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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2019
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
Assets and (Liabilities) Carried at Fair Value by Hierarchy Level as of June 30, 2019
 
Total
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
Significant
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Assets accounted for at fair value on a recurring basis
 
 
 
 
Fixed maturities, AFS
 
 
 
 
Asset-backed-securities ("ABS")
$
1,029

$
—

$
1,024

$
5

Collateralized loan obligations ("CLOs")
1,925

—

1,639

286

Commercial mortgage-backed securities ("CMBS")
3,905

—

3,870

35

Corporate
16,748

—

16,180

568

Foreign government/government agencies
1,072

—

1,069

3

Municipal
10,278

—

10,278

—

Residential mortgage-backed securities ("RMBS")
4,566

—

3,808

758

U.S. Treasuries
1,643

282

1,361

—

Total fixed maturities
41,166

282

39,229

1,655

Fixed maturities, FVO
49

—

49

—

Equity securities, at fair value
1,533

1,227

234

72

Derivative assets
 
 
 
 
Credit derivatives
9

—

9

—

Equity derivatives
1

—

—

1

Interest rate derivatives
1

—

1

—

Total derivative assets [1]
11

—

10

1

Short-term investments
2,364

929

1,435

—

Total assets accounted for at fair value on a recurring basis
$
45,123

$
2,438

$
40,957

$
1,728

Liabilities accounted for at fair value on a recurring basis
 
 
 
 
Derivative liabilities
 
 
 
 
Credit derivatives
1

—

1

—

Equity derivatives
(4
)
—

—

(4
)
Foreign exchange derivatives
(5
)
—

(5
)
—

Interest rate derivatives
(63
)
—

(63
)
—

Total derivative liabilities [2]
(71
)
—

(67
)
(4
)
Contingent consideration [3]
(21
)
—

—

(21
)
Total liabilities accounted for at fair value on a recurring basis
$
(92
)
$
—

$
(67
)
$
(25
)

Assets and (Liabilities) Carried at Fair Value by Hierarchy Level as of December 31, 2018
 
Total
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
Significant
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Assets accounted for at fair value on a recurring basis
 
 
 
 
Fixed maturities, AFS
 
 
 
 
Asset-backed-securities ("ABS")
$
1,276

$
—

$
1,266

$
10

Collateralized loan obligations ("CLOs")
1,437

—

1,337

100

Commercial mortgage-backed securities ("CMBS")
3,552

—

3,540

12

Corporate
13,398

—

12,878

520

Foreign government/government agencies
847

—

844

3

Municipal
10,346

—

10,346

—

Residential mortgage-backed securities ("RMBS")
3,279

—

2,359

920

U.S. Treasuries
1,517

330

1,187

—

Total fixed maturities
35,652

330

33,757

1,565

Fixed maturities, FVO
22

—

22

—

Equity securities, at fair value
1,214

1,093

44

77

Derivative assets
 
 
 
 
Credit derivatives
5

—

5

—

Equity derivatives
3

—

—

3

Foreign exchange derivatives
(2
)
—

(2
)
—

Interest rate derivatives
1

—

1

—

Total derivative assets [1]
7

—

4

3

Short-term investments
4,283

1,039

3,244

—

Total assets accounted for at fair value on a recurring basis
$
41,178

$
2,462

$
37,071

$
1,645

Liabilities accounted for at fair value on a recurring basis
 
 
 
 
Derivative liabilities
 
 
 
 
Credit derivatives
(2
)
—

(2
)
—

Equity derivatives
1

—

1

—

Foreign exchange derivatives
(5
)
—

(5
)
—

Interest rate derivatives
(62
)
—

(63
)
1

Total derivative liabilities [2]
(68
)
—

(69
)
1

Contingent consideration [3]
(35
)
—

—

(35
)
Total liabilities accounted for at fair value on a recurring basis
$
(103
)
$
—

$
(69
)
$
(34
)

[1]
Includes derivative instruments in a net positive fair value position after consideration of the accrued interest and impact of collateral posting requirements which may be imposed by agreements and applicable law. See footnote 2 to this table for derivative liabilities.
[2]
Includes derivative instruments in a net negative fair value position (derivative liability) after consideration of the accrued interest and impact of collateral posting requirements which may be imposed by agreements and applicable law.
[3]
For additional information see the Contingent Consideration section below.
Fair Value Inputs, Assets, Quantitative Information
Significant Unobservable Inputs for Level 3 - Securities
Assets accounted for at fair value on a recurring basis
Fair
Value
Predominant
Valuation
Technique
Significant
Unobservable Input
Minimum
Maximum
Weighted Average [1]
Impact of
Increase in Input
on Fair Value [2]
As of June 30, 2019
CLOs [3]
$
236

