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Investments (Tables)

6 Months Ended

Jun. 30, 2021

Financing Receivable, Credit Quality Indicator [Line Items]

Reconciliation Of Available-For-Sale Securities From Cost Basis To Fair Value



	As of June 30, 2021
							Allowance
	Amortized		Gross Unrealized				for Credit		Fair
	Cost		Gains		Losses		Losses		Value
Fixed maturity AFS securities:
Corporate bonds	$	87,573	$	13,710	$	272	$	8	$	101,003
U.S. government bonds		383		63		2		-		444
State and municipal bonds		5,513		1,413		7		-		6,919
Foreign government bonds		400		67		3		-		464
RMBS		2,751		278		1		1		3,027
CMBS		1,499		86		7		-		1,578
ABS		8,039		160		22		-		8,177
Hybrid and redeemable preferred securities		510		107		14		-		603
Total fixed maturity AFS securities	$	106,668	$	15,884	$	328	$	9	$	122,215



	As of December 31, 2020
							Allowance
	Amortized		Gross Unrealized				for Credit		Fair
	Cost		Gains		Losses		Losses		Value
Fixed maturity AFS securities:
Corporate bonds	$	86,289	$	16,662	$	150	$	12	$	102,789
U.S. government bonds		397		88		1		-		484
State and municipal bonds		5,360		1,561		-		-		6,921
Foreign government bonds		384		87		1		-		470
RMBS		2,765		313		1		1		3,076
CMBS		1,390		115		-		-		1,505
ABS		7,041		158		15		-		7,184
Hybrid and redeemable preferred securities		548		97		30		-		615
Total fixed maturity AFS securities	$	104,174	$	19,081	$	198	$	13	$	123,044

Available-For-Sale Securities By Contractual Maturities



	Amortized		Fair
	Cost		Value
Due in one year or less	$	3,064	$	3,095
Due after one year through five years		15,376		16,338
Due after five years through ten years		19,284		21,233
Due after ten years		56,655		68,767
Subtotal		94,379		109,433
Structured securities (RMBS, CMBS, ABS)		12,289		12,782
Total fixed maturity AFS securities	$	106,668	$	122,215

Fair Value And Gross Unrealized Losses In A Continuous Unrealized Loss Position



	As of June 30, 2021
	Less Than or Equal					Greater Than
	to Twelve Months					Twelve Months					Total
			Gross					Gross					Gross
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value			Losses		Value			Losses		Value			Losses ⁽¹⁾
Fixed maturity AFS securities:
Corporate bonds	$	6,476		$	199	$	1,055		$	73	$	7,531		$	272
U.S. government bonds		26			2		-			-		26			2
State and municipal bonds		389			7		1			-		390			7
Foreign government bonds		86			3		30			-		116			3
RMBS		109			1		19			-		128			1
CMBS		306			7		5			-		311			7
ABS		2,889			19		136			3		3,025			22
Hybrid and redeemable
preferred securities		29			1		148			13		177			14
Total fixed maturity AFS securities	$	10,310		$	239	$	1,394		$	89	$	11,704		$	328

Total number of fixed maturity AFS securities in an unrealized loss position															1,368



	As of December 31, 2020
	Less Than or Equal					Greater Than
	to Twelve Months					Twelve Months					Total
				Gross					Gross					Gross
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value			Losses		Value			Losses		Value			Losses ⁽¹⁾
Fixed maturity AFS securities:
Corporate bonds	$	3,039		$	92	$	607		$	58	$	3,646		$	150
U.S. government bonds		28			1		-			-		28			1
Foreign government bonds		57			1		-			-		57			1
RMBS		45			1		7			-		52			1
ABS		1,527			9		358			6		1,885			15
Hybrid and redeemable
preferred securities		112			13		96			17		208			30
Total fixed maturity AFS securities	$	4,808		$	117	$	1,068		$	81	$	5,876		$	198

Total number of fixed maturity AFS securities in an unrealized loss position															802

⁽¹⁾As of June 30, 2021, we recognized no gross unrealized losses in other comprehensive income (loss) (“OCI”) for fixed maturity AFS securities for which an allowance for credit losses has been recorded. As of December 31, 2020, we recognized $1 million of gross unrealized losses in OCI for fixed maturity AFS securities for which an allowance for credit losses has been recorded.

