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Fair Value of Financial Instruments - Carrying Amounts of Assets and Liabilities at Estimated Fair Value Measured on a Recurring Basis (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020
--- | --- | ---
Assets |  |
Fixed maturity securities, available for sale | $ 29,511 | $ 27,587
Derivative investments | 692 | 548
Total financial assets at fair value | 4,400 | 3,267
Level 1 |  |
Assets |  |
Cash and cash equivalents | 3,471 | 2,719
Derivative investments | 1 | 0
Short term investments | 115 | 769
Total financial assets at fair value | 6,671 | 5,311
Liabilities |  |
Fair value of future policy benefits |  | 0
Derivatives: |  |
Total financial liabilities at fair value | 0 | 0
Level 2 |  |
Assets |  |
Cash and cash equivalents | 0 | 0
Derivative investments | 691 | 548
Short term investments | 17 | 0
Total financial assets at fair value | 25,819 | 25,431
Liabilities |  |
Fair value of future policy benefits |  | 0
Derivatives: |  |
Total financial liabilities at fair value | 107 | 101
Level 3 |  |
Assets |  |
Cash and cash equivalents | 0 | 0
Derivative investments | 0 | 0
Short term investments | 303 | 0
Total financial assets at fair value | 4,400 | 3,267
Liabilities |  |
Fair value of future policy benefits |  | 5
Derivatives: |  |
Total financial liabilities at fair value | 3,759 | 3,409
Fair Value |  |
Assets |  |
Cash and cash equivalents | 3,471 | 2,719
Derivative investments | 692 | 548
Short term investments | 435 | 769
Total financial assets at fair value | 36,890 | 34,009
Liabilities |  |
Fair value of future policy benefits |  | 5
Derivatives: |  |
Total financial liabilities at fair value | 3,866 | 3,510
Carrying Value |  |
Assets |  |
Cash and cash equivalents | 3,471 | 2,719
Derivative investments | 692 | 548
Short term investments | 435 | 769
Total financial assets at fair value | 36,890 | 34,009
Liabilities |  |
Fair value of future policy benefits |  | 5
Derivatives: |  |
Total financial liabilities at fair value | 3,866 | 3,510
FIA embedded derivatives, included in contractholder funds | Level 1 |  |
Derivatives: |  |
Derivative liability | 0 | 0
FIA embedded derivatives, included in contractholder funds | Level 2 |  |
Derivatives: |  |
Derivative liability | 0 | 0
FIA embedded derivatives, included in contractholder funds | Level 3 |  |
Derivatives: |  |
Derivative liability | 3,759 | 3,404
FIA embedded derivatives, included in contractholder funds | Fair Value |  |
Derivatives: |  |
Derivative liability | 3,759 | 3,404
FIA embedded derivatives, included in contractholder funds | Carrying Value |  |
Derivatives: |  |
Derivative liability | 3,759 | 3,404
Reinsurance related embedded derivatives, included in accounts payable and accrued liabilities | Level 1 |  |
Derivatives: |  |
Derivative liability | 0 | 0
Reinsurance related embedded derivatives, included in accounts payable and accrued liabilities | Level 2 |  |
Derivatives: |  |
Derivative liability | 107 | 101
Reinsurance related embedded derivatives, included in accounts payable and accrued liabilities | Level 3 |  |
Derivatives: |  |
Derivative liability | 0 | 0
Reinsurance related embedded derivatives, included in accounts payable and accrued liabilities | Fair Value |  |
Derivatives: |  |
Derivative liability | 107 | 101
Reinsurance related embedded derivatives, included in accounts payable and accrued liabilities | Carrying Value |  |
Derivatives: |  |
Derivative liability | 107 | 101
Asset-backed securities |  |
Assets |  |
Fixed maturity securities, available for sale | 7,404 | 6,266
Asset-backed securities | Level 1 |  |
Assets |  |
Fixed maturity securities, available for sale | 0 | 0
Asset-backed securities | Level 2 |  |
Assets |  |
Fixed maturity securities, available for sale | 5,095 | 4,916
Asset-backed securities | Level 3 |  |
Assets |  |
Fixed maturity securities, available for sale | 2,309 | 1,350
Asset-backed securities | Fair Value |  |
Assets |  |
Fixed maturity securities, available for sale | 7,404 | 6,266
Asset-backed securities | Carrying Value |  |
Assets |  |
Fixed maturity securities, available for sale | 7,404 | 6,266
Commercial mortgage-backed securities |  |
Assets |  |
Fixed maturity securities, available for sale | 2,946 | 2,829
Commercial mortgage-backed securities | Level 1 |  |
Assets |  |
Fixed maturity securities, available for sale | 0 | 0
Commercial mortgage-backed securities | Level 2 |  |
Assets |  |
Fixed maturity securities, available for sale | 2,921 | 2,803
Commercial mortgage-backed securities | Level 3 |  |
Assets |  |
Fixed maturity securities, available for sale | 25 | 26
Commercial mortgage-backed securities | Fair Value |  |
Assets |  |
Fixed maturity securities, available for sale | 2,946 | 2,829
Commercial mortgage-backed securities | Carrying Value |  |
Assets |  |
Fixed maturity securities, available for sale | 2,946 | 2,829
Corporates |  |
Assets |  |
Fixed maturity securities, available for sale | 14,691 | 14,735
Corporates | Level 1 |  |
Assets |  |
Fixed maturity securities, available for sale | 37 | 25
Corporates | Level 2 |  |
Assets |  |
Fixed maturity securities, available for sale | 13,453 | 13,421
Corporates | Level 3 |  |
Assets |  |
Fixed maturity securities, available for sale | 1,201 | 1,289
Corporates | Fair Value |  |
Assets |  |
Fixed maturity securities, available for sale | 14,691 | 14,735
Corporates | Carrying Value |  |
Assets |  |
Fixed maturity securities, available for sale | 14,691 | 14,735
Hybrids |  |
Assets |  |
Fixed maturity securities, available for sale | 964 | 994
Hybrids | Level 1 |  |
Assets |  |
Fixed maturity securities, available for sale | 150 | 175
Hybrids | Level 2 |  |
Assets |  |
Fixed maturity securities, available for sale | 814 | 815
Hybrids | Level 3 |  |
Assets |  |
Fixed maturity securities, available for sale | 0 | 4
Hybrids | Fair Value |  |
Assets |  |
Fixed maturity securities, available for sale | 964 | 994
Hybrids | Carrying Value |  |
Assets |  |
Fixed maturity securities, available for sale | 964 | 994
Municipals | Level 1 |  |
Assets |  |
Fixed maturity securities, available for sale | 0 | 0
Municipals | Level 2 |  |
Assets |  |
Fixed maturity securities, available for sale | 1,403 | 1,360
Municipals | Level 3 |  |
Assets |  |
Fixed maturity securities, available for sale | 43 | 43
Municipals | Fair Value |  |
Assets |  |
Fixed maturity securities, available for sale | 1,446 | 1,403
Municipals | Carrying Value |  |
Assets |  |
Fixed maturity securities, available for sale | 1,446 | 1,403
Residential mortgage-backed securities |  |
Assets |  |
Fixed maturity securities, available for sale | 801 | 825
Residential mortgage-backed securities | Level 1 |  |
Assets |  |
Fixed maturity securities, available for sale | 0 | 0
Residential mortgage-backed securities | Level 2 |  |
Assets |  |
Fixed maturity securities, available for sale | 358 | 342
Residential mortgage-backed securities | Level 3 |  |
Assets |  |
Fixed maturity securities, available for sale | 443 | 483
Residential mortgage-backed securities | Fair Value |  |
Assets |  |
Fixed maturity securities, available for sale | 801 | 825
Residential mortgage-backed securities | Carrying Value |  |
Assets |  |
Fixed maturity securities, available for sale | 801 | 825
U.S. Government |  |
Assets |  |
Fixed maturity securities, available for sale | 1,059 | 342
U.S. Government | Level 1 |  |
Assets |  |
Fixed maturity securities, available for sale | 1,059 | 342
U.S. Government | Level 2 |  |
Assets |  |
Fixed maturity securities, available for sale | 0 | 0
U.S. Government | Level 3 |  |
Assets |  |
Fixed maturity securities, available for sale | 0 | 0
U.S. Government | Fair Value |  |
Assets |  |
Fixed maturity securities, available for sale | 1,059 | 342
U.S. Government | Carrying Value |  |
Assets |  |
Fixed maturity securities, available for sale | 1,059 | 342
Foreign Governments |  |
Assets |  |
Fixed maturity securities, available for sale | 200 | 193
Foreign Governments | Level 1 |  |
Assets |  |
Fixed maturity securities, available for sale | 0 | 0
Foreign Governments | Level 2 |  |
Assets |  |
Fixed maturity securities, available for sale | 183 | 176
Foreign Governments | Level 3 |  |
Assets |  |
Fixed maturity securities, available for sale | 17 | 17
Foreign Governments | Fair Value |  |
Assets |  |
Fixed maturity securities, available for sale | 200 | 193
Foreign Governments | Carrying Value |  |
Assets |  |
Fixed maturity securities, available for sale | 200 | 193
Equity securities | Level 1 |  |
Assets |  |
Equity securities | 1,382 | 791
Equity securities | Level 2 |  |
Assets |  |
Equity securities | 0 | 0
Equity securities | Level 3 |  |
Assets |  |
Equity securities | 8 | 5
Equity securities | Fair Value |  |
Assets |  |
Equity securities | 1,390 | 796
Equity securities | Carrying Value |  |
Assets |  |
Equity securities | 1,390 | 796
Preferred securities |  |
Assets |  |
Equity securities | 1,198 | 1,341
Preferred securities | Level 1 |  |
Assets |  |
Equity securities | 456 | 490
Preferred securities | Level 2 |  |
Assets |  |
Equity securities | 740 | 851
Preferred securities | Level 3 |  |
Assets |  |
Equity securities | 2 | 0
Preferred securities | Fair Value |  |
Assets |  |
Equity securities | 1,198 | 1,341
Preferred securities | Carrying Value |  |
Assets |  |
Equity securities | 1,198 | 1,341
Subscription agreements | Level 1 |  |
Assets |  |
Equity securities |  | 0
Subscription agreements | Level 2 |  |
Assets |  |
Equity securities |  | 199
Subscription agreements | Level 3 |  |
Assets |  |
Equity securities |  | 0
Subscription agreements | Fair Value |  |
Assets |  |
Equity securities |  | 199
Subscription agreements | Carrying Value |  |
Assets |  |
Equity securities |  | 199
Other long-term investments | Level 1 |  |
Assets |  |
Other long-term investments | 0 | 0
Other long-term investments | Level 2 |  |
Assets |  |
Other long-term investments | 144 | 0
Other long-term investments | Level 3 |  |
Assets |  |
Other long-term investments | 49 | 50
Other long-term investments | Fair Value |  |
Assets |  |
Other long-term investments | 193 | 50
Other long-term investments | Carrying Value |  |
Assets |  |
Other long-term investments | $ 193 | $ 50

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