XML 75 R33.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Level 3~Investments (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2018
Investments [Abstract] |
Net Realized Capital Gains (Losses) |
Net Realized Capital Gains (Losses)
| Three Months Ended March 31,
(Before tax) | 2018 | 2017
Gross gains on sales | $ | 19 |  | $ | 61 |
Gross losses on sales | (57 | ) | (46 | )
Equity securities [1] | 16 |  | — |
Net OTTI losses recognized in earnings | — |  | (1 | )
Transactional foreign currency revaluation | 1 |  | 6 |
Non-qualifying foreign currency derivatives | (3 | ) | (7 | )
Other, net [2] | (6 | ) | 11 |
Net realized capital gains (losses) | $ | (30 | ) | $ | 24 |
[1] | Effective January 1, 2018, with adoption of new accounting guidance for equity securities at fair value, includes all changes in fair value and trading gains and losses for equity securities.
[2] | Includes gains (losses) on non-qualifying derivatives, excluding foreign currency derivatives, of $(10) and $7, respectively, for the three months ended March 31, 2018 and 2017.
Impairments |
Impairments in Earnings by Type
| Three Months Ended March 31,
| 2018 | 2017
Credit impairments | $ | — |  | $ | 1 |
Intent-to-sell impairments | — |  | — |
Impairments on equity securities | — |  | — |
Total impairments | $ | — |  | $ | 1 |
Cumulative Credit Impairments
| Three Months Ended March 31,
(Before tax) | 2018 | 2017
Balance as of beginning of period | $ | (25 | ) | $ | (110 | )
Additions for credit impairments recognized on [1]: |  |
Securities not previously impaired | — |  | (1 | )
Reductions for credit impairments previously recognized on: |  |
Securities that matured or were sold during the period | 4 |  | 7 |
Securities due to an increase in expected cash flows | — |  | 5 |
Balance as of end of period | $ | (21 | ) | $ | (99 | )
[1] | These additions are included in the net OTTI losses recognized in earnings in the Condensed Consolidated Statements of Operations.
Schedule of Available-for-sale Securities | Available-for-Sale Securities
AFS Securities by Type
| March 31, 2018 | December 31, 2017
| Cost or Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Non-Credit OTTI [1] | Cost or Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Non-Credit OTTI [1]
ABS | $ | 911 |  | $ | 6 |  | $ | (6 | ) | $ | 911 |  | $ | — |  | $ | 1,119 |  | $ | 9 |  | $ | (2 | ) | $ | 1,126 |  | $ | — |
CDOs | 1,145 |  | 1 |  | (2 | ) | 1,144 |  | — |  | 1,257 |  | 3 |  | — |  | 1,260 |  | — |
CMBS | 3,334 |  | 34 |  | (57 | ) | 3,311 |  | (5 | ) | 3,304 |  | 58 |  | (26 | ) | 3,336 |  | (5 | )
Corporate | 12,550 |  | 294 |  | (210 | ) | 12,634 |  | — |  | 12,370 |  | 490 |  | (56 | ) | 12,804 |  | — |
Foreign govt./govt. agencies | 1,076 |  | 22 |  | (16 | ) | 1,082 |  | — |  | 1,071 |  | 43 |  | (4 | ) | 1,110 |  | — |
Municipal | 11,052 |  | 541 |  | (49 | ) | 11,544 |  | — |  | 11,743 |  | 754 |  | (12 | ) | 12,485 |  | — |
RMBS | 3,064 |  | 54 |  | (32 | ) | 3,086 |  | — |  | 2,985 |  | 63 |  | (4 | ) | 3,044 |  | — |
U.S. Treasuries | 2,198 |  | 35 |  | (21 | ) | 2,212 |  | — |  | 1,763 |  | 46 |  | (10 | ) | 1,799 |  | — |
Total fixed maturities, AFS | 35,330 |  | 987 |  | (393 | ) | 35,924 |  | (5 | ) | 35,612 |  | 1,466 |  | (114 | ) | 36,964 |  | (5 | )
Equity securities, AFS [2] |  |  |  |  |  |  |  |  |  |  | 907 |  | 121 |  | (16 | ) | 1,012 |  | — |
Total AFS securities | $ | 35,330 |  | $ | 987 |  | $ | (393 | ) | $ | 35,924 |  | $ | (5 | ) | $ | 36,519 |  | $ | 1,587 |  | $ | (130 | ) | $ | 37,976 |  | $ | (5 | )
[1] | Represents the amount of cumulative non-credit OTTI losses recognized in OCI on securities that also had credit impairments. These losses are included in gross unrealized losses in AOCI as of March 31, 2018, and December 31, 2017.
