Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 24, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Entity Incorporation, State or Country Code | D0 | ||
Entity Registrant Name | ATHENE HOLDING LTD | ||
Entity Address, Address Line One | Second Floor, Washington House | ||
Entity Address, City or Town | Hamilton | ||
Entity Address, Postal Zip Code | HM 11 | ||
Entity Address, Country | BM | ||
City Area Code | 441 | ||
Local Phone Number | 279-8400 | ||
Entity Interactive Data Current | Yes | ||
Entity Central Index Key | 0001527469 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 001-37963 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Amendment Flag | false | ||
Entity Public Float | $ 0 | ||
Entity Shell Company | false | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Common Stock, Shares Outstanding | 203,805,432 | ||
Entity Tax Identification Number | 98-0630022 | ||
ICFR Auditor Attestation Flag | false | ||
Entity Address, Address Line Two | 16 Church Street | ||
Series A Preferred Stock [Member] | |||
Document Information [Line Items] | |||
Title of 12(b) Security | 6.35% Fixed-to-Floating Rate Perpetual Non-Cumulative Preference Share, Series A | ||
Trading Symbol | ATHPrA | ||
Security Exchange Name | NYSE | ||
Series B Preferred Stock [Member] | |||
Document Information [Line Items] | |||
Title of 12(b) Security | 5.625% Fixed-Rate Perpetual Non-Cumulative Preference Share, Series B | ||
Trading Symbol | ATHPrB | ||
Security Exchange Name | NYSE | ||
Series C Preferred Stock [Member] | |||
Document Information [Line Items] | |||
Title of 12(b) Security | 6.375% Fixed-Rate Reset Perpetual Non-Cumulative Preference Share, Series C | ||
Trading Symbol | ATHPrC | ||
Security Exchange Name | NYSE | ||
Series D Preferred Stock | |||
Document Information [Line Items] | |||
Title of 12(b) Security | 4.875% Fixed-Rate Perpetual Non-Cumulative Preference Share, Series D | ||
Trading Symbol | ATHPrD | ||
Security Exchange Name | NYSE | ||
Series E Preferred Stock | |||
Document Information [Line Items] | |||
Title of 12(b) Security | 7.75% Fixed-Rate Reset Perpetual Non-Cumulative Preference Share, Series E | ||
Trading Symbol | ATHPrE | ||
Security Exchange Name | NYSE |
Audit Information
Audit Information | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Auditor Information [Abstract] | |||
Auditor Firm ID | 34 | 238 | 238 |
Auditor Name | Deloitte & Touche LLP | PricewaterhouseCoopers LLP | |
Auditor Location | Des Moines, Iowa | Des Moines, Iowa |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Available-for-sale securities | $ 112,225 | $ 110,561 |
Mortgage loans | 24,148 | |
Investment funds | 14,128 | 9,866 |
Derivative assets | 3,309 | 4,387 |
Cash and Cash Equivalents, at Carrying Value | 7,779 | 9,479 |
Restricted Cash and Cash Equivalents | 628 | 796 |
Accrued Investment Income Receivable | 1,328 | 962 |
Reinsurance Recoverables, Including Reinsurance Premium Paid | 4,367 | 4,594 |
Deferred Policy Acquisition Costs, Deferred Sales Inducements, and Present Value of Future Profits | 5,576 | 5,362 |
Goodwill | 4,058 | 0 |
Other Assets | 9,690 | 1,257 |
Assets, Total | 246,047 | 235,149 |
Liabilities | ||
Policyholder Contract Deposit | 173,653 | 156,325 |
Liability for Future Policy Benefit, before Reinsurance | 55,328 | 42,488 |
Long-term Debt | 3,658 | 2,964 |
Derivative liabilities | 1,646 | 472 |
Investment-related Liabilities | 6,707 | 7,044 |
Other Liabilities | 1,860 | 3,214 |
Liabilities, Total | 243,667 | 212,968 |
Commitments and Contingencies (Note 15) | ||
Equity | ||
Additional Paid in Capital | 18,119 | 6,667 |
Retained Earnings (Accumulated Deficit) | (4,892) | 11,033 |
Accumulated other comprehensive income (loss) | (12,311) | 2,430 |
Stockholders' Equity Attributable to Parent, Total | 916 | 20,130 |
Stockholders' Equity Attributable to Noncontrolling Interest | 1,464 | 2,051 |
Equity | 2,380 | 22,181 |
Liabilities and Equity, Total | 246,047 | 235,149 |
Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 102,404 | 100,159 |
Trading securities | 1,595 | 2,056 |
Equity securities | 1,487 | 1,170 |
Mortgage loans | 27,454 | 20,748 |
Investment funds | 79 | 1,178 |
Policy Loans | 347 | 312 |
Funds withheld at interest | 32,880 | 43,907 |
Derivative assets | 3,309 | 4,387 |
Short-term investments, at fair value | 2,160 | 139 |
Other investments | 773 | 1,473 |
Investments, Total | 172,488 | 175,529 |
Variable Interest Entities | ||
Assets | ||
Trading securities | 1,063 | 0 |
Mortgage loans | 2,055 | 2,040 |
Investment funds | 12,480 | 1,297 |
Other investments | 101 | 0 |
Cash and Cash Equivalents, at Carrying Value | 362 | 154 |
Other Assets | 112 | 32 |
Liabilities | ||
Other Liabilities | 815 | 461 |
Related Party | ||
Assets | ||
Available-for-sale securities | 9,821 | 10,402 |
Trading securities | 878 | 1,781 |
Equity securities | 279 | 284 |
Mortgage loans | 1,302 | 1,360 |
Investment funds | 1,569 | 7,391 |
Funds withheld at interest | 9,808 | 12,207 |
Other investments | 303 | 222 |
Accrued Investment Income Receivable | 105 | 54 |
Liabilities | ||
Policyholder Contract Deposit | 11,889 | 12,948 |
Liability for Future Policy Benefit, before Reinsurance | 2,148 | 1,853 |
Other Liabilities | 564 | 936 |
Equity | ||
Accumulated other comprehensive income (loss) | (491) | 33 |
Series A Preferred Stock [Member] | ||
Equity | ||
Preferred Stock, Value, Outstanding | 0 | 0 |
Series B Preferred Stock [Member] | ||
Equity | ||
Preferred Stock, Value, Outstanding | 0 | 0 |
Series C Preferred Stock [Member] | ||
Equity | ||
Preferred Stock, Value, Outstanding | 0 | 0 |
Series D Preferred Stock | ||
Equity | ||
Preferred Stock, Value, Outstanding | 0 | 0 |
Series E Preferred Stock | ||
Equity | ||
Preferred Stock, Value, Outstanding | 0 | 0 |
Common Class A [Member] | ||
Equity | ||
Common Stock, Value, Issued | $ 0 | $ 0 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value | ||
Policyholder Contract Deposit | $ 111,608 | $ 108,621 |
Fair Value | Recurring | ||
Reinsurance Recoverables, Including Reinsurance Premium Paid | 1,388 | 1,991 |
Policyholder Contract Deposit | 6,670 | 16,142 |
Liability for Future Policy Benefit, before Reinsurance | 1,712 | 2,262 |
Other Liabilities | 65 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 459 | 123 |
Debt Securities, Available-for-sale, Amortized Cost | 131,422 | 106,859 |
Mortgage loans | 24,148 | |
Financing Receivable, Allowance for Credit Loss | 237 | |
Investment funds | 14,128 | 9,866 |
Cash and Cash Equivalents, at Carrying Value | 7,779 | 9,479 |
Accrued Investment Income Receivable | 1,328 | 962 |
Reinsurance Recoverables, Including Reinsurance Premium Paid | 4,367 | 4,594 |
Other Assets | 9,690 | 1,257 |
Policyholder Contract Deposit | 173,653 | 156,325 |
Liability for Future Policy Benefit, before Reinsurance | 55,328 | 42,488 |
Other Liabilities | 1,860 | 3,214 |
Accumulated other comprehensive income (loss) | (12,311) | 2,430 |
Goodwill | $ 4,058 | $ 0 |
Series A Preferred Stock [Member] | ||
Preferred Stock, Shares Issued | 34,500 | 0 |
Preferred Stock, Shares Authorized | 34,500 | 0 |
Preferred Stock, Shares Outstanding | 34,500 | 0 |
Preferred Stock, Par or Stated Value Per Share | $ 1 | $ 1 |
Preferred Stock, Liquidation Preference, Value | $ 863 | $ 863 |
Preferred Stock, Value, Outstanding | $ 0 | $ 0 |
Series B Preferred Stock [Member] | ||
Preferred Stock, Shares Issued | 13,800 | 0 |
Preferred Stock, Shares Authorized | 13,800 | 0 |
Preferred Stock, Shares Outstanding | 13,800 | 0 |
Preferred Stock, Par or Stated Value Per Share | $ 1 | $ 1 |
Preferred Stock, Liquidation Preference, Value | $ 345 | $ 345 |
Preferred Stock, Value, Outstanding | $ 0 | $ 0 |
Series C Preferred Stock [Member] | ||
Preferred Stock, Shares Issued | 24,000 | 0 |
Preferred Stock, Shares Authorized | 24,000 | 0 |
Preferred Stock, Shares Outstanding | 24,000 | 0 |
Preferred Stock, Par or Stated Value Per Share | $ 1 | $ 1 |
Preferred Stock, Liquidation Preference, Value | $ 600 | $ 600 |
Preferred Stock, Value, Outstanding | $ 0 | $ 0 |
Series D Preferred Stock | ||
Preferred Stock, Shares Issued | 23,000 | 0 |
Preferred Stock, Shares Authorized | 23,000 | 0 |
Preferred Stock, Shares Outstanding | 23,000 | 0 |
Preferred Stock, Par or Stated Value Per Share | $ 1 | $ 1 |
Preferred Stock, Liquidation Preference, Value | $ 575 | $ 575 |
Preferred Stock, Value, Outstanding | $ 0 | 0 |
Series E Preferred Stock | ||
Preferred Stock, Shares Issued | 20,000 | |
Preferred Stock, Shares Authorized | 20,000 | |
Preferred Stock, Shares Outstanding | 20,000 | |
Preferred Stock, Par or Stated Value Per Share | $ 1 | |
Preferred Stock, Liquidation Preference, Value | $ 500 | |
Preferred Stock, Value, Outstanding | 0 | 0 |
Variable Interest Entities | Fair Value | ||
Mortgage loans | 2,152 | |
Variable Interest Entities | Fair Value | Recurring | ||
Trading securities | 1,063 | |
Mortgage loans | 2,055 | 0 |
Investment funds | 12,480 | 1,297 |
Other investments | 101 | |
Variable Interest Entities | ||
Trading securities | 1,063 | 0 |
Mortgage loans | 2,055 | 2,040 |
Financing Receivable, Allowance for Credit Loss | 78 | |
Investment funds | 12,480 | 1,297 |
Other investments | 101 | 0 |
Cash and Cash Equivalents, at Carrying Value | 362 | 154 |
Other Assets | 112 | 32 |
Other Liabilities | 815 | 461 |
Consolidated Entity, excluding Affiliated Entity | Fair Value | ||
Mortgage loans | 21,138 | |
Investment funds | 79 | 995 |
Funds withheld at interest | (37,727) | (43,125) |
Short-term investments, at fair value | 1,640 | |
Other investments | 162 | 1,343 |
Consolidated Entity, excluding Affiliated Entity | Fair Value | Recurring | ||
Equity securities | 1,087 | 1,170 |
Mortgage loans | 27,454 | 17 |
Funds withheld at interest | 4,847 | (782) |
Short-term investments, at fair value | 520 | 139 |
Other investments | 611 | 130 |
Consolidated Entity, excluding Affiliated Entity | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss | 458 | |
Debt Securities, Available-for-sale, Amortized Cost | 120,982 | 96,458 |
Trading securities | 1,595 | 2,056 |
Mortgage loans | 27,454 | 20,748 |
Financing Receivable, Allowance for Credit Loss | 154 | |
Investment funds | 79 | 1,178 |
Investment funds | 0 | 183 |
Funds withheld at interest | (32,880) | (43,907) |
Short-term investments, at fair value | 2,160 | 139 |
Other investments | 773 | 1,473 |
Consolidated Entity, excluding Affiliated Entity | Recurring | ||
Trading securities | 1,595 | |
Consolidated Entity, Affiliated Entity and VIE Primary Beneficiary | ||
Mortgage loans | 342 | 231 |
Investment funds | 10,068 | 1,068 |
Other Liabilities | 292 | 0 |
Related Party | Fair Value | ||
Mortgage loans | 1,369 | |
Investment funds | 610 | 4,433 |
Funds withheld at interest | (11,233) | (11,629) |
Other investments | 223 | |
Related Party | Fair Value | Recurring | ||
Trading securities | 878 | 1,781 |
Equity securities | 279 | 284 |
Mortgage loans | 1,302 | |
Investment funds | 959 | 2,958 |
Funds withheld at interest | (1,425) | (578) |
Other investments | 303 | |
Related Party | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss | 1 | 0 |
Debt Securities, Available-for-sale, Amortized Cost | 10,440 | 10,401 |
Trading securities | 878 | 1,781 |
Equity securities | 279 | 284 |
Mortgage loans | 1,302 | 1,360 |
Financing Receivable, Allowance for Credit Loss | 5 | |
Investment funds | 1,569 | 7,391 |
Investment funds | 959 | 2,958 |
Funds withheld at interest | (9,808) | (12,207) |
Other investments | 303 | 222 |
Accrued Investment Income Receivable | 105 | 54 |
Policyholder Contract Deposit | 11,889 | 12,948 |
Liability for Future Policy Benefit, before Reinsurance | 2,148 | 1,853 |
Other Liabilities | 564 | 936 |
Accumulated other comprehensive income (loss) | $ (491) | $ 33 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues [Abstract] | |||
Net investment income | $ 7,571 | $ 7,100 | $ 4,834 |
Other Income | (28) | 72 | 36 |
Revenues | 7,623 | 26,320 | 14,764 |
Premiums Earned, Net | 11,638 | 14,262 | 5,963 |
Insurance Commissions and Fees | 718 | 621 | 571 |
Gain (Loss) on Investments | (12,706) | 4,215 | 3,287 |
Benefits, Losses and Expenses [Abstract] | |||
Interest Sensitive Contract Benefits Expense | 541 | 4,442 | 3,891 |
Deferred Sales Inducement Cost, Amortization Expense | 0 | 198 | 66 |
Policyholder Benefits and Claims Incurred, Net | 12,310 | 15,734 | 7,187 |
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Amortization | 509 | 632 | 521 |
Other Cost and Expense, Operating | 1,493 | 1,128 | 893 |
Benefits, Losses and Expenses, Total | 14,853 | 22,134 | 12,558 |
Income (loss) before income taxes | (7,230) | 4,186 | 2,206 |
Income tax expense (benefit) | (976) | 386 | 285 |
Net income (loss) | (6,254) | 3,800 | 1,921 |
Less: Net income (loss) attributable to noncontrolling interests | (2,092) | (59) | 380 |
Net income available to Athene Holding Ltd. shareholders | (4,162) | 3,859 | 1,541 |
Less: Preferred stock dividends | 141 | 141 | 95 |
Net Income (Loss) Available to Common Stockholders, Basic | $ 4,303 | $ (3,718) | $ (1,446) |
Consolidated Statements of In_2
Consolidated Statements of Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Premiums | $ 11,638 | $ 14,262 | $ 5,963 |
Product charges | 718 | 621 | 571 |
Investment income | 8,373 | 7,709 | 5,338 |
Investment expense | 802 | 609 | 504 |
Gain (Loss) on Investments | (12,706) | 4,215 | 3,287 |
Interest Sensitive Contract Benefits Expense | 541 | 4,442 | 3,891 |
Future policy and other policy benefits | 12,310 | 15,734 | 7,187 |
Net investment income | 7,571 | 7,100 | 4,834 |
Policy and other operating expenses | 1,493 | 1,128 | 893 |
Variable Interest Entities | |||
Gain (Loss) on Investments | 319 | (27) | 22 |
Net investment income | 111 | 77 | 51 |
Related Party | |||
Premiums | 261 | 298 | 322 |
Product charges | 41 | 43 | 51 |
Investment income | 1,403 | 2,497 | 1,101 |
Investment expense | 775 | 592 | 490 |
Gain (Loss) on Investments | (1,670) | 221 | 702 |
Interest Sensitive Contract Benefits Expense | 18 | 392 | 295 |
Future policy and other policy benefits | 286 | 365 | 405 |
Policy and other operating expenses | $ 244 | $ 51 | $ 53 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ (6,254) | $ 3,800 | $ 1,921 |
Other comprehensive income (loss), before tax | |||
Unrealized investment gains (losses) on available-for-sale securities, net of offsets | (17,457) | (2,283) | 2,358 |
Unrealized gains (losses) on hedging instruments | 2 | 232 | (106) |
Foreign currency translation and other adjustments | (16) | (10) | 18 |
Other comprehensive income (loss), before tax | (17,471) | (2,061) | 2,270 |
Income tax expense (benefit) related to other comprehensive income (loss) | (3,083) | (371) | 413 |
Other comprehensive loss | (14,388) | (1,690) | 1,857 |
Comprehensive income (loss) | (20,642) | 2,110 | 3,778 |
Less: Comprehensive income (loss) attributable to noncontrolling interests | (4,169) | (208) | 541 |
Comprehensive income (loss) available to Athene Holding Ltd. shareholders | $ (16,473) | $ 2,318 | $ 3,237 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Millions | Total | Variable Interest Entities | Cumulative Effect, Period of Adoption, Adjustment | Common stock | Additional paid-in capital | Retained earnings (accumulated deficit) | Retained earnings (accumulated deficit) Cumulative Effect, Period of Adoption, Adjustment | Accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss) Cumulative Effect, Period of Adoption, Adjustment | Total Athene Holding Ltd. shareholders’ equity | Total Athene Holding Ltd. shareholders’ equity Cumulative Effect, Period of Adoption, Adjustment | Noncontrolling interests | Noncontrolling interests Variable Interest Entities | Noncontrolling interests Cumulative Effect, Period of Adoption, Adjustment | Preferred stock | Preferred stock | Preferred stock Additional paid-in capital | Preferred stock Total Athene Holding Ltd. shareholders’ equity | Common stock | Common stock Additional paid-in capital | Common stock Total Athene Holding Ltd. shareholders’ equity |
Beginning Balance at Dec. 31, 2019 | $ 14,141 | $ (125) | $ 0 | $ 4,171 | $ 6,939 | $ (117) | $ 2,281 | $ (6) | $ 13,391 | $ (123) | $ 750 | $ (2) | $ 0 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||
Net income (loss) | 1,921 | 1,541 | 1,541 | 380 | |||||||||||||||||
Other comprehensive loss | 1,857 | 1,696 | 1,696 | 161 | |||||||||||||||||
Issuance of common shares, net of expenses | $ 1,140 | $ 1,140 | $ 1,140 | $ 1,510 | $ 1,510 | $ 1,510 | |||||||||||||||
Stock-based compensation allocation from parent | 25 | 25 | 25 | ||||||||||||||||||
Retirement or repurchase of shares | (428) | (233) | (195) | (428) | |||||||||||||||||
Preferred stock dividends | (95) | (95) | (95) | ||||||||||||||||||
Other changes in equity of noncontrolling interests | 240 | 240 | |||||||||||||||||||
Ending Balance at Dec. 31, 2020 | 20,140 | 0 | 6,613 | 8,073 | 3,971 | 18,657 | 1,483 | 0 | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (46) | (46) | |||||||||||||||||||
Net income (loss) | 3,800 | 3,859 | 3,859 | (59) | |||||||||||||||||
Other comprehensive loss | (1,690) | (1,541) | (1,541) | (149) | |||||||||||||||||
Issuance of common shares, net of expenses | $ 11 | $ 11 | $ 11 | ||||||||||||||||||
Stock-based compensation allocation from parent | 43 | 43 | 43 | ||||||||||||||||||
Retirement or repurchase of shares | (8) | 0 | (8) | (8) | |||||||||||||||||
Preferred stock dividends | (141) | (141) | (141) | ||||||||||||||||||
Other changes in equity of noncontrolling interests | 758 | 758 | |||||||||||||||||||
Ending Balance at Dec. 31, 2021 | 22,181 | 0 | 6,667 | 11,033 | 2,430 | 20,130 | 2,051 | 0 | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | 0 | ||||||||||||||||||||
Subsidiary issuance of equity interests | 18 | 18 | |||||||||||||||||||
Dividends, Common Stock | (750) | (750) | (750) | ||||||||||||||||||
Net income (loss) | (6,254) | ||||||||||||||||||||
Other comprehensive loss | (14,388) | ||||||||||||||||||||
Ending Balance at Dec. 31, 2022 | 2,380 | 0 | 18,119 | (4,892) | (12,311) | 916 | 1,464 | 0 | |||||||||||||
Beginning Balance at Jan. 01, 2022 | 22,546 | 0 | 20,270 | 0 | 0 | 20,270 | 2,276 | 0 | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||
Net income (loss) | (6,254) | (4,162) | (4,162) | (2,092) | |||||||||||||||||
Other comprehensive loss | (14,388) | (12,311) | (12,311) | (2,077) | |||||||||||||||||
Issuance of common shares, net of expenses | $ 487 | $ 487 | $ 487 | ||||||||||||||||||
Stock-based compensation allocation from parent | 50 | 50 | 50 | ||||||||||||||||||
Preferred stock dividends | (141) | (141) | (141) | ||||||||||||||||||
Other changes in equity of noncontrolling interests | 1,047 | $ 2,457 | 1,047 | $ 2,457 | |||||||||||||||||
Ending Balance at Dec. 31, 2022 | 2,380 | $ 0 | 18,119 | (4,892) | $ (12,311) | 916 | 1,464 | $ 0 | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (63) | (63) | |||||||||||||||||||
Subsidiary issuance of equity interests | (84) | $ (84) | |||||||||||||||||||
Dividends, Common Stock | (563) | (563) | (563) | ||||||||||||||||||
Adjustments to Additional Paid in Capital, Other | (38) | (38) | 38 | ||||||||||||||||||
Dividends | $ (2,752) | $ (2,726) | $ (26) | $ (2,752) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Cash flows from operating activities | ||||
Net income (loss) | $ (6,254) | $ 3,800 | $ 1,921 | |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] | ||||
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Amortization | 509 | 632 | 521 | |
Deferred Sales Inducement Cost, Amortization Expense | 0 | 198 | 66 | |
Net amortization (accretion) of net investment premiums, discounts and other | 285 | (192) | (203) | |
Net investments (income) loss | (506) | (1,493) | (395) | |
Net recognized (gains) losses on investments and derivatives | 5,949 | (3,632) | (687) | |
Deferred Policy Acquisition Cost, Capitalization, Excluding Deferred Policy Acquisition Cost Capitalized at Inception of Reinsurance Agreements | (1,127) | (698) | (633) | |
Increase (Decrease) in Operating Capital [Abstract] | ||||
Increase (Decrease) in Accrued Investment Income Receivable | (370) | (63) | (130) | |
Increase (Decrease) in Interest Sensitive Contract Liabilities | (1,269) | 3,357 | 3,347 | |
Increase (Decrease) in Insurance Liabilities | 5,339 | 8,743 | 3,258 | |
Increase (Decrease) in Funds Held under Reinsurance Agreements | 5,229 | (634) | (2,288) | |
Increase (Decrease) in Other Operating Assets and Liabilities, Net | (1,527) | 274 | 100 | |
Net cash provided by operating activities | 6,258 | 10,292 | 4,154 | |
Sales, maturities and repayments of: | ||||
Proceeds from Sale and Maturity of Debt Securities, Available-for-sale | 18,564 | 28,620 | 11,384 | |
Proceeds from Sale and Maturity of Debt and Equity Securities, FV-NI, Held-for-investment | 217 | 201 | 170 | |
Proceeds from sale of equity securities | 389 | 209 | 820 | |
Proceeds from Sale and Collection of Mortgage Notes Receivable | 3,562 | 2,900 | 2,162 | |
Proceeds from Investment Funds | 1,704 | 1,823 | 788 | |
Proceeds from Derivative Instrument, Investing Activities | 3,123 | 5,185 | 2,505 | |
Proceeds from Sale, Maturity and Collection of Short-term Investments | 604 | 3,125 | 883 | |
Purchases of: | ||||
Payments to Acquire Debt Securities, Available-for-sale | (36,684) | (47,181) | (23,404) | |
Payments to Acquire Trading Securities Held-for-investment | (915) | (489) | (341) | |
Payments to acquire equity securities | (441) | (931) | (1,362) | |
Payments to Acquire Mortgage Notes Receivable | (12,951) | (11,131) | (4,091) | |
Payments to Acquire Investment Funds | (5,755) | (3,807) | (1,536) | |
Payments for Derivative Instrument, Investing Activities | (3,008) | (3,636) | (1,879) | |
Payments to Acquire Short-term Investments | (2,632) | (3,045) | (617) | |
Cash Acquired from Acquisition | 393 | 0 | 0 | |
Deconsolidation of previously consolidated entities | (393) | 0 | 0 | |
Payments for (Proceeds from) Other Investing Activities | (152) | 225 | (299) | |
Net cash provided by (used in) investing activities | (34,375) | (27,932) | (14,817) | |
Net Cash Provided by (Used in) Financing Activities [Abstract] | ||||
Proceeds from Issuance of Common Stock | 0 | 11 | 351 | |
Proceeds from Issuance of Long-term Debt | 399 | 997 | 992 | |
Repayments of Debt | 0 | 0 | (75) | |
Proceeds from Annuities and Investment Certificates | 33,920 | 21,447 | 18,836 | |
Repayments of Annuities and Investment Certificates | (10,209) | (7,042) | (7,067) | |
Payments for (Proceeds from) Derivative Instrument, Financing Activities | (330) | 3,243 | 546 | |
Proceeds from Issuance of Preferred Stock and Preference Stock | 487 | 0 | 1,140 | |
Payments to Noncontrolling Interests | (63) | 0 | (46) | |
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | (141) | (141) | (95) | |
Payments of Ordinary Dividends, Common Stock | 1,313 | 0 | 0 | |
Payments for Repurchase of Common Stock | 0 | 8 | 428 | |
Proceeds from Noncontrolling Interests | 1,047 | 758 | 240 | |
Proceeds from (Payments for) Other Financing Activities | 461 | 292 | 95 | |
Net cash provided by financing activities | 26,472 | 19,629 | 14,489 | |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | (15) | (2) | (26) | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total | (1,660) | 1,987 | 3,800 | |
Cash and cash equivalents at beginning of year | [1] | 10,429 | 8,442 | 4,642 |
Cash and cash equivalents at end of year | [1] | 8,769 | 10,429 | 8,442 |
Supplementary information | ||||
Income Taxes Paid, Net | 821 | 192 | 168 | |
Cash paid for interest | 244 | 125 | 99 | |
Noncash Investing and Financing Items [Abstract] | ||||
Reinsurance Agreements, Deposits on Investment Policies and Contracts | 878 | 2,103 | 30,172 | |
Reinsurance Agreements, Withdrawals on Investment Policies and Contracts | 9,131 | 8,098 | 5,010 | |
Ceding commission on reinsurance agreements settled in investments | 0 | 0 | 723 | |
Assets contributed to consolidated VIEs | 169 | 0 | ||
Reinsurance Settlements [Member] | ||||
Noncash Investing and Financing Items [Abstract] | ||||
Transfer to Investments | 36 | 124 | 53 | |
Pension Risk Transfer Premiums [Member] | ||||
Noncash Investing and Financing Items [Abstract] | ||||
Transfer to Investments | 4,185 | 4,971 | 2,364 | |
Reinsurance Recapture | ||||
Noncash Investing and Financing Items [Abstract] | ||||
Transfer from Investments | 0 | 0 | 4,298 | |
Dividend Declared | ||||
Noncash Investing and Financing Items [Abstract] | ||||
Payments of Distributions to Affiliates | 2,145 | 0 | 0 | |
Third-party cedants | ||||
Noncash Investing and Financing Items [Abstract] | ||||
Transfer to Investments | 612 | 0 | 0 | |
Federal Home Loan Bank of Des Moines | Federal Home Loan Bank, Advances, Convertible Option | ||||
Noncash Investing and Financing Items [Abstract] | ||||
Increase (Decrease) in Loans from Federal Home Loan Banks | 0 | 0 | 400 | |
Apollo Aligned Alternatives, L.P. | ||||
Noncash Investing and Financing Items [Abstract] | ||||
Assets contributed to consolidated VIEs | 8,007 | |||
Variable Interest Entities | ||||
Net Cash Provided by (Used in) Financing Activities [Abstract] | ||||
Proceeds from Noncontrolling Interests | 2,214 | 72 | 0 | |
Related Party | ||||
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] | ||||
Net investments (income) loss | (294) | (1,380) | (363) | |
Net recognized (gains) losses on investments and derivatives | (224) | (180) | (27) | |
Increase (Decrease) in Operating Capital [Abstract] | ||||
Increase (Decrease) in Accrued Investment Income Receivable | (51) | (16) | (13) | |
Increase (Decrease) in Interest Sensitive Contract Liabilities | (23) | 398 | 276 | |
Increase (Decrease) in Insurance Liabilities | 157 | 247 | 302 | |
Increase (Decrease) in Funds Held under Reinsurance Agreements | 1,184 | (419) | (902) | |
Sales, maturities and repayments of: | ||||
Proceeds from Sale and Maturity of Debt Securities, Available-for-sale | 4,197 | 2,040 | 282 | |
Proceeds from Sale and Maturity of Debt and Equity Securities, FV-NI, Held-for-investment | 79 | 76 | 31 | |
Proceeds from sale of equity securities | 6 | 12 | 5 | |
Proceeds from Sale and Collection of Mortgage Notes Receivable | 46 | 16 | 12 | |
Proceeds from Investment Funds | 1,543 | 1,433 | 691 | |
Proceeds from Derivative Instrument, Investing Activities | 184 | 330 | 0 | |
Proceeds from Sale, Maturity and Collection of Short-term Investments | 0 | 2,732 | 28 | |
Purchases of: | ||||
Payments to Acquire Debt Securities, Available-for-sale | (4,035) | (6,057) | (3,127) | |
Payments to Acquire Trading Securities Held-for-investment | (156) | (267) | (278) | |
Payments to acquire equity securities | (208) | (216) | (19) | |
Payments to Acquire Mortgage Notes Receivable | (364) | (918) | (61) | |
Payments to Acquire Investment Funds | (4,738) | (3,140) | (1,372) | |
Payments for Derivative Instrument, Investing Activities | (266) | (75) | 0 | |
Payments to Acquire Short-term Investments | (33) | (2,734) | (28) | |
Net Cash Provided by (Used in) Financing Activities [Abstract] | ||||
Proceeds from Annuities and Investment Certificates | 68 | 82 | 86 | |
Repayments of Annuities and Investment Certificates | (350) | (420) | (382) | |
Noncash Investing and Financing Items [Abstract] | ||||
Reinsurance Agreements, Deposits on Investment Policies and Contracts | 270 | 330 | 344 | |
Reinsurance Agreements, Withdrawals on Investment Policies and Contracts | 1,493 | 1,532 | 1,435 | |
Transfer from Investments | 0 | 139 | 0 | |
Related Party | Reinsurance Settlements [Member] | ||||
Noncash Investing and Financing Items [Abstract] | ||||
Transfer to Investments | 0 | 41 | 0 | |
Related Party | Trading securities | Investment funds | ||||
Noncash Investing and Financing Items [Abstract] | ||||
Transfer to Investments | 0 | 0 | 516 | |
Related Party | Investment funds | ||||
Noncash Investing and Financing Items [Abstract] | ||||
Transfer to Investments | $ 0 | $ 0 | $ 1,147 | |
[1] 1 Includes cash and cash equivalents, restricted cash and cash and cash equivalents of consolidated variable interest entities. |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net investments (income) loss | $ (506) | $ (1,493) | $ (395) |
Net recognized (gains) losses on investments and derivatives | 5,949 | (3,632) | (687) |
Increase (Decrease) in Accrued Investment Income Receivable | (370) | (63) | (130) |
Interest sensitive contract liabilities | (1,269) | 3,357 | 3,347 |
Increase (Decrease) in Insurance Liabilities | 5,339 | 8,743 | 3,258 |
Increase (Decrease) in Funds Held under Reinsurance Agreements | 5,229 | (634) | (2,288) |
Sales, maturities and repayments of: | |||
Proceeds from Sale and Maturity of Debt Securities, Available-for-sale | 18,564 | 28,620 | 11,384 |
Trading securities | 217 | 201 | 170 |
Proceeds from Sale and Collection of Mortgage Notes Receivable | 3,562 | 2,900 | 2,162 |
Investment funds | 1,704 | 1,823 | 788 |
Proceeds from Derivative Instrument, Investing Activities | 3,123 | 5,185 | 2,505 |
Short-term investments | 604 | 3,125 | 883 |
Purchases of: | |||
Payments to Acquire Debt Securities, Available-for-sale | (36,684) | (47,181) | (23,404) |
Payments to Acquire Mortgage Notes Receivable | (12,951) | (11,131) | (4,091) |
Trading securities | (915) | (489) | (341) |
Investment funds | (5,755) | (3,807) | (1,536) |
Payments for Derivative Instrument, Investing Activities | (3,008) | (3,636) | (1,879) |
Short-term investments | (2,632) | (3,045) | (617) |
Proceeds from Annuities and Investment Certificates | 33,920 | 21,447 | 18,836 |
Repayments of Annuities and Investment Certificates | (10,209) | (7,042) | (7,067) |
Reinsurance Agreements, Deposits on Investment Policies and Contracts | 878 | 2,103 | 30,172 |
Reinsurance Agreements, Withdrawals on Investment Policies and Contracts | 9,131 | 8,098 | 5,010 |
Related Party | |||
Net investments (income) loss | (294) | (1,380) | (363) |
Net recognized (gains) losses on investments and derivatives | (224) | (180) | (27) |
Increase (Decrease) in Accrued Investment Income Receivable | (51) | (16) | (13) |
Interest sensitive contract liabilities | (23) | 398 | 276 |
Increase (Decrease) in Insurance Liabilities | 157 | 247 | 302 |
Increase (Decrease) in Funds Held under Reinsurance Agreements | 1,184 | (419) | (902) |
Sales, maturities and repayments of: | |||
Proceeds from Sale and Maturity of Debt Securities, Available-for-sale | 4,197 | 2,040 | 282 |
Trading securities | 79 | 76 | 31 |
Proceeds from Sale and Collection of Mortgage Notes Receivable | 46 | 16 | 12 |
Investment funds | 1,543 | 1,433 | 691 |
Proceeds from Derivative Instrument, Investing Activities | 184 | 330 | 0 |
Short-term investments | 0 | 2,732 | 28 |
Purchases of: | |||
Payments to Acquire Debt Securities, Available-for-sale | (4,035) | (6,057) | (3,127) |
Payments to Acquire Mortgage Notes Receivable | (364) | (918) | (61) |
Trading securities | (156) | (267) | (278) |
Investment funds | (4,738) | (3,140) | (1,372) |
Payments for Derivative Instrument, Investing Activities | (266) | (75) | 0 |
Short-term investments | (33) | (2,734) | (28) |
Transfer from Investments | 0 | 139 | 0 |
Proceeds from Annuities and Investment Certificates | 68 | 82 | 86 |
Repayments of Annuities and Investment Certificates | (350) | (420) | (382) |
Reinsurance Agreements, Deposits on Investment Policies and Contracts | 270 | 330 | 344 |
Reinsurance Agreements, Withdrawals on Investment Policies and Contracts | $ 1,493 | $ 1,532 | $ 1,435 |
Business, Basis of Presentation
Business, Basis of Presentation, and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Business, Basis of Presentation, and Significant Accounting Policies | 1. Business, Basis of Presentation and Significant Accounting Policies Athene Holding Ltd. (AHL), a Bermuda exempted company, together with its subsidiaries (collectively, Athene, we, our, us, or the Company), is a leading financial services company that specializes in issuing, reinsuring and acquiring retirement savings products in the United States (US) and internationally. We conduct business primarily through the following consolidated subsidiaries: • Our non-US reinsurance subsidiaries, to which AHL’s other insurance subsidiaries and third-party ceding companies directly and indirectly reinsure a portion of their liabilities, including Athene Life Re Ltd. (ALRe), a Bermuda exempted company, Athene Annuity Re Ltd. (AARe) and Athene Life Re International Ltd. (ALReI); and • Athene USA Corporation, an Iowa corporation (together with its subsidiaries, AUSA). Consolidation and Basis of Presentation —Our consolidated financial statements include our wholly owned subsidiaries and investees in which we hold a controlling financial interest, including variable interest entities (VIEs). Investees in which we do not hold a controlling financial interest, but have the ability to exercise significant influence over operating and financing decisions, other than investments for which we have elected the fair value option, are accounted for under the equity method. Intercompany balances and transactions have been eliminated. For entities that are consolidated, but not wholly owned, we allocate a portion of the income or loss and corresponding equity to the owners other than us. We include the aggregate of the income or loss and corresponding equity that is not owned by us in noncontrolling interests in the consolidated financial statements. We report investments in related parties separately, as further described in the accounting policies that follow. We have prepared the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (US GAAP), which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual experience could materially differ from these estimates and assumptions. Our principal estimates impact: • fair value of investments; • impairment of investments and allowances for expected credit losses; • derivatives valuation, including embedded derivatives; • deferred acquisition costs (DAC), deferred sales inducements (DSI) and value of business acquired (VOBA); • future policy benefit reserves; and • valuation allowances on deferred tax assets. Additional details around these principal estimates and assumptions are discussed in the significant accounting policies that follow and the related footnote disclosures. Merger – On January 1, 2022, we completed our merger with Apollo Global Management, Inc. (AGM, and together with its subsidiaries other than us or our subsidiaries, Apollo) and are now a direct wholly owned subsidiary of AGM. We have elected pushdown accounting in which we use AGM’s basis of accounting, which reflects the fair market value of our assets and liabilities at the time of the merger, unless otherwise prescribed by US GAAP. Our consolidated financial statements are presented as Predecessor for the periods prior to the merger and Successor for subsequent periods. See Note 2 – Business Combination for further information on the merger. Summary of Significant Accounting Policies Investments Fixed Maturity Securities – Fixed maturity securities includes bonds, collateralized loan obligations (CLO), asset-backed securities (ABS), residential mortgage-backed securities (RMBS), commercial mortgage-backed securities (CMBS) and redeemable preferred stock. We classify fixed maturity securities as available-for-sale (AFS) or trading at the time of purchase and subsequently carry them at fair value. Fair value hierarchy and valuation methodologies are discussed in Note 6 – Fair Value . Classification is dependent on a variety of factors including our expected holding period, election of the fair value option and asset and liability matching. AFS Securities – AFS securities are held at fair value on the consolidated balance sheets with unrealized gains and losses, net of allowances for expected credit losses, tax and adjustments to DAC, DSI, VOBA and future policy benefits, if applicable, generally reflected in accumulated other comprehensive income (loss) (AOCI) on the consolidated balance sheets. Unrealized gains or losses relating to identified risks within AFS securities in fair value hedging relationships are reflected in investment related gains (losses) on the consolidated statements of income (loss). Trading Securities – We elected the fair value option for certain fixed maturity securities. These fixed maturity securities are classified as trading, with changes to fair value included in investment related gains (losses) on the consolidated statements of income (loss). Although the securities are classified as trading, the trading activity related to these investments is primarily focused on asset and liability matching activities and is not intended to be an income strategy based on active trading. As such, the activity related to these investments on the consolidated statements of cash flows is classified as investing activities. We generally record security transactions on a trade date basis, with any unsettled trades recorded in other assets or other liabilities on the consolidated balance sheets. Bank loans, private placements and investment funds are recorded on settlement date basis. Equity Securities – Equity securities includes common stock, mutual funds and non-redeemable preferred stock. Equity securities with readily determinable fair values are carried at fair value with subsequent changes in fair value recognized in net income. We have elected to account for certain equity securities without readily determinable fair values that do not qualify for the practical expedient to estimate fair values based on net asset value (NAV) per share (or its equivalent) at cost less impairment, subject to adjustments based on observable price changes in orderly transactions for identical or similar investments of the same issuer. Purchased Credit Deteriorated (PCD) Investments – We purchase certain structured securities, primarily RMBS, which upon our assessment have been determined to meet the definition of PCD investments. Additionally, structured securities classified as beneficial interests follow the initial measurement guidance for PCD investments if there is a significant difference between contractual cash flows adjusted for expected prepayments and expected cash flows at the date of recognition. The initial allowance for credit losses for PCD investments is recorded through a gross-up adjustment to the initial amortized cost. For structured securities classified as beneficial interests, the initial allowance is calculated as the present value of the difference between contractual cash flows adjusted for expected prepayments and expected cash flows at the date of recognition. The non-credit purchase discount or premium is amortized into investment income using the effective interest method. The credit discount, represented by the allowance for expected credit losses, is remeasured each period following the policies for measuring credit losses described in the Credit Losses – Available-for-Sale Securities section below. Mortgage Loans – Effective January 1, 2022, we elected the fair value option on our mortgage loan portfolio. Interest income is accrued on the principal amount of the loan based on its contractual interest rate. We accrue interest on loans until it is probable we will not receive interest, or the loan is 90 days past due unless guaranteed by US government-sponsored agencies. Interest income and prepayment fees are reported in net investment income on the consolidated statements of income (loss). Changes in the fair value of the mortgage loan portfolio are reported in investment related gains (losses) on the consolidated statements of income (loss). Prior to January 1, 2022, mortgage loans were primarily stated at unpaid principal balance, adjusted for any unamortized premium or discount, and net of allowances for expected credit losses. We recorded amortization of premiums and discounts using the effective yield method and contractual cash flows on the underlying loan. Amortization of premiums and discounts were reported in net investment income on the consolidated statements of income (loss). Investment Funds – We invest in certain non-fixed income, alternative investments in the form of limited partnerships or similar legal structures (investment funds). For investment funds in which we do not hold a controlling financial interest, and therefore are not required to consolidate, we typically account for these investments using the equity method, where the cost is recorded as an investment in the fund, or we have elected the fair value option. Adjustments to the carrying amount reflect our pro rata ownership percentage of the operating results as indicated by NAV in the investment fund financial statements, which can be on a lag of up to three months when investee information is not received in a timely manner. We record our proportionate share of investment fund income within net investment income on the consolidated statements of income (loss). Contributions paid or distributions received by us are recorded directly to the investment fund balance as an increase to carrying value or as a return of capital, respectively. Policy Loans – Policy loans are funds provided to policyholders in return for a claim on the policyholder’s account balance. The funds provided are limited to a specified percentage of the account balance. The majority of policy loans do not have a stated maturity and the balances and accrued interest are repaid with proceeds from the policyholder’s account balance. Policy loans are reported at the unpaid principal balance. Interest income is recorded as earned using the contract interest rate and is reported in net investment income on the consolidated statements of income (loss). Funds Withheld at Interest – Funds withheld at interest represents a receivable for amounts contractually withheld by ceding companies in accordance with funds withheld coinsurance (funds withheld) and modified coinsurance (modco) reinsurance agreements in which we are the reinsurer. Generally, assets equal to statutory reserves are withheld and legally owned by the ceding company, and any excess or shortfall is settled periodically. The underlying agreements contain embedded derivatives as discussed below. Short-term Investments – Short-term investments consists of financial instruments with maturities of greater than three months but less than twelve months when purchased. Short-term debt securities are accounted for as trading or AFS consistent with our policies for those investments. Short-term loans are carried at amortized cost. Fair values are determined consistent with methodologies described in Note 6 – Fair Value for the respective investment type. Other Investments – Other investments includes, but is not limited to, term loans collateralized by mortgages on residential and commercial real estate and other uncollateralized loans. Effective January 1, 2022, we elected the fair value option on these loans. Prior to January 1, 2022, mortgage collateralized term and uncollaterialized loans were stated at unpaid principal balance, adjusted for any unamortized premium or discount, and net of allowances for expected credit losses. Interest income is accrued on the principal amount of the loan based on its contractual interest rate. We accrue interest on loans until it is probable we will not receive interest or the loan is 90 days past due. We recorded amortization of premiums and discounts using the effective interest method and contractual cash flows on the underlying loan. Interest income, amortization of premiums and discounts, and prepayment and other fees are included in net investment income on the consolidated statements of income (loss). Changes in fair value are included in investment related gains (losses) on the consolidated statements of income (loss). Securities Repurchase and Reverse Repurchase Agreements – Securities repurchase and reverse repurchase transactions involve the temporary exchange of securities for cash or other collateral of equivalent value, with agreement to redeliver a like quantity of the same or similar securities at a future date and at a fixed and determinable price. We evaluate transfers of securities under these agreements to repurchase or resell to determine whether they satisfy the criteria for accounting treatment as secured borrowing or lending arrangements. Agreements not meeting the criteria would require recognition of the transferred securities as sales or purchases, with related forward repurchase or resale commitments. All of our securities repurchase transactions are accounted for as secured borrowings and are included in payables for collateral on derivatives and securities to repurchase on the consolidated balance sheets. Earnings from investing activities related to the cash received under our securities repurchase arrangements are included in net investment income on the consolidated statements of income (loss). The associated borrowing cost is included in policy and other operating expenses on the consolidated statements of income (loss). The investments purchased in reverse repurchase agreements, which represent collateral on a secured lending arrangement, are not reflected in our consolidated balance sheets; however, the secured lending arrangement is recorded as a short-term investment for the principal amount loaned under the agreement. Investment Income – We recognize investment income as it accrues or is legally due, net of investment management and custody fees. Investment income on fixed maturity securities includes coupon interest, as well as the amortization of any premium and the accretion of any discount. Investment income on equity securities represents dividend income and preferred coupons interest. Realized gains and losses on sales of investments are included in investment related gains (losses) on the consolidated statements of income (loss). Realized gains and losses on investments sold are determined based on a first-in first-out method. Credit Losses – Assets Held at Amortized Cost and Off-Balance Sheet Credit Exposures – We establish an allowance for expected credit losses at the time of purchase for assets held at amortized cost, which primarily historically included our residential and commercial mortgage loan portfolios, but also includes certain other loans and reinsurance assets. The allowance for expected credit losses represents the portion of the asset's amortized cost basis that we do not expect to collect due to credit losses over the asset's contractual life, considering past events, current conditions, and reasonable and supportable forecasts of future economic conditions or macroeconomic forecasts. We use a quantitative probability of default and loss given default methodology to develop our estimate of expected credit loss. We develop the estimate on a collective basis factoring in the risk characteristics of the assets in the portfolio. If an asset does not share similar risk characteristics with other assets, the asset is individually assessed. Allowance estimates are highly dependent on expectations of future economic conditions and macroeconomic forecasts, which involve significant judgment and subjectivity. We use quantitative modeling to develop the allowance for expected credit losses. Key inputs into the model include data pertaining to the characteristics of the assets, historical losses and current market conditions. Additionally, the model incorporates management’s expectations around future economic conditions and macroeconomic forecasts over a reasonable and supportable forecast period, after which the model reverts to historical averages. These inputs, the reasonable and supportable forecast period, and reversion to historical average technique are subject to a formal governance and review process by management. Additionally, management considers qualitative adjustments to the model output to the extent that any relevant information regarding the collectability of the asset is available and not already considered in the quantitative model. If we determine that a financial asset has become collateral dependent, which we determine to be the point at which foreclosure is probable, the allowance is measured as the difference between amortized cost and the fair value of the collateral, less any expected costs to sell. The initial allowance for assets held at amortized cost other than for PCD investments, and subsequent changes in the allowance including PCD investments, are recorded through the provision for credit losses within investment related gains (losses) on the consolidated statements of income (loss). The provision for credit losses for reinsurance assets held at amortized cost is recorded through policy and other operating expenses on the consolidated statements of income (loss). We limit accrued interest income on loans to 90 days of interest. Once a loan becomes 90 days past due, the loan is put on non-accrual status and any accrued interest is written off. Once a loan is on non-accrual status, we first apply any payments received to the principal of the loan, and once the principal is repaid, we include amounts received in net investment income. We have elected to present accrued interest receivable separately in accrued investment income on the consolidated balance sheets. We have also elected the practical expedient to exclude the accrued interest receivable from the amortized cost balance used to calculate the allowance given our policy to write off such balances in a timely manner. Any write-off of accrued interest is recorded through a reversal of net investment income on the consolidated statements of income (loss). Upon determining that all or a portion of the amortized cost of an asset is uncollectible, which is generally when all efforts for collection are exhausted, the amortized cost is written off against the existing allowance. Any write off in excess of the existing allowance is recorded through the provision for credit losses within investment related gains (losses) on the consolidated statements of income (loss). We also have certain off-balance sheet credit exposures for which we establish a liability for expected credit losses. These exposures primarily relate to commitments to fund commercial or residential mortgage loans that are not unconditionally cancellable. The methodology for estimating the liability for these credit exposures is consistent with that described above, with the additional consideration pertaining to the probability of funding. At the time the commitment expires or is funded, the liability is reversed and an allowance for expected credit losses is established, as applicable. The liability for off-balance sheet credit exposures is included in other liabilities on the consolidated balance sheets. The establishment of the initial liability and all subsequent changes are recorded through the provision for credit losses within investment related gains (losses) on the consolidated statements of income (loss). Credit Losses – Available-for-Sale Securities – We evaluate AFS securities with a fair value that has declined below amortized cost to determine how the decline in fair value should be recognized. If we determine, based on the facts and circumstances related to the specific security, that we intend to sell a security or it is more likely than not that we would be required to sell a security before the recovery of its amortized cost, any existing allowance for expected credit losses is reversed and the amortized cost of the security is written down to fair value. If neither of these conditions exist, we evaluate whether the decline in fair value has resulted from a credit loss or other factors. For non-structured AFS securities, we qualitatively consider relevant facts and circumstances in evaluating whether a decline below fair value is credit - related. Relevant facts and circumstances include but are not limited to: (1) the extent to which the fair value is less than amortized cost; (2) changes in agency credit ratings, (3) adverse conditions related to the security’s industry or geographical area, (4) failure to make scheduled payments, and (5) other known changes in the financial condition of the issuer or quality of any underlying collateral or credit enhancements. For structured AFS securities meeting the definition of beneficial interests, the qualitative assessment is bypassed, and any securities having experienced a decline in fair value below amortized cost move directly to a quantitative analysis. If upon completion of this analysis it is determined that a potential credit loss exists, an allowance for expected credit losses is established equal to the amount by which the present value of expected cash flows is less than amortized cost, limited by the amount by which fair value is less than amortized cost. A non-structured security’s cash flow estimates are derived from scenario-based outcomes of expected corporate restructurings or the disposition of assets using security-specific facts and circumstances including timing, security interests and loss severity. A structured security’s cash flow estimates are based on security-specific facts and circumstances that may include collateral characteristics, expectations of delinquency and default rates, loss severity, prepayments and structural support, including subordination and guarantees. The expected cash flows are discounted at the effective interest rate implicit to the security at the date of purchase or the current yield to accrete a structured security. For securities with a contractual interest rate that varies based on changes in an independent factor, such as an index or rate, the effective interest rate is calculated based on the factor as it changes over the life of the security. Inherently under the discounted cash flow model, both the timing and amount of expected cash flows affect the measurement of the allowance for expected credit losses. The allowance for expected credit losses is remeasured each period for the passage of time, any change in expected cash flows, and changes in the fair value of the security. All impairments, whether intent or requirement to sell or credit-related, are recorded through a charge to the provision for credit losses within investment related gains (losses) on the consolidated statements of income (loss). All changes in the allowance for expected credit losses are recorded through the provision for credit losses within investment related gains (losses) on the consolidated statements of income (loss). We have elected to present accrued interest receivable separately in accrued investment income on the consolidated balance sheets. We have also elected the practical expedient to exclude the accrued interest receivable from the amortized cost balance used to calculate the allowance for expected credit losses, as we have a policy to write off such balances in a timely manner, when they become 90 days past due. Any write-off of accrued interest is recorded through a reversal of net investment income on the consolidated statements of income (loss). Upon determining that all or a portion of the amortized cost of an asset is uncollectible, which is generally when all efforts for collection are exhausted, the amortized cost is written off against the existing allowance. Any write off in excess of the existing allowance is recorded through the provision for credit losses within investment related gains (losses) on the consolidated statements of income (loss). Derivative Instruments —We invest in derivatives to hedge the risks experienced in our ongoing operations, such as equity, interest rate and cash flow risks, or for other risk management purposes, which primarily involve managing liability risks associated with our indexed annuity products and reinsurance agreements. Derivatives are financial instruments with values that are derived from interest rates, foreign exchange rates, financial indices or other combinations of an underlying and notional. Derivative assets and liabilities are carried at fair value on the consolidated balance sheets. We elect to present any derivatives subject to master netting provisions as a gross asset or liability and gross of collateral. Disclosures regarding balance sheet presentation of derivatives subject to master netting agreements are discussed in Note 4 – Derivative Instruments . We may designate derivatives as cash flow, fair value or net investment hedges. Hedge Documentation and Hedge Effectiveness – To qualify for hedge accounting, at the inception of the hedging relationship, we formally document our designation of the hedge as a cash flow, fair value or net investment hedge and our risk management objective and strategy for undertaking the hedging transaction. In this documentation, we identify how the hedging instrument is expected to hedge the designated risks related to the hedged item and the method that will be used to retrospectively and prospectively assess the hedge effectiveness and the method which will be used to measure ineffectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and periodically throughout the life of the hedge accounting relationship. For a cash flow hedge, all changes in the fair value of the hedging derivative are reported within AOCI and the related gains or losses on the derivative are reclassified into the consolidated statements of income (loss) when the cash flows of the hedged item affect earnings. For a fair value hedge, changes in the fair value of the hedging derivative and changes in the fair value of the hedged item related to the designated risk being hedged are reported on the consolidated statements of income (loss) according to the nature of the risk being hedged. Additionally, changes in the fair value of amounts excluded from the assessment of effectiveness are recorded in AOCI and amortized into income over the life of the hedge accounting relationship. For a net investment hedge, changes in the fair value of the hedging derivative are reported within AOCI to offset the translation adjustments for subsidiaries with functional currencies other than US dollar. We discontinue hedge accounting prospectively when: (1) we determine the derivative is no longer highly effective in offsetting changes in the estimated cash flows or fair value of a hedged item; (2) the derivative expires, is sold, terminated, or exercised; or (3) the derivative is de-designated as a hedging instrument. When hedge accounting is discontinued, the derivative continues to be carried on the consolidated balance sheets at fair value, with changes in fair value recognized in investment related gains (losses) on the consolidated statements of income (loss). For a derivative not designated as a hedge, changes in the derivative’s fair value and any income received or paid on derivatives at the settlement date are included in investment related gains (losses) on the consolidated statements of income (loss). Embedded Derivatives – We issue and reinsure products, primarily indexed annuity products, or purchase investments that contain embedded derivatives. If we determine the embedded derivative has economic characteristics not clearly and closely related to the economic characteristics of the host contract, and a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is bifurcated from the host contract and accounted for separately, unless the fair value option is elected on the host contract. Under the fair value option, bifurcation of the embedded derivative is not necessary as the entire contract is carried at fair value with all related gains and losses recognized in investment related gains (losses) on the consolidated statements of income (loss). Embedded derivatives are carried on the consolidated balance sheets at fair value in the same line item as the host contract. Fixed indexed annuity, index-linked variable annuity and indexed universal life insurance contracts allow the policyholder to elect a fixed interest rate return or an equity market component for which interest credited is based on the performance of certain equity market indices. The equity market option is an embedded derivative. The benefit reserve is equal to the sum of the fair value of the embedded derivative and the host (or guaranteed) component of the contracts. The fair value of the embedded derivatives represents the present value of cash flows attributable to the indexed strategies. The embedded derivative cash flows are based on assumptions for future policy growth, which include assumptions for expected index credits on the next policy anniversary date, future equity option costs, volatility, interest rates and policyholder behavior assumptions including lapses and the use of benefit riders. The embedded derivative cash flows are discounted using a rate that reflects our own credit rating. The host contract is established at contract inception as the initial account value less the initial fair value of the embedded derivative and accreted over the policy’s life. Contracts acquired through a business combination which contain an embedded derivative are re-bifurcated as of the acquisition date. Changes in the fair value of embedded derivatives associated with fixed indexed annuities, index-linked variable annuities and indexed universal life insurance contracts are included in interest sensitive contract benefits on the consolidated statements of income (loss). Additionally, reinsurance agreements written on a funds withheld or modco basis contain embedded derivatives. We have determined that the right to receive or obligation to pay the total return on the assets supporting the funds withheld at interest or funds withheld liability, respectively, represents a total return swap with a floating rate leg. The fair value of embedded derivatives on funds withheld and modco agreements is computed as the unrealized gain (loss) on the underlying assets and is included within funds withheld at interest for assumed agreements, and for ceded agreements the funds withheld liability is included in other liabilities on the consolidated balance sheets. The change in the fair value of the embedded derivatives is recorded in investment related gains (losses) on the consolidated statements of income (loss). Assumed and ceded earnings from funds withheld at interest, funds withheld liability and changes in the fair value of embedded derivatives are reported in operating activities on the consolidated statements of cash flows. Contributions to and withdrawals from funds withheld at interest and funds withheld liability are reported in operating activities on the consolidated statements of cash flows. Variable Interest Entities —An entity that does not have sufficient equity to finance its activities without additional financial support, or in which the equity investors, as a group, do not have the characteristics typically afforded to common shareholders is a VIE. The determination as to whether an entity qualifies as a VIE depends on the facts and circumstances surrounding each entity and may require significant judgment. Our investment funds typically qualify as VIEs and are evaluated for consolidation under the VIE model. We are required to consolidate a VIE if we are the primary beneficiary, defined as the variable interest holder with both the power to direct the activities that most significantly impact the VIE’s economic performance and rights to receive benefits or obligations to absorb losses that could be potentially significant to the VIE. We determine whether we are the primary beneficiary of an entity based on a qualitative assessment of the VIE’s capital structure, contractual terms, nature of the VIE’s operations and purpose and our relative exposure to the related risks of the VIE. Since affiliates |
