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Investments (Tables) | 9 Months Ended
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Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract] |
Summary of Investments [Table Text Block] |
| September 30, 2020 |  | December 31, 2019
(in millions)
Available-for-Sale securities, at fair value (net of allowance for credit losses: 2020, $14) | $ | 35,959 |  |  | $ | 33,129 |
Mortgage loans, net (net of allowance for credit losses: 2020, $29; 2019, $19) | 2,770 |  |  | 2,778 |
Policy loans | 849 |  |  | 868 |
Other investments (net of allowance for credit losses: 2020, $13; 2019, $5) | 1,159 |  |  | 1,140 |
Total | $ | 40,737 |  |  | $ | 37,915 |
Summary of Net Investment Income [Table Text Block] |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
| (in millions)
Investment income on fixed maturities | $ | 275 |  |  | $ | 349 |  |  | $ | 887 |  |  | $ | 1,046 |
Net realized gains (losses) | 4 |  | (1) | (10) |  |  | (18) |  | (1) | (6) |
Affordable housing partnerships | (14) |  |  | (26) |  |  | (50) |  |  | (58) |
Other | 13 |  |  | 19 |  |  | 58 |  |  | 67 |
Consolidated investment entities | 22 |  |  | 24 |  |  | 56 |  |  | 72 |
Total | $ | 300 |  |  | $ | 356 |  |  | $ | 933 |  |  | $ | 1,121 |
(1) Includes the change in the allowance for credit losses of $(2) million and $(30) million for the three months and nine months ended September 30, 2020, respectively. Available-for-Sale securities distributed by type were as follows:
Available-for-Sale Securities Disclosure [Table Text Block] |
| September 30, 2020
Description of Securities | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Losses |  | Fair Value
| (in millions)
Corporate debt securities | $ | 11,402 |  |  | $ | 1,667 |  |  | $ | (34) |  |  | $ | (13) |  |  | $ | 13,022 |
Residential mortgage backed securities | 10,071 |  |  | 194 |  |  | (7) |  |  | — |  |  | 10,258 |
Commercial mortgage backed securities | 6,016 |  |  | 235 |  |  | (39) |  |  | — |  |  | 6,212 |
Asset backed securities | 3,053 |  |  | 48 |  |  | (12) |  |  | (1) |  |  | 3,088 |
State and municipal obligations | 1,091 |  |  | 290 |  |  | (1) |  |  | — |  |  | 1,380 |
U.S. government and agency obligations | 1,680 |  |  | — |  |  | — |  |  | — |  |  | 1,680 |
Foreign government bonds and obligations | 250 |  |  | 19 |  |  | (2) |  |  | — |  |  | 267 |
Other securities | 51 |  |  | 1 |  |  | — |  |  | — |  |  | 52 |
Total | $ | 33,614 |  |  | $ | 2,454 |  |  | $ | (95) |  |  | $ | (14) |  |  | $ | 35,959 |
Description of Securities | December 31, 2019
Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
| (in millions)
Corporate debt securities | $ | 10,847 |  |  | $ | 1,344 |  |  | $ | (4) |  |  | $ | 12,187 |
Residential mortgage backed securities | 9,954 |  |  | 94 |  |  | (19) |  |  | 10,029 |
Commercial mortgage backed securities | 5,473 |  |  | 96 |  |  | (6) |  |  | 5,563 |
Asset backed securities | 1,968 |  |  | 42 |  |  | (4) |  |  | 2,006 |
State and municipal obligations | 1,131 |  |  | 238 |  |  | (2) |  |  | 1,367 |
U.S. government and agency obligations | 1,679 |  |  | 1 |  |  | — |  |  | 1,680 |
Foreign government bonds and obligations | 254 |  |  | 19 |  |  | (2) |  |  | 271 |
Other securities | 26 |  |  | — |  |  | — |  |  | 26 |
Total | $ | 31,332 |  |  | $ | 1,834 |  |  | $ | (37) |  |  | $ | 33,129 |