[2] | Effective January 1, 2018, with the adoption of new accounting standards for financial instruments, equity securities, AFS were reclassified to equity securities at fair value and are excluded from the table above as of March 31, 2018.
Fixed maturities, AFS, by Contractual Maturity Year
| March 31, 2018 | December 31, 2017
| Amortized Cost | Fair Value | Amortized Cost | Fair Value
One year or less | $ | 1,425 |  | $ | 1,430 |  | $ | 1,507 |  | $ | 1,513 |
Over one year through five years | 5,361 |  | 5,414 |  | 5,007 |  | 5,119 |
Over five years through ten years | 6,499 |  | 6,525 |  | 6,505 |  | 6,700 |
Over ten years | 13,591 |  | 14,103 |  | 13,928 |  | 14,866 |
Subtotal | 26,876 |  | 27,472 |  | 26,947 |  | 28,198 |
Mortgage-backed and asset-backed securities | 8,454 |  | 8,452 |  | 8,665 |  | 8,766 |
Total fixed maturities, AFS | $ | 35,330 |  | $ | 35,924 |  | $ | 35,612 |  | $ | 36,964 |
Investments by Contractual Maturity Year |
Fixed maturities, AFS, by Contractual Maturity Year
| March 31, 2018 | December 31, 2017
| Amortized Cost | Fair Value | Amortized Cost | Fair Value
One year or less | $ | 1,425 |  | $ | 1,430 |  | $ | 1,507 |  | $ | 1,513 |
Over one year through five years | 5,361 |  | 5,414 |  | 5,007 |  | 5,119 |
Over five years through ten years | 6,499 |  | 6,525 |  | 6,505 |  | 6,700 |
Over ten years | 13,591 |  | 14,103 |  | 13,928 |  | 14,866 |
Subtotal | 26,876 |  | 27,472 |  | 26,947 |  | 28,198 |
Mortgage-backed and asset-backed securities | 8,454 |  | 8,452 |  | 8,665 |  | 8,766 |
Total fixed maturities, AFS | $ | 35,330 |  | $ | 35,924 |  | $ | 35,612 |  | $ | 36,964 |
Unrealized Loss on Investments |
Unrealized Loss Aging for AFS Securities by Type and Length of Time as of March 31, 2018
| Less Than 12 Months | 12 Months or More | Total
| Amortized Cost | Fair Value | Unrealized Losses | Amortized Cost | Fair Value | Unrealized Losses | Amortized Cost | Fair Value | Unrealized Losses
ABS | $ | 520 |  | $ | 515 |  | $ | (5 | ) | $ | 33 |  | $ | 32 |  | $ | (1 | ) | $ | 553 |  | $ | 547 |  | $ | (6 | )
CDOs | 905 |  | 903 |  | (2 | ) | — |  | — |  | — |  | 905 |  | 903 |  | (2 | )
CMBS | 1,701 |  | 1,662 |  | (39 | ) | 242 |  | 224 |  | (18 | ) | 1,943 |  | 1,886 |  | (57 | )
Corporate | 5,931 |  | 5,785 |  | (146 | ) | 1,066 |  | 1,002 |  | (64 | ) | 6,997 |  | 6,787 |  | (210 | )
