited | 16 | 16 | |||
Policyholder Account Balance Foreign Currency Translation | 0 | 0 | |||
Policyholder Account Balance Reinsurance Recoverable | 0 | 0 | |||
Policyholder Account Balance After Reinsurance | 1,646 | 1,699 | |||
Policyholder Account Balance, Net Amount at Risk | 697 | 728 | |||
Policyholder Account Balance, Cash Surrender Value | $ 1,635 | $ 1,688 | |||
Policyholder Account Balance, Weighted Average Crediting Rate | 4% | 4% | |||
Life Insurance Product Line [Member] | Americas [Member] | Accounting Standards Update 2018-12 | Other Segments | |||||
Policyholder Account Balance [Line Items] | |||||
Policyholder Account Balance | 1,683 | 1,719 | $ 1,752 | ||
Policyholder Account Balance, Issuance | 24 | 25 | |||
Policyholder Account Balance, Policy Charge | (32) | (32) | |||
Policyholder Account Balance, Surrender and Withdrawal | (17) | (13) | |||
Policyholder Account Balance, Benefit Payment | (76) | (79) | |||
Interest credited | 65 | 66 | |||
Policyholder Account Balance Foreign Currency Translation | 0 | 0 | |||
Policyholder Account Balance Reinsurance Recoverable | 0 | 0 | |||
Policyholder Account Balance After Reinsurance | 1,683 | 1,719 | |||
Insurance, Other | Americas [Member] | Other Segments | |||||
Policyholder Account Balance [Line Items] | |||||
Policyholder Account Balance | $ 18,437 | $ 18,644 | 18,906 | 18,758 | |
Policyholder Account Balance, Issuance | 41 | 152 | |||
Policyholder Account Balance, Policy Charge | (8) | (8) | |||
Policyholder Account Balance, Surrender and Withdrawal | (528) | (296) | |||
Policyholder Account Balance, Benefit Payment | (116) | (115) | |||
Interest credited | 142 | 153 | |||
Policyholder Account Balance Foreign Currency Translation | 0 | 0 | |||
Policyholder Account Balance Reinsurance Recoverable | (1,532) | (1,552) | |||
Policyholder Account Balance After Reinsurance | 16,905 | 17,092 | |||
Policyholder Account Balance, Net Amount at Risk | 2,468 | 2,561 | |||
Policyholder Account Balance, Cash Surrender Value | $ 18,398 | $ 18,552 | |||
Policyholder Account Balance, Weighted Average Crediting Rate | 3.30% | 3.20% | |||
Insurance, Other | Americas [Member] | Accounting Standards Update 2018-12 | Other Segments | |||||
Policyholder Account Balance [Line Items] | |||||
Policyholder Account Balance | 18,906 | 18,758 | 16,273 | ||
Policyholder Account Balance, Issuance | 1,289 | 3,290 | |||
Policyholder Account Balance, Policy Charge | (33) | (31) | |||
Policyholder Account Balance, Surrender and Withdrawal | (1,258) | (1,015) | |||
Policyholder Account Balance, Benefit Payment | (448) | (404) | |||
Interest credited | 598 | 645 | |||
Policyholder Account Balance Foreign Currency Translation | 0 | 0 | |||
Policyholder Account Balance Reinsurance Recoverable | (1,543) | (1,561) | |||
Policyholder Account Balance After Reinsurance | 17,363 | 17,197 | |||
Insurance, Other | Asia Pacific [Member] | Other Segments | |||||
Policyholder Account Balance [Line Items] | |||||
Policyholder Account Balance | $ 3,758 | $ 1,864 | 3,351 | 1,621 | |
Policyholder Account Balance, Issuance | 431 | 246 | |||
Policyholder Account Balance, Policy Charge | 0 | (1) | |||
Policyholder Account Balance, Surrender and Withdrawal | (19) | (15) | |||
Policyholder Account Balance, Benefit Payment | (22) | (6) | |||
Interest credited | 32 | 6 | |||
Policyholder Account Balance Foreign Currency Translation | (15) | (13) | |||
Policyholder Account Balance Reinsurance Recoverable | 0 | 0 | |||
Policyholder Account Balance After Reinsurance | 3,758 | 1,864 | |||
Policyholder Account Balance, Net Amount at Risk | 0 | 0 | |||
Policyholder Account Balance, Cash Surrender Value | $ 3,340 | $ 1,636 | |||
Policyholder Account Balance, Weighted Average Crediting Rate | 2.90% | 1.40% | |||
Insurance, Other | Asia Pacific [Member] | Accounting Standards Update 2018-12 | Other Segments | |||||
Policyholder Account Balance [Line Items] | |||||
Policyholder Account Balance | 3,351 | 1,621 | $ 809 | ||
Policyholder Account Balance, Issuance | 2,521 | 868 | |||
Policyholder Account Balance, Policy Charge | (134) | (1) | |||
Policyholder Account Balance, Surrender and Withdrawal | (639) | (36) | |||
Policyholder Account Balance, Benefit Payment | (46) | (24) | |||
Interest credited | 51 | 19 | |||
Policyholder Account Balance Foreign Currency Translation | (23) | (14) | |||
Policyholder Account Balance Reinsurance Recoverable | 0 | 0 | |||
Policyholder Account Balance After Reinsurance | $ 3,351 | $ 1,621 |
Policyholder Account Balances_3
Policyholder Account Balances (Guaranteed Minimum) (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | $ 23,911 | $ 22,256 | ||
Americas [Member] | Life Insurance Product Line [Member] | Other Segments | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 1,646 | $ 1,683 | 1,699 | $ 1,719 |
Americas [Member] | Life Insurance Product Line [Member] | Other Segments | Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 1,646 | 1,699 | ||
Americas [Member] | Life Insurance Product Line [Member] | Other Segments | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Americas [Member] | Life Insurance Product Line [Member] | Other Segments | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Americas [Member] | Life Insurance Product Line [Member] | Other Segments | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Americas [Member] | Life Insurance Product Line [Member] | Other Segments | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Americas [Member] | Life Insurance Product Line [Member] | Other Segments | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 | Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Americas [Member] | Life Insurance Product Line [Member] | Other Segments | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Americas [Member] | Life Insurance Product Line [Member] | Other Segments | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Americas [Member] | Life Insurance Product Line [Member] | Other Segments | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Americas [Member] | Life Insurance Product Line [Member] | Other Segments | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Americas [Member] | Life Insurance Product Line [Member] | Other Segments | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Americas [Member] | Life Insurance Product Line [Member] | Other Segments | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Americas [Member] | Life Insurance Product Line [Member] | Other Segments | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Americas [Member] | Life Insurance Product Line [Member] | Other Segments | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Americas [Member] | Life Insurance Product Line [Member] | Other Segments | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 1,646 | 1,699 | ||
Americas [Member] | Life Insurance Product Line [Member] | Other Segments | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater | Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 1,646 | 1,699 | ||
Americas [Member] | Life Insurance Product Line [Member] | Other Segments | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Americas [Member] | Life Insurance Product Line [Member] | Other Segments | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Americas [Member] | Life Insurance Product Line [Member] | Other Segments | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Americas [Member] | Life Insurance Product Line [Member] | Other Segments | PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan100Member | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Americas [Member] | Life Insurance Product Line [Member] | Other Segments | PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan100Member | Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Americas [Member] | Life Insurance Product Line [Member] | Other Segments | PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan100Member | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Americas [Member] | Life Insurance Product Line [Member] | Other Segments | PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan100Member | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Americas [Member] | Life Insurance Product Line [Member] | Other Segments | PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan100Member | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Americas [Member] | Life Insurance Product Line [Member] | Other Segments | PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0100To0199Member | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Americas [Member] | Life Insurance Product Line [Member] | Other Segments | PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0100To0199Member | Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Americas [Member] | Life Insurance Product Line [Member] | Other Segments | PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0100To0199Member | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Americas [Member] | Life Insurance Product Line [Member] | Other Segments | PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0100To0199Member | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Americas [Member] | Life Insurance Product Line [Member] | Other Segments | PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0100To0199Member | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Americas [Member] | Insurance, Other | Other Segments | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 18,437 | 18,906 | 18,644 | 18,758 |
Americas [Member] | Insurance, Other | Other Segments | Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 17,166 | 17,320 | ||
Americas [Member] | Insurance, Other | Other Segments | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 313 | 334 | ||
Americas [Member] | Insurance, Other | Other Segments | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 903 | 933 | ||
Americas [Member] | Insurance, Other | Other Segments | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 55 | 57 | ||
Americas [Member] | Insurance, Other | Other Segments | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 2,581 | 2,934 | ||
Americas [Member] | Insurance, Other | Other Segments | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 | Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 1,831 | 2,140 | ||
Americas [Member] | Insurance, Other | Other Segments | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 9 | 6 | ||
Americas [Member] | Insurance, Other | Other Segments | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 727 | 788 | ||
Americas [Member] | Insurance, Other | Other Segments | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 14 | 0 | ||
Americas [Member] | Insurance, Other | Other Segments | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 5,038 | 5,100 | ||
Americas [Member] | Insurance, Other | Other Segments | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 4,718 | 4,782 | ||
Americas [Member] | Insurance, Other | Other Segments | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 240 | 258 | ||
Americas [Member] | Insurance, Other | Other Segments | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 79 | 60 | ||
Americas [Member] | Insurance, Other | Other Segments | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 1 | 0 | ||
Americas [Member] | Insurance, Other | Other Segments | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 8,823 | 8,457 | ||
Americas [Member] | Insurance, Other | Other Segments | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater | Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 8,773 | 8,403 | ||
Americas [Member] | Insurance, Other | Other Segments | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 50 | 54 | ||
Americas [Member] | Insurance, Other | Other Segments | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Americas [Member] | Insurance, Other | Other Segments | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Americas [Member] | Insurance, Other | Other Segments | PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan100Member | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Americas [Member] | Insurance, Other | Other Segments | PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan100Member | Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Americas [Member] | Insurance, Other | Other Segments | PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan100Member | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Americas [Member] | Insurance, Other | Other Segments | PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan100Member | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Americas [Member] | Insurance, Other | Other Segments | PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan100Member | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Americas [Member] | Insurance, Other | Other Segments | PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0100To0199Member | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 1,995 | 2,153 | ||
Americas [Member] | Insurance, Other | Other Segments | PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0100To0199Member | Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 1,844 | 1,995 | ||
Americas [Member] | Insurance, Other | Other Segments | PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0100To0199Member | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 14 | 16 | ||
Americas [Member] | Insurance, Other | Other Segments | PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0100To0199Member | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 97 | 85 | ||
Americas [Member] | Insurance, Other | Other Segments | PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0100To0199Member | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 40 | 57 | ||
Asia Pacific [Member] | Insurance, Other | Other Segments | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 3,758 | $ 3,351 | 1,864 | $ 1,621 |
Asia Pacific [Member] | Insurance, Other | Other Segments | Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 3,758 | 1,864 | ||
Asia Pacific [Member] | Insurance, Other | Other Segments | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Asia Pacific [Member] | Insurance, Other | Other Segments | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Asia Pacific [Member] | Insurance, Other | Other Segments | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Asia Pacific [Member] | Insurance, Other | Other Segments | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 804 | 10 | ||
Asia Pacific [Member] | Insurance, Other | Other Segments | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 | Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 804 | 10 | ||
Asia Pacific [Member] | Insurance, Other | Other Segments | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Asia Pacific [Member] | Insurance, Other | Other Segments | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Asia Pacific [Member] | Insurance, Other | Other Segments | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Asia Pacific [Member] | Insurance, Other | Other Segments | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 1,225 | 240 | ||
Asia Pacific [Member] | Insurance, Other | Other Segments | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 1,225 | 240 | ||
Asia Pacific [Member] | Insurance, Other | Other Segments | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Asia Pacific [Member] | Insurance, Other | Other Segments | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Asia Pacific [Member] | Insurance, Other | Other Segments | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Asia Pacific [Member] | Insurance, Other | Other Segments | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 721 | 9 | ||
Asia Pacific [Member] | Insurance, Other | Other Segments | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater | Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 721 | 9 | ||
Asia Pacific [Member] | Insurance, Other | Other Segments | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Asia Pacific [Member] | Insurance, Other | Other Segments | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Asia Pacific [Member] | Insurance, Other | Other Segments | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Asia Pacific [Member] | Insurance, Other | Other Segments | PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan100Member | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 291 | 651 | ||