Business Combinations and Asset
Business Combinations and Asset Acquisitions | 12 Months Ended |
Dec. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Combination Disclosure [Text Block] | 2. Business Combination At the closing of the merger with AGM, each issued and outstanding AHL Class A common share (other than shares held by Apollo, the Apollo Operating Group (AOG) or the respective direct or indirect wholly owned subsidiaries of Athene or the AOG) was converted automatically into 1.149 shares of AGM common shares and any cash paid in lieu of fractional AGM common shares. In connection with the merger, AGM issued to AHL Class A common shareholders 158.2 million AGM common shares in exchange for 137.6 million AHL Class A common shares that were issued and outstanding as of the acquisition date, exclusive of the 54.6 million shares previously held by Apollo immediately before the acquisition date. The consideration was calculated based on historical AGM’s December 31, 2021 closing share price multiplied by the AGM common shares issued in the share exchange, as well as the fair value of stock-based compensation awards replaced, fair value of warrants converted to AGM common shares and other equity consideration, and effective settlement of pre-existing relationships and other consideration. The following represents the calculation of consideration: (In millions, except exchange ratio and share price data) Consideration AHL common shares purchased 138 Exchange ratio 1.149 Shares of common stock issued in exchange 158 AGM Class A shares closing price $ 72.43 Total merger consideration at closing $ 11,455 Fair value of estimated RSUs, options and warrants assumed and other equity consideration 699 Effective settlement of pre-existing relationships 896 Total merger consideration 13,050 Fair value of AHL common shares previously held by Apollo and other adjustments 4,554 Total AHL equity value held by AGM 17,604 Fair value of preferred stock 2,666 Noncontrolling interest 2,276 Total AHL equity value $ 22,546 The following represents the calculation of goodwill and fair value amounts recognized: (In millions) Fair value and goodwill calculation Merger consideration $ 13,050 Fair value of AHL common shares previously held by Apollo and other adjustments 4,554 Total AHL equity value held by AGM 17,604 Assets Investments $ 176,015 Cash and cash equivalents 9,479 Restricted cash 796 Investment in related parties 33,863 Reinsurance recoverable 4,977 VOBA 4,527 Other assets 5,749 Assets of consolidated variable interest entities 3,635 Estimated fair value of total assets acquired by AGM 239,041 Liabilities Interest sensitive contract liabilities 160,211 Future policy benefits 47,114 Debt 3,295 Payables for collateral on derivatives and securities to repurchase 7,044 Other liabilities 2,443 Liabilities of consolidated variable interest entities 461 Estimated fair value of total liabilities assumed by AGM 220,568 Identifiable net assets 18,473 Less: Fair value of preferred stock 2,666 Less: Fair value of noncontrolling interests 2,276 Estimated fair value of net assets acquired by AGM, excluding goodwill 13,531 Goodwill attributable to AHL $ 4,073 During the fourth quarter of 2022, we finalized pushdown accounting. Adjustments to provisional amounts were made prospectively as data became available based on facts and circumstances that existed as of the merger date. The income effects from changes to provisional amounts were recorded in the period the adjustment was made, as if the adjustment had been recorded on the merger date. During the year ended December 31, 2022, we made adjustments which decreased provisional goodwill by $108 million. The adjustments were comprised of $25 million for measurement period adjustments and $83 million to adjust a valuation of an investment. The measurement period adjustments were primarily related to decreases in interest sensitive contract liabilities, future policy benefits and VOBA, and the income statement effects were immaterial to those periods. As part of pushdown accounting, we recorded the calculated goodwill based on the amount that our AHL equity value to be held by AGM exceeded the fair value of identifiable net assets less the amounts attributable to fair values of preferred stock and noncontrolling interests. Goodwill is primarily attributable to the scale, skill sets, operations, and synergies that can be achieved subsequent to the merger. The goodwill recorded is not expected to be deductible for tax purposes. Goodwill on the consolidated balance sheets includes the impacts of foreign currency translation. We incurred transaction costs of $70 million associated with the merger which were included in policy and other operating expenses on the consolidated statements of income for the year ended December 31, 2021. We also recorded VOBA and other identifiable intangible assets. Other identifiable intangible assets are included in other assets on the consolidated balance sheets, as follows: Distribution channels These assets are valued using the excess earnings method, which derives value based on the present value of the cash flow attributable to the distribution channels, less returns for contributory assets. Trade name This represents the Athene trade name and was valued using the relief-from-royalty method considering publicly available third-party trade name royalty rates as well as expected premiums generated by the use of the trade name over its anticipated life. Insurance licenses Licenses are protected through registration and were valued using the market approach based on third-party market transactions from which the prices paid for state insurance licenses could be derived. The fair value and weighted average estimated useful life of identifiable intangible assets consists of the following: Fair value (in millions) Weighted average useful life (in years) VOBA $ 4,527 7 Distribution channels 1,870 18 Trade name 160 20 Insurance licenses 26 Indefinite Total $ 6,583 |
Investments
Investments | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | 3. Investments AFS Securities — The following table represents the amortized cost, allowance for credit losses, gross unrealized gains and losses and fair value of our AFS investments by asset type: Successor December 31, 2022 (In millions) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS securities US government and agencies $ 3,333 $ — $ — $ (756) $ 2,577 US state, municipal and political subdivisions 1,218 — — (291) 927 Foreign governments 1,207 (27) 3 (276) 907 Corporate 74,644 (61) 92 (13,774) 60,901 CLO 17,722 (7) 115 (1,337) 16,493 ABS 11,447 (29) 15 (906) 10,527 CMBS 4,636 (5) 6 (479) 4,158 RMBS 6,775 (329) 64 (596) 5,914 Total AFS securities 120,982 (458) 295 (18,415) 102,404 AFS securities – related parties Corporate 1,028 — 1 (47) 982 CLO 3,346 (1) 10 (276) 3,079 ABS 6,066 — 3 (309) 5,760 Total AFS securities – related parties 10,440 (1) 14 (632) 9,821 Total AFS securities including related parties $ 131,422 $ (459) $ 309 $ (19,047) $ 112,225 Predecessor December 31, 2021 (In millions) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS securities US government and agencies $ 231 $ — $ 2 $ (10) $ 223 US state, municipal and political subdivisions 1,081 — 134 (2) 1,213 Foreign governments 1,110 — 35 (17) 1,128 Corporate 62,817 — 4,060 (651) 66,226 CLO 13,793 — 44 (185) 13,652 ABS 8,890 (17) 151 (35) 8,989 CMBS 2,764 (3) 56 (59) 2,758 RMBS 5,772 (103) 326 (25) 5,970 Total AFS securities 96,458 (123) 4,808 (984) 100,159 AFS securities – related parties Corporate 842 — 19 (2) 859 CLO 2,573 — 5 (29) 2,549 ABS 6,986 — 61 (53) 6,994 Total AFS securities – related parties 10,401 — 85 (84) 10,402 Total AFS securities including related parties $ 106,859 $ (123) $ 4,893 $ (1,068) $ 110,561 The amortized cost and fair value of AFS securities, including related parties, are shown by contractual maturity below: Successor December 31, 2022 (In millions) Amortized Cost Fair Value AFS securities Due in one year or less $ 1,077 $ 1,048 Due after one year through five years 12,653 11,695 Due after five years through ten years 21,348 18,084 Due after ten years 45,324 34,485 CLO, ABS, CMBS and RMBS 40,580 37,092 Total AFS securities 120,982 102,404 AFS securities – related parties Due in one year or less 1 1 Due after one year through five years 23 21 Due after five years through ten years 851 823 Due after ten years 153 137 CLO and ABS 9,412 8,839 Total AFS securities – related parties 10,440 9,821 Total AFS securities including related parties $ 131,422 $ 112,225 Actual maturities can differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Unrealized Losses on AFS Securities — The following summarizes the fair value and gross unrealized losses for AFS securities, including related parties, for which an allowance for credit losses has not been recorded, aggregated by asset type and length of time the fair value has remained below amortized cost: Successor December 31, 2022 Less than 12 months 12 months or more Total (In millions) Fair Value Gross Fair Value Gross Fair Value Gross AFS securities US government and agencies $ 2,539 $ (756) $ — $ — $ 2,539 $ (756) US state, municipal and political subdivisions 911 (291) — — 911 (291) Foreign governments 891 (275) — — 891 (275) Corporate 58,256 (13,773) — — 58,256 (13,773) CLO 13,486 (1,277) — — 13,486 (1,277) ABS 8,119 (801) — — 8,119 (801) CMBS 2,650 (427) — — 2,650 (427) RMBS 2,621 (365) — — 2,621 (365) Total AFS securities 89,473 (17,965) — — 89,473 (17,965) AFS securities – related parties Corporate 619 (47) — — 619 (47) CLO 2,752 (273) — — 2,752 (273) ABS 5,487 (308) — — 5,487 (308) Total AFS securities – related parties 8,858 (628) — — 8,858 (628) Total AFS securities including related parties $ 98,331 $ (18,593) $ — $ — $ 98,331 $ (18,593) Predecessor December 31, 2021 Less than 12 months 12 months or more Total (In millions) Fair Value Gross Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses AFS securities US government and agencies $ 164 $ (8) $ 22 $ (2) $ 186 $ (10) US state, municipal and political subdivisions 122 (2) 1 — 123 (2) Foreign governments 387 (17) 1 — 388 (17) Corporate 18,995 (523) 863 (59) 19,858 (582) CLO 7,685 (124) 1,537 (35) 9,222 (159) ABS 4,038 (16) 165 (12) 4,203 (28) CMBS 880 (29) 177 (22) 1,057 (51) RMBS 437 (9) 274 (5) 711 (14) Total AFS securities 32,708 (728) 3,040 (135) 35,748 (863) AFS securities – related parties Corporate 313 (2) — — 313 (2) CLO 1,245 (20) 163 (3) 1,408 (23) ABS 3,801 (52) 13 (1) 3,814 (53) Total AFS securities – related parties 5,359 (74) 176 (4) 5,535 (78) Total AFS securities including related parties $ 38,067 $ (802) $ 3,216 $ (139) $ 41,283 $ (941) The following summarizes the number of AFS securities that were in an unrealized loss position, including related parties, for which an allowance for credit losses has not been recorded: Successor December 31, 2022 Unrealized loss position Unrealized loss position 12 months or more AFS securities 8,921 — AFS securities – related parties 178 — The unrealized losses on AFS securities can primarily be attributed to changes in market interest rates since application of pushdown accounting or acquisition. We did not recognize the unrealized losses in income, unless as required for hedge accounting, as we intend to hold these securities and it is not more likely than not we will be required to sell a security before the recovery of its amortized cost. Allowance for Credit Losses — The following table summarizes the activity in the allowance for credit losses for AFS securities by asset type: Successor Year Ended December 31, 2022 Additions Reductions (In millions) January 1, 2022 Initial credit losses Initial credit losses on PCD securities Securities sold during the period Securities intended to be sold prior to recovery of amortized cost basis Additions (reductions) to previously impaired securities Ending Balance AFS securities Foreign governments $ — $ 66 $ — $ (28) $ — $ (11) $ 27 Corporate — 70 — — (6) (3) 61 CLO — 29 — — — (22) 7 ABS 5 28 — (3) — (1) 29 CMBS — 15 — — — (10) 5 RMBS 306 41 7 (29) — 4 329 Total AFS securities 311 249 7 (60) (6) (43) 458 AFS securities – related parties CLO — 3 — — — (2) 1 ABS — 18 — — — (18) — Total AFS securities – related parties — 21 — — — (20) 1 Total AFS securities including related parties $ 311 $ 270 $ 7 $ (60) $ (6) $ (63) $ 459 Predecessor Year Ended December 31, 2021 Additions Reductions (In millions) Beginning balance Initial credit losses Initial credit losses on PCD securities Securities sold during the period Securities intended to be sold prior to recovery of amortized cost basis Additions (reductions) to previously impaired securities Ending Balance AFS securities Corporate $ 6 $ 3 $ — $ (7) $ — $ (2) $ — CLO 1 7 — (1) — (7) — ABS 6 5 — (2) — 8 17 CMBS 10 4 — — — (11) 3 RMBS 80 2 25 (20) — 16 103 Total AFS securities 103 21 25 (30) — 4 123 AFS securities – related parties, CLO 1 5 — (1) — (5) — Total AFS securities including related parties $ 104 $ 26 $ 25 $ (31) $ — $ (1) $ 123 Net Investment Income —Net investment income by asset class consists of the following: Successor Predecessor (In millions) Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 AFS securities $ 4,190 $ 3,668 $ 3,225 Trading securities 194 260 192 Equity securities 64 19 14 Mortgage loans 1,261 802 702 Investment funds 550 1,908 710 Funds withheld at interest 1,844 781 269 Other 270 271 226 Investment revenue 8,373 7,709 5,338 Investment expenses (802) (609) (504) Net investment income $ 7,571 $ 7,100 $ 4,834 Investment Related Gains (Losses) —Investment related gains (losses) by asset class consists of the following: Successor Predecessor (In millions) Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 AFS securities Gross realized gains on investment activity $ 1,337 $ 936 $ 602 Gross realized losses on investment activity (2,151) (633) (415) Net realized investment gains (losses) on AFS securities (814) 303 187 Net recognized investment gains (losses) on trading securities (424) (70) 33 Net recognized investment gains (losses) on equity securities (150) 237 (218) Net recognized investment gains (losses) on mortgage loans (2,974) — — Derivative gains (losses) (9,173) 3,525 3,430 Provision for credit losses (227) 53 (96) Other gains (losses) 1,056 167 (49) Investment related gains (losses) $ (12,706) $ 4,215 $ 3,287 Proceeds from sales of AFS securities were $9,421 million, $17,116 million and $6,023 million for the years ended December 31, 2022, 2021 and 2020, respectively. Proceeds from sales of AFS securities for years ended December 31, 2021 and 2020 have been revised to correct a misstatement, which was not material, to be comparable to current year amounts. The following table summarizes the change in unrealized gains (losses) on trading and equity securities, including related parties we held as of the respective year end: Successor Predecessor (In millions) Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Trading securities $ (415) $ (78) $ 130 Trading securities – related parties 1 56 (37) Equity securities (146) 213 (9) Equity securities – related parties — 9 — Repurchase Agreements —The following table summarizes the maturities of our repurchase agreements: Successor December 31, 2022 Remaining Contractual Maturity (In millions) Overnight and continuous Less than 30 days 30–90 days 91 days to 1 year Greater than 1 year Total Payables for repurchase agreements 1 $ — $ 608 $ 1,268 $ — $ 2,867 $ 4,743 1 Included in payables for collateral on derivatives and securities to repurchase on the consolidated balance sheets. Predecessor December 31, 2021 Remaining Contractual Maturity (In millions) Overnight and continuous Less than 30 days 30–90 days 91 days to 1 year Greater than 1 year Total Payables for repurchase agreements 1 $ — $ 2,512 $ — $ — $ 598 $ 3,110 1 Included in payables for collateral on derivatives and securities to repurchase on the consolidated balance sheets. The following table summarizes the securities pledged as collateral for repurchase agreements: Successor Predecessor December 31, 2022 December 31, 2021 (In millions) Amortized Cost Fair Value Amortized Cost Fair Value AFS securities US government and agencies $ 2,559 $ 1,941 $ — $ — Foreign governments 146 107 — — Corporate 1,940 1,605 2,923 3,208 CLO 273 261 — — ABS 1,243 1,082 — — Total securities pledged under repurchase agreements $ 6,161 $ 4,996 $ 2,923 $ 3,208 Reverse Repurchase Agreements — As of December 31, 2022 and 2021, amounts loaned under reverse repurchase agreements were $1,640 million and $0 million, respectively, and the fair value of the collateral, comprised primarily of commercial and residential mortgage loans, was $1,753 million and $0 million, respectively. Mortgage Loans, including related parties and consolidated VIEs —Mortgage loans includes both commercial and residential loans. In connection with the merger, we elected the fair value option on our mortgage loan portfolio. See Note 6 – Fair Value for further fair value option information. The following represents the mortgage loan portfolio, with fair value option loans presented at unpaid principal balance: Successor (In millions) December 31, 2022 Commercial mortgage loans $ 21,061 Commercial mortgage loans under development 790 Total commercial mortgage loans 21,851 Mark to fair value (1,743) Commercial mortgage loans 20,108 Residential mortgage loans 11,802 Mark to fair value (1,099) Residential mortgage loans 10,703 Mortgage loans $ 30,811 The following represents the mortgage loan portfolio based on amortized cost: Predecessor (In millions) December 31, 2021 Commercial mortgage loans $ 16,565 Commercial mortgage loans under development 499 Total commercial mortgage loans 17,064 Allowance for credit losses on commercial mortgage loans (167) Commercial mortgage loans 16,897 Residential mortgage loans 7,321 Allowance for credit losses on residential mortgage loans (70) Residential mortgage loans 7,251 Mortgage loans $ 24,148 We primarily invest in commercial mortgage loans on income producing properties including office and retail buildings, apartments, hotels, and industrial properties. We diversify the commercial mortgage loan portfolio by geographic region and property type to reduce concentration risk. We evaluate mortgage loans based on relevant current information to confirm if properties are performing at a consistent and acceptable level to secure the related debt. The distribution of commercial mortgage loans, including those under development, net of allowances, by property type and geographic region, is as follows: Successor Predecessor December 31, 2022 December 31, 2021 (In millions, except percentages) Net Carrying Value Percentage of Total Net Carrying Value Percentage of Total Property type Office building $ 4,651 23.1 % $ 4,870 28.8 % Retail 1,454 7.2 % 2,022 12.0 % Apartment 6,692 33.3 % 4,626 27.4 % Hotels 1,855 9.2 % 1,727 10.2 % Industrial 2,047 10.2 % 2,336 13.8 % Other commercial 3,409 17.0 % 1,316 7.8 % Total commercial mortgage loans $ 20,108 100.0 % $ 16,897 100.0 % US region East North Central $ 1,437 7.1 % $ 1,697 10.0 % East South Central 413 2.1 % 470 2.8 % Middle Atlantic 5,183 25.8 % 3,637 21.5 % Mountain 898 4.5 % 460 2.7 % New England 1,076 5.4 % 453 2.7 % Pacific 3,781 18.8 % 3,994 23.6 % South Atlantic 2,756 13.7 % 2,817 16.7 % West North Central 231 1.1 % 271 1.6 % West South Central 1,085 5.4 % 997 5.9 % Total US region 16,860 83.9 % 14,796 87.5 % International region United Kingdom 1,898 9.4 % 1,279 7.6 % Other International 1 1,350 6.7 % 822 4.9 % Total international region 3,248 16.1 % 2,101 12.5 % Total commercial mortgage loans $ 20,108 100.0 % $ 16,897 100.0 % 1 Represents all other countries, with each individual country comprising less than 5% of the portfolio. Our residential mortgage loan portfolio includes first lien residential mortgage loans collateralized by properties in various geographic locations and is summarized by proportion of the portfolio in the following table: Successor Predecessor December 31, 2022 December 31, 2021 US States California 28.9 % 28.4 % Florida 9.7 % 11.4 % New York 5.6 % 4.8 % New Jersey 5.3 % 5.1 % Arizona 5.1 % 1.8 % Other 1 31.7 % 36.7 % Total US residential mortgage loan percentage 86.3 % 88.2 % International United Kingdom 5.4 % 3.8 % Ireland 3.0 % 6.4 % Other 2 5.3 % 1.6 % Total International residential mortgage loan percentage 13.7 % 11.8 % Total residential mortgage loan percentage 100.0 % 100.0 % 1 Represents all other states, with each individual state comprising less than 5% of the portfolio. 2 Represents all other countries, with each individual country comprising less than 5% of the portfolio. Loan Valuation Allowance — The allowances for our mortgage loan portfolio and other loans are summarized as follows: Predecessor December 31, 2021 (In millions) Commercial Mortgage Residential Mortgage Other Investments Total Beginning balance $ 167 $ 79 $ 7 $ 253 Provision (reversal) for expected credit losses — (14) (7) (21) Initial credit losses on PCD loans — 6 — 6 Loans charged-off — (1) — (1) Ending balance $ 167 $ 70 $ — $ 237 Commercial mortgage loans – Our allowance model for commercial mortgage loans was based on the characteristics of the loans in our portfolio, historical economic data and loss information, and forecasted economic conditions. Key loan characteristics that may have affected the estimate included, among others: time to maturity, delinquency status, loan-to-value ratios, debt service coverage ratios, etc. Key macroeconomic variables included unemployment rates, London Inter-bank Offered Rate (LIBOR), commercial real estate price index, and market liquidity score. Management reviewed and approved forecasted macroeconomic variables, along with the reasonable and supportable forecasted period and mean reversion technique. Management also evaluated assumptions from independent third parties and those assumptions had a high degree of subjectivity. The mean reversion technique varied by macroeconomic variable and may have varied by geographic location. Residential mortgage loans – Our allowance model for residential mortgage loans was based on the characteristics of the loans in our portfolio, historical economic data and loss information, and forecasted economic conditions. Key loan characteristics that may have affected the estimate included, among others: time to maturity, delinquency status, original credit scores and loan-to-value ratios. Key macroeconomic variables included unemployment rates and the housing price index. Management reviewed and approved forecasted macroeconomic variables, along with the reasonable and supportable forecasted period and mean reversion technique. Management also evaluated assumptions from independent third parties and those assumptions had a high degree of subjectivity. The mean reversion technique varied by macroeconomic variable and may have varied by geographic location. Other investments – The allowance model for the loans included in other investments and related party other investments derived an estimate based on historical loss data available for similarly rated unsecured corporate debt obligations, while also incorporating management’s expectations around prepayment. See Note 14 – Related Parties for further information on the related party loans. Credit Quality Indicators Residential mortgage loans – The underwriting process for our residential mortgage loans includes an evaluation of relevant credit information including past loan performance, credit scores, loan-to-value and other relevant information. Subsequent to purchase or origination, we closely monitor economic conditions and loan performance to manage and evaluate our exposure to credit risk in our residential mortgage loan portfolio. The primary credit quality indicator monitored for residential mortgage loans is loan performance. Nonperforming residential mortgage loans are 90 days or more past due and/or are in non-accrual status. The following represents our residential loan portfolio by origination year and performance status: Predecessor December 31, 2021 (In millions) 2021 2020 2019 2018 2017 Prior Total Current (less than 30 days past due) $ 2,398 $ 319 $ 37 $ 383 $ 54 $ 2,568 $ 5,759 30 to 59 days past due 100 37 3 3 6 223 372 60 to 89 days past due 36 16 3 2 7 136 200 90 days or more past due 1 27 133 82 87 141 520 990 Total residential mortgages $ 2,561 $ 505 $ 125 $ 475 $ 208 $ 3,447 $ 7,321 1 Includes $856 million of residential mortgage loans that are guaranteed by US government-sponsored agencies. As of December 31, 2021, we had $856 million of residential mortgage loans that were 90 days or more past due and were accruing interest. The following represents our residential mortgage loan portfolio in non-accrual status: Predecessor (In millions) December 31, 2021 Beginning amortized cost of residential mortgage loans in non-accrual status $ 107 Ending amortized cost of residential mortgage loans in non-accrual status 134 Amortized cost of residential mortgage loans in non-accrual status without a related allowance for credit losses 76 During the year ended December 31, 2021, we recognized $8 million of interest income on residential mortgage loans in non-accrual status. Commercial mortgage loans – The following represents our commercial mortgage loan portfolio by origination year and loan performance status: Predecessor December 31, 2021 (In millions) 2021 2020 2019 2018 2017 Prior Total Current (less than 30 days past due) $ 6,003 $ 1,852 $ 4,129 $ 2,731 $ 952 $ 1,255 $ 16,922 30 to 59 days past due 52 — — — 90 — 142 Total commercial mortgages $ 6,055 $ 1,852 $ 4,129 $ 2,731 $ 1,042 $ 1,255 $ 17,064 The following represents our commercial mortgage loan portfolio in non-accrual status: Predecessor (In millions) December 31, 2021 Beginning amortized cost of commercial mortgage loans in non-accrual status $ 38 Ending amortized cost of commercial mortgage loans in non-accrual status 62 Amortized cost of commercial mortgage loans in non-accrual status without a related allowance for credit losses — During the year ended December 31, 2021, no interest income was recognized on commercial mortgage loans in non-accrual status. Loan-to-value and debt service coverage ratios are measures we use to assess the risk and quality of commercial mortgage loans other than those under development. Loans under development are not evaluated using these ratios as the properties underlying these loans are generally not yet income-producing and the value of the underlying property significantly fluctuates based on the progress of construction. Therefore, the risk and quality of loans under development are evaluated based on the aging and geographical distribution of such loans as shown above. The loan-to-value ratio is expressed as a percentage of the amount of the loan relative to the value of the underlying property. A loan-to-value ratio in excess of 100% indicates the unpaid loan amount exceeds the value of the underlying collateral. Loan-to-value information is updated annually as part of the re-underwriting process supporting the National Association of Insurance Commissioners (NAIC) risk-based capital rating criteria. The following represents the loan-to-value ratio of the commercial mortgage loan portfolio, excluding those under development, by origination year: Predecessor December 31, 2021 (In millions) 2021 2020 2019 2018 2017 Prior Total Less than 50% $ 491 $ 211 $ 633 $ 293 $ 166 $ 957 $ 2,751 50% to 59% 2,127 566 1,275 629 381 191 5,169 60% to 69% 1,748 544 1,786 1,326 369 71 5,844 70% to 79% 1,442 417 360 420 101 — 2,740 80% to 99% — — — — 25 — 25 100% or greater — — — — — 36 36 Commercial mortgage loans $ 5,808 $ 1,738 $ 4,054 $ 2,668 $ 1,042 $ 1,255 $ 16,565 The debt service coverage ratio is expressed as a percentage of a property’s net operating income to its debt service payments. A debt service ratio of less than 1.0 indicates a property’s operations do not generate enough income to cover debt payments. Debt service coverage ratios are updated as more recent financial statements become available, at least annually or as frequently as quarterly in some cases. The following represents the debt service coverage ratio of the commercial mortgage loan portfolio, excluding those under development, by origination year: Predecessor December 31, 2021 (In millions) 2021 2020 2019 2018 2017 Prior Total Greater than 1.20x $ 4,370 $ 1,123 $ 2,216 $ 2,163 $ 860 $ 1,095 $ 11,827 1.00x – 1.20x 1,018 496 1,429 66 — 82 3,091 Less than 1.00x 420 119 409 439 182 78 1,647 Commercial mortgage loans $ 5,808 $ 1,738 $ 4,054 $ 2,668 $ 1,042 $ 1,255 $ 16,565 Investment Funds —Our investment fund portfolio consists of funds that employ various strategies and include investments in origination platforms, insurance platforms, and equity, hybrid, yield and other funds. Investment funds can meet the definition of VIEs, which are discussed further in Note 5 – Variable Interest Entities . Our investment funds do not specify timing of distributions on the funds’ underlying assets. The following summarizes our investment funds, including related parties and consolidated VIEs : Successor Predecessor December 31, 2022 December 31, 2021 1 (In millions, except for percentages) Carrying value Percent of total Carrying value Percent of total Investment funds Equity $ 46 58.2 % $ 410 34.8 % Hybrid 32 40.5 % 667 56.6 % Yield — — % 99 8.4 % Other 1 1.3 % 2 0.2 % Total investment funds 79 100.0 % 1,178 100.0 % Investment funds – related parties Strategic origination platforms 34 2.2 % 1,338 18.1 % Strategic insurance platforms 1,259 80.2 % 1,440 19.5 % Apollo and other fund investments Equity 246 15.7 % 1,199 16.2 % Hybrid — — % 952 12.9 % Yield 5 0.3 % 305 4.1 % Other 2 25 1.6 % 2,157 29.2 % Total investment funds – related parties 1,569 100.0 % 7,391 100.0 % Investment funds – consolidated VIEs Strategic origination platforms 4,829 38.7 % 264 20.3 % Strategic insurance platforms 529 4.2 % — — % Apollo and other fund investments Equity 2,640 21.2 % 229 17.7 % Hybrid 3,112 24.9 % 56 4.3 % Yield 1,044 8.4 % 748 57.7 % Other 326 2.6 % — — % Total investment funds – consolidated VIEs 12,480 100.0 % 1,297 100.0 % Total investment funds including related parties and funds owned by consolidated VIEs $ 14,128 $ 9,866 Note: During 2022, we contributed the majority of our investment funds to Apollo Aligned Alternatives, L.P. (AAA), which we consolidate as a VIE. See Note 14 – Related Parties for further information on AAA. 1 Certain reclassifications have been made to conform with current year presentation. 2 Includes our investment in Apollo held as of December 31, 2021. Summarized Ownership of Investment Funds —The following is the aggregated summarized financial information of equity method investees, including those for which we elected the fair value option and would otherwise be accounted for as an equity method investment, and may be presented on a lag due to the availability of financial information from the investee: Successor Predecessor (In millions) December 31, 2022 December 31, 2021 Assets $ 99,290 $ 142,045 Liabilities 92,318 108,525 Equity 6,972 33,520 Successor Predecessor (In millions) Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Net income $ 1,742 $ 6,335 $ 2,196 The following table presents the carrying value by ownership percentage of equity method investment funds, including related party investment funds and investment funds owned by consolidated VIEs : Successor Predecessor (In millions) December 31, 2022 December 31, 2021 1 Ownership Percentage 100% $ 23 $ 649 50% – 99% — 2,028 3% – 49% 542 2,668 Less than 3% 124 — Equity method investment funds $ 689 $ 5,345 1 Previously reported amounts have been revised to correct a misstatement, which was not material, for the inclusion of investment funds required to be held at fair value. The following table presents the carrying value by ownership percentage of investment funds held at fair value due to election of the fair value option, including related party investment funds and investment funds owned by consolidated VIEs : Successor Predecessor (In millions) December 31, 2022 December 31, 2021 1 Ownership Percentage 3% – 49% $ 1,576 $ 2,873 Less than 3% 2 166 Fair value investment funds $ 1,578 $ 3,039 1 Previously reported amounts have been revised to correct a misstatement, which was not material, for the inclusion of investment funds required to be held at fair value. Additionally, as of December 31, 2022 and 2021, we have $11,861 million and $1,482 million, respectively, of investment funds required to be held at fair value with various ownership percentages. Non-Consolidated Securities and Investment Funds Fixed maturity securities – We invest in securitization entities as a debt holder or an investor in the residual interest of the securitization vehicle. These entities are deemed VIEs due to insufficient equity within the structure and lack of control by the equity investors over the activities that significantly impact the economics of the entity. In general, we are a debt investor within these entities and, as such, hold a variable interest; however, due to the debt holders’ lack of ability to control the decisions within the trust that significantly impact the entity, and the fact the debt holders are protected from losses due to the subordination of the equity tranche, the debt holders are not deemed the primary beneficiary. Securitization vehicles in which we hold the residual tranche are not consolidated because we do not unilaterally have substantive rights to remove the general partner, or when assessing related party interests, we are not under common control, as defined by US GAAP, with the related parties, nor are substantially all of the activities conducted on our behalf; therefore, we are not deemed the primary beneficiary. Debt investments and investments in the residual tranche of securitization entities are considered debt instruments and are held at fair value on the balance sheet and classified as AFS or trading. Investment funds – Investment funds include non-fixed income, alternative investments in the form of limited partnerships or similar legal structures. Equity securities – We invest in preferred equity securities issued by entities deemed to be VIEs due to insufficient equity within the structure. Our risk of loss associated with our non-consolidated investments depends on the investment. Investment funds, equity securities and trading securities are limited to the carrying value plus unfunded commitments. AFS securities are limited to amortized cost plus unfunded commitments. The following summarizes the carrying value and maximum loss exposure of these non-consolidated investments: Successor Predecessor December 31, 2022 December 31, 2021 (In millions) Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure Investment funds $ 79 $ 340 $ 1,178 $ 1,792 Investment in related parties – investment funds 1,569 2,253 7,391 10,922 Assets of consolidated VIEs – investment funds 12,480 20,278 1,297 1,647 Investment in fixed maturity securities 37,454 40,992 31,769 31,622 Investment in related parties – fixed maturity securities 9,717 10,290 11,324 12,681 Investment in related parties – equity securities 279 279 284 284 Total non-consolidated investments $ 61,578 $ 74,432 $ 53,243 $ 58,948 Concentrations —The following table represents our investment concentrations. The evaluation for concentration is based on 10% of shareholders’ equity; however, we are providing the top 30 investment concentrations due to the size of our investment portfolio in comparison to our shareholders’ equity as of December 31, 2022. Successor Predecessor (In millions) December 31, 2022 December 31, 2021 Wheels Donlen 1 $ 1,288 $ 3,119 Athora 1 1,232 N/A PK AirFinance 1 999 N/A AP Tundra 896 N/A MFI Investments 878 N/A SoftBank Vision Fund II 789 N/A MidCap 1 788 N/A Cayman Universe 756 N/A Concord Music CL A2 684 N/A Redding Ridge 683 N/A AOP Finance 671 N/A Bank of America 657 N/A AA Infrastructure 624 N/A Morgan Stanley 585 N/A Venerable 1 543 N/A AP Maia 2 536 N/A Apollo Rose 2 529 N/A Citigroup 524 N/A AP Hansel 2 506 N/A JPMorgan Chase 498 N/A AT&T Inc. 437 N/A Comcast 400 N/A FWD Group 400 N/A Verizon 368 N/A MidCap Funding Franchise 357 N/A Mileage Plus 357 N/A Goldman Sachs 334 N/A Athene Wessex Investor A, L.P. 331 N/A Energy Transfer 305 N/A HWIRE 296 N/A 1 Related party amounts are representative of single issuer risk and may only include a portion of the total investments associated with a related party. See further discussion of these related parties in Note 14 – Related Parties. 2 Represents a consolidated VIE investment in which an underlying investment includes a single issuer exceeding concentration threshold. N/A – Not applicable as investment did not meet single issuer concentration threshold for the period. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | 4. Derivative Instruments We use a variety of derivative instruments to manage risks, primarily equity, interest rate, credit, foreign currency and market volatility. See Note 1 – Business, Basis of Presentation and Significant Accounting Policies for a description of our accounting policies for derivatives and Note 6 – Fair Value for information about the fair value hierarchy for derivatives. The following table presents the notional amount and fair value of derivative instruments: Successor Predecessor December 31, 2022 December 31, 2021 Notional Amount Fair Value Notional Amount Fair Value (In millions) Assets Liabilities Assets Liabilities Derivatives designated as hedges Foreign currency hedges Swaps 6,677 $ 747 $ 154 6,371 $ 281 $ 56 Forwards 6,283 406 52 6,395 189 2 Interest rate swaps 4,468 — 803 2,783 — 173 Forwards on net investments 216 2 — 231 — 4 Interest rate swaps 9,332 9 150 500 — 1 Total derivatives designated as hedges 1,164 1,159 470 236 Derivatives not designated as hedges Equity options 65,089 1,374 114 57,890 3,629 115 Futures 18 33 — 33 67 — Foreign currency swaps 3,563 251 112 2,592 57 19 Interest rate swaps 488 74 — 483 78 1 Other swaps 89 — 4 241 10 3 Foreign currency forwards 16,376 413 257 7,382 76 98 Embedded derivatives Funds withheld including related parties (6,272) (77) 1,360 45 Interest sensitive contract liabilities — 5,841 — 14,907 Total derivatives not designated as hedges (4,127) 6,251 5,277 15,188 Total derivatives $ (2,963) $ 7,410 $ 5,747 $ 15,424 Derivatives Designated as Hedges Cash Flow Hedges – We used foreign currency swaps to convert foreign currency denominated cash flows of an investment to US dollars to reduce cash flow fluctuations due to changes in currency exchange rates. Effective January 1, 2022, our foreign currency swaps were redesignated to fair value hedges as they no longer qualified for cash flow hedge accounting. We use interest rate swaps to convert floating-rate interest payments to fixed-rate interest payments to reduce exposure to interest rate changes. The interest rate swaps will expire by July 2027. The following is a summary of the gains (losses) related to cash flow hedges: Successor Predecessor (In millions) Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Investment related gains (losses) Foreign currency swaps $ — $ 14 $ — Other comprehensive income Foreign currency swaps — 254 (106) Interest rate swaps (106) — — There were no amounts deemed ineffective during the years ended December 31, 2022, 2021 and 2020, respectively. As of December 31, 2022, no amounts are expected to be reclassified to income within the next 12 months. Fair Value Hedges – We use foreign currency forward contracts, foreign currency swaps, foreign currency interest rate swaps and interest rate swaps that are designated and accounted for as fair value hedges to hedge certain exposures to foreign currency risk and interest rate risk. The foreign currency forward price is agreed upon at the time of the contract and payment is made at a specified future date. The following represents the carrying amount and the cumulative fair value hedging adjustments included in the hedged assets or liabilities: Successor Predecessor December 31, 2022 December 31, 2021 (In millions) Carrying amount of the hedged assets or liabilities 1 Cumulative amount of fair value hedging gains (losses) Carrying amount of the hedged assets or liabilities 1 Cumulative amount of fair value hedging gains (losses) AFS securities Foreign currency forwards $ 5,259 $ (217) $ 4,224 $ (136) Foreign currency swaps 4,797 (398) — — Mortgage loans – Foreign currency forwards — — 1,686 (44) Interest sensitive contract liabilities Foreign currency swaps 1,081 88 — — Foreign currency interest rate swaps 4,348 632 2,773 121 Interest rate swaps 6,577 323 500 — 1 The carrying amount disclosed for AFS securities is amortized cost. The following is a summary of the gains (losses) related to the derivatives and related hedged items in fair value hedge relationships: Amounts Excluded (In millions) Derivatives Hedged Items Net Recognized in income through amortization approach Recognized in income through changes in fair value Year ended December 31, 2022 (Successor) Investment related gains (losses) Foreign currency forwards $ 183 $ (190) $ (7) $ 67 $ 9 Foreign currency swaps 286 (310) (24) — — Foreign currency interest rate swaps (622) 632 10 — — Interest rate swaps (332) 323 (9) — — Interest sensitive contract benefits Foreign currency interest rate swaps 52 (53) (1) — — Year ended December 31, 2021 (Predecessor) Investment related gains (losses) Foreign currency forwards 420 (440) (20) 21 16 Foreign currency interest rate swaps (102) 99 (3) — — Interest rate swaps (1) 1 — — — Interest sensitive contract benefits Foreign currency interest rate swaps 23 (21) 2 — — Year ended December 31, 2020 (Predecessor) Investment related gains (losses) – Foreign currency forwards (118) 116 (2) — — Interest sensitive contract benefits – Foreign currency interest rate swaps 1 (1) — — — The following is a summary of the gains (losses) excluded from the assessment of hedge effectiveness that were recognized in OCI : Successor Predecessor (In millions) Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Foreign currency forwards $ 20 $ (22) $ — Foreign currency swaps 88 — — Net Investment Hedges – We use foreign currency forwards to hedge the foreign currency exchange rate risk of our investments in subsidiaries that have a reporting currency other than the US dollar. We assess hedge effectiveness based on the changes in forward rates. During the years ended December 31, 2022, 2021 and 2020, these derivatives had gains of $30 million, $1 million and $2 million, respectively. These derivatives are included in foreign currency translation and other adjustments on the consolidated statements of comprehensive income (loss). As of December 31, 2022 and 2021, the cumulative foreign currency translations recorded in AOCI related to these net investment hedges were gains of $30 million and $1 million, respectively. During the years ended December 31, 2022, 2021 and 2020, there were no amounts deemed ineffective. Derivatives Not Designated as Hedges Equity options – We use equity indexed options to economically hedge fixed indexed annuity products that guarantee the return of principal to the policyholder and credit interest based on a percentage of the gain in a specified market index, primarily the S&P 500. To hedge against adverse changes in equity indices, we enter into contracts to buy equity indexed options. The contracts are net settled in cash based on differentials in the indices at the time of exercise and the strike price. Futures – Futures contracts are purchased to hedge the growth in interest credited to the customer as a direct result of increases in the related indices. We enter into exchange-traded futures with regulated futures commission clearing brokers who are members of a trading exchange. Under exchange-traded futures contracts, we agree to purchase a specified number of contracts with other parties and to post variation margin on a daily basis in an amount equal to the difference in the daily fair values of those contracts. Interest rate swaps – We use interest rate swaps to reduce market risks from interest rate changes and to alter interest rate exposure arising from duration mismatches between assets and liabilities. With an interest rate swap, we agree with another party to exchange the difference between fixed-rate and floating-rate interest amounts tied to an agreed-upon notional principal amount at specified intervals. Other swaps – Other swaps include total return swaps and credit default swaps. We purchase total rate of return swaps to gain exposure and benefit from a reference asset or index without ownership. Total rate of return swaps are contracts in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of the underlying asset or index, which includes both the income it generates and any capital gains. Credit default swaps provide a measure of protection against the default of an issuer or allow us to gain credit exposure to an issuer or traded index. We use credit default swaps coupled with a bond to synthetically create the characteristics of a reference bond. These transactions have a lower cost and are generally more liquid relative to the cash market. We receive a periodic premium for these transactions as compensation for accepting credit risk. Hedging credit risk involves buying protection for existing credit risk. The exposure resulting from the agreements, which is usually the notional amount, is equal to the maximum proceeds that must be paid by a counterparty for a defaulted security. If a credit event occurs on a reference entity, then a counterparty who sold protection is required to pay the buyer the trade notional amount less any recovery value of the security. Embedded derivatives – We have embedded derivatives which are required to be separated from their host contracts and reported as derivatives. Host contracts include reinsurance agreements structured on modco or funds withheld basis and indexed annuity products. The following is a summary of the gains (losses) related to derivatives not designated as hedges: Successor Predecessor (In millions) Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Equity options $ (2,647) $ 2,452 $ 819 Futures (144) 81 123 Swaps 56 15 82 Foreign currency forwards 505 37 (127) Embedded derivatives on funds withheld (6,534) 572 2,651 Amounts recognized in investment related gains (losses) (8,764) 3,157 3,548 Embedded derivatives in indexed annuity products 1 2,934 (1,451) (1,384) Total gains (losses) on derivatives not designated as hedges $ (5,830) $ 1,706 $ 2,164 1 Included in interest sensitive contract benefits on the consolidated statements of income (loss). Credit Risk —We may be exposed to credit-related losses in the event of counterparty nonperformance on derivative financial instruments. Generally, the current credit exposure of our derivative contracts is the fair value at the reporting date less any collateral received from the counterparty. We manage credit risk related to over-the-counter derivatives by entering into transactions with creditworthy counterparties. Where possible, we maintain collateral arrangements and use master netting agreements that provide for a single net payment from one counterparty to another at each due date and upon termination. We have also established counterparty exposure limits, where possible, in order to evaluate if there is sufficient collateral to support the net exposure. Collateral arrangements typically require the posting of collateral in connection with its derivative instruments. Collateral agreements often contain posting thresholds, some of which may vary depending on the posting party’s financial strength ratings. Additionally, a decrease in our financial strength rating to a specified level can result in settlement of the derivative position. The estimated fair value of our net derivative and other financial assets and liabilities after the application of master netting agreements and collateral were as follows: Gross amounts not offset on the consolidated balance sheets (In millions) Gross amount recognized 1 Financial instruments 2 Collateral (received)/pledged Net amount Off-balance sheet securities collateral 3 Net amount after securities collateral December 31, 2022 (Successor) Derivative assets $ 3,309 $ (1,477) $ (1,952) $ (120) $ — $ (120) Derivative liabilities (1,646) 1,477 478 309 — 309 December 31, 2021 (Predecessor) Derivative assets $ 4,387 $ (430) $ (3,934) $ 23 $ — $ 23 Derivative liabilities (472) 430 32 (10) — (10) 1 The gross amounts of recognized derivative assets and derivative liabilities are reported on the consolidated balance sheets. As of December 31, 2022 and 2021, amounts not subject to master netting or similar agreements were immaterial. 2 Represents amounts offsetting derivative assets and derivative liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets or gross derivative liabilities for presentation on the consolidated balance sheets. 3 For non-cash collateral received, we do not recognize the collateral on our balance sheet unless the obligor (transferor) has defaulted under the terms of the secured contract and is no longer entitled to redeem the pledged asset. Amounts do not include any excess of collateral pledged or received. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | 5. Variable Interest Entities We determined that we are required to consolidate certain Apollo-managed investment funds and other Apollo-managed structures. Since the criteria for the primary beneficiary are satisfied by our related party group, we are deemed the primary beneficiary. In addition, we consolidate certain securitization entities where we are deemed the primary beneficiary. No arrangement exists requiring us to provide additional funding in excess of our committed capital investment, liquidity, or the funding of losses or an increase to our loss exposure in excess of our investment in any of the consolidated VIEs. The following summarizes the income statement activity of the consolidated VIEs: Successor Predecessor (In millions) Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Trading securities $ 34 $ — $ — Mortgage loans 88 73 40 Investment funds 9 4 11 Other (20) — — Net investment income $ 111 $ 77 $ 51 Trading securities $ (66) $ — $ — Net recognized investment losses on mortgage loans (250) — — Provision for credit losses — (58) 27 Investment funds 552 31 (5) Other gains (losses) 83 — — Investment related gains (losses) $ 319 $ (27) $ 22 |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value | 6. Fair Value Fair value is the price we would receive to sell an asset or pay to transfer a liability (exit price) in an orderly transaction between market participants. We determine fair value based on the following fair value hierarchy: Level 1 – Unadjusted quoted prices for identical assets or liabilities in an active market. Level 2 – Quoted prices for inactive markets or valuation techniques that require observable direct or indirect inputs for substantially the full term of the asset or liability. Level 2 inputs include the following: • Quoted prices for similar assets or liabilities in active markets, • Observable inputs other than quoted market prices, and • Observable inputs derived principally from market data through correlation or other means. Level 3 – Prices or valuation techniques with unobservable inputs significant to the overall fair value estimate. These valuations use critical assumptions not readily available to market participants. Level 3 valuations are based on market standard valuation methodologies, including discounted cash flows, matrix pricing or other similar techniques. Net Asset Value (NAV) – Investment funds are typically measured using NAV as a practical expedient in determining fair value and are not classified in the fair value hierarchy. Our carrying value reflects our pro rata ownership percentage as indicated by NAV in the investment fund financial statements, which we may adjust if we determine NAV is not calculated consistent with investment company fair value principles. The underlying investments of the investment funds may have significant unobservable inputs, which may include but are not limited to, comparable multiples and weighted average cost of capital rates applied in valuation models or a discounted cash flow model. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the instrument’s fair value measurement. We use a number of valuation sources to determine fair values. Valuation sources can include quoted market prices; third-party commercial pricing services; third-party brokers; industry-standard, vendor modeling software that uses market observable inputs; and other internal modeling techniques based on projected cash flows. We periodically review the assumptions and inputs of third-party commercial pricing services through internal valuation price variance reviews, comparisons to internal pricing models, back testing to recent trades, or monitoring trading volumes. The following represents the hierarchy for our assets and liabilities measured at fair value on a recurring basis: Successor December 31, 2022 (In millions) Total NAV Level 1 Level 2 Level 3 Assets AFS securities US government and agencies $ 2,577 $ — $ 2,570 $ 7 $ — US state, municipal and political subdivisions 927 — — 927 — Foreign governments 907 — — 906 1 Corporate 60,901 — — 59,236 1,665 CLO 16,493 — — 16,493 — ABS 10,527 — — 5,660 4,867 CMBS 4,158 — — 4,158 — RMBS 5,914 — — 5,682 232 Total AFS securities 102,404 — 2,570 93,069 6,765 Trading securities 1,595 — 23 1,519 53 Equity securities 1,087 — 150 845 92 Mortgage loans 27,454 — — — 27,454 Funds withheld at interest – embedded derivative (4,847) — — — (4,847) Derivative assets 3,309 — 42 3,267 — Short-term investments 520 — 29 455 36 Other investments 611 — — 170 441 Cash and cash equivalents 7,779 — 7,779 — — Restricted cash 628 — 628 — — Investments in related parties AFS securities Corporate 982 — — 170 812 CLO 3,079 — — 2,776 303 ABS 5,760 — — 218 5,542 Total AFS securities 9,821 — — 3,164 6,657 Trading securities 878 — — — 878 Equity securities 279 — — — 279 Mortgage loans 1,302 — — — 1,302 Investment funds 959 — — — 959 Funds withheld at interest – embedded derivative (1,425) — — — (1,425) Other investments 303 — — — 303 Reinsurance recoverable 1,388 — — — 1,388 Assets of consolidated VIEs Trading securities 1,063 — 5 436 622 Mortgage loans 2,055 — — — 2,055 Investment funds 12,480 10,009 — — 2,471 Other investments 101 — — 2 99 Cash and cash equivalents 362 — 362 — — Total assets measured at fair value $ 170,106 $ 10,009 $ 11,588 $ 102,927 $ 45,582 Liabilities Interest sensitive contract liabilities Embedded derivative $ 5,841 $ — $ — $ — $ 5,841 Universal life benefits 829 — — — 829 Future policy benefits AmerUs Closed Block 1,164 — — — 1,164 ILICO Closed Block and life benefits 548 — — — 548 Derivative liabilities 1,646 — 38 1,607 1 Other liabilities 65 — — (77) 142 Total liabilities measured at fair value $ 10,093 $ — $ 38 $ 1,530 $ 8,525 Predecessor December 31, 2021 (In millions) Total NAV Level 1 Level 2 Level 3 Assets AFS securities US government and agencies $ 223 $ — $ 214 $ 9 $ — US state, municipal and political subdivisions 1,213 — — 1,213 — Foreign governments 1,128 — — 1,126 2 Corporate 66,226 — — 64,887 1,339 CLO 13,652 — — 13,638 14 ABS 8,989 — — 5,370 3,619 CMBS 2,758 — — 2,715 43 RMBS 5,970 — — 5,970 — Total AFS securities 100,159 — 214 94,928 5,017 Trading securities 2,056 — 3 1,984 69 Equity securities 1,170 — 86 655 429 Mortgage loans 17 — — — 17 Investment funds 183 165 — — 18 Funds withheld at interest – embedded derivative 782 — — — 782 Derivative assets 4,387 — 67 4,320 — Short-term investments 139 — 49 61 29 Other investments 130 — — 130 — Cash and cash equivalents 9,479 — 9,479 — — Restricted cash 796 — 796 — — Investments in related parties AFS securities Corporate 859 — — 189 670 CLO 2,549 — — 2,347 202 ABS 6,994 — — 549 6,445 Total AFS securities 10,402 — — 3,085 7,317 Trading securities 1,781 — — 10 1,771 Equity securities 284 — — — 284 Investment funds 2,958 103 — — 2,855 Funds withheld at interest – embedded derivative 578 — — — 578 Reinsurance recoverable 1,991 — — — 1,991 Assets of consolidated VIEs Investment funds 1,297 — — — 1,297 Cash and cash equivalents 154 — 154 — — Total assets measured at fair value $ 138,743 $ 268 $ 10,848 $ 105,173 $ 22,454 Liabilities Interest sensitive contract liabilities Embedded derivative $ 14,907 $ — $ — $ — $ 14,907 Universal life benefits 1,235 — — — 1,235 Future policy benefits AmerUs Closed Block 1,520 — — — 1,520 ILICO Closed Block and life benefits 742 — — — 742 Derivative liabilities 472 — — 469 3 Funds withheld liability – embedded derivative 45 — — 45 — Total liabilities measured at fair value $ 18,921 $ — $ — $ 514 $ 18,407 Fair Value Valuation Methods —We used the following valuation methods and assumptions to estimate fair value: AFS and trading securities – We obtain the fair value for most marketable securities without an active market from several commercial pricing services. These are classified as Level 2 assets. The pricing services incorporate a variety of market observable information in their valuation techniques, including benchmark yields, trading activity, credit quality, issuer spreads, bids, offers and other reference data. This category typically includes US and non-US corporate bonds, US agency and government guaranteed securities, CLO, ABS, CMBS and RMBS. We also have fixed maturity securities priced based on indicative broker quotes or by employing market accepted valuation models. For certain fixed maturity securities, the valuation model uses significant unobservable inputs and are included in Level 3 in our fair value hierarchy. Significant unobservable inputs used include: discount rates, issue specific credit adjustments, material non-public financial information, estimation of future earnings and cash flows, default rate assumptions, liquidity assumptions and indicative quotes from market makers. These inputs are usually considered unobservable, as not all market participants have access to this data. We value privately placed fixed maturity securities based on the credit quality and duration of comparable marketable securities, which may be securities of another issuer with similar characteristics. In some instances, we use a matrix-based pricing model. These models consider the current level of risk-free interest rates, corporate spreads, credit quality of the issuer and cash flow characteristics of the security. We also consider additional factors such as net worth of the borrower, value of collateral, capital structure of the borrower, presence of guarantees and our evaluation of the borrower’s ability to compete in its relevant market. Privately placed fixed maturity securities are classified as Level 2 or 3. Equity securities – Fair values of publicly traded equity securities are based on quoted market prices and classified as Level 1. Other equity securities, typically private equities or equity securities not traded on an exchange, we value based on other sources, such as commercial pricing services or brokers, and are classified as Level 2 or 3. Mortgage loans – We estimate fair value on a monthly basis using discounted cash flow analysis and rates being offered for similar loans to borrowers with similar credit ratings. Loans with similar characteristics are aggregated for purposes of the calculations. The discounted cash flow model uses unobservable inputs, including estimates of discount rates and loan prepayments. Mortgage loans are classified as Level 3. Investment funds – Certain investment funds for which we elected the fair value option are included in Level 3 and are priced based on market accepted valuation models. The valuation models use significant unobservable inputs, which include material non-public financial information, estimation of future distributable earnings and demographic assumptions. These inputs are usually considered unobservable, as not all market participants have access to this data. Other investments – The fair value of other investments are determined using a discounted cash flow model using discount rates for similar investments. Funds withheld at interest embedded derivative – We estimate the fair value of the embedded derivative based on the change in the fair value of the assets supporting the funds withheld payable under modco and funds withheld reinsurance agreements. As a result, the fair value of the embedded derivative is classified as Level 2 or 3 based on the valuation methods used for the assets held supporting the reinsurance agreements. Derivatives – Derivative contracts can be exchange traded or over-the-counter. Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy depending on trading activity. Over-the-counter derivatives are valued using valuation models or an income approach using third-party broker valuations. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, prepayment rates and correlation of the inputs. We consider and incorporate counterparty credit risk in the valuation process through counterparty credit rating requirements and monitoring of overall exposure. We also evaluate and include our own nonperformance risk in valuing derivatives. The majority of our derivatives trade in liquid markets; therefore, we can verify model inputs and model selection does not involve significant management judgment. These are typically classified within Level 2 of the fair value hierarchy. Cash and cash equivalents, including restricted cash – The carrying amount for cash equals fair value. We estimate the fair value for cash equivalents based on quoted market prices. These assets are classified as Level 1. Interest sensitive contract liabilities embedded derivative – Embedded derivatives related to interest sensitive contract liabilities with fixed indexed annuity products are classified as Level 3. The valuations include significant unobservable inputs associated with economic assumptions and actuarial assumptions for policyholder behavior. AmerUs Closed Block – We elected the fair value option for the future policy benefits liability in the AmerUs Closed Block. Our valuation technique is to set the fair value of policyholder liabilities equal to the fair value of assets. There is an additional component which captures the fair value of the open block’s obligations to the closed block business. This component is the present value of the projected release of required capital and future earnings before income taxes on required capital supporting the AmerUs Closed Block, discounted at a rate which represents a market participant’s required rate of return, less the initial required capital. Unobservable inputs include estimates for these items. The AmerUs Closed Block policyholder liabilities and any corresponding reinsurance recoverable are classified as Level 3. ILICO Closed Block – We elected the fair value option for the ILICO Closed Block. Our valuation technique is to set the fair value of policyholder liabilities equal to the fair value of assets. There is an additional component which captures the fair value of the open block’s obligations to the closed block business. This component uses the present value of future cash flows which include commissions, administrative expenses, reinsurance premiums and benefits, and an explicit cost of capital. The discount rate includes a margin to reflect the business and nonperformance risk. Unobservable inputs include estimates for these items. The ILICO Closed Block policyholder liabilities and corresponding reinsurance recoverable are classified as Level 3. Universal life liabilities and other life benefits – We elected the fair value option for certain blocks of universal and other life business ceded to Global Atlantic. We use a present value of liability cash flows. Unobservable inputs include estimates of mortality, persistency, expenses, premium payments and a risk margin used in the discount rates that reflects the riskiness of the business. These universal life policyholder liabilities and corresponding reinsurance recoverable are classified as Level 3. Other liabilities – Other liabilities includes funds withheld liability, as described above in funds withheld at interest embedded derivative, and a ceded modco agreement of certain inforce funding agreement contracts for which we elected the fair value option. We estimate the fair value of the ceded modco agreement by discounting projected cash flows for net settlements and certain periodic and non-periodic payments. Unobservable inputs include estimates for asset portfolio returns and economic inputs used in the discount rate, including risk margin. Depending on the projected cash flows and other assumptions, the contract may be recorded as an asset or liability. The estimate is classified as Level 3. Fair Value Option — The following represents the gains (losses) recorded for instruments for which we have elected the fair value option, including related parties and consolidated VIEs: Successor Predecessor (In millions) Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Trading securities $ (424) $ (70) $ 33 Mortgage loans (3,213) — — Investment funds 114 826 295 Future policy benefits 356 80 (54) Other liabilities (37) — — Total gains (losses) $ (3,204) $ 836 $ 274 Gains and losses on trading securities and other liabilities are recorded in investment related gains (losses) on the consolidated statements of income (loss). For fair valu e option mortgage loans, we record interest income in net investment income and subsequent changes in fair value in investment related gains (losses) on the consolidated statements of income (loss). Gains and losses related to investment funds, including related party investment funds, are recorded in net investment income on the consolidated statements of income (loss). We record the change in fair value of future policy benefits to future policy and other policy benefits on the consolidated statements of income (loss). The following summarizes information for fair value option mortgage loans, including related parties and consolidated VIEs: Successor Predecessor (In millions) December 31, 2022 December 31, 2021 Unpaid principal balance $ 33,653 $ 15 Mark to fair value (2,842) 2 Fair value $ 30,811 $ 17 The following represents our commercial mortgage loan portfolio 90 days or more past due and/or in non-accrual status: Successor (In millions) December 31, 2022 Unpaid principal balance of commercial mortgage loans 90 days or more past due and/or in non-accrual status $ 74 Mark to fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status (55) Fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status $ 19 Fair value of commercial mortgage loans 90 days or more past due $ 2 Fair value of commercial mortgage loans in non-accrual status 19 The following represents our residential loan portfolio 90 days or more past due and/or in non-accrual status: Successor (In millions) December 31, 2022 Unpaid principal balance of residential mortgage loans 90 days or more past due and/or in non-accrual status $ 522 Mark to fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status (50) Fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status $ 472 Fair value of residential mortgage loans 90 days or more past due 1 $ 472 Fair value of residential mortgage loans in non-accrual status 360 1 Includes $221 million of residential mortgage loans that are guaranteed by US government-sponsored agencies. There were no fair value option mortgage loans 90 days or more past due as of December 31, 2021. The following is the estimated amount of gains (losses) included in earnings during the period attributable to changes in instrument-specific credit risk on our mortgage loan portfolio: Successor Predecessor (In millions) Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Mortgage loans $ (41) $ — $ — We estimated the portion of gains and losses attributable to changes in instrument-specific credit risk by identifying commercial loans with loan-to-value ratios meeting credit quality criteria, and residential mortgage loans with delinquency status meeting credit quality criteria. Level 3 Financial Instruments — The following are reconciliations for Level 3 assets and liabilities measured at fair value on a recurring basis. Transfers in and out of Level 3 are primarily based on changes in the availability of pricing sources, as described in the valuation methods above. Successor Year Ended December 31, 2022 Total realized and unrealized gains (losses) (In millions) Balance at January 1, 2022 Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance Total gains (losses) included in earnings 1 Total gains (losses) included in OCI 1 Assets AFS securities Foreign governments $ 2 $ (1) $ — $ — $ — $ 1 $ — $ — Corporate 1,339 (16) (123) 364 101 1,665 — (119) CLO 14 (2) — (9) (3) — — — ABS 3,619 1 (183) 788 642 4,867 — (216) CMBS 43 — (17) — (26) — — — RMBS — — 3 295 (66) 232 — 4 Trading securities 69 (9) — (10) 3 53 (5) — Equity securities 429 26 — (4) (359) 92 22 — Mortgage loans 21,154 (2,761) — 9,061 — 27,454 (2,747) — Investment funds 18 1 — — (19) — — — Funds withheld at interest – embedded derivative — (4,847) — — — (4,847) — — Short-term investments 29 — — 7 — 36 — — Other investments — (91) — 36 496 441 (91) — Investments in related parties AFS securities Corporate 670 (3) (16) 202 (41) 812 — (16) CLO 202 — (29) 130 — 303 — (29) ABS 6,445 16 (256) (715) 52 5,542 (11) (259) Trading securities 1,771 3 — (1,084) 188 878 1 — Equity securities 284 (2) — (15) 12 279 — — Mortgage loans 1,369 (225) — 158 — 1,302 (225) — Investment funds 2,855 78 — 57 (2,031) 959 119 — Funds withheld at interest – embedded derivative — (1,425) — — — (1,425) — — Short-term investments — — — 53 (53) — — — Other investments — 14 — 15 274 303 14 — Reinsurance recoverable 1,991 (603) — — — 1,388 — — Assets of consolidated VIEs Trading securities — 49 — 530 43 622 11 — Mortgage loans 2,152 (227) — (31) 161 2,055 (226) — Investment funds 1,297 72 — 1,862 (760) 2,471 58 — Other investments — (17) — 31 85 99 (24) — Total Level 3 assets $ 45,752 $ (9,969) $ (621) $ 11,721 $ (1,301) $ 45,582 $ (3,104) $ (635) Liabilities Interest sensitive contract liabilities Embedded derivative $ (7,559) $ 2,934 $ — $ (1,216) $ — $ (5,841) $ — $ — Universal life benefits (1,235) 406 — — — (829) — — Future policy benefits AmerUs Closed Block (1,520) 356 — — — (1,164) — — ILICO Closed Block and life benefits (742) 194 — — — (548) — — Derivative liabilities (3) 2 — — — (1) — — Other liabilities — (37) — (105) — (142) — — Total Level 3 liabilities $ (11,059) $ 3,855 $ — $ (1,321) $ — $ (8,525) $ — $ — 1 Related to instruments held at end of period. Predecessor Year Ended December 31, 2021 Total realized and unrealized gains (losses) (In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance Total gains (losses) included in earnings 1 Total gains (losses) included in OCI 1 Assets AFS securities US state, municipal and political subdivisions $ 34 $ — $ — $ — $ (34) $ — $ — $ — Foreign governments 2 — — — — 2 — — Corporate 778 6 27 428 100 1,339 — 27 CLO 208 — 1 (37) (158) 14 — 1 ABS 800 (17) 45 2,958 (167) 3,619 — 45 CMBS 43 2 6 (11) 3 43 — 6 Trading securities 86 (11) — 1 (7) 69 (5) — Equity securities 11 16 — 402 — 429 16 — Mortgage loans 19 — — (2) — 17 — — Investment funds 17 1 — — — 18 1 — Funds withheld at interest – embedded derivative 1,944 (1,162) — — — 782 — — Short-term investments 2 — — 27 — 29 — — Investments in related parties AFS securities Corporate 195 2 7 661 (195) 670 — 7 CLO — — — 202 — 202 — — ABS 4,109 (6) (44) 2,386 — 6,445 — (44) Trading securities 1,525 20 — 236 (10) 1,771 40 — Equity securities 72 8 — 204 — 284 8 — Investment funds 2,033 816 — 6 — 2,855 816 — Funds withheld at interest – embedded derivative 862 (284) — — — 578 — — Reinsurance recoverable 2,100 (109) — — — 1,991 — — Assets of consolidated VIEs – investment funds — 9 — 1,179 109 1,297 9 — Total Level 3 assets $ 14,840 $ (709) $ 42 $ 8,640 $ (359) $ 22,454 $ 885 $ 42 Liabilities Interest sensitive contract liabilities Embedded derivative $ (12,873) $ (1,451) $ — $ (583) $ — $ (14,907) $ — $ — Universal life benefits (1,308) 73 — — — (1,235) — — Future policy benefits AmerUs Closed Block (1,600) 80 — — — (1,520) — — ILICO Closed Block and life benefits (776) 34 — — — (742) — — Derivative liabilities (4) 1 — — — (3) — — Total Level 3 liabilities $ (16,561) $ (1,263) $ — $ (583) $ — $ (18,407) $ — $ — 1 Related to instruments held at end of period. The following represents the gross components of purchases, issuances, sales and settlements, net, and net transfers in (out) shown above: Successor Year Ended December 31, 2022 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers in Transfers out Net transfers in (out) Assets AFS securities Corporate $ 685 $ — $ (177) $ (144) $ 364 $ 393 $ (292) $ 101 CLO 3 — — (12) (9) — (3) (3) ABS 3,306 — (1,791) (727) 788 1,089 (447) 642 CMBS — — — — — — (26) (26) RMBS 296 — — (1) 295 — (66) (66) Trading securities 8 — (9) (9) (10) 56 (53) 3 Equity securities — — (4) — (4) 41 (400) (359) Mortgage loans 12,367 — (198) (3,108) 9,061 — — — Investment funds — — — — — — (19) (19) Short-term investments 59 — — (52) 7 — — — Other investments 48 — (12) — 36 496 — 496 Investments in related parties AFS securities Corporate 483 — (263) (18) 202 53 (94) (41) CLO 130 — — — 130 — — — ABS 2,889 — (94) (3,510) (715) 1,916 (1,864) 52 Trading securities 43 — (1,081) (46) (1,084) 1,448 (1,260) 188 Equity securities 195 — (119) (91) (15) 125 (113) 12 Mortgage loans 182 — — (24) 158 — — — Investment funds 91 — (34) — 57 — (2,031) (2,031) Short-term investments 53 — — — 53 — (53) (53) Other investments 31 — (16) — 15 274 — 274 Assets of consolidated VIEs Trading securities 531 — (1) — 530 430 (387) 43 Equity securities — — — — — 15 (15) — Mortgage loans 176 — — (207) (31) 384 (223) 161 Investment funds 2,014 — (152) — 1,862 11,550 (12,310) (760) Other investments 33 — (2) — 31 2,018 (1,933) 85 Total Level 3 assets $ 23,623 $ — $ (3,953) $ (7,949) $ 11,721 $ 20,288 $ (21,589) $ (1,301) Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (1,722) $ — $ 506 $ (1,216) $ — $ — $ — Other liabilities — — — (105) (105) — — — Total Level 3 liabilities $ — $ (1,722) $ — $ 401 $ (1,321) $ — $ — $ — Predecessor Year Ended December 31, 2021 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers in Transfers out Net transfers in (out) Assets AFS securities US state, municipal and political subdivisions $ — $ — $ — $ — $ — $ — $ (34) $ (34) Foreign governments 1 — — (1) — — — — Corporate 636 — (96) (112) 428 228 (128) 100 CLO — — — (37) (37) — (158) (158) ABS 4,455 — (1,001) (496) 2,958 160 (327) (167) CMBS — — (10) (1) (11) 43 (40) 3 Trading securities 5 — (4) — 1 15 (22) (7) Equity securities 402 — — — 402 — — — Mortgage loans — — — (2) (2) — — — Short-term investments 30 — (3) — 27 — — — Investments in related parties AFS securities Corporate 661 — — — 661 — (195) (195) CLO 202 — — — 202 — — — ABS 3,679 — (212) (1,081) 2,386 — — — Trading securities 422 — (117) (69) 236 — (10) (10) Equity securities 213 — — (9) 204 — — — Investment funds 6 — — — 6 — — — Assets of consolidated VIEs – investment funds 1,316 — (137) — 1,179 109 — 109 Total Level 3 assets $ 12,028 $ — $ (1,580) $ (1,808) $ 8,640 $ 555 $ (914) $ (359) Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (1,474) $ — $ 891 $ (583) $ — $ — $ — Total Level 3 liabilities $ — $ (1,474) $ — $ 891 $ (583) $ — $ — $ — Significant Unobservable Inputs — Significant unobservable inputs occur when we could not obtain or corroborate the quantitative detail of the inputs. This applies to fixed maturity securities, equity securities, mortgage loans and certain investment funds, as well as embedded derivatives in liabilities. Additional significant unobservable inputs are described below. AFS, trading and equity securities – We use discounted cash flow models to calculate the fair value for certain fixed maturity and equity securities. The discount rate is a significant unobservable input because the credit spread includes adjustments made to the base rate. The base rate represents a market comparable rate for securities with similar characteristics. This excludes assets for which fair value is provided by independent broker quotes, but includes assets for which fair value is provided by affiliated quotes. Mortgage loans – We use discounted cash flow models from independent commercial pricing services to calculate the fair value of our mortgage loan portfolio. The discount rate is a significant unobservable input. This approach uses market transaction information and client portfolio-oriented information, such as prepayments or defaults, to support the valuations. Investment funds – We use various methods for valuing of our investment funds from both independent pricing services and affiliated modeling. Interest sensitive contract liabilities – embedded derivative – Significant unobservable inputs we use in the fixed indexed annuities embedded derivative of the interest sensitive contract liabilities valuation include: 1. Nonperformance risk – For contracts we issue, we use the credit spread, relative to the US Department of the Treasury (US Treasury) curve based on our public credit rating as of the valuation date. This represents our credit risk for use in the estimate of the fair value of embedded derivatives. 2. Option budget – We assume future hedge costs in the derivative’s fair value estimate. The level of option budgets determines the future costs of the options and impacts future policyholder account value growth. 3. Policyholder behavior – We regularly review the lapse and withdrawal assumptions (surrender rate). These are based on our initial pricing assumptions updated for actual experience. Actual experience may be limited for recently issued products. The following summarizes the unobservable inputs for AFS, trading and equity securities, mortgage loans, investment funds and the embedded derivatives of fixed indexed annuities, including those of consolidated VIEs: Successor December 31, 2022 (In millions, except for percentages and multiples) Fair value Valuation technique Unobservable inputs Minimum Maximum Weighted average Impact of an increase in the input on fair value AFS, trading and equity securities $ 10,671 Discounted cash flow Discount rate 2.2 % 18.8 % 6.8 % 1 Decrease Mortgage loans 30,811 Discounted cash flow Discount rate 1.5 % 22.1 % 6.3 % 1 Decrease Investment funds 506 Discounted cash flow Discount rate 6.4 % 6.4 % 6.4 % Decrease 873 Discounted cash flow / Discount rate / 16.5% / 9x 16.5% / 9x 16.5% / 9x Decrease / Increase 529 Net tangible asset values Implied multiple 1.26x 1.26x 1.26x Increase 563 Reported net asset value Reported net asset value N/A N/A N/A N/A Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives 5,841 Discounted cash flow Nonperformance risk 0.1 % 1.7 % 1.0 % 2 Decrease Option budget 0.5 % 5.3 % 1.9 % 3 Increase Surrender rate 5.1 % 11.5 % 8.1 % 4 Decrease Predecessor December 31, 2021 (In millions, except for percentages) Fair value Valuation technique Unobservable inputs Minimum Maximum Weighted average Impact of an increase in the input on fair value AFS and trading securities 5 $ 7,512 Discounted cash flow Discount rate 1.4 % 19.4 % 5.4 % 1 Decrease Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives 14,907 Option budget method Nonperformance risk 0.1 % 1.0 % 0.6 % 2 Decrease Option budget 0.4 % 3.4 % 1.9 % 3 Increase Surrender rate 5.9 % 10.7 % 8.0 % 4 Decrease 1 The discount rate weighted average is calculated based on the relative fair values of the securities or loans. 2 The nonperformance risk weighted average is based on the projected excess benefits of reserves used in the calculation of the embedded derivative. 3 The option budget weighted average is calculated based on the indexed account values. 4 The surrender rate weighted average is calculated based on projected account values. 5 Previously reported amounts have been revised to correct a misstatement, which was not material, in the fair value and unobservable inputs for AFS and trading securities. Financial Instruments Without Readily Determinable Fair Values —We have elected the measurement alternative for certain equity securities that do not have a readily determinable fair value. As of December 31, 2022 and 2021, the carrying amount of the equity securities was $400 million and $0 million, respectively, with no cumulative recorded impairment. Fair Value of Financial Instruments Not Carried at Fair Value — The following represents our financial instruments not carried at fair value on the consolidated balance sheets: Successor December 31, 2022 (In millions) Carrying Value Fair Value NAV Level 1 Level 2 Level 3 Financial assets Investment funds $ 79 $ 79 $ 79 $ — $ — $ — Policy loans 347 347 — — 347 — Funds withheld at interest 37,727 37,727 — — — 37,727 Short-term investments 1,640 1,640 — — 1,614 26 Other investments 162 162 — — — 162 Investments in related parties Investment funds 610 610 610 — — — Funds withheld at interest 11,233 11,233 — — — 11,233 Total financial assets not carried at fair value $ 51,798 $ 51,798 $ 689 $ — $ 1,961 $ 49,148 Financial liabilities Interest sensitive contract liabilities $ 125,101 $ 111,608 $ — $ — $ — $ 111,608 Debt 3,658 2,893 — — 2,893 — Securities to repurchase 4,743 4,743 — — 4,743 — Funds withheld liability 360 360 — — 360 — Total financial liabilities not carried at fair value $ 133,862 $ 119,604 $ — $ — $ 7,996 $ 111,608 Predecessor December 31, 2021 (In millions) Carrying Value Fair Value NAV Level 1 Level 2 Level 3 Financial assets Mortgage loans $ 20,731 $ 21,138 $ — $ — $ — $ 21,138 Investment funds 995 995 995 — — — Policy loans 312 312 — — 312 — Funds withheld at interest 43,125 43,125 — — — 43,125 Other investments 1,343 1,343 — — — 1,343 Investments in related parties Mortgage loans 1,360 1,369 — — — 1,369 Investment funds 4,433 4,433 4,433 — — — Funds withheld at interest 11,629 11,629 — — — 11,629 Other invest |
Reinsurance
Reinsurance | 12 Months Ended |
Dec. 31, 2022 | |
Insurance [Abstract] | |
Reinsurance | 7. Reinsurance The following summarizes the effect of reinsurance on premiums and future policy and other policy benefits on the consolidated statements of income (loss): Successor Predecessor (In millions) Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Premiums Direct $ 11,373 $ 13,989 $ 5,691 Reinsurance assumed 377 388 413 Reinsurance ceded (112) (115) (141) Total premiums $ 11,638 $ 14,262 $ 5,963 Future policy and other policy benefits Direct $ 12,018 $ 15,482 $ 7,016 Reinsurance assumed 398 503 522 Reinsurance ceded (106) (251) (351) Total future policy and other policy benefits $ 12,310 $ 15,734 $ 7,187 Reinsurance typically provides for recapture rights on the part of the ceding company for certain events of default. Additionally, some agreements require us to place assets in trust accounts for the benefit of the ceding entity. The required minimum assets are equal to or greater than statutory reserves, as defined by the agreement, and were $12,643 million and $6,380 million as of December 31, 2022 and 2021 , respectively. Although we own the assets placed in trust, their use is restricted based on the trust agreement terms. If the statutory book value of the assets, or in certain cases fair value, in a trust declines because of impairments or other reasons, we may be required to contribute additional assets to the trust. In addition, the assets within a trust may be subject to a pledge in favor of the applicable reinsurance company. Reinsurance transactions We have entered into various coinsurance and modco agreements to reinsure blocks of fixed deferred and fixed indexed and pension group annuities. We did not have any block reinsurance transactions during the years ended December 31, 2022 or 2021. The following summarizes our block reinsurance agreements at inception: Predecessor (In millions) Year Ended December 31, 2020 Liabilities assumed $ 27,439 Less: Assets received 28,805 Net cost of reinsurance $ (1,366) Unearned revenue reserve 1 (1,366) 1 Included within interest sensitive contract liabilities on the consolidated balance sheets. Unearned revenue reserve balances are amortized over the life of the reinsurance agreements on a basis consistent with our DAC amortization policy. Effective July 1, 2020, we restructured our reinsurance agreement with Mass Mutual Life Insurance Company (MassMutual). MassMutual recaptured the existing coinsurance agreement and we immediately entered into a new funds withheld coinsurance agreement with our ALRe subsidiary. As a result, we recorded a $5,021 million increase in funds withheld at interest and a corresponding decrease in assets, primarily consisting of investments and cash. Global Atlantic – We have a 100% coinsurance and assumption agreement with Global Atlantic. The agreement ceded all existing open block life insurance business issued by Athene Annuity and Life Company (AAIA), with the exception of enhanced guarantee universal life insurance products. We also entered into a 100% coinsurance agreement with Global Atlantic to cede all policy liabilities of the ILICO Closed Block. The ILICO Closed Block consists primarily of participating whole life insurance policies. We also have an excess of loss arrangement with Global Atlantic to reimburse us for any payments required from our general assets to meet the contractual obligations of the AmerUs Closed Block not covered by existing reinsurance through Athene Re USA IV. The AmerUs Closed Block consists primarily of participating whole life insurance policies. Since all liabilities were covered by the existing reinsurance at close, no reinsurance premiums were ceded. The assets backing the AmerUs Closed Block are managed, on AAIA’s behalf, by Goldman Sachs Asset Management. As of December 31, 2022 and 2021 , Global Atlantic maintained a series of trust and custody accounts under the terms of these agreements with assets equal to or greater than a required aggregate statutory balance of $2,745 million and $2,854 million, respectively. Protective Life Insurance Company (Protective) – We reinsured substantially all of the existing life and health business of Athene Annuity & Life Assurance Company (AADE) to Protective under a coinsurance agreement in 2011. As of December 31, 2022 and 2021 , Protective maintained a trust for our benefit with assets having a fair value of $1,203 million and $1,624 million, respectively. Reinsurance Recoverables —The following summarizes our reinsurance recoverable: Successor Predecessor (In millions) December 31, 2022 December 31, 2021 Global Atlantic $ 2,461 $ 2,916 Protective 1,581 1,515 Brighthouse Financial 226 — Other 1 99 163 Reinsurance recoverable $ 4,367 $ 4,594 1 Represents all other reinsurers, with no single reinsurer having a carrying value in excess of 5% of total recoverable. |
Deferred Acquisition Costs, Def
Deferred Acquisition Costs, Deferred Sales Inducements, and Value of Business Acquired | 12 Months Ended |
Dec. 31, 2022 | |
Insurance [Abstract] | |
Deferred Acquisition Costs, Deferred Sales Inducements, and Value of Business Acquired | 8. Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired The following represents a rollforward of DAC, DSI and VOBA: Predecessor (In millions) DAC DSI VOBA Total Balance at December 31, 2019 $ 3,274 $ 820 $ 914 $ 5,008 Adoption of accounting standard 12 5 5 22 Additions 633 178 — 811 Unlocking (36) (13) (11) (60) Amortization (414) (53) (60) (527) Impact of unrealized investment (gains) losses (233) (80) (35) (348) Balance at December 31, 2020 3,236 857 813 4,906 Additions 698 265 — 963 Unlocking (18) (16) 24 (10) Amortization (483) (182) (155) (820) Impact of unrealized investment (gains) losses 182 54 87 323 Balance at December 31, 2021 $ 3,615 $ 978 $ 769 $ 5,362 Successor (In millions) DAC DSI VOBA Total Balance at January 1, 2022 $ — $ — $ 4,527 $ 4,527 Additions 1,127 413 — 1,540 Unlocking — — 4 4 Amortization (25) — (488) (513) Impact of unrealized investment (gains) losses and other 21 — (3) 18 Balance at December 31, 2022 $ 1,123 $ 413 $ 4,040 $ 5,576 The expected amortization of VOBA for the next five years is as follows: (In millions) Expected Amortization 2023 $ 440 2024 402 2025 370 2026 336 2027 301 |
Closed Block
Closed Block | 12 Months Ended |
Dec. 31, 2022 | |
Insurance [Abstract] | |
Closed Block | 9. Closed Block We pay guaranteed benefits under all policies included in the Closed Blocks. In the event the performance of the Closed Blocks’ assets is insufficient to maintain dividend scales and interest credits, we may reduce the policyholder dividend scales. In the event dividends have been reduced to zero and the Closed Blocks’ assets remain insufficient to fund the Closed Blocks’ guaranteed benefits, we would use assets supporting open block policies or surplus to meet the contractual benefits of the Closed Blocks’ policyholders. The ILICO Closed Block has been ceded to Global Atlantic. Therefore, Global Atlantic would be required to provide funding for any asset insufficiency related to the ILICO Closed Block. Additionally, the AmerUs Closed Block has a letter of credit and tail risk reinsurance agreement in place that limits our exposure to potential asset insufficiency. We elected the fair value option for the AmerUs Closed Block. The fair value of liabilities of the AmerUs Closed Block was derived at election as the sum of the fair value of the AmerUs Closed Block assets plus our cost of capital in the AmerUs Closed Block. The cost of capital was then determined to be the present value of the projected release of required capital and future after tax earnings on required capital supporting the AmerUs Closed Block, discounted at a rate which represents a market participant’s required rate of return, less the initial required capital. At each reporting period, we record the fair value of the AmerUs Closed Block by adjusting the change in liabilities, exclusive of the cost of capital, to equal the change in assets. We do not record additional policyholder dividend obligations, as there are no future US GAAP earnings available to the policyholders. The excess of the fair value of the liabilities over the fair value of the assets represents our cost of capital in the AmerUs Closed Block. The maximum amount of future earnings from the assets and liabilities of the AmerUs Closed Block is represented by the reduction in the cost of capital in future years based on the operations of the AmerUs Closed Block and recalculation of the cost of capital each reporting period. Summarized financial information of the AmerUs Closed Block is presented below. Successor Predecessor (In millions) December 31, 2022 December 31, 2021 Liabilities Future policy benefits $ 1,164 $ 1,520 Other policy claims and benefits 16 16 Dividends payable to policyholders 73 75 Other liabilities 9 — Total liabilities 1,262 1,611 Assets Trading securities 1,016 1,321 Mortgage loans 14 17 Policy loans 134 108 Total investments 1,164 1,446 Cash and cash equivalents 42 63 Accrued investment income 14 46 Reinsurance recoverable 13 14 Other assets 2 10 Total assets 1,235 1,579 Maximum future earnings to be recognized from AmerUs Closed Block $ 27 $ 32 The following represents the contribution from AmerUs Closed Block. Successor Predecessor (In millions) Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Revenues Premiums $ 29 $ 42 $ 48 Net investment income 67 68 71 Investment related gains (losses) (310) (61) 99 Total revenues (214) 49 218 Benefits and Expenses Future policy and other policy benefits (242) 24 177 Dividends to policyholders 22 27 38 Total benefits and expenses (220) 51 215 Contribution from (to) AmerUs Closed Block before income taxes 6 (2) 3 Income tax expense 1 2 1 Contribution from (to) AmerUs Closed Block, net of income taxes $ 5 $ (4) $ 2 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | 10. Debt Credit Facility —We have a revolving credit agreement with Citibank, N.A. as administrative agent, which matures on December 3, 2024, subject to up to two one-year extensions (Credit Facility). The borrowing capacity under the Credit Facility is $1.25 billion, with potential increases up to $1.75 billion. In connection with the Credit Facility, AHL and AUSA guaranteed all of the obligations of AHL, ALRe, AARe and AUSA under this facility, and ALRe and AARe guaranteed certain of the obligations of AHL, ALRe, AARe and AUSA under this facility. The Credit Facility contains various standard covenants with which we must comply, including the following: 1. Consolidated debt to capitalization ratio of not greater than 35%; 2. Minimum consolidated net worth of no less than $7.3 billion; and 3. Restrictions on our ability to incur debt and liens, in each case with certain exceptions. As of December 31, 2022 and 2021, we had no amounts outstanding under the Credit Facility and were in compliance with all financial covenants under the facility. Interest accrues on outstanding borrowings at either the Eurodollar Rate (as defined in the Credit Facility) plus a margin or a base rate plus a margin, with the applicable margin varying based on AHL’s Debt Rating (as defined in the Credit Facility). Liquidity Facility —In the third quarter of 2022, we entered into a revolving credit facility with a syndicate of banks, including Wells Fargo Bank, National Association, as administrative agent, which matures on June 30, 2023, subject to additional 364-day extensions (Liquidity Facility). The Liquidity Facility will be used for liquidity and working capital needs to meet short-term cash flow and investment timing differences. The borrowing capacity under the Liquidity Facility is $2.5 billion, with potential increases up to $3.0 billion. The Liquidity Facility contains various standard covenants with which we must comply, including the following: 1. ALRe Minimum Consolidated Net Worth (as defined in the Liquidity Facility) of no less than $9.3 billion; and 2. Restrictions on our ability to incur debt and liens, in each case with certain exceptions. Interest accrues on outstanding borrowings at either the secured overnight financing rate (Adjusted Term SOFR, as defined in the Liquidity Facility) plus a margin or a base rate plus a margin, with applicable margin varying based on ALRe’s Financial Strength Rating (as defined in the Liquidity Facility). As of December 31, 2022, we had no amounts outstanding under the Liquidity Facility and were in compliance with all financial covenants under the facility. On February 7, 2023, we borrowed $1.0 billion from the Liquidity Facility for short-term cash flow needs. Senior Notes —The following is a summary of our senior notes: Issue date January 12, 2018 April 3, 2020 October 8, 2020 May 25, 2021 December 13, 2021 November 21, 2022 Principal balance (in millions) $ 1,000 $ 500 $ 500 $ 500 $ 500 $ 400 Outstanding balance (in millions) $ 1,081 $ 606 $ 526 $ 546 $ 504 $ 395 Interest rate 4.125 % 6.150 % 3.500 % 3.950 % 3.450 % 6.650 % Maturity date January 12, 2028 April 3, 2030 January 15, 2031 May 25, 2051 May 15, 2052 February 1, 2033 The senior unsecured notes are callable by AHL at any time. If called prior to three months before the scheduled maturity date, the price is equal to the greater of (1) 100% of the principal and any accrued and unpaid interest and (2) an amount equal to the sum of the present values of remaining scheduled payments, discounted from the scheduled payment date to the redemption date treasury rate plus a spread as defined in the applicable prospectus supplement and any accrued and unpaid interest. Interest expense on long-term debt was $98 million, $105 million and $69 million for the years ended December 31, 2022, 2021 and 2020, respectively. Unsecured Revolving Promissory Note Payable with AGM —We have an unsecured revolving promissory note payable with AGM. See Note 14 – Related Parties for further information. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Common Stock | 11. Equity Preferred Stock— We have five series of preferred stock: 6.35% Fixed-to-Floating Rate Perpetual Non-Cumulative Preference Shares, Series A (Series A); 5.625% Fixed-Rate Perpetual Non-Cumulative Preference Shares, Series B (Series B); 6.375% Fixed-Rate Reset Perpetual Non-Cumulative Preference Shares, Series C (Series C); 4.875% Fixed-Rate Perpetual Non-Cumulative Preference Shares, Series D (Series D); and 7.75% Fixed-Rate Reset Perpetual Non-Cumulative Preference Shares, Series E (Series E) as summarized below: Series A Series B Series C Series D Series E Issue date June 10, 2019 September 19, 2019 June 11, 2020 December 18, 2020 December 12, 2022 Authorized, issued and outstanding 34,500 13,800 24,000 23,000 20,000 Liquidation preference per share $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 The following summarizes dividends declared and paid per preferred stock share by series: Successor Predecessor (Per share) Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Series A $ 1,587.50 $ 1,587.50 $ 1,587.51 Series B 1,406.25 1,406.25 1,406.25 Series C 1,593.75 1,593.75 880.99 Series D 1,218.75 1,259.38 — Series E — — — The following summarizes dividends declared and paid in the aggregate on the preferred stock by series: Successor Predecessor (In millions) Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Series A $ 55 $ 55 $ 55 Series B 19 19 19 Series C 38 38 21 Series D 29 29 — Total dividends declared and paid $ 141 $ 141 $ 95 Preferred stock dividends are payable on a non-cumulative basis only when, as and if declared, quarterly in arrears on the 30 th day of March, June, September and December of each year. Preferred stock ranks senior to our common stock with respect to dividends, to the extent declared, and in liquidation, to the extent of the liquidation preference. Common Stock— All of our Class A shares are owned by AGM effective January 1, 2022 with the closing of the merger. Prior to the closing of our merger with AGM, o ur bye-laws placed certain restrictions on Class A shares such that a holder of Class A shares, except for shareholders permitted by our board of directors, which include members of the Apollo Group, as defined in our bye-laws, could not control greater than 9.9% of the total outstanding vote and if a holder of Class A shares were to control greater than 9.9%, then such holder’s voting power is automatically reduced to 9.9% and the other holders of Class A shares would vote the remainder on a prorated basis. During the first quarter of 2020, shareholders approved amendments to our bye-laws which eliminated our multi-class share structure at the closing of the share transaction with AGM. Class B shares outstanding were converted to Class A shares on a one-to-one basis. Class M shares outstanding were converted to Class A shares representing 5% of the Class M value and warrants representing 95% of the Class M value. The warrants were issued with substantially the same terms, including the same economic terms, as the Class M shares. See Note 14 – Related Parties for further information on this transaction. Prior to the share transaction described above, we had six classes of common stock: Class A, Class B, Class M-1, Class M-2, Class M-3 and Class M-4. The Class M-1, Class M-2, Class M-3 and Class M-4 shares were collectively referred to as Class M shares. Class A shares collectively represented 55% of the total voting power of the Company. Class B shares collectively represented the remaining 45% of the total voting power of the Company, and were beneficially owned by shareholders who were members of the Apollo Group, as defined in our bye-laws. Class B shares were convertible to Class A shares on a one-to-one basis at any time upon notice to us. Class M shares were restricted, non-voting shares previously issued under equity incentive plans. Class M shares functioned similar to options in that they were exchangeable into Class A shares upon payment of a conversion price and satisfaction of other conditions, including vesting conditions. Share Repurchase Authorizations Our board of directors had previously approved authorizations of $1,567 million for the repurchase of our Class A shares under our repurchase program; however, the program was terminated following the closing of our merger with AGM. We accounted for share repurchases as constructive retirement, in which we reduce common stock and additional paid-in capital by the amount of the original issuance, with any excess purchase price recorded as a reduction to retained earnings. Issued and outstanding shares were reduced by the shares repurchased, and no treasury stock was recognized on the consolidated balance sheets. The following summarizes the activity on our share repurchase authorizations: Predecessor (In millions) Year Ended December 31, 2021 Year Ended December 31, 2020 Beginning balance $ 221 $ 640 Repurchases — (419) Ending balance $ 221 $ 221 As of December 31, 2022, we had $386,810 aggregate par value of authorized but undesignated shares. Dividends Our board of directors declared common stock cash dividends of $750 million on December 31, 2021, payable to holders of the Company’s Class A shares with a record date and payment date following the completion of our merger with AGM. The dividend payable was included in related party other liabilities on the consolidated balance sheets as of December 31, 2021. The dividend was paid on January 4, 2022. During the year ended December 31, 2022, our board of directors declared and we paid additional common stock dividends of $563 million. The table below shows the changes in each class of shares issued and outstanding: Successor Predecessor (In millions) Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Class A Beginning balance 192.2 191.5 143.2 Issued shares 13.1 0.9 36.0 Forfeited shares (1.5) (0.2) (0.1) Repurchased shares — — (13.3) Converted from Class B shares — — 25.4 Converted from Class M — — 0.3 Ending balance 203.8 192.2 191.5 Class B Beginning balance — — 25.4 Converted to Class A shares — — (25.4) Ending balance — — — Class M-1 Beginning balance — — 3.3 Converted to Class A shares — — (0.2) Converted to warrants — — (3.1) Ending balance — — — Class M-2 Beginning balance — — 0.8 Converted to warrants — — (0.8) Ending balance — — — Class M-3 Beginning balance — — 1.0 Converted to warrants — — (1.0) Ending balance — — — Class M-4 Beginning balance — — 4.0 Converted to Class A shares — — (0.1) Converted to warrants — — (3.6) Repurchased shares — — (0.3) Ending balance — — — Distributions to Parent — In the first quarter of 2022, we distributed our investment in AOG units to AGM. See Note 14 – Related Parties for further information on the investment in AOG units. The AOG distribution resulted in a reduction of additional paid-in capital of $1,916 million and an increase in accumulated deficit of $26 million. In connection with the AOG distribution to AGM, we also issued a stock dividend of 11.6 million shares to the Apollo Group shareholders other than AGM. Additionally, we recorded a reestablishment of the liabilities that were considered effectively settled upon merger of $810 million, as these liabilities were settled during the first quarter of 2022 in the normal course of business as intercompany payables to AGM. Acc umulated Other Comprehensive Income (Loss)— The following provides the details and changes in AOCI: Predecessor (In millions) Unrealized investment gains (losses) on AFS securities without a credit allowance Unrealized investment gains (losses) on AFS securities with a credit allowance DAC, DSI, VOBA and future policy benefits adjustments on AFS securities Unrealized gains (losses) on hedging instruments Foreign currency translation and other adjustments Accumulated other comprehensive income (loss) Balance at December 31, 2019 $ 3,102 $ — $ (879) $ 61 $ (3) $ 2,281 Adoption of accounting standards 4 (4) (6) — — (6) Other comprehensive income (loss) before reclassifications 3,312 (61) (634) (106) 18 2,529 Less: Reclassification adjustments for gains (losses) realized in net income 1 353 — (94) — — 259 Less: Income tax expense (benefit) 566 (12) (115) (26) — 413 Less: Other comprehensive income (loss) attributable to NCI 147 — — 7 7 161 Balance at December 31, 2020 5,352 (53) (1,310) (26) 8 3,971 Other comprehensive income (loss) before reclassifications 2 (2,309) 42 432 246 (10) (1,599) Less: Reclassification adjustments for gains (losses) realized in net income 1,2 614 (10) (156) 14 — 462 Less: Income tax expense (benefit) (558) 10 123 54 — (371) Less: Other comprehensive income (loss) attributable to NCI, net of subsidiary issuance of equity interests and tax (154) — — 6 (1) (149) Balance at December 31, 2021 $ 3,141 $ (11) $ (845) $ 146 $ (1) $ 2,430 Successor (In millions) Unrealized investment gains (losses) on AFS securities without a credit allowance Unrealized investment gains (losses) on AFS securities with a credit allowance DAC, DSI, VOBA and future policy benefits adjustments on AFS securities Unrealized gains (losses) on hedging instruments Foreign currency translation and other adjustments Accumulated other comprehensive income (loss) Balance at January 1, 2022 $ — $ — $ — $ — $ — $ — Other comprehensive income (loss) before reclassifications (17,929) (463) 704 69 (16) (17,635) Less: Reclassification adjustments for gains (losses) realized in net income 1 (218) (18) 5 67 — (164) Less: Income tax expense (benefit) (3,154) (86) 147 12 (2) (3,083) Less: Other comprehensive income (loss) attributable to NCI (1,992) (25) 1 (57) (4) (2,077) Balance at December 31, 2022 $ (12,565) $ (334) $ 551 $ 47 $ (10) $ (12,311) 1 Recognized in investment related gains (losses) on the consolidated statements of income (loss). 2 Previously reported amounts have been revised to correct a misstatement, which was not material, in the classification of activity between other comprehensive income (loss) before reclassifications and reclassification adjustments for gains (losses) realized. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. Income Taxes Income tax expense (benefit) consists of the following: Successor Predecessor (In millions) Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Current $ 381 $ 410 $ 107 Deferred (1,357) (24) 178 Income tax expense (benefit) $ (976) $ 386 $ 285 Income tax expense (benefit) was calculated based on the following income (loss) before income taxes by jurisdiction: Successor Predecessor (In millions) Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Bermuda $ (3,425) $ 2,780 $ 903 US (3,627) 1,559 1,083 United Kingdom (178) (153) 220 Income (loss) before income taxes $ (7,230) $ 4,186 $ 2,206 We, along with certain of our non-US subsidiaries, are Bermuda exempted companies that have historically not been subject to US corporate income taxes on earnings. As a result of the merger, our non-US earnings will generally be subject to US corporate income taxes. As a result, the post-merger expected tax provision computed on pre-tax income is based upon the statutory US tax rate of 21%. Prior to the merger, our expected tax provision computed on pre-tax income was calculated using a weighted average tax rate as the sum of the pre-tax income in each jurisdiction multiplied by that jurisdiction’s applicable statutory tax rate. Statutory tax rates of 0%, 21% and 19% had been used for Bermuda, the US and the United Kingdom (UK), respectively. A reconciliation of the difference between the expected tax provision at the weighted average tax rate and income tax expense (benefit) is as follows: Successor Predecessor (In millions, except for percentages) Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Expected tax provision computed on pre-tax income (loss) $ (1,518) $ 299 $ 268 (Decrease) increase in income taxes resulting from: Deferred tax valuation allowance 39 (2) 8 Non-deductible expenses 1 19 5 Prior year true-up 48 4 (4) Corporate owned life insurance — 52 (6) Stock compensation expense 9 2 — Noncontrolling interests 443 — — Other 2 12 14 Income tax expense (benefit) $ (976) $ 386 $ 285 Effective tax rate 13 % 9 % 13 % During the third quarter of 2021, we recorded an out-of-period adjustment that affected the consolidated statements of income (loss). The adjustment related to the correction of errors in jurisdictional income, which resulted in the misstatement of income tax expense. The adjustment understated income tax expense for the year ended December 31, 2021 by $63 million. We evaluated the out-of-period adjustment and determined it was not material to the consolidated financial statements for the year ended December 31, 2021, or any other previously reported period. Total income taxes were as follows: Successor Predecessor (In millions) Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Income tax expense (benefit) $ (976) $ 386 $ 285 Income tax expense (benefit) from OCI (3,083) (371) 413 Total income tax expense (benefit) $ (4,059) $ 15 $ 698 Current income tax recoverable and deferred tax assets are included in other assets on the consolidated balance sheets, and current income tax payable and deferred tax liabilities are included in other liabilities on the consolidated balance sheets. Current and deferred income tax assets and liabilities were as follows: Successor Predecessor (In millions) December 31, 2022 December 31, 2021 Current income tax recoverable $ 272 $ 2 Current income tax payable — 169 Net current income tax recoverable (payable) $ 272 $ (167) Deferred tax assets $ 5,913 $ — Deferred tax liabilities 34 576 Net deferred tax assets (liabilities) $ 5,879 $ (576) Deferred income tax assets and liabilities consisted of the following: Successor Predecessor (In millions) December 31, 2022 December 31, 2021 Deferred tax assets Insurance liabilities $ 2,668 $ 2,169 Net unrealized losses on AFS 3,083 — Net operating and capital loss carryforwards 185 60 Investments, including derivatives 282 — Employee benefits 8 22 Investment in foreign subsidiaries 1,011 — Other 74 39 Total deferred tax assets 7,311 2,290 Valuation allowance (105) (66) Deferred tax assets, net of valuation allowance 7,206 2,224 Deferred tax liabilities Investments, including derivatives — 974 Intangible assets 379 — Net unrealized gains on AFS — 626 DAC, DSI and VOBA 946 1,026 Other 2 174 Total deferred tax liabilities 1,327 2,800 Net deferred tax assets (liabilities) $ 5,879 $ (576) As of December 31, 2022, we have US federal net operating losses of $108 million, which will begin to expire by 2023; US state net operating losses of $302 million, which will begin to expire by 2031; and UK net operating losses of $355 million, which do not expire. The valuation allowance consists of the following: Successor Predecessor (In millions) December 31, 2022 December 31, 2021 US federal and state net operating losses and other deferred tax assets $ 16 $ 30 UK net operating losses and other deferred tax assets 89 36 Total valuation allowance $ 105 $ 66 The primary jurisdictions in which we operate and incur income taxes are the US and the UK. We have accumulated undistributed earnings generated by certain foreign subsidiaries, which we intend to indefinitely reinvest. As such, we have not recorded deferred taxes related to the accumulated undistributed earnings. We determined that estimating the unrecognized tax liability is not practicable. On August 16, 2022, the US government enacted the Inflation Reduction Act of 2022 (IRA). The IRA contains a number of tax-related provisions including a 15% minimum corporate income tax on certain large corporations as well as an excise tax on stock repurchases. It is unclear how the IRA will be ultimately implemented by the US Department of the Treasury through regulation although the IRS has issued interim guidance relevant to us describing regulations it intends to issue upon which taxpayers are entitled to rely until the issuance of regulations. We are still evaluating the impact of the IRA on our tax liability, which tax liability could also be affected by how the provisions of the IRA are implemented through such regulation. We will continue to evaluate the IRA's impact as further information becomes available. AHL and its Bermuda subsidiaries file protective US income tax returns and its US subsidiaries file income tax returns with the US federal government and various US state governments. AADE is not subject to US federal and state examinations by tax authorities for years prior to 2013, while Athene Annuity & Life Assurance Company of New York (AANY) is not subject to examinations for years prior to 2015. The Internal Revenue Service is currently auditing the 2017 consolidated tax return filed by AADE. No material adverse proposed adjustments have been issued with respect to the examination . Under current Bermuda law, we are not required to pay any taxes in Bermuda on either income or capital gains. We have received an undertaking from the Bermuda Minister of Finance that, in the event of any such taxes being imposed, we will be exempted from taxation until the year 2035. We expect that earnings from AHL’s US subsidiaries will not be subject to US dividend withholding tax under the benefits provided by the income tax treaty between the US and the UK. Any dividends remitted to AHL from ALRe are not subject to withholding tax. |
Statutory Requirements
Statutory Requirements | 12 Months Ended |
Dec. 31, 2022 | |
Insurance [Abstract] | |
Insurance Disclosure [Text Block] | 13. Statutory Requirements Our insurance and reinsurance subsidiaries are subject to insurance laws and regulations in the jurisdictions in which they operate including Bermuda and the US. Certain regulations include restrictions that limit the dividends or other distributions, such as loans or cash advances, available to shareholders without prior approval of the insurance regulatory authorities. The differences between financial statements prepared for insurance regulatory authorities and US GAAP financial statements vary by jurisdiction. Bermuda statutory requirements —ALRe, AARe and Athene Co-Invest Reinsurance Affiliate 1A Ltd. (ACRA 1A) are each licensed by the Bermuda Monetary Authority (BMA) as long-term insurers and are subject to the Insurance Act 1978, as amended (Bermuda Insurance Act) and regulations promulgated thereunder. The BMA implemented the Economic Balance Sheet (EBS) framework into the Bermuda Solvency Capital Requirement (BSCR), which was granted equivalence to the European Union’s Directive (2009/138/EC) (Solvency II). Under the Bermuda Insurance Act, long-term insurers are required to maintain minimum statutory capital and surplus to meet the minimum margin of solvency (MMS) and minimum economic statutory capital and surplus (EBS capital and surplus) to meet the Enhanced Capital Requirement (ECR). For our Class C reinsurer, ACRA 1A, MMS is equal to the greater of $500,000, 1.5% of the total statutory assets or 25% of ECR. For our Class E reinsurers, ALRe and AARe, MMS is equal to the greater of $8 million, 2% of the first $500 million of statutory assets plus 1.5% of statutory assets above $500 million or 25% of ECR. For each class, the ECR is calculated based on a risk-based capital model where risk factor charges are applied to the EBS. The ECR is floored at the MMS. As of December 31, 2022, our Bermuda subsidiaries were in excess of the minimum levels required. For our Bermuda reinsurance subsidiaries, the ECR is the binding regulatory constraint. The following represents the EBS capital and surplus and BSCR ratios: Successor Predecessor December 31, 2022 December 31, 2021 (In millions, except percentages) EBS capital & surplus BSCR ratio EBS capital & surplus BSCR ratio ALRe $ 16,759 256 % $ 14,630 209 % AARe 1 21,876 278 % 6,632 2,460 % ACRA 1A 5,993 262 % 3,872 183 % 1 As a result of the merger, our legal entities were reorganized, which resulted in a significant change to AARe’s statutory capital position. Under the EBS framework, statutory financial statements are generally equivalent to GAAP financial statements, with the exception of permitted practices granted by the BMA. Our Bermuda subsidiaries have permission in the statutory financial statements to use amortized cost instead of fair value as the basis for certain investments. Additionally, our Bermuda subsidiaries use US statutory reserving principles for the calculation of insurance reserves instead of GAAP, subject to the reserves being proved adequate based on cash flow testing. The following represents the effect of the permitted practices to the statutory financial statements: Successor December 31, 2022 (In millions) ALRe AARe ACRA 1A Increase (decrease) to capital and surplus due to permitted practices $ 6,029 $ 19,671 $ 8,289 Increase (decrease) to statutory net income due to permitted practices 2,605 5,299 5,945 Under the Bermuda Insurance Act, our Bermuda subsidiaries are prohibited from paying a dividend in an amount exceeding 25% of the prior year’s statutory capital and surplus, unless at least two members of the companies’ respective board of directors and its principal representative in Bermuda sign and submit to the BMA an affidavit attesting that a dividend in excess of this amount would not cause the subsidiary to fail to meet its relevant margins. In certain instances, the Bermuda subsidiary would also be required to provide prior notice to the BMA in advance of the payment of dividends. In the event that such an affidavit is submitted to the BMA, and further subject to meeting the MMS and ECR requirements, a Bermuda subsidiary is permitted to distribute up to the sum of 100% of statutory surplus and an amount less than 15% of statutory capital. Distributions in excess of this amount require the approval of the BMA. The following represents the maximum distribution our Bermuda subsidiaries would be permitted to remit to its parent without the need for prior approval: Successor Predecessor (In millions) December 31, 2022 December 31, 2021 ALRe $ 5,550 $ 7,122 AARe 7,050 165 ACRA 1A 1,912 1,759 US statutory requirements —Our regulated US subsidiaries and the corresponding insurance regulatory authorities are as follows: Subsidiary Regulatory Authority AADE Delaware Department of Insurance AAIA Iowa Insurance Division AANY New York Department of Financial Services Athene Re USA IV State of Vermont Department of Financial Regulation Each entity’s statutory statements are presented on the basis of accounting practices determined by the respective regulatory authority. The regulatory authority recognizes only statutory accounting practices prescribed or permitted by the corresponding state for determining and reporting the financial condition and results of operations of an insurance company and for determining its solvency under insurance law. The maximum dividend these subsidiaries can pay to shareholders, without prior approval of the respective state insurance department, is subject to restrictions relating to statutory surplus or net gain from operations. The maximum dividend payment over a twelve-month period may not, without prior approval, be paid from a source other than earned surplus and may not exceed the greater of (1) the prior year’s net gain from operations or (2) 10% of prior year’s policyholders’ surplus. Based on these restrictions, the maximum dividend AADE could pay to its parent absent regulatory approval was $0 million and $0 million as of December 31, 2022 and 2021, respectively. Any dividends from AHL’s other US statutory entities in excess of the amounts allowed for AADE would not be able to be remitted to its parent without regulatory approval from the Delaware Department of Insurance. As of December 31, 2022, our US subsidiaries’ solvency, liquidity and risk-based capital amounts were significantly in excess of the minimum levels required. In some instances, the states of domicile of our US subsidiaries have adopted prescribed accounting practices that differ from the required accounting outlined in NAIC Statutory Accounting Principles (SAP). These subsidiaries also have certain accounting practices permitted by the states of domicile that differ from those found in NAIC SAP. These prescribed and permitted practices are described as follows: AAIA – Among the products issued by AAIA are indexed universal life insurance and fixed indexed annuities. These products allow a portion of the premium to earn interest based on certain indices, primarily the S&P 500. We purchase call options, futures and variance swaps to hedge the growth in interest credited to the customer as a direct result of increases in the related index. The Iowa Insurance Division allows an insurer to elect (1) to use an amortized cost method to account for certain derivative instruments, such as call options, purchased to hedge the growth in interest credited to the customer on indexed insurance products and (2) to use an indexed annuity reserve calculation methodology under which call options associated with the current index interest crediting term are valued at zero. AAIA has elected to apply this option to its over-the-counter call options and reserve liabilities. As a result, AAIA’s statutory surplus increased by $62 million and decreased $91 million as of December 31, 2022 and 2021, respectively. Athene Re USA IV – AAIA has ceded the AmerUs Closed Block to Athene Re USA IV on a 100% funds withheld basis. A permitted practice in the State of Vermont allows Athene Re USA IV to include as admitted assets the face amount of all issued and outstanding letters of credit used to fund its reinsurance obligations to AAIA in its statutory financial statements. If Athene Re USA IV had not followed this permitted practice, then it would not have exceeded authorized control level risk based capital requirements. As of December 31, 2022 and 2021, Athene Re USA IV included as admitted assets $112 million and $117 million, respectively, related to the outstanding letters of credit. Statutory capital and surplus and net income (loss) —The following table presents, for each of our primary insurance subsidiaries, the statutory capital and surplus and the statutory net income (loss), based on the most recent statutory financial statements to be filed with insurance regulators: Statutory capital & surplus Statutory net income (loss) Successor Predecessor Successor Predecessor (In millions) December 31, 2022 December 31, 2021 Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 ALRe $ 13,084 $ 11,823 $ 937 $ 3,278 $ 1,544 AARe 17,126 2,649 1,329 (3,703) 92 ACRA 1A 5,637 4,187 (87) 293 1,522 AADE 2,298 1,605 (20) (70) 54 AAIA 2,067 1,279 (238) (182) (8) AANY 284 304 (23) (8) (25) |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Parties | Apollo Fee structure – Substantially all of our investments are managed by Apollo. Apollo provides us a full suite of services that includes: direct investment management; asset sourcing and allocation; mergers and acquisition sourcing, execution and asset diligence; and strategic support and advice. Apollo also provides certain operational support services for our investment portfolio including investment compliance, tax, legal and risk management support. Apollo has extensive experience managing our investment portfolio and its knowledge of our liability profile enables it to tailor an asset management strategy to fit our specific needs. This strategy has proven responsive to changing market conditions and focuses on earning incremental yield by taking liquidity risk and complexity risk, rather than assuming incremental credit risk. Our partnership has enabled us to take advantage of investment opportunities that would likely not otherwise have been available to us. Under our fee agreement with Apollo, we pay Apollo a base management fee of (1) 0.225% per year on a monthly basis equal to the lesser of (A) $103.4 billion, which represents the aggregate fair market value of substantially all of the assets in substantially all of the accounts of or relating to us (collectively, the Accounts) as of December 31, 2018 (Backbook Value), and (B) the aggregate book value of substantially all of the assets in the Accounts at the end of the respective month, plus (2) 0.15% per year of the amount, if any, by which the aggregate book value of substantially all of the assets in the Accounts at the end of the respective month exceeds the Backbook Value, subject to certain adjustments. Additionally, we pay a sub-allocation fee based on specified asset class tiers ranging from 0.065% to 0.70% of the book value of such assets, with the higher percentages in this range for asset classes that are designed to have more alpha generating abilities. During the years ended December 31, 2022, 2021,and 2020 we incurred management fees, inclusive of the base and sub-allocation fees, of $775 million, $592 million and $490 million respectively. Management fees are included within net investment income on the consolidated statements of income (loss). As of December 31, 2022 and December 31, 2021, management fees payable were $80 million and $59 million, respectively, and are included in other liabilities on the consolidated balance sheets. Such amounts include fees incurred attributable to ACRA including all of the noncontrolling interest in ACRA. In addition to the assets on our consolidated balance sheets managed by