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Investments (Tables) | 9 Months Ended
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Sep. 30, 2018
Investments [Abstract] |
Net Realized Capital Gains (Losses) |
Net Realized Capital Gains
| Three Months Ended September 30, | Nine Months Ended September 30,
(Before tax) | 2018 | 2017 | 2018 | 2017
Gross gains on sales | $ | 26 |  | $ | 46 |  | $ | 91 |  | $ | 184 |
Gross losses on sales | (41 | ) | (16 | ) | (129 | ) | (84 | )
Equity securities [1] | 46 |  | — |  | 88 |  | — |
Net OTTI losses recognized in earnings | (1 | ) | (1 | ) | (1 | ) | (4 | )
Transactional foreign currency revaluation | — |  | — |  | 1 |  | 14 |
Non-qualifying foreign currency derivatives | 1 |  | — |  | 2 |  | (14 | )
Other, net [2] | 7 |  | (3 | ) | 8 |  | 9 |
Net realized capital gains | $ | 38 |  | $ | 26 |  | $ | 60 |  | $ | 105 |
[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 $8 and $(1), respectively, for the three months ended September 30, 2018 and 2017. For the nine months ended September 30, 2018 and 2017, the non-qualifying derivatives, excluding foreign currency derivatives, were $6 and $7, respectively.
Impairments |
Impairments in Earnings by Type
| Three Months Ended September 30, | Nine Months Ended September 30,
| 2018 | 2017 | 2018 | 2017
Credit impairments | $ | 1 |  | $ | — |  | $ | 1 |  | $ | 2 |
Intent-to-sell impairments | — |  | — |  | — |  | — |
Impairments on equity securities | — |  | 1 |  | — |  | 2 |
Total impairments | $ | 1 |  | $ | 1 |  | $ | 1 |  | $ | 4 |
Cumulative Credit Impairments
| Three Months Ended September 30, | Nine Months Ended September 30,
(Before tax) | 2018 | 2017 | 2018 | 2017
Balance as of beginning of period | $ | (20 | ) | $ | (94 | ) | $ | (25 | ) | $ | (110 | )
Additions for credit impairments recognized on [1]: |  |  |  |
Securities not previously impaired | — |  | — |  | — |  | — |
Securities previously impaired | (1 | ) | — |  | (1 | ) | (2 | )
Reductions for credit impairments previously recognized on: |  |  |  |
Securities that matured or were sold during the period | 1 |  | — |  | 6 |  | 8 |
Securities due to an increase in expected cash flows | — |  | — |  | — |  | 10 |
Balance as of end of period | $ | (20 | ) | $ | (94 | ) | $ | (20 | ) | $ | (94 | )
[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
| September 30, 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 | $ | 1,191 |  | $ | 3 |  | $ | (3 | ) | $ | 1,191 |  | $ | — |  |  | $ | 1,119 |  | $ | 9 |  | $ | (2 | ) | $ | 1,126 |  | $ | — |
CLOs | 1,328 |  | 1 |  | (3 | ) | 1,326 |  | — |  |  | 1,257 |  | 3 |  | — |  | 1,260 |  | — |
CMBS | 3,718 |  | 25 |  | (86 | ) | 3,657 |  | (5 | ) |  | 3,304 |  | 58 |  | (26 | ) | 3,336 |  | (5 | )
Corporate | 13,640 |  | 176 |  | (324 | ) | 13,492 |  | — |  |  | 12,370 |  | 490 |  | (56 | ) | 12,804 |  | — |
Foreign govt./govt. agencies | 961 |  | 11 |  | (20 | ) | 952 |  | — |  |  | 1,071 |  | 43 |  | (4 | ) | 1,110 |  | — |
Municipal | 10,276 |  | 402 |  | (76 | ) | 10,602 |  | — |  |  | 11,743 |  | 754 |  | (12 | ) | 12,485 |  | — |
RMBS | 3,126 |  | 44 |  | (52 | ) | 3,118 |  | — |  |  | 2,985 |  | 63 |  | (4 | ) | 3,044 |  | — |
U.S. Treasuries | 1,854 |  | 17 |  | (43 | ) | 1,828 |  | — |  |  | 1,763 |  | 46 |  | (10 | ) | 1,799 |  | — |
Total fixed maturities, AFS | 36,094 |  | 679 |  | (607 | ) | 36,166 |  | (5 | ) |  | 35,612 |  | 1,466 |  | (114 | ) | 36,964 |  | (5 | )
Equity securities, AFS [2] |  |  |  |  |  |  |  |  |  |  |  | 907 |  | 121 |  | (16 | ) | 1,012 |  | — |
Total AFS securities | $ | 36,094 |  | $ | 679 |  | $ | (607 | ) | $ | 36,166 |  | $ | (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 September 30, 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 September 30, 2018
Investments by Contractual Maturity Year |
Fixed maturities, AFS, by Contractual Maturity Year
| September 30, 2018 | December 31, 2017
| Amortized Cost | Fair Value | Amortized Cost | Fair Value
One year or less | $ | 1,033 |  | $ | 1,037 |  | $ | 1,507 |  | $ | 1,513 |
Over one year through five years | 6,233 |  | 6,242 |  | 5,007 |  | 5,119 |
Over five years through ten years | 6,543 |  | 6,469 |  | 6,505 |  | 6,700 |
Over ten years | 12,922 |  | 13,126 |  | 13,928 |  | 14,866 |
Subtotal | 26,731 |  | 26,874 |  | 26,947 |  | 28,198 |
Mortgage-backed and asset-backed securities | 9,363 |  | 9,292 |  | 8,665 |  | 8,766 |
Total fixed maturities, AFS | $ | 36,094 |  | $ | 36,166 |  | $ | 35,612 |  | $ | 36,964 |
Unrealized Loss on Investments |
Unrealized Loss Aging for AFS Securities by Type and Length of Time as of September 30, 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 | $ | 668 |  | $ | 666 |  | $ | (2 | ) | $ | 74 |  | $ | 73 |  | $ | (1 | ) | $ | 742 |  | $ | 739 |  | $ | (3 | )
CLOs | 929 |  | 926 |  | (3 | ) | 10 |  | 10 |  | — |  | 939 |  | 936 |  | (3 | )
CMBS | 1,995 |  | 1,952 |  | (43 | ) | 740 |  | 697 |  | (43 | ) | 2,735 |  | 2,649 |  | (86 | )
Corporate | 7,586 |  | 7,364 |  | (222 | ) | 1,412 |  | 1,310 |  | (102 | ) | 8,998 |  | 8,674 |  | (324 | )
Foreign govt./govt. agencies | 552 |  | 537 |  | (15 | ) | 95 |  | 90 |  | (5 | ) | 647 |  | 627 |  | (20 | )
Municipal | 2,206 |  | 2,151 |  | (55 | ) | 266 |  | 245 |  | (21 | ) | 2,472 |  | 2,396 |  | (76 | )
RMBS | 1,795 |  | 1,751 |  | (44 | ) | 184 |  | 176 |  | (8 | ) | 1,979 |  | 1,927 |  | (52 | )
U.S. Treasuries | 1,024 |  | 1,001 |  | (23 | ) | 402 |  | 382 |  | (20 | ) | 1,426 |  | 1,383 |  | (43 | )
Total fixed maturities, AFS in an unrealized loss position | $ | 16,755 |  | $ | 16,348 |  | $ | (407 | ) | $ | 3,183 |  | $ | 2,983 |  | $ | (200 | ) | $ | 19,938 |  | $ | 19,331 |  | $ | (607 | )
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 | )
CLOs | 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 September 30, 2018.