Schedule Of Available-For-Sale Securities Whose Value Is Below Amortized Cost



	As of June 30, 2021
			Gross			Number
	Fair		Unrealized			of
	Value		Losses		Securities⁽¹⁾
Less than six months	$	27	$	7			6
Nine months or greater, but less than twelve months		57		18			4
Twelve months or greater		2		1			22
Total	$	86	$	26			32


	As of December 31, 2020
			Gross			Number
	Fair		Unrealized			of
	Value		Losses		Securities ⁽¹⁾
Less than six months	$	63	$	23			14
Six months or greater, but less than nine months		2		1			4
Nine months or greater, but less than twelve months		23		7			14
Twelve months or greater		30		11			20
Total	$	118	$	42			52

⁽¹⁾We may reflect a security in more than one aging category based on various purchase dates.

Changes In Allowance For Credit Losses On AFS



	For the Three
	Months Ended
	June 30, 2021
	Corporate
	Bonds			RMBS		ABS		Total
Balance as of beginning-of-period	$	13		$	1	$	-	$	14
Additions from purchases of PCD debt securities ⁽¹⁾		-			-		-		-
Additions (reductions) for securities for which credit losses
were previously recognized		1			-		-		1
Reductions for securities charged-off		(6	)		-		-		(6	)
Balance as of end-of-period ⁽²⁾	$	8		$	1	$	-	$	9



	For the Six
	Months Ended
	June 30, 2021
	Corporate
	Bonds			RMBS		ABS		Total
Balance as of beginning-of-period	$	12		$	1	$	-	$	13
Additions from purchases of PCD debt securities ⁽¹⁾		-			-		-		-
Additions (reductions) for securities for which credit losses
were previously recognized		2			-		-		2
Reductions for securities charged-off		(6	)		-		-		(6	)
Balance as of end-of-period ⁽²⁾	$	8		$	1	$	-	$	9



	For the Three
	Months Ended
	June 30, 2020
	Corporate
	Bonds			RMBS		ABS		Total
Balance as of beginning-of-period	$	20		$	-	$	-	$	20
Additions for securities for which credit losses were not
previously recognized		17			1		1		19
Additions from purchases of PCD debt securities ⁽¹⁾		-			-		-		-
Reductions for securities disposed		(17	)		-		-		(17	)
Balance as of end-of-period ⁽²⁾	$	20		$	1	$	1	$	22



	For the Six
	Months Ended
	June 30, 2020
	Corporate
	Bonds			RMBS		ABS		Total
Balance as of beginning-of-period	$	-		$	-	$	-	$	-
Additions for securities for which credit losses were not
previously recognized		37			1		1		39
Additions from purchases of PCD debt securities ⁽¹⁾		-			-		-		-
Reductions for securities disposed		(17	)		-		-		(17	)
Balance as of end-of-period ⁽²⁾	$	20		$	1	$	1	$	22

⁽¹⁾Represents purchased credit-deteriorated (“PCD”) fixed maturity AFS securities.

⁽²⁾Accrued interest receivable on fixed maturity AFS securities totaled $1.0 billion as of June 30, 2021 and 2020, and was excluded from the estimate of credit losses.

Composition Of Current And Past Due Mortgage Loans On Real Estate



	As of June 30, 2021									As of December 31, 2020
	Commercial			Residential			Total			Commercial			Residential			Total
Current	$	16,979		$	674		$	17,653		$	16,245		$	610		$	16,855
30 to 59 days past due		32			18			50			4			28			32
60 to 89 days past due		-			7			7			-			8			8
90 or more days past due		-			40			40			-			69			69
Allowance for credit losses		(156	)		(14	)		(170	)		(187	)		(17	)		(204	)
Unamortized premium (discount)		(12	)		23			11			(14	)		22			8
Mark-to-market gains (losses) ⁽¹⁾		(5	)		-			(5	)		(5	)		-			(5	)
Total carrying value	$	16,838		$	748		$	17,586		$	16,043		$	720		$	16,763

⁽¹⁾Represents the mark-to-market on certain mortgage loans on real estate for which we have elected the fair value option. See Note 14 for additional information.