Discounted cash flows
Spread
250 bps
257 bps
253 bps
Decrease
CMBS [3]
$
25

Discounted cash flows
Spread (encompasses prepayment, default risk and loss severity)
9 bps
1,279 bps
189 bps
Decrease
Corporate [4]
$
387

Discounted cash flows
Spread
117 bps
710 bps
254 bps
Decrease
RMBS [3]
$
710

Discounted cash flows
Spread [6]
9 bps
416 bps
70 bps
Decrease
 
 
 
Constant prepayment rate [6]
1%
13%
6%
 Decrease [5]
 
 
 
Constant default rate [6]
1%
6%
3%
Decrease
 
 
 
Loss severity [6]
—%
100%
65%
Decrease
As of December 31, 2018
CMBS [3]
$
2

Discounted cash flows
Spread (encompasses prepayment, default risk and loss severity)
9 bps
1,040 bps
182 bps
Decrease
Corporate [4]
$
274

Discounted cash flows
Spread
145 bps
1,175 bps
263 bps
Decrease
RMBS [3]
$
815

Discounted cash flows
Spread [6]
12 bps
215 bps
86 bps
Decrease
 
 
 
Constant prepayment rate [6]
1%
15%
6%
Decrease [5]
 
 
 
Constant default rate [6]
1%
8%
3%
Decrease
 
 
 
Loss severity [6]
—%
100%
61%
Decrease
[1]
The weighted average is determined based on the fair value of the securities.
[2]
Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table.
[3]
Excludes securities for which the Company bases fair value on broker quotations.
[4]
Excludes securities for which the Company bases fair value on broker quotations; however, included are broker priced lower-rated private placement securities for which the Company receives spread and yield information to corroborate the fair value.
[5]
Decrease for above market rate coupons and increase for below market rate coupons.
[6]
Generally, a change in the assumption used for the constant default rate would have been accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumption used for constant prepayment rate and would have resulted in wider spreads.
Significant Unobservable Inputs for Level 3 - Derivatives
 
Fair
Value
Predominant
Valuation 
Technique
Significant Unobservable Input
Minimum
Maximum
Weighted Average [1]
Impact of 
Increase in Input on 
Fair Value [2]
As of June 30, 2019
Equity options
$
(3
)
Option model
Equity volatility
12
%
22
%
15
%
Increase
As of December 31, 2018
Interest rate swaptions [3]
$
1

Option model
Interest rate volatility
3
%
3
%
3
%
Increase
Equity options
$
3

Option model
Equity volatility
19
%
21
%
20
%
Increase
[1]
The weighted average is determined based on the fair value of the derivatives.
[2]
Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table. Changes are based on long positions, unless otherwise noted. Changes in fair value will be inversely impacted for short positions.
[3]
The swaptions presented are purchased options that have the right to enter into a pay-fixed swap.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the Three Months Ended June 30, 2019
 
Total realized/unrealized gains (losses)
 
 
 
 
 
 
 
 
Fair value as of March 31, 2019
Included in net income [1]
Included in OCI [2]
Purchases
Settlements
Sales
Transfers into Level 3 [3]
Transfers out of Level 3 [3]
Fair value as of June 30, 2019
Assets
 
 
 
 
 
 
 
 
 
Fixed Maturities, AFS
 
 
 
 
 
 
 
 
 
 
ABS
$
9

$
—

$
—

$
5

$
—

$
—

$
—

$
(9
)
$
5

 
CLOs
114

—

—

202

(10
)
—

—

(20
)
286

 
CMBS
12

—

—

24

(1
)
—

—

—

35

 
Corporate
525

—

2

58

(4
)
(39
)
34

(8
)
568

 
Foreign Govt./Govt. Agencies
3

—

—

—

—

—

—

—

3

 
RMBS
771

—

—

90

(58
)
—

—

(45
)
758

Total Fixed Maturities, AFS
1,434

—

2

379

(73
)
(39
)
34

(82
)
1,655

Equity Securities, at fair value
73

—

—

4

—

(5
)
—

—

72

Derivatives, net [4]
 
 
 
 
 
 
 
 
 
 
Equity
1

(4
)
—

—

—

—

—

—

(3
)
Total Derivatives, net [4]
1

(4
)
—

—

—

—

—

—

(3
)
Total Assets
$
1,508

$
(4
)
$
2

$
383

$
(73
)
$
(44
)
$
34

$
(82
)
$
1,724

Liabilities
 
 
 
 
 
 
 
 
 
Contingent Consideration
(29
)
(2
)
—

—

10

—

—

—

(21
)
Total Liabilities
$
(29
)
$
(2
)
$
—

$
—

$
10

$
—

$
—

$
—

$
(21
)
Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the Six Months Ended June 30, 2019
 
Total realized/unrealized gains (losses)
 
 
 
 
 
 
 
