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Derivatives (Tables)
 12 Months Ended
Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Balance Sheet Presentation Derivative Balance Sheet Presentation
 
Net Derivatives
Asset Derivatives [1]
Liability Derivatives [1]
 
Notional Amount
Fair Value
Fair Value
Fair Value
Hedge Designation/ Derivative Type
Dec 31, 2018
Dec 31, 2017
Dec 31, 2018
Dec 31, 2017
Dec 31, 2018
Dec 31, 2017
Dec 31, 2018
Dec 31, 2017
Cash flow hedges
 
 
 
 
 
 
 
 
Interest rate swaps
$
2,040

$
2,190

$
1

$
—

$
2

$
1

$
(1
)
$
(1
)
Foreign currency swaps
153

153

(6
)
(13
)
2

—

(8
)
(13
)
Total cash flow hedges
2,193

2,343

(5
)
(13
)
4

1

(9
)
(14
)
Non-qualifying strategies
 
 
 
 
 
 
 
 
Interest rate contracts
 
 
 
 
 
 
 
 
Interest rate swaps and futures
8,451

7,986

(62
)
(83
)
8

7

(70
)
(90
)
Foreign exchange contracts
 
 
 
 
 
 
 
 
Foreign currency swaps and forwards
287

213

(1
)
(1
)
—

—

(1
)
(1
)
Credit contracts
 
 
 
 
 
 
 
 
Credit derivatives that purchase credit protection
6

61

—

1

—

2

—

(1
)
Credit derivatives that assume credit risk [2]
1,102

823

3

3

8

3

(5
)
—

Credit derivatives in offsetting positions
41

1,046

—

2

6

11

(6
)
(9
)
Equity contracts
 
 
 
 
 
 
 
 
Equity index swaps and options
211

258

4

1

5

1

(1
)
—

Total non-qualifying strategies
10,098

10,387

(56
)
(77
)
27

24

(83
)
(101
)
Total cash flow hedges and non-qualifying strategies
$
12,291

$
12,730

$
(61
)
$
(90
)
$
31

$
25

$
(92
)
$
(115
)
Balance Sheet Location
 
 
 
 
 
 
 
 
Fixed maturities, available-for-sale
$
153

$
153

$
—

$
—

$
—

$
—

$
—

$
—

Other investments
9,864

9,957

7

10

23

16

(16
)
(6
)
Other liabilities
2,274

2,620

(68
)
(100
)
8

9

(76
)
(109
)
Total derivatives
$
12,291

$
12,730

$
(61
)
$
(90
)
$
31

$
25

$
(92
)
$
(115
)

[1]
Certain prior year amounts have been restated to conform to the current year presentation for OTC-cleared derivatives.
[2]
The derivative instruments related to this strategy are held for other investment purposes.
Offsetting Assets 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.
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.
Derivatives in Cash Flow Hedging Relationships Derivatives in Cash Flow Hedging Relationships
 
Gain (Loss) Recognized in OCI on Derivative (Effective Portion)
 
2018
2017
2016
Interest rate swaps
$
5

$
8

$
—

Foreign currency swaps
7

(14
)
1

Total
$
12

$
(6
)
$
1

 
Gain Reclassified from AOCI into Income (Effective Portion)
 
2018
2017
2016
Interest rate swaps
 
 
 
Net realized capital gain/(loss)
$
6

$
5

$
10

Net investment income
30

37

37

Total
$
36

$
42

$
47
Non-Qualifying Strategies Recognized within Net Realized Capital Gains (Losses) Non-Qualifying Strategies Recognized within Net Realized Capital Gains (Losses)
 
For the Year Ended December 31,
 
2018
2017
2016
Foreign exchange contracts
 
 
 
Foreign currency swaps and forwards
$
3

$
(14
)
$
83

Other non-qualifying derivatives
 
 
 
Interest rate contracts
 
 
 
Interest rate swaps, swaptions and futures
(3
)
(5
)
1

Credit contracts
 
 
 
Credit derivatives that purchase credit protection
—

28

(17
)
Credit derivatives that assume credit risk
(14
)
(7
)
28

Equity contracts
 
 
 
Equity options
2

(7
)
(15
)
Other
 
 
 
Contingent capital facility put option
—

(1
)
(6
)
Total other non-qualifying derivatives
(15
)
8

(9
)
Total [1]
$
(12
)
$
(6
)
$
74


[1]
Excludes investments that contain an embedded credit derivative for which the Company has elected the fair value option. For further discussion, see the Fair Value Option section in Note 5 - Fair Value Measurements of Notes to Consolidated Financial Statements.
Credit Derivatives by Type Credit Risk Assumed Derivatives by Type
 
 
 
 
 
Underlying Referenced Credit Obligation(s) [1]
 
 
 
Notional Amount [2]
Fair Value
Weighted Average Years to Maturity
 
Type
Average Credit Rating
Offsetting Notional Amount [3]
Offsetting Fair Value [3]
As of December 31, 2018
Single name credit default swaps
 
 
 
 
 
 
 
 
Investment grade risk exposure
$
169

$
2

4 years
 
Corporate Credit/
Foreign Gov.
A
$
—

$
—

Basket credit default swaps [4]
 
 
 
 
 
 
 
 
Investment grade risk exposure
799

(1
)
6 years
 
Corporate Credit
BBB+
—

—

Below investment grade risk exposure
125

2

5 years
 
Corporate Credit
B+
—

—

Investment grade risk exposure
11

—

5 years
 
CMBS Credit
A-
2

—

Below investment grade risk exposure
19

(6
)
Less than 1 year
 
CMBS Credit
CCC
19

6

Total [5]
$
1,123

$
(3
)
 
 
 
 
$
21

$
6

As of December 31, 2017
Single name credit default swaps
 
 
 
 
 
 
 
 
Investment grade risk exposure
$
130

$
3

5 years
 
Corporate Credit/
Foreign Gov.
A-
$
—

$
—

Below investment grade risk exposure
9

—

Less than 1 year
 
Corporate Credit
B
9

—

Basket credit default swaps [4]
 
 
 
 
 
 
 
 
Investment grade risk exposure
1,137

2

3 years
 
Corporate Credit
BBB+
454

(2
)
Below investment grade risk exposure
27

2

3 years
 
Corporate Credit
B+
27

—

Investment grade risk exposure
13

(1
)
5 years
 
CMBS Credit
A
3

—

Below investment grade risk exposure
30

(6
)
Less than 1 year
 
CMBS Credit
CCC
30

7

Total [5]
$
1,346

$
—

 
 
 
 
$
523

$
5

[1]
The average credit ratings are based on availability and are generally the midpoint of the available ratings among Moody’s, S&P, and Fitch. If no rating is available from a rating agency, then an internally developed rating is used.
[2]
Notional amount is equal to the maximum potential future loss amount. These derivatives are governed by agreements and applicable law which include collateral posting requirements. There is no additional specific collateral related to these contracts or recourse provisions included in the contracts to offset losses.
[3]
The Company has entered into offsetting credit default swaps to terminate certain existing credit default swaps, thereby offsetting the future changes in value of, or losses paid related to, the original swap.
[4]
Comprised of swaps of standard market indices of diversified portfolios of corporate and CMBS issuers referenced through credit default swaps. These swaps are subsequently valued based upon the observable standard market index.
[5]
Excludes investments that contain an embedded credit derivative for which the Company has elected the fair value option. For further discussion, see the Fair Value Option section in Note 5 - Fair Value Measurements. of Notes to Consolidated Financial Statements.