Securities Lending and Repurchase Agreements [Table Text Block] |
Securities Lending and Repurchase Agreements
| September 30, 2018 | December 31, 2017
| Fair Value | Fair Value |
Securities Lending Transactions: |  |
Gross amount of securities on loan | $ | 697 |  | $ | 922 |
Gross amount of associated liability for collateral received [1] | $ | 714 |  | $ | 945 |
Repurchase agreements: |  |
Gross amount of recognized liabilities for repurchase agreements | $ | 167 |  | $ | 174 |
Gross amount of collateral pledged related to repurchase agreements [2] | $ | 168 |  | $ | 176 |
Gross amount of recognized receivables for reverse repurchase agreements | $ | 36 |  | $ | — |
[1] | Cash collateral received is reinvested in fixed maturities, AFS and short term investments and is included in the Condensed Consolidated Balance Sheets. Amount includes additional securities collateral received of $2 and $0 million which are excluded from the Company's Condensed Consolidated Balance Sheets as of September 30, 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.
Schedule of Valuation Allowance for Impairment of Recognized Servicing Assets |
Valuation Allowance Activity
| 2018 | 2017
Balance, as of January 1 | $ | (1 | ) | $ | — |
Reversals/(Additions) | — |  | (1 | )
Deductions | — |  | 1 |
Balance, as of September 30 | $ | (1 | ) | $ | — |
Loans Credit Quality |
Mortgage Loans Credit Quality
| September 30, 2018 | December 31, 2017
Loan-to-value | Carrying Value | Avg. Debt-Service Coverage Ratio | Carrying Value | Avg. Debt-Service Coverage Ratio
Greater than 80% | $ | — |  | — |  | $ | 18 |  | 1.27x
65% - 80% | 406 |  | 1.68x |  | 265 |  | 1.95x
Less than 65% | 3,153 |  | 2.60x |  | 2,892 |  | 2.76x
Total mortgage loans | $ | 3,559 |  | 2.50x |  | $ | 3,175 |  | 2.69x
Mortgage Loans |
Mortgage Loans by Region
| September 30, 2018 | December 31, 2017
| Carrying Value | Percent of Total | Carrying Value | Percent of Total
East North Central | $ | 250 |  | 7.0 | % | $ | 251 |  | 7.9 | %
Middle Atlantic | 271 |  | 7.6 | % | 272 |  | 8.6 | %
Mountain | 31 |  | 0.9 | % | 31 |  | 1.0 | %
New England | 290 |  | 8.2 | % | 293 |  | 9.2 | %
Pacific | 870 |  | 24.4 | % | 760 |  | 23.9 | %
South Atlantic | 713 |  | 20.0 | % | 710 |  | 22.4 | %
West North Central | 148 |  | 4.2 | % | 149 |  | 4.7 | %
West South Central | 421 |  | 11.8 | % | 278 |  | 8.7 | %
Other [1] | 565 |  | 15.9 | % | 431 |  | 13.6 | %
Total mortgage loans | $ | 3,559 |  | 100.0 | % | $ | 3,175 |  | 100.0 | %
[1] | Primarily represents loans collateralized by multiple properties in various regions.
Mortgage Loans by Property Type
| September 30, 2018 | December 31, 2017
| Carrying Value | Percent of Total | Carrying Value | Percent of Total
Commercial |  |  |  |
Industrial | $ | 1,018 |  | 28.6 | % | $ | 817 |  | 25.7 | %
Multifamily | 1,083 |  | 30.4 | % | 1,006 |  | 31.7 | %
Office | 760 |  | 21.4 | % | 751 |  | 23.7 | %
Retail | 373 |  | 10.5 | % | 367 |  | 11.5 | %
Single Family | 82 |  | 2.3 | % | — |  | — | %
Other | 243 |  | 6.8 | % | 234 |  | 7.4 | %
Total mortgage loans | $ | 3,559 |  | 100.0 | % | $ | 3,175 |  | 100.0 | %

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