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Realized Gain (Loss) | 9 Months Ended
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Sep. 30, 2021
Realized Gain (Loss) [Abstract] |
Realized Gain (Loss) | 13. Realized Gain (Loss) Realized gain (loss) on our Consolidated Statements of Comprehensive Income (Loss) includes realized gains and losses from the sale of investments, write-downs for impairments of investments and changes in the allowance for credit losses for financial assets, changes in fair value for mortgage loans on real estate accounted for under the fair value option, changes in fair value of equity securities, certain derivative and embedded derivative gains and losses, gains and losses on the sale of subsidiaries and businesses and net gains and losses on reinsurance embedded derivatives and trading securities. Realized gains and losses on the sale of investments are determined using the specific identification method. Realized gain (loss) is recognized in net income, net of associated amortization of DAC, VOBA, DSI and DFEL. Realized gain (loss) is also net of allocations of investment gains and losses to certain contract holders and certain funds withheld on reinsurance arrangements for which we have a contractual obligation. Details underlying realized gain (loss) (in millions) were as follows: For the Three For the Nine Months Ended Months Ended September 30, September 30, 2021 2020 2021 2020 Fixed maturity AFS securities: Gross gains$ 1 $ 2 $ 17 $ 30 Gross losses (3) (6) (21) (78)Credit loss benefit (expense) (1) (8) (1) (9) (22)Realized gain (loss) on equity securities (2) 5 5 37 (9)Credit loss benefit (expense) on mortgage loans on real estate 40 71 77 (112)Credit loss benefit (expense) on reinsurance related assets (2) - (6) - Other gain (loss) on investments (1) 2 1 (6)Associated amortization of DAC, VOBA, DSI and DFEL and changes in other contract holder funds (9) (8) (19) 34 Total realized gain (loss) related to certain financial assets 23 65 77 (163)Realized gain (loss) on the mark-to-market on certain instruments (3)(4) 8 (13) 25 27 Indexed annuity and IUL contracts net derivative results: (5) Gross gain (loss) (24) 47 16 (3)Associated amortization of DAC, VOBA, DSI and DFEL 19 (20) 8 (5)Variable annuity net derivative results: (6) Gross gain (loss) 60 704 (274) 223 Associated amortization of DAC, VOBA, DSI and DFEL (1) (154) 51 (122)Total realized gain (loss)$ 85 $ 629 $ (97)$ (43) (1)Includes changes in the allowance for credit losses as well as direct write-downs to amortized cost as a result of negative credit events.(2)Includes market adjustments on equity securities still held of $4 million and $5 million for the three months ended September 30, 2021 and 2020, respectively, and $40 million and $(8) million for the nine months ended September 30, 2021 and 2020, respectively.(3)Represents changes in the fair values of certain derivative investments (not including those associated with our variable and indexed annuity and IUL contracts net derivative results), reinsurance related embedded derivatives, mortgage loans on real estate accounted for under the fair value option and trading securities. See Note 7 for information regarding Modco.(4)Includes gains and losses from fair value changes on mortgage loans on real estate accounted for under the fair value option of $2 million and $3 million for the three months ended September 30, 2021 and 2020, respectively, and $2 million and $8 million for the nine months ended September 30, 2021 and 2020, respectively.(5)Represents the net difference between the change in fair value of the index options that we hold and the change in the fair value of the embedded derivative liabilities of our indexed annuity and IUL contracts along with changes in the fair value of embedded derivative liabilities related to index options we may purchase or sell in the future to hedge contract holder index allocations applicable to future reset periods for our indexed annuity products.(6)Includes the net difference in the change in embedded derivative reserves of our GLB riders and the change in the fair value of the derivative instruments we own to hedge the change in embedded derivative reserves on our GLB riders and the benefit ratio unlocking on our GLB and GDB riders, including the cost of purchasing the hedging instruments.

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- Definition Realized (Gain) Loss [Abstract] + References No definition available. + Details
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- Definition Tabular disclosure of realized and unrealized gain (loss) on investment in security. + References No definition available. + Details
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