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Investments (Tables) | 3 Months Ended
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Mar. 31, 2020
Investments [Abstract] |
Net Realized Capital Gains (Losses) |
Net Realized Capital Gains (Losses)
| Three Months Ended March 31,
(Before tax) | 2020 | 2019
Gross gains on sales | $ | 78 |  | $ | 44 |
Gross losses on sales | (8 | ) | (21 | )
Equity securities [1] | (386 | ) | 132 |
Change in ACL on fixed maturities, AFS [2] | (12 | ) |
Change in ACL on mortgage loans [2] | (2 | ) |
Intent-to-sell impairments | (5 | ) | — |
Net OTTI losses recognized in earnings |  | (2 | )
Other, net [3] | 104 |  | 10 |
Net realized capital gains (losses) | $ | (231 | ) | $ | 163 |
[1] | The net unrealized gain (loss) on equity securities included in net realized capital gains (losses) related to equity securities still held as of March 31, 2020, was $(277) for the three months ended March 31, 2020 . The net unrealized gain (loss) on equity securities included in net realized capital gains (losses) related to equity securities still held as of March 31, 2019, was $68 for the three months ended March 31, 2019.
[2] | Represents the change in ACL recorded during the period following the adoption of accounting guidance for credit losses on January 1, 2020. For further information refer to Note 1 - Basis of Presentation and Significant Accounting Policies.
[3] For the three months ended March 31, 2020 and 2019 gains (losses) from transactional foreign currency revaluation were $10 and $0, respectively. Also includes gains (losses) on non-qualifying derivatives of $92 and $15, respectively, for the three months ended March 31, 2020 and 2019.
Debt Securities, Available-for-sale, Allowance for Credit Loss [Table Text Block] |
ACL on Fixed Maturities, AFS by Type
Three months ended March 31, 2020
(Before tax) | Corporate | Total
Balance, beginning of year | $ | — |  | $ | — |
Credit losses on fixed maturities where credit losses were not previously recorded | (12 | ) | (12 | )
Balance as of end of period | $ | (12 | ) | $ | (12 | )
Impairments |
Cumulative Credit Impairments on Fixed Maturities, AFS
| Three Months Ended March 31,
(Before tax) | 2019
Balance as of beginning of period | $ | (19 | )
Additions for credit impairments recognized on [1]: |
Fixed maturities previously impaired | (2 | )
Reductions for credit impairments previously recognized on: |
Fixed maturities that matured or were sold during the period | 3 |
Balance as of end of period | $ | (18 | )
[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 |
Fixed Maturities, AFS, by Type
| March 31, 2020 |  | December 31, 2019
| Amortized Cost | ACL [1] | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value |  | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Non-Credit OTTI [2]
ABS | $ | 1,368 |  | $ | — |  | $ | 6 |  | $ | (26 | ) | $ | 1,348 |  |  | $ | 1,461 |  | $ | 18 |  | $ | (3 | ) | $ | 1,476 |  | $ | — |
CLOs | 2,168 |  | — |  | — |  | (179 | ) | 1,989 |  |  | 2,186 |  | 5 |  | (8 | ) | 2,183 |  | — |
CMBS | 4,316 |  | — |  | 102 |  | (116 | ) | 4,302 |  |  | 4,210 |  | 141 |  | (13 | ) | 4,338 |  | (4 | )
Corporate | 16,744 |  | (12 | ) | 585 |  | (519 | ) | 16,798 |  |  | 16,435 |  | 986 |  | (25 | ) | 17,396 |  | — |
Foreign govt./govt. agencies | 1,058 |  | — |  | 28 |  | (23 | ) | 1,063 |  |  | 1,057 |  | 66 |  | — |  | 1,123 |  | — |
Municipal | 8,843 |  | — |  | 684 |  | (30 | ) | 9,497 |  |  | 8,763 |  | 737 |  | (2 | ) | 9,498 |  | — |
RMBS | 4,052 |  | — |  | 96 |  | (62 | ) | 4,086 |  |  | 4,775 |  | 97 |  | (3 | ) | 4,869 |  | — |
U.S. Treasuries | 924 |  | — |  | 198 |  | — |  | 1,122 |  |  | 1,191 |  | 75 |  | (1 | ) | 1,265 |  | — |
Total fixed maturities, AFS | $ | 39,473 |  | $ | (12 | ) | $ | 1,699 |  | $ | (955 | ) | $ | 40,205 |  |  | $ | 40,078 |  | $ | 2,125 |  | $ | (55 | ) | $ | 42,148 |  | $ | (4 | )
[1] | Represents the ACL recorded following the adoption of accounting guidance for credit losses on January 1, 2020. For further information refer to Note 1 - Basis of Presentation and Significant Accounting Policies.