Asia Pacific [Member] | Insurance, Other | Other Segments | PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan100Member | Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 291 | 651 | ||
Asia Pacific [Member] | Insurance, Other | Other Segments | PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan100Member | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Asia Pacific [Member] | Insurance, Other | Other Segments | PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan100Member | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Asia Pacific [Member] | Insurance, Other | Other Segments | PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan100Member | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Asia Pacific [Member] | Insurance, Other | Other Segments | PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0100To0199Member | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 717 | 954 | ||
Asia Pacific [Member] | Insurance, Other | Other Segments | PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0100To0199Member | Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 717 | 954 | ||
Asia Pacific [Member] | Insurance, Other | Other Segments | PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0100To0199Member | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Asia Pacific [Member] | Insurance, Other | Other Segments | PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0100To0199Member | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | 0 | 0 | ||
Asia Pacific [Member] | Insurance, Other | Other Segments | PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0100To0199Member | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater | ||||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||||
Policyholder Account Balance | $ 0 | $ 0 |
Unpaid Claims and Claims Expe_3
Unpaid Claims and Claims Expense Short Duration Contracts (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||||
Liability for Claims and Claims Adjustment Expense | $ 2,558 | $ 2,557 | $ 2,480 | $ 2,110 |
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | (67) | (94) | (57) | (81) |
Liability For Unpaid Claims And Claims Adjustment Expense Net Of Recoverable | 2,491 | 2,463 | $ 2,423 | $ 2,029 |
Current Year Claims and Claims Adjustment Expense | 363 | 726 | ||
Prior Year Claims and Claims Adjustment Expense | (25) | (51) | ||
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims | 338 | 675 | ||
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Current Year | (23) | (25) | ||
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Prior Years | (249) | (260) | ||
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid | (272) | (285) | ||
Interest On Liability For Policy And Contract Claims | 8 | 8 | ||
Liability for Unpaid Claims and Claims Adjustment Expense, Foreign Currency Translation Gain (Loss) | (6) | 36 | ||
Liability for Unpaid Claims and Claims Adjustment Expense Other | $ 2 | $ 44 |
Market Risk Benefits (Details)
Market Risk Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 | |
Market Risk Benefit [Line Items] | ||||||
Market Risk Benefit, Net Amount at Risk | $ 261 | $ 247 | ||||
Accounting Standards Update 2018-12 | ||||||
Market Risk Benefit [Line Items] | ||||||
Market Risk Benefit, Net Amount at Risk | 247 | $ 262 | ||||
Insurance, Other | Americas [Member] | Other Segments | ||||||
Market Risk Benefit [Line Items] | ||||||
Market Risk Benefit, after Reinsurance and Cumulative Increase (Decrease) from Instrument-Specific Credit Risk Change | 259 | $ 233 | 247 | 262 | ||
Market Risk Benefit, before Reinsurance and Cumulative Increase (Decrease) from Instrument-Specific Credit Risk Change | (18) | 14 | 263 | 254 | ||
Market Risk Benefit, Interest Expense | 4 | 0 | ||||
Market Risk Benefit, Attributed Fee Collected | 6 | 7 | ||||
Market Risk Benefit, Benefit Payment | 0 | (5) | ||||
Market Risk Benefit, Increase (Decrease) from Future Expected Policyholder Behavior Assumption | 21 | (61) | ||||
Market Risk Benefit, Increase (Decrease) from Interest Rate Change | (17) | 13 | ||||
Market Risk Benefit, Increase (Decrease) from Equity Market Change | (5) | 3 | ||||
Market Risk Benefit, Increase (Decrease) from Volatility | 0 | 2 | ||||
Market Risk Benefit, Increase (Decrease) from Other Assumption | 5 | 6 | ||||
Market Risk Benefit, Increase (Decrease) from Actual Policyholder Behavior Different from Expected | 277 | 219 | ||||
AOCI, Market Risk Benefit, Instrument-Specific Credit Risk, before Tax | 259 | 233 | ||||
Market Risk Benefit, Reinsurance Recoverable, after Allowance | 0 | 0 | ||||
Market Risk Benefit, Net Amount at Risk | $ 1,428 | $ 1,220 | ||||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 71 years | 68 years | ||||
Insurance, Other | Americas [Member] | Accounting Standards Update 2018-12 | Other Segments | ||||||
Market Risk Benefit [Line Items] | ||||||
Market Risk Benefit, after Reinsurance and Cumulative Increase (Decrease) from Instrument-Specific Credit Risk Change | 247 | 262 | $ 266 | $ 266 | ||
Market Risk Benefit, before Reinsurance and Cumulative Increase (Decrease) from Instrument-Specific Credit Risk Change | 263 | 254 | 266 | $ 311 | ||
Market Risk Benefit, Interest Expense | 54 | 3 | ||||
Market Risk Benefit, Attributed Fee Collected | 28 | 12 | ||||
Market Risk Benefit, Benefit Payment | (9) | (14) | ||||
Market Risk Benefit, Increase (Decrease) from Future Expected Policyholder Behavior Assumption | 18 | 25 | ||||
Market Risk Benefit, Increase (Decrease) from Interest Rate Change | (175) | (51) | ||||
Market Risk Benefit, Increase (Decrease) from Equity Market Change | 48 | (49) | ||||
Market Risk Benefit, Increase (Decrease) from Volatility | 19 | (2) | ||||
Market Risk Benefit, Increase (Decrease) from Other Assumption | 7 | 5 | ||||
Market Risk Benefit, Increase (Decrease) from Actual Policyholder Behavior Different from Expected | 19 | 14 | ||||
AOCI, Market Risk Benefit, Instrument-Specific Credit Risk, before Tax | (16) | 8 | ||||
Market Risk Benefit, Reinsurance Recoverable, after Allowance | $ 0 | $ 0 | $ 0 |
Market Risk Benefits (Instrumen
Market Risk Benefits (Instrument Specific Credit Risk) (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 | |
Market Risk Benefit [Line Items] | |||
Market Risk Benefit, after Increase (Decrease) from Instrument-Specific Credit Risk | $ (259) | $ (233) | |
Market Risk Benefit, Asset, Amount | [1] | 2 | 0 |
Market Risk Benefit, Liability, Amount | 261 | 233 | |
Insurance, Other | Americas [Member] | Other Segments | |||
Market Risk Benefit [Line Items] | |||
Market Risk Benefit, after Increase (Decrease) from Instrument-Specific Credit Risk | (259) | (233) | |
Market Risk Benefit, Asset, Amount | [1] | 2 | 0 |
Market Risk Benefit, Liability, Amount | $ 261 | $ 233 | |
[1]Included in Other assets |
Deferred Policy Acquisition C_3
Deferred Policy Acquisition Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | |
Deferred Policy Acquisition Cost [Line Items] | |||||
Deferred policy acquisition costs | $ 4,257 | $ 3,906 | $ 4,128 | ||
Corporate and Other [Member] | |||||
Deferred Policy Acquisition Cost [Line Items] | |||||
Deferred policy acquisition costs | 5 | 5 | |||
Accounting Standards Update 2018-12 | |||||
Deferred Policy Acquisition Cost [Line Items] | |||||
Deferred policy acquisition costs | 4,128 | $ 3,860 | |||
Life Insurance Product Line [Member] | Americas [Member] | Other Segments | |||||
Deferred Policy Acquisition Cost [Line Items] | |||||
Deferred policy acquisition costs | 2,109 | 1,981 | 2,087 | 1,947 | |
Deferred Policy Acquisition Cost, Capitalization | 57 | 70 | |||
Deferred Policy Acquisition Costs, Amortization Expense | (35) | (36) | |||
Deferred Policy Acquisition Costs, Foreign Currency Translation Gain (Loss) | 0 | 0 | |||
Life Insurance Product Line [Member] | Americas [Member] | Accounting Standards Update 2018-12 | Other Segments | |||||
Deferred Policy Acquisition Cost [Line Items] | |||||
Deferred policy acquisition costs | 2,087 | 1,947 | |||
Deferred Policy Acquisition Cost, Capitalization | 284 | 254 | |||
Deferred Policy Acquisition Costs, Amortization Expense | (144) | (123) | |||
Deferred Policy Acquisition Costs, Foreign Currency Translation Gain (Loss) | 0 | 0 | |||
Life Insurance Product Line [Member] | CANADA | Other Segments | |||||
Deferred Policy Acquisition Cost [Line Items] | |||||
Deferred policy acquisition costs | 171 | 192 | 171 | 191 | |
Deferred Policy Acquisition Cost, Capitalization | 3 | 2 | |||
Deferred Policy Acquisition Costs, Amortization Expense | (3) | (3) | |||
Deferred Policy Acquisition Costs, Foreign Currency Translation Gain (Loss) | 0 | 2 | |||
Life Insurance Product Line [Member] | CANADA | Accounting Standards Update 2018-12 | Other Segments | |||||
Deferred Policy Acquisition Cost [Line Items] | |||||
Deferred policy acquisition costs | 171 | 191 | |||
Deferred Policy Acquisition Cost, Capitalization | 10 | 8 | |||
Deferred Policy Acquisition Costs, Amortization Expense | (17) | (13) | |||
Deferred Policy Acquisition Costs, Foreign Currency Translation Gain (Loss) | (13) | 1 | |||
Life Insurance Product Line [Member] | EMEA [Member] | Other Segments | |||||
Deferred Policy Acquisition Cost [Line Items] | |||||
Deferred policy acquisition costs | 309 | 278 | 294 | 270 | |
Deferred Policy Acquisition Cost, Capitalization | 25 | 15 | |||
Deferred Policy Acquisition Costs, Amortization Expense | (10) | (11) | |||
Deferred Policy Acquisition Costs, Foreign Currency Translation Gain (Loss) | 0 | 4 | |||
Life Insurance Product Line [Member] | EMEA [Member] | Accounting Standards Update 2018-12 | Other Segments | |||||
Deferred Policy Acquisition Cost [Line Items] | |||||
Deferred policy acquisition costs | 294 | 270 | |||
Deferred Policy Acquisition Cost, Capitalization | 83 | 42 | |||
Deferred Policy Acquisition Costs, Amortization Expense | (38) | (24) | |||
Deferred Policy Acquisition Costs, Foreign Currency Translation Gain (Loss) | (21) | (12) | |||
Life Insurance Product Line [Member] | Asia Pacific [Member] | Other Segments | |||||
Deferred Policy Acquisition Cost [Line Items] | |||||
Deferred policy acquisition costs | 1,044 | 1,061 | 1,043 | 1,056 | |
Deferred Policy Acquisition Cost, Capitalization | 19 | 34 | |||
Deferred Policy Acquisition Costs, Amortization Expense | (15) | (23) | |||
Deferred Policy Acquisition Costs, Foreign Currency Translation Gain (Loss) | (3) | (6) | |||
Life Insurance Product Line [Member] | Asia Pacific [Member] | Accounting Standards Update 2018-12 | Other Segments | |||||
Deferred Policy Acquisition Cost [Line Items] | |||||
Deferred policy acquisition costs | 1,043 | 1,056 | |||
Deferred Policy Acquisition Cost, Capitalization | 86 | 83 | |||
Deferred Policy Acquisition Costs, Amortization Expense | (67) | (55) | |||
Deferred Policy Acquisition Costs, Foreign Currency Translation Gain (Loss) | (32) | (18) | |||
Insurance, Other | Americas [Member] | Other Segments | |||||
Deferred Policy Acquisition Cost [Line Items] | |||||
Deferred policy acquisition costs | 330 | 298 | 341 | 312 | |
Deferred Policy Acquisition Cost, Capitalization | 0 | 6 | |||
Deferred Policy Acquisition Costs, Amortization Expense | (11) | (20) | |||
Deferred Policy Acquisition Costs, Foreign Currency Translation Gain (Loss) | 0 | 0 | |||
Insurance, Other | Americas [Member] | Accounting Standards Update 2018-12 | Other Segments | |||||
Deferred Policy Acquisition Cost [Line Items] | |||||
Deferred policy acquisition costs | 341 | 312 | $ 368 | ||
Deferred Policy Acquisition Cost, Capitalization | 87 | 8 | |||
Deferred Policy Acquisition Costs, Amortization Expense | (58) | (64) | |||
Deferred Policy Acquisition Costs, Foreign Currency Translation Gain (Loss) | 0 | 0 | |||
Insurance, Other | CANADA | Other Segments | |||||
Deferred Policy Acquisition Cost [Line Items] | |||||
Deferred policy acquisition costs | 0 | 0 | 0 | 0 | |
Deferred Policy Acquisition Cost, Capitalization | 0 | 0 | |||
Deferred Policy Acquisition Costs, Amortization Expense | 0 | 0 | |||
Deferred Policy Acquisition Costs, Foreign Currency Translation Gain (Loss) | 0 | 0 | |||
Insurance, Other | CANADA | Accounting Standards Update 2018-12 | Other Segments | |||||
Deferred Policy Acquisition Cost [Line Items] | |||||
Deferred policy acquisition costs | 0 | 0 | 0 | ||
Deferred Policy Acquisition Cost, Capitalization | 0 | 0 | |||
Deferred Policy Acquisition Costs, Amortization Expense | 0 | 0 | |||
Deferred Policy Acquisition Costs, Foreign Currency Translation Gain (Loss) | 0 | 0 | |||
Insurance, Other | EMEA [Member] | Other Segments | |||||
Deferred Policy Acquisition Cost [Line Items] | |||||
Deferred policy acquisition costs | 0 | 0 | 0 | 0 | |
Deferred Policy Acquisition Cost, Capitalization | 0 | 0 | |||
Deferred Policy Acquisition Costs, Amortization Expense | 0 | 0 | |||
Deferred Policy Acquisition Costs, Foreign Currency Translation Gain (Loss) | 0 | 0 | |||
Insurance, Other | EMEA [Member] | Accounting Standards Update 2018-12 | Other Segments | |||||
Deferred Policy Acquisition Cost [Line Items] | |||||
Deferred policy acquisition costs | 0 | 0 | 0 | ||
Deferred Policy Acquisition Cost, Capitalization | 0 | 0 | |||
Deferred Policy Acquisition Costs, Amortization Expense | 0 | 0 | |||
Deferred Policy Acquisition Costs, Foreign Currency Translation Gain (Loss) | 0 | 0 | |||
Insurance, Other | Asia Pacific [Member] | Other Segments | |||||
Deferred Policy Acquisition Cost [Line Items] | |||||
Deferred policy acquisition costs | 289 | 91 | 188 | 81 | |
Deferred Policy Acquisition Cost, Capitalization | 108 | 13 | |||
Deferred Policy Acquisition Costs, Amortization Expense | (6) | (3) | |||
Deferred Policy Acquisition Costs, Foreign Currency Translation Gain (Loss) | $ (1) | $ 0 | |||
Insurance, Other | Asia Pacific [Member] | Accounting Standards Update 2018-12 | Other Segments | |||||
Deferred Policy Acquisition Cost [Line Items] | |||||
Deferred policy acquisition costs | 188 | 81 | $ 41 | ||
Deferred Policy Acquisition Cost, Capitalization | 121 | 49 | |||
Deferred Policy Acquisition Costs, Amortization Expense | (13) | (8) | |||
Deferred Policy Acquisition Costs, Foreign Currency Translation Gain (Loss) | $ (1) | $ (1) |
Reinsurance (Ceded Reinsurance
Reinsurance (Ceded Reinsurance Receivable Assets) (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Ceded Credit Risk [Line Items] | ||
Reinsurance Recoverables, Including Reinsurance Premium Paid | $ 2,723 | $ 2,671 |
Reinsurance Ceded Receivables Percentage Total | 76% | |
Reinsurer A [Member] | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance Recoverables, Including Reinsurance Premium Paid | $ 1,600 | $ 1,600 |
Reinsurance (Narrative) (Detail
Reinsurance (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Ceded Credit Risk [Line Items] | ||
Reinsurance Claims Recoverables | $ 183 | $ 183 |
Claims Recoverable From Retrocessionaires Past Due | $ 17 | $ 16 |
AM Best, A- Rating [Member] | ||
Ceded Credit Risk [Line Items] | ||
Ceded Credit Risk, Disclosure | “A- (excellent)” |
Investments (Investments in Fix
Investments (Investments in Fixed Maturity and Equity Securities Available-for-Sale by Sector) (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | ||
Debt Securities, Available-for-sale [Line Items] | ||||
Available for Sale at Fair value - Amortized cost | $ 61,494 | $ 59,663 | ||
Fixed maturity securities, available-for-sale | 56,085 | [1] | 52,901 | [2] |
Fixed Maturities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Available for Sale at Fair value - Amortized cost | 61,494 | 59,663 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 775 | 594 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 6,105 | 7,319 | ||
Fixed maturity securities, available-for-sale | $ 56,085 | $ 52,901 | ||
% of Total | 100% | 100% | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss | $ 79 | $ 37 | ||
Corporate Debt Securities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Available for Sale at Fair value - Amortized cost | 39,621 | 38,963 | ||
Fixed maturity securities, available-for-sale | $ 35,477 | [1] | $ 33,969 | [2] |
% of Total | 100% | 100% | ||
Corporate Debt Securities [Member] | Fixed Maturities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Available for Sale at Fair value - Amortized cost | $ 39,621 | $ 38,963 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 255 | 168 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 4,330 | 5,135 | ||
Fixed maturity securities, available-for-sale | $ 35,477 | $ 33,969 | ||