Apollo, Apollo manages the assets underlying our funds withheld receivable. For these assets, the third-party cedants pay Apollo fees based upon the same fee construct we have with Apollo. Such fees directly reduce the settlement payments that we receive from the third-party cedant and, as such, we indirectly pay those fees. Finally, Apollo charges management fees and carried interest on Apollo-managed funds and other entities in which we invest. Neither the fees paid by such third-party cedants nor the fees or carried interest paid by such Apollo-managed funds or other entities are included in the investment management fee amounts noted above. Termination of ACRA investment management agreements (IMA) – Our bye-laws currently provide that, with respect to IMAs covering assets backing reserves and surplus in ACRA, whether from internal reinsurance, third-party reinsurance, or inorganic transactions, among us or any of our subsidiaries, on the one hand, and Apollo Insurance Solutions Group LP (ISG), on the other hand, we may not, and will not cause our subsidiaries to, terminate any such IMA with Apollo other than at specified termination dates and with relevant board approvals of independent directors and written notice. Governance – We have a management investment and asset liability committee, which includes members of our senior management and reports to the risk committee of our board of directors. The committee focuses on strategic decisions involving our investment portfolio, such as approving investment limits, new asset classes and our allocation strategy, reviewing large asset transactions, as well as monitoring our credit risk, and the management of our assets and liabilities. AGM owns all of our common stock and prior to our merger with AGM on January 1, 2022 a significant voting interest in the Company was held by shareholders who are members of the Apollo Group. Also, James Belardi, our Chief Executive Officer, serves as a member of the board of directors and an executive officer of AGM, and Chief Executive Officer of ISG, which is also a subsidiary of AGM. Mr. Belardi also owns a profit interest in ISG and in connection with such interest receives quarterly distributions equal to 3.35% of base management fees and 4.5% of subadvisory fees, as such fees are defined in our fee agreement with Apollo. Additionally, six of the fourteen members of our board of directors (including Mr. Belardi) are employees of or consultants to Apollo. In order to protect against potential conflicts of interest resulting from transactions into which we have entered and will continue to enter into with the Apollo Group, our bye-laws require us to maintain a conflicts committee comprised solely of directors who are not general partners, directors (other than independent directors of AGM), managers, officers or employees of any member of the Apollo Group. The conflicts committee reviews and approves material transactions between us and the Apollo Group, subject to certain exceptions. Other related party transactions AAA – In 2022, we contributed $8,007 million of certain of our alternative investments to AAA in exchange for limited partnership interests in AAA. We consolidate AAA as a VIE. Apollo established AAA for the purpose of providing a single vehicle through which we and third-party investors can participate in a portfolio of alternative investments, which include those managed by Apollo. Additionally, we believe AAA enhances Apollo’s ability to increase alternative assets under management by raising capital from third parties, which will allow Athene to achieve greater scale and diversification for alternatives. Third-party investors began to invest in AAA on July 1, 2022. Wheels Donlen – We contributed our limited partnership investment in Athene Freedom Parent, LP (Athene Freedom), for which an Apollo affiliate is the general partner, to AAA during the second quarter of 2022. Athene Freedom indirectly invests in Wheels, Inc. (Wheels) and Donlen, LLC (Donlen). During the fourth quarter of 2022, Athene Freedom also invested in LeasePlan USA, Inc. (LeasePlan). We own securities issued by Wheels, Donlen and LeasePlan of $1,024 million and $2,419 million as of December 31, 2022 and December 31, 2021, respectively, which are held as related party AFS securities on the consolidated balance sheets. During the second quarter 2022, we received redemptions on Wheels securities of $1,479 million. A-A Mortgage – We held an equity method investment of $26 million as of December 31, 2021 in A-A Mortgage, which previously held an investment in AmeriHome. In 2021, Apollo and Athene sold AmeriHome to a subsidiary of Western Alliance Bancorporation and we recognized $182 million of revenue from the premium of the platform sale, net of carry and transaction expenses. MidCap – We have various investments in MidCap including an investment through AAA, senior unsecured notes and redeemable preferred stock. We previously directly held MidCap profit participating notes until contribution to AAA during the second quarter of 2022. We also hold structured securities issued by MidCap affiliates. As of December 31, 2022, we held securities issued by MidCap and its affiliates of $1,262 million, which are included in related party AFS or trading securities on the consolidated balance sheets. The following summarizes the predecessor investments in MidCap: Predecessor (In millions) December 31, 2021 Profit participating notes $ 635 Senior unsecured notes 158 Redeemable preferred stock 7 Total investment in MidCap $ 800 As of December 31, 2021, we also held ABS and CLO securities issued by MidCap affiliates of $897 million, which are included in related party AFS securities on the consolidated balance sheets. Athora – We have a cooperation agreement with Athora, pursuant to which, among other things, (1) for a period of 30 days from the receipt of notice of a cession, we have the right of first refusal to reinsure (i) up to 50% of the liabilities ceded from Athora’s reinsurance subsidiaries to Athora Life Re Ltd. and (ii) up to 20% of the liabilities ceded from a third party to any of Athora’s insurance subsidiaries, subject to a limitation in the aggregate of 20% of Athora’s liabilities, (2) Athora agreed to cause its insurance subsidiaries to consider the purchase of certain funding agreements and/or other spread instruments issued by our insurance subsidiaries, subject to a limitation that the fair market value of such funding agreements purchased by any of Athora’s insurance subsidiaries may generally not exceed 3% of the fair market value of such subsidiary’s total assets, (3) we provide Athora with a right of first refusal to pursue acquisition and reinsurance transactions in Europe (other than the UK) and (4) Athora provides us and our subsidiaries with a right of first refusal to pursue acquisition and reinsurance transactions in North America and the UK. Notwithstanding the foregoing, pursuant to the cooperation agreement, Athora is only required to use its reasonable best efforts to cause its subsidiaries to adhere to the provisions set forth in the cooperation agreement and therefore Athora’s ability to cause its subsidiaries to act pursuant to the cooperation agreement may be limited by, among other things, legal prohibitions or the inability to obtain the approval of the board of directors or other applicable governing body of the applicable subsidiary, which approval is solely at the discretion of such governing body. As of December 31, 2022, we have not exercised our right of first refusal to reinsure liabilities ceded to Athora’s insurance or reinsurance subsidiaries. We have investments in Athora’s equity, which we hold as a related party investment fund on the consolidated balance sheets, and non-redeemable preferred equity securities. The following table summarizes our investments in Athora: Successor Predecessor (In millions) December 31, 2022 December 31, 2021 Investment fund $ 959 $ 743 Non-redeemable preferred equity securities 273 171 Total investment in Athora $ 1,232 $ 914 Additionally, as of December 31, 2022 and 2021, we had $59 million and $63 million, respectively, of funding agreements outstanding to Athora . We also have commitments to make additional equity investments in Athora of $551 million as of December 31, 2022. Catalina – We have an investment in Apollo Rose II (B) (Apollo Rose) which we consolidate as a VIE in 2022. Apollo Rose has equity interests in Catalina Holdings (Bermuda) Ltd. (Catalina) which we hold as a consolidated VIE related party investment fund on the consolidated balance sheets. Prior to 2022, we held Apollo Rose as a related party investment fund. During the fourth quarter of 2022, we entered into a strategic modco reinsurance agreement with Catalina General Insurance Ltd., which is a subsidiary of Catalina, to cede certain inforce funding agreements. We elected the fair value option on this agreement and recognized a $142 million liability as of December 31, 2022. Venerable – We have coinsurance and modco agreements with Venerable Insurance and Annuity Company (VIAC). VIAC is a related party due to our minority equity investment in its holding company’s parent, VA Capital , which was $240 million and $219 million as of December 31, 2022 and December 31, 2021, respectively. The minority equity investment in VA Capital is included in related party investment funds on the consolidated balance sheets and accounted for as an equity method investment. VA Capital is owned by a consortium of investors, led by affiliates of Apollo, Crestview Partners III Management , LLC and Reverence Capital Partners L.P., and is the parent of Venerable, which is the parent of VIAC. On June 1, 2021, Apollo Hybrid Value Fund, L.P., AA Direct, L.P. and certain entities affiliated with Athora, collectively through an acquisition vehicle, AP Violet, L.P. (AP Violet), along with Crestview and Reverence agreed to acquire a portion of the minority equity investment in VA Capital from us and Apollo. As a result, during the year ended December 31, 2021, we sold portions of our equity investment for $124 million of which $25 million was deferred consideration, to Crestview, Reverence and AP Violet. We also have term loans receivable from Venerable due in 2033, which are included in related party other investments on the consolidated balance sheets. The loans are held at fair value and were $303 million as of December 31, 2022 and previously held at principal balance less allowances and were $222 million as of December 31, 2021. While management views the overall transactions with Venerable as favorable to us, the stated interest rate of 6.257% on the initial term loan to Venerable represented a below-market interest rate, and management considered such rate as part of its evaluation and pricing of the reinsurance transactions. Strategic Partnership – We have an agreement pursuant to which we may invest up to $2.875 billion over three years in funds managed by Apollo entities (Strategic Partnership). This arrangement is intended to permit us to invest across the Apollo alternatives platform into credit-oriented, strategic and other alternative investments in a manner and size that is consistent with our existing investment strategy. Fees for such investments payable by us to Apollo would be more favorable to us than market rates, and consistent with our existing alternative investments, investments made under the Strategic Partnership require approval of ISG and remain subject to our existing governance processes, including approval by our conflicts committee where applicable. During the second quarter of 2022, we contributed the majority of our Strategic Partnership investments to AAA. As of December 31, 2022 and December 31, 2021, we had $1,046 million and $415 million, respectively, of investments under the Strategic Partnership and these investments are typically included as consolidated VIEs or related party investment funds on the consolidated balance sheets. PK AirFinance – We have investments in PK AirFinance (PK Air), an aviation lending business with a portfolio of loans (Aviation Loans). The Aviation Loans are generally fully secured by aircraft leases and aircraft and are securitized by a special purpose vehicle (SPV) for which Apollo acts as ABS manager (ABS-SPV). The ABS-SPV issues tranches of senior notes and subordinated notes, which are secured by the Aviation Loans. We have purchased both senior and subordinated notes of PK Air, which are included in related party AFS or trading securities on the consolidated balance sheets. During the first quarter of 2022, we contributed our investment in the subordinated notes to PK Air Holdings, LP (PK Air Holdings) and then contributed PK Air Holdings to AAA during the second quarter of 2022. The following summarizes our investments in PK Air notes: Successor Predecessor (In millions) December 31, 2022 December 31, 2021 AFS or trading securities $ 1,183 $ 1,401 We also have commitments to make additional investments in PK Air of $1,205 million as of December 31, 2022. Apollo/Athene Dedicated Investment Program (ADIP) – Our subsidiary, Athene Co-Invest Reinsurance Affiliate Holding Ltd. (together with its subsidiaries, ACRA) is partially owned by ADIP, a series of funds managed by Apollo. ALRe currently holds 36.55% of the economic interests in ACRA and all of ACRA’s voting interests, with ADIP holding the remaining 63.45% of the economic interests. During the years ended December 31, 2022, 2021 and 2020 we received capital contributions of $1,047 million, $758 million and $240 million respectively, from ADIP and paid dividends of $63 million, $0 million and $46 million respectively, to ADIP. Additionally, as of December 31, 2022 and 2021 , we had $202 million and $81 million, respectively, of related party payables for contingent investment fees payable by ACRA to Apollo. ACRA is obligated to pay the contingent investment fees on behalf of ADIP and, as such, the balance is attributable to noncontrolling interest. Unsecured Revolving Promissory Note Receivable with AGM – AHL has an unsecured revolving promissory note with AGM which allows AGM to borrow funds from AHL. The note has a borrowing capacity of $500 million. Interest accrues at the US mid-term applicable federal rate per year and has a maturity date of December 13, 2025, or earlier at AHL’s request. The note receivable had an outstanding balance of $78 million as of December 31, 2022. Unsecured Revolving Promissory Note Payable with AGM – AHL has an unsecured revolving promissory note with AGM which allows AHL to borrow funds from AGM. The note has a borrowing capacity of $500 million. Interest accrues at the US mid-term applicable federal rate per year and has a maturity date of December 13, 2025, or earlier at AGM’s request. There was no outstanding balance on the note payable as of December 31, 2022. Apollo Share Exchange and Related Transactions – On February 28, 2020, we closed a strategic transaction with AGM and certain affiliates of AGM which collectively comprise the AOG, pursuant to which we sold 27,959,184 newly issued Class A common shares to the AOG for an investment in Apollo of 29,154,519 newly issued AOG units valued at $1.1 billion and we sold 7,575,758 newly issued Class A common shares to the AOG for $350 million. As of December 31, 2021, the investment in Apollo was $2,112 million, which was included in related party investment funds on the consolidated balance sheets. Subsequent to our merger with AGM, our investment in Apollo was distributed to AGM in the first quarter of 2022. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 15. Commitments and Contingencies Contingent Commitments —We had commitments to make investments, primarily capital contributions to investment funds, inclusive of related party commitments discussed previously and those of consolidated VIEs, of $17.8 billion as of December 31, 2022. We expect most of our current commitments will be invested over the next five years; however, these commitments could become due any time upon counterparty request. Funding Agreements —We are a member of the Federal Home Loan Bank of Des Moines (FHLB) and, through membership, we have issued funding agreements to the FHLB in exchange for cash advances. As of December 31, 2022 and 2021, we had $3.7 billion and $2.8 billion, respectively, of FHLB funding agreements outstanding. We are required to provide collateral in excess of the funding agreement amounts outstanding, considering any discounts to the securities posted and prepayment penalties. We have a funding agreement backed notes (FABN) program, which allows Athene Global Funding, a special-purpose, unaffiliated statutory trust, to offer its senior secured medium-term notes. Athene Global Funding uses the net proceeds from each sale to purchase one or more funding agreements from us. As of December 31, 2022 and 2021 , we had $21.0 billion and $19.7 billion, respectively, of board-authorized FABN funding agreements outstanding. We had $13.5 billion of board-authorized FABN capacity remaining as of December 31, 2022. We also established a secured funding agreement backed repurchase agreement (FABR) program, in which a special-purpose, unaffiliated entity enters into repurchase agreements with a bank and the proceeds of the repurchase agreements are used by the special purpose entity to purchase funding agreements from us. As of December 31, 2022 and December 31, 2021, we had $3.0 billion and $1.0 billion, respectively, of FABR funding agreements outstanding. Pledged Assets and Funds in Trust (Restricted Assets)— The total restricted assets included on the consolidated balance sheets are as follows: Successor Predecessor (In millions) December 31, 2022 December 31, 2021 AFS securities $ 15,366 $ 9,111 Trading securities 55 75 Equity securities 38 30 Mortgage loans 8,849 5,033 Investment funds 103 174 Derivative assets 65 96 Short-term investments 120 — Other investments 170 130 Restricted cash 628 796 Total restricted assets $ 25,394 $ 15,445 The restricted assets are primarily related to reinsurance trusts established in accordance with coinsurance agreements and the FHLB and FABR funding agreements described above. Letters of Credit —We have undrawn letters of credit totaling $1,353 million as of December 31, 2022. These letters of credit were issued for our reinsurance program and have expirations through July 28, 2025. Assurance Letter —On February 8, 2023 and February 23, 2023, the Company, Apollo and Credit Suisse AG (CS) undertook the first two closes on a previously announced transaction whereby Atlas Securitized Products Holdings LP (Atlas), which is owned by AAA, acquired certain assets of the CS Securitized Products Group. Under terms of the transaction, Atlas has agreed to pay CS $3.3 billion, of which $0.4 billion is deferred until February 8, 2026, and $2.9 billion is deferred until February 8, 2028. This deferred purchase price is an obligation first of Atlas, and (as a result of additional guarantees provided by AAA, Apollo Asset Management, Inc. (AAM) and AHL) second of AAA, third of AAM, fourth of AHL and fifth of AARe, which has issued an assurance letter to CS to guarantee the full amount of $3.3 billion. The fair values of our guarantees related to this transaction are not material to the consolidated financial statements. Litigation, Claims and Assessments Corporate-owned Life Insurance (COLI) Matter – In 2000 and 2001, two insurance companies which were subsequently merged into AAIA, purchased broad based variable COLI policies from American General Life Insurance Company (American General). In January 2012, the COLI policy administrator delivered to AAIA a supplement to the existing COLI policies and advised that American General and ZC Resource Investment Trust (ZC Trust) had unilaterally implemented changes set forth in the supplement that, if effective, would: (1) potentially negatively impact the crediting rate for the policies and (2) change the exit and surrender protocols set forth in the policies. In March 2013, AAIA filed suit against American General, ZC Trust, and ZC Resource LLC in Chancery Court in Delaware, seeking, among other relief, a declaration that the changes set forth in the supplement were ineffectual and in breach of the parties’ agreement. The parties filed cross motions for judgment as a matter of law, and the court granted defendants’ motion and dismissed without prejudice on ripeness grounds. The issue that negatively impacts the crediting rate for one of the COLI policies has subsequently been triggered and, on April 3, 2018, we filed suit against the same defendants in Chancery Court in Delaware seeking substantially similar relief. Defendants moved to dismiss and the court heard oral arguments on February 13, 2019. The court issued an opinion on July 31, 2019 that did not address the merits, but found that the Chancery Court did not have jurisdiction over our claims and directed us to either amend our complaint or transfer the matter to Delaware Superior Court. The matter was transferred to the Delaware Superior Court. Defendants renewed their motion to dismiss and the Superior Court heard oral arguments on December 18, 2019. The Superior Court issued an opinion on May 18, 2020 in which it granted in part and denied in part defendants’ motion. The Superior Court denied defendants’ motion with respect to the issue that negatively impacts the crediting rate for one of the COLI policies, which issue proceeded to discovery. The Superior Court granted defendants’ motion and dismissed without prejudice on ripeness grounds claims related to the exit and surrender protocols set forth in the policies, and dismissed defendant ZC Resource LLC. If the supplement were to have been deemed effective, the purported changes to the policies could have impaired AAIA’s ability to access the value of guarantees associated with the policies. The parties engaged in discovery as well as discussions concerning whether the matter could be resolved without further litigation and, at the request of the parties, on August 11, 2021, the court entered an Amended Scheduling Order setting the trial date for June 2023. On December 27, 2021, the parties agreed in principle to a settlement, pursuant to which we will be able to surrender the policies at any time and receive proceeds within six months. During the year ended December 31, 2021, we recorded an impairment of the COLI asset of $53 million, and an adjustment to deferred tax liabilities of $47 million, to reflect the terms of the settlement. The Superior Court formally dismissed the matter on December 28, 2022. We surrendered the policies effective December 30, 2022. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | 16. Product and Geographic Information We operate our core business strategies out of one reportable segment. We market annuity products, primarily fixed rate and fixed indexed annuities. Deposits, which are generally not included in revenues on the consolidated statements of income (loss), and premiums collected are as follows: Successor Predecessor (In millions) Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Fixed indexed annuities $ 11,212 $ 8,408 $ 20,257 Fixed rate annuities 15,322 2,662 20,433 Payouts without life contingencies 490 542 545 Funding agreements 7,770 11,852 7,679 Life and other deposits 2 2 2 Total deposits 34,796 23,466 48,916 Payouts with life contingencies 11,606 14,217 5,911 Life and other premiums 32 45 52 Total premiums 11,638 14,262 5,963 Total premiums and deposits, net of ceded $ 46,434 $ 37,728 $ 54,879 Deposits and premiums by the geographical location are primarily attributed to individual countries based on the jurisdiction of the subsidiary that directly issued or assumed the business and are as follows: Successor Predecessor (In millions) Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 United States $ 34,646 $ 25,380 $ 19,187 Bermuda 11,788 12,348 35,692 Total premiums and deposits, net of ceded $ 46,434 $ 37,728 $ 54,879 |
Schedule I Summary of Investmen
Schedule I Summary of Investments - Other Than Investments in Related Parties (Notes) | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract] | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Text Block] | Successor December 31, 2022 (In millions) Cost or Amortized Cost Fair Value Amount Shown on Consolidated Balance Sheet AFS securities US government and agencies $ 3,333 $ 2,577 $ 2,577 US state, municipal and political subdivisions 1,218 927 927 Foreign governments 1,207 907 907 Public utilities 10,725 8,665 8,665 Redeemable preferred stock 7 5 5 Other corporate 63,879 52,206 52,206 Convertibles and bonds with warrants attached 33 25 25 CLO 17,722 16,493 16,493 ABS 11,447 10,527 10,527 CMBS 4,636 4,158 4,158 RMBS 6,775 5,914 5,914 Trading securities 2,010 1,595 1,595 Total fixed maturity securities 122,992 103,999 103,999 Equity securities Banks, trust and insurance companies common stock 1 527 127 527 Industrial, miscellaneous and all other common stock 36 61 61 Nonredeemable preferred stocks 1,070 899 899 Total equity securities 1,633 1,087 1,487 Mortgage loans 29,943 27,454 Investment funds 79 79 Policy loans 347 347 Funds withheld at interest 32,880 32,880 Derivative assets 3,309 3,309 Short-term investments 2,160 2,160 Other investments 773 773 Total investments $ 194,116 $ 172,488 1 Includes $400 million of equity securities without a readily determinable fair value |
Schedule II - Condensed Financi
Schedule II - Condensed Financial Information of Registrant Condensed Financial Information of Parent | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | Successor Predecessor (In millions, except per share data) December 31, 2022 December 31, 2021 Assets Investments Available-for-sale securities, at fair value (amortized cost: 2022 – $11 and 2021 – $71) $ 10 $ 78 Cash and cash equivalents 741 1,186 Investments in related parties Equity securities, at fair value 274 171 Investment funds 959 743 Other assets 234 19 Notes receivable from subsidiaries 12 83 Intercompany receivable 18 16 Investments in subsidiaries 3,313 21,773 Total assets $ 5,561 $ 24,069 Liabilities and Equity Liabilities Debt $ 3,658 $ 2,964 Note payable to subsidiary 896 158 Other liabilities (related party: 2022 – $24 and 2021 – $754) 87 811 Intercompany payable 4 6 Total liabilities 4,645 3,939 Equity Preferred stock Series A – par value $1 per share; $863 aggregate liquidation preference; authorized, issued and outstanding: 2022 and 2021 – 0.0 shares — — Series B – par value $1 per share; $345 aggregate liquidation preference; authorized, issued and outstanding: 2022 and 2021 – 0.0 shares — — Series C – par value $1 per share; $600 aggregate liquidation preference; authorized, issued and outstanding: 2022 and 2021 – 0.0 shares — — Series D – par value $1 per share; $575 aggregate liquidation preference; authorized, issued and outstanding: 2022 and 2021 – 0.0 shares — — Series E – par value $1 per share; $500 aggregate liquidation preference; authorized, issued and outstanding: 2022 – 0.0 shares — — Common stock Class A – par value $0.001 per share; authorized: 2022 and 2021 – 425.0 shares; issued and outstanding: 2022 – 203.8 and 2021 – 192.2 shares — — Additional paid-in capital 18,119 6,667 Retained earnings (accumulated deficit) (4,892) 11,033 Accumulated other comprehensive income (loss) (12,311) 2,430 Total Athene Holding Ltd. shareholders’ equity 916 20,130 Total liabilities and equity $ 5,561 $ 24,069 See accompanying notes to condensed financial information of registrant (parent company only) Successor Predecessor (In millions) Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Revenue Net investment income (related party: 2022 – $58, 2021 – $44 and 2020 – $146) $ 65 $ 39 $ 147 Investment related gains (losses) 31 58 (50) Other revenues — 7 — Total revenues 96 104 97 Benefits and Expenses Operating expenses (related party: 2022 – $99, 2021 – $13 and 2020 – $13) 304 261 151 Total benefits and expenses 304 261 151 Loss before income taxes and equity earnings in subsidiaries (208) (157) (54) Income tax expense (benefit) 1 (2) (2) Equity earnings (loss) in subsidiaries (3,953) 4,014 1,593 Net income (loss) available to Athene Holding Ltd. shareholders (4,162) 3,859 1,541 Less: Preferred stock dividends 141 141 95 Net income (loss) available to Athene Holding Ltd. common shareholders $ (4,303) $ 3,718 $ 1,446 Net income (loss) available to Athene Holding Ltd. shareholders $ (4,162) $ 3,859 $ 1,541 Other comprehensive income (loss) attributable to Athene Holding Ltd. shareholders (12,311) (1,541) 1,696 Comprehensive income (loss) attributable to Athene Holding Ltd. shareholders $ (16,473) $ 2,318 $ 3,237 See accompanying notes to condensed financial information of registrant (parent company only) Successor Predecessor (In millions) Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Net cash (used in) provided by operating activities $ (248) $ 203 $ (145) Cash flows from investing activities Capital contributions to subsidiary (275) (330) (920) Receipts on loans to subsidiaries and parent 333 348 50 Issuances of loans to subsidiaries and parent (328) (244) (237) Sales, maturities and repayments of: Available-for-sale securities 21 2 17 Purchases of: Available-for-sale securities (49) (30) (3) Investment funds – related party — (6) (455) Equity securities – related party (195) (170) — Other investing activities, net 46 66 (51) Net cash used in investing activities (447) (364) (1,599) Cash flows from financing activities Issuance of common stock — 11 351 Proceeds from debt 399 997 992 Proceeds from note payable with subsidiary 1,085 238 740 Repayment of note payable with subsidiary (265) (80) (778) Issuance of preferred stock, net of expenses 487 — 1,140 Preferred stock dividends (141) (141) (95) Repurchase of common stock — (8) (428) Common stock dividends paid (1,313) — — Other financing activities, net (2) (12) (7) Net cash provided by financing activities 250 1,005 1,915 Net (decrease) increase in cash and cash equivalents (445) 844 171 Cash and cash equivalents at beginning of year 1,186 342 171 Cash and cash equivalents at end of year $ 741 $ 1,186 $ 342 Supplementary information Cash paid for interest $ 111 $ 98 $ 61 Non-cash transactions Investment interests received in exchange for extinguishment of loan from subsidiary — 1,206 — Issuance of loan to subsidiary in exchange for Class A common shares and capital distribution — — 1,206 Distributions to parent 2,145 — — Investments transferred for extinguishment of loan to subsidiary 82 — — See accompanying notes to condensed financial information of registrant (parent company only) 1. Basis of Presentation The accompanying condensed financial statements of Athene Holding Ltd. (AHL) should be read in conjunction with the consolidated financial statements and notes of AHL and its subsidiaries (consolidated financial statements). For purposes of these condensed financial statements, AHL’s wholly owned and majority owned subsidiaries are presented under the equity method of accounting. Under this method, the assets and liabilities of subsidiaries are not consolidated. The investments in subsidiaries are recorded on the condensed balance sheets. The income from subsidiaries is reported on a net basis as equity earnings of subsidiaries on the condensed statements of income. 2. Intercompany Transactions Unsecured Revolving Notes Receivable — AHL has unsecured revolving notes receivable and an unsecured note receivable from subsidiaries Athene USA Corporation (AUSA), Athene Life Re Ltd. (ALRe) and Athene Life Re International Ltd. (ALReI). The unsecured revolving note receivable from AUSA has a borrowing capacity of $500 million and had an outstanding balance of $12 million and $83 million as of December 31, 2022 and 2021, respectively. Interest accrues at a fixed rate of 2.61% per year, and the balance is due on September 30, 2025, or earlier at AHL’s request. The unsecured revolving note receivable from ALRe has a borrowing capacity of $4 billion and had no outstanding balance as of December 31, 2022 and 2021. Interest accrues at a fixed rate of 2.29% and has a maturity date of December 15, 2028, or earlier at AHL’s request. The unsecured revolving note receivable from ALReI has a borrowing capacity of $100 million and had no outstanding balance as of December 31, 2022 and 2021. Interest accrues at the US mid-term applicable federal rate per year and has a maturity date of December 5, 2024, or earlier at AHL’s request. Unsecured Revolving Note Payable — In addition to the unsecured revolving notes receivable described above, AHL has unsecured revolving notes payable with ALRe and AUSA. The unsecured revolving note payable to ALRe permits AHL to borrow up to $4 billion with a fixed interest rate of 2.29% and a maturity date of December 15, 2028. As of December 31, 2022 and 2021, the revolving note payable had an outstanding balance of $896 million and $158 million, respectively. The unsecured revolving note payable to AUSA was established in 2022 and has a borrowing capacity of $500 million with a fixed interest rate of 2.61% and a maturity date of September 30, 2025. The revolving note payable had no outstanding balance as of December 31, 2022. 3. Debt and Guarantees AHL has guaranteed certain of the obligations of AUSA, ALRe, and Athene Annuity Re Ltd. in connection with a revolving credit agreement with Citibank, N.A as administrative agent, which matures on December 3, 2024, subject to up to to two one-year extensions (Credit Facility). Additionally, AHL has issued senior notes and has unsecured revolving notes with Apollo Global Management, Inc. (AGM). See Note 10 – Debt to the consolidated financial statements for further discussion on the Credit Facility and senior notes. See Note 14 – Related Parties to the consolidated financial statements for further discussion on the unsecured revolving notes with AGM. AHL has entered into capital maintenance agreements with each of its material US insurance subsidiaries, pursuant to which AHL agrees to provide capital to the subsidiary to the extent that the capital of the subsidiary falls below a specified threshold as set with the applicable subsidiary’s domestic regulator. In addition, AHL entered into a capital maintenance agreement with its indirect subsidiary Athene London Assignment Corporation (Athene London) pursuant to which AHL agreed to contribute cash, cash equivalents, marketable securities, or other liquid assets so as to maintain capital in Athene London to ensure that it has the necessary funds to timely satisfy any obligations it has under any assumed settlement agreement. AHL does not anticipate making any capital infusions in Athene London pursuant to the capital maintenance agreement. 4. Dividends, Return of Capital and Capital Contributions During the years ended December 31, 2022, 2021 and 2020, AHL received $0 million, $1,048 million and $0 million, respectively, of dividends from subsidiaries. During the years ended December 31, 2022, 2021 and 2020, AHL contributed $275 million, $330 million and $920 million, respectively, to subsidiaries. See Note 13 – Statutory Requirements to the consolidated financial statements for additional information on subsidiary dividend restrictions. 5. Income Taxes AHL is a tax resident of the United Kingdom (UK). See Note 12 – Income Taxes to the consolidated financial statements for additional information on UK income taxes. |
Schedule III - Supplementary In
Schedule III - Supplementary Insurance Information (Notes) | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract] | |
Supplementary Insurance Information | (In millions) DAC, DSI and VOBA Future policy benefits, losses, claims and loss expenses 1 Other policy claims and benefits payable 2 Premiums Net investment income Benefits, claims, losses and settlement expenses 3 Amortization of DAC and VOBA Policy and other operating expenses 2022 (Successor) Total $ 5,576 $ 228,981 $ 129 $ 11,638 $ 7,571 $ 12,851 $ 509 $ 1,493 2021 (Predecessor) Total $ 5,362 $ 198,813 $ 138 $ 14,262 $ 7,100 $ 20,374 $ 632 $ 1,128 2020 (Predecessor) Total $ 4,906 $ 173,824 $ 130 $ 5,963 $ 4,834 $ 11,144 $ 521 $ 893 1 Represents interest sensitive contract liabilities and future policy benefits on the consolidated balance sheets. 2 Included in other liabilities on the consolidated balance sheets. 3 Represents interest sensitive contract benefits, amortization of deferred sales inducements and future policy and other policy benefits on the consolidated statements of income (loss). |
Schedule IV - Reinsurance (Note
Schedule IV - Reinsurance (Notes) | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract] | |
Reinsurance | (In millions, except for percentages) Gross amount Ceded to other companies Assumed from other companies Net amount Percentage of amount assumed to net Year ended December 31, 2022 (Successor) Life insurance in force at end of year $ 24,433 $ 25,399 $ 2,355 $ 1,389 169.5 % Premiums 11,373 112 377 11,638 3.2 % Year ended December 31, 2021 (Predecessor) Life insurance in force at end of year 26,858 30,949 5,518 1,427 386.7 % Premiums 13,989 115 388 14,262 2.7 % Year ended December 31, 2020 (Predecessor) Life insurance in force at end of year 29,527 35,088 6,863 1,302 527.1 % Premiums 5,691 141 413 5,963 6.9 % |
Schedule V - Valuation and Qual
Schedule V - Valuation and Qualifying Accounts (Notes) | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | (In millions) Additions Description Balance at beginning of year Charged to costs and expenses Assumed through acquisitions Deductions Balance at end of year Reserves deducted from assets to which they apply Year ended December 31, 2022 (Successor) Valuation allowance on deferred tax assets 66 53 — (14) 105 Year ended December 31, 2021 (Predecessor) Valuation allowance on deferred tax assets 74 12 — (20) 66 Year ended December 31, 2020 (Predecessor) Valuation allowance on deferred tax assets 63 11 — — 74 |
Business, Basis of Presentati_2
Business, Basis of Presentation, and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Consolidation and Basis of Presentation | Our consolidated financial statements include our wholly owned subsidiaries and investees in which we hold a controlling financial interest, including variable interest entities (VIEs). Investees in which we do not hold a controlling financial interest, but have the ability to exercise significant influence over operating and financing decisions, other than investments for which we have elected the fair value option, are accounted for under the equity method. Intercompany balances and transactions have been eliminated. For entities that are consolidated, but not wholly owned, we allocate a portion of the income or loss and corresponding equity to the owners other than us. We include the aggregate of the income or loss and corresponding equity that is not owned by us in noncontrolling interests in the consolidated financial statements. We report investments in related parties separately, as further described in the accounting policies that follow. We have prepared the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (US GAAP), which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual experience could materially differ from these estimates and assumptions. Our principal estimates impact: • fair value of investments; • impairment of investments and allowances for expected credit losses; • derivatives valuation, including embedded derivatives; • deferred acquisition costs (DAC), deferred sales inducements (DSI) and value of business acquired (VOBA); • future policy benefit reserves; and • valuation allowances on deferred tax assets. Additional details around these principal estimates and assumptions are discussed in the significant accounting policies that follow and the related footnote disclosures. Merger – On January 1, 2022, we completed our merger with Apollo Global Management, Inc. (AGM, and together with its subsidiaries other than us or our subsidiaries, Apollo) and are now a direct wholly owned subsidiary of AGM. We have elected pushdown accounting in which we use AGM’s basis of accounting, which reflects the fair market value of our assets and liabilities at the time of the merger, unless otherwise prescribed by US GAAP. Our consolidated financial statements are presented as Predecessor for the periods prior to the merger and Successor for subsequent periods. See Note 2 – Business Combination for further information on the merger. |
Basis of Presentation | We have prepared the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (US GAAP), which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. |
Use of Estimates | We have prepared the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (US GAAP), which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual experience could materially differ from these estimates and assumptions. Our principal estimates impact: • fair value of investments; • impairment of investments and allowances for expected credit losses; • derivatives valuation, including embedded derivatives; • deferred acquisition costs (DAC), deferred sales inducements (DSI) and value of business acquired (VOBA); • future policy benefit reserves; and • valuation allowances on deferred tax assets. Additional details around these principal estimates and assumptions are discussed in the significant accounting policies that follow and the related footnote disclosures. Merger – On January 1, 2022, we completed our merger with Apollo Global Management, Inc. (AGM, and together with its subsidiaries other than us or our subsidiaries, Apollo) and are now a direct wholly owned subsidiary of AGM. We have elected pushdown accounting in which we use AGM’s basis of accounting, which reflects the fair market value of our assets and liabilities at the time of the merger, unless otherwise prescribed by US GAAP. Our consolidated financial statements are presented as Predecessor for the periods prior to the merger and Successor for subsequent periods. See Note 2 – Business Combination for further information on the merger. |
Investments | Fixed Maturity Securities – Fixed maturity securities includes bonds, collateralized loan obligations (CLO), asset-backed securities (ABS), residential mortgage-backed securities (RMBS), commercial mortgage-backed securities (CMBS) and redeemable preferred stock. We classify fixed maturity securities as available-for-sale (AFS) or trading at the time of purchase and subsequently carry them at fair value. Fair value hierarchy and valuation methodologies are discussed in Note 6 – Fair Value . Classification is dependent on a variety of factors including our expected holding period, election of the fair value option and asset and liability matching. AFS Securities – AFS securities are held at fair value on the consolidated balance sheets with unrealized gains and losses, net of allowances for expected credit losses, tax and adjustments to DAC, DSI, VOBA and future policy benefits, if applicable, generally reflected in accumulated other comprehensive income (loss) (AOCI) on the consolidated balance sheets. Unrealized gains or losses relating to identified risks within AFS securities in fair value hedging relationships are reflected in investment related gains (losses) on the consolidated statements of income (loss). Trading Securities – We elected the fair value option for certain fixed maturity securities. These fixed maturity securities are classified as trading, with changes to fair value included in investment related gains (losses) on the consolidated statements of income (loss). Although the securities are classified as trading, the trading activity related to these investments is primarily focused on asset and liability matching activities and is not intended to be an income strategy based on active trading. As such, the activity related to these investments on the consolidated statements of cash flows is classified as investing activities. We generally record security transactions on a trade date basis, with any unsettled trades recorded in other assets or other liabilities on the consolidated balance sheets. Bank loans, private placements and investment funds are recorded on settlement date basis. Equity Securities – Equity securities includes common stock, mutual funds and non-redeemable preferred stock. Equity securities with readily determinable fair values are carried at fair value with subsequent changes in fair value recognized in net income. We have elected to account for certain equity securities without readily determinable fair values that do not qualify for the practical expedient to estimate fair values based on net asset value (NAV) per share (or its equivalent) at cost less impairment, subject to adjustments based on observable price changes in orderly transactions for identical or similar investments of the same issuer. Purchased Credit Deteriorated (PCD) Investments – We purchase certain structured securities, primarily RMBS, which upon our assessment have been determined to meet the definition of PCD investments. Additionally, structured securities classified as beneficial interests follow the initial measurement guidance for PCD investments if there is a significant difference between contractual cash flows adjusted for expected prepayments and expected cash flows at the date of recognition. The initial allowance for credit losses for PCD investments is recorded through a gross-up adjustment to the initial amortized cost. For structured securities classified as beneficial interests, the initial allowance is calculated as the present value of the difference between contractual cash flows adjusted for expected prepayments and expected cash flows at the date of recognition. The non-credit purchase discount or premium is amortized into investment income using the effective interest method. The credit discount, represented by the allowance for expected credit losses, is remeasured each period following the policies for measuring credit losses described in the Credit Losses – Available-for-Sale Securities section below. Mortgage Loans – Effective January 1, 2022, we elected the fair value option on our mortgage loan portfolio. Interest income is accrued on the principal amount of the loan based on its contractual interest rate. We accrue interest on loans until it is probable we will not receive interest, or the loan is 90 days past due unless guaranteed by US government-sponsored agencies. Interest income and prepayment fees are reported in net investment income on the consolidated statements of income (loss). Changes in the fair value of the mortgage loan portfolio are reported in investment related gains (losses) on the consolidated statements of income (loss). Prior to January 1, 2022, mortgage loans were primarily stated at unpaid principal balance, adjusted for any unamortized premium or discount, and net of allowances for expected credit losses. We recorded amortization of premiums and discounts using the effective yield method and contractual cash flows on the underlying loan. Amortization of premiums and discounts were reported in net investment income on the consolidated statements of income (loss). Investment Funds – We invest in certain non-fixed income, alternative investments in the form of limited partnerships or similar legal structures (investment funds). For investment funds in which we do not hold a controlling financial interest, and therefore are not required to consolidate, we typically account for these investments using the equity method, where the cost is recorded as an investment in the fund, or we have elected the fair value option. Adjustments to the carrying amount reflect our pro rata ownership percentage of the operating results as indicated by NAV in the investment fund financial statements, which can be on a lag of up to three months when investee information is not received in a timely manner. We record our proportionate share of investment fund income within net investment income on the consolidated statements of income (loss). Contributions paid or distributions received by us are recorded directly to the investment fund balance as an increase to carrying value or as a return of capital, respectively. Policy Loans – Policy loans are funds provided to policyholders in return for a claim on the policyholder’s account balance. The funds provided are limited to a specified percentage of the account balance. The majority of policy loans do not have a stated maturity and the balances and accrued interest are repaid with proceeds from the policyholder’s account balance. Policy loans are reported at the unpaid principal balance. Interest income is recorded as earned using the contract interest rate and is reported in net investment income on the consolidated statements of income (loss). Funds Withheld at Interest – Funds withheld at interest represents a receivable for amounts contractually withheld by ceding companies in accordance with funds withheld coinsurance (funds withheld) and modified coinsurance (modco) reinsurance agreements in which we are the reinsurer. Generally, assets equal to statutory reserves are withheld and legally owned by the ceding company, and any excess or shortfall is settled periodically. The underlying agreements contain embedded derivatives as discussed below. Short-term Investments – Short-term investments consists of financial instruments with maturities of greater than three months but less than twelve months when purchased. Short-term debt securities are accounted for as trading or AFS consistent with our policies for those investments. Short-term loans are carried at amortized cost. Fair values are determined consistent with methodologies described in Note 6 – Fair Value for the respective investment type. Other Investments – Other investments includes, but is not limited to, term loans collateralized by mortgages on residential and commercial real estate and other uncollateralized loans. Effective January 1, 2022, we elected the fair value option on these loans. Prior to January 1, 2022, mortgage collateralized term and uncollaterialized loans were stated at unpaid principal balance, adjusted for any unamortized premium or discount, and net of allowances for expected credit losses. Interest income is accrued on the principal amount of the loan based on its contractual interest rate. We accrue interest on loans until it is probable we will not receive interest or the loan is 90 days past due. We recorded amortization of premiums and discounts using the effective interest method and contractual cash flows on the underlying loan. Interest income, amortization of premiums and discounts, and prepayment and other fees are included in net investment income on the consolidated statements of income (loss). Changes in fair value are included in investment related gains (losses) on the consolidated statements of income (loss). Securities Repurchase and Reverse Repurchase Agreements – Securities repurchase and reverse repurchase transactions involve the temporary exchange of securities for cash or other collateral of equivalent value, with agreement to redeliver a like quantity of the same or similar securities at a future date and at a fixed and determinable price. We evaluate transfers of securities under these agreements to repurchase or resell to determine whether they satisfy the criteria for accounting treatment as secured borrowing or lending arrangements. Agreements not meeting the criteria would require recognition of the transferred securities as sales or purchases, with related forward repurchase or resale commitments. All of our securities repurchase transactions are accounted for as secured borrowings and are included in payables for collateral on derivatives and securities to repurchase on the consolidated balance sheets. Earnings from investing activities related to the cash received under our securities repurchase arrangements are included in net investment income on the consolidated statements of income (loss). The associated borrowing cost is included in policy and other operating expenses on the consolidated statements of income (loss). The investments purchased in reverse repurchase agreements, which represent collateral on a secured lending arrangement, are not reflected in our consolidated balance sheets; however, the secured lending arrangement is recorded as a short-term investment for the principal amount loaned under the agreement. Investment Income – We recognize investment income as it accrues or is legally due, net of investment management and custody fees. Investment income on fixed maturity securities includes coupon interest, as well as the amortization of any premium and the accretion of any discount. Investment income on equity securities represents dividend income and preferred coupons interest. Realized gains and losses on sales of investments are included in investment related gains (losses) on the consolidated statements of income (loss). Realized gains and losses on investments sold are determined based on a first-in first-out method. Credit Losses – Assets Held at Amortized Cost and Off-Balance Sheet Credit Exposures – We establish an allowance for expected credit losses at the time of purchase for assets held at amortized cost, which primarily historically included our residential and commercial mortgage loan portfolios, but also includes certain other loans and reinsurance assets. The allowance for expected credit losses represents the portion of the asset's amortized cost basis that we do not expect to collect due to credit losses over the asset's contractual life, considering past events, current conditions, and reasonable and supportable forecasts of future economic conditions or macroeconomic forecasts. We use a quantitative probability of default and loss given default methodology to develop our estimate of expected credit loss. We develop the estimate on a collective basis factoring in the risk characteristics of the assets in the portfolio. If an asset does not share similar risk characteristics with other assets, the asset is individually assessed. Allowance estimates are highly dependent on expectations of future economic conditions and macroeconomic forecasts, which involve significant judgment and subjectivity. We use quantitative modeling to develop the allowance for expected credit losses. Key inputs into the model include data pertaining to the characteristics of the assets, historical losses and current market conditions. Additionally, the model incorporates management’s expectations around future economic conditions and macroeconomic forecasts over a reasonable and supportable forecast period, after which the model reverts to historical averages. These inputs, the reasonable and supportable forecast period, and reversion to historical average technique are subject to a formal governance and review process by management. Additionally, management considers qualitative adjustments to the model output to the extent that any relevant information regarding the collectability of the asset is available and not already considered in the quantitative model. If we determine that a financial asset has become collateral dependent, which we determine to be the point at which foreclosure is probable, the allowance is measured as the difference between amortized cost and the fair value of the collateral, less any expected costs to sell. The initial allowance for assets held at amortized cost other than for PCD investments, and subsequent changes in the allowance including PCD investments, are recorded through the provision for credit losses within investment related gains (losses) on the consolidated statements of income (loss). The provision for credit losses for reinsurance assets held at amortized cost is recorded through policy and other operating expenses on the consolidated statements of income (loss). We limit accrued interest income on loans to 90 days of interest. Once a loan becomes 90 days past due, the loan is put on non-accrual status and any accrued interest is written off. Once a loan is on non-accrual status, we first apply any payments received to the principal of the loan, and once the principal is repaid, we include amounts received in net investment income. We have elected to present accrued interest receivable separately in accrued investment income on the consolidated balance sheets. We have also elected the practical expedient to exclude the accrued interest receivable from the amortized cost balance used to calculate the allowance given our policy to write off such balances in a timely manner. Any write-off of accrued interest is recorded through a reversal of net investment income on the consolidated statements of income (loss). Upon determining that all or a portion of the amortized cost of an asset is uncollectible, which is generally when all efforts for collection are exhausted, the amortized cost is written off against the existing allowance. Any write off in excess of the existing allowance is recorded through the provision for credit losses within investment related gains (losses) on the consolidated statements of income (loss). We also have certain off-balance sheet credit exposures for which we establish a liability for expected credit losses. These exposures primarily relate to commitments to fund commercial or residential mortgage loans that are not unconditionally cancellable. The methodology for estimating the liability for these credit exposures is consistent with that described above, with the additional consideration pertaining to the probability of funding. At the time the commitment expires or is funded, the liability is reversed and an allowance for expected credit losses is established, as applicable. The liability for off-balance sheet credit exposures is included in other liabilities on the consolidated balance sheets. The establishment of the initial liability and all subsequent changes are recorded through the provision for credit losses within investment related gains (losses) on the consolidated statements of income (loss). Credit Losses – Available-for-Sale Securities – We evaluate AFS securities with a fair value that has declined below amortized cost to determine how the decline in fair value should be recognized. If we determine, based on the facts and circumstances related to the specific security, that we intend to sell a security or it is more likely than not that we would be required to sell a security before the recovery of its amortized cost, any existing allowance for expected credit losses is reversed and the amortized cost of the security is written down to fair value. If neither of these conditions exist, we evaluate whether the decline in fair value has resulted from a credit loss or other factors. For non-structured AFS securities, we qualitatively consider relevant facts and circumstances in evaluating whether a decline below fair value is credit - related. Relevant facts and circumstances include but are not limited to: (1) the extent to which the fair value is less than amortized cost; (2) changes in agency credit ratings, (3) adverse conditions related to the security’s industry or geographical area, (4) failure to make scheduled payments, and (5) other known changes in the financial condition of the issuer or quality of any underlying collateral or credit enhancements. For structured AFS securities meeting the definition of beneficial interests, the qualitative assessment is bypassed, and any securities having experienced a decline in fair value below amortized cost move directly to a quantitative analysis. If upon completion of this analysis it is determined that a potential credit loss exists, an allowance for expected credit losses is established equal to the amount by which the present value of expected cash flows is less than amortized cost, limited by the amount by which fair value is less than amortized cost. A non-structured security’s cash flow estimates are derived from scenario-based outcomes of expected corporate restructurings or the disposition of assets using security-specific facts and circumstances including timing, security interests and loss severity. A structured security’s cash flow estimates are based on security-specific facts and circumstances that may include collateral characteristics, expectations of delinquency and default rates, loss severity, prepayments and structural support, including subordination and guarantees. The expected cash flows are discounted at the effective interest rate implicit to the security at the date of purchase or the current yield to accrete a structured security. For securities with a contractual interest rate that varies based on changes in an independent factor, such as an index or rate, the effective interest rate is calculated based on the factor as it changes over the life of the security. Inherently under the discounted cash flow model, both the timing and amount of expected cash flows affect the measurement of the allowance for expected credit losses. The allowance for expected credit losses is remeasured each period for the passage of time, any change in expected cash flows, and changes in the fair value of the security. All impairments, whether intent or requirement to sell or credit-related, are recorded through a charge to the provision for credit losses within investment related gains (losses) on the consolidated statements of income (loss). All changes in the allowance for expected credit losses are recorded through the provision for credit losses within investment related gains (losses) on the consolidated statements of income (loss). We have elected to present accrued interest receivable separately in accrued investment income on the consolidated balance sheets. We have also elected the practical expedient to exclude the accrued interest receivable from the amortized cost balance used to calculate the allowance for expected credit losses, as we have a policy to write off such balances in a timely manner, when they become 90 days past due. Any write-off of accrued interest is recorded through a reversal of net investment income on the consolidated statements of income (loss). Upon determining that all or a portion of the amortized cost of an asset is uncollectible, which is generally when all efforts for collection are exhausted, the amortized cost is written off against the existing allowance. Any write off in excess of the existing allowance is recorded through the provision for credit losses within investment related gains (losses) on the consolidated statements of income (loss). |
