XML 141 R78.htm IDEA: XBRL DOCUMENT
v3.20.4

Fair Value Measurements - Fair Value by Hierarchy (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2018
--- | --- | --- | ---
Assets accounted for at fair value on a recurring basis |  |  |
Total fixed maturities | $ 45,035 | $ 42,148 |
Equity securities, at fair value | 1,438 | 1,657 | $ 1,000
Derivative assets | 23 | 12 |
Short-term investments | 3,283 | 2,921 |
Total assets accounted for at fair value on a recurring basis | 49,779 | 46,738 |
Liabilities accounted for at fair value on a recurring basis |  |  |
Derivative liabilities | (84) | (78) |
Contingent consideration |  | (22) |
Total liabilities accounted for at fair value on a recurring basis | (84) | (100) |
Credit derivatives |  |  |
Assets accounted for at fair value on a recurring basis |  |  |
Derivative assets | 21 | 11 |
Liabilities accounted for at fair value on a recurring basis |  |  |
Derivative liabilities |  | (1) |
Foreign exchange derivatives |  |  |
Assets accounted for at fair value on a recurring basis |  |  |
Derivative assets | 1 |  |
Liabilities accounted for at fair value on a recurring basis |  |  |
Derivative liabilities | (14) | (2) |
Interest rate derivatives |  |  |
Assets accounted for at fair value on a recurring basis |  |  |
Derivative assets | 1 | 1 |
Liabilities accounted for at fair value on a recurring basis |  |  |
Derivative liabilities | (70) | (60) |
Equity derivatives |  |  |
Liabilities accounted for at fair value on a recurring basis |  |  |
Derivative liabilities |  | (15) |
Asset backed securities ("ABS") |  |  |
Assets accounted for at fair value on a recurring basis |  |  |
Total fixed maturities | 1,564 | 1,476 |
Collateralized loan obligations ("CLOs") |  |  |
Assets accounted for at fair value on a recurring basis |  |  |
Total fixed maturities | 2,780 | 2,183 |
Commercial mortgage-backed securities ("CMBS") |  |  |
Assets accounted for at fair value on a recurring basis |  |  |
Total fixed maturities | 4,484 | 4,338 |
Corporate |  |  |
Assets accounted for at fair value on a recurring basis |  |  |
Total fixed maturities | 20,273 | 17,396 |
Foreign government/government agencies |  |  |
Assets accounted for at fair value on a recurring basis |  |  |
Total fixed maturities | 919 | 1,123 |
Municipal |  |  |
Assets accounted for at fair value on a recurring basis |  |  |
Total fixed maturities | 9,503 | 9,498 |
Residential mortgage-backed securities ("RMBS") |  |  |
Assets accounted for at fair value on a recurring basis |  |  |
Total fixed maturities | 4,107 | 4,869 |
U.S. Treasuries |  |  |
Assets accounted for at fair value on a recurring basis |  |  |
Total fixed maturities | 1,405 | 1,265 |
Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  |
Assets accounted for at fair value on a recurring basis |  |  |
Total fixed maturities | 529 | 330 |
Equity securities, at fair value | 872 | 1,401 |
Derivative assets | 0 | 0 |
Short-term investments | 2,663 | 1,028 |
Total assets accounted for at fair value on a recurring basis | 4,064 | 2,759 |
Liabilities accounted for at fair value on a recurring basis |  |  |
Derivative liabilities | 0 | 0 |
Contingent consideration |  | 0 |
Total liabilities accounted for at fair value on a recurring basis | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Credit derivatives |  |  |
Assets accounted for at fair value on a recurring basis |  |  |
Derivative assets | 0 | 0 |
Liabilities accounted for at fair value on a recurring basis |  |  |
Derivative liabilities |  | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign exchange derivatives |  |  |
Assets accounted for at fair value on a recurring basis |  |  |
Derivative assets | 0 |  |
Liabilities accounted for at fair value on a recurring basis |  |  |
Derivative liabilities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Interest rate derivatives |  |  |
Assets accounted for at fair value on a recurring basis |  |  |
Derivative assets | 0 | 0 |
Liabilities accounted for at fair value on a recurring basis |  |  |
Derivative liabilities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity derivatives |  |  |
Liabilities accounted for at fair value on a recurring basis |  |  |
Derivative liabilities |  | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Asset backed securities ("ABS") |  |  |
Assets accounted for at fair value on a recurring basis |  |  |
Total fixed maturities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Collateralized loan obligations ("CLOs") |  |  |
Assets accounted for at fair value on a recurring basis |  |  |
Total fixed maturities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial mortgage-backed securities ("CMBS") |  |  |
Assets accounted for at fair value on a recurring basis |  |  |
Total fixed maturities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate |  |  |
Assets accounted for at fair value on a recurring basis |  |  |
Total fixed maturities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign government/government agencies |  |  |
Assets accounted for at fair value on a recurring basis |  |  |
Total fixed maturities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Municipal |  |  |
Assets accounted for at fair value on a recurring basis |  |  |
Total fixed maturities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Residential mortgage-backed securities ("RMBS") |  |  |
Assets accounted for at fair value on a recurring basis |  |  |
Total fixed maturities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Treasuries |  |  |
Assets accounted for at fair value on a recurring basis |  |  |
Total fixed maturities | 529 | 330 |
Significant Observable Inputs (Level 2) |  |  |
Assets accounted for at fair value on a recurring basis |  |  |
Total fixed maturities | 42,801 | 40,404 |
Equity securities, at fair value | 496 | 183 |