% of Total | 63.30% | 64.20% | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss | $ 69 | $ 27 | ||
Canadian and Canadian provincial governments | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Fixed maturity securities, available-for-sale | 3,755 | [1] | 3,626 | [2] |
Canadian and Canadian provincial governments | Fixed Maturities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Available for Sale at Fair value - Amortized cost | 3,345 | 3,311 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 455 | 381 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 45 | 66 | ||
Fixed maturity securities, available-for-sale | $ 3,755 | $ 3,626 | ||
% of Total | 6.70% | 6.90% | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss | $ 0 | $ 0 | ||
Residential mortgage-backed securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Fixed maturity securities, available-for-sale | 1,024 | [1] | 941 | [2] |
Residential mortgage-backed securities | Fixed Maturities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Available for Sale at Fair value - Amortized cost | 1,120 | 1,054 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 2 | 1 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 98 | 114 | ||
Fixed maturity securities, available-for-sale | $ 1,024 | $ 941 | ||
% of Total | 1.80% | 1.80% | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss | $ 0 | $ 0 | ||
Asset-backed Securities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Fixed maturity securities, available-for-sale | 4,103 | [1] | 3,878 | [2] |
Asset-backed Securities [Member] | Fixed Maturities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Available for Sale at Fair value - Amortized cost | 4,470 | 4,324 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 8 | 4 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 365 | 440 | ||
Fixed maturity securities, available-for-sale | $ 4,103 | $ 3,878 | ||
% of Total | 7.30% | 7.30% | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss | $ 10 | $ 10 | ||
Commercial Mortgage Backed Securities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Fixed maturity securities, available-for-sale | 1,670 | [1] | 1,623 | [2] |
Commercial Mortgage Backed Securities [Member] | Fixed Maturities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Available for Sale at Fair value - Amortized cost | 1,882 | 1,835 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 212 | 212 | ||
Fixed maturity securities, available-for-sale | $ 1,670 | $ 1,623 | ||
% of Total | 3% | 3.10% | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss | $ 0 | $ 0 | ||
US Treasury and Government [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Fixed maturity securities, available-for-sale | 1,745 | [1] | 1,482 | [2] |
US Treasury and Government [Member] | Fixed Maturities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Available for Sale at Fair value - Amortized cost | 1,923 | 1,690 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 6 | 4 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 184 | 212 | ||
Fixed maturity securities, available-for-sale | $ 1,745 | $ 1,482 | ||
% of Total | 3.10% | 2.80% | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss | $ 0 | $ 0 | ||
US States and Political Subdivisions Debt Securities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Fixed maturity securities, available-for-sale | 1,138 | [1] | 1,119 | [2] |
US States and Political Subdivisions Debt Securities [Member] | Fixed Maturities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Available for Sale at Fair value - Amortized cost | 1,261 | 1,282 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 9 | 10 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 132 | 173 | ||
Fixed maturity securities, available-for-sale | $ 1,138 | $ 1,119 | ||
% of Total | 2% | 2.10% | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss | $ 0 | $ 0 | ||
Debt Security, Government, Non-US [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Fixed maturity securities, available-for-sale | 3,730 | [1] | 3,704 | [2] |
Debt Security, Government, Non-US [Member] | Fixed Maturities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Available for Sale at Fair value - Amortized cost | 4,123 | 4,171 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 31 | 22 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 424 | 489 | ||
Fixed maturity securities, available-for-sale | $ 3,730 | $ 3,704 | ||
% of Total | 6.70% | 7% | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss | $ 0 | $ 0 | ||
JAPAN | Fixed Maturities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Available for Sale at Fair value - Amortized cost | 3,749 | 3,033 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 9 | 4 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 315 | 478 | ||
Fixed maturity securities, available-for-sale | $ 3,443 | $ 2,559 | ||
% of Total | 6.10% | 4.80% | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss | $ 0 | $ 0 | ||
[1]Excludes limited partnerships that are measured at estimated fair value using the NAV per share (or its equivalent) as a practical expedient. As of March 31, 2023, the fair value of such investments was $726 million.[2]Excludes limited partnerships that are measured at estimated fair value using the NAV per share (or its equivalent) as a practical expedient. As of December 31, 2022, the fair value of such investments was $683 million |
Investments (Fixed Maturity Sec
Investments (Fixed Maturity Securities Pledged And Received As Collateral) (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | ||
Debt Securities, Available-for-sale [Line Items] | ||||
Available for Sale at Fair value - Amortized cost | $ 61,494 | $ 59,663 | ||
Fixed maturity securities, available-for-sale | 56,085 | [1] | 52,901 | [2] |
Collateral Fixed Maturity Securities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Available for Sale at Fair value - Amortized cost | 414 | 355 | ||
Fixed maturity securities, available-for-sale | 366 | 292 | ||
Collateral Received Fixed Maturity Securities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Fixed maturity securities, available-for-sale | 1,506 | 1,428 | ||
Reported Value Measurement [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Assets Held-in-trust | 31,586 | 31,510 | ||
Estimate of Fair Value Measurement [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Assets Held-in-trust | $ 28,622 | $ 27,817 | ||
[1]Excludes limited partnerships that are measured at estimated fair value using the NAV per share (or its equivalent) as a practical expedient. As of March 31, 2023, the fair value of such investments was $726 million.[2]Excludes limited partnerships that are measured at estimated fair value using the NAV per share (or its equivalent) as a practical expedient. As of December 31, 2022, the fair value of such investments was $683 million |
Investments (Exposure To Concen
Investments (Exposure To Concentrations Of Credit Risk) (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | ||
Debt Securities, Available-for-sale [Line Items] | ||||
Available for Sale at Fair value - Amortized cost | $ 61,494 | $ 59,663 | ||
Fixed maturity securities, available-for-sale | 56,085 | [1] | 52,901 | [2] |
Canadian Province Of Quebec Securities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Available for Sale at Fair value - Amortized cost | 1,388 | 1,436 | ||
Fixed maturity securities, available-for-sale | 1,642 | 1,649 | ||
Canadian Province Of Ontario Securities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Available for Sale at Fair value - Amortized cost | 1,033 | 982 | ||
Fixed maturity securities, available-for-sale | $ 1,146 | $ 1,068 | ||
[1]Excludes limited partnerships that are measured at estimated fair value using the NAV per share (or its equivalent) as a practical expedient. As of March 31, 2023, the fair value of such investments was $726 million.[2]Excludes limited partnerships that are measured at estimated fair value using the NAV per share (or its equivalent) as a practical expedient. As of December 31, 2022, the fair value of such investments was $683 million |
Investments (Amortized Cost and
Investments (Amortized Cost and Fair Value of Fixed Maturities by Contractual Maturities) (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | ||
Available For Sale Securities Debt Maturities Amortized Cost | ||||
Due in one year or less | $ 1,899 | |||
Due after one year through five years | 10,092 | |||
Due after five year through ten years | 11,375 | |||
Due after ten years | 30,656 | |||
Asset and mortgage-backed securities | 7,472 | |||
Total | 61,494 | $ 59,663 | ||
Available For Sale Securities Debt Maturities Fair Value | ||||
Due in one year or less | 1,849 | |||
Due after one year through five years | 9,879 | |||
Due after five year through ten years | 10,513 | |||
Due after ten years | 27,047 | |||
Asset and mortgage-backed securities | 6,797 | |||
Total | $ 56,085 | [1] | $ 52,901 | [2] |
[1]Excludes limited partnerships that are measured at estimated fair value using the NAV per share (or its equivalent) as a practical expedient. As of March 31, 2023, the fair value of such investments was $726 million.[2]Excludes limited partnerships that are measured at estimated fair value using the NAV per share (or its equivalent) as a practical expedient. As of December 31, 2022, the fair value of such investments was $683 million |
Investments (Amortized Cost a_2
Investments (Amortized Cost and Fair Value of Fixed Maturity Holdings by Industry Type) (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | ||
Corporate Securities by Investment Sector And Credit Rating [Line Items] | ||||
Amortized Cost | $ 61,494 | $ 59,663 | ||
Fixed maturity securities, available-for-sale | 56,085 | [1] | 52,901 | [2] |
Corporate Debt Securities [Member] | ||||
Corporate Securities by Investment Sector And Credit Rating [Line Items] | ||||
Amortized Cost | 39,621 | 38,963 | ||
Fixed maturity securities, available-for-sale | $ 35,477 | [1] | $ 33,969 | [2] |
% of Total | 100% | 100% | ||
Corporate Debt Securities [Member] | Finance | ||||
Corporate Securities by Investment Sector And Credit Rating [Line Items] | ||||
Amortized Cost | $ 14,732 | $ 14,551 | ||
Fixed maturity securities, available-for-sale | $ 13,043 | $ 12,680 | ||
% of Total | 36.80% | 37.30% | ||
Corporate Debt Securities [Member] | Industrial | ||||
Corporate Securities by Investment Sector And Credit Rating [Line Items] | ||||
Amortized Cost | $ 19,945 | $ 19,624 | ||
Fixed maturity securities, available-for-sale | $ 18,108 | $ 17,257 | ||
% of Total | 51% | 50.80% | ||
Corporate Debt Securities [Member] | Utility | ||||
Corporate Securities by Investment Sector And Credit Rating [Line Items] | ||||
Amortized Cost | $ 4,944 | $ 4,788 | ||
Fixed maturity securities, available-for-sale | $ 4,326 | $ 4,032 | ||
% of Total | 12.20% | 11.90% | ||
[1]Excludes limited partnerships that are measured at estimated fair value using the NAV per share (or its equivalent) as a practical expedient. As of March 31, 2023, the fair value of such investments was $726 million.[2]Excludes limited partnerships that are measured at estimated fair value using the NAV per share (or its equivalent) as a practical expedient. As of December 31, 2022, the fair value of such investments was $683 million |
Investments Investments (Allowa
Investments Investments (Allowance for Credit Loss Roll Forward) (Details) - Available-for-sale Securities [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held, Beginning Balance | $ 37 | $ 31 |
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 43 | 11 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Securities Sold | (3) | (2) |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, Additional Credit Losses | 2 | 2 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held, Ending Balance | 79 | 42 |
Corporate Debt Securities [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held, Beginning Balance | 27 | 26 |
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 43 | 6 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Securities Sold | (3) | (1) |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, Additional Credit Losses | 2 | 2 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held, Ending Balance | 69 | 33 |
Asset-backed Securities [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held, Beginning Balance | 10 | 0 |
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 0 | 5 |
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 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held, Ending Balance | 10 | 5 |
Commercial Mortgage Backed Securities [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held, Beginning Balance | 0 | 1 |
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 0 | 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 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held, Ending Balance | 0 | 1 |
Debt Security, Government, Non-US [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held, Beginning Balance | 0 | 4 |
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 0 | 0 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Securities Sold | 0 | (1) |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, Additional Credit Losses | 0 | 0 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held, Ending Balance | $ 0 | $ 3 |
Investments (Fair Value and Los
Investments (Fair Value and Losses by Investment Category and Length of Time in a Loss Position) (Details) - Fixed Maturities [Member] - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
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 | $ 15,046 | $ 31,631 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 693 | 3,693 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 28,930 | 12,915 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 5,403 | 3,615 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Total | 43,976 | 44,546 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 6,096 | 7,308 |
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 | 14,451 | 30,773 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 632 | 3,598 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 28,151 | 12,408 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 5,253 | 3,485 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Total | 42,602 | 43,181 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 5,885 | 7,083 |
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 | 595 | 858 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 61 | 95 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 779 | 507 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 150 | 130 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Total | 1,374 | 1,365 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 211 | 225 |
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 | 9,861 | 21,867 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 486 | 2,756 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 18,130 | 6,840 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 3,705 | 2,225 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Total | 27,991 | 28,707 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 4,191 | 4,981 |
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 | 550 | 767 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 58 | 87 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 546 | 305 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 79 | 61 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Total | 1,096 | 1,072 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 137 | 148 |
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 | 395 | 554 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 15 | 42 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 165 | 71 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 30 | 23 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Total | 560 | 625 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 45 | 65 |
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 | 332 | 664 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 16 | 62 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 513 | 181 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 82 | 53 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Total | 845 | 845 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 98 | 115 |