Schedule Of Average Carrying Value Of Impaired Mortgage Loans On Real Estate



	For the Three				For the Six
	Months Ended				Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Average aggregate carrying value for impaired
mortgage loans on real estate	$	37	$	16	$	36	$	10
Interest income recognized on impaired
mortgage loans on real estate		-		-		-		-
Interest income collected on impaired
mortgage loans on real estate		-		-		-		-

Amortized Cost Of Mortgage Loans On Real Estate On Nonaccrual Status


	As of June 30, 2021				As of December 31, 2020
	Nonaccrual				Nonaccrual
	with no				with no
	Allowance				Allowance
	for Credit				for Credit
	Losses		Nonaccrual		Losses		Nonaccrual
Commercial mortgage loans on real estate	$	-	$	-	$	-	$	-
Residential mortgage loans on real estate		-		41		-		71
Total	$	-	$	41	$	-	$	71

Changes In Allowance For Credit Losses On Mortgage Loans On Real Estate



	For the Three
	Months Ended
	June 30, 2021
	Commercial			Residential		Total
Balance as of beginning-of-period	$	172		$	12	$	184
Additions (reductions) from provision for credit loss expense ⁽¹⁾		(16	)		2		(14	)
Additions from purchases of PCD mortgage loans on real estate		-			-		-
Balance as of end-of-period ⁽²⁾	$	156		$	14	$	170



	For the Six
	Months Ended
	June 30, 2021
	Commercial			Residential			Total
Balance as of beginning-of-period	$	187		$	17		$	204
Additions (reductions) from provision for credit loss expense ⁽¹⁾		(31	)		(3	)		(34	)
Additions from purchases of PCD mortgage loans on real estate		-			-			-
Balance as of end-of-period ⁽²⁾	$	156		$	14		$	170



	For the Three
	Months Ended
	June 30, 2020
	Commercial		Residential		Total
Balance as of beginning-of-period	$	126	$	35	$	161
Additions (reductions) from provision for credit loss expense ⁽³⁾		110		2		112
Additions from purchases of PCD mortgage loans on real estate		-		-		-
Balance as of end-of-period ⁽²⁾	$	236	$	37	$	273



	For the Six
	Months Ended
	June 30, 2020
	Commercial		Residential		Total
Balance as of beginning-of-period	$	-	$	2	$	2
Impact of new accounting standard		62		26		88
Additions (reductions) from provision for credit loss expense ⁽³⁾		174		9		183
Additions from purchases of PCD mortgage loans on real estate		-		-		-
Balance as of end-of-period ⁽²⁾	$	236	$	37	$	273

⁽¹⁾Due to improving economic projections, the provision for credit loss expense decreased by $14 million and $34 million for the three and six months ended June 30, 2021, respectively. For the three months ended June 30, 2021, we recognized $1 million of credit loss expense related to unfunded commitments for mortgage loans on real estate. For the six months ended June 30, 2021, we recognized $2 million of credit loss benefit related to unfunded commitments for mortgage loans on real estate.

⁽²⁾Accrued interest receivable on mortgage loans on real estate totaled $50 million and $52 million as of June 30, 2021 and 2020, respectively, and was excluded from the estimate of credit losses.

⁽³⁾Due to changes in economic projections driven by the impact of the COVID-19 pandemic, the provision for credit loss expense increased by $112 million and $183 million for the three and six months ended June 30, 2020, respectively. For the three months ended June 30, 2020, we recognized $1 million of credit loss expense related to unfunded commitments for mortgage loans on real estate. For the six months ended June 30, 2020, we recognized no credit loss benefit (expense) related to unfunded commitments for mortgage loans on real estate.

Credit Loss Expense Incurred



	For the Three					For the Six
	Months Ended					Months Ended
	June 30,					June 30,
	2021		2020			2021			2020
Credit Loss Benefit (Expense)
Fixed maturity AFS securities:
Corporate bonds	$	1	$	-		$	(1	)	$	(20	)
RMBS		-		(1	)		-			(1	)
ABS		-		(1	)		-			(1	)
Gross credit loss benefit (expense)		1		(2	)		(1	)		(22	)
Associated amortization of DAC, VOBA, DSI and DFEL ⁽¹⁾		-		1			-			1
Net credit loss benefit (expense)	$	1	$	(1	)	$	(1	)	$	(21	)

⁽¹⁾Deferred acquisition costs (“DAC”), value of business acquired (“VOBA”), deferred sales inducements (“DSI”) and deferred front-end loads (“DFEL”).

Payables For Collateral On Investments



	As of June 30, 2021				As of December 31, 2020
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Collateral payable for derivative investments ⁽¹⁾	$	4,391	$	4,391	$	2,976	$	2,976
Securities pledged under securities lending agreements ⁽²⁾		228		222		116		112
Investments pledged for Federal Home Loan Bank of
Indianapolis (“FHLBI”)⁽³⁾		3,580		5,525		3,130		5,049
Total payables for collateral on investments	$	8,199	$	10,138	$	6,222	$	8,137

⁽¹⁾We obtain collateral based upon contractual provisions with our counterparties. These agreements take into consideration the counterparties’ credit rating as compared to ours, the fair value of the derivative investments and specified thresholds that if exceeded result in the receipt of cash that is typically invested in cash and invested cash. See Note 5 for additional information.