Derivative Instruments | We invest in derivatives to hedge the risks experienced in our ongoing operations, such as equity, interest rate and cash flow risks, or for other risk management purposes, which primarily involve managing liability risks associated with our indexed annuity products and reinsurance agreements. Derivatives are financial instruments with values that are derived from interest rates, foreign exchange rates, financial indices or other combinations of an underlying and notional. Derivative assets and liabilities are carried at fair value on the consolidated balance sheets. We elect to present any derivatives subject to master netting provisions as a gross asset or liability and gross of collateral. Disclosures regarding balance sheet presentation of derivatives subject to master netting agreements are discussed in Note 4 – Derivative Instruments . We may designate derivatives as cash flow, fair value or net investment hedges. Hedge Documentation and Hedge Effectiveness – To qualify for hedge accounting, at the inception of the hedging relationship, we formally document our designation of the hedge as a cash flow, fair value or net investment hedge and our risk management objective and strategy for undertaking the hedging transaction. In this documentation, we identify how the hedging instrument is expected to hedge the designated risks related to the hedged item and the method that will be used to retrospectively and prospectively assess the hedge effectiveness and the method which will be used to measure ineffectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and periodically throughout the life of the hedge accounting relationship. For a cash flow hedge, all changes in the fair value of the hedging derivative are reported within AOCI and the related gains or losses on the derivative are reclassified into the consolidated statements of income (loss) when the cash flows of the hedged item affect earnings. For a fair value hedge, changes in the fair value of the hedging derivative and changes in the fair value of the hedged item related to the designated risk being hedged are reported on the consolidated statements of income (loss) according to the nature of the risk being hedged. Additionally, changes in the fair value of amounts excluded from the assessment of effectiveness are recorded in AOCI and amortized into income over the life of the hedge accounting relationship. For a net investment hedge, changes in the fair value of the hedging derivative are reported within AOCI to offset the translation adjustments for subsidiaries with functional currencies other than US dollar. We discontinue hedge accounting prospectively when: (1) we determine the derivative is no longer highly effective in offsetting changes in the estimated cash flows or fair value of a hedged item; (2) the derivative expires, is sold, terminated, or exercised; or (3) the derivative is de-designated as a hedging instrument. When hedge accounting is discontinued, the derivative continues to be carried on the consolidated balance sheets at fair value, with changes in fair value recognized in investment related gains (losses) on the consolidated statements of income (loss). For a derivative not designated as a hedge, changes in the derivative’s fair value and any income received or paid on derivatives at the settlement date are included in investment related gains (losses) on the consolidated statements of income (loss). Embedded Derivatives – We issue and reinsure products, primarily indexed annuity products, or purchase investments that contain embedded derivatives. If we determine the embedded derivative has economic characteristics not clearly and closely related to the economic characteristics of the host contract, and a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is bifurcated from the host contract and accounted for separately, unless the fair value option is elected on the host contract. Under the fair value option, bifurcation of the embedded derivative is not necessary as the entire contract is carried at fair value with all related gains and losses recognized in investment related gains (losses) on the consolidated statements of income (loss). Embedded derivatives are carried on the consolidated balance sheets at fair value in the same line item as the host contract. Fixed indexed annuity, index-linked variable annuity and indexed universal life insurance contracts allow the policyholder to elect a fixed interest rate return or an equity market component for which interest credited is based on the performance of certain equity market indices. The equity market option is an embedded derivative. The benefit reserve is equal to the sum of the fair value of the embedded derivative and the host (or guaranteed) component of the contracts. The fair value of the embedded derivatives represents the present value of cash flows attributable to the indexed strategies. The embedded derivative cash flows are based on assumptions for future policy growth, which include assumptions for expected index credits on the next policy anniversary date, future equity option costs, volatility, interest rates and policyholder behavior assumptions including lapses and the use of benefit riders. The embedded derivative cash flows are discounted using a rate that reflects our own credit rating. The host contract is established at contract inception as the initial account value less the initial fair value of the embedded derivative and accreted over the policy’s life. Contracts acquired through a business combination which contain an embedded derivative are re-bifurcated as of the acquisition date. Changes in the fair value of embedded derivatives associated with fixed indexed annuities, index-linked variable annuities and indexed universal life insurance contracts are included in interest sensitive contract benefits on the consolidated statements of income (loss). Additionally, reinsurance agreements written on a funds withheld or modco basis contain embedded derivatives. We have determined that the right to receive or obligation to pay the total return on the assets supporting the funds withheld at interest or funds withheld liability, respectively, represents a total return swap with a floating rate leg. The fair value of embedded derivatives on funds withheld and modco agreements is computed as the unrealized gain (loss) on the underlying assets and is included within funds withheld at interest for assumed agreements, and for ceded agreements the funds withheld liability is included in other liabilities on the consolidated balance sheets. The change in the fair value of the embedded derivatives is recorded in investment related gains (losses) on the consolidated statements of income (loss). Assumed and ceded earnings from funds withheld at interest, funds withheld liability and changes in the fair value of embedded derivatives are reported in operating activities on the consolidated statements of cash flows. Contributions to and withdrawals from funds withheld at interest and funds withheld liability are reported in operating activities on the consolidated statements of cash flows. |
Variable Interest Entities | An entity that does not have sufficient equity to finance its activities without additional financial support, or in which the equity investors, as a group, do not have the characteristics typically afforded to common shareholders is a VIE. The determination as to whether an entity qualifies as a VIE depends on the facts and circumstances surrounding each entity and may require significant judgment. Our investment funds typically qualify as VIEs and are evaluated for consolidation under the VIE model. We are required to consolidate a VIE if we are the primary beneficiary, defined as the variable interest holder with both the power to direct the activities that most significantly impact the VIE’s economic performance and rights to receive benefits or obligations to absorb losses that could be potentially significant to the VIE. We determine whether we are the primary beneficiary of an entity based on a qualitative assessment of the VIE’s capital structure, contractual terms, nature of the VIE’s operations and purpose and our relative exposure to the related risks of the VIE. Since affiliates of AGM, a related party under common control, are the decision makers in certain of the investment funds and securitization vehicles, we and a member of our related party group may together have the characteristics of the primary beneficiary of an investment fund. In this situation, we have concluded we consolidate the VIE when we have significant economic exposure to the entity. We reassess the VIE and primary beneficiary determinations on an ongoing basis. For entities that we do not consolidate but can exercise significant influence over the entities’ operating and financing decisions, we record our investment under the equity method. If we do not consolidate and do not have significant influence, generally on investment funds in which we own a less than 3% interest, we elect the fair value option. |
Reinsurance | We assume and cede insurance and investment contracts under coinsurance, funds withheld and modco. We follow reinsurance accounting for transactions that provide indemnification against loss or liability relating to insurance risk (risk transfer). To meet risk transfer requirements, a reinsurance agreement must transfer insurance risk arising from uncertainties about both underwriting and timing risks. Cessions under reinsurance do not discharge our obligations as the primary insurer, unless the requirements of assumption reinsurance have been met. We generally have the right of offset on reinsurance contracts, but have elected to present reinsurance settlement amounts due to and from us on a gross basis. Assets and liabilities assumed or ceded under coinsurance, funds withheld, or modco are presented gross on the consolidated balance sheets. For investment contracts, the change in assumed and ceded reserves are presented net in interest sensitive contract benefits on the consolidated statements of income (loss). For insurance contracts, the change in assumed and ceded reserves and benefits are presented net in future policy and other policy benefits on the consolidated statements of income (loss). Assumed or ceded premiums are included in premiums on the consolidated statements of income (loss). Accounting for reinsurance requires the use of assumptions, particularly related to the future performance of the underlying business and the potential impact of counterparty credit risks. We attempt to minimize our counterparty credit risk through the structuring of the terms of our reinsurance agreements, including the use of trusts, and we monitor credit ratings of counterparties for signs of declining credit quality. When a ceding company does not report information on a timely basis, we record accruals based on the best available information at the time, which includes the reinsurance agreement terms and historical experience. We periodically compare actual and anticipated experience to the assumptions used to establish reinsurance assets and liabilities. See Note 7 – Reinsurance for more information. |
Cash and Cash Equivalents | Cash and cash equivalents include deposits and short-term highly liquid investments with an original maturity of less than 90 days from the date of acquisition. Amounts included are readily convertible to known amounts of cash and are subject to an insignificant risk of change in value. |
Restricted Cash | Restricted cash primarily consists of cash and cash equivalents held in funds in trust as part of certain coinsurance agreements to secure statutory reserves and liabilities of the coinsured parties. Restricted cash is reported separately on the consolidated balance sheets, but is included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period amounts shown on the consolidated statements of cash flows. |
Investments in Related Parties | Investments in related parties and associated earnings, other comprehensive income and cash flows are separately identified on the consolidated financial statements and accounted for consistently with the policies described above for each category of investment. Investments in related parties are primarily comprised of investments over which Apollo can exercise significant influence. |
Deferred Acquisition Costs | Costs related directly to the successful acquisition of new, or renewal of, insurance or investment contracts are deferred to the extent they are recoverable from future premiums or gross profits. These costs consist of commissions and policy issuance costs, as well as sales inducements credited to policyholder account balances, and are included in deferred acquisition costs, deferred sales inducements and value of business acquired on the consolidated balance sheets. We perform periodic tests, including at issuance, to determine if the deferred costs are recoverable. If we determine that the deferred costs are not recoverable, we record a cumulative charge to the current period.Deferred costs related to universal life-type policies and investment contracts with significant revenue streams from sources other than investment of the policyholder funds are amortized over the lives of the policies, based upon the proportion of the present value of actual and expected deferred costs to the present value of actual and expected gross profits to be earned over the life of the policies. Gross profits include investment spread margins, surrender charge income, policy administration charges and expenses, changes in the guaranteed lifetime withdrawal benefit (GLWB) and guaranteed minimum death benefit (GMDB) reserves and realized gains and losses on investments. Current period gross profits for fixed indexed annuities also include the change in fair value of both freestanding and embedded derivatives. Estimates of the expected gross profits and margins are based on assumptions using accepted actuarial methods related to policyholder behavior, including lapses and the utilization of benefit riders, mortality, yields on investments supporting the liabilities, future interest credited amounts (including indexed related credited amounts on fixed indexed annuity products), and other policy changes as applicable, and the level of expenses necessary to maintain the policies over their expected lives. Each reporting period, we update estimated gross profits with actual gross profits as part of the amortization process and adjust the DAC and DSI balances due to the other comprehensive income (OCI) effects of unrealized investment gains and losses on AFS securities. We also periodically revise the key assumptions used in the amortization calculation, which results in revisions to the estimated future gross profits. The effects of changes in assumptions are recorded as unlocking in the period in which the changes are made.Deferred costs related to investment contracts without significant revenue streams from sources other than investment of the policyholder funds are amortized using the effective interest method. The effective interest method amortizes the deferred costs by discounting the future liability cash flows at a break-even rate. The break-even rate is solved for such that the present value of future liability cash flows is equal to the net liability at the inception of the contract. |
Deferred Sales Inducements | Costs related directly to the successful acquisition of new, or renewal of, insurance or investment contracts are deferred to the extent they are recoverable from future premiums or gross profits. These costs consist of commissions and policy issuance costs, as well as sales inducements credited to policyholder account balances, and are included in deferred acquisition costs, deferred sales inducements and value of business acquired on the consolidated balance sheets. We perform periodic tests, including at issuance, to determine if the deferred costs are recoverable. If we determine that the deferred costs are not recoverable, we record a cumulative charge to the current period.Deferred costs related to universal life-type policies and investment contracts with significant revenue streams from sources other than investment of the policyholder funds are amortized over the lives of the policies, based upon the proportion of the present value of actual and expected deferred costs to the present value of actual and expected gross profits to be earned over the life of the policies. Gross profits include investment spread margins, surrender charge income, policy administration charges and expenses, changes in the guaranteed lifetime withdrawal benefit (GLWB) and guaranteed minimum death benefit (GMDB) reserves and realized gains and losses on investments. Current period gross profits for fixed indexed annuities also include the change in fair value of both freestanding and embedded derivatives. Estimates of the expected gross profits and margins are based on assumptions using accepted actuarial methods related to policyholder behavior, including lapses and the utilization of benefit riders, mortality, yields on investments supporting the liabilities, future interest credited amounts (including indexed related credited amounts on fixed indexed annuity products), and other policy changes as applicable, and the level of expenses necessary to maintain the policies over their expected lives. Each reporting period, we update estimated gross profits with actual gross profits as part of the amortization process and adjust the DAC and DSI balances due to the other comprehensive income (OCI) effects of unrealized investment gains and losses on AFS securities. We also periodically revise the key assumptions used in the amortization calculation, which results in revisions to the estimated future gross profits. The effects of changes in assumptions are recorded as unlocking in the period in which the changes are made.Deferred costs related to investment contracts without significant revenue streams from sources other than investment of the policyholder funds are amortized using the effective interest method. The effective interest method amortizes the deferred costs by discounting the future liability cash flows at a break-even rate. The break-even rate is solved for such that the present value of future liability cash flows is equal to the net liability at the inception of the contract. |
Value of Business Acquired | We establish VOBA for blocks of insurance contracts acquired through the acquisition of insurance entities and through application of pushdown accounting. We record the fair value of the liabilities assumed in two components: reserves and VOBA. Reserves are established using our best estimate assumptions, plus a provision for adverse deviation where applicable, as of the business combination date. VOBA is the difference between the fair value of the liabilities and the reserves. VOBA can be either positive or negative. Any negative VOBA is recorded to the same financial statement line on the consolidated balance sheets as the associated reserves. Positive VOBA is recorded in deferred acquisition costs, deferred sales inducements and value of business acquired on the consolidated balance sheets. We perform periodic tests to determine if the VOBA remains recoverable. If we determine that VOBA is not recoverable, we record a cumulative charge to the current period. In connection with the application of pushdown accounting, we changed our VOBA amortization such that all VOBA and negative VOBA balances are amortized in relation to applicable policyholder liabilities. Significant assumptions that impact VOBA and negative VOBA amortization are consistent with those that impact the measurement of policyholder liabilities. Prior to the application of pushdown accounting, VOBA associated with investment contracts without significant revenue streams from sources other than investment of the policyholder funds was amortized using the effective interest method. VOBA associated with immediate annuity contracts classified as long duration contracts was amortized at a constant rate in relation to net policyholder liabilities. For universal life-type policies and investment contracts with significant revenue streams from sources other than investment of policyholder funds, VOBA was amortized in relation to the present value of estimated gross profits using methods consistent with those used to amortize DAC and DSI. Negative VOBA was amortized at a constant rate in relation to applicable net policyholder liabilities. |
Interest Sensitive Contract Liabilities | life-type policies and investment contracts include fixed indexed and traditional fixed annuities in the accumulation phase, funding agreements, universal life insurance, fixed indexed universal life insurance and immediate annuities without significant mortality risk (which includes pension group annuities without life contingencies). We carry liabilities for fixed annuities, universal life insurance and funding agreements at the account balances without reduction for potential surrender or withdrawal charges, except for a block of universal life business ceded to Global Atlantic Financial Group Limited (together with its subsidiaries, Global Atlantic) which we carry at fair value. Liabilities for immediate annuities without significant mortality risk are calculated as the present value of future liability cash flows and policy maintenance expenses discounted at contractual interest rates. For a discussion regarding our indexed products, refer above to the embedded derivative discussion.Changes in the interest sensitive contract liabilities, excluding deposits and withdrawals, are recorded in interest sensitive contract benefits or product charges on the consolidated statements of income (loss). Interest sensitive contract liabilities are not reduced for amounts ceded under reinsurance agreements which are reported as reinsurance recoverable on the consolidated balance sheets. |
Future Policy Benefits | We issue contracts classified as long-duration, which includes term and whole life, accident and health, disability, and deferred and immediate annuities with life contingencies (which includes pension group annuities with life contingencies). Liabilities for nonparticipating long-duration contracts are established using accepted actuarial valuation methods which require the use of assumptions related to expenses, investment yields, mortality, morbidity and persistency, with a provision for adverse deviation, at the date of issue or acquisition. As of December 31, 2022, the reserve investment yield assumptions for nonparticipating contracts range from 2.3% to 6.6% and are specific to our expected earned rate on the asset portfolio supporting the reserves. We base other key assumptions, such as mortality and morbidity, on industry standard data adjusted to align with actual company experience, if necessary. For long-duration contracts, the assumptions are locked in at contract inception and only modified if we deem the reserves to be inadequate. We periodically review actual and anticipated experience compared to the assumptions used to establish policy benefits. If the net US GAAP liability (gross reserves less DAC, DSI and VOBA) is less than the gross premium liability, impairment is deemed to have occurred, and the DAC, DSI and VOBA asset balances are reduced until the net US GAAP liability is equal to the gross premium liability. If the DAC, DSI and VOBA asset balances are completely written off and the net US GAAP liability is still less than the gross premium liability, then an additional liability is recorded to arrive at the gross premium liability. We issue and reinsure deferred annuity contracts which contain GLWB and GMDB riders. We establish future policy benefits for GLWB and GMDB riders by estimating the expected value of withdrawal and death benefits in excess of the projected policyholder account balances. We recognize the excess proportionally over the accumulation period based on total actual and expected assessments. The methods we use to estimate the liabilities have assumptions about policyholder behavior, which includes lapses, withdrawals and utilization of benefit riders; mortality, expected yield on investments supporting the liability; and market conditions affecting the account balance growth. Future policy benefits includes liabilities for no-lapse guarantees on universal life insurance and fixed indexed universal life insurance. We establish future policy benefits for no-lapse guarantees by estimating the expected value of death benefits paid after policyholder account balances have been exhausted. We recognize these benefits proportionally over the life of the contracts based on total actual and expected assessments. The methods we use to estimate the liabilities have assumptions about policyholder behavior, mortality, expected yield on investments supporting the liability, and market conditions affecting policyholder account balance growth. For the liabilities associated with GLWB and GMDB riders and no-lapse guarantees, each reporting period, we update expected excess benefits and assessments with actual excess benefits and assessments and adjust the liability balances due to the OCI effects of unrealized investment gains and losses on AFS securities. We also periodically revise the key assumptions used in the calculation of the liabilities which results in revisions to the expected excess benefits and assessments. The effects of changes in assumptions are recorded as unlocking in the period in which the changes are made. |
Closed Block Business | We established closed blocks of policies in connection with the reorganization of two predecessor subsidiaries from mutual companies to stock companies, collectively referred to as the Closed Blocks, and individually referred to as the AmerUs Life Insurance Company (AmerUs) closed block (AmerUs Closed Block) and the Indianapolis Life Insurance Company (ILICO) closed block (ILICO Closed Block). Insurance policies which had a dividend scale in effect as of each closed block establishment date were included in the respective closed block. The Closed Blocks were designed to give reasonable assurance to owners of insurance policies included therein that, after the reorganization, assets would be available to maintain the dividend scales and interest credits in effect prior to the reorganization, if the experience underlying such scales and crediting continued. The assets, including related revenue, allocated to the Closed Blocks will accrue solely to the benefit of the policyholders included in the Closed Blocks until they no longer exist. A policyholder dividend obligation is required to be established for earnings in the Closed Blocks that are not available to the shareholders. We have elected the fair value option for the AmerUs Closed Block and the ILICO Closed Block. |
Foreign Currency | The accounts of foreign-based subsidiaries and equity method investments are measured using their functional currency. Revenue and expenses of these subsidiaries are translated into US dollars at the average exchange rate for the period. Assets and liabilities are translated at the exchange rate as of the end of the reporting period. For the equity method investments, our proportionate share of the investee’s income is translated into US dollars at the average exchange rate for the period and our investment is translated using the exchange rate as of the end of the reporting period. The resulting translation adjustments are included in equity as a component of AOCI. Gains or losses arising from transactions denominated in a currency other than the functional currency of the entity that is party to the transaction are included in net income. The impacts of any non-US dollar denominated AFS securities are included in AOCI along with the change in its fair value unless in a fair value hedging relationship as discussed in – Derivative Instruments above. |
Recognition of Revenues and Related Expenses | Revenues for universal life-type policies and investment contracts, including surrender and market value adjustments, costs of insurance, policy administration, GMDB, GLWB and no-lapse guarantee charges, are earned when assessed against policyholder account balances during the period. Interest credited to policyholder account balances and the change in fair value of embedded derivatives within fixed indexed annuity contracts is included in interest sensitive contract benefits on the consolidated statements of income (loss). Premiums for long-duration contracts, including products with fixed and guaranteed premiums and benefits, are recognized as revenue when due from policyholders. When premiums are due over a significantly shorter period than the period over which benefits are provided, such as immediate annuities with life contingencies (which includes pension group annuities), a deferred profit liability is established equal to the excess of the gross premium over the net premium. The deferred profit liability is recognized in future policy benefits on the consolidated balance sheets and amortized into income in relation to applicable policyholder liabilities through future policy and other policy benefits on the consolidated statements of income (loss). All insurance related revenue is reported net of reinsurance ceded. |
Income Taxes | We compute income taxes using the asset and liability method, under which deferred income taxes are provided for the temporary differences between the financial statement carrying amounts and the tax basis of our assets and liabilities using estimated tax rates expected to be in effect for the year in which the differences are expected to reverse. Such temporary differences are primarily due to the tax basis of reserves, DAC, VOBA, unrealized investment gains/losses, reinsurance related differences, embedded derivatives and net operating loss carryforwards. Changes in deferred income tax assets and liabilities associated with components of OCI are recorded directly to OCI. Deferred income taxes related to investments in our corporate foreign subsidiaries are computed using an outside basis approach. We record deferred taxes for those components of the outside basis difference, which are expected to reverse in the foreseeable future, without limitation to the overall outside basis difference. We evaluate the likelihood of realizing the benefit of our deferred tax assets and may record a valuation allowance if, based on all available evidence, we determine that it is more likely than not that some portion of the tax benefit will not be realized. We adjust the valuation allowance if, based on our evaluation, there is a change in the amount of deferred income tax assets that are deemed more-likely-than-not to be realized. Changes in deferred tax assets and liabilities attributable to changes in enacted income tax rates are recorded through net income in the period of enactment. We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the relevant taxing authorities, based on the technical merits of our position. For those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. We recognize any income tax interest and penalties in income tax expense. |
Reclassifications | Certain reclassifications have been made to conform with current year presentation. |
Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Insurance – Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2020-11, ASU 2019-09, ASU 2018-12) These updates amend four key areas pertaining to the accounting and disclosures for long-duration insurance and investment contracts. • The update requires cash flow assumptions used to measure the liability for future policy benefits to be updated at least annually and no longer allows a provision for adverse deviation. The remeasurement of the liability associated with the update of assumptions is required to be recognized in net income. Loss recognition testing is eliminated for traditional and limited-payment contracts. The update also requires the discount rate used in measuring the liability to be an upper-medium grade fixed-income instrument yield, which is to be updated at each reporting date. The change in liability due to changes in the discount rate is to be recognized in other comprehensive income. • The update simplifies the amortization of deferred acquisition costs and other balances amortized in proportion to premiums, gross profits, or gross margins, requiring such balances to be amortized on a constant level basis over the expected term of the contracts. Deferred costs are required to be written off for unexpected contract terminations but are not subject to impairment testing. • The update requires certain contract features meeting the definition of market risk benefits to be measured at fair value. Among the features included in this definition are the GLWB and GMDB riders attached to our annuity products. The change in fair value of the market risk benefits is to be recognized in net income, excluding the portion attributable to changes in instrument-specific credit risk which is recognized in other comprehensive income. • The update also introduces disclosure requirements around the liability for future policy benefits, policyholder account balances, market risk benefits, separate account liabilities, and deferred acquisition costs. This includes disaggregated rollforwards of these balances and information about significant inputs, judgments, assumptions and methods used in their measurement. We were required to adopt these updates on January 1, 2023. Certain provisions of the update are required to be adopted on a fully retrospective basis, while others may be adopted on a modified retrospective basis. Early adoption was permitted. We do not expect that the adoption of this standard will have a material effect on our shareholders’ equity as of our transition date, which is January 1, 2022. Subsequent to the transition date, the remeasurement of liabilities for certain products and features that include use of current discount rates can reasonably be expected to have a significant positive impact on our US GAAP shareholders’ equity as of December 31, 2022, given the increase in rates during 2022. We are continuing to evaluate the quantitative impact of adopting this guidance on our consolidated financial statements for periods subsequent to our transition date. |
Goodwill and Intangible Assets, Goodwill, Policy | Goodwill represents the excess of cost over the fair value of identifiable net assets of an acquired business. Goodwill is tested annually for impairment or more frequently if circumstances indicate impairment may have occurred. The impairment test is performed at the reporting unit level. Goodwill on the consolidated balance sheets includes the impacts of foreign currency translation. We performed our annual goodwill impairment test as of October 1, 2022 and did not identify any impairment. See Note 2 – Business Combination for disclosure regarding the goodwill recorded related to our merger with AGM. |
Business Combinations and Ass_2
Business Combinations and Asset Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | The following represents the calculation of consideration: (In millions, except exchange ratio and share price data) Consideration AHL common shares purchased 138 Exchange ratio 1.149 Shares of common stock issued in exchange 158 AGM Class A shares closing price $ 72.43 Total merger consideration at closing $ 11,455 Fair value of estimated RSUs, options and warrants assumed and other equity consideration 699 Effective settlement of pre-existing relationships 896 Total merger consideration 13,050 Fair value of AHL common shares previously held by Apollo and other adjustments 4,554 Total AHL equity value held by AGM 17,604 Fair value of preferred stock 2,666 Noncontrolling interest 2,276 Total AHL equity value $ 22,546 The following represents the calculation of goodwill and fair value amounts recognized: (In millions) Fair value and goodwill calculation Merger consideration $ 13,050 Fair value of AHL common shares previously held by Apollo and other adjustments 4,554 Total AHL equity value held by AGM 17,604 Assets Investments $ 176,015 Cash and cash equivalents 9,479 Restricted cash 796 Investment in related parties 33,863 Reinsurance recoverable 4,977 VOBA 4,527 Other assets 5,749 Assets of consolidated variable interest entities 3,635 Estimated fair value of total assets acquired by AGM 239,041 Liabilities Interest sensitive contract liabilities 160,211 Future policy benefits 47,114 Debt 3,295 Payables for collateral on derivatives and securities to repurchase 7,044 Other liabilities 2,443 Liabilities of consolidated variable interest entities 461 Estimated fair value of total liabilities assumed by AGM 220,568 Identifiable net assets 18,473 Less: Fair value of preferred stock 2,666 Less: Fair value of noncontrolling interests 2,276 Estimated fair value of net assets acquired by AGM, excluding goodwill 13,531 Goodwill attributable to AHL $ 4,073 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | The fair value and weighted average estimated useful life of identifiable intangible assets consists of the following: Fair value (in millions) Weighted average useful life (in years) VOBA $ 4,527 7 Distribution channels 1,870 18 Trade name 160 20 Insurance licenses 26 Indefinite Total $ 6,583 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Available-for-sale Securities by Contractual Maturity | The amortized cost and fair value of AFS securities, including related parties, are shown by contractual maturity below: Successor December 31, 2022 (In millions) Amortized Cost Fair Value AFS securities Due in one year or less $ 1,077 $ 1,048 Due after one year through five years 12,653 11,695 Due after five years through ten years 21,348 18,084 Due after ten years 45,324 34,485 CLO, ABS, CMBS and RMBS 40,580 37,092 Total AFS securities 120,982 102,404 AFS securities – related parties Due in one year or less 1 1 Due after one year through five years 23 21 Due after five years through ten years 851 823 Due after ten years 153 137 CLO and ABS 9,412 8,839 Total AFS securities – related parties 10,440 9,821 Total AFS securities including related parties $ 131,422 $ 112,225 |
Schedule of Unrealized Loss on Investments | The following summarizes the number of AFS securities that were in an unrealized loss position, including related parties, for which an allowance for credit losses has not been recorded: Successor December 31, 2022 Unrealized loss position Unrealized loss position 12 months or more AFS securities 8,921 — AFS securities – related parties 178 — |
Debt Securities, Available-for-sale, Allowance for Credit Loss | The following table summarizes the activity in the allowance for credit losses for AFS securities by asset type: Successor Year Ended December 31, 2022 Additions Reductions (In millions) January 1, 2022 Initial credit losses Initial credit losses on PCD securities Securities sold during the period Securities intended to be sold prior to recovery of amortized cost basis Additions (reductions) to previously impaired securities Ending Balance AFS securities Foreign governments $ — $ 66 $ — $ (28) $ — $ (11) $ 27 Corporate — 70 — — (6) (3) 61 CLO — 29 — — — (22) 7 ABS 5 28 — (3) — (1) 29 CMBS — 15 — — — (10) 5 RMBS 306 41 7 (29) — 4 329 Total AFS securities 311 249 7 (60) (6) (43) 458 AFS securities – related parties CLO — 3 — — — (2) 1 ABS — 18 — — — (18) — Total AFS securities – related parties — 21 — — — (20) 1 Total AFS securities including related parties $ 311 $ 270 $ 7 $ (60) $ (6) $ (63) $ 459 Predecessor Year Ended December 31, 2021 Additions Reductions (In millions) Beginning balance Initial credit losses Initial credit losses on PCD securities Securities sold during the period Securities intended to be sold prior to recovery of amortized cost basis Additions (reductions) to previously impaired securities Ending Balance AFS securities Corporate $ 6 $ 3 $ — $ (7) $ — $ (2) $ — CLO 1 7 — (1) — (7) — ABS 6 5 — (2) — 8 17 CMBS 10 4 — — — (11) 3 RMBS 80 2 25 (20) — 16 103 Total AFS securities 103 21 25 (30) — 4 123 AFS securities – related parties, CLO 1 5 — (1) — (5) — Total AFS securities including related parties $ 104 $ 26 $ 25 $ (31) $ — $ (1) $ 123 |
Net Investment Income | Net investment income by asset class consists of the following: Successor Predecessor (In millions) Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 AFS securities $ 4,190 $ 3,668 $ 3,225 Trading securities 194 260 192 Equity securities 64 19 14 Mortgage loans 1,261 802 702 Investment funds 550 1,908 710 Funds withheld at interest 1,844 781 269 Other 270 271 226 Investment revenue 8,373 7,709 5,338 Investment expenses (802) (609) (504) Net investment income $ 7,571 $ 7,100 $ 4,834 |
Investment Related Gains (Losses) | Investment related gains (losses) by asset class consists of the following: Successor Predecessor (In millions) Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 AFS securities Gross realized gains on investment activity $ 1,337 $ 936 $ 602 Gross realized losses on investment activity (2,151) (633) (415) Net realized investment gains (losses) on AFS securities (814) 303 187 Net recognized investment gains (losses) on trading securities (424) (70) 33 Net recognized investment gains (losses) on equity securities (150) 237 (218) Net recognized investment gains (losses) on mortgage loans (2,974) — — Derivative gains (losses) (9,173) 3,525 3,430 Provision for credit losses (227) 53 (96) Other gains (losses) 1,056 167 (49) Investment related gains (losses) $ (12,706) $ 4,215 $ 3,287 |
Unrealized Gain (Loss) on Investments | The following table summarizes the change in unrealized gains (losses) on trading and equity securities, including related parties we held as of the respective year end: Successor Predecessor (In millions) Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Trading securities $ (415) $ (78) $ 130 Trading securities – related parties 1 56 (37) Equity securities (146) 213 (9) Equity securities – related parties — 9 — |
Schedule of Repurchase Agreements | Repurchase Agreements —The following table summarizes the maturities of our repurchase agreements: Successor December 31, 2022 Remaining Contractual Maturity (In millions) Overnight and continuous Less than 30 days 30–90 days 91 days to 1 year Greater than 1 year Total Payables for repurchase agreements 1 $ — $ 608 $ 1,268 $ — $ 2,867 $ 4,743 1 Included in payables for collateral on derivatives and securities to repurchase on the consolidated balance sheets. Predecessor December 31, 2021 Remaining Contractual Maturity (In millions) Overnight and continuous Less than 30 days 30–90 days 91 days to 1 year Greater than 1 year Total Payables for repurchase agreements 1 $ — $ 2,512 $ — $ — $ 598 $ 3,110 1 Included in payables for collateral on derivatives and securities to repurchase on the consolidated balance sheets. The following table summarizes the securities pledged as collateral for repurchase agreements: Successor Predecessor December 31, 2022 December 31, 2021 (In millions) Amortized Cost Fair Value Amortized Cost Fair Value AFS securities US government and agencies $ 2,559 $ 1,941 $ — $ — Foreign governments 146 107 — — Corporate 1,940 1,605 2,923 3,208 CLO 273 261 — — ABS 1,243 1,082 — — Total securities pledged under repurchase agreements $ 6,161 $ 4,996 $ 2,923 $ 3,208 |
Mortgage Loans, Net | The following represents the mortgage loan portfolio, with fair value option loans presented at unpaid principal balance: Successor (In millions) December 31, 2022 Commercial mortgage loans $ 21,061 Commercial mortgage loans under development 790 Total commercial mortgage loans 21,851 Mark to fair value (1,743) Commercial mortgage loans 20,108 Residential mortgage loans 11,802 Mark to fair value (1,099) Residential mortgage loans 10,703 Mortgage loans $ 30,811 The following represents the mortgage loan portfolio based on amortized cost: Predecessor (In millions) December 31, 2021 Commercial mortgage loans $ 16,565 Commercial mortgage loans under development 499 Total commercial mortgage loans 17,064 Allowance for credit losses on commercial mortgage loans (167) Commercial mortgage loans 16,897 Residential mortgage loans 7,321 Allowance for credit losses on residential mortgage loans (70) Residential mortgage loans 7,251 Mortgage loans $ 24,148 The distribution of commercial mortgage loans, including those under development, net of allowances, by property type and geographic region, is as follows: Successor Predecessor December 31, 2022 December 31, 2021 (In millions, except percentages) Net Carrying Value Percentage of Total Net Carrying Value Percentage of Total Property type Office building $ 4,651 23.1 % $ 4,870 28.8 % Retail 1,454 7.2 % 2,022 12.0 % Apartment 6,692 33.3 % 4,626 27.4 % Hotels 1,855 9.2 % 1,727 10.2 % Industrial 2,047 10.2 % 2,336 13.8 % Other commercial 3,409 17.0 % 1,316 7.8 % Total commercial mortgage loans $ 20,108 100.0 % $ 16,897 100.0 % US region East North Central $ 1,437 7.1 % $ 1,697 10.0 % East South Central 413 2.1 % 470 2.8 % Middle Atlantic 5,183 25.8 % 3,637 21.5 % Mountain 898 4.5 % 460 2.7 % New England 1,076 5.4 % 453 2.7 % Pacific 3,781 18.8 % 3,994 23.6 % South Atlantic 2,756 13.7 % 2,817 16.7 % West North Central 231 1.1 % 271 1.6 % West South Central 1,085 5.4 % 997 5.9 % Total US region 16,860 83.9 % 14,796 87.5 % International region United Kingdom 1,898 9.4 % 1,279 7.6 % Other International 1 1,350 6.7 % 822 4.9 % Total international region 3,248 16.1 % 2,101 12.5 % Total commercial mortgage loans $ 20,108 100.0 % $ 16,897 100.0 % 1 Represents all other countries, with each individual country comprising less than 5% of the portfolio. Our residential mortgage loan portfolio includes first lien residential mortgage loans collateralized by properties in various geographic locations and is summarized by proportion of the portfolio in the following table: Successor Predecessor December 31, 2022 December 31, 2021 US States California 28.9 % 28.4 % Florida 9.7 % 11.4 % New York 5.6 % 4.8 % New Jersey 5.3 % 5.1 % Arizona 5.1 % 1.8 % Other 1 31.7 % 36.7 % Total US residential mortgage loan percentage 86.3 % 88.2 % International United Kingdom 5.4 % 3.8 % Ireland 3.0 % 6.4 % Other 2 5.3 % 1.6 % Total International residential mortgage loan percentage 13.7 % 11.8 % Total residential mortgage loan percentage 100.0 % 100.0 % 1 Represents all other states, with each individual state comprising less than 5% of the portfolio. 2 Represents all other countries, with each individual country comprising less than 5% of the portfolio. |
Financing Receivable, Allowance for Credit Loss | Loan Valuation Allowance — The allowances for our mortgage loan portfolio and other loans are summarized as follows: Predecessor December 31, 2021 (In millions) Commercial Mortgage Residential Mortgage Other Investments Total Beginning balance $ 167 $ 79 $ 7 $ 253 Provision (reversal) for expected credit losses — (14) (7) (21) Initial credit losses on PCD loans — 6 — 6 Loans charged-off — (1) — (1) Ending balance $ 167 $ 70 $ — $ 237 |
Financing Receivable, Past Due | The following represents our residential loan portfolio by origination year and performance status: Predecessor December 31, 2021 (In millions) 2021 2020 2019 2018 2017 Prior Total Current (less than 30 days past due) $ 2,398 $ 319 $ 37 $ 383 $ 54 $ 2,568 $ 5,759 30 to 59 days past due 100 37 3 3 6 223 372 60 to 89 days past due 36 16 3 2 7 136 200 90 days or more past due 1 27 133 82 87 141 520 990 Total residential mortgages $ 2,561 $ 505 $ 125 $ 475 $ 208 $ 3,447 $ 7,321 1 Includes $856 million of residential mortgage loans that are guaranteed by US government-sponsored agencies. Predecessor December 31, 2021 (In millions) 2021 2020 2019 2018 2017 Prior Total Current (less than 30 days past due) $ 6,003 $ 1,852 $ 4,129 $ 2,731 $ 952 $ 1,255 $ 16,922 30 to 59 days past due 52 — — — 90 — 142 Total commercial mortgages $ 6,055 $ 1,852 $ 4,129 $ 2,731 $ 1,042 $ 1,255 $ 17,064 |
Financing Receivable, Nonaccrual | The following represents our residential mortgage loan portfolio in non-accrual status: Predecessor (In millions) December 31, 2021 Beginning amortized cost of residential mortgage loans in non-accrual status $ 107 Ending amortized cost of residential mortgage loans in non-accrual status 134 Amortized cost of residential mortgage loans in non-accrual status without a related allowance for credit losses 76 The following represents our commercial mortgage loan portfolio in non-accrual status: Predecessor (In millions) December 31, 2021 Beginning amortized cost of commercial mortgage loans in non-accrual status $ 38 Ending amortized cost of commercial mortgage loans in non-accrual status 62 Amortized cost of commercial mortgage loans in non-accrual status without a related allowance for credit losses — |
Credit Quality Indicators of the Commercial Mortgage Portfolio | The following represents the loan-to-value ratio of the commercial mortgage loan portfolio, excluding those under development, by origination year: Predecessor December 31, 2021 (In millions) 2021 2020 2019 2018 2017 Prior Total Less than 50% $ 491 $ 211 $ 633 $ 293 $ 166 $ 957 $ 2,751 50% to 59% 2,127 566 1,275 629 381 191 5,169 60% to 69% 1,748 544 1,786 1,326 369 71 5,844 70% to 79% 1,442 417 360 420 101 — 2,740 80% to 99% — — — — 25 — 25 100% or greater — — — — — 36 36 Commercial mortgage loans $ 5,808 $ 1,738 $ 4,054 $ 2,668 $ 1,042 $ 1,255 $ 16,565 Predecessor December 31, 2021 (In millions) 2021 2020 2019 2018 2017 Prior Total Greater than 1.20x $ 4,370 $ 1,123 $ 2,216 $ 2,163 $ 860 $ 1,095 $ 11,827 1.00x – 1.20x 1,018 496 1,429 66 — 82 3,091 Less than 1.00x 420 119 409 439 182 78 1,647 Commercial mortgage loans $ 5,808 $ 1,738 $ 4,054 $ 2,668 $ 1,042 $ 1,255 $ 16,565 |
Summary of Investment Funds | The following summarizes our investment funds, including related parties and consolidated VIEs : Successor Predecessor December 31, 2022 December 31, 2021 1 (In millions, except for percentages) Carrying value Percent of total Carrying value Percent of total Investment funds Equity $ 46 58.2 % $ 410 34.8 % Hybrid 32 40.5 % 667 56.6 % Yield — — % 99 8.4 % Other 1 1.3 % 2 0.2 % Total investment funds 79 100.0 % 1,178 100.0 % Investment funds – related parties Strategic origination platforms 34 2.2 % 1,338 18.1 % Strategic insurance platforms 1,259 80.2 % 1,440 19.5 % Apollo and other fund investments Equity 246 15.7 % 1,199 16.2 % Hybrid — — % 952 12.9 % Yield 5 0.3 % 305 4.1 % Other 2 25 1.6 % 2,157 29.2 % Total investment funds – related parties 1,569 100.0 % 7,391 100.0 % Investment funds – consolidated VIEs Strategic origination platforms 4,829 38.7 % 264 20.3 % Strategic insurance platforms 529 4.2 % — — % Apollo and other fund investments Equity 2,640 21.2 % 229 17.7 % Hybrid 3,112 24.9 % 56 4.3 % Yield 1,044 8.4 % 748 57.7 % Other 326 2.6 % — — % Total investment funds – consolidated VIEs 12,480 100.0 % 1,297 100.0 % Total investment funds including related parties and funds owned by consolidated VIEs $ 14,128 $ 9,866 Note: During 2022, we contributed the majority of our investment funds to Apollo Aligned Alternatives, L.P. (AAA), which we consolidate as a VIE. See Note 14 – Related Parties for further information on AAA. 1 Certain reclassifications have been made to conform with current year presentation. 2 Includes our investment in Apollo held as of December 31, 2021. Successor Predecessor (In millions) December 31, 2022 December 31, 2021 Assets $ 99,290 $ 142,045 Liabilities 92,318 108,525 Equity 6,972 33,520 Successor Predecessor (In millions) Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Net income $ 1,742 $ 6,335 $ 2,196 The following table presents the carrying value by ownership percentage of equity method investment funds, including related party investment funds and investment funds owned by consolidated VIEs : Successor Predecessor (In millions) December 31, 2022 December 31, 2021 1 Ownership Percentage 100% $ 23 $ 649 50% – 99% — 2,028 3% – 49% 542 2,668 Less than 3% 124 — Equity method investment funds $ 689 $ 5,345 1 Previously reported amounts have been revised to correct a misstatement, which was not material, for the inclusion of investment funds required to be held at fair value. The following table presents the carrying value by ownership percentage of investment funds held at fair value due to election of the fair value option, including related party investment funds and investment funds owned by consolidated VIEs : Successor Predecessor (In millions) December 31, 2022 December 31, 2021 1 Ownership Percentage 3% – 49% $ 1,576 $ 2,873 Less than 3% 2 166 Fair value investment funds $ 1,578 $ 3,039 1 Previously reported amounts have been revised to correct a misstatement, which was not material, for the inclusion of investment funds required to be held at fair value. |
Schedule of Variable Interest Entities | The following summarizes the carrying value and maximum loss exposure of these non-consolidated investments: Successor Predecessor December 31, 2022 December 31, 2021 (In millions) Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure Investment funds $ 79 $ 340 $ 1,178 $ 1,792 Investment in related parties – investment funds 1,569 2,253 7,391 10,922 Assets of consolidated VIEs – investment funds 12,480 20,278 1,297 1,647 Investment in fixed maturity securities 37,454 40,992 31,769 31,622 Investment in related parties – fixed maturity securities 9,717 10,290 11,324 12,681 Investment in related parties – equity securities 279 279 284 284 Total non-consolidated investments $ 61,578 $ 74,432 $ 53,243 $ 58,948 Concentrations —The following table represents our investment concentrations. The evaluation for concentration is based on 10% of shareholders’ equity; however, we are providing the top 30 investment concentrations due to the size of our investment portfolio in comparison to our shareholders’ equity as of December 31, 2022. Successor Predecessor (In millions) December 31, 2022 December 31, 2021 Wheels Donlen 1 $ 1,288 $ 3,119 Athora 1 1,232 N/A PK AirFinance 1 999 N/A AP Tundra 896 N/A MFI Investments 878 N/A SoftBank Vision Fund II 789 N/A MidCap 1 788 N/A Cayman Universe 756 N/A Concord Music CL A2 684 N/A Redding Ridge 683 N/A AOP Finance 671 N/A Bank of America 657 N/A AA Infrastructure 624 N/A Morgan Stanley 585 N/A Venerable 1 543 N/A AP Maia 2 536 N/A Apollo Rose 2 529 N/A Citigroup 524 N/A AP Hansel 2 506 N/A JPMorgan Chase 498 N/A AT&T Inc. 437 N/A Comcast 400 N/A FWD Group 400 N/A Verizon 368 N/A MidCap Funding Franchise 357 N/A Mileage Plus 357 N/A Goldman Sachs 334 N/A Athene Wessex Investor A, L.P. 331 N/A Energy Transfer 305 N/A HWIRE 296 N/A 1 Related party amounts are representative of single issuer risk and may only include a portion of the total investments associated with a related party. See further discussion of these related parties in Note 14 – Related Parties. 2 Represents a consolidated VIE investment in which an underlying investment includes a single issuer exceeding concentration threshold. N/A – Not applicable as investment did not meet single issuer concentration threshold for the period. |
Debt Securities, Available-for-Sale | The following table represents the amortized cost, allowance for credit losses, gross unrealized gains and losses and fair value of our AFS investments by asset type: Successor December 31, 2022 (In millions) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS securities US government and agencies $ 3,333 $ — $ — $ (756) $ 2,577 US state, municipal and political subdivisions 1,218 — — (291) 927 Foreign governments 1,207 (27) 3 (276) 907 Corporate 74,644 (61) 92 (13,774) 60,901 CLO 17,722 (7) 115 (1,337) 16,493 ABS 11,447 (29) 15 (906) 10,527 CMBS 4,636 (5) 6 (479) 4,158 RMBS 6,775 (329) 64 (596) 5,914 Total AFS securities 120,982 (458) 295 (18,415) 102,404 AFS securities – related parties Corporate 1,028 — 1 (47) 982 CLO 3,346 (1) 10 (276) 3,079 ABS 6,066 — 3 (309) 5,760 Total AFS securities – related parties 10,440 (1) 14 (632) 9,821 Total AFS securities including related parties $ 131,422 $ (459) $ 309 $ (19,047) $ 112,225 Predecessor December 31, 2021 (In millions) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS securities US government and agencies $ 231 $ — $ 2 $ (10) $ 223 US state, municipal and political subdivisions 1,081 — 134 (2) 1,213 Foreign governments 1,110 — 35 (17) 1,128 Corporate 62,817 — 4,060 (651) 66,226 CLO 13,793 — 44 (185) 13,652 ABS 8,890 (17) 151 (35) 8,989 CMBS 2,764 (3) 56 (59) 2,758 RMBS 5,772 (103) 326 (25) 5,970 Total AFS securities 96,458 (123) 4,808 (984) 100,159 AFS securities – related parties Corporate 842 — 19 (2) 859 CLO 2,573 — 5 (29) 2,549 ABS 6,986 — 61 (53) 6,994 Total AFS securities – related parties 10,401 — 85 (84) 10,402 Total AFS securities including related parties $ 106,859 $ (123) $ 4,893 $ (1,068) $ 110,561 Successor December 31, 2022 Less than 12 months 12 months or more Total (In millions) Fair Value Gross Fair Value Gross Fair Value Gross AFS securities US government and agencies $ 2,539 $ (756) $ — $ — $ 2,539 $ (756) US state, municipal and political subdivisions 911 (291) — — 911 (291) Foreign governments 891 (275) — — 891 (275) Corporate 58,256 (13,773) — — 58,256 (13,773) CLO 13,486 (1,277) — — 13,486 (1,277) ABS 8,119 (801) — — 8,119 (801) CMBS 2,650 (427) — — 2,650 (427) RMBS 2,621 (365) — — 2,621 (365) Total AFS securities 89,473 (17,965) — — 89,473 (17,965) AFS securities – related parties Corporate 619 (47) — — 619 (47) CLO 2,752 (273) — — 2,752 (273) ABS 5,487 (308) — — 5,487 (308) Total AFS securities – related parties 8,858 (628) — — 8,858 (628) Total AFS securities including related parties $ 98,331 $ (18,593) $ — $ — $ 98,331 $ (18,593) Predecessor December 31, 2021 Less than 12 months 12 months or more Total (In millions) Fair Value Gross Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses AFS securities US government and agencies $ 164 $ (8) $ 22 $ (2) $ 186 $ (10) US state, municipal and political subdivisions 122 (2) 1 — 123 (2) Foreign governments 387 (17) 1 — 388 (17) Corporate 18,995 (523) 863 (59) 19,858 (582) CLO 7,685 (124) 1,537 (35) 9,222 (159) ABS 4,038 (16) 165 (12) 4,203 (28) CMBS 880 (29) 177 (22) 1,057 (51) RMBS 437 (9) 274 (5) 711 (14) Total AFS securities 32,708 (728) 3,040 (135) 35,748 (863) AFS securities – related parties Corporate 313 (2) — — 313 (2) CLO 1,245 (20) 163 (3) 1,408 (23) ABS 3,801 (52) 13 (1) 3,814 (53) Total AFS securities – related parties 5,359 (74) 176 (4) 5,535 (78) Total AFS securities including related parties $ 38,067 $ (802) $ 3,216 $ (139) $ 41,283 $ (941) |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Notional Amount and Fair Value of Derivative Instruments | The following table presents the notional amount and fair value of derivative instruments: Successor Predecessor December 31, 2022 December 31, 2021 Notional Amount Fair Value Notional Amount Fair Value (In millions) Assets Liabilities Assets Liabilities Derivatives designated as hedges Foreign currency hedges Swaps 6,677 $ 747 $ 154 6,371 $ 281 $ 56 Forwards 6,283 406 52 6,395 189 2 Interest rate swaps 4,468 — 803 2,783 — 173 Forwards on net investments 216 2 — 231 — 4 Interest rate swaps 9,332 9 150 500 — 1 Total derivatives designated as hedges 1,164 1,159 470 236 Derivatives not designated as hedges Equity options 65,089 1,374 114 57,890 3,629 115 Futures 18 33 — 33 67 — Foreign currency swaps 3,563 251 112 2,592 57 19 Interest rate swaps 488 74 — 483 78 1 Other swaps 89 — 4 241 10 3 Foreign currency forwards 16,376 413 257 7,382 76 98 Embedded derivatives Funds withheld including related parties (6,272) (77) 1,360 45 Interest sensitive contract liabilities — 5,841 — 14,907 Total derivatives not designated as hedges (4,127) 6,251 5,277 15,188 Total derivatives $ (2,963) $ 7,410 $ 5,747 $ 15,424 |
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following represents the carrying amount and the cumulative fair value hedging adjustments included in the hedged assets or liabilities: Successor Predecessor December 31, 2022 December 31, 2021 (In millions) Carrying amount of the hedged assets or liabilities 1 Cumulative amount of fair value hedging gains (losses) Carrying amount of the hedged assets or liabilities 1 Cumulative amount of fair value hedging gains (losses) AFS securities Foreign currency forwards $ 5,259 $ (217) $ 4,224 $ (136) Foreign currency swaps 4,797 (398) — — Mortgage loans – Foreign currency forwards — — 1,686 (44) Interest sensitive contract liabilities Foreign currency swaps 1,081 88 — — Foreign currency interest rate swaps 4,348 632 2,773 121 Interest rate swaps 6,577 323 500 — 1 The carrying amount disclosed for AFS securities is amortized cost. The following is a summary of the gains (losses) related to the derivatives and related hedged items in fair value hedge relationships: Amounts Excluded (In millions) Derivatives Hedged Items Net Recognized in income through amortization approach Recognized in income through changes in fair value Year ended December 31, 2022 (Successor) Investment related gains (losses) Foreign currency forwards $ 183 $ (190) $ (7) $ 67 $ 9 Foreign currency swaps 286 (310) (24) — — Foreign currency interest rate swaps (622) 632 10 — — Interest rate swaps (332) 323 (9) — — Interest sensitive contract benefits Foreign currency interest rate swaps 52 (53) (1) — — Year ended December 31, 2021 (Predecessor) Investment related gains (losses) Foreign currency forwards 420 (440) (20) 21 16 Foreign currency interest rate swaps (102) 99 (3) — — Interest rate swaps (1) 1 — — — Interest sensitive contract benefits Foreign currency interest rate swaps 23 (21) 2 — — Year ended December 31, 2020 (Predecessor) Investment related gains (losses) – Foreign currency forwards (118) 116 (2) — — Interest sensitive contract benefits – Foreign currency interest rate swaps 1 (1) — — — |
Gains (Losses) Related to Derivatives Not Designated as Hedges | The following is a summary of the gains (losses) related to derivatives not designated as hedges: Successor Predecessor (In millions) Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Equity options $ (2,647) $ 2,452 $ 819 Futures (144) 81 123 Swaps 56 15 82 Foreign currency forwards 505 37 (127) Embedded derivatives on funds withheld (6,534) 572 2,651 Amounts recognized in investment related gains (losses) (8,764) 3,157 3,548 Embedded derivatives in indexed annuity products 1 2,934 (1,451) (1,384) Total gains (losses) on derivatives not designated as hedges $ (5,830) $ 1,706 $ 2,164 1 Included in interest sensitive contract benefits on the consolidated statements of income (loss). |