 
Fair value as of January 1, 2019
Included in net income [1]
Included in OCI [2]
Purchases
Settlements
Sales
Transfers into Level 3 [3]
Transfers out of Level 3 [3]
Fair value as of June 30, 2019
Assets
 
 
 
 
 
 
 
 
 
Fixed Maturities, AFS
 
 
 
 
 
 
 
 
 
 
ABS
$
10

$
—

$
—

$
5

$
(1
)
$
—

$
—

$
(9
)
$
5

 
CLOs
100

—

—

237

(10
)
(6
)
—

(35
)
286

 
CMBS
12

—

1

24

(2
)
—

—

—

35

 
Corporate
520

(1
)
9

95

(6
)
(64
)
46

(31
)
568

 
Foreign Govt./Govt. Agencies
3

—

—

—

—

—

—

—

3

 
RMBS
920

1

(2
)
134

(112
)
(35
)
—

(148
)
758

Total Fixed Maturities, AFS
1,565

—

8

495

(131
)
(105
)
46

(223
)
1,655

Equity Securities, at fair value
77

(1
)
—

9

—

(13
)
—

—

72

Derivatives, net [4]
 
 
 
 
 
 
 
 
 
 
Equity
3

(6
)
—

—

—

—

—

—

(3
)
 
Interest rate
1

(1
)
—

—

—

—

—

—

—

Total Derivatives, net [4]
4

(7
)
—

—

—

—

—

—

(3
)
Total Assets
$
1,646

$
(8
)
$
8

$
504

$
(131
)
$
(118
)
$
46

$
(223
)
$
1,724

Liabilities
 
 
 
 
 
 
 
 
 
Contingent Consideration
(35
)
(6
)
—

—

20

—

—

—

(21
)
Total Liabilities
$
(35
)
$
(6
)
$
—

$
—

$
20

$
—

$
—

$
—

$
(21
)
Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the Three Months Ended June 30, 2018
 
Total realized/unrealized gains (losses)
 
 
 
 
 
 
 
 
Fair value as of March 31, 2018
Included in net income [1]
Included in OCI [2]
Purchases
Settlements
Sales
Transfers into Level 3 [3]
Transfers out of Level 3 [3]
Fair value as of June 30, 2018
Assets
 
 
 
 
 
 
 
 
 
Fixed Maturities, AFS
 
 
 
 
 
 
 
 
 
 
ABS
$
14

$
—

$
—

$
50

$
(1
)
$
—

$
3

$
(9
)
$
57

 
CLOs
106

—

—

77

—

(4
)
—

(20
)
159

 
CMBS
33

—

—

25

(2
)
(8
)
—

(20
)
28

 
Corporate
515

—

(7
)
66

(18
)
(8
)
15

(4
)
559

 
Foreign Govt./Govt. Agencies
2

—

—

1

—

—

—

—

3

 
Municipal
16

—

—

—

—

—

—

(7
)
9

 
RMBS
1,233

—

(4
)
68

(93
)
(1
)
—

(66
)
1,137

Total Fixed Maturities, AFS
1,919

—

(11
)
287

(114
)
(21
)
18

(126
)
1,952

Equity Securities, at fair value
65

—

1

1

—

(1
)
—

—

66

Derivatives, net [4]
 
 
 
 
 
 
 
 
 
 
Equity
1

(1
)
—

1

—

—

—

—

1

 
Interest rate
2

—

—

—

—

—

—

—

2

Total Derivatives, net [4]
3

(1
)
—

1

—

—

—

—

3

Total Assets
$
1,987

$
(1
)
$
(10
)
$
289

$
(114
)
$
(22
)
$
18

$
(126
)
$
2,021

Liabilities
 
 
 
 
 
 
 
 
 
Contingent Consideration
(27
)
(4
)
—

—

—

—

—

—

(31
)
Total Liabilities
$
(27
)
$
(4
)
$
—

$
—

$
—

$
—

$
—

$
—

$
(31
)
Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the Six Months Ended June 30, 2018
 
Total realized/unrealized gains (losses)
 
 
 
 
 
 
 
 
Fair value as of January 1, 2018
Included in net income [1]
Included in OCI [2]
Purchases
Settlements
Sales
Transfers into Level 3 [3]
Transfers out of Level 3 [3]
Fair value as of June 30, 2018
Assets
 
 
 
 
 
 
 
 
 
Fixed Maturities, AFS
 
 
 
 
 
 
 
 
 
 
ABS
$
19

$
—

$
—

$
50

$
(3
)
$
—

$
3

$
(12
)
$
57

 
CLOs
95

—

—

98

—

(4
)
—

(30
)
159

 
CMBS
69

—

(1
)
25

(3
)
(8
)
—

(54
)
28

 
Corporate
520

1

(8
)
131

(32
)
(31
)
15

(37
)
559

 
Foreign Govt./Govt. Agencies
2

—

—

1

—

—

—

—

3

 
Municipal
17

—

(1
)
—

—

—

—

(7
)
9

 
RMBS
1,230

—

(7
)
170

(174
)
(1
)
—

(81
)
1,137

Total Fixed Maturities, AFS
1,952

1

(17
)
475

(212
)
(44
)
18

(221
)
1,952

Equity Securities, AFS
76

28

1

1

—

(40
)
—

—

66

Derivatives, net [4]
 
