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Investments (Tables) | 9 Months Ended
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Sep. 30, 2020
Investments [Abstract] |
Net Realized Capital Gains (Losses) |
Net Realized Capital Gains (Losses)
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(Before tax) | 2020 | 2019 |  | 2020 | 2019
Gross gains on sales | $ | 27 |  | $ | 77 |  |  | $ | 201 |  | $ | 190 |
Gross losses on sales | (12) |  | (4) |  |  | (42) |  | (44) |
Equity securities [1] | 42 |  | 19 |  |  | (269) |  | 181 |
Net credit losses on fixed maturities, AFS [2] | (1) |  |  |  | (33) |  |
Change in ACL on mortgage loans [3] | 5 |  |  |  | (19) |  |
Intent-to-sell impairments | — |  | — |  |  | (5) |  | — |
Net OTTI losses recognized in earnings |  | (1) |  |  |  | (3) |
Valuation allowances on mortgage loans |  | — |  |  |  | 1 |
Other, net [4] | (55) |  | (2) |  |  | 51 |  | 7 |
Net realized capital gains (losses) | $ | 6 |  | $ | 89 |  |  | $ | (116) |  | $ | 332 |
[1] The net unrealized gains (losses) on equity securities included in net realized capital gains (losses) related to equity securities still held as of September 30, 2020, were $36 and $6 for the three and nine months ended September 30, 2020, respectively. The net unrealized gains (losses) 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. [2] Due to the adoption of accounting guidance for credit losses on January 1, 2020, realized capital losses previously reported as OTTI are now presented as credit losses which are net of any recoveries. For further information refer to Note 1 - Basis of Presentation and Significant Accounting Policies. In addition, see Credit Losses on Fixed Maturities, AFS within the Investment Portfolio Risks and Risk Management section of the MD&A. [3]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. In addition, see ACL on Mortgage Loans within the Investment Portfolio Risks and Risk Management section of the MD&A. [4] Primarily includes loss of $51 from the sale of the Continental Europe Operations for the three and nine months ended September 30, 2020. Also includes gains (losses) from transactional foreign currency revaluation of ($4) and $6 for the three and nine months ended September 30, 2020, respectively. Additionally, for the same periods, includes gains (losses) on non-qualifying derivatives of $(2) and $97, respectively. For the three and nine months ended September 30, 2019, includes gains (losses) on non-qualifying derivatives of $(5) and $3, respectively
Debt Securities, Available-for-sale, Allowance for Credit Loss [Table Text Block] |
ACL on Fixed Maturities, AFS by Type
|  | Three Months Ended September 30, 2020 |  |  | Nine Months Ended September 30, 2020
(Before tax) |  | Corporate | Municipal | Total |  |  | Corporate | Municipal | Total
Balance as of beginning of period |  | $ | 32 |  | $ | — |  | $ | 32 |  |  |  | $ | — |  | $ | — |  | $ | — |
Credit losses on fixed maturities where credit losses were not previously recorded |  | — |  | 3 |  | 3 |  |  |  | 35 |  | 3 |  | 38 |
Reduction due to sales |  | (1) |  | — |  | (1) |  |  |  | (3) |  | — |  | (3) |
Net increase (decrease) in allowance on fixed maturities that had an allowance in a previous period |  | (2) |  | — |  | (2) |  |  |  | (3) |  | — |  | (3) |