Asset-backed 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 | 811 | 1,596 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 38 | 153 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 2,777 | 1,931 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 311 | 269 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Total | 3,588 | 3,527 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 349 | 422 |
Asset-backed 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 | 45 | 52 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 3 | 6 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 46 | 38 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 10 | 9 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Total | 91 | 90 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 13 | 15 |
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 | 341 | 1,314 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 20 | 144 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 1,271 | 281 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 188 | 65 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Total | 1,612 | 1,595 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 208 | 209 |
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 | 909 | 1,202 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 5 | 64 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 606 | 253 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 179 | 148 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Total | 1,515 | 1,455 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 184 | 212 |
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 | 350 | 819 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 10 | 124 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 635 | 131 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 122 | 50 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Total | 985 | 950 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 132 | 174 |
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 | 1,073 | 1,942 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 38 | 167 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 1,763 | 1,026 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 325 | 260 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Total | 2,836 | 2,968 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 363 | 427 |
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 | 0 | 39 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 2 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 187 | 164 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 61 | 60 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Total | 187 | 203 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 61 | 62 |
JAPAN | 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 | 379 | 815 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 4 | 86 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 2,291 | 1,694 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 311 | 392 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Total | 2,670 | 2,509 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 315 | $ 478 |
Investments (Investment Income
Investments (Investment Income Net of Related Expenses) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Major Categories Of Investment Income Net of Expenses [Line Items] | ||
Investment revenue | $ 890 | $ 837 |
Investment expense | (34) | (27) |
Investment income, net of related expenses | 856 | 810 |
Available-for-sale Securities [Member] | ||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||
Investment revenue | 645 | 533 |
Equity securities | ||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||
Investment revenue | 2 | 2 |
Mortgage Loans on Real Estate [Member] | ||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||
Investment revenue | 74 | 73 |
Policy loans | ||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||
Investment revenue | 13 | 13 |
Funds withheld at interest | ||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||
Investment revenue | 72 | 51 |
Short-term Investments [Member] | ||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||
Investment revenue | 21 | 2 |
Partnership Interest | ||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||
Investment revenue | 54 | 161 |
Other invested assets | ||
Major Categories Of Investment Income Net of Expenses [Line Items] | ||
Investment revenue | $ 9 | $ 2 |
Investments (Investment Related
Investments (Investment Related Gains (Losses) Net) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Investments [Abstract] | ||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | $ (42) | $ (11) |
Gain on investment activity | 31 | 11 |
Available-for-sale Securities, Realized Losses, Excluding Other than Temporary Impairments | (75) | (36) |
Gain (Loss) on Sale of Equity Investments | 2 | (8) |
Other impairment losses and change in mortgage loan provision | 3 | (2) |
Derivatives and other, net | 2 | 8 |
Total investment related gains (losses), net | (77) | (139) |
Change In Fair Value Of Certain Limited Partnership Investments And Other, Net | (3) | 19 |
Impairment Losses On Debt Securities Available for Sale | (1) | (1) |
Gain (Loss) on Sale of Derivatives | $ 6 | $ (119) |
Investments (Borrowed Securitie
Investments (Borrowed Securities Repurchased Securities And Repurchased Reversed Repurchased Securities) (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | |
Securities Financing Transaction [Line Items] | |||
Securities Loaned, Fair Value of Collateral | $ 56 | $ 55 | |
Securities Financing Transaction, Cost | |||
Securities Financing Transaction [Line Items] | |||
Collateralized Agreements | [1] | 922 | 859 |
Securities Loaned, Fair Value of Collateral | [1] | 60 | 59 |
Securities for Reverse Repurchase Agreements | [1] | 1,071 | 898 |
Cash Received | [2] | 248 | 149 |
Securities Financing Transaction, Fair Value | |||
Securities Financing Transaction [Line Items] | |||
Securities Borrowed | [3] | 930 | 852 |
Collateralized Agreements | [1] | 804 | 693 |
Securities Loaned, Fair Value of Collateral | [1] | 56 | 55 |
Securities Received as Collateral | [4] | 66 | 66 |
Securities for Reverse Repurchase Agreements | [1] | 964 | 779 |
Securities Sold under Agreements to Repurchase, Collateral, Right to Reclaim Securities | [4] | 629 | 619 |
Cash Received | [2] | $ 248 | $ 149 |
[1]Securities loaned, pledged or sold to counterparties are included within fixed maturity securities.[2]A payable for the cash received by the Company is included within other liabilities.[3]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.[4]Securities received as collateral or purchased 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 | Mar. 31, 2023 | Dec. 31, 2022 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | $ 56 | $ 55 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 964 | 779 |
Obligation to Return Securities Received as Collateral | 1,020 | 834 |
Corporate Debt Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 40 | 42 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 342 | 279 |
Debt Security, Government, Non-US [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 5 | 5 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 98 | 95 |
US States and Political Subdivisions Debt Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 6 | 3 |
Canadian and Canadian provincial governments | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 5 | 5 |
Asset-backed Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 57 | 54 |
Commercial Mortgage Backed Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 111 | 63 |
Residential mortgage-backed securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 53 | 10 |
JAPAN | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 290 | 278 |
US Government Agencies Debt Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 13 | 0 |
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 Overnight [Member] | Corporate Debt Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 0 | 0 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Maturity Overnight [Member] | Debt Security, Government, Non-US [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 0 | 0 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Maturity Overnight [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 0 | 0 |
Maturity Overnight [Member] | Canadian and Canadian provincial governments | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 0 | 0 |
Maturity Overnight [Member] | Asset-backed Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Maturity Overnight [Member] | Commercial Mortgage Backed Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Maturity Overnight [Member] | Residential mortgage-backed securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Maturity Overnight [Member] | JAPAN | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Maturity Overnight [Member] | US Government Agencies Debt Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Maturity up to 30 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
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] | Corporate Debt Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 0 | 0 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Maturity up to 30 days [Member] | Debt Security, Government, Non-US [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 0 | 0 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Maturity up to 30 days [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 0 | 0 |
Maturity up to 30 days [Member] | Canadian and Canadian provincial governments | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 0 | 0 |
Maturity up to 30 days [Member] | Asset-backed Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Maturity up to 30 days [Member] | Commercial Mortgage Backed Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Maturity up to 30 days [Member] | Residential mortgage-backed securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Maturity up to 30 days [Member] | JAPAN | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Maturity up to 30 days [Member] | US Government Agencies Debt Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Maturity 30 to 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
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] | Corporate Debt Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 0 | 0 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Maturity 30 to 90 Days [Member] | Debt Security, Government, Non-US [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 0 | 0 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Maturity 30 to 90 Days [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 0 | 0 |
Maturity 30 to 90 Days [Member] | Canadian and Canadian provincial governments | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 0 | 0 |
Maturity 30 to 90 Days [Member] | Asset-backed Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Maturity 30 to 90 Days [Member] | Commercial Mortgage Backed Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Maturity 30 to 90 Days [Member] | Residential mortgage-backed securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Maturity 30 to 90 Days [Member] | JAPAN | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Maturity 30 to 90 Days [Member] | US Government Agencies Debt Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 0 | 0 |
Maturity over 90 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 56 | 55 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 964 | 779 |
Obligation to Return Securities Received as Collateral | 1,020 | 834 |
Maturity over 90 days [Member] | Corporate Debt Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 40 | 42 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 342 | 279 |
Maturity over 90 days [Member] | Debt Security, Government, Non-US [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 5 | 5 |
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 98 | 95 |
Maturity over 90 days [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 6 | 3 |
Maturity over 90 days [Member] | Canadian and Canadian provincial governments | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Loaned, Fair Value of Collateral | 5 | 5 |
Maturity over 90 days [Member] | Asset-backed Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 57 | 54 |
Maturity over 90 days [Member] | Commercial Mortgage Backed Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 111 | 63 |
Maturity over 90 days [Member] | Residential mortgage-backed securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 53 | 10 |
Maturity over 90 days [Member] | JAPAN | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | 290 | 278 |
Maturity over 90 days [Member] | US Government Agencies Debt Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement | $ 13 | $ 0 |
Investments (Mortgage Loans by
Investments (Mortgage Loans by Property Type) (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Recorded investment | $ 6,895 | $ 6,653 | ||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | (14) | (12) | ||
Allowance for Loan and Lease Losses, Real Estate | (48) | (51) | $ (37) | $ (35) |
Mortgage loans on real estate (net of valuation allowances) | $ 6,833 | $ 6,590 | ||
Percentage of total | 100% | 100% | ||
Office building | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Recorded investment | $ 1,710 | $ 1,706 | ||
Percentage of total | 24.80% | 25.60% | ||
Retail | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Recorded investment | $ 2,319 | $ 2,290 | ||
Percentage of total | 33.60% | 34.40% | ||
Industrial | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Recorded investment | $ 1,602 | $ 1,518 | ||
Percentage of total | 23.30% | 22.80% | ||
Apartment | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Recorded investment | $ 835 | $ 763 | ||
Percentage of total | 12.10% | 11.50% | ||
Other commercial | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Recorded investment | $ 429 | $ 376 | ||
Percentage of total | 6.20% | 5.70% |
Investments (Mortgage Loans b_2
Investments (Mortgage Loans by Maturity Date) (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 6,895 | $ 6,653 |
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] | ||
Financing Receivable, before Allowance for Credit Loss | $ 2,827 | $ 2,652 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 41% | 39.90% |
Due after five years through ten years | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 3,101 | $ 2,930 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 45% | 44% |
Due after ten years | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 967 | $ 1,071 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 14% | 16.10% |
Investments (Mortgage Loans b_3
Investments (Mortgage Loans by Credit Quality Indicator) (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 6,895 | $ 6,653 |
Construction Loan | $ 30 | $ 18 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 100% | 100% |
Mortgage Loans By Credit Quality Indicator Range One [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 4,062 | $ 3,755 |
Construction Loan | $ 30 | $ 18 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 58.90% | 56.40% |
Mortgage Loans By Credit Quality Indicator Range Two [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 2,021 | $ 2,084 |
Construction Loan | $ 0 | $ 0 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 29.30% | 31.30% |
Mortgage Loans By Credit Quality Indicator Range Three [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 591 | $ 615 |
Construction Loan | $ 0 | $ 0 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 8.60% | 9.30% |
Mortgage Loans By Credit Quality Indicator Range Four [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 221 | $ 199 |
Construction Loan | $ 0 | $ 0 |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 3.20% | 3% |
Debt Service Coverage Ratio Range One [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 6,139 | $ 5,916 |
Debt Service Coverage Ratio Range One [Member] | Mortgage Loans By Credit Quality Indicator Range One [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 3,740 | 3,466 |
Debt Service Coverage Ratio Range One [Member] | Mortgage Loans By Credit Quality Indicator Range Two [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 1,811 | 1,894 |
Debt Service Coverage Ratio Range One [Member] | Mortgage Loans By Credit Quality Indicator Range Three [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 529 | 475 |
