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Investments (Tables)

12 Months Ended

Dec. 31, 2020

Investments [Abstract]

Net Investment Income

Net Investment Income

			For the years ended December 31,
(Before tax)			2020			2019			2018
Fixed maturities [1]			$	1,442		$	1,559		$	1,459
Equity securities			39			46			32
Mortgage loans			172			165			141
Limited partnerships and other alternative investments			222			232			205
Other investments [2]			42			32			20
Investment expenses			(71)			(83)			(77)
Total net investment income			$	1,846		$	1,951		$	1,780

[1]Includes net investment income on short-term investments.

[2]Primarily includes changes in fair value of certain equity fund investments and income from derivatives that qualify for hedge accounting and are used to hedge fixed maturities.

Net Realized Capital Gains (Losses)

Net Realized Capital Gains (Losses)

			For the years ended December 31,
(Before tax)			2020			2019			2018
Gross gains on sales			$	255		$	234		$	114
Gross losses on sales			(50)			(56)			(172)
Equity securities [1]			(214)			254			(48)
Net credit losses on fixed maturities, AFS [2]			(28)
Change in ACL on mortgage loans [3]			(19)
Intent-to-sell impairments			(5)			—			—
Net OTTI losses recognized in earnings						(3)			(1)
Valuation allowances on mortgage loans						1			—
Other, net [4]			47			(35)			(5)
Net realized capital gains (losses)			$	(14)		$	395		$	(112)

[1] The net unrealized gains (losses) on equity securities included in net realized capital gains (losses) related to equity securities still held as of December 31, 2020, were $53 for the year-ended December 31, 2020. The net unrealized gains (losses) on equity securities included in net realized capital gains (losses) related to equity securities still held as of December 31, 2019, were $164 for the year-ended December 31, 2019. The net unrealized gains (losses) on equity securities included in net realized capital gains (losses) related to equity securities still held as of December 31, 2018, were $(80) for the year-ended December 31, 2018.

[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.

[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.

[4]Includes gains (losses) on non-qualifying derivatives for 2020, 2019, and 2018 of $104, $(24), and $(12), respectively, gains (losses) from transactional foreign currency revaluation of $(1), $(9) and $1, respectively, and a loss of $48 from the sale of the Continental Europe Operations for the year ended December 31, 2020.

Sales of AFS Securities

Sales of AFS Securities

			For the years ended December 31,
			2020			2019			2018
Fixed maturities, AFS
Sale proceeds			$	15,059		$	14,421		$	21,327
Gross gains			$	254		$	233		$	90
Gross losses			$	(50)		$	(56)		$	(169)

Debt Securities, Available-for-sale, Allowance for Credit Loss [Table Text Block]

ACL on Fixed Maturities, AFS by Type
						Year ended 2020
(Before tax)						Corporate			Municipal			Total
Balance, beginning of year						$	—		$	—		$	—
Credit losses on fixed maturities where an allowance was not previously recorded						36			3			39
Reduction due to sales						(4)			(3)			(7)
Net increases (decreases) on fixed maturities where an allowance was previously recorded						(9)			—			(9)
Balance as of end of period						$	23		$	—		$	23

Impairments

Cumulative Credit Impairments on Fixed Maturities, AFS
						For the years ended December 31,
(Before tax)						2019			2018
Balance as of beginning of period						$	(19)		$	(25)
Additions for credit impairments recognized on [1]:
Fixed maturities not previously impaired						(3)			—
Fixed maturities previously impaired						—			(1)
Reductions for credit impairments previously recognized on:
Fixed maturities that matured or were sold during the period						3			7
Balance as of end of period						$	(19)		$	(19)

[1]These additions are included in the net OTTI losses recognized in earnings in the Consolidated Statements of Operations.

Schedule of Available-for-sale Securities

Fixed Maturities, AFS, by Type
			December 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			$	1,525		$	—		$	39		$	—		$	1,564					$	1,461		$	18		$	(3)		$	1,476		$	—
CLOs			2,780			—			7			(7)			2,780						2,186			5			(8)			2,183			—
CMBS			4,219			—			286			(21)			4,484						4,210			141			(13)			4,338			(4)
Corporate			18,401			(23)			1,926			(31)			20,273						16,435			986			(25)			17,396			—
Foreign govt./govt. agencies			842			—			77			—			919						1,057			66			—			1,123			—
Municipal			8,564			—			940			(1)			9,503						8,763			737			(2)			9,498			—
RMBS			3,966			—			144			(3)			4,107						4,775			97			(3)			4,869			—
U.S. Treasuries			1,264			—			141			—			1,405						1,191			75			(1)			1,265			—
Total fixed maturities, AFS			$	41,561		$	(23)		$	3,560		$	(63)		$	45,035					$	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

			December 31, 2020									December 31, 2019
			Amortized Cost			Fair Value						Amortized Cost			Fair Value
One year or less			$	1,411		$	1,432					$	1,082		$	1,090
Over one year through five years			7,832			8,286						7,200			7,401
Over five years through ten years			7,622			8,354						7,395			7,803
Over ten years			12,206			14,028						11,769			12,988
Subtotal			29,071			32,100						27,446			29,282
Mortgage-backed and asset-backed securities			12,490			12,935						12,632			12,866
Total fixed maturities, AFS			$	41,561		$	45,035					$	40,078		$	42,148

Unrealized Loss on Investments

Unrealized Loss Aging for Fixed Maturities, AFS by Type and Length of Time as of December 31, 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						758			(2)									715			(5)									1,473			(7)
CMBS						410			(17)									19			(4)									429			(21)
Corporate						466			(13)									212			(18)									678			(31)
Foreign govt./govt. agencies						24			—									—			—									24			—
Municipal						34			(1)									—			—									34			(1)
RMBS						461			(3)									21			—									482			(3)
U.S. Treasuries						39			—									—			—									39			—
Total fixed maturities, AFS in an unrealized loss position						$	2,236		$	(36)								$	967		$	(27)								$	3,203		$	(63)

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

ACL on Mortgage Loans
			For the years ended December 31,
			2020			2019			2018
ACL as of beginning of period			$	—		$	1		$	1
Cumulative effect of accounting changes [1]			19
Adjusted beginning ACL			19			1			1
Current period provision (release)			19			(1)			—
ACL as of December 31,			$	38		$	—		$	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 December 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%			$	28		1.62x			$	243		1.58x			$	212		1.33x			$	45		2.02x			$	51		1.92x			$	115		1.74x			$	694		1.59x
Less than 65%			659			2.56x			676			2.85x			410			2.25x			446			1.89x			235			2.99x			1,411			3.01x			3,837			2.69x
Total mortgage loans			$	687		2.52x			$	919		2.51x			$	622		1.94x			$	491		1.90x			$	286		2.80x			$	1,526		2.92x			$	4,531		2.52x

[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
			December 31, 2020									December 31, 2019
			Amortized Cost [1]			Percent of Total						Amortized Cost			Percent of Total
East North Central			$	290		6.4		%				$	270		6.4		%
Middle Atlantic			291			6.4		%				319			7.5		%
Mountain			254			5.6		%				109			2.6		%
New England			397			8.8		%				344			8.2		%
Pacific			1,001			22.1		%				906			21.5		%
South Atlantic			1,038			22.9		%				944			22.4		%
West North Central			44			1.0		%				46			1.1		%
West South Central			433			9.5		%				439			10.4		%
Other [2]			783			17.3		%				838			19.9		%
Total mortgage loans			$	4,531		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
			December 31, 2020									December 31, 2019
			Amortized Cost [1]			Percent of Total						Amortized Cost			Percent of Total
Commercial
Industrial			$	1,339		29.5		%				$	1,167		27.7		%
Multifamily			1,498			33.1		%				1,313			31.2		%
Office			774			17.1		%				723			17.2		%
Retail			788			17.4		%				735			17.4		%
Single Family			92			2.0		%				137			3.2		%
Other			40			0.9		%				140			3.3		%
Total mortgage loans			$	4,531		100.0		%				$	4,215		100.0		%

[1] Amortized cost of mortgage loans excludes ACL of $38.

Schedule of Securities Financing Transactions [Table Text Block]

Securities Lending and Repurchase Agreements
			December 31, 2020			December 31, 2019
			Fair Value			Fair Value
Securities Lending Transactions:
Gross amount of securities on loan			$	—		$	606
Gross amount of associated liability for collateral received [1]			$	—		$	621
Repurchase agreements:
Gross amount of recognized receivables for reverse repurchase agreements			$	30		$	15

[1]Cash collateral received is reinvested in fixed maturities, AFS and short term investments which are included in the Consolidated Balance Sheets. Amount includes additional securities collateral received of $0 and $34 which are excluded from the Company's Consolidated Balance Sheets as of December 31, 2020 and 2019, respectively.

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