Fixed Maturity Securities by Rating Disclosure [Table Text Block] | A summary of fixed maturity securities by rating was as follows:
Ratings | September 30, 2020 |  | December 31, 2019
Amortized Cost |  | Fair Value |  | Percent of Total Fair Value | Amortized Cost |  | Fair Value |  | Percent of Total Fair Value
| (in millions, except percentages)
AAA | $ | 20,156 |  |  | $ | 20,563 |  |  | 57 | % |  | $ | 18,256 |  |  | $ | 18,437 |  |  | 56 | %
AA | 1,120 |  |  | 1,359 |  |  | 4 |  |  | 1,113 |  |  | 1,304 |  |  | 4 |
A | 2,905 |  |  | 3,459 |  |  | 9 |  |  | 3,008 |  |  | 3,474 |  |  | 10 |
BBB | 7,841 |  |  | 8,923 |  |  | 25 |  |  | 8,178 |  |  | 9,102 |  |  | 28 |
Below investment grade (1) | 1,592 |  |  | 1,655 |  |  | 5 |  |  | 777 |  |  | 812 |  |  | 2 |
Total fixed maturities | $ | 33,614 |  |  | $ | 35,959 |  |  | 100 | % |  | $ | 31,332 |  |  | $ | 33,129 |  |  | 100 | %
(1) The amortized cost and fair value of below investment grade securities includes interest in CLOs managed by the Company of $4 million and $2 million, respectively, as of September 30, 2020, and $5 million and $6 million, respectively, as of December 31, 2019. These securities are not rated but are included in below investment grade due to their risk characteristics.
Available-for-Sale Securities Continuous Unrealized Loss Disclosure [Table Text Block] | The following tables provide information about Available-for-Sale securities with gross unrealized losses and the length of time that individual securities have been in a continuous unrealized loss position:
Description of Securities | September 30, 2020
Less than 12 months |  | 12 months or more |  | Total
Number of Securities |  | Fair Value |  | Unrealized Losses | Number of Securities |  | Fair Value |  | Unrealized Losses | Number of Securities |  | Fair Value |  | Unrealized Losses
| (in millions, except number of securities)
Corporate debt securities | 76 |  |  | $ | 817 |  |  | $ | (29) |  |  | 16 |  |  | $ | 24 |  |  | $ | (5) |  |  | 92 |  |  | $ | 841 |  |  | $ | (34) |
Residential mortgage backed securities | 93 |  |  | 1,677 |  |  | (5) |  |  | 73 |  |  | 434 |  |  | (2) |  |  | 166 |  |  | 2,111 |  |  | (7) |
Commercial mortgage backed securities | 49 |  |  | 1,190 |  |  | (24) |  |  | 18 |  |  | 326 |  |  | (15) |  |  | 67 |  |  | 1,516 |  |  | (39) |
Asset backed securities | 53 |  |  | 932 |  |  | (8) |  |  | 11 |  |  | 184 |  |  | (4) |  |  | 64 |  |  | 1,116 |  |  | (12) |
State and municipal obligations | 4 |  |  | 14 |  |  | (1) |  |  | 1 |  |  | 4 |  |  | — |  |  | 5 |  |  | 18 |  |  | (1) |
Foreign government bonds and obligations | 6 |  |  | 25 |  |  | (1) |  |  | 10 |  |  | 10 |  |  | (1) |  |  | 16 |  |  | 35 |  |  | (2) |
Total | 281 |  |  | $ | 4,655 |  |  | $ | (68) |  |  | 129 |  |  | $ | 982 |  |  | $ | (27) |  |  | 410 |  |  | $ | 5,637 |  |  | $ | (95) |
Description of Securities | December 31, 2019
Less than 12 months |  | 12 months or more |  | Total
Number of Securities |  | Fair Value |  | Unrealized Losses | Number of Securities |  | Fair Value |  | Unrealized Losses | Number of Securities |  | Fair Value |  | Unrealized Losses
| (in millions, except number of securities)
Corporate debt securities | 13 |  |  | $ | 66 |  |  | $ | (1) |  |  | 23 |  |  | $ | 173 |  |  | $ | (3) |  |  | 36 |  |  | $ | 239 |  |  | $ | (4) |