Estimated Fair Value of Net Derivative and Other Financial Assets | The estimated fair value of our net derivative and other financial assets and liabilities after the application of master netting agreements and collateral were as follows: Gross amounts not offset on the consolidated balance sheets (In millions) Gross amount recognized 1 Financial instruments 2 Collateral (received)/pledged Net amount Off-balance sheet securities collateral 3 Net amount after securities collateral December 31, 2022 (Successor) Derivative assets $ 3,309 $ (1,477) $ (1,952) $ (120) $ — $ (120) Derivative liabilities (1,646) 1,477 478 309 — 309 December 31, 2021 (Predecessor) Derivative assets $ 4,387 $ (430) $ (3,934) $ 23 $ — $ 23 Derivative liabilities (472) 430 32 (10) — (10) 1 The gross amounts of recognized derivative assets and derivative liabilities are reported on the consolidated balance sheets. As of December 31, 2022 and 2021, amounts not subject to master netting or similar agreements were immaterial. 2 Represents amounts offsetting derivative assets and derivative liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets or gross derivative liabilities for presentation on the consolidated balance sheets. 3 For non-cash collateral received, we do not recognize the collateral on our balance sheet unless the obligor (transferor) has defaulted under the terms of the secured contract and is no longer entitled to redeem the pledged asset. Amounts do not include any excess of collateral pledged or received. |
Estimated Fair Value of Net Derivative and Other Financial Liabilities | The estimated fair value of our net derivative and other financial assets and liabilities after the application of master netting agreements and collateral were as follows: Gross amounts not offset on the consolidated balance sheets (In millions) Gross amount recognized 1 Financial instruments 2 Collateral (received)/pledged Net amount Off-balance sheet securities collateral 3 Net amount after securities collateral December 31, 2022 (Successor) Derivative assets $ 3,309 $ (1,477) $ (1,952) $ (120) $ — $ (120) Derivative liabilities (1,646) 1,477 478 309 — 309 December 31, 2021 (Predecessor) Derivative assets $ 4,387 $ (430) $ (3,934) $ 23 $ — $ 23 Derivative liabilities (472) 430 32 (10) — (10) 1 The gross amounts of recognized derivative assets and derivative liabilities are reported on the consolidated balance sheets. As of December 31, 2022 and 2021, amounts not subject to master netting or similar agreements were immaterial. 2 Represents amounts offsetting derivative assets and derivative liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets or gross derivative liabilities for presentation on the consolidated balance sheets. 3 For non-cash collateral received, we do not recognize the collateral on our balance sheet unless the obligor (transferor) has defaulted under the terms of the secured contract and is no longer entitled to redeem the pledged asset. Amounts do not include any excess of collateral pledged or received. |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following is a summary of the gains (losses) related to cash flow hedges: Successor Predecessor (In millions) Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Investment related gains (losses) Foreign currency swaps $ — $ 14 $ — Other comprehensive income Foreign currency swaps — 254 (106) Interest rate swaps (106) — — |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | The following represents the hierarchy for our assets and liabilities measured at fair value on a recurring basis: Successor December 31, 2022 (In millions) Total NAV Level 1 Level 2 Level 3 Assets AFS securities US government and agencies $ 2,577 $ — $ 2,570 $ 7 $ — US state, municipal and political subdivisions 927 — — 927 — Foreign governments 907 — — 906 1 Corporate 60,901 — — 59,236 1,665 CLO 16,493 — — 16,493 — ABS 10,527 — — 5,660 4,867 CMBS 4,158 — — 4,158 — RMBS 5,914 — — 5,682 232 Total AFS securities 102,404 — 2,570 93,069 6,765 Trading securities 1,595 — 23 1,519 53 Equity securities 1,087 — 150 845 92 Mortgage loans 27,454 — — — 27,454 Funds withheld at interest – embedded derivative (4,847) — — — (4,847) Derivative assets 3,309 — 42 3,267 — Short-term investments 520 — 29 455 36 Other investments 611 — — 170 441 Cash and cash equivalents 7,779 — 7,779 — — Restricted cash 628 — 628 — — Investments in related parties AFS securities Corporate 982 — — 170 812 CLO 3,079 — — 2,776 303 ABS 5,760 — — 218 5,542 Total AFS securities 9,821 — — 3,164 6,657 Trading securities 878 — — — 878 Equity securities 279 — — — 279 Mortgage loans 1,302 — — — 1,302 Investment funds 959 — — — 959 Funds withheld at interest – embedded derivative (1,425) — — — (1,425) Other investments 303 — — — 303 Reinsurance recoverable 1,388 — — — 1,388 Assets of consolidated VIEs Trading securities 1,063 — 5 436 622 Mortgage loans 2,055 — — — 2,055 Investment funds 12,480 10,009 — — 2,471 Other investments 101 — — 2 99 Cash and cash equivalents 362 — 362 — — Total assets measured at fair value $ 170,106 $ 10,009 $ 11,588 $ 102,927 $ 45,582 Liabilities Interest sensitive contract liabilities Embedded derivative $ 5,841 $ — $ — $ — $ 5,841 Universal life benefits 829 — — — 829 Future policy benefits AmerUs Closed Block 1,164 — — — 1,164 ILICO Closed Block and life benefits 548 — — — 548 Derivative liabilities 1,646 — 38 1,607 1 Other liabilities 65 — — (77) 142 Total liabilities measured at fair value $ 10,093 $ — $ 38 $ 1,530 $ 8,525 Predecessor December 31, 2021 (In millions) Total NAV Level 1 Level 2 Level 3 Assets AFS securities US government and agencies $ 223 $ — $ 214 $ 9 $ — US state, municipal and political subdivisions 1,213 — — 1,213 — Foreign governments 1,128 — — 1,126 2 Corporate 66,226 — — 64,887 1,339 CLO 13,652 — — 13,638 14 ABS 8,989 — — 5,370 3,619 CMBS 2,758 — — 2,715 43 RMBS 5,970 — — 5,970 — Total AFS securities 100,159 — 214 94,928 5,017 Trading securities 2,056 — 3 1,984 69 Equity securities 1,170 — 86 655 429 Mortgage loans 17 — — — 17 Investment funds 183 165 — — 18 Funds withheld at interest – embedded derivative 782 — — — 782 Derivative assets 4,387 — 67 4,320 — Short-term investments 139 — 49 61 29 Other investments 130 — — 130 — Cash and cash equivalents 9,479 — 9,479 — — Restricted cash 796 — 796 — — Investments in related parties AFS securities Corporate 859 — — 189 670 CLO 2,549 — — 2,347 202 ABS 6,994 — — 549 6,445 Total AFS securities 10,402 — — 3,085 7,317 Trading securities 1,781 — — 10 1,771 Equity securities 284 — — — 284 Investment funds 2,958 103 — — 2,855 Funds withheld at interest – embedded derivative 578 — — — 578 Reinsurance recoverable 1,991 — — — 1,991 Assets of consolidated VIEs Investment funds 1,297 — — — 1,297 Cash and cash equivalents 154 — 154 — — Total assets measured at fair value $ 138,743 $ 268 $ 10,848 $ 105,173 $ 22,454 Liabilities Interest sensitive contract liabilities Embedded derivative $ 14,907 $ — $ — $ — $ 14,907 Universal life benefits 1,235 — — — 1,235 Future policy benefits AmerUs Closed Block 1,520 — — — 1,520 ILICO Closed Block and life benefits 742 — — — 742 Derivative liabilities 472 — — 469 3 Funds withheld liability – embedded derivative 45 — — 45 — Total liabilities measured at fair value $ 18,921 $ — $ — $ 514 $ 18,407 |
Summary of Fair Value Option | The following represents the gains (losses) recorded for instruments for which we have elected the fair value option, including related parties and consolidated VIEs: Successor Predecessor (In millions) Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Trading securities $ (424) $ (70) $ 33 Mortgage loans (3,213) — — Investment funds 114 826 295 Future policy benefits 356 80 (54) Other liabilities (37) — — Total gains (losses) $ (3,204) $ 836 $ 274 The following summarizes information for fair value option mortgage loans, including related parties and consolidated VIEs: Successor Predecessor (In millions) December 31, 2022 December 31, 2021 Unpaid principal balance $ 33,653 $ 15 Mark to fair value (2,842) 2 Fair value $ 30,811 $ 17 |
Reconciliation of Level 3 Assets Measured on a Recurring Basis | The following are reconciliations for Level 3 assets and liabilities measured at fair value on a recurring basis. Transfers in and out of Level 3 are primarily based on changes in the availability of pricing sources, as described in the valuation methods above. Successor Year Ended December 31, 2022 Total realized and unrealized gains (losses) (In millions) Balance at January 1, 2022 Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance Total gains (losses) included in earnings 1 Total gains (losses) included in OCI 1 Assets AFS securities Foreign governments $ 2 $ (1) $ — $ — $ — $ 1 $ — $ — Corporate 1,339 (16) (123) 364 101 1,665 — (119) CLO 14 (2) — (9) (3) — — — ABS 3,619 1 (183) 788 642 4,867 — (216) CMBS 43 — (17) — (26) — — — RMBS — — 3 295 (66) 232 — 4 Trading securities 69 (9) — (10) 3 53 (5) — Equity securities 429 26 — (4) (359) 92 22 — Mortgage loans 21,154 (2,761) — 9,061 — 27,454 (2,747) — Investment funds 18 1 — — (19) — — — Funds withheld at interest – embedded derivative — (4,847) — — — (4,847) — — Short-term investments 29 — — 7 — 36 — — Other investments — (91) — 36 496 441 (91) — Investments in related parties AFS securities Corporate 670 (3) (16) 202 (41) 812 — (16) CLO 202 — (29) 130 — 303 — (29) ABS 6,445 16 (256) (715) 52 5,542 (11) (259) Trading securities 1,771 3 — (1,084) 188 878 1 — Equity securities 284 (2) — (15) 12 279 — — Mortgage loans 1,369 (225) — 158 — 1,302 (225) — Investment funds 2,855 78 — 57 (2,031) 959 119 — Funds withheld at interest – embedded derivative — (1,425) — — — (1,425) — — Short-term investments — — — 53 (53) — — — Other investments — 14 — 15 274 303 14 — Reinsurance recoverable 1,991 (603) — — — 1,388 — — Assets of consolidated VIEs Trading securities — 49 — 530 43 622 11 — Mortgage loans 2,152 (227) — (31) 161 2,055 (226) — Investment funds 1,297 72 — 1,862 (760) 2,471 58 — Other investments — (17) — 31 85 99 (24) — Total Level 3 assets $ 45,752 $ (9,969) $ (621) $ 11,721 $ (1,301) $ 45,582 $ (3,104) $ (635) Liabilities Interest sensitive contract liabilities Embedded derivative $ (7,559) $ 2,934 $ — $ (1,216) $ — $ (5,841) $ — $ — Universal life benefits (1,235) 406 — — — (829) — — Future policy benefits AmerUs Closed Block (1,520) 356 — — — (1,164) — — ILICO Closed Block and life benefits (742) 194 — — — (548) — — Derivative liabilities (3) 2 — — — (1) — — Other liabilities — (37) — (105) — (142) — — Total Level 3 liabilities $ (11,059) $ 3,855 $ — $ (1,321) $ — $ (8,525) $ — $ — 1 Related to instruments held at end of period. Predecessor Year Ended December 31, 2021 Total realized and unrealized gains (losses) (In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance Total gains (losses) included in earnings 1 Total gains (losses) included in OCI 1 Assets AFS securities US state, municipal and political subdivisions $ 34 $ — $ — $ — $ (34) $ — $ — $ — Foreign governments 2 — — — — 2 — — Corporate 778 6 27 428 100 1,339 — 27 CLO 208 — 1 (37) (158) 14 — 1 ABS 800 (17) 45 2,958 (167) 3,619 — 45 CMBS 43 2 6 (11) 3 43 — 6 Trading securities 86 (11) — 1 (7) 69 (5) — Equity securities 11 16 — 402 — 429 16 — Mortgage loans 19 — — (2) — 17 — — Investment funds 17 1 — — — 18 1 — Funds withheld at interest – embedded derivative 1,944 (1,162) — — — 782 — — Short-term investments 2 — — 27 — 29 — — Investments in related parties AFS securities Corporate 195 2 7 661 (195) 670 — 7 CLO — — — 202 — 202 — — ABS 4,109 (6) (44) 2,386 — 6,445 — (44) Trading securities 1,525 20 — 236 (10) 1,771 40 — Equity securities 72 8 — 204 — 284 8 — Investment funds 2,033 816 — 6 — 2,855 816 — Funds withheld at interest – embedded derivative 862 (284) — — — 578 — — Reinsurance recoverable 2,100 (109) — — — 1,991 — — Assets of consolidated VIEs – investment funds — 9 — 1,179 109 1,297 9 — Total Level 3 assets $ 14,840 $ (709) $ 42 $ 8,640 $ (359) $ 22,454 $ 885 $ 42 Liabilities Interest sensitive contract liabilities Embedded derivative $ (12,873) $ (1,451) $ — $ (583) $ — $ (14,907) $ — $ — Universal life benefits (1,308) 73 — — — (1,235) — — Future policy benefits AmerUs Closed Block (1,600) 80 — — — (1,520) — — ILICO Closed Block and life benefits (776) 34 — — — (742) — — Derivative liabilities (4) 1 — — — (3) — — Total Level 3 liabilities $ (16,561) $ (1,263) $ — $ (583) $ — $ (18,407) $ — $ — 1 Related to instruments held at end of period. |
Reconciliation of Level 3 Liabilities Measured on a Recurring Basis | The following are reconciliations for Level 3 assets and liabilities measured at fair value on a recurring basis. Transfers in and out of Level 3 are primarily based on changes in the availability of pricing sources, as described in the valuation methods above. Successor Year Ended December 31, 2022 Total realized and unrealized gains (losses) (In millions) Balance at January 1, 2022 Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance Total gains (losses) included in earnings 1 Total gains (losses) included in OCI 1 Assets AFS securities Foreign governments $ 2 $ (1) $ — $ — $ — $ 1 $ — $ — Corporate 1,339 (16) (123) 364 101 1,665 — (119) CLO 14 (2) — (9) (3) — — — ABS 3,619 1 (183) 788 642 4,867 — (216) CMBS 43 — (17) — (26) — — — RMBS — — 3 295 (66) 232 — 4 Trading securities 69 (9) — (10) 3 53 (5) — Equity securities 429 26 — (4) (359) 92 22 — Mortgage loans 21,154 (2,761) — 9,061 — 27,454 (2,747) — Investment funds 18 1 — — (19) — — — Funds withheld at interest – embedded derivative — (4,847) — — — (4,847) — — Short-term investments 29 — — 7 — 36 — — Other investments — (91) — 36 496 441 (91) — Investments in related parties AFS securities Corporate 670 (3) (16) 202 (41) 812 — (16) CLO 202 — (29) 130 — 303 — (29) ABS 6,445 16 (256) (715) 52 5,542 (11) (259) Trading securities 1,771 3 — (1,084) 188 878 1 — Equity securities 284 (2) — (15) 12 279 — — Mortgage loans 1,369 (225) — 158 — 1,302 (225) — Investment funds 2,855 78 — 57 (2,031) 959 119 — Funds withheld at interest – embedded derivative — (1,425) — — — (1,425) — — Short-term investments — — — 53 (53) — — — Other investments — 14 — 15 274 303 14 — Reinsurance recoverable 1,991 (603) — — — 1,388 — — Assets of consolidated VIEs Trading securities — 49 — 530 43 622 11 — Mortgage loans 2,152 (227) — (31) 161 2,055 (226) — Investment funds 1,297 72 — 1,862 (760) 2,471 58 — Other investments — (17) — 31 85 99 (24) — Total Level 3 assets $ 45,752 $ (9,969) $ (621) $ 11,721 $ (1,301) $ 45,582 $ (3,104) $ (635) Liabilities Interest sensitive contract liabilities Embedded derivative $ (7,559) $ 2,934 $ — $ (1,216) $ — $ (5,841) $ — $ — Universal life benefits (1,235) 406 — — — (829) — — Future policy benefits AmerUs Closed Block (1,520) 356 — — — (1,164) — — ILICO Closed Block and life benefits (742) 194 — — — (548) — — Derivative liabilities (3) 2 — — — (1) — — Other liabilities — (37) — (105) — (142) — — Total Level 3 liabilities $ (11,059) $ 3,855 $ — $ (1,321) $ — $ (8,525) $ — $ — 1 Related to instruments held at end of period. Predecessor Year Ended December 31, 2021 Total realized and unrealized gains (losses) (In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance Total gains (losses) included in earnings 1 Total gains (losses) included in OCI 1 Assets AFS securities US state, municipal and political subdivisions $ 34 $ — $ — $ — $ (34) $ — $ — $ — Foreign governments 2 — — — — 2 — — Corporate 778 6 27 428 100 1,339 — 27 CLO 208 — 1 (37) (158) 14 — 1 ABS 800 (17) 45 2,958 (167) 3,619 — 45 CMBS 43 2 6 (11) 3 43 — 6 Trading securities 86 (11) — 1 (7) 69 (5) — Equity securities 11 16 — 402 — 429 16 — Mortgage loans 19 — — (2) — 17 — — Investment funds 17 1 — — — 18 1 — Funds withheld at interest – embedded derivative 1,944 (1,162) — — — 782 — — Short-term investments 2 — — 27 — 29 — — Investments in related parties AFS securities Corporate 195 2 7 661 (195) 670 — 7 CLO — — — 202 — 202 — — ABS 4,109 (6) (44) 2,386 — 6,445 — (44) Trading securities 1,525 20 — 236 (10) 1,771 40 — Equity securities 72 8 — 204 — 284 8 — Investment funds 2,033 816 — 6 — 2,855 816 — Funds withheld at interest – embedded derivative 862 (284) — — — 578 — — Reinsurance recoverable 2,100 (109) — — — 1,991 — — Assets of consolidated VIEs – investment funds — 9 — 1,179 109 1,297 9 — Total Level 3 assets $ 14,840 $ (709) $ 42 $ 8,640 $ (359) $ 22,454 $ 885 $ 42 Liabilities Interest sensitive contract liabilities Embedded derivative $ (12,873) $ (1,451) $ — $ (583) $ — $ (14,907) $ — $ — Universal life benefits (1,308) 73 — — — (1,235) — — Future policy benefits AmerUs Closed Block (1,600) 80 — — — (1,520) — — ILICO Closed Block and life benefits (776) 34 — — — (742) — — Derivative liabilities (4) 1 — — — (3) — — Total Level 3 liabilities $ (16,561) $ (1,263) $ — $ (583) $ — $ (18,407) $ — $ — 1 Related to instruments held at end of period. |
Gross Components of Purchases, Sales, Issuances and Settlements, net | Successor Year Ended December 31, 2022 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers in Transfers out Net transfers in (out) Assets AFS securities Corporate $ 685 $ — $ (177) $ (144) $ 364 $ 393 $ (292) $ 101 CLO 3 — — (12) (9) — (3) (3) ABS 3,306 — (1,791) (727) 788 1,089 (447) 642 CMBS — — — — — — (26) (26) RMBS 296 — — (1) 295 — (66) (66) Trading securities 8 — (9) (9) (10) 56 (53) 3 Equity securities — — (4) — (4) 41 (400) (359) Mortgage loans 12,367 — (198) (3,108) 9,061 — — — Investment funds — — — — — — (19) (19) Short-term investments 59 — — (52) 7 — — — Other investments 48 — (12) — 36 496 — 496 Investments in related parties AFS securities Corporate 483 — (263) (18) 202 53 (94) (41) CLO 130 — — — 130 — — — ABS 2,889 — (94) (3,510) (715) 1,916 (1,864) 52 Trading securities 43 — (1,081) (46) (1,084) 1,448 (1,260) 188 Equity securities 195 — (119) (91) (15) 125 (113) 12 Mortgage loans 182 — — (24) 158 — — — Investment funds 91 — (34) — 57 — (2,031) (2,031) Short-term investments 53 — — — 53 — (53) (53) Other investments 31 — (16) — 15 274 — 274 Assets of consolidated VIEs Trading securities 531 — (1) — 530 430 (387) 43 Equity securities — — — — — 15 (15) — Mortgage loans 176 — — (207) (31) 384 (223) 161 Investment funds 2,014 — (152) — 1,862 11,550 (12,310) (760) Other investments 33 — (2) — 31 2,018 (1,933) 85 Total Level 3 assets $ 23,623 $ — $ (3,953) $ (7,949) $ 11,721 $ 20,288 $ (21,589) $ (1,301) Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (1,722) $ — $ 506 $ (1,216) $ — $ — $ — Other liabilities — — — (105) (105) — — — Total Level 3 liabilities $ — $ (1,722) $ — $ 401 $ (1,321) $ — $ — $ — |
Summary of the Unobservable Inputs for the Embedded Derivative of Fixed Indexed Annuities | The following summarizes the unobservable inputs for AFS, trading and equity securities, mortgage loans, investment funds and the embedded derivatives of fixed indexed annuities, including those of consolidated VIEs: Successor December 31, 2022 (In millions, except for percentages and multiples) Fair value Valuation technique Unobservable inputs Minimum Maximum Weighted average Impact of an increase in the input on fair value AFS, trading and equity securities $ 10,671 Discounted cash flow Discount rate 2.2 % 18.8 % 6.8 % 1 Decrease Mortgage loans 30,811 Discounted cash flow Discount rate 1.5 % 22.1 % 6.3 % 1 Decrease Investment funds 506 Discounted cash flow Discount rate 6.4 % 6.4 % 6.4 % Decrease 873 Discounted cash flow / Discount rate / 16.5% / 9x 16.5% / 9x 16.5% / 9x Decrease / Increase 529 Net tangible asset values Implied multiple 1.26x 1.26x 1.26x Increase 563 Reported net asset value Reported net asset value N/A N/A N/A N/A Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives 5,841 Discounted cash flow Nonperformance risk 0.1 % 1.7 % 1.0 % 2 Decrease Option budget 0.5 % 5.3 % 1.9 % 3 Increase Surrender rate 5.1 % 11.5 % 8.1 % 4 Decrease Predecessor December 31, 2021 (In millions, except for percentages) Fair value Valuation technique Unobservable inputs Minimum Maximum Weighted average Impact of an increase in the input on fair value AFS and trading securities 5 $ 7,512 Discounted cash flow Discount rate 1.4 % 19.4 % 5.4 % 1 Decrease Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives 14,907 Option budget method Nonperformance risk 0.1 % 1.0 % 0.6 % 2 Decrease Option budget 0.4 % 3.4 % 1.9 % 3 Increase Surrender rate 5.9 % 10.7 % 8.0 % 4 Decrease 1 The discount rate weighted average is calculated based on the relative fair values of the securities or loans. 2 The nonperformance risk weighted average is based on the projected excess benefits of reserves used in the calculation of the embedded derivative. 3 The option budget weighted average is calculated based on the indexed account values. 4 The surrender rate weighted average is calculated based on projected account values. 5 Previously reported amounts have been revised to correct a misstatement, which was not material, in the fair value and unobservable inputs for AFS and trading securities. |
Summary of Financial Instruments Not Carried at Fair Value on the Balance Sheet | The following represents our financial instruments not carried at fair value on the consolidated balance sheets: Successor December 31, 2022 (In millions) Carrying Value Fair Value NAV Level 1 Level 2 Level 3 Financial assets Investment funds $ 79 $ 79 $ 79 $ — $ — $ — Policy loans 347 347 — — 347 — Funds withheld at interest 37,727 37,727 — — — 37,727 Short-term investments 1,640 1,640 — — 1,614 26 Other investments 162 162 — — — 162 Investments in related parties Investment funds 610 610 610 — — — Funds withheld at interest 11,233 11,233 — — — 11,233 Total financial assets not carried at fair value $ 51,798 $ 51,798 $ 689 $ — $ 1,961 $ 49,148 Financial liabilities Interest sensitive contract liabilities $ 125,101 $ 111,608 $ — $ — $ — $ 111,608 Debt 3,658 2,893 — — 2,893 — Securities to repurchase 4,743 4,743 — — 4,743 — Funds withheld liability 360 360 — — 360 — Total financial liabilities not carried at fair value $ 133,862 $ 119,604 $ — $ — $ 7,996 $ 111,608 Predecessor December 31, 2021 (In millions) Carrying Value Fair Value NAV Level 1 Level 2 Level 3 Financial assets Mortgage loans $ 20,731 $ 21,138 $ — $ — $ — $ 21,138 Investment funds 995 995 995 — — — Policy loans 312 312 — — 312 — Funds withheld at interest 43,125 43,125 — — — 43,125 Other investments 1,343 1,343 — — — 1,343 Investments in related parties Mortgage loans 1,360 1,369 — — — 1,369 Investment funds 4,433 4,433 4,433 — — — Funds withheld at interest 11,629 11,629 — — — 11,629 Other investments 222 223 — — — 223 Assets of consolidated VIEs – mortgage loans 2,040 2,152 — — — 2,152 Total financial assets not carried at fair value $ 86,190 $ 86,719 $ 5,428 $ — $ 312 $ 80,979 Financial liabilities Interest sensitive contract liabilities $ 105,293 $ 108,621 $ — $ — $ — $ 108,621 Debt 2,964 3,295 — — 3,295 — Securities to repurchase 3,110 3,110 — — 3,110 — Funds withheld liability 394 394 — — 394 — Total financial liabilities not carried at fair value $ 111,761 $ 115,420 $ — $ — $ 6,799 $ 108,621 |
Equity Securities without Readily Determinable Fair Value | Financial Instruments Without Readily Determinable Fair Values —We have elected the measurement alternative for certain equity securities that do not have a readily determinable fair value. As of December 31, 2022 and 2021, the carrying amount of the equity securities was $400 million and $0 million, respectively, with no cumulative recorded impairment. |
Reinsurance (Tables)
Reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Insurance [Abstract] | |
Effects of Reinsurance | The following summarizes the effect of reinsurance on premiums and future policy and other policy benefits on the consolidated statements of income (loss): Successor Predecessor (In millions) Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Premiums Direct $ 11,373 $ 13,989 $ 5,691 Reinsurance assumed 377 388 413 Reinsurance ceded (112) (115) (141) Total premiums $ 11,638 $ 14,262 $ 5,963 Future policy and other policy benefits Direct $ 12,018 $ 15,482 $ 7,016 Reinsurance assumed 398 503 522 Reinsurance ceded (106) (251) (351) Total future policy and other policy benefits $ 12,310 $ 15,734 $ 7,187 Predecessor (In millions) Year Ended December 31, 2020 Liabilities assumed $ 27,439 Less: Assets received 28,805 Net cost of reinsurance $ (1,366) Unearned revenue reserve 1 (1,366) 1 Included within interest sensitive contract liabilities on the consolidated balance sheets. |
Ceded Credit Risk | The following summarizes our reinsurance recoverable: Successor Predecessor (In millions) December 31, 2022 December 31, 2021 Global Atlantic $ 2,461 $ 2,916 Protective 1,581 1,515 Brighthouse Financial 226 — Other 1 99 163 Reinsurance recoverable $ 4,367 $ 4,594 1 Represents all other reinsurers, with no single reinsurer having a carrying value in excess of 5% of total recoverable. |
Deferred Acquisition Costs, D_2
Deferred Acquisition Costs, Deferred Sales Inducements, and Value of Business Acquired (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Insurance [Abstract] | |
Deferred Acquisition Costs | The following represents a rollforward of DAC, DSI and VOBA: Predecessor (In millions) DAC DSI VOBA Total Balance at December 31, 2019 $ 3,274 $ 820 $ 914 $ 5,008 Adoption of accounting standard 12 5 5 22 Additions 633 178 — 811 Unlocking (36) (13) (11) (60) Amortization (414) (53) (60) (527) Impact of unrealized investment (gains) losses (233) (80) (35) (348) Balance at December 31, 2020 3,236 857 813 4,906 Additions 698 265 — 963 Unlocking (18) (16) 24 (10) Amortization (483) (182) (155) (820) Impact of unrealized investment (gains) losses 182 54 87 323 Balance at December 31, 2021 $ 3,615 $ 978 $ 769 $ 5,362 Successor (In millions) DAC DSI VOBA Total Balance at January 1, 2022 $ — $ — $ 4,527 $ 4,527 Additions 1,127 413 — 1,540 Unlocking — — 4 4 Amortization (25) — (488) (513) Impact of unrealized investment (gains) losses and other 21 — (3) 18 Balance at December 31, 2022 $ 1,123 $ 413 $ 4,040 $ 5,576 The expected amortization of VOBA for the next five years is as follows: (In millions) Expected Amortization 2023 $ 440 2024 402 2025 370 2026 336 2027 301 |
Deferred Sales Inducements | The following represents a rollforward of DAC, DSI and VOBA: Predecessor (In millions) DAC DSI VOBA Total Balance at December 31, 2019 $ 3,274 $ 820 $ 914 $ 5,008 Adoption of accounting standard 12 5 5 22 Additions 633 178 — 811 Unlocking (36) (13) (11) (60) Amortization (414) (53) (60) (527) Impact of unrealized investment (gains) losses (233) (80) (35) (348) Balance at December 31, 2020 3,236 857 813 4,906 Additions 698 265 — 963 Unlocking (18) (16) 24 (10) Amortization (483) (182) (155) (820) Impact of unrealized investment (gains) losses 182 54 87 323 Balance at December 31, 2021 $ 3,615 $ 978 $ 769 $ 5,362 Successor (In millions) DAC DSI VOBA Total Balance at January 1, 2022 $ — $ — $ 4,527 $ 4,527 Additions 1,127 413 — 1,540 Unlocking — — 4 4 Amortization (25) — (488) (513) Impact of unrealized investment (gains) losses and other 21 — (3) 18 Balance at December 31, 2022 $ 1,123 $ 413 $ 4,040 $ 5,576 The expected amortization of VOBA for the next five years is as follows: (In millions) Expected Amortization 2023 $ 440 2024 402 2025 370 2026 336 2027 301 |
Closed Block (Tables)
Closed Block (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Insurance [Abstract] | |
Schedule of Closed Block Assets and Liabilities | Summarized financial information of the AmerUs Closed Block is presented below. Successor Predecessor (In millions) December 31, 2022 December 31, 2021 Liabilities Future policy benefits $ 1,164 $ 1,520 Other policy claims and benefits 16 16 Dividends payable to policyholders 73 75 Other liabilities 9 — Total liabilities 1,262 1,611 Assets Trading securities 1,016 1,321 Mortgage loans 14 17 Policy loans 134 108 Total investments 1,164 1,446 Cash and cash equivalents 42 63 Accrued investment income 14 46 Reinsurance recoverable 13 14 Other assets 2 10 Total assets 1,235 1,579 Maximum future earnings to be recognized from AmerUs Closed Block $ 27 $ 32 |
Closed Block Operations, Net Results | The following represents the contribution from AmerUs Closed Block. Successor Predecessor (In millions) Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Revenues Premiums $ 29 $ 42 $ 48 Net investment income 67 68 71 Investment related gains (losses) (310) (61) 99 Total revenues (214) 49 218 Benefits and Expenses Future policy and other policy benefits (242) 24 177 Dividends to policyholders 22 27 38 Total benefits and expenses (220) 51 215 Contribution from (to) AmerUs Closed Block before income taxes 6 (2) 3 Income tax expense 1 2 1 Contribution from (to) AmerUs Closed Block, net of income taxes $ 5 $ (4) $ 2 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The following is a summary of our senior notes: Issue date January 12, 2018 April 3, 2020 October 8, 2020 May 25, 2021 December 13, 2021 November 21, 2022 Principal balance (in millions) $ 1,000 $ 500 $ 500 $ 500 $ 500 $ 400 Outstanding balance (in millions) $ 1,081 $ 606 $ 526 $ 546 $ 504 $ 395 Interest rate 4.125 % 6.150 % 3.500 % 3.950 % 3.450 % 6.650 % Maturity date January 12, 2028 April 3, 2030 January 15, 2031 May 25, 2051 May 15, 2052 February 1, 2033 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Schedule of Stock by Class [Table Text Block] | The following summarizes the activity on our share repurchase authorizations: Predecessor (In millions) Year Ended December 31, 2021 Year Ended December 31, 2020 Beginning balance $ 221 $ 640 Repurchases — (419) Ending balance $ 221 $ 221 The table below shows the changes in each class of shares issued and outstanding: Successor Predecessor (In millions) Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Class A Beginning balance 192.2 191.5 143.2 Issued shares 13.1 0.9 36.0 Forfeited shares (1.5) (0.2) (0.1) Repurchased shares — — (13.3) Converted from Class B shares — — 25.4 Converted from Class M — — 0.3 Ending balance 203.8 192.2 191.5 Class B Beginning balance — — 25.4 Converted to Class A shares — — (25.4) Ending balance — — — Class M-1 Beginning balance — — 3.3 Converted to Class A shares — — (0.2) Converted to warrants — — (3.1) Ending balance — — — Class M-2 Beginning balance — — 0.8 Converted to warrants — — (0.8) Ending balance — — — Class M-3 Beginning balance — — 1.0 Converted to warrants — — (1.0) Ending balance — — — Class M-4 Beginning balance — — 4.0 Converted to Class A shares — — (0.1) Converted to warrants — — (3.6) Repurchased shares — — (0.3) Ending balance — — — |
Accumulated Other Comprehensive Income | Predecessor (In millions) Unrealized investment gains (losses) on AFS securities without a credit allowance Unrealized investment gains (losses) on AFS securities with a credit allowance DAC, DSI, VOBA and future policy benefits adjustments on AFS securities Unrealized gains (losses) on hedging instruments Foreign currency translation and other adjustments Accumulated other comprehensive income (loss) Balance at December 31, 2019 $ 3,102 $ — $ (879) $ 61 $ (3) $ 2,281 Adoption of accounting standards 4 (4) (6) — — (6) Other comprehensive income (loss) before reclassifications 3,312 (61) (634) (106) 18 2,529 Less: Reclassification adjustments for gains (losses) realized in net income 1 353 — (94) — — 259 Less: Income tax expense (benefit) 566 (12) (115) (26) — 413 Less: Other comprehensive income (loss) attributable to NCI 147 — — 7 7 161 Balance at December 31, 2020 5,352 (53) (1,310) (26) 8 3,971 Other comprehensive income (loss) before reclassifications 2 (2,309) 42 432 246 (10) (1,599) Less: Reclassification adjustments for gains (losses) realized in net income 1,2 614 (10) (156) 14 — 462 Less: Income tax expense (benefit) (558) 10 123 54 — (371) Less: Other comprehensive income (loss) attributable to NCI, net of subsidiary issuance of equity interests and tax (154) — — 6 (1) (149) Balance at December 31, 2021 $ 3,141 $ (11) $ (845) $ 146 $ (1) $ 2,430 Successor (In millions) Unrealized investment gains (losses) on AFS securities without a credit allowance Unrealized investment gains (losses) on AFS securities with a credit allowance DAC, DSI, VOBA and future policy benefits adjustments on AFS securities Unrealized gains (losses) on hedging instruments Foreign currency translation and other adjustments Accumulated other comprehensive income (loss) Balance at January 1, 2022 $ — $ — $ — $ — $ — $ — Other comprehensive income (loss) before reclassifications (17,929) (463) 704 69 (16) (17,635) Less: Reclassification adjustments for gains (losses) realized in net income 1 (218) (18) 5 67 — (164) Less: Income tax expense (benefit) (3,154) (86) 147 12 (2) (3,083) Less: Other comprehensive income (loss) attributable to NCI (1,992) (25) 1 (57) (4) (2,077) Balance at December 31, 2022 $ (12,565) $ (334) $ 551 $ 47 $ (10) $ (12,311) 1 Recognized in investment related gains (losses) on the consolidated statements of income (loss). 2 Previously reported amounts have been revised to correct a misstatement, which was not material, in the classification of activity between other comprehensive income (loss) before reclassifications and reclassification adjustments for gains (losses) realized. |
Dividends Declared | The following summarizes dividends declared and paid per preferred stock share by series: Successor Predecessor (Per share) Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Series A $ 1,587.50 $ 1,587.50 $ 1,587.51 Series B 1,406.25 1,406.25 1,406.25 Series C 1,593.75 1,593.75 880.99 Series D 1,218.75 1,259.38 — Series E — — — The following summarizes dividends declared and paid in the aggregate on the preferred stock by series: Successor Predecessor (In millions) Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Series A $ 55 $ 55 $ 55 Series B 19 19 19 Series C 38 38 21 Series D 29 29 — Total dividends declared and paid $ 141 $ 141 $ 95 |
Schedule of Preferred Stock | We have five series of preferred stock: 6.35% Fixed-to-Floating Rate Perpetual Non-Cumulative Preference Shares, Series A (Series A); 5.625% Fixed-Rate Perpetual Non-Cumulative Preference Shares, Series B (Series B); 6.375% Fixed-Rate Reset Perpetual Non-Cumulative Preference Shares, Series C (Series C); 4.875% Fixed-Rate Perpetual Non-Cumulative Preference Shares, Series D (Series D); and 7.75% Fixed-Rate Reset Perpetual Non-Cumulative Preference Shares, Series E (Series E) as summarized below: Series A Series B Series C Series D Series E Issue date June 10, 2019 September 19, 2019 June 11, 2020 December 18, 2020 December 12, 2022 Authorized, issued and outstanding 34,500 13,800 24,000 23,000 20,000 Liquidation preference per share $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 |
Income Taxes Income Tax Expense
Income Taxes Income Tax Expense (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax Expense (Benefit) | Income tax expense (benefit) consists of the following: Successor Predecessor (In millions) Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Current $ 381 $ 410 $ 107 Deferred (1,357) (24) 178 Income tax expense (benefit) $ (976) $ 386 $ 285 Total income taxes were as follows: Successor Predecessor (In millions) Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Income tax expense (benefit) $ (976) $ 386 $ 285 Income tax expense (benefit) from OCI (3,083) (371) 413 Total income tax expense (benefit) $ (4,059) $ 15 $ 698 |
Schedule of Income before Income Tax | Income tax expense (benefit) was calculated based on the following income (loss) before income taxes by jurisdiction: Successor Predecessor (In millions) Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Bermuda $ (3,425) $ 2,780 $ 903 US (3,627) 1,559 1,083 United Kingdom (178) (153) 220 Income (loss) before income taxes $ (7,230) $ 4,186 $ 2,206 |
Schedule of Effective Income Tax Rate Reconciliation | expected tax provision computed on pre-tax income was calculated using a weighted average tax rate as the sum of the pre-tax income in each jurisdiction multiplied by that jurisdiction’s applicable statutory tax rate. Statutory tax rates of 0%, 21% and 19% had been used for Bermuda, the US and the United Kingdom (UK), respectively. A reconciliation of the difference between the expected tax provision at the weighted average tax rate and income tax expense (benefit) is as follows: Successor Predecessor (In millions, except for percentages) Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Expected tax provision computed on pre-tax income (loss) $ (1,518) $ 299 $ 268 (Decrease) increase in income taxes resulting from: Deferred tax valuation allowance 39 (2) 8 Non-deductible expenses 1 19 5 Prior year true-up 48 4 (4) Corporate owned life insurance — 52 (6) Stock compensation expense 9 2 — Noncontrolling interests 443 — — Other 2 12 14 Income tax expense (benefit) $ (976) $ 386 $ 285 Effective tax rate 13 % 9 % 13 % During the third quarter of 2021, we recorded an out-of-period adjustment that affected the consolidated statements of income (loss). The adjustment related to the correction of errors in jurisdictional income, which resulted in the misstatement of income tax expense. The adjustment understated income tax expense for the year ended December 31, 2021 by $63 million. We evaluated the out-of-period adjustment and determined it was not material to the consolidated financial statements for the year ended December 31, 2021, or any other previously reported period. |
Schedule of Gross Current and Deferred Tax Assets and Liabilities | Current and deferred income tax assets and liabilities were as follows: Successor Predecessor (In millions) December 31, 2022 December 31, 2021 Current income tax recoverable $ 272 $ 2 Current income tax payable — 169 Net current income tax recoverable (payable) $ 272 $ (167) Deferred tax assets $ 5,913 $ — Deferred tax liabilities 34 576 Net deferred tax assets (liabilities) $ 5,879 $ (576) |
Schedule of Deferred Tax Assets and Liabilities | Deferred income tax assets and liabilities consisted of the following: Successor Predecessor (In millions) December 31, 2022 December 31, 2021 Deferred tax assets Insurance liabilities $ 2,668 $ 2,169 Net unrealized losses on AFS 3,083 — Net operating and capital loss carryforwards 185 60 Investments, including derivatives 282 — Employee benefits 8 22 Investment in foreign subsidiaries 1,011 — Other 74 39 Total deferred tax assets 7,311 2,290 Valuation allowance (105) (66) Deferred tax assets, net of valuation allowance 7,206 2,224 Deferred tax liabilities Investments, including derivatives — 974 Intangible assets 379 — Net unrealized gains on AFS — 626 DAC, DSI and VOBA 946 1,026 Other 2 174 Total deferred tax liabilities 1,327 2,800 Net deferred tax assets (liabilities) $ 5,879 $ (576) |
Summary of Valuation Allowance | The valuation allowance consists of the following: Successor Predecessor (In millions) December 31, 2022 December 31, 2021 US federal and state net operating losses and other deferred tax assets $ 16 $ 30 UK net operating losses and other deferred tax assets 89 36 Total valuation allowance $ 105 $ 66 |
Statutory Requirements (Tables)
Statutory Requirements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statutory Accounting Practices [Line Items] | |
Statutory Accounting Practices Disclosure [Table Text Block] | The following represents the EBS capital and surplus and BSCR ratios: Successor Predecessor December 31, 2022 December 31, 2021 (In millions, except percentages) EBS capital & surplus BSCR ratio EBS capital & surplus BSCR ratio ALRe $ 16,759 256 % $ 14,630 209 % AARe 1 21,876 278 % 6,632 2,460 % ACRA 1A 5,993 262 % 3,872 183 % 1 As a result of the merger, our legal entities were reorganized, which resulted in a significant change to AARe’s statutory capital position. Successor December 31, 2022 (In millions) ALRe AARe ACRA 1A Increase (decrease) to capital and surplus due to permitted practices $ 6,029 $ 19,671 $ 8,289 Increase (decrease) to statutory net income due to permitted practices 2,605 5,299 5,945 Successor Predecessor (In millions) December 31, 2022 December 31, 2021 ALRe $ 5,550 $ 7,122 AARe 7,050 165 ACRA 1A 1,912 1,759 Statutory capital and surplus and net income (loss) —The following table presents, for each of our primary insurance subsidiaries, the statutory capital and surplus and the statutory net income (loss), based on the most recent statutory financial statements to be filed with insurance regulators: Statutory capital & surplus Statutory net income (loss) Successor Predecessor Successor Predecessor (In millions) December 31, 2022 December 31, 2021 Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 ALRe $ 13,084 $ 11,823 $ 937 $ 3,278 $ 1,544 AARe 17,126 2,649 1,329 (3,703) 92 ACRA 1A 5,637 4,187 (87) 293 1,522 AADE 2,298 1,605 (20) (70) 54 AAIA 2,067 1,279 (238) (182) (8) AANY 284 304 (23) (8) (25) |
Related Parties (Tables)
Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transaction [Line Items] | |
Schedule of Related Party Transactions | The following summarizes the predecessor investments in MidCap: Predecessor (In millions) December 31, 2021 Profit participating notes $ 635 Senior unsecured notes 158 Redeemable preferred stock 7 Total investment in MidCap $ 800 Successor Predecessor (In millions) December 31, 2022 December 31, 2021 Investment fund $ 959 $ 743 Non-redeemable preferred equity securities 273 171 Total investment in Athora $ 1,232 $ 914 Successor Predecessor (In millions) December 31, 2022 December 31, 2021 AFS or trading securities $ 1,183 $ 1,401 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Restricted Pledged Assets and Funds in Trust | Successor Predecessor (In millions) December 31, 2022 December 31, 2021 AFS securities $ 15,366 $ 9,111 Trading securities 55 75 Equity securities 38 30 Mortgage loans 8,849 5,033 Investment funds 103 174 Derivative assets 65 96 Short-term investments 120 — Other investments 170 130 Restricted cash 628 796 Total restricted assets $ 25,394 $ 15,445 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Revenue from External Customers by Geographic Areas | Deposits and premiums by the geographical location are primarily attributed to individual countries based on the jurisdiction of the subsidiary that directly issued or assumed the business and are as follows: Successor Predecessor (In millions) Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 United States $ 34,646 $ 25,380 $ 19,187 Bermuda 11,788 12,348 35,692 Total premiums and deposits, net of ceded $ 46,434 $ 37,728 $ 54,879 |
Revenue from External Customers by Products and Services | We market annuity products, primarily fixed rate and fixed indexed annuities. Deposits, which are generally not included in revenues on the consolidated statements of income (loss), and premiums collected are as follows: Successor Predecessor (In millions) Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Fixed indexed annuities $ 11,212 $ 8,408 $ 20,257 Fixed rate annuities 15,322 2,662 20,433 Payouts without life contingencies 490 542 545 Funding agreements 7,770 11,852 7,679 Life and other deposits 2 2 2 Total deposits 34,796 23,466 48,916 Payouts with life contingencies 11,606 14,217 5,911 Life and other premiums 32 45 52 Total premiums 11,638 14,262 5,963 Total premiums and deposits, net of ceded $ 46,434 $ 37,728 $ 54,879 |
Business, Basis of Presentati_3
Business, Basis of Presentation, and Significant Accounting Policies (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Jan. 01, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Significant Accounting Policies [Line Items] | |||||
Ownership percentage at which fair value option is elected | 3% | ||||
Number of predecessors | 2 | ||||
Equity | $ 2,380 | $ 22,546 | $ 22,181 | $ 20,140 | $ 14,141 |
Fixed maturity securities, amortized cost | 131,422 | 106,859 | |||
Cumulative Effect, Period of Adoption, Adjustment | |||||
Significant Accounting Policies [Line Items] | |||||
Equity | (125) | ||||
Retained earnings (accumulated deficit) | |||||
Significant Accounting Policies [Line Items] | |||||
Equity | $ (4,892) | $ 0 | 11,033 | $ 8,073 | 6,939 |
Retained earnings (accumulated deficit) | Cumulative Effect, Period of Adoption, Adjustment | |||||
Significant Accounting Policies [Line Items] | |||||
Equity | $ (117) | ||||
Commercial Real Estate Portfolio Segment [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Valuation allowance related to residential mortgage loans | $ 17,064 | ||||
Nonparticipating Life Insurance Policy | Minimum | |||||
Significant Accounting Policies [Line Items] | |||||
Investment yield assumption for non-participation contracts | 2.30% | ||||
Nonparticipating Life Insurance Policy | Maximum | |||||
Significant Accounting Policies [Line Items] | |||||
Investment yield assumption for non-participation contracts | 6.60% |
Business Combinations and Ass_3
Business Combinations and Asset Acquisitions- Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Jan. 01, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Common Class A [Member] | |||||
Asset Acquisition, Contingent Consideration [Line Items] | |||||
Common stock outstanding (in shares) | 203,800,000 | 192,200,000 | 191,500,000 | 143,200,000 | |
Apollo Global Management , Inc. | |||||
Asset Acquisition, Contingent Consideration [Line Items] | |||||
Business Acquisition, Share Conversion Rate | 1.149 | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 158,000,000 | 158,200,000 | |||
Goodwill, Period Increase (Decrease) | $ (108) | ||||
Goodwill, Purchase Accounting Adjustments | 25 | ||||
Goodwill, Other Increase (Decrease) | 83 | ||||
Business Acquisition, Transaction Costs | $ 70 | ||||
Apollo Global Management , Inc. | Apollo | |||||
Asset Acquisition, Contingent Consideration [Line Items] | |||||
Common Stock, Shares, Outstanding and Previously Held | 54,600,000 | ||||
Apollo Global Management , Inc. | Common Class A [Member] | |||||
Asset Acquisition, Contingent Consideration [Line Items] | |||||
Common stock outstanding (in shares) | 138,000,000 | 137,600,000 |
Business Combinations and Ass_4
Business Combinations and Asset Acquisitions- Schedule of Calculation of Consideration (Details) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||||
Jan. 01, 2022 USD ($) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 USD ($) shares | Dec. 31, 2019 USD ($) shares | |
Asset Acquisition, Contingent Consideration [Line Items] | |||||
Equity | $ 22,546 | $ 2,380 | $ 22,181 | $ 20,140 | $ 14,141 |
Common Class A [Member] | |||||
Asset Acquisition, Contingent Consideration [Line Items] | |||||
Common stock outstanding (in shares) | shares | 203.8 | 192.2 | 191.5 | 143.2 | |
Apollo Global Management , Inc. | |||||
Asset Acquisition, Contingent Consideration [Line Items] | |||||
Business Combination, Share Exchange Ratio | 1.149 | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 158 | 158.2 | |||
Share Price | $ / shares | $ 72.43 | ||||
Business Combination, Consideration Transferred prior to Adjustments | $ 11,455 | ||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 699 | ||||
Business Combination, Consideration Transferred, Other | 896 | ||||
Business Combination, Consideration Transferred | 13,050 | $ 13,050 | |||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | 4,554 | ||||
Business Combination, Consideration Transferred, Including Equity Interest in Acquiree Held Prior to Combination | 17,604 | $ 17,604 | |||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | $ 2,276 | ||||
Apollo Global Management , Inc. | Common Class A [Member] | |||||
Asset Acquisition, Contingent Consideration [Line Items] | |||||
Common stock outstanding (in shares) | shares | 138 | 137.6 | |||
Apollo Global Management , Inc. | Preferred stock | |||||
Asset Acquisition, Contingent Consideration [Line Items] | |||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | $ 2,666 |
Business Combinations and Ass_5
Business Combinations and Asset Acquisitions Schedule of Calculation of Goodwill Consideration (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Jan. 01, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Asset Acquisition, Contingent Consideration [Line Items] | |||||
Cash and Cash Equivalents, at Carrying Value | $ 7,779 | $ 9,479 | |||
Restricted Cash and Cash Equivalents | 628 | 796 | |||
Reinsurance Recoverables, Including Reinsurance Premium Paid | 4,367 | 4,594 | |||
Present Value of Future Insurance Profits, Net | $ 4,527 | 4,040 | 769 | $ 813 | $ 914 |
Policyholder Contract Deposit | 173,653 | 156,325 | |||
Liability for Future Policy Benefit, before Reinsurance | 55,328 | 42,488 | |||
Investment-related Liabilities | 6,707 | 7,044 | |||
Goodwill | 4,058 | 0 | |||
Related Party | |||||
Asset Acquisition, Contingent Consideration [Line Items] | |||||
Policyholder Contract Deposit | 11,889 | 12,948 | |||
Liability for Future Policy Benefit, before Reinsurance | 2,148 | 1,853 | |||
Variable Interest Entities | |||||
Asset Acquisition, Contingent Consideration [Line Items] | |||||
Cash and Cash Equivalents, at Carrying Value | 362 | 154 | |||
Apollo Global Management , Inc. | |||||
Asset Acquisition, Contingent Consideration [Line Items] | |||||
Business Combination, Consideration Transferred | 13,050 | 13,050 | |||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | 4,554 | ||||
Business Combination, Consideration Transferred, Including Equity Interest in Acquiree Held Prior to Combination | 17,604 | $ 17,604 | |||
Investments | 176,015 | ||||
Cash and Cash Equivalents, at Carrying Value | 9,479 | ||||
Restricted Cash and Cash Equivalents | 796 | ||||
Reinsurance Recoverables, Including Reinsurance Premium Paid | 4,977 | ||||
Present Value of Future Insurance Profits, Net | 4,527 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Reinsurance Recoverable | 5,749 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 239,041 | ||||
Policyholder Contract Deposit | 160,211 | ||||
Liability for Future Policy Benefit, before Reinsurance | 47,114 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 3,295 | ||||
Investment-related Liabilities | 7,044 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | 2,443 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Liabilities | 220,568 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 18,473 | ||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | 2,276 | ||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest | 13,531 | ||||
Goodwill | 4,073 | ||||
Apollo Global Management , Inc. | Preferred stock | |||||
Asset Acquisition, Contingent Consideration [Line Items] | |||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | $ 2,666 | ||||
Apollo Global Management , Inc. | Related Party | |||||
Asset Acquisition, Contingent Consideration [Line Items] | |||||
Investments | 33,863 | ||||
Apollo Global Management , Inc. | Variable Interest Entities | |||||
Asset Acquisition, Contingent Consideration [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 3,635 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | $ 461 |
Business Combinations and Ass_6
Business Combinations and Asset Acquisitions- Fair Value and Weighted Average of Useful Life of Identifiable Intangible Assets (Details) - Apollo Global Management , Inc. $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | $ 6,583 |
Licensing Agreements | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Indefinite-lived Intangible Assets Acquired | 26 |
Insurance Contracts Acquired in Business Combination | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 4,527 |
Finite-Lived Intangible Asset, Useful Life | 7 years |
Distribution Rights | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 1,870 |
Finite-Lived Intangible Asset, Useful Life | 18 years |
Trade Names | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 160 |
Finite-Lived Intangible Asset, Useful Life | 20 years |
Investments - Schedule of AFS S
Investments - Schedule of AFS Securities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Jan. 01, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | $ 131,422 | $ 106,859 | ||
Allowance for Credit Losses | (459) | $ (311) | (123) | $ (104) |
Gross Unrealized Gains | 309 | 4,893 | ||
Gross Unrealized Losses | (19,047) | (1,068) | ||
Available-for-sale securities | 112,225 | 110,561 | ||
Consolidated Entity, excluding Affiliated Entity | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 120,982 | 96,458 | ||
Allowance for Credit Losses | (458) | |||
Available-for-sale securities | 102,404 | 100,159 | ||
Related Party | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 10,440 | 10,401 | ||
Allowance for Credit Losses | (1) | 0 | 0 | |
Gross Unrealized Gains | 14 | 85 | ||
Gross Unrealized Losses | (632) | (84) | ||
Available-for-sale securities | 9,821 | 10,402 | ||
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 120,982 | 96,458 | ||
Allowance for Credit Losses | (458) | (311) | (123) | (103) |
Gross Unrealized Gains | 295 | 4,808 | ||
Gross Unrealized Losses | (18,415) | (984) | ||
Available-for-sale securities | 102,404 | 100,159 | ||
US government and agencies | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 3,333 | 231 | ||
Allowance for Credit Losses | 0 | 0 | ||
Gross Unrealized Gains | 0 | 2 | ||
Gross Unrealized Losses | (756) | (10) | ||
Available-for-sale securities | 2,577 | 223 | ||
US state, municipal and political subdivisions | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 1,218 | 1,081 | ||
Allowance for Credit Losses | 0 | 0 | ||
Gross Unrealized Gains | 0 | 134 | ||
Gross Unrealized Losses | (291) | (2) | ||
Available-for-sale securities | 927 | 1,213 | ||
Foreign governments | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 1,207 | 1,110 | ||
Allowance for Credit Losses | (27) | 0 | 0 | |
Gross Unrealized Gains | 3 | 35 | ||
Gross Unrealized Losses | (276) | (17) | ||
Available-for-sale securities | 907 | 1,128 | ||
Corporate | Related Party | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 1,028 | 842 | ||
Allowance for Credit Losses | 0 | 0 | ||
Gross Unrealized Gains | 1 | 19 | ||
Gross Unrealized Losses | (47) | (2) | ||
Available-for-sale securities | 982 | 859 | ||
Corporate | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 74,644 | 62,817 | ||
Allowance for Credit Losses | (61) | 0 | 0 | (6) |
Gross Unrealized Gains | 92 | 4,060 | ||
Gross Unrealized Losses | (13,774) | (651) | ||
Available-for-sale securities | 60,901 | 66,226 | ||
CLO | Related Party | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 3,346 | 2,573 | ||
Allowance for Credit Losses | (1) | 0 | 0 | (1) |
Gross Unrealized Gains | 10 | 5 | ||
Gross Unrealized Losses | (276) | (29) | ||
Available-for-sale securities | 3,079 | 2,549 | ||
CLO | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 17,722 | 13,793 | ||
Allowance for Credit Losses | (7) | 0 | 0 | (1) |
Gross Unrealized Gains | 115 | 44 | ||
Gross Unrealized Losses | (1,337) | (185) | ||
Available-for-sale securities | 16,493 | 13,652 | ||
ABS | Related Party | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 6,066 | 6,986 | ||
Allowance for Credit Losses | 0 | 0 | 0 | |
Gross Unrealized Gains | 3 | 61 | ||
Gross Unrealized Losses | (309) | (53) | ||
Available-for-sale securities | 5,760 | 6,994 | ||
ABS | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 11,447 | 8,890 | ||
Allowance for Credit Losses | (29) | (5) | (17) | (6) |
Gross Unrealized Gains | 15 | 151 | ||
Gross Unrealized Losses | (906) | (35) | ||
Available-for-sale securities | 10,527 | 8,989 | ||
CMBS | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 4,636 | 2,764 | ||
Allowance for Credit Losses | (5) | 0 | (3) | (10) |
Gross Unrealized Gains | 6 | 56 | ||
Gross Unrealized Losses | (479) | (59) | ||
Available-for-sale securities | 4,158 | 2,758 | ||
RMBS | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 6,775 | 5,772 | ||
Allowance for Credit Losses | (329) | $ (306) | (103) | $ (80) |
Gross Unrealized Gains | 64 | 326 | ||
Gross Unrealized Losses | (596) | (25) | ||
Available-for-sale securities | $ 5,914 | $ 5,970 |
Investments - Maturities of AFS
Investments - Maturities of AFS Securities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Amortized Cost | ||
Amortized Cost | $ 131,422 | $ 106,859 |
Fair Value | ||
Total AFS securities | 112,225 | 110,561 |
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Amortized Cost | ||
Due in one year or less | 1,077 | |
Due after one year through five years | 12,653 | |
Due after five years through ten years | 21,348 | |
Due after ten years | 45,324 | |
CLO, ABS, CMBS and RMBS | 40,580 | |
Amortized Cost | 120,982 | 96,458 |
Fair Value | ||
Due in one year or less | 1,048 | |
Due after one year through five years | 11,695 | |
Due after five years through ten years | 18,084 | |
Due after ten years | 34,485 | |
CLO, ABS, CMBS and RMBS | 37,092 | |
Total AFS securities | 102,404 | 100,159 |
Related Party | ||
Amortized Cost | ||
Due in one year or less | 1 | |
Due after one year through five years | 23 | |
Due after five years through ten years | 851 | |
Due after ten years | 153 | |
CLO, ABS, CMBS and RMBS | 9,412 | |
Amortized Cost | 10,440 | 10,401 |
Fair Value | ||
Due in one year or less | 1 | |
Due after one year through five years | 21 | |
Due after five years through ten years | 823 | |
Due after ten years | 137 | |
CLO, ABS, CMBS and RMBS | 8,839 | |
Total AFS securities | $ 9,821 | $ 10,402 |
Investments - Unrealized Losses
Investments - Unrealized Losses on AFS Securities (Details) $ in Millions | Dec. 31, 2022 USD ($) security | Dec. 31, 2021 USD ($) |
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Fair Value | $ 98,331 | |
12 months or more, Fair Value | 0 | |
12 months or more, Gross Unrealized Losses | $ (139) | |
Fair Value | 98,331 | |
Gross Unrealized Losses | (18,593) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 941 | |
12 months or more, Gross Unrealized Losses | 0 | |
Less than 12 months, Gross Unrealized Losses | (802) | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (18,593) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 38,067 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 3,216 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 41,283 | |
Consolidated Entity, excluding Affiliated Entity | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Fair Value | 89,473 | |
12 months or more, Fair Value | 0 | |
Fair Value | 89,473 | |
Gross Unrealized Losses | (17,965) | |
12 months or more, Gross Unrealized Losses | 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (17,965) | |
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
12 months or more, Gross Unrealized Losses | (135) | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security | 8,921 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 863 | |
Less than 12 months, Gross Unrealized Losses | (728) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 32,708 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 3,040 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 35,748 | |
Related Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Fair Value | $ 8,858 | |
12 months or more, Fair Value | 0 | |
12 months or more, Gross Unrealized Losses | (4) | |
Fair Value | 8,858 | |
Gross Unrealized Losses | $ (628) | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security | 178 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 78 | |
12 months or more, Gross Unrealized Losses | $ 0 | |
Less than 12 months, Gross Unrealized Losses | (74) | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (628) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 5,359 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 176 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 5,535 | |
US government and agencies | Consolidated Entity, excluding Affiliated Entity | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Fair Value | 2,539 | |
12 months or more, Fair Value | 0 | |
Fair Value | 2,539 | |
Gross Unrealized Losses | (756) | |
12 months or more, Gross Unrealized Losses | 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (756) | |
US government and agencies | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
12 months or more, Gross Unrealized Losses | (2) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 10 | |
Less than 12 months, Gross Unrealized Losses | (8) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 164 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 22 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 186 | |
US state, municipal and political subdivisions | Consolidated Entity, excluding Affiliated Entity | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Fair Value | 911 | |
12 months or more, Fair Value | 0 | |
Fair Value | 911 | |
Gross Unrealized Losses | (291) | |
12 months or more, Gross Unrealized Losses | 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (291) | |
US state, municipal and political subdivisions | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
12 months or more, Gross Unrealized Losses | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 2 | |
Less than 12 months, Gross Unrealized Losses | (2) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 122 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 123 | |
Foreign governments | Consolidated Entity, excluding Affiliated Entity | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Fair Value | 891 | |
12 months or more, Fair Value | 0 | |
Fair Value | 891 | |
Gross Unrealized Losses | (275) | |
12 months or more, Gross Unrealized Losses | 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (275) | |
Foreign governments | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Fair Value | 387 | |
12 months or more, Fair Value | 1 | |
12 months or more, Gross Unrealized Losses | 0 | |
Fair Value | 388 | |
Gross Unrealized Losses | (17) | |
Less than 12 months, Gross Unrealized Losses | (17) | |
Corporate | Consolidated Entity, excluding Affiliated Entity | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Fair Value | 58,256 | |
12 months or more, Fair Value | 0 | |
Fair Value | 58,256 | |
Gross Unrealized Losses | (13,773) | |
12 months or more, Gross Unrealized Losses | 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (13,773) | |
Corporate | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
12 months or more, Gross Unrealized Losses | (59) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 582 | |
Less than 12 months, Gross Unrealized Losses | (523) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 18,995 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 863 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 19,858 | |
Corporate | Related Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Fair Value | 619 | |
12 months or more, Fair Value | 0 | |
12 months or more, Gross Unrealized Losses | 0 | |
Fair Value | 619 | |
Gross Unrealized Losses | (47) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 2 | |
12 months or more, Gross Unrealized Losses | 0 | |
Less than 12 months, Gross Unrealized Losses | (2) | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (47) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 313 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 313 | |
CLO | Consolidated Entity, excluding Affiliated Entity | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Fair Value | 13,486 | |
12 months or more, Fair Value | 0 | |
Fair Value | 13,486 | |
Gross Unrealized Losses | (1,277) | |
12 months or more, Gross Unrealized Losses | 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,277) | |
CLO | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
12 months or more, Gross Unrealized Losses | (35) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 159 | |
Less than 12 months, Gross Unrealized Losses | (124) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 7,685 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,537 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 9,222 | |