[2] Represents the amount of cumulative non-credit impairment losses recognized in OCI on fixed maturities that also had credit impairments. These losses are included in gross unrealized losses as of December 31, 2019.
Investments by Contractual Maturity Year |
Fixed Maturities, AFS, by Contractual Maturity Year
| March 31, 2020 |  | December 31, 2019
| Amortized Cost | Fair Value |  | Amortized Cost | Fair Value
One year or less | $ | 1,197 |  | $ | 1,196 |  |  | $ | 1,082 |  | $ | 1,090 |
Over one year through five years | 7,477 |  | 7,447 |  |  | 7,200 |  | 7,401 |
Over five years through ten years | 7,032 |  | 7,053 |  |  | 7,395 |  | 7,803 |
Over ten years | 11,863 |  | 12,784 |  |  | 11,769 |  | 12,988 |
Subtotal | 27,569 |  | 28,480 |  |  | 27,446 |  | 29,282 |
Mortgage-backed and asset-backed securities | 11,904 |  | 11,725 |  |  | 12,632 |  | 12,866 |
Total fixed maturities, AFS | $ | 39,473 |  | $ | 40,205 |  |  | $ | 40,078 |  | $ | 42,148 |
Unrealized Gain (Loss) on Investments [Table Text Block] |
Unrealized Loss Aging for Fixed Maturities, AFS by Type and Length of Time as of March 31, 2020
| Less Than 12 Months |  | 12 Months or More |  | Total
| Fair Value | Unrealized Losses |  | Fair Value | Unrealized Losses |  | Fair Value | Unrealized Losses
ABS | $ | 1,045 |  | $ | (26 | ) |  | $ | — |  | $ | — |  |  | $ | 1,045 |  | $ | (26 | )
CLOs | 1,373 |  | (123 | ) |  | 616 |  | (56 | ) |  | 1,989 |  | (179 | )
CMBS | 1,379 |  | (111 | ) |  | 18 |  | (5 | ) |  | 1,397 |  | (116 | )
Corporate | 6,762 |  | (493 | ) |  | 183 |  | (26 | ) |  | 6,945 |  | (519 | )
Foreign govt./govt. agencies | 439 |  | (23 | ) |  | — |  | — |  |  | 439 |  | (23 | )
Municipal | 719 |  | (30 | ) |  | — |  | — |  |  | 719 |  | (30 | )
RMBS | 1,604 |  | (60 | ) |  | 25 |  | (2 | ) |  | 1,629 |  | (62 | )
U.S. Treasuries | 45 |  | — |  |  | — |  | — |  |  | 45 |  | — |
Total fixed maturities, AFS in an unrealized loss position | $ | 13,366 |  | $ | (866 | ) |  | $ | 842 |  | $ | (89 | ) |  | $ | 14,208 |  | $ | (955 | )
Unrealized Loss Aging for Fixed Maturities, AFS by Type and Length of Time as of December 31, 2019
| Less Than 12 Months |  | 12 Months or More |  | Total
| Fair Value | Unrealized Losses |  | Fair Value | Unrealized Losses |  | Fair Value | Unrealized Losses
ABS | $ | 398 |  | $ | (3 | ) |  | $ | 9 |  | $ | — |  |  | $ | 407 |  | $ | (3 | )
CLOs | 679 |  | (2 | ) |  | 923 |  | (6 | ) |  | 1,602 |  | (8 | )
CMBS | 538 |  | (7 | ) |  | 20 |  | (6 | ) |  | 558 |  | (13 | )
Corporate | 789 |  | (9 | ) |  | 328 |  | (16 | ) |  | 1,117 |  | (25 | )
Foreign govt./govt. agencies | 101 |  | — |  |  | 29 |  | — |  |  | 130 |  | — |
Municipal | 222 |  | (2 | ) |  | — |  | — |  |  | 222 |  | (2 | )
RMBS | 614 |  | (3 | ) |  | 68 |  | — |  |  | 682 |  | (3 | )
U.S. Treasuries | 88 |  | — |  |  | 34 |  | (1 | ) |  | 122 |  | (1 | )
Total fixed maturities, AFS in an unrealized loss position | $ | 3,429 |  | $ | (26 | ) |  | $ | 1,411 |  | $ | (29 | ) |  | $ | 4,840 |  | $ | (55 | )
Financing Receivable, Allowance for Credit Loss [Table Text Block] |
ACL on Mortgage Loans
| Three Months Ended March 31,
| 2020 | 2019
ACL as of January 1, | $ | — |  | $ | (1 | )
Cumulative effect of accounting changes [1] | (19 | ) |
Adjusted beginning ACL | (19 | ) | (1 | )
Current period provision | (2 | ) | — |
ACL as of March 31, | $ | (21 | ) | $ | (1 | )
[1] Represents the adjustment to the ACL recorded on adoption of accounting guidance for credit losses on January 1, 2020. For further information refer to Note 1 - Basis of Presentation and Significant Accounting Policies.