Balance as of end of period |  | $ | 29 |  | $ | 3 |  | $ | 32 |  |  |  | $ | 29 |  | $ | 3 |  | $ | 32 |
Impairments |
Cumulative Credit Impairments on Fixed Maturities, AFS
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(Before tax) | 2019 |  | 2019
Balance as of beginning of period | $ | (18) |  |  | $ | (19) |
Additions for credit impairments recognized on [1]: |  |  |
Fixed maturities not previously impaired | (1) |  |  | (3) |
Reductions for credit impairments previously recognized on: |  |  |
Fixed maturities that matured or were sold during the period | — |  |  | 3 |
Balance as of end of period | $ | (19) |  |  | $ | (19) |
[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
| September 30, 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 | $ | 1,449 |  | $ | — |  | $ | 41 |  | $ | — |  | $ | 1,490 |  |  |  | $ | 1,461 |  | $ | 18 |  | $ | (3) |  | $ | 1,476 |  | $ | — |
CLOs | 2,465 |  | — |  | 4 |  | (20) |  | 2,449 |  |  |  | 2,186 |  | 5 |  | (8) |  | 2,183 |  | — |
CMBS | 4,200 |  | — |  | 275 |  | (31) |  | 4,444 |  |  |  | 4,210 |  | 141 |  | (13) |  | 4,338 |  | (4) |
Corporate | 17,930 |  | (29) |  | 1,597 |  | (82) |  | 19,416 |  |  |  | 16,435 |  | 986 |  | (25) |  | 17,396 |  | — |
Foreign govt./govt. agencies | 901 |  | — |  | 83 |  | — |  | 984 |  |  |  | 1,057 |  | 66 |  | — |  | 1,123 |  | — |
Municipal | 8,491 |  | (3) |  | 829 |  | (7) |  | 9,310 |  |  |  | 8,763 |  | 737 |  | (2) |  | 9,498 |  | — |
RMBS | 4,394 |  | — |  | 156 |  | (2) |  | 4,548 |  |  |  | 4,775 |  | 97 |  | (3) |  | 4,869 |  | — |
U.S. Treasuries | 1,243 |  | — |  | 160 |  | — |  | 1,403 |  |  |  | 1,191 |  | 75 |  | (1) |  | 1,265 |  | — |
Total fixed maturities, AFS | $ | 41,073 |  | $ | (32) |  | $ | 3,145 |  | $ | (142) |  | $ | 44,044 |  |  |  | $ | 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
| September 30, 2020 |  | December 31, 2019
| Amortized Cost | Fair Value |  | Amortized Cost | Fair Value
One year or less | $ | 1,593 |  | $ | 1,614 |  |  | $ | 1,082 |  | $ | 1,090 |
Over one year through five years | 6,872 |  | 7,229 |  |  | 7,200 |  | 7,401 |
Over five years through ten years | 8,166 |  | 8,769 |  |  | 7,395 |  | 7,803 |
Over ten years | 11,934 |  | 13,501 |  |  | 11,769 |  | 12,988 |
Subtotal | 28,565 |  | 31,113 |  |  | 27,446 |  | 29,282 |
Mortgage-backed and asset-backed securities | 12,508 |  | 12,931 |  |  | 12,632 |  | 12,866 |
Total fixed maturities, AFS | $ | 41,073 |  | $ | 44,044 |  |  | $ | 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 September 30, 2020
|  | Less Than 12 Months |  |  | 12 Months or More |  |  | Total
|  | Fair Value | Unrealized Losses |  |  | Fair Value | Unrealized Losses |  |  | Fair Value | Unrealized Losses
ABS |  | $ | 44 |  | $ | — |  |  |  | $ | — |  | $ | — |  |  |  | $ | 44 |  | $ | — |
CLOs |  | 1,193 |  | (10) |  |  |  | 741 |  | (10) |  |  |  | 1,934 |  | (20) |
CMBS |  | 533 |  | (27) |  |  |  | 16 |  | (4) |  |  |  | 549 |  | (31) |
Corporate |  | 1,609 |  | (56) |  |  |  | 202 |  | (26) |  |  |  | 1,811 |  | (82) |
Foreign govt./govt. agencies |  | 79 |  | — |  |  |  | — |  | — |  |  |  | 79 |  | — |
Municipal |  | 478 |  | (7) |  |  |  | — |  | — |  |  |  | 478 |  | (7) |
RMBS |  | 514 |  | (2) |  |  |  | 29 |  | — |  |  |  | 543 |  | (2) |
U.S. Treasuries |  | 28 |  | — |  |  |  | — |  | — |  |  |  | 28 |  | — |