Residential mortgage backed securities | 150 |  |  | 4,328 |  |  | (10) |  |  | 118 |  |  | 1,164 |  |  | (9) |  |  | 268 |  |  | 5,492 |  |  | (19) |
Commercial mortgage backed securities | 52 |  |  | 1,622 |  |  | (3) |  |  | 31 |  |  | 314 |  |  | (3) |  |  | 83 |  |  | 1,936 |  |  | (6) |
Asset backed securities | 34 |  |  | 598 |  |  | (3) |  |  | 16 |  |  | 213 |  |  | (1) |  |  | 50 |  |  | 811 |  |  | (4) |
State and municipal obligations | 5 |  |  | 23 |  |  | — |  |  | 4 |  |  | 57 |  |  | (2) |  |  | 9 |  |  | 80 |  |  | (2) |
Foreign government bonds and obligations | 1 |  |  | — |  |  | — |  |  | 10 |  |  | 15 |  |  | (2) |  |  | 11 |  |  | 15 |  |  | (2) |
Total | 255 |  |  | $ | 6,637 |  |  | $ | (17) |  |  | 202 |  |  | $ | 1,936 |  |  | $ | (20) |  |  | 457 |  |  | $ | 8,573 |  |  | $ | (37) |
Credit Losses on Available-for-Sale Securities Disclosure [Table Text Block] | The following tables present a rollforward of the allowance for credit losses on Available-for-Sale securities:
| Corporate Debt Securities |  | Asset Backed Securities |  | Total
(in millions)
Balance, July 1, 2020 | $ | 13 |  | $ | 1 |  | $ | 14
Additions for which credit losses were not previously recorded | — |  | — |  | —
Additional increases (decreases) on securities that had an allowance recorded in a previous period | — |  | — |  | —
Balance, September 30, 2020 | $ | 13 |  | $ | 1 |  | $ | 14
| Corporate Debt Securities |  | Asset Backed Securities |  | Total
(in millions)
Balance, January 1, 2020 (1) | $ | — |  | $ | — |  | $ | —
Additions for which credit losses were not previously recorded | 13 |  | — |  | 13
Additional increases (decreases) on securities that had an allowance recorded in a previous period | — |  | 1 |  | 1
Balance, September 30, 2020 | $ | 13 |  | $ | 1 |  | $ | 14
(1) Prior to January 1, 2020, credit losses on Available-for-Sale securities were not recorded in an allowance but were recorded as a reduction of the book value of the security if the security was other-than-temporarily impaired. There is no adoption impact due to the prospective transition for Available-for-Sale securities.
Net Realized Gains and Losses on Available-for-Sale Securities Disclosure [Table Text Block] | Net realized gains and losses on Available-for-Sale securities, determined using the specific identification method, recognized in net investment income were as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
2020 |  | 2019 | 2020 |  | 2019
(in millions)
Gross realized investment gains | $ | 4 |  | $ | 6 |  | $ | 17 |  | $ | 28
Gross realized investment losses | — |  | (1) |  | (3) |  | (13)
Credit losses | — |  | (15) |  | (14) |  | (20)
Total | $ | 4 |  | $ | (10) |  | $ | — |  | $ | (5)
Available-for-Sale Securities Contractual Maturity Disclosure [Table Text Block] |
| Amortized Cost |  | Fair Value
| (in millions)
Due within one year | $ | 2,998 |  | $ | 3,013
Due after one year through five years | 4,845 |  | 5,150
Due after five years through 10 years | 2,533 |  | 2,814
Due after 10 years | 4,098 |  | 5,424
| 14,474 |  | 16,401
Residential mortgage backed securities | 10,071 |  | 10,258
Commercial mortgage backed securities | 6,016 |  | 6,212
Asset backed securities | 3,053 |  | 3,088
Total | $ | 33,614 |  | $ | 35,959

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