 
 
 
 
 
 
 
 
 
Equity
1

1

—

1

—

(2
)
—

—

1

 
Interest rate
1

1

—

—

—

—

—

—

2

Total Derivatives, net [4]
2

2

—

1

—

(2
)
—

—

3

Total Assets
$
2,030

$
31

$
(16
)
$
477

$
(212
)
$
(86
)
$
18

$
(221
)
$
2,021

Liabilities
 
 
 
 
 
 
 
 
 
Contingent Consideration
(29
)
(2
)
—

—

—

—

—

—

(31
)
Total Liabilities
$
(29
)
$
(2
)
$
—

$
—

$
—

$
—

$
—

$
—

$
(31
)
[1]
Amounts in these columns are generally reported in net realized capital gains (losses). All amounts are before income taxes.
[2]
All amounts are before income taxes.
[3]
Transfers in and/or (out) of Level 3 are primarily attributable to the availability of market observable information and the re-evaluation of the observability of pricing inputs.
[4]
Derivative instruments are reported in this table on a net basis for asset (liability) positions and reported in the Condensed Consolidated Balance Sheets in other investments and other liabilities.
 
Changes in Unrealized Gains (Losses) for Financial Instruments Classified as
Level 3 Still Held at End of Period
 
 
Three months ended June 30,
 
Six months ended June 30,
 
 
2019
2018
2019
2018
 
2019
2018
2019
2018
 
 
Changes in Unrealized Gain/(Loss) included in Net Income [1] [2]
Changes in Unrealized Gain/(Loss) included in OCI [3]
 
Changes in Unrealized Gain/(Loss) included in Net Income [1] [2]
Changes in Unrealized Gain/(Loss) included in OCI [3]
Assets
 
 
 
 
 
 
 
 
 
Fixed Maturities, AFS
 
 
 
 
 
 
 
 
 
 
Corporate
$
—

$
—

$
2

$
(7
)
 
$
(1
)
$
—

$
9

$
(8
)
 
RMBS
—

—

—

(4
)
 
—

—

(1
)
(7
)
Total Fixed Maturities, AFS
—

—

2

(11
)
 
(1
)
—

8

(15
)
Derivatives, net
 
 
 
 
 
 
 
 
 
 
Equity
(4
)
(1
)
—

—

 
(6
)
—

—

—

 
Interest rate
—

—

—

—

 
(1
)
1

—

—

Total Derivatives, net
(4
)
(1
)
—

—

 
(7
)
1

—

—

Total Assets
$
(4
)
$
(1
)
$
2

$
(11
)
 
$
(8
)
$
1

$
8

$
(15
)
Liabilities
 
 
 
 
 
 
 
 
 
Contingent Consideration
(2
)
(4
)
—

—

 
(6
)
(2
)
—

—

Total Liabilities
$
(2
)
$
(4
)
$
—

$
—

 
$
(6
)
$
(2
)
$
—

$
—

[1]
All amounts in these rows are reported in net realized capital gains (losses). All amounts are before income taxes.
[2]
Amounts presented are for Level 3 only and therefore may not agree to other disclosures included herein.
[3]
Changes in unrealized gain/(loss) on fixed maturities, AFS are reported in changes in net unrealized gain on securities in the Condensed Consolidated Statements of Comprehensive Income. Changes in interest rate derivatives are reported in changes in net gain on cash flow hedging instruments in the Condensed Consolidated Statements of Comprehensive Income.
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
Financial Assets and Liabilities Not Carried at Fair Value
 
June 30, 2019
 
December 31, 2018
 
Fair Value Hierarchy Level
Carrying Amount
Fair Value
 
Fair Value Hierarchy Level
Carrying Amount
Fair Value
Assets
 
 
 
 
 
 
 
Mortgage loans
Level 3
$
3,612

$
3,746

 
Level 3
$
3,704

$
3,746

Liabilities
 
 
 
 
 
 
 
Other policyholder funds and benefits payable
Level 3
$
799

$
816

 
Level 3
$
774

$
775

Senior notes [1]
Level 2
$
3,461

$
4,038

 
Level 2
$
3,589

$
3,887

Junior subordinated debentures [1]
Level 2
$
1,089

$
1,097

 
Level 2
$
1,089

$
1,052


[1]
Included in long-term debt in the Condensed Consolidated Balance Sheets, except for current maturities, which are included in short-term debt.