Loans Credit Quality |
Mortgage Loans LTV & DSCR by Origination Year as of March 31, 2020
| 2020 | 2019 | 2018 | 2017 | 2016 | 2015 & Prior | Total
Loan-to-value | Amortized Cost | Avg. DSCR | Amortized Cost | Avg. DSCR | Amortized Cost | Avg. DSCR | Amortized Cost | Avg. DSCR | Amortized Cost | Avg. DSCR | Amortized Cost | Avg. DSCR | Amortized Cost [1] | Avg. DSCR
65% - 80% | $ | — |  | — | $ | 90 |  | 1.48x | $ | 175 |  | 1.80x | $ | 48 |  | 1.06x | $ | 33 |  | 1.35x | $ | 16 |  | 1.52x | $ | 362 |  | 1.57x
Less than 65% | 202 |  | 2.51x | 898 |  | 2.52x | 523 |  | 2.01x | 462 |  | 2.00x | 255 |  | 2.83x | 1,672 |  | 2.87x | 4,012 |  | 2.56x
Total mortgage loans | $ | 202 |  | 2.51x | $ | 988 |  | 2.43x | $ | 698 |  | 1.96x | $ | 510 |  | 1.91x | $ | 288 |  | 2.66x | $ | 1,688 |  | 2.86x | $ | 4,374 |  | 2.48x
[1] Amortized cost of mortgage loans excludes ACL of $21.
Mortgage Loans LTV & DSCR
| December 31, 2019
Loan-to-value | Amortized Cost | Avg. DSCR
65% - 80% | 376 |  | 1.53x
Less than 65% | 3,839 |  | 2.56x
Total mortgage loans | $ | 4,215 |  | 2.46x
Mortgage Loans by Region
| March 31, 2020 |  | December 31, 2019
| Amortized Cost [1] | Percent of Total |  | Amortized Cost | Percent of Total
East North Central | $ | 285 |  | 6.5 | % |  | $ | 270 |  | 6.4 | %
Middle Atlantic | 327 |  | 7.5 | % |  | 319 |  | 7.5 | %
Mountain | 118 |  | 2.7 | % |  | 109 |  | 2.6 | %
New England | 338 |  | 7.7 | % |  | 344 |  | 8.2 | %
Pacific | 966 |  | 22.1 | % |  | 906 |  | 21.5 | %
South Atlantic | 986 |  | 22.5 | % |  | 944 |  | 22.4 | %
West North Central | 44 |  | 1.0 | % |  | 46 |  | 1.1 | %
West South Central | 476 |  | 10.9 | % |  | 439 |  | 10.4 | %
Other [2] | 834 |  | 19.1 | % |  | 838 |  | 19.9 | %
Total mortgage loans | $ | 4,374 |  | 100.0 | % |  | $ | 4,215 |  | 100.0 | %
[1] | Amortized cost of mortgage loans excludes ACL of $21.
[2] | Primarily represents loans collateralized by multiple properties in various regions.
Mortgage Loans by Property Type
| March 31, 2020 |  | December 31, 2019
| Amortized Cost [1] | Percent of Total |  | Amortized Cost | Percent of Total
Commercial |  |  |  |  |
Industrial | $ | 1,234 |  | 28.2 | % |  | $ | 1,167 |  | 27.7 | %
Multifamily | 1,389 |  | 31.8 | % |  | 1,313 |  | 31.2 | %
Office | 741 |  | 16.9 | % |  | 723 |  | 17.2 | %
Retail | 835 |  | 19.1 | % |  | 735 |  | 17.4 | %
Single Family | 135 |  | 3.1 | % |  | 137 |  | 3.2 | %
Other | 40 |  | 0.9 | % |  | 140 |  | 3.3 | %
Total mortgage loans | $ | 4,374 |  | 100.0 | % |  | $ | 4,215 |  | 100.0 | %
[1] Amortized cost of mortgage loans excludes ACL of $21.
Securities Lending and Repurchase Agreements [Table Text Block] |
Securities Lending and Repurchase Agreements
| March 31, 2020 | December 31, 2019
| Fair Value | Fair Value |
Securities Lending Transactions: |  |
Gross amount of securities on loan | $ | 344 |  | $ | 606 |
Gross amount of associated liability for collateral received [1] | $ | 352 |  | $ | 621 |
Repurchase agreements: |  |
Gross amount of recognized receivables for reverse repurchase agreements | $ | 14 |  | $ | 15 |
[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 $34 which are excluded from the Company's Condensed Consolidated Balance Sheets as of March 31, 2020 and December 31, 2019, respectively.

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