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Investments (Tables) | 3 Months Ended
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Mar. 31, 2022
Investments [Abstract] |
Net Realized Capital Gains (Losses) |
Net Realized Gains (Losses)
|  |  | Three Months Ended March 31,
(Before tax) |  |  |  | 2022 | 2021
Gross gains on sales of fixed maturities |  |  |  | $ | 23 |  | $ | 31 |
Gross losses on sales of fixed maturities |  |  |  | (95) |  | (31) |
Equity securities [1] |  |  |  |  |
Net realized gains (losses) on sales of equity securities |  |  |  | 40 |  | 6 |
Change in net unrealized gains (losses) of equity securities |  |  |  | (147) |  | 37 |
Net realized and unrealized gains (losses) on equity securities |  |  |  | (107) |  | 43 |
Net credit losses on fixed maturities, AFS |  |  |  | (12) |  | 4 |
Change in ACL on mortgage loans |  |  |  | (2) |  | 4 |
Intent-to-sell impairments |  |  |  | (3) |  | — |
Other, net [2] |  |  |  | 51 |  | 29 |
Net realized gains (losses) |  |  |  | $ | (145) |  | $ | 80 |
[1]The net unrealized gains (losses) on equity securities still held as of the end of the period and included in net realized gains (losses) were $(131) and $40 for the three months ended March 31, 2022 and 2021, respectively. [2]For the three months ended March 31, 2022 and 2021 includes gains (losses) from transactional foreign currency revaluation of $6 and $(7), respectively, and non-qualifying derivatives of $47 and $35, respectively.
Debt Securities, Available-for-sale, Allowance for Credit Loss [Table Text Block] |
ACL on Fixed Maturities, AFS by Type
|  |  | Three Months Ended March 31,
|  |  |  |  | 2022 |  | 2021
(Before tax) |  |  |  |  |  |  |  | Corporate | Foreign govt./govt. agencies | CMBS | Total |  | Corporate |  | Total
Balance as of beginning of period |  |  |  |  |  |  |  | $ | 1 |  | $ | — |  | $ | — |  | $ | 1 |  |  | $ | 23 |  |  | $ | 23 |
Credit losses on fixed maturities where an allowance was not previously recorded |  |  |  |  |  |  |  | 8 |  | 3 |  | 1 |  | 12 |  |  | 2 |  |  | 2 |
Net increases (decreases) on fixed maturities where an allowance was previously recorded |  |  |  |  |  |  |  | — |  | — |  | — |  | — |  |  | (6) |  |  | (6) |
Balance as of end of period |  |  |  |  |  |  |  | $ | 9 |  | $ | 3 |  | $ | 1 |  | $ | 13 |  |  | $ | 19 |  |  | $ | 19 |
Schedule of Available-for-sale Securities |
Fixed Maturities, AFS, by Type
| March 31, 2022 |  | December 31, 2021
| Amortized Cost | ACL | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value |  |  | Amortized Cost | ACL | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value |
ABS | $ | 960 |  | $ | — |  | $ | 4 |  | $ | (22) |  | $ | 942 |  |  |  | $ | 1,125 |  | $ | — |  | $ | 13 |  | $ | (3) |  | $ | 1,135 |  |
CLOs | 2,987 |  | — |  | 7 |  | (23) |  | 2,971 |  |  |  | 3,019 |  | — |  | 8 |  | (2) |  | 3,025 |  |
CMBS | 3,773 |  | (1) |  | 42 |  | (92) |  | 3,722 |  |  |  | 3,955 |  | — |  | 179 |  | (15) |  | 4,119 |  |
Corporate | 17,831 |  | (9) |  | 294 |  | (498) |  | 17,618 |  |  |  | 17,744 |  | (1) |  | 1,038 |  | (74) |  | 18,707 |  |
Foreign govt./govt. agencies | 799 |  | (3) |  | 11 |  | (23) |  | 784 |  |  |  | 883 |  | — |  | 33 |  | (6) |  | 910 |  |
Municipal | 7,437 |  | — |  | 300 |  | (143) |  | 7,594 |  |  |  | 7,473 |  | — |  | 787 |  | (3) |  | 8,257 |  |
RMBS | 4,085 |  | — |  | 10 |  | (159) |  | 3,936 |  |  |  | 3,610 |  | — |  | 60 |  | (27) |  | 3,643 |  |
U.S. Treasuries | 2,708 |  | — |  | 40 |  | (82) |  | 2,666 |  |  |  | 2,979 |  | — |  | 86 |  | (14) |  | 3,051 |  |
Total fixed maturities, AFS | $ | 40,580 |  | $ | (13) |  | $ | 708 |  | $ | (1,042) |  | $ | 40,233 |  |  |  | $ | 40,788 |  | $ | (1) |  | $ | 2,204 |  | $ | (144) |  | $ | 42,847 |  |
Investments by Contractual Maturity Year |
Fixed Maturities, AFS, by Contractual Maturity Year
| March 31, 2022 |  | December 31, 2021
| Amortized Cost | Fair Value |  | Amortized Cost | Fair Value
One year or less | $ | 1,549 |  | $ | 1,560 |  |  | $ | 1,400 |  | $ | 1,419 |
Over one year through five years | 8,144 |  | 8,089 |  |  | 8,615 |  | 8,894 |
Over five years through ten years | 8,162 |  | 7,950 |  |  | 8,303 |  | 8,633 |
Over ten years | 10,920 |  | 11,063 |  |  | 10,761 |  | 11,979 |
Subtotal | 28,775 |  | 28,662 |  |  | 29,079 |  | 30,925 |
Mortgage-backed and asset-backed securities | 11,805 |  | 11,571 |  |  | 11,709 |  | 11,922 |
Total fixed maturities, AFS | $ | 40,580 |  | $ | 40,233 |  |  | $ | 40,788 |  | $ | 42,847 |
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, 2022
|  | Less Than 12 Months |  |  | 12 Months or More |  |  | Total
|  | Fair Value | Unrealized Losses |  |  | Fair Value | Unrealized Losses |  |  | Fair Value | Unrealized Losses
ABS |  | $ | 795 |  | $ | (22) |  |  |  | $ | 4 |  | $ | — |  |  |  | $ | 799 |  | $ | (22) |
CLOs |  | 2,405 |  | (20) |  |  |  | 220 |  | (3) |  |  |  | 2,625 |  | (23) |
CMBS |  | 2,578 |  | (81) |  |  |  | 86 |  | (11) |  |  |  | 2,664 |  | (92) |
Corporate |  | 8,440 |  | (423) |  |  |  | 717 |  | (75) |  |  |  | 9,157 |  | (498) |
Foreign govt./govt. agencies |  | 445 |  | (17) |  |  |  | 80 |  | (6) |  |  |  | 525 |  | (23) |
Municipal |  | 2,055 |  | (141) |  |  |  | 24 |  | (2) |  |  |  | 2,079 |  | (143) |
RMBS |  | 3,064 |  | (138) |  |  |  | 240 |  | (21) |  |  |  | 3,304 |  | (159) |
U.S. Treasuries |  | 1,506 |  | (78) |  |  |  | 33 |  | (4) |  |  |  | 1,539 |  | (82) |
Total fixed maturities, AFS in an unrealized loss position |  | $ | 21,288 |  | $ | (920) |  |  |  | $ | 1,404 |  | $ | (122) |  |  |  | $ | 22,692 |  | $ | (1,042) |
Unrealized Loss Aging for Fixed Maturities, AFS by Type and Length of Time as of December 31, 2021
|  | Less Than 12 Months |  |  | 12 Months or More |  |  | Total
|  | Fair Value | Unrealized Losses |  |  | Fair Value | Unrealized Losses |  |  | Fair Value | Unrealized Losses
ABS |  | $ | 396 |  | $ | (3) |  |  |  | $ | — |  | $ | — |  |  |  | $ | 396 |  | $ | (3) |
CLOs |  | 1,434 |  | (2) |  |  |  | 147 |  | — |  |  |  | 1,581 |  | (2) |
CMBS |  | 594 |  | (7) |  |  |  | 82 |  | (8) |  |  |  | 676 |  | (15) |
Corporate |  | 3,698 |  | (65) |  |  |  | 234 |  | (9) |  |  |  | 3,932 |  | (74) |
Foreign govt./govt. agencies |  | 340 |  | (5) |  |  |  | 16 |  | (1) |  |  |  | 356 |  | (6) |
Municipal |  | 301 |  | (3) |  |  |  | 12 |  | — |  |  |  | 313 |  | (3) |
RMBS |  | 1,869 |  | (23) |  |  |  | 94 |  | (4) |  |  |  | 1,963 |  | (27) |
U.S. Treasuries |  | 2,301 |  | (13) |  |  |  | 23 |  | (1) |  |  |  | 2,324 |  | (14) |
Total fixed maturities, AFS in an unrealized loss position |  | $ | 10,933 |  | $ | (121) |  |  |  | $ | 608 |  | $ | (23) |  |  |  | $ | 11,541 |  | $ | (144) |
Financing Receivable, Allowance for Credit Loss [Table Text Block] |
ACL on Mortgage Loans
|  |  | Three Months Ended March 31,
|  |  |  | 2022 | 2021
ACL as of beginning of period |  |  |  | $ | 29 |  | $ | 38 |
Current period provision (release) |  |  |  | 2 |  | (4) |
ACL as of March 31, |  |  |  | $ | 31 |  | $ | 34 |
Loans Credit Quality |
Mortgage Loans LTV & DSCR by Origination Year as of March 31, 2022
| 2022 | 2021 | 2020 | 2019 | 2018 | 2017 & 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% | $ | 15 |  | 2.02x | $ | 9 |  | 2.08x | $ | 51 |  | 2.67x | $ | 91 |  | 1.59x | $ | 100 |  | 1.03x | $ | 135 |  | 1.73x | $ | 401 |  | 1.66x
Less than 65% | 389 |  | 2.70x | 1,508 |  | 2.72x | 642 |  | 2.74x | 692 |  | 2.83x | 471 |  | 2.24x | 1,627 |  | 2.35x | 5,329 |  | 2.58x
Total mortgage loans | $ | 404 |  | 2.68x | $ | 1,517 |  | 2.72x | $ | 693 |  | 2.74x | $ | 783 |  | 2.69x | $ | 571 |  | 2.03x | $ | 1,762 |  | 2.30x | $ | 5,730 |  | 2.52x
[1]Amortized cost of mortgage loans excludes ACL of $31.
Mortgage Loans LTV & DSCR by Origination Year as of December 31, 2021
| 2021 | 2020 | 2019 | 2018 | 2017 | 2016 & 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% | $ | 7 |  | 2.37x | $ | 50 |  | 2.63x | $ | 91 |  | 1.57x | $ | 100 |  | 1.00x | $ | 45 |  | 1.37x | $ | 97 |  | 1.80x | $ | 390 |  | 1.61x
Less than 65% | 1,481 |  | 2.70x | 645 |  | 2.78x | 722 |  | 2.78x | 472 |  | 2.23x | 417 |  | 1.91x | 1,285 |  | 2.45x | 5,022 |  | 2.55x
Total mortgage loans | $ | 1,488 |  | 2.70x | $ | 695 |  | 2.77x | $ | 813 |  | 2.64x | $ | 572 |  | 2.02x | $ | 462 |  | 1.86x | $ | 1,382 |  | 2.41x | $ | 5,412 |  | 2.48x
[1]Amortized cost of mortgage loans excludes ACL of $29.
Mortgage Loans by Region
| March 31, 2022 |  | December 31, 2021
| Amortized Cost | Percent of Total |  | Amortized Cost | Percent of Total
East North Central | $ | 309 |  | 5.4 | % |  | $ | 284 |  | 5.2 | %
Middle Atlantic | 279 |  | 4.9 | % |  | 303 |  | 5.6 | %
Mountain | 598 |  | 10.4 | % |  | 450 |  | 8.3 | %
New England | 420 |  | 7.3 | % |  | 393 |  | 7.3 | %
Pacific | 1,232 |  | 21.5 | % |  | 1,245 |  | 23.0 | %
South Atlantic | 1,638 |  | 28.6 | % |  | 1,556 |  | 28.8 | %
West North Central | 95 |  | 1.6 | % |  | 85 |  | 1.6 | %
West South Central | 422 |  | 7.4 | % |  | 424 |  | 7.8 | %
Other [1] | 737 |  | 12.9 | % |  | 672 |  | 12.4 | %
Total mortgage loans | 5,730 |  | 100.0 | % |  | 5,412 |  | 100.0 | %
ACL | (31) |  |  |  | (29) |  |
Total mortgage loans, net of ACL | $ | 5,699 |  |  |  | $ | 5,383 |  |
[1]Primarily represents loans collateralized by multiple properties in various regions.
Mortgage Loans by Property Type
| March 31, 2022 |  | December 31, 2021
| Amortized Cost | Percent of Total |  | Amortized Cost | Percent of Total
Commercial |  |  |  |  |
Industrial | $ | 2,010 |  | 35.1 | % |  | $ | 1,931 |  | 35.7 | %
Multifamily | 2,068 |  | 36.1 | % |  | 1,833 |  | 33.9 | %
Office | 628 |  | 11.0 | % |  | 627 |  | 11.6 | %
Retail [1] | 952 |  | 16.6 | % |  | 951 |  | 17.6 | %
Single Family | 32 |  | 0.5 | % |  | 30 |  | 0.5 | %
Other | 40 |  | 0.7 | % |  | 40 |  | 0.7 | %
Total mortgage loans | 5,730 |  | 100.0 | % |  | 5,412 |  | 100.0 | %
ACL | (31) |  |  |  | (29) |  |
Total mortgage loans, net of ACL | $ | 5,699 |  |  |  | $ | 5,383 |  |
[1]Primarily comprised of grocery-anchored retail centers, with no exposure to regional shopping malls.
Schedule of Financial Instruments Owned and Pledged as Collateral |
| March 31, 2022 | December 31, 2021
| Fair Value | Fair Value
Securities on deposit with government agencies | $ | 2,297 |  | $ | 2,376 |
Fixed maturities in trust for benefit of syndicate policyholders | 691 |  | 712 |
Short-term investments in trust for benefit of syndicate policyholders | 6 |  | 7 |
Fixed maturities in Lloyd's trust account | 149 |  | 160 |
Other investments | 69 |  | 65 |
Total Other Restricted Investments | $ | 3,212 |  | $ | 3,320 |

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