Debt Service Coverage Ratio Range One [Member] | Mortgage Loans By Credit Quality Indicator Range Four [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 59 | 81 |
Debt Service Coverage Ratio Range Two [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 421 | 383 |
Debt Service Coverage Ratio Range Two [Member] | Mortgage Loans By Credit Quality Indicator Range One [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 210 | 215 |
Debt Service Coverage Ratio Range Two [Member] | Mortgage Loans By Credit Quality Indicator Range Two [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 140 | 119 |
Debt Service Coverage Ratio Range Two [Member] | Mortgage Loans By Credit Quality Indicator Range Three [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 41 | 49 |
Debt Service Coverage Ratio Range Two [Member] | Mortgage Loans By Credit Quality Indicator Range Four [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 30 | 0 |
Debt Service Coverage Ratio Range Three [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 305 | 336 |
Debt Service Coverage Ratio Range Three [Member] | Mortgage Loans By Credit Quality Indicator Range One [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 82 | 56 |
Debt Service Coverage Ratio Range Three [Member] | Mortgage Loans By Credit Quality Indicator Range Two [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 70 | 71 |
Debt Service Coverage Ratio Range Three [Member] | Mortgage Loans By Credit Quality Indicator Range Three [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 21 | 91 |
Debt Service Coverage Ratio Range Three [Member] | Mortgage Loans By Credit Quality Indicator Range Four [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 132 | $ 118 |
Investments (Internal Credit Ra
Investments (Internal Credit Rating Disclosure) (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 6,895 | $ 6,653 |
High Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 4,246 | 4,257 |
Internal Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 2,425 | 2,180 |
Average Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 205 | 180 |
Watch List [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Internal Noninvestment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 19 | 36 |
Year Of Origination 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 311 | |
Year Of Origination 2022 | High Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 66 | |
Year Of Origination 2022 | Internal Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 245 | |
Year Of Origination 2022 | Average Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | |
Year Of Origination 2022 | Watch List [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | |
Year Of Origination 2022 | Internal Noninvestment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | |
Year Of Origination 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 1,293 | 1,284 |
Year Of Origination 2021 | High Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 694 | 698 |
Year Of Origination 2021 | Internal Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 599 | 586 |
Year Of Origination 2021 | Average Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Year Of Origination 2021 | Watch List [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Year Of Origination 2021 | Internal Noninvestment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Year Of Origination 2020 [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 965 | 974 |
Year Of Origination 2020 [Member] | High Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 676 | 684 |
Year Of Origination 2020 [Member] | Internal Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 283 | 284 |
Year Of Origination 2020 [Member] | Average Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 6 | 6 |
Year Of Origination 2020 [Member] | Watch List [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Year Of Origination 2020 [Member] | Internal Noninvestment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Year Of Origination 2019 [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 573 | 575 |
Year Of Origination 2019 [Member] | High Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 335 | 327 |
Year Of Origination 2019 [Member] | Internal Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 238 | 248 |
Year Of Origination 2019 [Member] | Average Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Year Of Origination 2019 [Member] | Watch List [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Year Of Origination 2019 [Member] | Internal Noninvestment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Year Of Origination 2018 [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 876 | 879 |
Year Of Origination 2018 [Member] | High Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 531 | 561 |
Year Of Origination 2018 [Member] | Internal Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 306 | 279 |
Year Of Origination 2018 [Member] | Average Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 39 | 39 |
Year Of Origination 2018 [Member] | Watch List [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Year Of Origination 2018 [Member] | Internal Noninvestment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Year Of Origination 2017 [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 726 | |
Year Of Origination 2017 [Member] | High Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 422 | |
Year Of Origination 2017 [Member] | Internal Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 252 | |
Year Of Origination 2017 [Member] | Average Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 52 | |
Year Of Origination 2017 [Member] | Watch List [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | |
Year Of Origination 2017 [Member] | Internal Noninvestment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | |
Year Of Origination Prior Periods [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 2,877 | 2,215 |
Year Of Origination Prior Periods [Member] | High Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 1,944 | 1,565 |
Year Of Origination Prior Periods [Member] | Internal Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 754 | 531 |
Year Of Origination Prior Periods [Member] | Average Investment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 160 | 83 |
Year Of Origination Prior Periods [Member] | Watch List [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Year Of Origination Prior Periods [Member] | Internal Noninvestment Grade [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 19 | $ 36 |
Investments (Financing Receivab
Investments (Financing Receivables Past Due) (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 6,895 | $ 6,653 |
Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 6,869 | 6,617 |
Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 7 | 0 |
Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 19 | $ 36 |
Investments (Loan Valuation All
Investments (Loan Valuation Allowance for Mortgage Loans) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Allowance For Loan And Lease Losses Roll Forward | ||
Balance, Beginning of Period | $ 51 | $ 35 |
Provision (release) | 3 | 2 |
Balance, End of Period | $ 48 | $ 37 |
Investments (Other Invested Ass
Investments (Other Invested Assets) (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Other invested assets | $ 1,111 | $ 1,140 |
Equity Release Mortgages [Member] | ||
Other invested assets | 897 | 868 |
Derivatives | ||
Other invested assets | 100 | 170 |
Other | ||
Other invested assets | $ 114 | $ 102 |
Investments (Limited Partnershi
Investments (Limited Partnerships and Real Estate Joint Ventures) (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Real Estate [Line Items] | ||
Real Estate Investments, Joint Ventures | $ 2,405 | $ 2,327 |
Equity Method Investments | ||
Real Estate [Line Items] | ||
Real Estate Investments, Joint Ventures | 970 | 934 |
Limited partnership Fair Value Member | ||
Real Estate [Line Items] | ||
Real Estate Investments, Joint Ventures | 726 | 683 |
Corporate Joint Venture | ||
Real Estate [Line Items] | ||
Real Estate Investments, Joint Ventures | 655 | 661 |
Limited Partnership Cost Method | ||
Real Estate [Line Items] | ||
Real Estate Investments, Joint Ventures | $ 54 | $ 49 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 USD ($) securities | Dec. 31, 2022 USD ($) securities | |
Investment Narrative [Line Items] | ||
Securities As Percentage Of Consolidated Stockholder Equity | 10% | |
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 100% | 100% |
Funds withheld at interest | $ 5,976 | $ 6,003 |
Funds Held Under Reinsurance Agreements Asset Specific Client | $ 3,700 | |
Financing Receivable, Troubled Debt Restructuring | $ 77 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | securities | 6,228,000 | 6,441 |
Financing Receivable, before Allowance for Credit Loss | $ 6,895 | $ 6,653 |
Real Estate Owned, Transfer to Real Estate Owned | $ 17 | |
Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Investment Narrative [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 19 | |
CALIFORNIA | ||
Investment Narrative [Line Items] | ||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 12.80% | |
TEXAS | ||
Investment Narrative [Line Items] | ||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 12% | |
CANADA | ||
Investment Narrative [Line Items] | ||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 3.50% | |
UNITED KINGDOM | ||
Investment Narrative [Line Items] | ||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 2.30% | |
WASHINGTON | ||
Investment Narrative [Line Items] | ||
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total | 8% |
Derivative Instruments (Gross N
Derivative Instruments (Gross Notional Amount and Fair Value of Derivatives Contracts) (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Notional Amount | $ 34,479 | $ 33,341 |
Carrying Value / Fair Value of Assets | 504 | 586 |
Derivative Liability, Fair Value, Gross Liability | 1,059 | 1,137 |
Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount | 31,096 | 30,491 |
Carrying Value / Fair Value of Assets | 470 | 545 |
Derivative Liability, Fair Value, Gross Liability | 856 | 927 |
Not Designated as Hedging Instrument | Interest Rate Swaps | ||
Derivative [Line Items] | ||
Notional Amount | 1,578 | 1,271 |
Carrying Value / Fair Value of Assets | 13 | 2 |
Derivative Liability, Fair Value, Gross Liability | 1 | 2 |
Not Designated as Hedging Instrument | Foreign Currency Forwards | ||
Derivative [Line Items] | ||
Notional Amount | 1,006 | 766 |
Carrying Value / Fair Value of Assets | 4 | 50 |
Derivative Liability, Fair Value, Gross Liability | 8 | 0 |
Not Designated as Hedging Instrument | Financial Futures | ||
Derivative [Line Items] | ||
Notional Amount | 186 | 164 |
Carrying Value / Fair Value of Assets | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Not Designated as Hedging Instrument | Consumer Price Index Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 478 | 496 |
Carrying Value / Fair Value of Assets | 19 | 20 |
Derivative Liability, Fair Value, Gross Liability | 5 | 3 |
Not Designated as Hedging Instrument | Credit Default Swaps | ||
Derivative [Line Items] | ||
Notional Amount | 1,528 | 1,523 |
Carrying Value / Fair Value of Assets | 2 | 2 |
Derivative Liability, Fair Value, Gross Liability | 14 | 21 |
Not Designated as Hedging Instrument | Equity Options | ||
Derivative [Line Items] | ||
Notional Amount | 336 | 358 |
Carrying Value / Fair Value of Assets | 24 | 38 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Not Designated as Hedging Instrument | Synthetic Guaranteed Investment Contracts | ||
Derivative [Line Items] | ||
Notional Amount | 17,280 | 17,411 |
Carrying Value / Fair Value of Assets | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Not Designated as Hedging Instrument | Embedded Derivatives In Modified Coinsurance Or Funds Withheld Arrangements | ||
Derivative [Line Items] | ||
Notional Amount | 0 | 0 |
Carrying Value / Fair Value of Assets | 362 | 363 |
Derivative Liability, Fair Value, Gross Liability | 333 | 371 |
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 | 495 | 530 |
Not Designated as Hedging Instrument | Currency Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 150 | 150 |
Carrying Value / Fair Value of Assets | 16 | 18 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Not Designated as Hedging Instrument | Interest Rate Swaption | ||
Derivative [Line Items] | ||
Notional Amount | 7,957 | 7,756 |
Carrying Value / Fair Value of Assets | 11 | 34 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Not Designated as Hedging Instrument | Total Return Swap | ||
Derivative [Line Items] | ||
Notional Amount | 500 | 500 |
Carrying Value / Fair Value of Assets | 19 | 18 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Not Designated as Hedging Instrument | Interest Rate Future | ||
Derivative [Line Items] | ||
Notional Amount | 97 | 96 |
Carrying Value / Fair Value of Assets | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Designated As Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount | 3,383 | 2,850 |
Carrying Value / Fair Value of Assets | 34 | 41 |
Derivative Liability, Fair Value, Gross Liability | 203 | 210 |
Designated As Hedging Instrument | Interest Rate Swaps | ||
Derivative [Line Items] | ||
Notional Amount | 1,701 | 1,310 |
Carrying Value / Fair Value of Assets | 5 | 3 |
Derivative Liability, Fair Value, Gross Liability | 112 | 113 |
Designated As Hedging Instrument | Currency Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 114 | 114 |
Carrying Value / Fair Value of Assets | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 3 | 0 |
Designated As Hedging Instrument | Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 1,161 | 1,019 |
Carrying Value / Fair Value of Assets | 29 | 38 |
Derivative Liability, Fair Value, Gross Liability | 2 | 1 |
Designated As Hedging Instrument | Other Contract | ||
Derivative [Line Items] | ||
Notional Amount | 407 | 407 |
Carrying Value / Fair Value of Assets | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | $ 86 | $ 96 |
Derivative Instruments Derivati
Derivative Instruments Derivative Instruments (Fair Value Hedge Attributable to Foreign Currency) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | $ (3) | $ 7 |
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | $ 2 | $ (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 | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (198) | $ (81) | $ (205) | $ (22) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 6 | 60 | ||
Investment Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (3) | 0 | ||
Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (2) | $ 1 |
Derivative Instruments (Cash Fl
Derivative Instruments (Cash Flow Hedges) (Details) - Cash Flow Hedging [Member] - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | $ 6 | $ 60 | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 198 | 81 | $ 205 | $ 22 |
Investment Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 3 | 0 | ||
Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 2 | (1) | ||
Interest Rate Swaps | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 14 | 64 | ||
Interest Rate Swaps | Investment Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | ||
Interest Rate Swaps | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 2 | (1) | ||
Currency Swap [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 8 | 4 | ||
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 | 3 | 0 | ||
Currency Swap [Member] | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 0 | $ 0 |
Derivative Instruments (Hedges
Derivative Instruments (Hedges of Net Investments in Foreign Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Foreign Currency Forwards | ||
Derivatives, Fair Value [Line Items] | ||
Net Derivatives Gains (Losses) Deferred in AOCI | $ 0 | $ (16) |
Derivative Instruments (Non Hed
Derivative Instruments (Non Hedging Derivatives and Embedded Derivatives Effect on Income Statement) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Total investment related gains (losses), net | $ (77) | $ (139) |
Gain Loss On Investments Related To Change In Fair Value Of Derivatives Excluding Embedded Derivatives | (30) | (90) |
Interest credited | (215) | (141) |
Not Designated as Hedging Instrument | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Total investment related gains (losses), net | 23 | (87) |
