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Investments (Tables)
 12 Months Ended
Dec. 31, 2018
Investments [Abstract]  
Net Investment Income Net Investment Income
 
For the years ended December 31,
(Before tax)
2018
2017
2016
Fixed maturities [1]
$
1,459

$
1,303

$
1,319

Equity securities
32

24

22

Mortgage loans
141

124

116

Limited partnerships and other alternative investments
205

174

128

Other investments [2]
20

49

51

Investment expenses
(77
)
(71
)
(59
)
Total net investment income
$
1,780

$
1,603

$
1,577

[1]
Includes net investment income on short-term investments.
[2]
Includes income from derivatives that hedge fixed maturities and qualify for hedge accounting.
Net Realized Capital Gains (Losses) Net Realized Capital Gains (Losses)
 
For the years ended December 31,
(Before tax)
2018
2017
2016
Gross gains on sales
$
114

$
275

$
222

Gross losses on sales
(172
)
(113
)
(159
)
Equity securities [1]
(48
)
—

—

Net OTTI losses recognized in earnings
(1
)
(8
)
(27
)
Valuation allowances on mortgage loans
—

(1
)
—

Transactional foreign currency revaluation
1

14

(78
)
Non-qualifying foreign currency derivatives
3

(14
)
83

Other, net [2]
(9
)
12

(151
)
Net realized capital gains (losses)
$
(112
)
$
165

$
(110
)
[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 $(15), $8, and $(9), respectively for 2018, 2017 and 2016. Also included for the year ended December 31, 2016, is a loss related to the write-down of investments in solar energy partnerships, which generated tax benefits, and a loss related to the sale of the Company's U.K. property and casualty run-off subsidiaries.
Sales of AFS Securities Sales of AFS Securities
 
For the years ended December 31,
 
2018
2017
2016
Fixed maturities, AFS
 
 
 
Sale proceeds
$
21,327

$
17,614

$
9,984

Gross gains
90

204

196

Gross losses
(169
)
(90
)
(138
)
Equity securities, AFS
 
 
 
Sale proceeds
 
$
607

$
359

Gross gains
 
69

26

Gross losses
 
(23
)
(20
)
Impairments Impairments in Earnings by Type
 
For the years ended December 31,
 
2018
2017
2016
Credit impairments
$
1

$
2

$
21

Impairments on equity securities
 
6

4

Intent-to-sell impairments
—

—

2

Total impairments
$
1

$
8

$
27

Cumulative Credit Impairments
 
For the years ended December 31,
(Before tax)
2018
2017
2016
Balance as of beginning of period
$
(25
)
$
(110
)
$
(113
)
Additions for credit impairments recognized on [1]:
 
 
 
Securities not previously impaired
—

(1
)
(16
)
Securities previously impaired
(1
)
(1
)
(5
)
Reductions for credit impairments previously recognized on:
 
 
 
Securities that matured or were sold during the period
7

76

15

Securities due to an increase in expected cash flows
—

11

9

Balance as of end of period
$
(19
)
$
(25
)
$
(110
)

[1]
These additions are included in the net OTTI losses recognized in earnings in the Consolidated Statements of Operations.
Schedule of Available-for-sale Securities AFS Securities by Type
 
December 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
$
1,272

$
5

$
(1
)
$
1,276

$
—

 
$
1,119

$
9

$
(2
)
$
1,126

$
—

CLOs
1,455

2

(20
)
1,437

—

 
1,257

3

—

1,260

—

CMBS
3,581

35

(64
)
3,552

(5
)
 
3,304

58

(26
)
3,336

(5
)
Corporate
13,696

148

(446
)
13,398

—

 
12,370

490

(56
)
12,804

—

Foreign govt./govt. agencies
866

7

(26
)
847

—

 
1,071

43

(4
)
1,110

—

Municipal
9,972

421

(47
)
10,346

—

 
11,743

754

(12
)
12,485

—

RMBS
3,270

44

(35
)
3,279

—

 
2,985

63

(4
)
3,044

—

U.S. Treasuries
1,491

41

(15
)
1,517

—

 
1,763

46

(10
)
1,799

—

Total fixed maturities, AFS
35,603

703

(654
)
35,652

(5
)
 
35,612

1,466

(114
)
36,964

(5
)
Equity securities, AFS [2]










 
907

121

(16
)
1,012

—

Total AFS securities
$
35,603

$
703

$
(654
)
$
35,652

$
(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 as of December 31, 2018 and 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 December 31, 2018.
Investments by Contractual Maturity Year Fixed maturities, AFS, by Contractual Maturity Year
 
December 31, 2018
 
December 31, 2017
 
Amortized Cost
Fair Value
 
Amortized Cost
Fair Value
One year or less
$
999

$
1,002

 
$
1,507

$
1,513

Over one year through five years
5,786

5,791

 
5,007

5,119

Over five years through ten years
6,611

6,495

 
6,505

6,700

Over ten years
12,629

12,820

 
13,928

14,866

Subtotal
26,025

26,108

 
26,947

28,198

Mortgage-backed and asset-backed securities
9,578

9,544

 
8,665

8,766

Total fixed maturities, AFS
$
35,603

$
35,652

 
$
35,612

$
36,964
Unrealized Loss on Investments Unrealized Losses on AFS Securities
Unrealized Loss Aging for AFS Securities by Type and Length of Time as of December 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
$
566

$
566

$
—

 
$
113

$
112

$
(1
)
 
$
679

$
678

$
(1
)
CLOs
1,358

1,338

(20
)
 