Foreign govt./govt. agencies | 552 |  | 539 |  | (13 | ) | 51 |  | 48 |  | (3 | ) | 603 |  | 587 |  | (16 | )
Municipal | 2,077 |  | 2,044 |  | (33 | ) | 230 |  | 214 |  | (16 | ) | 2,307 |  | 2,258 |  | (49 | )
RMBS | 1,448 |  | 1,421 |  | (27 | ) | 132 |  | 127 |  | (5 | ) | 1,580 |  | 1,548 |  | (32 | )
U.S. Treasuries | 850 |  | 838 |  | (12 | ) | 272 |  | 263 |  | (9 | ) | 1,122 |  | 1,101 |  | (21 | )
Total fixed maturities, AFS in an unrealized loss position | 13,984 |  | 13,707 |  | (277 | ) | 2,026 |  | 1,910 |  | (116 | ) | 16,010 |  | 15,617 |  | (393 | )
Unrealized Loss Aging for AFS Securities by Type and Length of Time as of December 31, 2017
| Less Than 12 Months | 12 Months or More | Total
| Amortized Cost | Fair Value | Unrealized Losses | Amortized Cost | Fair Value | Unrealized Losses | Amortized Cost | Fair Value | Unrealized Losses
ABS | $ | 461 |  | $ | 460 |  | $ | (1 | ) | $ | 30 |  | $ | 29 |  | $ | (1 | ) | $ | 491 |  | $ | 489 |  | $ | (2 | )
CDOs | 359 |  | 359 |  | — |  | 1 |  | 1 |  | — |  | 360 |  | 360 |  | — |
CMBS | 1,178 |  | 1,167 |  | (11 | ) | 243 |  | 228 |  | (15 | ) | 1,421 |  | 1,395 |  | (26 | )
Corporate | 2,322 |  | 2,302 |  | (20 | ) | 1,064 |  | 1,028 |  | (36 | ) | 3,386 |  | 3,330 |  | (56 | )
Foreign govt./govt. agencies | 244 |  | 242 |  | (2 | ) | 51 |  | 49 |  | (2 | ) | 295 |  | 291 |  | (4 | )
Municipal | 511 |  | 507 |  | (4 | ) | 236 |  | 228 |  | (8 | ) | 747 |  | 735 |  | (12 | )
RMBS | 889 |  | 887 |  | (2 | ) | 137 |  | 135 |  | (2 | ) | 1,026 |  | 1,022 |  | (4 | )
U.S. Treasuries | 658 |  | 652 |  | (6 | ) | 254 |  | 250 |  | (4 | ) | 912 |  | 902 |  | (10 | )
Total fixed maturities, AFS | 6,622 |  | 6,576 |  | (46 | ) | 2,016 |  | 1,948 |  | (68 | ) | 8,638 |  | 8,524 |  | (114 | )
Equity securities, AFS [1] | 176 |  | 163 |  | (13 | ) | 24 |  | 21 |  | (3 | ) | 200 |  | 184 |  | (16 | )
Total securities in an unrealized loss position | $ | 6,798 |  | $ | 6,739 |  | $ | (59 | ) | $ | 2,040 |  | $ | 1,969 |  | $ | (71 | ) | $ | 8,838 |  | $ | 8,708 |  | $ | (130 | )
[1]Effective January 1, 2018, with the adoption of new accounting guidance for financial instruments, equity securities, AFS were reclassified to equity securities at fair value and are excluded from the table above as of March 31, 2018.