Derivative assets | 23 | 12 |
Short-term investments | 590 | 1,878 |
Total assets accounted for at fair value on a recurring basis | 43,910 | 42,477 |
Liabilities accounted for at fair value on a recurring basis |  |  |
Derivative liabilities | (84) | (63) |
Contingent consideration |  | 0 |
Total liabilities accounted for at fair value on a recurring basis | (84) | (63) |
Significant Observable Inputs (Level 2) | Credit derivatives |  |  |
Assets accounted for at fair value on a recurring basis |  |  |
Derivative assets | 21 | 11 |
Liabilities accounted for at fair value on a recurring basis |  |  |
Derivative liabilities |  | (1) |
Significant Observable Inputs (Level 2) | Foreign exchange derivatives |  |  |
Assets accounted for at fair value on a recurring basis |  |  |
Derivative assets | 1 |  |
Liabilities accounted for at fair value on a recurring basis |  |  |
Derivative liabilities | (14) | (2) |
Significant Observable Inputs (Level 2) | Interest rate derivatives |  |  |
Assets accounted for at fair value on a recurring basis |  |  |
Derivative assets | 1 | 1 |
Liabilities accounted for at fair value on a recurring basis |  |  |
Derivative liabilities | (70) | (60) |
Significant Observable Inputs (Level 2) | Equity derivatives |  |  |
Liabilities accounted for at fair value on a recurring basis |  |  |
Derivative liabilities |  | 0 |
Significant Observable Inputs (Level 2) | Asset backed securities ("ABS") |  |  |
Assets accounted for at fair value on a recurring basis |  |  |
Total fixed maturities | 1,564 | 1,461 |
Significant Observable Inputs (Level 2) | Collateralized loan obligations ("CLOs") |  |  |
Assets accounted for at fair value on a recurring basis |  |  |
Total fixed maturities | 2,420 | 2,088 |
Significant Observable Inputs (Level 2) | Commercial mortgage-backed securities ("CMBS") |  |  |
Assets accounted for at fair value on a recurring basis |  |  |
Total fixed maturities | 4,407 | 4,329 |
Significant Observable Inputs (Level 2) | Corporate |  |  |
Assets accounted for at fair value on a recurring basis |  |  |
Total fixed maturities | 19,392 | 16,664 |
Significant Observable Inputs (Level 2) | Foreign government/government agencies |  |  |
Assets accounted for at fair value on a recurring basis |  |  |
Total fixed maturities | 913 | 1,120 |
Significant Observable Inputs (Level 2) | Municipal |  |  |
Assets accounted for at fair value on a recurring basis |  |  |
Total fixed maturities | 9,503 | 9,498 |
Significant Observable Inputs (Level 2) | Residential mortgage-backed securities ("RMBS") |  |  |
Assets accounted for at fair value on a recurring basis |  |  |
Total fixed maturities | 3,726 | 4,309 |
Significant Observable Inputs (Level 2) | U.S. Treasuries |  |  |
Assets accounted for at fair value on a recurring basis |  |  |
Total fixed maturities | 876 | 935 |
Significant Unobservable Inputs (Level 3) |  |  |
Assets accounted for at fair value on a recurring basis |  |  |
Total fixed maturities | 1,705 | 1,414 |
Equity securities, at fair value | 70 | 73 |
Derivative assets | 0 | 0 |
Short-term investments | 30 | 15 |
Total assets accounted for at fair value on a recurring basis | 1,805 | 1,502 |
Liabilities accounted for at fair value on a recurring basis |  |  |
Derivative liabilities | 0 | (15) |
Contingent consideration |  | (22) |
Total liabilities accounted for at fair value on a recurring basis | 0 | (37) |
Significant Unobservable Inputs (Level 3) | Credit derivatives |  |  |
Assets accounted for at fair value on a recurring basis |  |  |
Derivative assets | 0 | 0 |
Liabilities accounted for at fair value on a recurring basis |  |  |
Derivative liabilities |  | 0 |
Significant Unobservable Inputs (Level 3) | Foreign exchange derivatives |  |  |
Assets accounted for at fair value on a recurring basis |  |  |
Derivative assets | 0 |  |
Liabilities accounted for at fair value on a recurring basis |  |  |
Derivative liabilities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Interest rate derivatives |  |  |
Assets accounted for at fair value on a recurring basis |  |  |
Derivative assets | 0 | 0 |
Liabilities accounted for at fair value on a recurring basis |  |  |
Derivative liabilities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Equity derivatives |  |  |
Liabilities accounted for at fair value on a recurring basis |  |  |
Derivative liabilities |  | (15) |
Significant Unobservable Inputs (Level 3) | Asset backed securities ("ABS") |  |  |
Assets accounted for at fair value on a recurring basis |  |  |
Total fixed maturities | 0 | 15 |
Significant Unobservable Inputs (Level 3) | Collateralized loan obligations ("CLOs") |  |  |
Assets accounted for at fair value on a recurring basis |  |  |
Total fixed maturities | 360 | 95 |
Significant Unobservable Inputs (Level 3) | Commercial mortgage-backed securities ("CMBS") |  |  |
Assets accounted for at fair value on a recurring basis |  |  |
Total fixed maturities | 77 | 9 |
Significant Unobservable Inputs (Level 3) | Corporate |  |  |
Assets accounted for at fair value on a recurring basis |  |  |
Total fixed maturities | 881 | 732 |
Significant Unobservable Inputs (Level 3) | Foreign government/government agencies |  |  |
Assets accounted for at fair value on a recurring basis |  |  |
Total fixed maturities | 6 | 3 |
Significant Unobservable Inputs (Level 3) | Municipal |  |  |
Assets accounted for at fair value on a recurring basis |  |  |
Total fixed maturities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Residential mortgage-backed securities ("RMBS") |  |  |
Assets accounted for at fair value on a recurring basis |  |  |
Total fixed maturities | 381 | 560 |
Significant Unobservable Inputs (Level 3) | U.S. Treasuries |  |  |
Assets accounted for at fair value on a recurring basis |  |  |
Total fixed maturities | $ 0 | $ 0 |

X
- Definition Fair value portion of probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_AssetsFairValueDisclosure
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | instant

X
- References No definition available. + Details
Name: | us-gaap_AssetsFairValueDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(6)) -URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 30 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121558606&loc=SL82898722-210454 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 45 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121553693&loc=d3e26610-111562 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (aa) -URI http://asc.fasb.org/extlink&oid=121645371&loc=d3e27161-111563 + Details
Name: | us-gaap_AvailableForSaleSecuritiesDebtSecurities
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | instant

X
- Definition Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 55 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=99393222&loc=SL20226008-175313 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=121572278&loc=d3e13433-108611 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 3 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225862-175312 + Details
Name: | us-gaap_DerivativeAssets
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | instant

X
- Definition Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 3 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225862-175312 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=121572278&loc=d3e13433-108611 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 55 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=99393222&loc=SL20226008-175313 + Details
Name: | us-gaap_DerivativeLiabilities
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- Definition Amount of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=99377092&loc=SL75136599-209740 + Details
Name: | us-gaap_EquitySecuritiesFvNi
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | instant

X
- Definition Fair value of obligations measured on a recurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisObligations
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- Definition Fair value of financial and nonfinancial obligations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_LiabilitiesFairValueDisclosure
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- References No definition available. + Details
Name: | us-gaap_LiabilitiesFairValueDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Amount of short-term investments classified as other. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03.1(g)) -URI http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.8) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.5) -URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878 + Details
Name: | us-gaap_OtherShortTermInvestments
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | instant

X
- Details
Name: | us-gaap_DerivativeInstrumentRiskAxis=us-gaap_CreditRiskContractMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DerivativeInstrumentRiskAxis=us-gaap_ForeignExchangeContractMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DerivativeInstrumentRiskAxis=us-gaap_InterestRateContractMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DerivativeInstrumentRiskAxis=us-gaap_EquityContractMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_FinancialInstrumentAxis=us-gaap_AssetBackedSecuritiesMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_FinancialInstrumentAxis=us-gaap_CollateralizedDebtObligationsMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_FinancialInstrumentAxis=us-gaap_CommercialMortgageBackedSecuritiesMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_FinancialInstrumentAxis=us-gaap_CorporateDebtSecuritiesMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_FinancialInstrumentAxis=us-gaap_ForeignGovernmentDebtSecuritiesMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_FinancialInstrumentAxis=us-gaap_USStatesAndPoliticalSubdivisionsMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_FinancialInstrumentAxis=us-gaap_ResidentialMortgageBackedSecuritiesMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_FinancialInstrumentAxis=us-gaap_USTreasurySecuritiesMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel1Member
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel2Member
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel3Member
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |