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Investments (Tables) | 6 Months Ended
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Jun. 30, 2020
Text Block [Abstract] |
Amortized Cost And Fair Value Of Available-For-Sale And Held-To-Maturity Investment Portfolios |
|  | June 30, 2020
In millions |  | Amortized Cost |  | Allowance for Credit Losses |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
AFS Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-maturity investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agency |  | $ | 784 |  |  | $ | - |  |  | $ | 91 |  |  | $ | (1 | ) |  | $ | 874 |
State and municipal bonds |  |  | 160 |  |  |  | - |  |  |  | 31 |  |  |  | - |  |  |  | 191 |
Foreign governments |  |  | 13 |  |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | 14 |
Corporate obligations |  |  | 915 |  |  |  | - |  |  |  | 79 |  |  |  | (6 | ) |  |  | 988 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed agency |  |  | 250 |  |  |  | - |  |  |  | 9 |  |  |  | - |  |  |  | 259 |
Residential mortgage-backed non-agency |  |  | 27 |  |  |  | - |  |  |  | - |  |  |  | (6 | ) |  |  | 21 |
Commercial mortgage-backed |  |  | 23 |  |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | 24 |
Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateralized debt obligations |  |  | 128 |  |  |  | - |  |  |  | - |  |  |  | (6 | ) |  |  | 122 |
Other asset-backed |  |  | 158 |  |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | 159 |
Total AFS investments |  | $ | 2,458 |  |  | $ | - |  |  | $ | 213 |  |  | $ | (19 | ) |  | $ | 2,652 |
HTM Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate obligations |  | $ | 575 |  |  | $ | (23 | ) |  | $ | 22 |  |  | $ | - |  |  | $ | 574 |
Total HTM investments |  | $ | 575 |  |  | $ | (23 | ) |  | $ | 22 |  |  | $ | - |  |  | $ | 574 |
|  | December 31, 2019
In millions |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Other-Than- Temporary Impairments (1)
AFS Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-maturity investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agency |  | $ | 838 |  |  | $ | 46 |  |  | $ | (2 | ) |  | $ | 882 |  |  | $ | - |
State and municipal bonds |  |  | 178 |  |  |  | 22 |  |  |  | - |  |  |  | 200 |  |  |  | - |
Foreign governments |  |  | 8 |  |  |  | 1 |  |  |  | - |  |  |  | 9 |  |  |  | - |
Corporate obligations |  |  | 1,140 |  |  |  | 52 |  |  |  | (1 | ) |  |  | 1,191 |  |  |  | - |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed agency |  |  | 317 |  |  |  | 3 |  |  |  | - |  |  |  | 320 |  |  |  | - |
Residential mortgage-backed non-agency |  |  | 23 |  |  |  | 1 |  |  |  | (5 | ) |  |  | 19 |  |  |  | - |
Commercial mortgage-backed |  |  | 20 |  |  |  | - |  |  |  | - |  |  |  | 20 |  |  |  | - |
Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateralized debt obligations |  |  | 139 |  |  |  | - |  |  |  | (2 | ) |  |  | 137 |  |  |  | - |
Other asset-backed |  |  | 321 |  |  |  | 1 |  |  |  | (1 | ) |  |  | 321 |  |  |  | - |
Total AFS investments |  | $ | 2,984 |  |  | $ | 126 |  |  | $ | (11 | ) |  | $ | 3,099 |  |  | $ | - |
HTM Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate obligations |  | $ | 890 |  |  | $ | 2 |  |  | $ | - |  |  | $ | 892 |  |  | $ | - |
Total HTM investments |  | $ | 890 |  |  | $ | 2 |  |  | $ | - |  |  | $ | 892 |  |  | $ | - |
(1) - | Represents unrealized gains or losses on OTTI securities recognized in AOCI, which includes the non-credit component of impairments, as well as all subsequent changes in fair value of such impaired securities reported in AOCI.
Distribution By Contractual Maturity Of Available-For-Sale and Held-To-Maturity Investments |
|  | AFS Securities |  | HTM Securities
|  |  |  |  |  | Consolidated VIEs
In millions |  | Net Amortized Cost |  | Fair Value |  | Net Amortized Cost |  | Fair Value
Due in one year or less |  | $ | 377 |  |  | $ | 378 |  |  | $ | - |  |  | $ | - |
Due after one year through five years |  |  | 477 |  |  |  | 498 |  |  |  | - |  |  |  | - |
Due after five years through ten years |  |  | 304 |  |  |  | 334 |  |  |  | - |  |  |  | - |
Due after ten years |  |  | 714 |  |  |  | 857 |  |  |  | 552 |  |  |  | 574 |
Mortgage-backed and asset-backed |  |  | 586 |  |  |  | 585 |  |  |  | - |  |  |  | - |
Total fixed-maturity investments |  | $ | 2,458 |  |  | $ | 2,652 |  |  | $ | 552 |  |  | $ | 574 |
Gross Unrealized Losses Related To Available-For-Sale And Held-To-Maturity Investments |
|  | June 30, 2020
|  | Less than 12 Months |  | 12 Months or Longer |  | Total
|  | Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized
In millions |  | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses
AFS Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-maturity investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agency |  | $ | 66 |  |  | $ | (1 | ) |  | $ | - |  |  | $ | - |  |  | $ | 66 |  |  | $ | (1 | )
State and municipal bonds |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1 |  |  |  | - |
Foreign governments |  |  | 5 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 5 |  |  |  | - |
Corporate obligations |  |  | 115 |  |  |  | (5 | ) |  |  | 7 |  |  |  | (1 | ) |  |  | 122 |  |  |  | (6 | )
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed agency |  |  | 19 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 19 |  |  |  | - |
Residential mortgage-backed non-agency |  |  | 3 |  |  |  | - |  |  |  | 10 |  |  |  | (6 | ) |  |  | 13 |  |  |  | (6 | )
Commercial mortgage-backed |  |  | 5 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 5 |  |  |  | - |
Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateralized debt obligations |  |  | 46 |  |  |  | (1 | ) |  |  | 76 |  |  |  | (5 | ) |  |  | 122 |  |  |  | (6 | )
Other asset-backed |  |  | 16 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 16 |  |  |  | - |
Total AFS investments |  | $ | 276 |  |  | $ | (7 | ) |  | $ | 93 |  |  | $ | (12 | ) |  | $ | 369 |  |  | $ | (19 | )
|  | December 31, 2019
|  | Less than 12 Months |  | 12 Months or Longer |  | Total
|  | Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized
In millions |  | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses
AFS Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-maturity investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agency |  | $ | 148 |  |  | $ | (1 | ) |  | $ | 79 |  |  | $ | (1 | ) |  | $ | 227 |  |  | $ | (2 | )
State and municipal bonds |  |  | 11 |  |  |  | - |  |  |  | 15 |  |  |  | - |  |  |  | 26 |  |  |  | - |
Corporate obligations |  |  | 53 |  |  |  | (1 | ) |  |  | 10 |  |  |  | - |  |  |  | 63 |  |  |  | (1 | )
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed agency |  |  | 62 |  |  |  | - |  |  |  | 7 |  |  |  | - |  |  |  | 69 |  |  |  | - |
Residential mortgage-backed non-agency |  |  | - |  |  |  | - |  |  |  | 11 |  |  |  | (5 | ) |  |  | 11 |  |  |  | (5 | )
Commercial mortgage-backed |  |  | 5 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 5 |  |  |  | - |
Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateralized debt obligations |  |  | 44 |  |  |  | - |  |  |  | 77 |  |  |  | (2 | ) |  |  | 121 |  |  |  | (2 | )
Other asset-backed |  |  | 48 |  |  |  | (1 | ) |  |  | 7 |  |  |  | - |  |  |  | 55 |  |  |  | (1 | )
Total AFS investments |  | $ | 371 |  |  | $ | (3 | ) |  | $ | 206 |  |  | $ | (8 | ) |  | $ | 577 |  |  | $ | (11 | )
Distribution Of Securities By Percentage Of Fair Value Below Book Value By More Than 5% |
|  | AFS Securities
Percentage of Fair Value Below Book Value |  | Number of Securities |  | Book Value (in millions) |  | Fair Value (in millions)
> 5% to 15% |  |  | 20 |  |  | $ | 59 |  |  | $ | 54 |
> 15% to 25% |  |  | 5 |  |  |  | 2 |  |  |  | 2 |
> 25% to 50% |  |  | 4 |  |  |  | 14 |  |  |  | 8 |
> 50% |  |  | 2 |  |  |  | - |  |  |  | - |
Total |  |  | 31 |  |  | $ | 75 |  |  | $ | 64 |
Securities Held In Unrealized Loss Position And Insured By Financial Guarantor and The Related Insurance Loss Reserve On Company Insured Investments |
In millions |  | Fair Value |  |  | Unrealized Loss |  |  | Insurance Loss Reserve (1) |
MBS |  | $ | 9 |  |  |  | (6) |  |  |  | 21 |
Corporate obligations |  |  | 6 |  |  |  | - |  |  |  | - |
Total |  | $ | 15 |  |  | $ | (6) |  |  | $ | 21 |
| (1) - | Insurance loss reserve estimates are based on the proportion of par value owned to the total amount of par value insured.
Summary of Allowance for Credit Losses on HTM Investments |
In millions |  |  |  | Six Months Ended June 30, 2020 |  |
| Balance as of January 1, 2020 (1) |  | Current period provision for expected credit losses |  | Initial allowance recognized for PCD assets |  | Write-Offs |  | Recoveries |  | Balance as of June 30, 2020
HTM Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate obligations |  | $ | 37 |  |  | $ | (14 | ) |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 23 |
Total Allowance on HTM investments |  | $ | 37 |  |  | $ | (14 | ) |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 23 |
(1) - Represents transition adjustment upon adoption of ASU 2016-13.
Credit Losses Recognized In Earnings Related To OTTI Losses Recognized In Accumulated Other Comprehensive Income (Loss) |
In millions |  | Three Months Ended |  | Six Months Ended
Credit Losses Recognized in Earnings Related to Other-Than-Temporary Impairments |  | June 30, 2019 |  | June 30, 2019
Beginning balance |  | $ | 65 |  |  | $ | 37 |
Additions for credit loss impairments recognized in the current period on securities previously impaired |  |  | 9 |  |  |  | 37 |
Ending balance |  | $ | 74 |  |  | $ | 74 |
Gross Realized Gains and Losses From Sales Of Available-For-Sale Securities |
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
In millions |  | 2020 |  | 2019 |  | 2020 |  | 2019
Proceeds from sales |  | $ | 290 |  |  | $ | 684 |  |  | $ | 569 |  |  | $ | 1,367 |
Gross realized gains |  | $ | 20 |  |  | $ | 16 |  |  | $ | 31 |  |  | $ | 21 |
Gross realized losses |  | $ | (4 | ) |  | $ | (2 | ) |  | $ | (12 | ) |  | $ | (3 | )
Portion Of Unrealized Gains Losses Recognized On Equity Investments |
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
In millions |  | 2020 |  | 2019 |  | 2020 |  | 2019
Net gains (losses) recognized during the period on equity securities |  | $ | 8 |  |  | $ | 2 |  |  | $ | (5 | ) |  | $ | 7 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net gains (losses) recognized during the period on equity securities sold during the period |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1 |
Unrealized gains (losses) recognized during the period on equity securities still held at the reporting date |  | $ | 8 |  |  | $ | 2 |  |  | $ | (5 | ) |  | $ | 6 |

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