Total fixed maturities, AFS in an unrealized loss position |  | $ | 4,478 |  | $ | (102) |  |  |  | $ | 988 |  | $ | (40) |  |  |  | $ | 5,466 |  | $ | (142) |
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 September 30, |  | Nine Months Ended September 30,
| 2020 | 2019 |  | 2020 | 2019
ACL as of beginning of period | $ | 43 |  | $ | — |  |  | $ | — |  | $ | 1 |
Cumulative effect of accounting changes [1] |  |  |  | 19 |  |
Adjusted beginning ACL | 43 |  | — |  |  | 19 |  | 1 |
Current period provision (release) | (5) |  | — |  |  | 19 |  | (1) |
ACL as of September 30, | $ | 38 |  | $ | — |  |  | $ | 38 |  | $ | — |
[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 September 30, 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% | $ | 8 |  | 2.59x | $ | 248 |  | 1.81x | $ | 248 |  | 1.96x | $ | 80 |  | 1.73x | $ | 61 |  | 1.99x | $ | 165 |  | 1.73x | $ | 810 |  | 1.85x
Less than 65% | 539 |  | 2.49x | 672 |  | 2.70x | 449 |  | 1.99x | 426 |  | 1.89x | 226 |  | 3.01x | 1,377 |  | 3.07x | 3,689 |  | 2.65x
Total mortgage loans | $ | 547 |  | 2.49x | $ | 920 |  | 2.46x | $ | 697 |  | 1.98x | $ | 506 |  | 1.86x | $ | 287 |  | 2.79x | $ | 1,542 |  | 2.93x | $ | 4,499 |  | 2.50x
[1] Amortized cost of mortgage loans excludes ACL of $38.
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
| September 30, 2020 |  | December 31, 2019
| Amortized Cost [1] | Percent of Total |  | Amortized Cost | Percent of Total
East North Central | $ | 284 |  | 6.3 | % |  | $ | 270 |  | 6.4 | %
Middle Atlantic | 292 |  | 6.5 | % |  | 319 |  | 7.5 | %
Mountain | 201 |  | 4.5 | % |  | 109 |  | 2.6 | %
New England | 397 |  | 8.8 | % |  | 344 |  | 8.2 | %
Pacific | 989 |  | 22.0 | % |  | 906 |  | 21.5 | %
South Atlantic | 989 |  | 22.0 | % |  | 944 |  | 22.4 | %
West North Central | 44 |  | 1.0 | % |  | 46 |  | 1.1 | %
West South Central | 473 |  | 10.5 | % |  | 439 |  | 10.4 | %
Other [2] | 830 |  | 18.4 | % |  | 838 |  | 19.9 | %
Total mortgage loans | $ | 4,499 |  | 100.0 | % |  | $ | 4,215 |  | 100.0 | %
[1] Amortized cost of mortgage loans excludes ACL of $38. [2]Primarily represents loans collateralized by multiple properties in various regions.
Mortgage Loans by Property Type
| September 30, 2020 |  | December 31, 2019
| Amortized Cost [1] | Percent of Total |  | Amortized Cost | Percent of Total
Commercial |  |  |  |  |
Industrial | $ | 1,284 |  | 28.5 | % |  | $ | 1,167 |  | 27.7 | %
Multifamily | 1,493 |  | 33.2 | % |  | 1,313 |  | 31.2 | %
Office | 755 |  | 16.8 | % |  | 723 |  | 17.2 | %
Retail | 793 |  | 17.6 | % |  | 735 |  | 17.4 | %
Single Family | 134 |  | 3.0 | % |  | 137 |  | 3.2 | %
Other | 40 |  | 0.9 | % |  | 140 |  | 3.3 | %
Total mortgage loans | $ | 4,499 |  | 100.0 | % |  | $ | 4,215 |  | 100.0 | %
[1] Amortized cost of mortgage loans excludes ACL of $38.
Securities Lending and Repurchase Agreements [Table Text Block] |
Securities Lending and Repurchase Agreements
| September 30, 2020 | December 31, 2019
| Fair Value | Fair Value
Securities Lending Transactions: |  |
Gross amount of securities on loan | $ | 74 |  | $ | 606 |
Gross amount of associated liability for collateral received [1] | $ | 76 |  | $ | 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 September 30, 2020 and December 31, 2019, respectively.

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