Schedule of Valuation Allowance for Impairment of Recognized Servicing Assets [Table Text Block] |
Valuation Allowance Activity
| 2018 | 2017
Balance, as of January 1 | $ | (1 | ) | $ | — |
Reversals | — |  | — |
Deductions | — |  | — |
Balance, as of March 31 | $ | (1 | ) | $ | — |
Loans Credit Quality |
Commercial Mortgage Loans Credit Quality
| March 31, 2018 | December 31, 2017
Loan-to-value | Carrying Value | Avg. Debt-Service Coverage Ratio | Carrying Value | Avg. Debt-Service Coverage Ratio
Greater than 80% | $ | — |  | 0.00x | $ | 18 |  | 1.27x
65% - 80% | 265 |  | 1.95x | 265 |  | 1.95x
Less than 65% | 2,956 |  | 2.78x | 2,892 |  | 2.76x
Total commercial mortgage loans | $ | 3,221 |  | 2.71x | $ | 3,175 |  | 2.69x
Mortgage Loans |
Commercial Mortgage Loans Credit Quality
| March 31, 2018 | December 31, 2017
Loan-to-value | Carrying Value | Avg. Debt-Service Coverage Ratio | Carrying Value | Avg. Debt-Service Coverage Ratio
Greater than 80% | $ | — |  | 0.00x | $ | 18 |  | 1.27x
65% - 80% | 265 |  | 1.95x | 265 |  | 1.95x
Less than 65% | 2,956 |  | 2.78x | 2,892 |  | 2.76x
Total commercial mortgage loans | $ | 3,221 |  | 2.71x | $ | 3,175 |  | 2.69x
Mortgage Loans by Region
| March 31, 2018 | December 31, 2017
| Carrying Value | Percent of Total | Carrying Value | Percent of Total
East North Central | $ | 251 |  | 7.8 | % | $ | 251 |  | 7.9 | %
Middle Atlantic | 272 |  | 8.4 | % | 272 |  | 8.6 | %
Mountain | 31 |  | 1.0 | % | 31 |  | 1.0 | %
New England | 292 |  | 9.1 | % | 293 |  | 9.2 | %
Pacific | 828 |  | 25.7 | % | 760 |  | 23.9 | %
South Atlantic | 693 |  | 21.5 | % | 710 |  | 22.4 | %
West North Central | 148 |  | 4.6 | % | 149 |  | 4.7 | %
West South Central | 277 |  | 8.6 | % | 278 |  | 8.7 | %
Other [1] | 429 |  | 13.3 | % | 431 |  | 13.6 | %
Total mortgage loans | $ | 3,221 |  | 100.0 | % | $ | 3,175 |  | 100.0 | %
[1] | Primarily represents loans collateralized by multiple properties in various regions.
Mortgage Loans by Property Type
| March 31, 2018 | December 31, 2017
| Carrying Value | Percent of Total | Carrying Value | Percent of Total
Commercial |  |  |  |
Industrial | $ | 830 |  | 25.8 | % | $ | 817 |  | 25.7 | %
Multifamily | 1,043 |  | 32.4 | % | 1,006 |  | 31.7 | %
Office | 749 |  | 23.3 | % | 751 |  | 23.7 | %
Retail | 365 |  | 11.2 | % | 367 |  | 11.5 | %
Other | 234 |  | 7.3 | % | 234 |  | 7.4 | %
Total mortgage loans | $ | 3,221 |  | 100.0 | % | $ | 3,175 |  | 100.0 | %
Offsetting Liabilities |
Securities Lending and Repurchase Agreements
| March 31, 2018 | December 31, 2017
| Fair Value | Fair Value |
Securities Lending Transactions: |  |
Gross amount of securities on loan | $ | 741 |  | $ | 922 |
Gross amount of associated liability for collateral received [1] | $ | 755 |  | $ | 945 |
Repurchase agreements: |  |
Gross amount of recognized liabilities for repurchase agreements | $ | 171 |  | $ | 174 |
Gross amount of collateral pledged related to repurchase agreements [2] | $ | 174 |  | $ | 176 |
[1] | Cash collateral received is reinvested in fixed maturities, AFS and short term investments which are included in the Condensed Consolidated Balance Sheets. Amount includes additional securities collateral received of $4 and $0 million which are excluded from the Company's Condensed Consolidated Balance Sheets as of March 31, 2018 and December 31, 2017, respectively.