Not Designated as Hedging Instrument | Interest Rate Swaps | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Total investment related gains (losses), net | 20 | (52) |
Not Designated as Hedging Instrument | Financial Futures | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Total investment related gains (losses), net | (9) | 5 |
Not Designated as Hedging Instrument | Currency Swap [Member] | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Total investment related gains (losses), net | 0 | 7 |
Not Designated as Hedging Instrument | Foreign Currency Forwards | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Total investment related gains (losses), net | (19) | (23) |
Not Designated as Hedging Instrument | Consumer Price Index Swap [Member] | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Total investment related gains (losses), net | 1 | 29 |
Not Designated as Hedging Instrument | Credit Default Swaps | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Total investment related gains (losses), net | 11 | (58) |
Not Designated as Hedging Instrument | Equity Options | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Total investment related gains (losses), net | (14) | 0 |
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 | 37 | (33) |
Not Designated as Hedging Instrument | Embedded Derivatives In Indexed Annuity [Member] | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Interest credited | (16) | (36) |
Not Designated as Hedging Instrument | Interest Rate Future | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Total investment related gains (losses), net | 0 | 2 |
Not Designated as Hedging Instrument | Total Return Swap | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Total investment related gains (losses), net | 3 | 0 |
Not Designated as Hedging Instrument | Interest Rate Swaption | ||
Income Affect Of Non Hedging Derivatives [Line Items] | ||
Total investment related gains (losses), net | $ (23) | $ 0 |
Derivative Instruments (Exposur
Derivative Instruments (Exposure from Credit Derivatives by Rating of the Underlying Credits) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | ||
Credit Derivatives [Line Items] | |||
Credit Derivative Current Fair Value | [1] | $ (12) | $ (19) |
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 1,528 | $ 1,523 |
Derivative Average Remaining Maturity | [1],[3] | 9 years | 9 years 4 months 24 days |
Standard Poors AAA To A Minus Ratings [Member] | Single Name Credit Default Swaps [Member] | |||
Credit Derivatives [Line Items] | |||
Credit Derivative Current Fair Value | [1] | $ (13) | $ (18) |
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 428 | $ 428 |
Derivative Average Remaining Maturity | [1],[3] | 18 years 6 months | 18 years 8 months 12 days |
Standard Poors BBB Rating [Member] | Single Name Credit Default Swaps [Member] | |||
Credit Derivatives [Line Items] | |||
Credit Derivative Current Fair Value | [1] | $ 2 | $ 1 |
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 160 | $ 155 |
Derivative Average Remaining Maturity | [1],[3] | 3 years | 3 years 3 months 18 days |
Standard Poors BBB Rating [Member] | Credit Default Swaps Referencing Indices [Member] | |||
Credit Derivatives [Line Items] | |||
Credit Derivative Current Fair Value | [1] | $ 0 | $ 0 |
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 915 | $ 915 |
Derivative Average Remaining Maturity | [1],[3] | 5 years 9 months 18 days | 6 years 2 months 12 days |
Standard Poors BBB 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] | $ 1,075 | $ 1,070 |
Derivative Average Remaining Maturity | [1],[3] | 5 years 4 months 24 days | 5 years 9 months 18 days |
Standard & Poor's, BB Rating [Member] | |||
Credit Derivatives [Line Items] | |||
Derivative Average Remaining Maturity | [1],[2] | 2 years 10 months 24 days | 3 years 2 months 12 days |
Standard & Poor's, BB Rating [Member] | Single Name Credit Default Swaps [Member] | |||
Credit Derivatives [Line Items] | |||
Credit Derivative Current Fair Value | [1] | $ (1) | $ (2) |
Maximum Potential Future Exposure on Credit Risk Derivatives | [1],[2] | $ 25 | $ 25 |
[1]The rating agency designations are based on ratings from Standard and Poor’s (“S&P”).[2]Assumes the value of the referenced credit obligations is zero.[3]The weighted average years to maturity of the credit default swaps is calculated based on weighted average notional amounts. |
Derivative Instruments (Derivat
Derivative Instruments (Derivative Instruments Offsetting Balance Sheet) (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | |
Derivative Assets [Abstract] | |||
Derivative Fair Value Of Free Standing Derivative Asset | $ 142 | $ 223 | |
Gross Amounts Offset in the Balance Sheet | (42) | (53) | |
Net Amounts Presented in the Balance Sheet | 100 | 170 | |
Derivative Asset, Fair Value of Collateral | [1] | (100) | (170) |
Net Amount | 0 | 0 | |
Derivative Liabilities [Abstract] | |||
Derivative Fair Value Of Free Standing Derivative Liability | 231 | 236 | |
Gross Amounts Offset in the Balance Sheet | (42) | (53) | |
Net Amounts Presented in the Balance Sheet | 189 | 183 | |
Gross Amounts Not Offset in the Balance Sheet - Financial Instruments | [1] | (189) | (183) |
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) $ in Millions | Mar. 31, 2023 USD ($) |
Derivative Instruments, Gain (Loss) [Line Items] | |
Cumulative Foreign Currency Translation Gain Loss Recorded In Accumulated Other Comprehensive Income Loss For Terminated Net Investment In Foreign Operations Hedges | $ 210 |
Counterparty Credit Derivative Exposure | 15 |
Investment Income [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | 10 |
Interest Expense [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 1 |
Fair Value of Assets and Liab_3
Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Balances of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | ||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | $ 56,085 | [1] | $ 52,901 | [2] |
Equity Method Investments, Fair Value Disclosure | 138 | [1] | 134 | [2] |
Funds withheld at interest embedded derivatives | (322) | [1] | (371) | [2] |
Funds Held Under Reinsurance Agreements, Asset Fair Value Disclosure | 53 | [1] | 54 | [2] |
Cash and cash equivalents | 1,654 | [1] | 1,535 | [2] |
Short-term investments | 203 | [1] | 121 | [2] |
Derivative Assets (Liabilities), at Fair Value, Net | 100 | [1] | 170 | [2] |
Investments, Fair Value Disclosure | 124 | [1] | 193 | [2] |
Assets, Fair Value Disclosure | 57,935 | [1] | 54,567 | [2] |
Liabilities Fair Value Disclosure | ||||
Fair Value Measured On Recurring Basis Guaranteed Interest Contracts Embedded Derivatives | 495 | 530 | ||
Funds Held under Reinsurance Agreements, Liability | (351) | (363) | ||
Other liabilities | (189) | (183) | ||
Financial Liabilities Fair Value Disclosure | 333 | 350 | ||
Fair Value, Net Asset (Liability) | 726 | |||
Fair Value Option Contractholder Directed Unit Linked Investments [Member] | ||||
Assets Fair Value Disclosure | ||||
Investments, Fair Value Disclosure | 24 | [1] | 23 | [2] |
Corporate Debt Securities [Member] | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 35,477 | [1] | 33,969 | [2] |
Canadian and Canadian provincial governments | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 3,755 | [1] | 3,626 | [2] |
Residential mortgage-backed securities | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 1,024 | [1] | 941 | [2] |
Asset-backed Securities [Member] | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 4,103 | [1] | 3,878 | [2] |
Assets, Fair Value Disclosure | 272 | 274 | ||
Commercial Mortgage Backed Securities [Member] | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 1,670 | [1] | 1,623 | [2] |
US Treasury and Government [Member] | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 1,745 | [1] | 1,482 | [2] |
US States and Political Subdivisions Debt Securities [Member] | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 1,138 | [1] | 1,119 | [2] |
Debt Security, Government, Non-US [Member] | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 3,730 | [1] | 3,704 | [2] |
Japanese Government | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 3,443 | [1] | 2,559 | [2] |
Fair Value Inputs Level 1 Member | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 1,649 | [1] | 1,388 | [2] |
Equity Method Investments, Fair Value Disclosure | 70 | [1] | 68 | [2] |
Funds withheld at interest embedded derivatives | 0 | [1] | 0 | [2] |
Funds Held Under Reinsurance Agreements, Asset Fair Value Disclosure | 0 | [1] | 0 | [2] |
Cash and cash equivalents | 1,653 | [1] | 1,535 | [2] |
Short-term investments | 118 | [1] | 54 | [2] |
Derivative Assets (Liabilities), at Fair Value, Net | 0 | [1] | 0 | [2] |
Investments, Fair Value Disclosure | 0 | [1] | 0 | [2] |
Assets, Fair Value Disclosure | 3,490 | [1] | 3,045 | [2] |
Liabilities Fair Value Disclosure | ||||
Fair Value Measured On Recurring Basis Guaranteed Interest Contracts Embedded Derivatives | 0 | 0 | ||
Funds Held under Reinsurance Agreements, Liability | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Financial Liabilities Fair Value Disclosure | 0 | 0 | ||
Fair Value Inputs Level 1 Member | Fair Value Option Contractholder Directed Unit Linked Investments [Member] | ||||
Assets Fair Value Disclosure | ||||
Investments, Fair Value Disclosure | 0 | [1] | 0 | [2] |
Fair Value Inputs Level 1 Member | Corporate Debt Securities [Member] | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 0 | [1] | 0 | [2] |
Fair Value Inputs Level 1 Member | Canadian and Canadian provincial governments | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 0 | [1] | 0 | [2] |
Fair Value Inputs Level 1 Member | Residential mortgage-backed securities | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 0 | [1] | 0 | [2] |
Fair Value Inputs Level 1 Member | Asset-backed Securities [Member] | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 0 | [1] | 0 | [2] |
Fair Value Inputs Level 1 Member | Commercial Mortgage Backed Securities [Member] | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 0 | [1] | 0 | [2] |
Fair Value Inputs Level 1 Member | US Treasury and Government [Member] | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 1,649 | [1] | 1,388 | [2] |
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 | [1] | 0 | [2] |
Fair Value Inputs Level 1 Member | Debt Security, Government, Non-US [Member] | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 0 | [1] | 0 | [2] |
Fair Value Inputs Level 1 Member | Japanese Government | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 0 | [1] | 0 | [2] |
Fair Value Inputs Level 2 Member | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 48,297 | [1] | 45,791 | [2] |
Equity Method Investments, Fair Value Disclosure | 0 | [1] | 0 | [2] |
Funds withheld at interest embedded derivatives | 0 | [1] | 0 | [2] |
Funds Held Under Reinsurance Agreements, Asset Fair Value Disclosure | 0 | [1] | 0 | [2] |
Cash and cash equivalents | 0 | [1] | 0 | [2] |
Short-term investments | 78 | [1] | 54 | [2] |
Derivative Assets (Liabilities), at Fair Value, Net | 100 | [1] | 170 | [2] |
Investments, Fair Value Disclosure | 124 | [1] | 193 | [2] |
Assets, Fair Value Disclosure | 48,499 | [1] | 46,038 | [2] |
Liabilities Fair Value Disclosure | ||||
Fair Value Measured On Recurring Basis Guaranteed Interest Contracts Embedded Derivatives | 0 | 0 | ||
Funds Held under Reinsurance Agreements, Liability | 0 | 0 | ||
Other liabilities | (189) | (183) | ||
Financial Liabilities Fair Value Disclosure | 189 | 183 | ||
Fair Value Inputs Level 2 Member | Fair Value Option Contractholder Directed Unit Linked Investments [Member] | ||||
Assets Fair Value Disclosure | ||||
Investments, Fair Value Disclosure | 24 | [1] | 23 | [2] |
Fair Value Inputs Level 2 Member | Corporate Debt Securities [Member] | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 30,864 | [1] | 29,670 | [2] |
Fair Value Inputs Level 2 Member | Canadian and Canadian provincial governments | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 3,755 | [1] | 3,626 | [2] |
Fair Value Inputs Level 2 Member | Residential mortgage-backed securities | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 1,023 | [1] | 931 | [2] |
Fair Value Inputs Level 2 Member | Asset-backed Securities [Member] | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 2,699 | [1] | 2,603 | [2] |
Fair Value Inputs Level 2 Member | Commercial Mortgage Backed Securities [Member] | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 1,614 | [1] | 1,555 | [2] |
Fair Value Inputs Level 2 Member | US Treasury and Government [Member] | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 88 | [1] | 85 | [2] |
Fair Value Inputs Level 2 Member | US States and Political Subdivisions Debt Securities [Member] | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 1,118 | [1] | 1,093 | [2] |
Fair Value Inputs Level 2 Member | Debt Security, Government, Non-US [Member] | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 3,693 | [1] | 3,669 | [2] |
Fair Value Inputs Level 2 Member | Japanese Government | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 3,443 | [1] | 2,559 | [2] |
Fair Value Inputs Level 3 Member | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 6,139 | [1] | 5,722 | [2] |
Equity Method Investments, Fair Value Disclosure | 68 | [1] | 66 | [2] |
Funds withheld at interest embedded derivatives | (322) | [1] | (371) | [2] |
Funds Held Under Reinsurance Agreements, Asset Fair Value Disclosure | 53 | [1] | 54 | [2] |
Cash and cash equivalents | 1 | [1] | 0 | [2] |
Short-term investments | 7 | [1] | 13 | [2] |
Derivative Assets (Liabilities), at Fair Value, Net | 0 | [1] | 0 | [2] |
Investments, Fair Value Disclosure | 0 | [1] | 0 | [2] |
Assets, Fair Value Disclosure | 5,946 | [1] | 5,484 | [2] |
Liabilities Fair Value Disclosure | ||||
Fair Value Measured On Recurring Basis Guaranteed Interest Contracts Embedded Derivatives | 495 | 530 | ||
Funds Held under Reinsurance Agreements, Liability | (351) | (363) | ||
Other liabilities | 0 | 0 | ||
Financial Liabilities Fair Value Disclosure | 144 | 167 | ||
Fair Value Inputs Level 3 Member | Fair Value Option Contractholder Directed Unit Linked Investments [Member] | ||||
Assets Fair Value Disclosure | ||||
Investments, Fair Value Disclosure | 0 | [1] | 0 | [2] |
Fair Value Inputs Level 3 Member | Corporate Debt Securities [Member] | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 4,613 | [1] | 4,299 | [2] |
Fair Value Inputs Level 3 Member | Canadian and Canadian provincial governments | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 0 | [1] | 0 | [2] |
Fair Value Inputs Level 3 Member | Residential mortgage-backed securities | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 1 | [1] | 10 | [2] |
Fair Value Inputs Level 3 Member | Asset-backed Securities [Member] | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 1,404 | [1] | 1,275 | [2] |
Fair Value Inputs Level 3 Member | Commercial Mortgage Backed Securities [Member] | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 56 | [1] | 68 | [2] |
Fair Value Inputs Level 3 Member | US Treasury and Government [Member] | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 8 | [1] | 9 | [2] |
Fair Value Inputs Level 3 Member | US States and Political Subdivisions Debt Securities [Member] | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 20 | [1] | 26 | [2] |
Fair Value Inputs Level 3 Member | Debt Security, Government, Non-US [Member] | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | 37 | [1] | 35 | [2] |
Fair Value Inputs Level 3 Member | Japanese Government | ||||
Assets Fair Value Disclosure | ||||
Fixed maturity securities, available-for-sale | $ 0 | [1] | $ 0 | [2] |
[1]Excludes limited partnerships that are measured at estimated fair value using the NAV per share (or its equivalent) as a practical expedient. As of March 31, 2023, the fair value of such investments was $726 million.[2]Excludes limited partnerships that are measured at estimated fair value using the NAV per share (or its equivalent) as a practical expedient. As of December 31, 2022, the fair value of such investments was $683 million |
Fair Value of Assets and Liab_4
Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Quantitative Information for Level 3 Inputs) (Details) $ in Millions | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Assets, Fair Value Disclosure | $ (57,935) | [1] | $ (54,567) | [2] |
Corporate Debt Securities [Member] | Valuation, Market Approach [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Assets, Fair Value Disclosure | $ (25) | $ (25) | ||
Corporate Debt Securities [Member] | Weighted Average [Member] | Valuation, Market Approach [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Debt Instrument, Measurement Input | 0.01 | |||
Corporate Debt Securities [Member] | Maximum [Member] | Valuation, Market Approach [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Debt Instrument, Measurement Input | 0.01 | |||
Asset-backed Securities [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Assets, Fair Value Disclosure | $ (272) | $ (274) | ||
Asset-backed Securities [Member] | Weighted Average [Member] | Valuation, Market Approach [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Debt Instrument, Measurement Input | 0.02 | 0.02 | ||
Asset-backed Securities [Member] | Maximum [Member] | Valuation, Market Approach [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Debt Instrument, Measurement Input | 0.18 | 0.18 | ||
Asset-backed Securities [Member] | Minimum [Member] | Valuation, Market Approach [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Debt Instrument, Measurement Input | 0 | 0 | ||
US Government Agencies Debt Securities [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Assets, Fair Value Disclosure | $ (8) | $ (9) | ||
US Government Agencies Debt Securities [Member] | Weighted Average [Member] | Valuation, Market Approach [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Debt Instrument, Measurement Input | 0.01 | 0.01 | ||
US Government Agencies Debt Securities [Member] | Maximum [Member] | Valuation, Market Approach [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Debt Instrument, Measurement Input | 0.01 | 0.01 | ||
US Government Agencies Debt Securities [Member] | Minimum [Member] | Valuation, Market Approach [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Debt Instrument, Measurement Input | 0 | 0 | ||
Equity securities | Valuation, Market Approach [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Assets, Fair Value Disclosure | $ (9) | $ (9) | ||
Funds Withheld At Interest Embedded Derivatives [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Assets, Fair Value Disclosure | (4) | (34) | ||
Embedded Derivatives In Indexed Annuity [Member] | Valuation, Income Approach [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 495 | $ 530 | ||
Embedded Derivatives In Indexed Annuity [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Embedded Derivative Liability, Measurement Input | 0.02 | 0.02 | ||
Embedded Derivatives In Indexed Annuity [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Embedded Derivative Liability, Measurement Input | 0.04 | 0.04 | ||
Embedded Derivatives In Indexed Annuity [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Embedded Derivative Liability, Measurement Input | 0.01 | 0.01 | ||
Measurement Input Crediting Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Weighted Average [Member] | Valuation, Income Approach [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Embedded Derivative Asset, Measurement Input | 0.02 | 0.02 | ||
Measurement Input Crediting Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Maximum [Member] | Valuation, Income Approach [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Embedded Derivative Asset, Measurement Input | 0.04 | 0.04 | ||
Measurement Input Crediting Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Minimum [Member] | Valuation, Income Approach [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Embedded Derivative Asset, Measurement Input | 0.01 | 0.01 | ||
Measurement Input, Counterparty Credit Risk [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Weighted Average [Member] | Valuation, Income Approach [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Embedded Derivative Asset, Measurement Input | 0 | 0 | ||
Measurement Input, Counterparty Credit Risk [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Maximum [Member] | Valuation, Income Approach [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Embedded Derivative Asset, Measurement Input | 0.05 | 0.05 | ||
Measurement Input, Counterparty Credit Risk [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Minimum [Member] | Valuation, Income Approach [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Embedded Derivative Asset, Measurement Input | 0 | 0 | ||
Measurement Input, Withdrawal Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Weighted Average [Member] | Valuation, Income Approach [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Embedded Derivative Asset, Measurement Input | 0.04 | 0.04 | ||
Measurement Input, Withdrawal Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Maximum [Member] | Valuation, Income Approach [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Embedded Derivative Asset, Measurement Input | 0.05 | 0.05 | ||
Measurement Input, Withdrawal Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Minimum [Member] | Valuation, Income Approach [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Embedded Derivative Asset, Measurement Input | 0 | 0 | ||
Measurement Input, Withdrawal Rate [Member] | Embedded Derivatives In Indexed Annuity [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Embedded Derivative Liability, Measurement Input | 0.04 | 0.03 | ||
Measurement Input, Withdrawal Rate [Member] | Embedded Derivatives In Indexed Annuity [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Embedded Derivative Liability, Measurement Input | 0.05 | 0.05 | ||
Measurement Input, Withdrawal Rate [Member] | Embedded Derivatives In Indexed Annuity [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Embedded Derivative Liability, Measurement Input | 0 | 0 | ||
Measurement Input, Lapse Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Weighted Average [Member] | Valuation, Income Approach [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Embedded Derivative Asset, Measurement Input | 0.15 | 0.17 | ||
Measurement Input, Lapse Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Maximum [Member] | Valuation, Income Approach [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Embedded Derivative Asset, Measurement Input | 0.35 | 0.35 | ||
Measurement Input, Lapse Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Minimum [Member] | Valuation, Income Approach [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Embedded Derivative Asset, Measurement Input | 0 | 0 | ||
Measurement Input, Lapse Rate [Member] | Embedded Derivatives In Indexed Annuity [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Embedded Derivative Liability, Measurement Input | 0.14 | 0.16 | ||
Measurement Input, Lapse Rate [Member] | Embedded Derivatives In Indexed Annuity [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Embedded Derivative Liability, Measurement Input | 0.35 | 0.35 | ||
Measurement Input, Lapse Rate [Member] | Embedded Derivatives In Indexed Annuity [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Embedded Derivative Liability, Measurement Input | 0 | 0 | ||
Measurement Input, Mortality Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Weighted Average [Member] | Valuation, Income Approach [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Embedded Derivative Asset, Measurement Input | 0.03 | 0.03 | ||
Measurement Input, Mortality Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Maximum [Member] | Valuation, Income Approach [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Embedded Derivative Asset, Measurement Input | 1 | 1 | ||
Measurement Input, Mortality Rate [Member] | Funds Withheld At Interest Embedded Derivatives [Member] | Minimum [Member] | Valuation, Income Approach [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Embedded Derivative Asset, Measurement Input | 0 | 0 | ||
Measurement Input, Mortality Rate [Member] | Embedded Derivatives In Indexed Annuity [Member] | Weighted Average [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Embedded Derivative Liability, Measurement Input | 0.03 | 0.03 | ||
Measurement Input, Mortality Rate [Member] | Embedded Derivatives In Indexed Annuity [Member] | Maximum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Embedded Derivative Liability, Measurement Input | 1 | 1 | ||
Measurement Input, Mortality Rate [Member] | Embedded Derivatives In Indexed Annuity [Member] | Minimum [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Embedded Derivative Liability, Measurement Input | 0 | 0 | ||
Measurement Input, EBITDA Multiple [Member] | Corporate Debt Securities [Member] | Maximum [Member] | Valuation, Market Approach [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Debt Instrument, Measurement Input | 5.3 | 5.3 | ||
Measurement Input, EBITDA Multiple [Member] | Equity securities | Weighted Average [Member] | Valuation, Market Approach [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Equity Securities, FV-NI, Measurement Input | 9.7 | 9.6 | ||
Measurement Input, EBITDA Multiple [Member] | Equity securities | Maximum [Member] | Valuation, Market Approach [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Equity Securities, FV-NI, Measurement Input | 11.2 | 11.2 | ||
Measurement Input, EBITDA Multiple [Member] | Equity securities | Minimum [Member] | Valuation, Market Approach [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Equity Securities, FV-NI, Measurement Input | 8.4 | 8.4 | ||
[1]Excludes limited partnerships that are measured at estimated fair value using the NAV per share (or its equivalent) as a practical expedient. As of March 31, 2023, the fair value of such investments was $726 million.[2]Excludes limited partnerships that are measured at estimated fair value using the NAV per share (or its equivalent) as a practical expedient. As of December 31, 2022, the fair value of such investments was $683 million |
Fair Value of Assets and Liab_5
Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Changes in Level 3 Assets and Liabilities) (Details) - USD ($) $ in Millions | 3 Months Ended | ||||||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
Corporate Debt Securities [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 4,299 | $ 3,888 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 55 | (144) | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | (318) | (365) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | 0 | (16) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | (59) | (26) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 22 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 4,613 | 4,046 | |||||
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 | 1 | 1 | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 1 | 1 | |||||
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 | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 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 | (1) | 0 | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | (2) | 0 | |||||
Corporate Debt Securities [Member] | Insurance Claims [Member] | |||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | ||||||
Corporate Debt Securities [Member] | Other Comprehensive Income (Loss) [Member] | |||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 52 | (144) | |||||
US Government Agencies Debt Securities [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 35 | 45 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (1) | (1) | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | (1) | (2) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 6 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 5 | 4 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 28 | 44 | |||||
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 | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 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 | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 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 | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | |||||
US Government Agencies Debt Securities [Member] | Insurance Claims [Member] | |||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | ||||||
US Government Agencies Debt Securities [Member] | Other Comprehensive Income (Loss) [Member] | |||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | (1) | (1) | |||||
Debt Security, Government, Non-US [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 35 | 33 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 2 | (4) | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 37 | 29 | |||||
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 | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 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 | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 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 | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | |||||
Debt Security, Government, Non-US [Member] | Insurance Claims [Member] | |||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | ||||||
Debt Security, Government, Non-US [Member] | Other Comprehensive Income (Loss) [Member] | |||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 2 | (4) | |||||
Funds Withheld At Interest Embedded Derivatives [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | (8) | [2] | 165 | [3] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | [2] | 0 | [3] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 0 | [2] | 0 | [3] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | 0 | [2] | 0 | [3] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | 0 | [2] | 0 | [3] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | [2] | 0 | [3] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | [2] | 0 | [3] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 29 | [2] | 132 | [3] | |||
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 | [2] | 0 | [3] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | [2] | 0 | [3] | |||
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 | [2] | 0 | [3] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | [2] | 0 | [3] | |||
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 | 37 | [2] | (33) | [3] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 37 | [2] | (33) | [3] | |||
Funds Withheld At Interest Embedded Derivatives [Member] | Insurance Claims [Member] | |||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | [3] | 0 | |||||
Funds Withheld At Interest Embedded Derivatives [Member] | Other Comprehensive Income (Loss) [Member] | |||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | [2] | 0 | [3] | |||
Short-term Investments [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 13 | 28 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | (1) | (20) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 6 | 0 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 7 | 48 | |||||
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 | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 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 | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 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 | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | (1) | 0 | |||||
Short-term Investments [Member] | Insurance Claims [Member] | |||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | ||||||
Short-term Investments [Member] | Other Comprehensive Income (Loss) [Member] | |||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | |||||
Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Sales | [1] | 0 | 0 | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 495 | 645 | $ 530 | $ 693 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases | [1] | 2 | (6) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | [1] | 17 | 18 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | 0 | 0 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | 0 | 0 | |||||
Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | Investment Income [Member] | |||||||
Fair Value, 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 | |||||
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss) | 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 | (16) | (36) | |||||
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss) | 1 | (18) | |||||
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 | 0 | 0 | |||||
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | |||||