7

7

—

 
1,365

1,345

(20
)
CMBS
896

882

(14
)
 
1,129

1,079

(50
)
 
2,025

1,961

(64
)
Corporate
7,174

6,903

(271
)
 
2,541

2,366

(175
)
 
9,715

9,269

(446
)
Foreign govt./govt. agencies
407

391

(16
)
 
203

193

(10
)
 
610

584

(26
)
Municipal
1,643

1,613

(30
)
 
292

275

(17
)
 
1,935

1,888

(47
)
RMBS
1,344

1,329

(15
)
 
648

628

(20
)
 
1,992

1,957

(35
)
U.S. Treasuries
497

492

(5
)
 
339

329

(10
)
 
836

821

(15
)
Total fixed maturities, AFS in an unrealized loss position
$
13,885

$
13,514

$
(371
)
 
$
5,272

$
4,989

$
(283
)
 
$
19,157

$
18,503

$
(654
)
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 in an unrealized loss position
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 standards for financial instruments, equity securities, AFS were reclassified to equity securities at fair value and are excluded from the table above as of December 31, 2018.
Valuation Allowance Activity Valuation Allowance Activity
 
For the years ended December 31,
 
2018
2017
2016
Balance as of January 1
$
(1
)
$
—

$
(4
)
Reversals/(Additions)
—

(1
)
—

Deductions
—

—

4

Balance as of December 31
$
(1
)
$
(1
)
$
—
Loans Credit Quality Mortgage Loans Credit Quality
 
December 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%
386

1.60x
 
265

1.95x
Less than 65%
3,318

2.59x
 
2,892

2.76x
Total mortgage loans
$
3,704

2.49x
 
$
3,175

2.69x
Mortgage Loans Mortgage Loans by Region
 
December 31, 2018
 
December 31, 2017
 
Carrying Value
Percent of Total
 
Carrying Value
Percent of Total
East North Central
$
250

6.8
%
 
$
251

7.9
%
Middle Atlantic
270

7.3
%
 
272

8.6
%
Mountain
30

0.8
%
 
31

1.0
%
New England
330

8.9
%
 
293

9.2
%
Pacific
917

24.8
%
 
760

23.9
%
South Atlantic
712

19.2
%
 
710

22.4
%
West North Central
148

4.0
%
 
149

4.7
%
West South Central
420

11.3
%
 
278

8.7
%
Other [1]
627

16.9
%
 
431

13.6
%
Total mortgage loans
$
3,704

100.0
%
 
$
3,175

100.0
%

[1]
Primarily represents loans collateralized by multiple properties in various regions.
Mortgage Loans by Property Type
 
December 31, 2018
 
December 31, 2017
 
Carrying Value
Percent of Total
 
Carrying Value
Percent of Total
Commercial
 
 
 
 
 
Industrial
1,108

29.9
%
 
817

25.7
%
Multifamily
1,138

30.7
%
 
1,006

31.7
%
Office
708

19.1
%
 
751

23.7
%
Retail
392

10.6
%
 
367

11.5
%
Single Family
82

2.2
%
 
—

—
%
Other
276

7.5
%
 
234

7.4
%
Total mortgage loans
$
3,704

100.0
%
 
$
3,175

100.0
%
Offsetting Liabilities
Securities Lending and Repurchase Agreements
 
December 31, 2018
December 31, 2017
 
Fair Value
Fair Value

Securities Lending Transactions:
 
 
Gross amount of securities on loan
$
820

$
922

Gross amount of associated liability for collateral received [1]
$
840

$
945

 
 
 
Repurchase agreements:
 
 
Gross amount of recognized liabilities for repurchase agreements
$
72

$
174

Gross amount of collateral pledged related to repurchase agreements [2]
$
73

$
176

Gross amount of recognized receivables for reverse repurchase agreements
$
64

$
—

[1]
Cash collateral received is reinvested in fixed maturities, AFS and short term investments which are included in the Consolidated Balance Sheets. Amount includes additional securities collateral received of $3 and $0 million which are excluded from the Company's Consolidated Balance Sheets as of December 31, 2018 and December 31, 2017, respectively.
[2]
Collateral pledged is included within fixed maturities, AFS and short term investments in the Company's 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) [1]
Gross Amounts Offset in the Statement of Financial Position
Derivative Assets [2] (Liabilities) [3]
Accrued Interest and Cash Collateral (Received) [4] Pledged [3]
Financial Collateral (Received) Pledged [5]
Net Amount
As of December 31, 2018
 
 
 
 
 
 
Other investments
$
31

$
26

$
7

$
(2
)
$
2

$
3

Other liabilities
$
(92
)
$
(20
)
$
(68
)
$
(4
)
$
(65
)
$
(7
)
As of December 31, 2017
 
 
 
 
 
 
Other investments
$
25

$
22

$
10

$
(7
)
$
1

$
2

Other liabilities
$
(115
)
$
(10
)
$
(100
)
$
(5
)
$
(96
)
$
(9
)

[1]
For amounts shown as of December 31, 2017, certain amounts have been restated to conform to the current year presentation for OTC-cleared derivatives.
[2]
Included in other investments in the Company's Consolidated Balance Sheets.
[3]
Included in other liabilities in the Company's Consolidated Balance Sheets and is limited to the net derivative payable associated with each counterparty.
[4]
Included in other investments in the Company's Consolidated Balance Sheets and is limited to the net derivative receivable associated with each counterparty.
[5]
Excludes collateral associated with exchange-traded derivative instruments.