[2] | Collateral pledged is included within fixed maturities, AFS and short term investments in the Company's Condensed Consolidated Balance Sheets.
Offsetting Derivative Assets and Liabilities
| (i) |  | (ii) |  | (iii) = (i) - (ii) | (iv) |  | (v) = (iii) - (iv)
|  |  |  |  | Net Amounts Presented in the Statement of Financial Position |  | Collateral Disallowed for Offset in the Statement of Financial Position |  |
| Gross Amounts of Recognized Assets (Liabilities) |  | Gross Amounts Offset in the Statement of Financial Position |  | Derivative Assets [1] (Liabilities) [2] |  | Accrued Interest and Cash Collateral (Received) [3] Pledged [2] |  | Financial Collateral (Received) Pledged [4] |  | Net Amount
As of March 31, 2018 |  |  |  |  |  |  |  |  |  |  |
Other investments | $ | 499 |  |  | $ | 497 |  |  | $ | 12 |  |  | $ | (10 | ) |  | $ | 2 |  |  | $ | — |
Other liabilities | $ | (573 | ) |  | $ | (478 | ) |  | $ | (86 | ) |  | $ | (9 | ) |  | $ | (85 | ) |  | $ | (10 | )
As of December 31, 2017 |  |  |  |  |  |  |  |  |  |  |
Other investments | $ | 469 |  |  | $ | 466 |  |  | $ | 10 |  |  | $ | (7 | ) |  | $ | 1 |  |  | $ | 2 |
Other liabilities | $ | (559 | ) |  | $ | (454 | ) |  | $ | (100 | ) |  | $ | (5 | ) |  | $ | (96 | ) |  | $ | (9 | )
[1] | Included in other investments in the Company's Condensed Consolidated Balance Sheets.
[2] | Included in other liabilities in the Company's Condensed Consolidated Balance Sheets and is limited to the net derivative payable associated with each counterparty.
[3] | Included in other investments in the Company's Condensed Consolidated Balance Sheets and is limited to the net derivative receivable associated with each counterparty.
[4] | Excludes collateral associated with exchange-traded derivative instruments.

X
- Definition Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 55 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=82894031&loc=SL6953803-111525 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=84173941&loc=SL6953659-111524 + Details
Name: | us-gaap_FinancingReceivableCreditQualityIndicatorsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
Name: | us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for mortgage loans on real estate, this includes the supplemental information pertaining to each mortgage loan receivable that equals or exceeds three percent of the carrying amount of mortgages. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 948 -SubTopic 310 -URI http://asc.fasb.org/subtopic&trid=2176522 + Details
Name: | us-gaap_MortgageLoansOnRealEstateByLoanDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative and other financial liabilities that are subject to offsetting, including master netting arrangements. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225877-175312 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225862-175312 + Details
Name: | us-gaap_OffsettingLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=82897076&loc=d3e27340-111563 + Details
Name: | us-gaap_OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of realized gains and losses on investments reported in the statement of income. + References No definition available. + Details
Name: | us-gaap_RealizedGainLossOnInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value. + References No definition available. + Details
Name: | us-gaap_ScheduleOfAvailableForSaleSecuritiesReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=82897076&loc=d3e27290-111563 + Details
Name: | us-gaap_ScheduleOfUnrealizedLossOnInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the activity by class in any valuation allowance for impairment of recognized servicing assets - including beginning and ending balances, aggregate additions charged and recoveries credited to operations, and aggregate write-downs charged against allowance. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 50 -Section 50 -Paragraph 4 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=68078379&loc=d3e122739-111746 + Details
Name: | us-gaap_ScheduleOfValuationAllowanceForImpairmentOfRecognizedServicingAssetsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration