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Reinsurance | 9 Months Ended
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Sep. 30, 2019
Reinsurance [Abstract] |
Reinsurance | 8. Reinsurance Modified Coinsurance Reinsurance Transaction Some portions of our annuity business have been reinsured on a modified coinsurance (“Modco”) basis with other companies. In a Modco program, we as the ceding company retain the reserves, as well as the assets backing those reserves, and the reinsurer shares proportionally in all financial terms of the reinsured policies based on their respective percentage of the risk. Effective October 1, 2018, we entered into one such Modco agreement with Athene Holding Ltd. to reinsure fixed and fixed indexed annuity products. We held investments of $7.2 billion as of September 30, 2019, in support of reserves associated with the transaction in a Modco portfolio. As of September 30, 2019, the portfolio included fixed maturity AFS securities, trading securities, equity securities, commercial mortgage loans, derivative investments, other investments, cash, accrued investment income and other assets that had carrying values of $2.7 billion, $3.3 billion, $64 million, $652 million, $114 million, $65 million, $167 million, $60 million and $60 million, respectively, as of September 30, 2019. In addition, the portfolio was supported by $210 million of over-collateralization and a $200 million letter of credit as of September 30, 2019. In repositioning the Modco investment portfolio, purchases of securities classified as trading during 2019 primarily resulted in negative cash flows from operating activities that were largely offset by sales of securities classified as AFS within investing activities in our Consolidated Statements of Cash Flows. See “Realized Gain (Loss)” in Note 5 for information on reinsurance related embedded derivatives.

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- Definition The entire disclosure pertaining to the existence, magnitude and information about insurance that has been ceded to or assumed from another insurance company, including the methodologies and assumptions used in determining recorded amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -URI http://asc.fasb.org/topic&trid=2303980 + Details
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