⁽²⁾Our pledged securities under securities lending agreements are included in fixed maturity AFS securities on our Consolidated Balance Sheets. We generally obtain collateral in an amount equal to 102% and 105% of the fair value of the domestic and foreign securities, respectively. We value collateral daily and obtain additional collateral when deemed appropriate. The cash received in our securities lending program is typically invested in cash and invested cash or fixed maturity AFS securities.

⁽³⁾Our pledged investments for FHLBI are included in fixed maturity AFS securities and mortgage loans on real estate on our Consolidated Balance Sheets. The collateral requirements are generally 105% to 115% of the fair value for fixed maturity AFS securities and 155% to 175% of the fair value for mortgage loans on real estate. The cash received in these transactions is primarily invested in cash and invested cash or fixed maturity AFS securities.

Schedule Of Increase (Decrease) In Payables For Collateral On Investments



	For the Six
	Months Ended
	June 30,
	2021		2020
Collateral payable for derivative investments	$	1,415	$	1,390
Securities pledged under securities lending agreements		112		9
Investments pledged for FHLBI		450		550
Total increase (decrease) in payables for collateral on investments	$	1,977	$	1,949

Schedule Of Securities Pledged By Contractual Maturity



	As of June 30, 2021
	Overnight and Continuous		Up to 30 Days		30 - 90 ‎Days		Greater Than 90 Days		Total
Securities Lending
Corporate bonds	$	222	$	-	$	-	$	-	$	222
Foreign government bonds		4		-		-		-		4
Equity securities		2		-		-		-		2
Total gross secured borrowings	$	228	$	-	$	-	$	-	$	228



	As of December 31, 2020
	Overnight and Continuous		Up to 30 Days		30 - 90 ‎Days		Greater Than 90 Days		Total
Securities Lending
Corporate bonds	$	114	$	-	$	-	$	-	$	114
Foreign government bonds		2		-		-		-		2
Total gross secured borrowings	$	116	$	-	$	-	$	-	$	116

Commercial [Member]

Financing Receivable, Credit Quality Indicator [Line Items]

Credit Quality Indicators For Mortgage Loans



	As of June 30, 2021
			Debt-			Debt-			Debt-
			Service			Service			Service
	Less		Coverage	65%		Coverage	Greater		Coverage
	than 65%		Ratio	to 74%		Ratio	than 75%		Ratio	Total
Origination Year
2021	$	1,298	3.07	$	81	1.91	$	-	-	$	1,379
2020		1,370	3.02		104	1.46		40	2.21		1,514
2019		3,037	2.19		290	1.78		24	1.79		3,351
2018		2,319	2.14		181	1.50		15	1.02		2,515
2017		1,732	2.32		151	1.75		27	0.96		1,910
2016 and prior		6,059	2.39		232	1.75		38	1.23		6,329
Total	$	15,815		$	1,039		$	144		$	16,998



	As of December 31, 2020
			Debt-			Debt-			Debt-
			Service			Service			Service
	Less		Coverage	65%		Coverage	Greater		Coverage
	than 65%		Ratio	to 74%		Ratio	than 75%		Ratio	Total
Origination Year
2020	$	1,504	2.86	$	32	1.52	$	-	-	$	1,536
2019		3,141	2.25		258	1.78		2	1.74		3,401
2018		2,382	2.16		186	1.49		15	0.71		2,583
2017		1,786	2.34		169	1.73		-	-		1,955
2016		1,713	2.37		174	1.56		22	1.58		1,909
2015 and prior		4,710	2.38		133	1.95		8	1.02		4,851
Total	$	15,236		$	952		$	47		$	16,235

Residential [Member]

Financing Receivable, Credit Quality Indicator [Line Items]

Credit Quality Indicators For Mortgage Loans



	As of June 30, 2021
	Performing		Nonperforming			Total
Origination Year
2021	$	148		$	-	$	148
2020		175			4		179
2019		262			31		293
2018		136			6		142
2017		-			-		-
2016 and prior		-			-		-
Total	$	721		$	41	$	762



	As of December 31, 2020
	Performing		Nonperforming			Total
Origination Year
2020	$	176		$	8	$	184
2019		315			51		366
2018		175			12		187
2017		-			-		-
2016		-			-		-
2015 and prior		-			-		-
Total	$	666		$	71	$	737