CLO | Related Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Fair Value | 2,752 | |
12 months or more, Fair Value | 0 | |
12 months or more, Gross Unrealized Losses | (3) | |
Fair Value | 2,752 | |
Gross Unrealized Losses | (273) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 23 | |
12 months or more, Gross Unrealized Losses | 0 | |
Less than 12 months, Gross Unrealized Losses | (20) | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (273) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 1,245 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 163 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,408 | |
ABS | Consolidated Entity, excluding Affiliated Entity | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Fair Value | 8,119 | |
12 months or more, Fair Value | 0 | |
Fair Value | 8,119 | |
Gross Unrealized Losses | (801) | |
12 months or more, Gross Unrealized Losses | 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (801) | |
ABS | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
12 months or more, Gross Unrealized Losses | (12) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 28 | |
Less than 12 months, Gross Unrealized Losses | (16) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 4,038 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 165 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 4,203 | |
ABS | Related Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Fair Value | 5,487 | |
12 months or more, Fair Value | 0 | |
12 months or more, Gross Unrealized Losses | (1) | |
Fair Value | 5,487 | |
Gross Unrealized Losses | (308) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 53 | |
12 months or more, Gross Unrealized Losses | 0 | |
Less than 12 months, Gross Unrealized Losses | (52) | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (308) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 3,801 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 13 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 3,814 | |
CMBS | Consolidated Entity, excluding Affiliated Entity | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Fair Value | 2,650 | |
12 months or more, Fair Value | 0 | |
Fair Value | 2,650 | |
Gross Unrealized Losses | (427) | |
12 months or more, Gross Unrealized Losses | 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (427) | |
CMBS | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
12 months or more, Gross Unrealized Losses | (22) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 51 | |
Less than 12 months, Gross Unrealized Losses | (29) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 880 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 177 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,057 | |
RMBS | Consolidated Entity, excluding Affiliated Entity | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Fair Value | 2,621 | |
12 months or more, Fair Value | 0 | |
Fair Value | 2,621 | |
Gross Unrealized Losses | (365) | |
12 months or more, Gross Unrealized Losses | 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (365) | |
RMBS | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Debt Securities, Available-for-sale [Line Items] | ||
12 months or more, Gross Unrealized Losses | (5) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 14 | |
Less than 12 months, Gross Unrealized Losses | (9) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 437 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 274 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 711 |
Investments - Net Investment In
Investments - Net Investment Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net Investment Income [Line Items] | |||
Investment revenue | $ 8,373 | $ 7,709 | $ 5,338 |
Investment expenses | (802) | (609) | (504) |
Net investment income | 7,571 | 7,100 | 4,834 |
Trading securities | |||
Net Investment Income [Line Items] | |||
Investment revenue | 194 | 260 | 192 |
Equity securities | |||
Net Investment Income [Line Items] | |||
Investment revenue | 64 | 19 | 14 |
Mortgage loans, net of allowances | |||
Net Investment Income [Line Items] | |||
Investment revenue | 1,261 | 802 | 702 |
Investment funds | |||
Net Investment Income [Line Items] | |||
Investment revenue | 550 | 1,908 | 710 |
Funds withheld at interest | |||
Net Investment Income [Line Items] | |||
Investment revenue | 1,844 | 781 | 269 |
Other | |||
Net Investment Income [Line Items] | |||
Investment revenue | 270 | 271 | 226 |
Foreign currency forwards | |||
Net Investment Income [Line Items] | |||
Investment revenue | $ 4,190 | $ 3,668 | $ 3,225 |
Investments - Investment Relate
Investments - Investment Related Gains (Losses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Gain (Loss) on Securities [Line Items] | |||
Proceeds from Sale of Debt Securities, Available-for-sale | $ 9,421 | $ 17,116 | |
AFS securities | |||
Gross realized gains on investment activity | 1,337 | 936 | $ 602 |
Gross realized losses on investment activity | (2,151) | (633) | (415) |
Net realized investment gains (losses) on AFS securities | (814) | 303 | 187 |
Net recognized investment gains (losses) on trading securities | (424) | (70) | 33 |
Net recognized investment gains (losses) on equity securities | (150) | 237 | (218) |
Total gains (losses) | (3,204) | 836 | 274 |
Derivative gains (losses) | (9,173) | 3,525 | 3,430 |
Other gains (losses) | 1,056 | 167 | (49) |
Proceeds from sale of available-for-sale securities | 6,023 | ||
Provision for Loan, Lease, and Other Losses | (227) | 53 | (96) |
Gain (Loss) on Investments | (12,706) | 4,215 | 3,287 |
Related Party | |||
AFS securities | |||
Debt Securities, Trading, Unrealized Gain (Loss) | 1 | 56 | (37) |
Equity Securities, FV-NI, Unrealized Gain (Loss) | 0 | 9 | 0 |
Gain (Loss) on Investments | (1,670) | 221 | 702 |
Mortgage loans | |||
AFS securities | |||
Total gains (losses) | (2,974) | 0 | 0 |
Investments, excluding investments in related party | |||
AFS securities | |||
Debt Securities, Trading, Unrealized Gain (Loss) | (415) | (78) | 130 |
Equity Securities, FV-NI, Unrealized Gain (Loss) | $ (146) | $ 213 | $ (9) |
Investments - Repurchase Agreem
Investments - Repurchase Agreements (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Secured Debt, Repurchase Agreements | $ 4,743 | $ 3,110 |
Foreign currency forwards | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Pledged Financial Instruments, Not Separately Reported, Securities for Repurchase Agreements, Amortized Cost | 6,161 | 2,923 |
Pledged Financial Instruments, Not Separately Reported, Securities for Repurchase Agreements, Fair Value | 4,996 | 3,208 |
Maturity Overnight and on Demand [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Secured Debt, Repurchase Agreements | 0 | 0 |
Maturity Less than 30 Days [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Secured Debt, Repurchase Agreements | 608 | 2,512 |
Maturity 30 to 90 Days [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Secured Debt, Repurchase Agreements | 1,268 | 0 |
Maturity Greater than 1 Year [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Secured Debt, Repurchase Agreements | 2,867 | 598 |
90 Days to 1 Year [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Secured Debt, Repurchase Agreements | 0 | 0 |
Corporate | Foreign currency forwards | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Pledged Financial Instruments, Not Separately Reported, Securities for Repurchase Agreements, Amortized Cost | 1,940 | 2,923 |
Pledged Financial Instruments, Not Separately Reported, Securities for Repurchase Agreements, Fair Value | 1,605 | 3,208 |
US government and agencies | Foreign currency forwards | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Pledged Financial Instruments, Not Separately Reported, Securities for Repurchase Agreements, Amortized Cost | 2,559 | 0 |
Pledged Financial Instruments, Not Separately Reported, Securities for Repurchase Agreements, Fair Value | 1,941 | 0 |
Collateralized Loan Obligations | Foreign currency forwards | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Pledged Financial Instruments, Not Separately Reported, Securities for Repurchase Agreements, Amortized Cost | 273 | 0 |
Pledged Financial Instruments, Not Separately Reported, Securities for Repurchase Agreements, Fair Value | 261 | 0 |
Foreign governments | Foreign currency forwards | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Pledged Financial Instruments, Not Separately Reported, Securities for Repurchase Agreements, Amortized Cost | 146 | 0 |
Pledged Financial Instruments, Not Separately Reported, Securities for Repurchase Agreements, Fair Value | 107 | 0 |
ABS | Foreign currency forwards | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Pledged Financial Instruments, Not Separately Reported, Securities for Repurchase Agreements, Amortized Cost | 1,243 | 0 |
Pledged Financial Instruments, Not Separately Reported, Securities for Repurchase Agreements, Fair Value | $ 1,082 | $ 0 |
Investments - Mortgage Loans, N
Investments - Mortgage Loans, Net (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans | $ 24,148 | |
Mortgage Loans | $ 30,811 | |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans | 20,108 | 16,897 |
Financing Receivable, before Allowance for Credit Loss | 17,064 | |
Investment Owned, Balance, Principal Amount | 21,851 | |
Allowance for Loan and Lease Losses, Real Estate | (167) | |
Mark to fair value | (1,743) | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 6,055 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,852 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 4,129 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 2,731 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1,042 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,255 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 1 to 29 Days Past Due [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 16,922 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 6,003 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,852 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 4,129 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 2,731 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 952 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,255 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 142 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 52 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 90 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Mortgage Loans Excluding Loans Under Development [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 21,061 | 16,565 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 5,808 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,738 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 4,054 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 2,668 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1,042 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,255 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Mortgage Loans Under Development [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 790 | 499 |
Residential Mortgage [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans | 10,703 | 7,251 |
Financing Receivable, before Allowance for Credit Loss | 11,802 | 7,321 |
Allowance for Loan and Lease Losses, Real Estate | (70) | |
Mark to fair value | $ (1,099) | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 2,561 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 505 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 125 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 475 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 208 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 3,447 | |
Residential Mortgage [Member] | Financial Asset, 1 to 29 Days Past Due [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 5,759 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 2,398 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 319 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 37 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 383 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 54 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 2,568 | |
Residential Mortgage [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 372 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 100 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 37 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 3 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 3 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 6 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 223 | |
Residential Mortgage [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 200 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 36 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 16 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 3 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 2 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 7 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 136 | |
Residential Mortgage [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 990 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 27 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 133 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 82 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 87 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 141 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 520 | |
Residential Mortgage [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due | Loans Insured or Guaranteed by US Government Authorities | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 856 |
Investments - Mortgage Loans,_2
Investments - Mortgage Loans, Net by Property Type and Geographic Region (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2022 | Dec. 31, 2021 |
Loans and Leases Receivable Disclosure [Line Items] | ||||
Mortgage loans | $ 24,148 | |||
Commercial Real Estate Portfolio Segment [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Mortgage loans | $ 20,108 | 16,897 | ||
Commercial Real Estate Portfolio Segment [Member] | Property Type Concentration Risk | Mortgage Loans, Net | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage of Total | 100% | 100% | ||
Commercial Real Estate Portfolio Segment [Member] | Geographic Concentration Risk | Mortgage Loans, Net | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage of Total | 100% | 100% | ||
Commercial Real Estate Portfolio Segment [Member] | Total US region | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Mortgage loans | 16,860 | 14,796 | ||
Commercial Real Estate Portfolio Segment [Member] | Total US region | Geographic Concentration Risk | Mortgage Loans, Net | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage of Total | 83.90% | 87.50% | ||
Commercial Real Estate Portfolio Segment [Member] | East North Central | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Mortgage loans | 1,437 | 1,697 | ||
Commercial Real Estate Portfolio Segment [Member] | East North Central | Geographic Concentration Risk | Mortgage Loans, Net | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage of Total | 7.10% | 10% | ||
Commercial Real Estate Portfolio Segment [Member] | East South Central | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Mortgage loans | 413 | 470 | ||
Commercial Real Estate Portfolio Segment [Member] | East South Central | Geographic Concentration Risk | Mortgage Loans, Net | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage of Total | 2.10% | 2.80% | ||
Commercial Real Estate Portfolio Segment [Member] | Middle Atlantic | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Mortgage loans | 5,183 | 3,637 | ||
Commercial Real Estate Portfolio Segment [Member] | Middle Atlantic | Geographic Concentration Risk | Mortgage Loans, Net | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage of Total | 25.80% | 21.50% | ||
Commercial Real Estate Portfolio Segment [Member] | Mountain | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Mortgage loans | 898 | 460 | ||
Commercial Real Estate Portfolio Segment [Member] | Mountain | Geographic Concentration Risk | Mortgage Loans, Net | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage of Total | 4.50% | 2.70% | ||
Commercial Real Estate Portfolio Segment [Member] | New England | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Mortgage loans | 1,076 | 453 | ||
Commercial Real Estate Portfolio Segment [Member] | New England | Geographic Concentration Risk | Mortgage Loans, Net | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage of Total | 5.40% | 2.70% | ||
Commercial Real Estate Portfolio Segment [Member] | Pacific | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Mortgage loans | 3,781 | 3,994 | ||
Commercial Real Estate Portfolio Segment [Member] | Pacific | Geographic Concentration Risk | Mortgage Loans, Net | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage of Total | 18.80% | 23.60% | ||
Commercial Real Estate Portfolio Segment [Member] | South Atlantic | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Mortgage loans | 2,756 | 2,817 | ||
Commercial Real Estate Portfolio Segment [Member] | South Atlantic | Geographic Concentration Risk | Mortgage Loans, Net | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage of Total | 13.70% | 16.70% | ||
Commercial Real Estate Portfolio Segment [Member] | West North Central | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Mortgage loans | 231 | 271 | ||
Commercial Real Estate Portfolio Segment [Member] | West North Central | Geographic Concentration Risk | Mortgage Loans, Net | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage of Total | 1.10% | 1.60% | ||
Commercial Real Estate Portfolio Segment [Member] | West South Central | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Mortgage loans | 1,085 | 997 | ||
Commercial Real Estate Portfolio Segment [Member] | West South Central | Geographic Concentration Risk | Mortgage Loans, Net | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage of Total | 5.40% | 5.90% | ||
Commercial Real Estate Portfolio Segment [Member] | Office building | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Mortgage loans | 4,651 | 4,870 | ||
Commercial Real Estate Portfolio Segment [Member] | Office building | Property Type Concentration Risk | Mortgage Loans, Net | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage of Total | 23.10% | 28.80% | ||
Commercial Real Estate Portfolio Segment [Member] | Retail | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Mortgage loans | 1,454 | 2,022 | ||
Commercial Real Estate Portfolio Segment [Member] | Retail | Property Type Concentration Risk | Mortgage Loans, Net | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage of Total | 7.20% | 12% | ||
Commercial Real Estate Portfolio Segment [Member] | Apartment | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Mortgage loans | 6,692 | 4,626 | ||
Commercial Real Estate Portfolio Segment [Member] | Apartment | Property Type Concentration Risk | Mortgage Loans, Net | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage of Total | 33.30% | 27.40% | ||
Commercial Real Estate Portfolio Segment [Member] | Hotels | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Mortgage loans | 1,855 | 1,727 | ||
Commercial Real Estate Portfolio Segment [Member] | Hotels | Property Type Concentration Risk | Mortgage Loans, Net | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage of Total | 9.20% | 10.20% | ||
Commercial Real Estate Portfolio Segment [Member] | Industrial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Mortgage loans | 2,047 | 2,336 | ||
Commercial Real Estate Portfolio Segment [Member] | Industrial | Property Type Concentration Risk | Mortgage Loans, Net | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage of Total | 10.20% | 13.80% | ||
Commercial Real Estate Portfolio Segment [Member] | Other commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Mortgage loans | $ 3,409 | $ 1,316 | ||
Commercial Real Estate Portfolio Segment [Member] | Other commercial | Property Type Concentration Risk | Mortgage Loans, Net | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage of Total | 17% | 7.80% |
Investments - Residential Mortg
Investments - Residential Mortgage Loans, Percentage by Geographical Location (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Mortgage loans | $ 24,148 | $ 24,148 | ||||
Residential Mortgage [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Mortgage loans | $ 10,703 | $ 7,251 | $ 10,703 | 7,251 | ||
Residential Mortgage [Member] | Geographic Concentration Risk | Mortgage Loans, Net | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percentage of Total | 100% | 100% | ||||
Commercial Real Estate Portfolio Segment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Mortgage loans | $ 20,108 | $ 16,897 | 20,108 | 16,897 | ||
Commercial Real Estate Portfolio Segment [Member] | Office building | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Mortgage loans | 4,651 | 4,870 | 4,651 | 4,870 | ||
Commercial Real Estate Portfolio Segment [Member] | Retail | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Mortgage loans | 1,454 | 2,022 | 1,454 | 2,022 | ||
Commercial Real Estate Portfolio Segment [Member] | Apartment | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Mortgage loans | 6,692 | 4,626 | 6,692 | 4,626 | ||
Commercial Real Estate Portfolio Segment [Member] | Hotels | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Mortgage loans | 1,855 | 1,727 | 1,855 | 1,727 | ||
Commercial Real Estate Portfolio Segment [Member] | Industrial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Mortgage loans | 2,047 | 2,336 | 2,047 | 2,336 | ||
Commercial Real Estate Portfolio Segment [Member] | Other commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Mortgage loans | $ 3,409 | $ 1,316 | 3,409 | 1,316 | ||
Commercial Real Estate Portfolio Segment [Member] | Geographic Concentration Risk | Mortgage Loans, Net | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percentage of Total | 100% | 100% | ||||
Commercial Real Estate Portfolio Segment [Member] | Property Type Concentration Risk | Mortgage Loans, Net | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percentage of Total | 100% | 100% | ||||
Commercial Real Estate Portfolio Segment [Member] | Property Type Concentration Risk | Mortgage Loans, Net | Office building | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percentage of Total | 23.10% | 28.80% | ||||
Commercial Real Estate Portfolio Segment [Member] | Property Type Concentration Risk | Mortgage Loans, Net | Retail | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percentage of Total | 7.20% | 12% | ||||
Commercial Real Estate Portfolio Segment [Member] | Property Type Concentration Risk | Mortgage Loans, Net | Apartment | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percentage of Total | 33.30% | 27.40% | ||||
Commercial Real Estate Portfolio Segment [Member] | Property Type Concentration Risk | Mortgage Loans, Net | Hotels | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percentage of Total | 9.20% | 10.20% | ||||
Commercial Real Estate Portfolio Segment [Member] | Property Type Concentration Risk | Mortgage Loans, Net | Industrial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percentage of Total | 10.20% | 13.80% | ||||
Commercial Real Estate Portfolio Segment [Member] | Property Type Concentration Risk | Mortgage Loans, Net | Other commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percentage of Total | 17% | 7.80% | ||||
Total US region | Residential Mortgage [Member] | Geographic Concentration Risk | Mortgage Loans, Net | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percentage of Total | 86.30% | 88.20% | ||||
Total US region | Commercial Real Estate Portfolio Segment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Mortgage loans | $ 16,860 | $ 14,796 | 16,860 | 14,796 | ||
Total US region | Commercial Real Estate Portfolio Segment [Member] | Geographic Concentration Risk | Mortgage Loans, Net | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percentage of Total | 83.90% | 87.50% | ||||
California | Residential Mortgage [Member] | Geographic Concentration Risk | Mortgage Loans, Net | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percentage of Total | 28.90% | 28.40% | ||||
Florida | Residential Mortgage [Member] | Geographic Concentration Risk | Mortgage Loans, Net | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percentage of Total | 9.70% | 11.40% | ||||
New York | Residential Mortgage [Member] | Geographic Concentration Risk | Mortgage Loans, Net | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percentage of Total | 5.60% | 4.80% | ||||
Other U.S. States | Residential Mortgage [Member] | Geographic Concentration Risk | Mortgage Loans, Net | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percentage of Total | 31.70% | 36.70% | ||||
IRELAND | Residential Mortgage [Member] | Geographic Concentration Risk | Mortgage Loans, Net | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percentage of Total | 3% | 6.40% | ||||
International Other | Residential Mortgage [Member] | Geographic Concentration Risk | Mortgage Loans, Net | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percentage of Total | 5.30% | 1.60% | ||||
International Other | Commercial Real Estate Portfolio Segment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Mortgage loans | $ 1,350 | $ 822 | $ 1,350 | $ 822 | ||
International Other | Commercial Real Estate Portfolio Segment [Member] | Geographic Concentration Risk | Mortgage Loans, Net | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percentage of Total | 6.70% | 4.90% | ||||
International | Residential Mortgage [Member] | Geographic Concentration Risk | Mortgage Loans, Net | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percentage of Total | 13.70% | 11.80% | ||||
International | Commercial Real Estate Portfolio Segment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Mortgage loans | $ 3,248 | $ 2,101 | $ 3,248 | $ 2,101 | ||
International | Commercial Real Estate Portfolio Segment [Member] | Geographic Concentration Risk | Mortgage Loans, Net | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percentage of Total | 16.10% | 12.50% | ||||
NEW JERSEY | Residential Mortgage [Member] | Geographic Concentration Risk | Mortgage Loans, Net | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percentage of Total | 5.30% | 5.10% | ||||
ARIZONA | Residential Mortgage [Member] | Geographic Concentration Risk | Mortgage Loans, Net | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percentage of Total | 5.10% | 1.80% | ||||
UNITED KINGDOM | Residential Mortgage [Member] | Geographic Concentration Risk | Mortgage Loans, Net | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percentage of Total | 5.40% | 3.80% | ||||
UNITED KINGDOM | Commercial Real Estate Portfolio Segment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Mortgage loans | $ 1,898 | $ 1,279 | $ 1,898 | $ 1,279 | ||
UNITED KINGDOM | Commercial Real Estate Portfolio Segment [Member] | Geographic Concentration Risk | Mortgage Loans, Net | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percentage of Total | 9.40% | 7.60% | ||||
East North Central | Commercial Real Estate Portfolio Segment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Mortgage loans | 1,437 | 1,697 | $ 1,437 | $ 1,697 | ||
East North Central | Commercial Real Estate Portfolio Segment [Member] | Geographic Concentration Risk | Mortgage Loans, Net | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percentage of Total | 7.10% | 10% | ||||
East South Central | Commercial Real Estate Portfolio Segment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Mortgage loans | 413 | 470 | 413 | 470 | ||
East South Central | Commercial Real Estate Portfolio Segment [Member] | Geographic Concentration Risk | Mortgage Loans, Net | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percentage of Total | 2.10% | 2.80% | ||||
Middle Atlantic | Commercial Real Estate Portfolio Segment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Mortgage loans | 5,183 | 3,637 | 5,183 | 3,637 | ||
Middle Atlantic | Commercial Real Estate Portfolio Segment [Member] | Geographic Concentration Risk | Mortgage Loans, Net | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percentage of Total | 25.80% | 21.50% | ||||
Mountain | Commercial Real Estate Portfolio Segment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Mortgage loans | 898 | 460 | 898 | 460 | ||
Mountain | Commercial Real Estate Portfolio Segment [Member] | Geographic Concentration Risk | Mortgage Loans, Net | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percentage of Total | 4.50% | 2.70% | ||||
New England | Commercial Real Estate Portfolio Segment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Mortgage loans | 1,076 | 453 | 1,076 | 453 | ||
New England | Commercial Real Estate Portfolio Segment [Member] | Geographic Concentration Risk | Mortgage Loans, Net | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percentage of Total | 5.40% | 2.70% | ||||
Pacific | Commercial Real Estate Portfolio Segment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Mortgage loans | 3,781 | 3,994 | 3,781 | 3,994 | ||
Pacific | Commercial Real Estate Portfolio Segment [Member] | Geographic Concentration Risk | Mortgage Loans, Net | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percentage of Total | 18.80% | 23.60% | ||||
South Atlantic | Commercial Real Estate Portfolio Segment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Mortgage loans | 2,756 | 2,817 | 2,756 | 2,817 | ||
South Atlantic | Commercial Real Estate Portfolio Segment [Member] | Geographic Concentration Risk | Mortgage Loans, Net | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percentage of Total | 13.70% | 16.70% | ||||
West North Central | Commercial Real Estate Portfolio Segment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Mortgage loans | 231 | 271 | 231 | 271 | ||
West North Central | Commercial Real Estate Portfolio Segment [Member] | Geographic Concentration Risk | Mortgage Loans, Net | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percentage of Total | 1.10% | 1.60% | ||||
West South Central | Commercial Real Estate Portfolio Segment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Mortgage loans | $ 1,085 | $ 997 | $ 1,085 | $ 997 | ||
West South Central | Commercial Real Estate Portfolio Segment [Member] | Geographic Concentration Risk | Mortgage Loans, Net | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percentage of Total | 5.40% | 5.90% |
Investments - Loan Valuation Al
Investments - Loan Valuation Allowance (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2022 | Dec. 31, 2020 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing Receivable, Allowance for Credit Loss | $ 237 | $ 253 | ||
Financing Receivable, Credit Loss, Expense (Reversal) | (21) | |||
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 6 | |||
Financing Receivable, Allowance for Credit Loss, Writeoff | (1) | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss | $ 459 | 123 | $ 311 | 104 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | 270 | 26 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 7 | 25 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold | (60) | (31) | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal) | (63) | (1) | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Sell before Recovery | (6) | 0 | ||
Consolidated Entity, excluding Affiliated Entity | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing Receivable, Allowance for Credit Loss | 154 | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss | 458 | |||
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss | 458 | 123 | 311 | 103 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | 249 | 21 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 7 | 25 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold | (60) | (30) | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal) | (43) | 4 | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Sell before Recovery | (6) | 0 | ||
Related Party | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing Receivable, Allowance for Credit Loss | 5 | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss | 1 | 0 | 0 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | 21 | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 0 | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold | 0 | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal) | (20) | |||
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Sell before Recovery | 0 | |||
Corporate | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss | 61 | 0 | 0 | 6 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | 70 | 3 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 0 | 0 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold | 0 | (7) | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal) | (3) | (2) | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Sell before Recovery | (6) | 0 | ||
Corporate | Related Party | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | ||
CLO | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss | 7 | 0 | 0 | 1 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | 29 | 7 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 0 | 0 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold | 0 | (1) | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal) | (22) | (7) | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Sell before Recovery | 0 | 0 | ||
CLO | Related Party | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss | 1 | 0 | 0 | 1 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | 3 | 5 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 0 | 0 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold | 0 | (1) | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal) | (2) | (5) | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Sell before Recovery | 0 | 0 | ||
ABS | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss | 29 | 17 | 5 | 6 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | 28 | 5 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 0 | 0 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold | (3) | (2) | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal) | (1) | 8 | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Sell before Recovery | 0 | 0 | ||
ABS | Related Party | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | 0 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | 18 | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 0 | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold | 0 | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal) | (18) | |||
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Sell before Recovery | 0 | |||
CMBS | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss | 5 | 3 | 0 | 10 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | 15 | 4 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 0 | 0 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold | 0 | 0 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal) | (10) | (11) | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Sell before Recovery | 0 | 0 | ||
RMBS | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss | 329 | 103 | 306 | 80 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | 41 | 2 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 7 | 25 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold | (29) | (20) | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal) | 4 | 16 | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Sell before Recovery | 0 | 0 | ||
Foreign governments | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss | 27 | 0 | $ 0 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | 66 | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 0 | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold | (28) | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal) | (11) | |||
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Sell before Recovery | $ 0 | |||
Commercial Real Estate Portfolio Segment [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing Receivable, Allowance for Credit Loss | 167 | 167 | ||
Financing Receivable, Credit Loss, Expense (Reversal) | 0 | |||
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 0 | |||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | |||
Residential Mortgage [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing Receivable, Allowance for Credit Loss | 70 | 79 | ||
Financing Receivable, Credit Loss, Expense (Reversal) | (14) | |||
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 6 | |||
Financing Receivable, Allowance for Credit Loss, Writeoff | (1) | |||
Other investments | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing Receivable, Allowance for Credit Loss | 0 | $ 7 | ||
Financing Receivable, Credit Loss, Expense (Reversal) | (7) | |||
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 0 | |||
Financing Receivable, Allowance for Credit Loss, Writeoff | $ 0 |
Investments - Mortgage Loans,_3
Investments - Mortgage Loans, Net Past Due (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | ||
Mortgage loans | $ 24,148 | |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Mortgage loans | $ 20,108 | 16,897 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 6,055 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,852 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 4,129 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 2,731 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1,042 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,255 | |
Financing Receivable, before Allowance for Credit Loss | 17,064 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 1 to 29 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 6,003 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,852 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 4,129 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 2,731 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 952 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,255 | |
Financing Receivable, before Allowance for Credit Loss | 16,922 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 52 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 90 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | |
Financing Receivable, before Allowance for Credit Loss | 142 | |
Residential Mortgage [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Mortgage loans | 10,703 | 7,251 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 2,561 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 505 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 125 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 475 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 208 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 3,447 | |
Financing Receivable, before Allowance for Credit Loss | $ 11,802 | 7,321 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 856 | |
Residential Mortgage [Member] | Financial Asset, 1 to 29 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 2,398 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 319 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 37 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 383 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 54 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 2,568 | |
Financing Receivable, before Allowance for Credit Loss | 5,759 | |
Residential Mortgage [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 100 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 37 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 3 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 3 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 6 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 223 | |
Financing Receivable, before Allowance for Credit Loss | 372 | |
Residential Mortgage [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 36 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 16 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 3 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 2 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 7 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 136 | |
Financing Receivable, before Allowance for Credit Loss | 200 | |
Residential Mortgage [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 27 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 133 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 82 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 87 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 141 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 520 | |
Financing Receivable, before Allowance for Credit Loss | 990 | |
Residential Mortgage [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due | Loans Insured or Guaranteed by US Government Authorities | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 856 |
Investments - Nonaccrual Status
Investments - Nonaccrual Status (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2020 | |
Residential Mortgage [Member] | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Nonaccrual | $ 134 | $ 360 | $ 107 |
Financing Receivable, Nonaccrual, No Allowance | 76 | ||
Financing Receivable, Nonaccrual, Interest Income | 8 | ||
Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Nonaccrual | 62 | $ 19 | $ 38 |
Financing Receivable, Nonaccrual, No Allowance | 0 | ||
Financing Receivable, Nonaccrual, Interest Income | $ 0 |
Investments - Mortgage Loans, L
Investments - Mortgage Loans, Loan to Value Ratio (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Mortgage loans | $ 24,148 | |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Mortgage loans | $ 20,108 | 16,897 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 6,055 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,852 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 4,129 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 2,731 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1,042 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,255 | |
Financing Receivable, before Allowance for Credit Loss | 17,064 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial mortgage loans, excluding loans under development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 5,808 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,738 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 4,054 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 2,668 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1,042 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,255 | |
Financing Receivable, before Allowance for Credit Loss | $ 21,061 | 16,565 |
Commercial Real Estate Portfolio Segment [Member] | Commercial mortgage loans, excluding loans under development | LTV 81 to 100 Percent [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 25 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | |
Financing Receivable, before Allowance for Credit Loss | 25 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial mortgage loans, excluding loans under development | LTV 61 to 70 Percent [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,748 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 544 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,786 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 1,326 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 369 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 71 | |
Financing Receivable, before Allowance for Credit Loss | 5,844 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial mortgage loans, excluding loans under development | LTV Less Than 50 Percent [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 491 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 211 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 633 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 293 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 166 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 957 | |
Financing Receivable, before Allowance for Credit Loss | 2,751 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial mortgage loans, excluding loans under development | LTV 50 to 60 Percent [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 2,127 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 566 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,275 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 629 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 381 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 191 | |
Financing Receivable, before Allowance for Credit Loss | 5,169 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial mortgage loans, excluding loans under development | LTV 71 to 80 Percent [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,442 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 417 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 360 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 420 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 101 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | |
Financing Receivable, before Allowance for Credit Loss | 2,740 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial mortgage loans, excluding loans under development | LTV Greater than 100 Percent [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 36 | |
Financing Receivable, before Allowance for Credit Loss | $ 36 |
Investments - Mortgage Loans, D
Investments - Mortgage Loans, Debt Service Coverage Ratio (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans | $ 24,148 | |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Mortgage loans | $ 20,108 | 16,897 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 6,055 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,852 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 4,129 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 2,731 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1,042 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,255 | |
Financing Receivable, before Allowance for Credit Loss | 17,064 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial mortgage loans, excluding loans under development | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 5,808 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,738 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 4,054 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 2,668 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1,042 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,255 | |
Financing Receivable, before Allowance for Credit Loss | $ 21,061 | 16,565 |
Commercial Real Estate Portfolio Segment [Member] | Commercial mortgage loans, excluding loans under development | Debt Service Coverage Ratio, Greater than 1.20 [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 4,370 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,123 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 2,216 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 2,163 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 860 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,095 | |
Financing Receivable, before Allowance for Credit Loss | 11,827 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial mortgage loans, excluding loans under development | Debt Service Coverage Ratio, 1.00 to 1.20 [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,018 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 496 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,429 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 66 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 82 | |
Financing Receivable, before Allowance for Credit Loss | 3,091 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial mortgage loans, excluding loans under development | Debt Service Coverage Ratio, Less than 1.00 [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 420 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 119 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 409 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 439 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 182 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 78 | |
Financing Receivable, before Allowance for Credit Loss | $ 1,647 |
Investments - Investment Funds
Investments - Investment Funds Summary (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 14,128 | $ 9,866 |
Consolidated Entity, excluding Affiliated Entity | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 79 | $ 1,178 |
Carrying Amount, Assets, Percent of Total | 100% | 100% |
Variable Interest Entities | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 12,480 | $ 1,297 |
Carrying Amount, Assets, Percent of Total | 100% | 100% |
Other Fund [Member] | Consolidated Entity, excluding Affiliated Entity | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 1 | $ 2 |
Carrying Amount, Assets, Percent of Total | 1.30% | 0.20% |
Other Fund [Member] | Variable Interest Entities | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 326 | $ 0 |
Carrying Amount, Assets, Percent of Total | 2.60% | 0% |
Strategic Origination Platforms | Variable Interest Entities | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 4,829 | $ 264 |
Carrying Amount, Assets, Percent of Total | 38.70% | 20.30% |
Strategic Insurance Platforms | Variable Interest Entities | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 529 | $ 0 |
Carrying Amount, Assets, Percent of Total | 4.20% | 0% |
Equity Funds | Consolidated Entity, excluding Affiliated Entity | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 46 | $ 410 |
Carrying Amount, Assets, Percent of Total | 58.20% | 34.80% |
Equity Funds | Variable Interest Entities | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 2,640 | $ 229 |
Carrying Amount, Assets, Percent of Total | 21.20% | 17.70% |
Hybrid Funds | Consolidated Entity, excluding Affiliated Entity | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 32 | $ 667 |
Carrying Amount, Assets, Percent of Total | 40.50% | 56.60% |
Hybrid Funds | Variable Interest Entities | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 3,112 | $ 56 |
Carrying Amount, Assets, Percent of Total | 24.90% | 4.30% |
Yield Fund | Consolidated Entity, excluding Affiliated Entity | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 0 | $ 99 |
Carrying Amount, Assets, Percent of Total | 0% | 8.40% |
Yield Fund | Variable Interest Entities | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 1,044 | $ 748 |
Carrying Amount, Assets, Percent of Total | 8.40% | 57.70% |
Related Party | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 1,569 | $ 7,391 |
Carrying Amount, Assets, Percent of Total | 100% | 100% |
Related Party | Other Fund [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 25 | $ 2,157 |
Carrying Amount, Assets, Percent of Total | 1.60% | 29.20% |
Related Party | Strategic Origination Platforms | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 34 | $ 1,338 |
Carrying Amount, Assets, Percent of Total | 2.20% | 18.10% |
Related Party | Strategic Insurance Platforms | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 1,259 | $ 1,440 |
Carrying Amount, Assets, Percent of Total | 80.20% | 19.50% |
Related Party | Equity Funds | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 246 | $ 1,199 |
Carrying Amount, Assets, Percent of Total | 15.70% | 16.20% |
Related Party | Hybrid Funds | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 0 | $ 952 |
Carrying Amount, Assets, Percent of Total | 0% | 12.90% |
Related Party | Yield Fund | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment funds | $ 5 | $ 305 |
Carrying Amount, Assets, Percent of Total | 0.30% | 4.10% |
Investments - Equity Method Inv
Investments - Equity Method Investments (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2022 | Dec. 31, 2019 | |
Schedule of Equity Method Investments [Line Items] | ||||||
Less: Assets received | $ 246,047 | $ 246,047 | $ 235,149 | |||
Liabilities assumed | 243,667 | 243,667 | 212,968 | |||
Equity | 2,380 | 2,380 | 22,181 | $ 20,140 | $ 22,546 | $ 14,141 |
Net income (loss) | (6,254) | (6,254) | 3,800 | 1,921 | ||
Equity Method Investment, Nonconsolidated Investee, Other [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Less: Assets received | 99,290 | 99,290 | 142,045 | |||
Liabilities assumed | 92,318 | 92,318 | 108,525 | |||
Equity | 6,972 | $ 6,972 | 33,520 | |||
Net income (loss) | $ 1,742 | $ 6,335 | $ 2,196 |
Investments - Equity Method I_2
Investments - Equity Method Investment Ownership (Details) - Investment funds - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Equity Method Investments [Line Items] | ||
Fair Value, Option, Fair Value Carrying Amount, Assets | $ 1,578 | $ 3,039 |
Equity Method Investments | 689 | 5,345 |
Ownership Percentage, One Hundred Percent [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 23 | 649 |
Ownership Percentage, Greater than Three Percent and Less than or Equal to Forty Nine Percent [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Fair Value, Option, Fair Value Carrying Amount, Assets | 1,576 | 2,873 |
Equity Method Investments | 542 | 2,668 |
Ownership Percentage, Greater than or Equal to Fifty Percentage and Less than or Equal to Ninety Nine Percent [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 0 | 2,028 |
Ownership Percentage, Less than Three Percent [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Fair Value, Option, Fair Value Carrying Amount, Assets | 2 | 166 |
Equity Method Investments | $ 124 | $ 0 |
Investments - Summary of Maximu
Investments - Summary of Maximum Loss Exposure (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 74,432 | $ 58,948 |
Less: Assets received | 246,047 | 235,149 |
Investment funds | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 20,278 | 1,647 |
Investment funds | Investments, excluding investments in related party | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 340 | 1,792 |
Related Party | Investment funds | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 2,253 | 10,922 |
Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Less: Assets received | 61,578 | 53,243 |
Variable Interest Entity, Not Primary Beneficiary | Investment funds | ||
Variable Interest Entity [Line Items] | ||
Less: Assets received | 12,480 | 1,297 |
Variable Interest Entity, Not Primary Beneficiary | Investment funds | Investments, excluding investments in related party | ||
Variable Interest Entity [Line Items] | ||
Less: Assets received | 79 | 1,178 |
Variable Interest Entity, Not Primary Beneficiary | Related Party | Investment funds | ||
Variable Interest Entity [Line Items] | ||
Less: Assets received | 1,569 | 7,391 |
Fixed Maturity Securities | Investments, excluding investments in related party | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 40,992 | 31,622 |
Fixed Maturity Securities | Related Party | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 10,290 | 12,681 |
Fixed Maturity Securities | Variable Interest Entity, Not Primary Beneficiary | Investments, excluding investments in related party | ||
Variable Interest Entity [Line Items] | ||
Less: Assets received | 37,454 | 31,769 |
Fixed Maturity Securities | Variable Interest Entity, Not Primary Beneficiary | Related Party | ||
Variable Interest Entity [Line Items] | ||
Less: Assets received | 9,717 | 11,324 |
Equity securities | Related Party | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 279 | 284 |
Equity securities | Variable Interest Entity, Not Primary Beneficiary | Related Party | ||
Variable Interest Entity [Line Items] | ||
Less: Assets received | $ 279 | $ 284 |
Investments - Reverse Repurchas
Investments - Reverse Repurchase Agreements (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Investments, Debt and Equity Securities [Abstract] | ||
Securities Purchased under Agreements to Resell | $ 1,640 | $ 0 |
Securities Purchased under Agreements to Resell, Fair Value of Collateral | $ 1,753 | $ 0 |
Investments- Summary of Mortgag
Investments- Summary of Mortgage Loan and Other Loan Portfolio (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Allowance for Credit Loss | $ 237 | $ 253 |
Financing Receivable, Credit Loss, Expense (Reversal) | (21) | |
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 6 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | (1) | |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Allowance for Credit Loss | 167 | 167 |
Financing Receivable, Credit Loss, Expense (Reversal) | 0 | |
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 0 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | |
Residential Mortgage [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Allowance for Credit Loss | 70 | 79 |
Financing Receivable, Credit Loss, Expense (Reversal) | (14) | |
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 6 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | (1) | |
Other investments | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Allowance for Credit Loss | 0 | $ 7 |
Financing Receivable, Credit Loss, Expense (Reversal) | (7) | |
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 0 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | $ 0 |
Investments - Concentrations of
Investments - Concentrations of Equity (Details) - Stockholders' Equity, Total - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Cayman Universe | ||
Concentration Risk [Line Items] | ||
Investments | $ 788 | |
MidCap | ||
Concentration Risk [Line Items] | ||
Investments | 536 | |
AP Maia | ||
Concentration Risk [Line Items] | ||
Investments | 585 | |
AP Hansel | ||
Concentration Risk [Line Items] | ||
Investments | 524 | |
AT&T | ||
Concentration Risk [Line Items] | ||
Investments | 498 | |
Comcast | ||
Concentration Risk [Line Items] | ||
Investments | 437 | |
Mileage Plus | ||
Concentration Risk [Line Items] | ||
Investments | 368 | |
AA Warehouse | ||
Concentration Risk [Line Items] | ||
Investments | 331 | |
Shell | ||
Concentration Risk [Line Items] | ||
Investments | 296 | |
Energy Trans | ||
Concentration Risk [Line Items] | ||
Investments | 357 | |
Enterprise Products | ||
Concentration Risk [Line Items] | ||
Investments | 305 | |
HWIRE | ||
Concentration Risk [Line Items] | ||
Investments | 334 | |
Goldman Sachs | ||
Concentration Risk [Line Items] | ||
Investments | 357 | |
FWD Group | ||
Concentration Risk [Line Items] | ||
Investments | 400 | |
Verizon | ||
Concentration Risk [Line Items] | ||
Investments | 400 | |
JP Morgan Chase | ||
Concentration Risk [Line Items] | ||
Investments | 506 | |
Citigroup | ||
Concentration Risk [Line Items] | ||
Investments | 529 | |
Venerable Holdings, Inc. | ||
Concentration Risk [Line Items] | ||
Investments | 624 | |
Morgan Stanley | ||
Concentration Risk [Line Items] | ||
Investments | 657 | |
Apollo Rose II (B), L.P. | ||
Concentration Risk [Line Items] | ||
Investments | 543 | |
Bank of America | ||
Concentration Risk [Line Items] | ||
Investments | 683 | |
AA Infrastructure | ||
Concentration Risk [Line Items] | ||
Investments | 671 | |
SoftBank Vision Fund II | ||
Concentration Risk [Line Items] | ||
Investments | 789 | |
AOP Finance | ||
Concentration Risk [Line Items] | ||
Investments | 684 | |
AP Tundra Holdings LLC | ||
Concentration Risk [Line Items] | ||
Investments | 896 | |
Athora Holding Ltd. [Member] | ||
Concentration Risk [Line Items] | ||
Investments | 1,232 | |
PK AirFinance [Member] | ||
Concentration Risk [Line Items] | ||
Investments | 999 | |
MFI Investments | ||
Concentration Risk [Line Items] | ||
Investments | 878 | |
Concord Music CL A2 | ||
Concentration Risk [Line Items] | ||
Investments | 756 | |
Athene Freedom Holdings LP | ||
Concentration Risk [Line Items] | ||
Investments | $ 1,288 | $ 3,119 |
Derivative Instruments - Summar
Derivative Instruments - Summary of Notional and Fair Value of Derivative Assets and Liabilities (Details) $ in Millions | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Derivative [Line Items] | ||
Derivative assets, fair value | $ 3,309 | $ 4,387 |
Gross amount recognized | 1,646 | 472 |
Total derivative assets, including embedded derivatives, fair value | (2,963) | 5,747 |
Total derivative liabilities, including embedded derivatives, fair value | 7,410 | 15,424 |
Derivatives designated as hedges | ||
Derivative [Line Items] | ||
Derivative assets, fair value | 1,164 | 470 |
Gross amount recognized | $ 1,159 | $ 236 |
Derivatives designated as hedges | Swaps | ||
Derivative [Line Items] | ||
Notional Amount | 6,677 | 6,371 |
Derivative assets, fair value | $ 747 | $ 281 |
Gross amount recognized | $ 154 | $ 56 |
Derivatives designated as hedges | Foreign currency forwards | ||
Derivative [Line Items] | ||
Notional Amount | 6,283 | 6,395 |
Derivative assets, fair value | $ 406 | $ 189 |
Gross amount recognized | $ 52 | $ 2 |
Derivatives designated as hedges | Interest rate swaps | ||
Derivative [Line Items] | ||
Notional Amount | 9,332 | 500 |
Derivative assets, fair value | $ 9 | $ 0 |
Gross amount recognized | $ 150 | $ 1 |
Derivatives designated as hedges | Cross Currency Interest Rate Contract | ||
Derivative [Line Items] | ||
Notional Amount | 4,468 | 2,783 |
Derivative assets, fair value | $ 0 | $ 0 |
Gross amount recognized | $ 803 | $ 173 |
Derivatives designated as hedges | Forwards on net investments | Foreign currency forwards | ||
Derivative [Line Items] | ||
Notional Amount | 216 | 231 |
Derivative assets, fair value | $ 2 | $ 0 |
Gross amount recognized | 0 | 4 |
Derivatives not designated as hedges | ||
Derivative [Line Items] | ||
Total derivative assets, including embedded derivatives, fair value | (4,127) | 5,277 |
Total derivative liabilities, including embedded derivatives, fair value | $ 6,251 | $ 15,188 |
Derivatives not designated as hedges | Swaps | ||
Derivative [Line Items] | ||
Notional Amount | 3,563 | 2,592 |
Derivative assets, fair value | $ 251 | $ 57 |
Gross amount recognized | $ 112 | $ 19 |
Derivatives not designated as hedges | Foreign currency forwards | ||
Derivative [Line Items] | ||
Notional Amount | 16,376 | 7,382 |
Derivative assets, fair value | $ 413 | $ 76 |
Gross amount recognized | $ 257 | $ 98 |
Derivatives not designated as hedges | Equity options | ||
Derivative [Line Items] | ||
Notional Amount | 65,089 | 57,890 |
Derivative assets, fair value | $ 1,374 | $ 3,629 |
Gross amount recognized | $ 114 | $ 115 |
Derivatives not designated as hedges | Futures | ||
Derivative [Line Items] | ||
Notional Amount | 18 | 33 |
Derivative assets, fair value | $ 33 | $ 67 |
Gross amount recognized | $ 0 | $ 0 |
Derivatives not designated as hedges | Interest rate swaps | ||
Derivative [Line Items] | ||
Notional Amount | 488 | 483 |
Derivative assets, fair value | $ 74 | $ 78 |
Gross amount recognized | 0 | 1 |
Derivatives not designated as hedges | Embedded derivatives | Funds withheld including related parties | ||