Interest Sensitive Contract Liabilities Embedded Derivatives [Member] | Insurance Claims [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 | ||||||
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 | |||||
Equity securities | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 66 | 50 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | (2) | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | 0 | (1) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 68 | 48 | |||||
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 | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 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 | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 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 | 0 | (1) | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | (1) | |||||
Equity securities | Insurance Claims [Member] | |||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | ||||||
Equity securities | Other Comprehensive Income (Loss) [Member] | |||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | |||||
Structured Finance [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 1,353 | 1,179 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 33 | (72) | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | (98) | (95) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | 0 | (51) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | (62) | (38) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 64 | 13 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 27 | 0 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 1,461 | 1,121 | |||||
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 | 1 | 0 | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 1 | 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 | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 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 | 1 | (5) | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | (5) | |||||
Structured Finance [Member] | Insurance Claims [Member] | |||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | ||||||
Structured Finance [Member] | Other Comprehensive Income (Loss) [Member] | |||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 33 | (71) | |||||
Funds withheld at interest | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 54 | 83 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 1 | (2) | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 0 | (1) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | 0 | (2) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 53 | 75 | |||||
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 | (2) | (5) | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | (2) | (5) | |||||
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 | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 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 | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | |||||
Funds withheld at interest | Insurance Claims [Member] | |||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | ||||||
Funds withheld at interest | Other Comprehensive Income (Loss) [Member] | |||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 1 | (2) | |||||
Cash Equivalents | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | (1) | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 1 | 0 | |||||
Cash Equivalents | 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 | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | |||||
Cash Equivalents | 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 | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | |||||
Cash Equivalents | 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 | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | |||||
Cash Equivalents | Insurance Claims [Member] | |||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | ||||||
Cash Equivalents | Other Comprehensive Income (Loss) [Member] | |||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | $ 0 | $ 0 | |||||
[1]The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period.[2] Funds withheld at interest – embedded derivatives assets and liabilities are presented net for purposes of the rollforward. Funds withheld at interest – embedded derivatives assets and liabilities are presented net for purposes of the rollforward. |
Fair Value of Assets and Liab_6
Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Financial Instruments where Carrying Amounts and Fair Values May Differ) (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | |
Reported Value Measurement [Member] | |||
Assets | |||
Mortgage loans on real estate (net of valuation allowances) | [1] | $ 6,833 | $ 6,590 |
Policy loans | [1] | 1,221 | 1,231 |
Funds withheld at interest | [1] | 6,245 | 6,319 |
Cash and cash equivalents | [1] | 1,640 | 1,392 |
Short-term investments | [1] | 43 | 33 |
Other invested assets | [1] | 974 | 947 |
Accrued investment income | [1] | 672 | 630 |
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | [1] | 54 | 49 |
Liabilities | |||
Interest-sensitive contract liabilities | [1] | 23,515 | 23,493 |
Funds Held under Reinsurance Agreements, Liability | [1] | 1,593 | 1,596 |
Long-term debt | [1] | 4,455 | 3,961 |
Estimate of Fair Value Measurement [Member] | |||
Assets | |||
Mortgage loans on real estate (net of valuation allowances) | 6,367 | 6,109 | |
Policy loans | 1,221 | 1,231 | |
Funds withheld at interest | 5,821 | 5,884 | |
Cash and cash equivalents | 1,640 | 1,392 | |
Short-term investments | 43 | 33 | |
Other invested assets | 780 | 758 | |
Accrued investment income | 672 | 630 | |
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | 57 | 52 | |
Liabilities | |||
Interest-sensitive contract liabilities | 23,213 | 23,065 | |
Funds Held under Reinsurance Agreements, Liability | 1,316 | 1,321 | |
Long-term Debt, Fair Value | 4,260 | 3,670 | |
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 | 1,640 | 1,392 | |
Short-term investments | 43 | 33 | |
Other invested assets | 5 | 4 | |
Accrued investment income | 0 | 0 | |
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | 0 | 0 | |
Liabilities | |||
Interest-sensitive contract liabilities | 0 | 0 | |
Funds Held under Reinsurance Agreements, Liability | 0 | 0 | |
Long-term Debt, Fair Value | 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 | 1,221 | 1,231 | |
Funds withheld at interest | 0 | 0 | |
Cash and cash equivalents | 0 | 0 | |
Short-term investments | 0 | 0 | |
Other invested assets | 64 | 65 | |
Accrued investment income | 672 | 630 | |
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | 0 | 0 | |
Liabilities | |||
Interest-sensitive contract liabilities | 0 | 0 | |
Funds Held under Reinsurance Agreements, Liability | 0 | 0 | |
Long-term Debt, Fair Value | 0 | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value Inputs Level 3 Member | |||
Assets | |||
Mortgage loans on real estate (net of valuation allowances) | 6,367 | 6,109 | |
Policy loans | 0 | 0 | |
Funds withheld at interest | 5,821 | 5,884 | |
Cash and cash equivalents | 0 | 0 | |
Short-term investments | 0 | 0 | |
Other invested assets | 711 | 689 | |
Accrued investment income | 0 | 0 | |
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | 57 | 52 | |
Liabilities | |||
Interest-sensitive contract liabilities | 23,213 | 23,065 | |
Funds Held under Reinsurance Agreements, Liability | 1,316 | 1,321 | |
Long-term Debt, Fair Value | 4,260 | 3,670 | |
Mortgage loans on real estate (net of valuation allowances) | 6,833 | 6,590 | |
Policy loans | 1,221 | 1,231 | |
Funds withheld at interest | 5,976 | 6,003 | |
Cash and cash equivalents | 3,294 | 2,927 | |
Short-term investments | 246 | 154 | |
Other invested assets | 1,111 | 1,140 | |
Accrued investment income | 672 | 630 | |
Interest-sensitive contract liabilities | 30,405 | 30,342 | |
Funds Held under Reinsurance Agreements, Liability | 351 | 363 | |
Long-term debt | 4,455 | 3,961 | |
Fair Value Inputs Level 1 Member | |||
Liabilities | |||
Funds Held under Reinsurance Agreements, Liability | 0 | 0 | |
Fair Value Inputs Level 2 Member | |||
Liabilities | |||
Funds Held under Reinsurance Agreements, Liability | 0 | 0 | |
Fair Value Inputs Level 3 Member | |||
Liabilities | |||
Funds Held under Reinsurance Agreements, Liability | $ 351 | $ 363 | |
[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. |
Income Tax (Provision for Incom
Income Tax (Provision for Income Tax Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Income Tax Expense (Benefit) | $ 98 | $ 70 |
Effective Income Tax Rate Reconciliation, Percent | 28% | 26.30% |
Employee Benefit Plans (Defined
Employee Benefit Plans (Defined Benefit Plans Disclosure) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 3 | $ 4 |
Interest cost | 2 | 1 |
Expected return on plan assets | (3) | (3) |
Amortization of prior service cost | 0 | 0 |
Amortization of prior actuarial loss | 1 | 1 |
Total | 3 | 3 |
Other Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 0 | 1 |
Interest cost | 1 | 0 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service cost | 0 | 0 |
Amortization of prior actuarial loss | 0 | 0 |
Total | $ 1 | $ 1 |
Commitments, Contingencies an_3
Commitments, Contingencies and Guarantees (Commitments to Fund Investments) (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Limited Partner [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $ 955 | $ 937 |
Commercial Loan [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 189 | 137 |
Bank Loans [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 644 | 682 |
Equity Release Mortgages [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $ 33 | $ 59 |
Commitments, Contingencies an_4
Commitments, Contingencies and Guarantees (Maximum Potential Obligation) (Details) $ in Millions | Mar. 31, 2023 USD ($) |
Commitment Period Two Thousand Thirty Four [Member] | |
Other Commitments [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 1,243 |
Commitment Period Two Thousand Thirty Five [Member] | |
Other Commitments [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 2,630 |
Commitment Period Two Thousand Thirty Six [Member] | |
Other Commitments [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 3,599 |
Commitment Period Two Thousand Thirty Seven | |
Other Commitments [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 6,850 |
Commitment Period Two Thousand Thirty Eight | |
Other Commitments [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 800 |
Commitment Period Two Thousand Thirty Nine | |
Other Commitments [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 8,751 |
Commitment Period Two Thousand Forty Six | |
Other Commitments [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 3,000 |
Commitments, Contingencies an_5
Commitments, Contingencies and Guarantees Commitments, Contingencies and Guarantees (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | $ 1,300 | |
Other Notes Payable | $ 900 |
Segment Information (Total Reve
Segment Information (Total Revenues of Reportable Segments) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | $ 4,251 | $ 3,917 |
Other Segments | Americas [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 2,327 | 2,084 |
Other Segments | CANADA | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 386 | 391 |
Other Segments | EMEA [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 629 | 656 |
Other Segments | Asia Pacific [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 860 | 723 |
Corporate and Other [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 49 | 63 |
Life Insurance Product Line [Member] | Other Segments | Americas [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 1,812 | 1,851 |
Life Insurance Product Line [Member] | Other Segments | CANADA | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 359 | 365 |
Life Insurance Product Line [Member] | Other Segments | EMEA [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 460 | 473 |
Life Insurance Product Line [Member] | Other Segments | Asia Pacific [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 729 | 703 |
Nontraditional Long-Duration Contracts [Member] | Other Segments | Americas [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 515 | 233 |
Nontraditional Long-Duration Contracts [Member] | Other Segments | CANADA | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 27 | 26 |
Nontraditional Long-Duration Contracts [Member] | Other Segments | EMEA [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | 169 | 183 |
Nontraditional Long-Duration Contracts [Member] | Other Segments | Asia Pacific [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Revenues | $ 131 | $ 20 |
Segment Information (Income Los
Segment Information (Income Loss Before Provision for Income Tax of Reportable Segments) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $ 351 | $ 267 |
Corporate and Other [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (75) | (27) |
Other Segments | Americas [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 235 | 117 |
Other Segments | CANADA | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 39 | 24 |
Other Segments | EMEA [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 86 | 101 |
Other Segments | Asia Pacific [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 66 | 52 |
Life Insurance Product Line [Member] | Other Segments | Americas [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 121 | 60 |
Life Insurance Product Line [Member] | Other Segments | CANADA | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 29 | 15 |
Life Insurance Product Line [Member] | Other Segments | EMEA [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 27 | 34 |
Life Insurance Product Line [Member] | Other Segments | Asia Pacific [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 79 | 108 |
Nontraditional Long-Duration Contracts [Member] | Other Segments | Americas [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 114 | 57 |
Nontraditional Long-Duration Contracts [Member] | Other Segments | CANADA | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 10 | 9 |
Nontraditional Long-Duration Contracts [Member] | Other Segments | EMEA [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 59 | 67 |
Nontraditional Long-Duration Contracts [Member] | Other Segments | Asia Pacific [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $ (13) | $ (56) |
Segment Information (Total Asse
Segment Information (Total Assets of Reportable Segments) (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 89,120 | $ 84,904 |
Corporate and Other [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 2,364 | 1,942 |
Other Segments | Americas [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 47,782 | 47,815 |
Other Segments | CANADA | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 5,094 | 5,003 |
Other Segments | EMEA [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 9,572 | 8,867 |
Other Segments | Asia Pacific [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 24,308 | 21,277 |
Life Insurance Product Line [Member] | Other Segments | Americas [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 22,671 | 22,612 |
Life Insurance Product Line [Member] | Other Segments | CANADA | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 4,898 | 4,826 |
Life Insurance Product Line [Member] | Other Segments | EMEA [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 4,011 | 3,652 |
Life Insurance Product Line [Member] | Other Segments | Asia Pacific [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 9,615 | 9,254 |
Nontraditional Long-Duration Contracts [Member] | Other Segments | Americas [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 25,111 | 25,203 |
Nontraditional Long-Duration Contracts [Member] | Other Segments | CANADA | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 196 | 177 |
Nontraditional Long-Duration Contracts [Member] | Other Segments | EMEA [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 5,561 | 5,215 |
Nontraditional Long-Duration Contracts [Member] | Other Segments | Asia Pacific [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 14,693 | $ 12,023 |
Financing Activities (Details)
Financing Activities (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Debt Disclosure [Abstract] | |
Debt Instrument, Interest Rate, Stated Percentage | 7.125% |
Debt Instrument, Face Amount | $ 500 |
Debt Related Commitment Fees and Debt Issuance Costs | 6 |
Line of Credit Facility, Current Borrowing Capacity | $ 850 |