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Investments (Tables) | 9 Months Ended
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Sep. 30, 2019
Investments [Abstract] |
Net Realized Capital Gains (Losses) |
Net Realized Capital Gains
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(Before tax) | 2019 | 2018 |  | 2019 | 2018
Gross gains on sales | $ | 77 |  | $ | 26 |  |  | $ | 190 |  | $ | 91 |
Gross losses on sales | (4 | ) | (41 | ) |  | (44 | ) | (129 | )
Equity securities [1] | 19 |  | 46 |  |  | 181 |  | 88 |
Net OTTI losses recognized in earnings | (1 | ) | (1 | ) |  | (3 | ) | (1 | )
Valuation allowances on mortgage loans | — |  | — |  |  | 1 |  | — |
Transactional foreign currency revaluation | — |  | — |  |  | — |  | 1 |
Non-qualifying foreign currency derivatives | 2 |  | 1 |  |  | 2 |  | 2 |
Other, net [2] | (4 | ) | 7 |  |  | 5 |  | 8 |
Net realized capital gains | $ | 89 |  | $ | 38 |  |  | $ | 332 |  | $ | 60 |
[1] | Includes all changes in fair value and trading gains and losses for equity securities. The net unrealized gain (loss) on equity securities included in net realized capital gains (losses) related to equity securities still held as of September 30, 2019, were $17 and $100 for the three and nine months ended September 30, 2019, respectively. The net unrealized gain (loss) on equity securities included in net realized capital gains (losses) related to equity securities still held as of September 30, 2018, were $41 and $50 for the three and nine months ended September 30, 2018, respectively.
[2] Includes gains (losses) on non-qualifying derivatives, excluding foreign currency derivatives, of $(7) and $8, respectively, for the three months ended September 30, 2019 and 2018. For the nine months ended September 30, 2019 and 2018, the non-qualifying derivatives, excluding foreign currency derivatives, were $1 and $6 respectively.
Impairments |
Impairments in Earnings by Type
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2019 | 2018 |  | 2019 | 2018
Credit impairments | $ | 1 |  | $ | 1 |  |  | $ | 3 |  | $ | 1 |
Total impairments | $ | 1 |  | $ | 1 |  |  | $ | 3 |  | $ | 1 |
Cumulative Credit Impairments
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(Before tax) | 2019 | 2018 |  | 2019 | 2018
Balance as of beginning of period | $ | (18 | ) | $ | (20 | ) |  | $ | (19 | ) | $ | (25 | )
Additions for credit impairments recognized on [1]: |  |  |  |  |
Securities not previously impaired | (1 | ) | — |  |  | (3 | ) | — |
Securities previously impaired | — |  | (1 | ) |  | — |  | (1 | )
Reductions for credit impairments previously recognized on: |  |  |  |  |
Securities that matured or were sold during the period | — |  | 1 |  |  | 3 |  | 6 |
Balance as of end of period | $ | (19 | ) | $ | (20 | ) |  | $ | (19 | ) | $ | (20 | )
[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 |
AFS Securities by Type
| September 30, 2019 |  | December 31, 2018
| 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 | $ | 1,315 |  | $ | 23 |  | $ | (1 | ) | $ | 1,337 |  | $ | — |  |  | $ | 1,272 |  | $ | 5 |  | $ | (1 | ) | $ | 1,276 |  | $ | — |
CLOs | 2,162 |  | 4 |  | (8 | ) | 2,158 |  | — |  |  | 1,455 |  | 2 |  | (20 | ) | 1,437 |  | — |
CMBS | 4,067 |  | 193 |  | (6 | ) | 4,254 |  | (4 | ) |  | 3,581 |  | 35 |  | (64 | ) | 3,552 |  | (5 | )
Corporate | 16,867 |  | 970 |  | (36 | ) | 17,801 |  | — |  |  | 13,696 |  | 148 |  | (446 | ) | 13,398 |  | — |
Foreign govt./govt. agencies | 1,053 |  | 65 |  | (1 | ) | 1,117 |  | — |  |  | 866 |  | 7 |  | (26 | ) | 847 |  | — |
Municipal | 9,095 |  | 801 |  | (1 | ) | 9,895 |  | — |  |  | 9,972 |  | 421 |  | (47 | ) | 10,346 |  | — |
RMBS | 4,626 |  | 107 |  | (1 | ) | 4,732 |  | — |  |  | 3,270 |  | 44 |  | (35 | ) | 3,279 |  | — |
U.S. Treasuries | 989 |  | 106 |  | — |  | 1,095 |  | — |  |  | 1,491 |  | 41 |  | (15 | ) | 1,517 |  | — |
Total fixed maturities, AFS | $ | 40,174 |  | $ | 2,269 |  | $ | (54 | ) | $ | 42,389 |  | $ | (4 | ) |  | $ | 35,603 |  | $ | 703 |  | $ | (654 | ) | $ | 35,652 |  | $ | (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 September 30, 2019 and December 31, 2018.
Investments by Contractual Maturity Year |
Fixed maturities, AFS, by Contractual Maturity Year
| September 30, 2019 |  | December 31, 2018
| Amortized Cost | Fair Value |  | Amortized Cost | Fair Value
One year or less | $ | 1,226 |  | $ | 1,233 |  |  | $ | 999 |  | $ | 1,002 |
Over one year through five years | 7,144 |  | 7,333 |  |  | 5,786 |  | 5,791 |
Over five years through ten years | 7,405 |  | 7,812 |  |  | 6,611 |  | 6,495 |
Over ten years | 12,229 |  | 13,530 |  |  | 12,629 |  | 12,820 |
Subtotal | 28,004 |  | 29,908 |  |  | 26,025 |  | 26,108 |
Mortgage-backed and asset-backed securities | 12,170 |  | 12,481 |  |  | 9,578 |  | 9,544 |
Total fixed maturities, AFS | $ | 40,174 |  | $ | 42,389 |  |  | $ | 35,603 |  | $ | 35,652 |
Unrealized Gain (Loss) on Investments [Table Text Block] |
Unrealized Loss Aging for AFS Securities by Type and Length of Time as of September 30, 2019
| 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 | $ | 144 |  | $ | 143 |  | $ | (1 | ) |  | $ | 11 |  | $ | 11 |  | $ | — |  |  | $ | 155 |  | $ | 154 |  | $ | (1 | )
CLOs | 1,109 |  | 1,105 |  | (4 | ) |  | 429 |  | 425 |  | (4 | ) |  | 1,538 |  | 1,530 |  | (8 | )
CMBS | 88 |  | 87 |  | (1 | ) |  | 31 |  | 26 |  | (5 | ) |  | 119 |  | 113 |  | (6 | )
Corporate | 930 |  | 918 |  | (12 | ) |  | 497 |  | 473 |  | (24 | ) |  | 1,427 |  | 1,391 |  | (36 | )
Foreign govt./govt. agencies | 58 |  | 58 |  | — |  |  | 39 |  | 38 |  | (1 | ) |  | 97 |  | 96 |  | (1 | )
Municipal | 128 |  | 127 |  | (1 | ) |  | — |  | — |  | — |  |  | 128 |  | 127 |  | (1 | )
RMBS | 166 |  | 165 |  | (1 | ) |  | 69 |  | 69 |  | — |  |  | 235 |  | 234 |  | (1 | )
U.S. Treasuries | 37 |  | 37 |  | — |  |  | 119 |  | 119 |  | — |  |  | 156 |  | 156 |  | — |
Total fixed maturities, AFS in an unrealized loss position | $ | 2,660 |  | $ | 2,640 |  | $ | (20 | ) |  | $ | 1,195 |  | $ | 1,161 |  | $ | (34 | ) |  | $ | 3,855 |  | $ | 3,801 |  | $ | (54 | )
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 | )
Schedule of Valuation Allowance for Impairment of Recognized Servicing Assets |
Valuation Allowance Activity
| 2019 | 2018
Balance, as of January 1 | $ | (1 | ) | $ | (1 | )
Reversals | 1 |  | — |
Deductions | — |  | — |
Balance, as of September 30 | $ | — |  | $ | (1 | )
Loans Credit Quality |
Mortgage Loans Credit Quality
| September 30, 2019 |  | December 31, 2018
Loan-to-value | Carrying Value | Avg. Debt-Service Coverage Ratio |  | Carrying Value | Avg. Debt-Service Coverage Ratio
65% - 80% | 481 |  | 1.53x |  | 386 |  | 1.60x
Less than 65% | 3,255 |  | 2.52x |  | 3,318 |  | 2.59x
Total mortgage loans | $ | 3,736 |  | 2.39x |  | $ | 3,704 |  | 2.49x
Mortgage Loans by Region
| September 30, 2019 |  | December 31, 2018
| Carrying Value | Percent of Total |  | Carrying Value | Percent of Total
East North Central | $ | 274 |  | 7.3 | % |  | $ | 250 |  | 6.8 | %
Middle Atlantic | 306 |  | 8.2 | % |  | 270 |  | 7.3 | %
Mountain | 63 |  | 1.7 | % |  | 30 |  | 0.8 | %
New England | 345 |  | 9.2 | % |  | 330 |  | 8.9 | %
Pacific | 835 |  | 22.4 | % |  | 917 |  | 24.8 | %
South Atlantic | 743 |  | 19.9 | % |  | 712 |  | 19.2 | %
West North Central | 121 |  | 3.2 | % |  | 148 |  | 4.0 | %
West South Central | 406 |  | 10.9 | % |  | 420 |  | 11.3 | %
Other [1] | 643 |  | 17.2 | % |  | 627 |  | 16.9 | %
Total mortgage loans | $ | 3,736 |  | 100.0 | % |  | $ | 3,704 |  | 100.0 | %
[1] | Primarily represents loans collateralized by multiple properties in various regions.
Mortgage Loans by Property Type
| September 30, 2019 |  | December 31, 2018
| Carrying Value | Percent of Total |  | Carrying Value | Percent of Total
Commercial |  |  |  |  |
Industrial | $ | 1,156 |  | 30.9 | % |  | $ | 1,108 |  | 29.9 | %
Multifamily | 1,156 |  | 30.9 | % |  | 1,138 |  | 30.7 | %
Office | 719 |  | 19.3 | % |  | 708 |  | 19.1 | %
Retail | 430 |  | 11.5 | % |  | 392 |  | 10.6 | %
Single Family | 135 |  | 3.6 | % |  | 82 |  | 2.2 | %
Other | 140 |  | 3.8 | % |  | 276 |  | 7.5 | %
Total mortgage loans | $ | 3,736 |  | 100.0 | % |  | $ | 3,704 |  | 100.0 | %
Securities Lending and Repurchase Agreements [Table Text Block] |
Payables for Collateral on Investments
| September 30, 2019 | December 31, 2018
| Fair Value | Fair Value |
Securities Lending Transactions: |  |
Gross amount of securities on loan | $ | 603 |  | $ | 820 |
Gross amount of associated liability for collateral received [1] | $ | 618 |  | $ | 840 |
Repurchase agreements: |  |
Gross amount of recognized liabilities for repurchase agreements | $ | — |  | $ | 72 |
Gross amount of collateral pledged related to repurchase agreements [2] | $ | — |  | $ | 73 |
Gross amount of recognized receivables for reverse repurchase agreements | $ | 52 |  | $ | 64 |
[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 $0 and $3 which are excluded from the Company's Condensed Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018, respectively.
[2] Collateral pledged is included within fixed maturities, AFS and short-term investments in the Company's Condensed Consolidated Balance Sheets.

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