Derivative [Line Items] | ||
Funds withheld at interest | (77) | (1,360) |
Funds Held under Reinsurance Agreements, Liability | (6,272) | (45) |
Derivatives not designated as hedges | Embedded derivatives | Interest sensitive contract liabilities | ||
Derivative [Line Items] | ||
Embedded derivative assets, fair value | 0 | 0 |
Embedded derivative liabilities, fair value | $ 5,841 | $ 14,907 |
Derivatives not designated as hedges | Other swaps | ||
Derivative [Line Items] | ||
Notional Amount | 89 | 241 |
Derivative assets, fair value | $ 0 | $ 10 |
Gross amount recognized | $ 4 | $ 3 |
Derivative Instruments - Narrat
Derivative Instruments - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative [Line Items] | |||
Gains (losses) on foreign currency forwards on net investments | $ (17,471,000,000) | $ (2,061,000,000) | $ 2,270,000,000 |
Net investment hedge loss | 30,000,000 | 1,000,000 | |
Amount deemed ineffective | 0 | 0 | 0 |
Cash flow hedges | Derivatives designated as hedges | Swaps | |||
Derivative [Line Items] | |||
Foreign currency swap gains (losses) | 0 | 254,000,000 | (106,000,000) |
Foreign currency swap gain (loss) reclassified to income | 0 | 14,000,000 | 0 |
Expected to be reclassified to income | 0 | ||
Gain (Loss) on Foreign Currency Cash Flow Hedge Ineffectiveness | 0 | 0 | 0 |
Fair Value Hedging | Derivatives designated as hedges | Forwards on net investments | |||
Derivative [Line Items] | |||
Gains (losses) on foreign currency forwards on net investments | $ 30,000,000 | $ 1,000,000 | $ 2,000,000 |
Derivative Instruments - Cumula
Derivative Instruments - Cumulative Fair Value of Hedge Adjustments (Details) - Fair Value Hedging - Derivatives designated as hedges - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Foreign currency forwards | Foreign currency forwards | ||
Derivative [Line Items] | ||
Carrying amount of the hedged assets or liabilities | $ 5,259 | $ 4,224 |
Cumulative amount of fair value hedging gains (losses), AFS securities | (217) | (136) |
Foreign currency forwards | Swaps | ||
Derivative [Line Items] | ||
Carrying amount of the hedged assets or liabilities | 4,797 | 0 |
Cumulative amount of fair value hedging gains (losses), AFS securities | (398) | 0 |
Interest sensitive contract liabilities | Swaps | ||
Derivative [Line Items] | ||
Carrying amount of the hedged assets or liabilities | 1,081 | 0 |
Cumulative amount of fair value hedging gains (losses), AFS securities | 88 | 0 |
Interest sensitive contract liabilities | Cross Currency Interest Rate Contract | ||
Derivative [Line Items] | ||
Carrying amount of the hedged assets or liabilities | 4,348 | 2,773 |
Cumulative amount of fair value hedging gains (losses), AFS securities | 632 | 121 |
Interest sensitive contract liabilities | Interest rate swaps | ||
Derivative [Line Items] | ||
Carrying amount of the hedged assets or liabilities | 6,577 | 500 |
Cumulative amount of fair value hedging gains (losses), AFS securities | 323 | 0 |
Mortgage Loans, Net | Foreign currency forwards | ||
Derivative [Line Items] | ||
Carrying amount of the hedged assets or liabilities | 0 | 1,686 |
Cumulative amount of fair value hedging gains (losses), AFS securities | $ 0 | $ (44) |
Derivative Instruments - Gains
Derivative Instruments - Gains (Losses) Related to Derivative and Hedge Items (Details) - Derivatives designated as hedges - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value Hedging | Foreign currency forwards | |||
Derivative [Line Items] | |||
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net, Recorded in Other Comprehensive Income | $ 20,000,000 | $ (22,000,000) | $ 0 |
Fair Value Hedging | Swaps | |||
Derivative [Line Items] | |||
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net, Recorded in Other Comprehensive Income | 88,000,000 | 0 | 0 |
Fair Value Hedging | Investment related gains (losses) | Foreign currency forwards | |||
Derivative [Line Items] | |||
Derivatives | 183,000,000 | 420,000,000 | (118,000,000) |
Hedged Items | (190,000,000) | (440,000,000) | 116,000,000 |
Net | (7,000,000) | (20,000,000) | (2,000,000) |
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Amortization Approach | 67,000,000 | 21,000,000 | 0 |
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net | 9,000,000 | 16,000,000 | 0 |
Fair Value Hedging | Investment related gains (losses) | Swaps | |||
Derivative [Line Items] | |||
Derivatives | (622,000,000) | (102,000,000) | 1,000,000 |
Hedged Items | 632,000,000 | 99,000,000 | (1,000,000) |
Net | 10,000,000 | (3,000,000) | 0 |
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Amortization Approach | 0 | 0 | 0 |
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net | 0 | 0 | 0 |
Fair Value Hedging | Investment related gains (losses) | Cross Currency Interest Rate Contract | |||
Derivative [Line Items] | |||
Derivatives | (332,000,000) | (1,000,000) | |
Hedged Items | 323,000,000 | 1,000,000 | |
Net | (9,000,000) | 0 | |
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Amortization Approach | 0 | 0 | |
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net | 0 | 0 | |
Fair Value Hedging | Investment related gains (losses) | Interest rate swaps | |||
Derivative [Line Items] | |||
Derivatives | |||
Hedged Items | |||
Net | |||
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Amortization Approach | |||
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net | |||
Fair Value Hedging | Interest sensitive contract benefits | Cross Currency Interest Rate Contract | |||
Derivative [Line Items] | |||
Derivatives | 52,000,000 | 23,000,000 | |
Hedged Items | (53,000,000) | (21,000,000) | |
Net | (1,000,000) | 2,000,000 | |
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Amortization Approach | 0 | 0 | |
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net | 0 | 0 | |
Cash flow hedges | Swaps | |||
Derivative [Line Items] | |||
Foreign currency swap gain (loss) reclassified to income | 0 | 14,000,000 | 0 |
Foreign currency swap gains (losses) | 0 | 254,000,000 | (106,000,000) |
Cash flow hedges | Interest rate swaps | |||
Derivative [Line Items] | |||
Foreign currency swap gains (losses) | $ (106,000,000) | $ 0 | $ 0 |
Derivative Instruments - Gain_2
Derivative Instruments - Gains (Losses) Related to Derivatives Not Designated as Hedges (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative [Line Items] | |||
Total gains (losses) on derivatives not designated as hedges | $ (5,830) | $ 1,706 | $ 2,164 |
Investment related gains (losses) | |||
Derivative [Line Items] | |||
Total gains (losses) on derivatives not designated as hedges | (8,764) | 3,157 | 3,548 |
Equity options | Investment related gains (losses) | |||
Derivative [Line Items] | |||
Total gains (losses) on derivatives not designated as hedges | (2,647) | 2,452 | 819 |
Futures | Investment related gains (losses) | |||
Derivative [Line Items] | |||
Total gains (losses) on derivatives not designated as hedges | (144) | 81 | 123 |
Swaps | Investment related gains (losses) | |||
Derivative [Line Items] | |||
Total gains (losses) on derivatives not designated as hedges | 56 | 15 | 82 |
Foreign currency forwards | Investment related gains (losses) | |||
Derivative [Line Items] | |||
Total gains (losses) on derivatives not designated as hedges | 505 | 37 | (127) |
Embedded derivatives | Investment related gains (losses) | |||
Derivative [Line Items] | |||
Total gains (losses) on derivatives not designated as hedges | (6,534) | 572 | 2,651 |
Embedded derivatives | Interest sensitive contract benefits | |||
Derivative [Line Items] | |||
Total gains (losses) on derivatives not designated as hedges | $ 2,934 | $ (1,451) | $ (1,384) |
Derivative Instruments - Fair V
Derivative Instruments - Fair Value of Net Derivative and Other Financial Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Derivative assets | ||
Derivative assets | $ 3,309 | $ 4,387 |
Financial instruments | (1,477) | (430) |
Collateral (received)/pledged | (1,952) | (3,934) |
Net amount | (120) | 23 |
Off-balance sheet securities collateral | 0 | 0 |
Net amount after securities collateral | 120 | (23) |
Derivative liabilities | ||
Derivative Liability | (1,646) | (472) |
Financial instruments | 1,477 | 430 |
Collateral (received)/pledged | 478 | 32 |
Net amount | 309 | (10) |
Off-balance sheet securities collateral | 0 | 0 |
Net amount after securities collateral | $ 309 | $ (10) |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Variable Interest Entity [Line Items] | |||
Investment revenue | $ 8,373 | $ 7,709 | $ 5,338 |
Net investment income | 7,571 | 7,100 | 4,834 |
Gain (Loss) on Investments | (12,706) | 4,215 | 3,287 |
Provision for Loan, Lease, and Other Losses | (227) | 53 | (96) |
Other gains (losses) | 1,056 | 167 | (49) |
Trading securities | |||
Variable Interest Entity [Line Items] | |||
Investment revenue | 194 | 260 | 192 |
Mortgage loans, net of allowances | |||
Variable Interest Entity [Line Items] | |||
Investment revenue | 1,261 | 802 | 702 |
Investment funds | |||
Variable Interest Entity [Line Items] | |||
Investment revenue | 550 | 1,908 | 710 |
Other investments | |||
Variable Interest Entity [Line Items] | |||
Investment revenue | 270 | 271 | 226 |
Variable Interest Entities | |||
Variable Interest Entity [Line Items] | |||
Net investment income | 111 | 77 | 51 |
Gain (Loss) on Investments | 319 | (27) | 22 |
Provision for Loan, Lease, and Other Losses | 0 | (58) | 27 |
Other gains (losses) | 83 | 0 | 0 |
Variable Interest Entities | Mortgage loans | |||
Variable Interest Entity [Line Items] | |||
Gain (Loss) on Investments | (250) | 0 | 0 |
Variable Interest Entities | Investment funds | |||
Variable Interest Entity [Line Items] | |||
Gain (Loss) on Investments | 552 | 31 | (5) |
Variable Interest Entities | Trading securities | |||
Variable Interest Entity [Line Items] | |||
Investment revenue | 34 | 0 | 0 |
Gain (Loss) on Investments | (66) | 0 | 0 |
Variable Interest Entities | Mortgage loans, net of allowances | |||
Variable Interest Entity [Line Items] | |||
Investment revenue | 88 | 73 | 40 |
Variable Interest Entities | Investment funds | |||
Variable Interest Entity [Line Items] | |||
Investment Funds Gain (Loss) | 9 | 4 | 11 |
Variable Interest Entities | Other investments | |||
Variable Interest Entity [Line Items] | |||
Investment Funds Gain (Loss) | $ (20) | $ 0 | $ 0 |
Fair Value - Assets and Liabili
Fair Value - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Available-for-sale securities | $ 112,225 | $ 110,561 |
Mortgage loans | 24,148 | |
Investment funds | 14,128 | 9,866 |
Derivative assets, fair value | 3,309 | 4,387 |
Restricted Cash and Cash Equivalents | 628 | 796 |
Reinsurance Recoverables, Including Reinsurance Premium Paid | 4,367 | 4,594 |
Liabilities | ||
Policyholder Contract Deposit | 173,653 | 156,325 |
Liability for Future Policy Benefit, before Reinsurance | 55,328 | 42,488 |
Derivative liabilities | 1,646 | 472 |
Other Liabilities | 1,860 | 3,214 |
Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 102,404 | 100,159 |
Trading securities | 1,595 | 2,056 |
Mortgage loans | 27,454 | 20,748 |
Investment funds | 79 | 1,178 |
Investment funds | 0 | 183 |
Funds withheld at interest | (32,880) | (43,907) |
Derivative assets, fair value | 3,309 | 4,387 |
Short-term investments | 2,160 | 139 |
Other investments | 773 | 1,473 |
Related Party | ||
Assets | ||
Available-for-sale securities | 9,821 | 10,402 |
Trading securities | 878 | 1,781 |
Equity securities | 279 | 284 |
Mortgage loans | 1,302 | 1,360 |
Investment funds | 1,569 | 7,391 |
Investment funds | 959 | 2,958 |
Funds withheld at interest | (9,808) | (12,207) |
Other investments | 303 | 222 |
Liabilities | ||
Policyholder Contract Deposit | 11,889 | 12,948 |
Liability for Future Policy Benefit, before Reinsurance | 2,148 | 1,853 |
Other Liabilities | 564 | 936 |
Variable Interest Entities | ||
Assets | ||
Trading securities | 1,063 | 0 |
Mortgage loans | 2,055 | 2,040 |
Investment funds | 12,480 | 1,297 |
Other investments | 101 | 0 |
Liabilities | ||
Other Liabilities | 815 | 461 |
Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Available-for-sale securities | 102,404 | 100,159 |
U.S. government and agencies | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Available-for-sale securities | 2,577 | 223 |
US state, municipal and political subdivisions | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Available-for-sale securities | 927 | 1,213 |
Foreign governments | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Available-for-sale securities | 907 | 1,128 |
Corporate | Related Party | ||
Assets | ||
Available-for-sale securities | 982 | 859 |
Corporate | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Available-for-sale securities | 60,901 | 66,226 |
CLO | Related Party | ||
Assets | ||
Available-for-sale securities | 3,079 | 2,549 |
CLO | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Available-for-sale securities | 16,493 | 13,652 |
ABS | Related Party | ||
Assets | ||
Available-for-sale securities | 5,760 | 6,994 |
ABS | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Available-for-sale securities | 10,527 | 8,989 |
CMBS | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Available-for-sale securities | 4,158 | 2,758 |
RMBS | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Available-for-sale securities | 5,914 | 5,970 |
Level 3 | ||
Assets | ||
Available-for-sale securities | 10,671 | 7,512 |
Mortgage loans | 30,811 | |
Recurring | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Trading securities | 1,595 | |
Recurring | Level 1 | ||
Assets | ||
Cash and cash equivalents | 7,779 | 9,479 |
Restricted Cash and Cash Equivalents | 628 | 796 |
Reinsurance Recoverables, Including Reinsurance Premium Paid | 0 | 0 |
Total assets not carried at fair value | 11,588 | 10,848 |
Liabilities | ||
Derivative liabilities | 38 | 0 |
Other Liabilities | 0 | |
Total liabilities measured at fair value | 38 | 0 |
Recurring | Level 1 | Related Party | ||
Assets | ||
Available-for-sale securities | 0 | 0 |
Trading securities | 0 | 0 |
Equity securities | 0 | 0 |
Mortgage loans | 0 | |
Investment funds | 0 | 0 |
Other investments | 0 | |
Recurring | Level 1 | Variable Interest Entities | ||
Assets | ||
Trading securities | 5 | |
Mortgage loans | 0 | |
Investment funds | 0 | 0 |
Other investments | 0 | |
Cash and cash equivalents | 362 | 154 |
Recurring | Level 1 | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Available-for-sale securities | 2,570 | 214 |
Trading securities | 23 | 3 |
Equity securities | 150 | 86 |
Mortgage loans | 0 | 0 |
Investment funds | 0 | |
Derivative assets, fair value | 42 | 67 |
Short-term investments | 29 | 49 |
Other investments | 0 | 0 |
Recurring | Level 1 | Universal life | ||
Liabilities | ||
Policyholder Contract Deposit | 0 | 0 |
Recurring | Level 1 | AmerUs Closed Block | ||
Liabilities | ||
Liability for Future Policy Benefit, before Reinsurance | 0 | 0 |
Recurring | Level 1 | ILICO Closed Block and life benefits | ||
Liabilities | ||
Liability for Future Policy Benefit, before Reinsurance | 0 | 0 |
Recurring | Level 1 | Embedded derivatives | ||
Liabilities | ||
Policyholder Contract Deposit | 0 | 0 |
Funds Held under Reinsurance Agreements, Liability | 0 | |
Recurring | Level 1 | Embedded derivatives | Related Party | ||
Assets | ||
Funds withheld at interest | 0 | 0 |
Recurring | Level 1 | Embedded derivatives | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Funds withheld at interest | 0 | 0 |
Recurring | Level 1 | U.S. government and agencies | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Available-for-sale securities | 2,570 | 214 |
Recurring | Level 1 | US state, municipal and political subdivisions | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 1 | Foreign governments | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 1 | Corporate | Related Party | ||
Assets | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 1 | Corporate | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 1 | CLO | Related Party | ||
Assets | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 1 | CLO | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 1 | ABS | Related Party | ||
Assets | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 1 | ABS | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 1 | CMBS | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 1 | RMBS | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 2 | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Restricted Cash and Cash Equivalents | 0 | 0 |
Reinsurance Recoverables, Including Reinsurance Premium Paid | 0 | 0 |
Total assets not carried at fair value | 102,927 | 105,173 |
Liabilities | ||
Derivative liabilities | 1,607 | 469 |
Other Liabilities | (77) | |
Total liabilities measured at fair value | 1,530 | 514 |
Recurring | Level 2 | Related Party | ||
Assets | ||
Available-for-sale securities | 3,164 | 3,085 |
Trading securities | 0 | 10 |
Equity securities | 0 | 0 |
Mortgage loans | 0 | |
Investment funds | 0 | 0 |
Other investments | 0 | |
Recurring | Level 2 | Variable Interest Entities | ||
Assets | ||
Trading securities | 436 | |
Mortgage loans | 0 | |
Investment funds | 0 | 0 |
Other investments | 2 | |
Cash and cash equivalents | 0 | 0 |
Recurring | Level 2 | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Available-for-sale securities | 93,069 | 94,928 |
Trading securities | 1,519 | 1,984 |
Equity securities | 845 | 655 |
Mortgage loans | 0 | 0 |
Investment funds | 0 | |
Derivative assets, fair value | 3,267 | 4,320 |
Short-term investments | 455 | 61 |
Other investments | 170 | 130 |
Recurring | Level 2 | Universal life | ||
Liabilities | ||
Policyholder Contract Deposit | 0 | 0 |
Recurring | Level 2 | AmerUs Closed Block | ||
Liabilities | ||
Liability for Future Policy Benefit, before Reinsurance | 0 | 0 |
Recurring | Level 2 | ILICO Closed Block and life benefits | ||
Liabilities | ||
Liability for Future Policy Benefit, before Reinsurance | 0 | 0 |
Recurring | Level 2 | Embedded derivatives | ||
Liabilities | ||
Policyholder Contract Deposit | 0 | 0 |
Funds Held under Reinsurance Agreements, Liability | 45 | |
Recurring | Level 2 | Embedded derivatives | Related Party | ||
Assets | ||
Funds withheld at interest | 0 | 0 |
Recurring | Level 2 | Embedded derivatives | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Funds withheld at interest | 0 | 0 |
Recurring | Level 2 | U.S. government and agencies | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Available-for-sale securities | 7 | 9 |
Recurring | Level 2 | US state, municipal and political subdivisions | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Available-for-sale securities | 927 | 1,213 |
Recurring | Level 2 | Foreign governments | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Available-for-sale securities | 906 | 1,126 |
Recurring | Level 2 | Corporate | Related Party | ||
Assets | ||
Available-for-sale securities | 170 | 189 |
Recurring | Level 2 | Corporate | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Available-for-sale securities | 59,236 | 64,887 |
Recurring | Level 2 | CLO | Related Party | ||
Assets | ||
Available-for-sale securities | 2,776 | 2,347 |
Recurring | Level 2 | CLO | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Available-for-sale securities | 16,493 | 13,638 |
Recurring | Level 2 | ABS | Related Party | ||
Assets | ||
Available-for-sale securities | 218 | 549 |
Recurring | Level 2 | ABS | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Available-for-sale securities | 5,660 | 5,370 |
Recurring | Level 2 | CMBS | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Available-for-sale securities | 4,158 | 2,715 |
Recurring | Level 2 | RMBS | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Available-for-sale securities | 5,682 | 5,970 |
Recurring | Level 3 | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Restricted Cash and Cash Equivalents | 0 | 0 |
Reinsurance Recoverables, Including Reinsurance Premium Paid | 1,388 | 1,991 |
Total assets not carried at fair value | 45,582 | 22,454 |
Liabilities | ||
Derivative liabilities | 1 | 3 |
Other Liabilities | 142 | |
Total liabilities measured at fair value | 8,525 | 18,407 |
Recurring | Level 3 | Related Party | ||
Assets | ||
Available-for-sale securities | 6,657 | 7,317 |
Trading securities | 878 | 1,771 |
Equity securities | 279 | 284 |
Mortgage loans | 1,302 | |
Investment funds | 959 | 2,855 |
Other investments | 303 | |
Recurring | Level 3 | Variable Interest Entities | ||
Assets | ||
Trading securities | 622 | |
Mortgage loans | 2,055 | |
Investment funds | 2,471 | 1,297 |
Other investments | 99 | |
Cash and cash equivalents | 0 | 0 |
Recurring | Level 3 | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Available-for-sale securities | 6,765 | 5,017 |
Trading securities | 53 | 69 |
Equity securities | 92 | 429 |
Mortgage loans | 27,454 | 17 |
Investment funds | 18 | |
Derivative assets, fair value | 0 | 0 |
Short-term investments | 36 | 29 |
Other investments | 441 | 0 |
Recurring | Level 3 | Universal life | ||
Liabilities | ||
Policyholder Contract Deposit | 829 | 1,235 |
Recurring | Level 3 | AmerUs Closed Block | ||
Liabilities | ||
Liability for Future Policy Benefit, before Reinsurance | 1,164 | 1,520 |
Recurring | Level 3 | ILICO Closed Block and life benefits | ||
Liabilities | ||
Liability for Future Policy Benefit, before Reinsurance | 548 | 742 |
Recurring | Level 3 | Embedded derivatives | ||
Liabilities | ||
Policyholder Contract Deposit | 5,841 | 14,907 |
Funds Held under Reinsurance Agreements, Liability | 0 | |
Recurring | Level 3 | Embedded derivatives | Related Party | ||
Assets | ||
Funds withheld at interest | (1,425) | (578) |
Recurring | Level 3 | Embedded derivatives | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Funds withheld at interest | (4,847) | (782) |
Recurring | Level 3 | U.S. government and agencies | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 3 | US state, municipal and political subdivisions | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 3 | Foreign governments | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Available-for-sale securities | 1 | 2 |
Recurring | Level 3 | Corporate | Related Party | ||
Assets | ||
Available-for-sale securities | 812 | 670 |
Recurring | Level 3 | Corporate | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Available-for-sale securities | 1,665 | 1,339 |
Recurring | Level 3 | CLO | Related Party | ||
Assets | ||
Available-for-sale securities | 303 | 202 |
Recurring | Level 3 | CLO | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Available-for-sale securities | 0 | 14 |
Recurring | Level 3 | ABS | Related Party | ||
Assets | ||
Available-for-sale securities | 5,542 | 6,445 |
Recurring | Level 3 | ABS | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Available-for-sale securities | 4,867 | 3,619 |
Recurring | Level 3 | CMBS | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Available-for-sale securities | 0 | 43 |
Recurring | Level 3 | RMBS | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Available-for-sale securities | 232 | 0 |
Recurring | NAV | ||
Assets | ||
Investment funds | 10,009 | |
Other investments | 0 | |
Cash and cash equivalents | 0 | 0 |
Restricted Cash and Cash Equivalents | 0 | |
Reinsurance Recoverables, Including Reinsurance Premium Paid | 0 | |
Total assets not carried at fair value | 268 | |
Liabilities | ||
Derivative liabilities | 0 | 0 |
Total liabilities measured at fair value | 0 | 0 |
Recurring | NAV | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 0 | |
Trading securities | 0 | |
Equity securities | 0 | |
Mortgage loans | 0 | |
Funds withheld at interest | 0 | |
Derivative assets, fair value | 0 | |
Short-term investments | 0 | |
Restricted Cash and Cash Equivalents | 0 | |
Recurring | NAV | Related Party | ||
Assets | ||
Available-for-sale securities | 0 | 0 |
Trading securities | 0 | |
Equity securities | 0 | |
Mortgage loans | 0 | |
Investment funds | 0 | |
Investment funds | 103 | |
Other investments | 0 | |
Recurring | NAV | Variable Interest Entities | ||
Assets | ||
Trading securities | 0 | |
Mortgage loans | 0 | |
Investment funds | 10,009 | 0 |
Other investments | 0 | |
Cash and cash equivalents | 0 | 0 |
Recurring | NAV | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Available-for-sale securities | 0 | |
Trading securities | 0 | |
Equity securities | 0 | |
Mortgage loans | 0 | |
Investment funds | 165 | |
Derivative assets, fair value | 0 | |
Short-term investments | 0 | |
Other investments | 0 | |
Recurring | NAV | Universal life | ||
Liabilities | ||
Policyholder Contract Deposit | 0 | 0 |
Recurring | NAV | AmerUs Closed Block | ||
Liabilities | ||
Liability for Future Policy Benefit, before Reinsurance | 0 | 0 |
Recurring | NAV | ILICO Closed Block and life benefits | ||
Liabilities | ||
Liability for Future Policy Benefit, before Reinsurance | 0 | 0 |
Recurring | NAV | Embedded derivatives | ||
Liabilities | ||
Policyholder Contract Deposit | 0 | 0 |
Funds Held under Reinsurance Agreements, Liability | 0 | |
Recurring | NAV | Embedded derivatives | Related Party | ||
Assets | ||
Funds withheld at interest | 0 | |
Recurring | NAV | Embedded derivatives | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Funds withheld at interest | 0 | |
Recurring | NAV | U.S. government and agencies | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 0 | |
Recurring | NAV | U.S. government and agencies | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Available-for-sale securities | 0 | |
Recurring | NAV | US state, municipal and political subdivisions | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 0 | |
Recurring | NAV | US state, municipal and political subdivisions | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Available-for-sale securities | 0 | |
Recurring | NAV | Foreign governments | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 0 | |
Recurring | NAV | Foreign governments | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Available-for-sale securities | 0 | |
Recurring | NAV | Corporate | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 0 | |
Recurring | NAV | Corporate | Related Party | ||
Assets | ||
Available-for-sale securities | 0 | 0 |
Recurring | NAV | Corporate | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Available-for-sale securities | 0 | |
Recurring | NAV | CLO | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 0 | |
Recurring | NAV | CLO | Related Party | ||
Assets | ||
Available-for-sale securities | 0 | 0 |
Recurring | NAV | CLO | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Available-for-sale securities | 0 | |
Recurring | NAV | ABS | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 0 | |
Recurring | NAV | ABS | Related Party | ||
Assets | ||
Available-for-sale securities | 0 | 0 |
Recurring | NAV | ABS | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Available-for-sale securities | 0 | |
Recurring | NAV | CMBS | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 0 | |
Recurring | NAV | CMBS | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Available-for-sale securities | 0 | |
Recurring | NAV | RMBS | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Available-for-sale securities | 0 | |
Recurring | NAV | RMBS | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Available-for-sale securities | 0 | |
Fair Value | ||
Assets | ||
Total assets not carried at fair value | 51,798 | 86,719 |
Liabilities | ||
Policyholder Contract Deposit | 111,608 | 108,621 |
Funds Held under Reinsurance Agreements, Liability | 360 | 394 |
Fair Value | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Mortgage loans | 21,138 | |
Investment funds | 79 | 995 |
Funds withheld at interest | (37,727) | (43,125) |
Short-term investments | 1,640 | |
Other investments | 162 | 1,343 |
Fair Value | Related Party | ||
Assets | ||
Mortgage loans | 1,369 | |
Investment funds | 610 | 4,433 |
Funds withheld at interest | (11,233) | (11,629) |
Other investments | 223 | |
Fair Value | Variable Interest Entities | ||
Assets | ||
Mortgage loans | 2,152 | |
Fair Value | Level 1 | ||
Assets | ||
Total assets not carried at fair value | 0 | 0 |
Liabilities | ||
Policyholder Contract Deposit | 0 | 0 |
Funds Held under Reinsurance Agreements, Liability | 0 | 0 |
Fair Value | Level 1 | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Mortgage loans | 0 | |
Investment funds | 0 | 0 |
Funds withheld at interest | 0 | 0 |
Short-term investments | 0 | |
Other investments | 0 | 0 |
Fair Value | Level 1 | Related Party | ||
Assets | ||
Mortgage loans | 0 | |
Investment funds | 0 | 0 |
Funds withheld at interest | 0 | 0 |
Other investments | 0 | |
Fair Value | Level 1 | Variable Interest Entities | ||
Assets | ||
Mortgage loans | 0 | |
Fair Value | Level 2 | ||
Assets | ||
Total assets not carried at fair value | 1,961 | 312 |
Liabilities | ||
Policyholder Contract Deposit | 0 | 0 |
Funds Held under Reinsurance Agreements, Liability | 360 | 394 |
Fair Value | Level 2 | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Mortgage loans | 0 | |
Investment funds | 0 | 0 |
Funds withheld at interest | 0 | 0 |
Short-term investments | 1,614 | |
Other investments | 0 | 0 |
Fair Value | Level 2 | Related Party | ||
Assets | ||
Mortgage loans | 0 | |
Investment funds | 0 | 0 |
Funds withheld at interest | 0 | 0 |
Other investments | 0 | |
Fair Value | Level 2 | Variable Interest Entities | ||
Assets | ||
Mortgage loans | 0 | |
Fair Value | Level 3 | ||
Assets | ||
Total assets not carried at fair value | 49,148 | 80,979 |
Liabilities | ||
Policyholder Contract Deposit | 111,608 | 108,621 |
Funds Held under Reinsurance Agreements, Liability | 0 | 0 |
Fair Value | Level 3 | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Mortgage loans | 21,138 | |
Investment funds | 0 | 0 |
Funds withheld at interest | (37,727) | (43,125) |
Short-term investments | 26 | |
Other investments | 162 | 1,343 |
Fair Value | Level 3 | Related Party | ||
Assets | ||
Mortgage loans | 1,369 | |
Investment funds | 0 | 0 |
Funds withheld at interest | (11,233) | (11,629) |
Other investments | 223 | |
Fair Value | Level 3 | Variable Interest Entities | ||
Assets | ||
Mortgage loans | 2,152 | |
Fair Value | NAV | ||
Assets | ||
Total assets not carried at fair value | 689 | 5,428 |
Liabilities | ||
Policyholder Contract Deposit | 0 | 0 |
Funds Held under Reinsurance Agreements, Liability | 0 | 0 |
Fair Value | NAV | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Mortgage loans | 0 | |
Investment funds | 79 | 995 |
Funds withheld at interest | 0 | 0 |
Short-term investments | 0 | |
Other investments | 0 | 0 |
Fair Value | NAV | Related Party | ||
Assets | ||
Mortgage loans | 0 | |
Investment funds | 610 | 4,433 |
Funds withheld at interest | 0 | 0 |
Other investments | 0 | |
Fair Value | NAV | Variable Interest Entities | ||
Assets | ||
Mortgage loans | 0 | |
Fair Value | Recurring | ||
Assets | ||
Cash and cash equivalents | 7,779 | 9,479 |
Restricted Cash and Cash Equivalents | 628 | 796 |
Reinsurance Recoverables, Including Reinsurance Premium Paid | 1,388 | 1,991 |
Total assets not carried at fair value | 170,106 | 138,743 |
Liabilities | ||
Policyholder Contract Deposit | 6,670 | 16,142 |
Liability for Future Policy Benefit, before Reinsurance | 1,712 | 2,262 |
Derivative liabilities | 1,646 | 472 |
Other Liabilities | 65 | |
Total liabilities measured at fair value | 10,093 | 18,921 |
Fair Value | Recurring | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Equity securities | 1,087 | 1,170 |
Mortgage loans | 27,454 | 17 |
Funds withheld at interest | 4,847 | (782) |
Short-term investments | 520 | 139 |
Other investments | 611 | 130 |
Fair Value | Recurring | Related Party | ||
Assets | ||
Available-for-sale securities | 9,821 | 10,402 |
Trading securities | 878 | 1,781 |
Equity securities | 279 | 284 |
Mortgage loans | 1,302 | |
Investment funds | 959 | 2,958 |
Funds withheld at interest | (1,425) | (578) |
Other investments | 303 | |
Fair Value | Recurring | Variable Interest Entities | ||
Assets | ||
Trading securities | 1,063 | |
Mortgage loans | 2,055 | 0 |
Investment funds | 12,480 | 1,297 |
Other investments | 101 | |
Cash and cash equivalents | 362 | 154 |
Fair Value | Recurring | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Available-for-sale securities | 102,404 | 100,159 |
Trading securities | 2,056 | |
Equity securities | 1,087 | 1,170 |
Mortgage loans | 27,454 | 17 |
Investment funds | 183 | |
Derivative assets, fair value | 3,309 | 4,387 |
Short-term investments | 520 | 139 |
Other investments | 611 | 130 |
Fair Value | Recurring | Universal life | ||
Liabilities | ||
Policyholder Contract Deposit | 829 | 1,235 |
Fair Value | Recurring | AmerUs Closed Block | ||
Liabilities | ||
Liability for Future Policy Benefit, before Reinsurance | 1,164 | 1,520 |
Fair Value | Recurring | ILICO Closed Block and life benefits | ||
Liabilities | ||
Liability for Future Policy Benefit, before Reinsurance | 548 | 742 |
Fair Value | Recurring | Embedded derivatives | ||
Liabilities | ||
Policyholder Contract Deposit | 5,841 | 14,907 |
Funds Held under Reinsurance Agreements, Liability | 45 | |
Fair Value | Recurring | Embedded derivatives | Related Party | ||
Assets | ||
Funds withheld at interest | (1,425) | (578) |
Fair Value | Recurring | Embedded derivatives | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Funds withheld at interest | (4,847) | (782) |
Fair Value | Recurring | U.S. government and agencies | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Available-for-sale securities | 2,577 | 223 |
Fair Value | Recurring | US state, municipal and political subdivisions | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Available-for-sale securities | 927 | 1,213 |
Fair Value | Recurring | Foreign governments | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Available-for-sale securities | 907 | 1,128 |
Fair Value | Recurring | Corporate | Related Party | ||
Assets | ||
Available-for-sale securities | 982 | 859 |
Fair Value | Recurring | Corporate | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Available-for-sale securities | 60,901 | 66,226 |
Fair Value | Recurring | CLO | Related Party | ||
Assets | ||
Available-for-sale securities | 3,079 | 2,549 |
Fair Value | Recurring | CLO | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Available-for-sale securities | 16,493 | 13,652 |
Fair Value | Recurring | ABS | Related Party | ||
Assets | ||
Available-for-sale securities | 5,760 | 6,994 |
Fair Value | Recurring | ABS | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Available-for-sale securities | 10,527 | 8,989 |
Fair Value | Recurring | CMBS | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Available-for-sale securities | 4,158 | 2,758 |
Fair Value | Recurring | RMBS | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | ||
Assets | ||
Available-for-sale securities | 5,914 | $ 5,970 |
Fair Value | Recurring | NAV | ||
Assets | ||
Reinsurance Recoverables, Including Reinsurance Premium Paid | 0 | |
Liabilities | ||
Other Liabilities | 0 | |
Fair Value | Recurring | NAV | Related Party | ||
Assets | ||
Trading securities | 0 | |
Equity securities | 0 | |
Fair Value | Recurring | NAV | Embedded derivatives | Related Party | ||
Assets | ||
Funds withheld at interest | $ 0 |
Fair Value - Fair Value Option
Fair Value - Fair Value Option (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Total gains (losses) | $ (3,204,000,000) | $ 836,000,000 | $ 274,000,000 |
Mortgage loans | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair value option, loans, 90 days or more past due | 0 | 0 | |
Total gains (losses) | (2,974,000,000) | 0 | 0 |
Unpaid principal balance | 33,653,000,000 | 15,000,000 | |
Mark to fair value | (2,842,000,000) | 2,000,000 | |
Fair value | 30,811,000,000 | 17,000,000 | |
Fair Value, Option, Credit Risk, Gains (Losses) on Assets | (41,000,000) | 0 | 0 |
Residential Mortgage [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair value option, loans, 90 days or more past due | 472,000,000 | ||
Unpaid principal balance | 522,000,000 | ||
Fair value | 472,000,000 | ||
Fair Value, Option, Loans Held as Assets, Aggregate Difference | (50,000,000) | ||
Residential Mortgage [Member] | Loans Insured or Guaranteed by US Government Authorities | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair value option, loans, 90 days or more past due | 221,000,000 | ||
Mortgage loans, net of allowances | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair value option, loans, 90 days or more past due | 2,000,000 | ||
Unpaid principal balance | 74,000,000 | ||
Fair value | 19,000,000 | ||
Fair Value, Option, Loans Held as Assets, Aggregate Difference | (55,000,000) | ||
Investment related gains (losses) | Mortgage loans | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Total gains (losses) | (3,213,000,000) | 0 | 0 |
Investment related gains (losses) | Trading securities | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Total gains (losses) | (424,000,000) | (70,000,000) | 33,000,000 |
Net investment income | Investment funds | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Total gains (losses) | 114,000,000 | 826,000,000 | 295,000,000 |
Future policy and other policy benefits | Future policy benefits | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Total gains (losses) | $ 356,000,000 | $ 80,000,000 | $ (54,000,000) |
Fair Value - Reconciliation of
Fair Value - Reconciliation of Level 3 Financial Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | $ 22,454 | $ 45,752 | $ 14,840 |
Total realized and unrealized gains (losses) included in income | (9,969) | (709) | |
Total realized and unrealized gains (losses) included in OCI | (621) | 42 | |
Purchases, issuances, sales and settlements, net | 11,721 | 11,721 | 8,640 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (1,301) | (1,301) | (359) |
Transfers (Out) | (21,589) | (914) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | (23,623) | (12,028) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (3,953) | (1,580) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (7,949) | (1,808) | |
Transfer In | (20,288) | (555) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Issuances | (1,722) | (1,474) | |
Sales | 0 | 0 | |
Settlements | 401 | 891 | |
Transfers In | 0 | 0 | |
Ending balance | 45,582 | 45,582 | 22,454 |
Total gains (losses) included in earnings | (3,104) | 885 | |
Beginning balance | (18,407) | (11,059) | (16,561) |
Total realized and unrealized gains (losses) included in income | 3,855 | (1,263) | |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | |
Purchases, issuances, sales and settlements, net | 1,321 | 1,321 | 583 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net | 0 | 0 | 0 |
Transfers (Out) | 0 | 0 | |
Ending balance | (8,525) | (8,525) | (18,407) |
Total gains (losses) included in earnings | 0 | 0 | |
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | $ (635) | 42 | |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Gain (Loss) on Investments, Net investment income | ||
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Gain (Loss) on Investments, Policy and other operating expenses | ||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Gain (Loss) on Investments, Net investment income | ||
FairValueRecurringBasisUnobservableInputReconciliationAssetGainLossStatementOfOtherComprehensiveIncomeExtensibleListNotDisclosedFlag | Included in OCI | ||
Other Liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Issuances | 0 | ||
Sales | 0 | ||
Settlements | (105) | ||
Transfers In | 0 | ||
Beginning balance | $ 0 | ||
Total realized and unrealized gains (losses) included in income | (37) | ||
Total realized and unrealized gains (losses) included in OCI | 0 | ||
Purchases, issuances, sales and settlements, net | 105 | 105 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net | 0 | 0 | |
Transfers (Out) | 0 | ||
Ending balance | (142) | (142) | |
Total gains (losses) included in earnings | 0 | ||
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | ||
Reinsurance recoverable | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 1,991 | 1,991 | 2,100 |
Total realized and unrealized gains (losses) included in income | (603) | (109) | |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | |
Purchases, issuances, sales and settlements, net | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | |
Ending balance | 1,388 | 1,388 | 1,991 |
Total gains (losses) included in earnings | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | |
Short-term Investments | Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 0 | ||
Total realized and unrealized gains (losses) included in income | 0 | ||
Total realized and unrealized gains (losses) included in OCI | 0 | ||
Purchases, issuances, sales and settlements, net | 53 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (53) | ||
Ending balance | 0 | 0 | |
Total gains (losses) included in earnings | 0 | ||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | ||
Short-term Investments | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 29 | 29 | 2 |
Total realized and unrealized gains (losses) included in income | 0 | 0 | |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | |
Purchases, issuances, sales and settlements, net | 7 | 7 | 27 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | 0 |
Transfers (Out) | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | (59) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (52) | ||
Transfer In | 0 | ||
Ending balance | 36 | 36 | 29 |
Total gains (losses) included in earnings | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | |
Mortgage loans | Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 1,369 | ||
Total realized and unrealized gains (losses) included in income | (225) | ||
Total realized and unrealized gains (losses) included in OCI | 0 | ||
Purchases, issuances, sales and settlements, net | 158 | 158 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | |
Transfers (Out) | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | (182) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (24) | ||
Transfer In | 0 | ||
Ending balance | 1,302 | 1,302 | |
Total gains (losses) included in earnings | (225) | ||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | ||
Mortgage loans | Variable Interest Entities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 2,152 | ||
Total realized and unrealized gains (losses) included in income | (227) | ||
Total realized and unrealized gains (losses) included in OCI | 0 | ||
Purchases, issuances, sales and settlements, net | (31) | (31) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 161 | 161 | |
Transfers (Out) | (223) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | (176) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (207) | ||
Transfer In | (384) | ||
Ending balance | 2,055 | 2,055 | |
Total gains (losses) included in earnings | (226) | ||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | ||
Mortgage loans | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 17 | 21,154 | 19 |
Total realized and unrealized gains (losses) included in income | (2,761) | 0 | |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | |
Purchases, issuances, sales and settlements, net | 9,061 | 9,061 | (2) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | 0 |
Transfers (Out) | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | (12,367) | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (198) | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (3,108) | (2) | |
Transfer In | 0 | 0 | |
Ending balance | 27,454 | 27,454 | 17 |
Total gains (losses) included in earnings | (2,747) | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | |
Investment funds | Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 2,855 | 2,033 | |
Total realized and unrealized gains (losses) included in income | 816 | ||
Total realized and unrealized gains (losses) included in OCI | 0 | ||
Purchases, issuances, sales and settlements, net | 57 | 6 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (2,031) | 0 | |
Transfers (Out) | 2,031 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | (91) | (6) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 34 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | 0 | |
Transfer In | 0 | 0 | |
Ending balance | 2,855 | ||
Total gains (losses) included in earnings | 816 | ||
Investment funds | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 18 | 17 | |
Total realized and unrealized gains (losses) included in income | 1 | ||
Total realized and unrealized gains (losses) included in OCI | 0 | ||
Purchases, issuances, sales and settlements, net | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | ||
Ending balance | 18 | ||
Total gains (losses) included in earnings | 1 | ||
Other investments | Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 0 | ||
Total realized and unrealized gains (losses) included in income | 14 | ||
Total realized and unrealized gains (losses) included in OCI | 0 | ||
Purchases, issuances, sales and settlements, net | 15 | 15 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 274 | 274 | |
Transfers (Out) | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | (31) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (16) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | ||
Transfer In | (274) | ||
Ending balance | 303 | 303 | |
Total gains (losses) included in earnings | 14 | ||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | ||
Other investments | Variable Interest Entities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 0 | ||
Total realized and unrealized gains (losses) included in income | (17) | ||
Total realized and unrealized gains (losses) included in OCI | 0 | ||
Purchases, issuances, sales and settlements, net | 31 | 31 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 85 | 85 | |
Transfers (Out) | (1,933) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | (33) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (2) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | ||
Transfer In | (2,018) | ||
Ending balance | 99 | 99 | |
Total gains (losses) included in earnings | (24) | ||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | ||
Other investments | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 0 | ||
Total realized and unrealized gains (losses) included in income | (91) | ||
Total realized and unrealized gains (losses) included in OCI | 0 | ||
Purchases, issuances, sales and settlements, net | 36 | 36 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 496 | 496 | |
Transfers (Out) | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | (48) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (12) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | ||
Transfer In | (496) | ||
Ending balance | 441 | 441 | |
Total gains (losses) included in earnings | (91) | ||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | ||
Equity securities | Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 284 | 284 | 72 |
Total realized and unrealized gains (losses) included in income | (2) | 8 | |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | |
Purchases, issuances, sales and settlements, net | (15) | (15) | 204 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 12 | 12 | 0 |
Transfers (Out) | (113) | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | (195) | (213) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (119) | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (91) | (9) | |
Transfer In | (125) | 0 | |
Ending balance | 279 | 279 | 284 |
Total gains (losses) included in earnings | 0 | 8 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | |
Equity securities | Variable Interest Entities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Purchases, issuances, sales and settlements, net | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | ||
Transfers (Out) | (15) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | ||
Transfer In | (15) | ||
Equity securities | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 429 | 429 | 11 |
Total realized and unrealized gains (losses) included in income | 26 | 16 | |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | |
Purchases, issuances, sales and settlements, net | (4) | (4) | 402 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (359) | (359) | 0 |
Transfers (Out) | 400 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | (402) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 4 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | 0 | |
Transfer In | (41) | 0 | |
Ending balance | 92 | 92 | 429 |
Total gains (losses) included in earnings | 22 | 16 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | |
Trading securities | Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 1,771 | 1,771 | 1,525 |
Total realized and unrealized gains (losses) included in income | 3 | 20 | |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | |
Purchases, issuances, sales and settlements, net | (1,084) | (1,084) | 236 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 188 | 188 | (10) |
Transfers (Out) | (1,260) | (10) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | (43) | (422) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (1,081) | (117) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (46) | (69) | |
Transfer In | (1,448) | 0 | |
Ending balance | 878 | 878 | 1,771 |
Total gains (losses) included in earnings | 1 | 40 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | |
Trading securities | Variable Interest Entities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 0 | ||
Total realized and unrealized gains (losses) included in income | 49 | ||
Total realized and unrealized gains (losses) included in OCI | 0 | ||
Purchases, issuances, sales and settlements, net | 530 | 530 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 43 | 43 | |
Transfers (Out) | (387) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | (531) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (1) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | ||
Transfer In | (430) | ||
Ending balance | 622 | 622 | |
Total gains (losses) included in earnings | 11 | ||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | ||
Trading securities | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 69 | 69 | 86 |
Total realized and unrealized gains (losses) included in income | (9) | (11) | |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | |
Purchases, issuances, sales and settlements, net | (10) | (10) | 1 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 3 | 3 | (7) |
Transfers (Out) | 53 | 22 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | (8) | (5) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 9 | 4 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 9 | 0 | |
Transfer In | (56) | (15) | |
Ending balance | 53 | 53 | 69 |
Total gains (losses) included in earnings | (5) | (5) | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | |
Investment funds | Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 2,855 | ||
Total realized and unrealized gains (losses) included in income | 78 | ||
Total realized and unrealized gains (losses) included in OCI | 0 | ||
Purchases, issuances, sales and settlements, net | 57 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (2,031) | ||
Ending balance | 959 | 959 | |
Total gains (losses) included in earnings | 119 | ||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | |
Investment funds | Variable Interest Entities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 1,297 | 1,297 | 0 |
Total realized and unrealized gains (losses) included in income | 72 | 9 | |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | |
Purchases, issuances, sales and settlements, net | 1,862 | 1,862 | 1,179 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (760) | (760) | 109 |
Transfers (Out) | (12,310) | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | (2,014) | (1,316) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (152) | (137) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | 0 | |
Transfer In | (11,550) | (109) | |
Ending balance | 2,471 | 2,471 | 1,297 |
Total gains (losses) included in earnings | 58 | 9 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | |
Investment funds | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 18 | ||
Total realized and unrealized gains (losses) included in income | 1 | ||
Total realized and unrealized gains (losses) included in OCI | 0 | ||
Purchases, issuances, sales and settlements, net | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (19) | (19) | |
Transfers (Out) | (19) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | ||
Transfer In | 0 | ||
Ending balance | 0 | 0 | |
Total gains (losses) included in earnings | 0 | ||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | |
Short-term Investments | Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Purchases, issuances, sales and settlements, net | 53 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 53 | ||
Transfers (Out) | 53 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | (53) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | ||
Transfer In | 0 | ||
Short-term Investments | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Purchases, issuances, sales and settlements, net | 27 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | ||
Transfers (Out) | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | (30) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (3) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | ||
Transfer In | 0 | ||
Embedded derivatives | Funds withheld at interest | Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 578 | 0 | 862 |
Total realized and unrealized gains (losses) included in income | (1,425) | (284) | |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | |
Purchases, issuances, sales and settlements, net | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | |
Ending balance | (1,425) | (1,425) | 578 |
Total gains (losses) included in earnings | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | |
Embedded derivatives | Funds withheld at interest | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 782 | 0 | 1,944 |
Total realized and unrealized gains (losses) included in income | (4,847) | (1,162) | |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | |
Purchases, issuances, sales and settlements, net | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | |
Ending balance | (4,847) | (4,847) | 782 |
Total gains (losses) included in earnings | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | |
RMBS | Foreign currency forwards | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 0 | ||
Total realized and unrealized gains (losses) included in income | 0 | ||
Total realized and unrealized gains (losses) included in OCI | 3 | ||
Purchases, issuances, sales and settlements, net | 295 | 295 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (66) | (66) | |
Transfers (Out) | 66 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | (296) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 1 | ||
Transfer In | 0 | ||
Ending balance | 232 | 232 | |
Total gains (losses) included in earnings | 0 | ||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 4 | ||
ABS | Foreign currency forwards | Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 6,445 | 6,445 | 4,109 |
Total realized and unrealized gains (losses) included in income | 16 | (6) | |
Total realized and unrealized gains (losses) included in OCI | (256) | (44) | |
Purchases, issuances, sales and settlements, net | (715) | (715) | 2,386 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 52 | 52 | 0 |
Transfers (Out) | (1,864) | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | (2,889) | (3,679) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (94) | (212) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (3,510) | (1,081) | |
Transfer In | (1,916) | 0 | |
Ending balance | 5,542 | 5,542 | 6,445 |
Total gains (losses) included in earnings | (11) | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | (259) | (44) | |
ABS | Foreign currency forwards | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 3,619 | 3,619 | 800 |
Total realized and unrealized gains (losses) included in income | 1 | (17) | |
Total realized and unrealized gains (losses) included in OCI | (183) | 45 | |
Purchases, issuances, sales and settlements, net | 788 | 788 | 2,958 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 642 | 642 | (167) |
Transfers (Out) | (447) | (327) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | (3,306) | (4,455) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (1,791) | (1,001) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (727) | (496) | |
Transfer In | (1,089) | (160) | |
Ending balance | 4,867 | 4,867 | 3,619 |
Total gains (losses) included in earnings | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | (216) | 45 | |
CLO | Foreign currency forwards | Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 202 | 202 | |
Total realized and unrealized gains (losses) included in income | 0 | ||
Total realized and unrealized gains (losses) included in OCI | (29) | ||
Purchases, issuances, sales and settlements, net | 130 | 130 | (202) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | 0 |
Transfers (Out) | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 130 | 202 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | 0 | |
Transfer In | 0 | 0 | |
Ending balance | 303 | 303 | 202 |
Total gains (losses) included in earnings | 0 | ||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | (29) | 0 | |
CLO | Foreign currency forwards | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 14 | 14 | 208 |
Total realized and unrealized gains (losses) included in income | (2) | 0 | |
Total realized and unrealized gains (losses) included in OCI | 0 | 1 | |
Purchases, issuances, sales and settlements, net | (9) | (9) | (37) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (3) | (3) | (158) |
Transfers (Out) | (3) | (158) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | (3) | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (12) | (37) | |
Transfer In | 0 | 0 | |
Ending balance | 0 | 0 | 14 |
Total gains (losses) included in earnings | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 1 | |
CLO | AFS securities | Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 0 | ||
Total realized and unrealized gains (losses) included in income | 0 | ||
Total realized and unrealized gains (losses) included in OCI | 0 | ||
Purchases, issuances, sales and settlements, net | 202 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | ||
Total gains (losses) included in earnings | 0 | ||
Corporate | Foreign currency forwards | Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 670 | 670 | 195 |
Total realized and unrealized gains (losses) included in income | (3) | 2 | |
Total realized and unrealized gains (losses) included in OCI | (16) | 7 | |
Purchases, issuances, sales and settlements, net | 202 | 202 | 661 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (41) | (41) | (195) |
Transfers (Out) | (94) | (195) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | (483) | (661) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (263) | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (18) | 0 | |
Transfer In | (53) | 0 | |
Ending balance | 812 | 812 | 670 |
Total gains (losses) included in earnings | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | (16) | 7 | |
Corporate | Foreign currency forwards | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 1,339 | 1,339 | 778 |
Total realized and unrealized gains (losses) included in income | (16) | 6 | |
Total realized and unrealized gains (losses) included in OCI | (123) | 27 | |
Purchases, issuances, sales and settlements, net | 364 | 364 | 428 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 101 | 101 | 100 |
Transfers (Out) | (292) | (128) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | (685) | (636) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (177) | (96) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (144) | (112) | |
Transfer In | (393) | (228) | |
Ending balance | 1,665 | 1,665 | 1,339 |
Total gains (losses) included in earnings | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | (119) | 27 | |
CMBS | Foreign currency forwards | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 43 | 43 | 43 |
Total realized and unrealized gains (losses) included in income | 0 | 2 | |
Total realized and unrealized gains (losses) included in OCI | (17) | 6 | |
Purchases, issuances, sales and settlements, net | 0 | 0 | (11) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (26) | (26) | 3 |
Transfers (Out) | (26) | (40) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | (10) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | (1) | |
Transfer In | 0 | (43) | |
Ending balance | 0 | 0 | 43 |
Total gains (losses) included in earnings | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 6 | |
Foreign governments | Foreign currency forwards | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 2 | 2 | 2 |
Total realized and unrealized gains (losses) included in income | (1) | 0 | |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | |
Purchases, issuances, sales and settlements, net | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | |
Transfers (Out) | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | (1) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 1 | ||
Transfer In | 0 | ||
Ending balance | 1 | 1 | 2 |
Total gains (losses) included in earnings | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | |
US state, municipal and political subdivisions | Foreign currency forwards | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 0 | 34 | |
Total realized and unrealized gains (losses) included in income | 0 | ||
Total realized and unrealized gains (losses) included in OCI | 0 | ||
Purchases, issuances, sales and settlements, net | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (34) | ||
Transfers (Out) | (34) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | ||
Transfer In | 0 | ||
Ending balance | 0 | ||
Total gains (losses) included in earnings | 0 | ||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | ||
Derivative liabilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | (3) | (3) | (4) |
Total realized and unrealized gains (losses) included in income | 2 | 1 | |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | |
Purchases, issuances, sales and settlements, net | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net | 0 | 0 | |
Ending balance | (1) | (1) | (3) |
Total gains (losses) included in earnings | 0 | 0 | |
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | |
Interest sensitive contract liabilities | Embedded derivatives | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Issuances | (1,722) | (1,474) | |
Sales | 0 | 0 | |
Settlements | 506 | 891 | |
Transfers In | 0 | 0 | |
Beginning balance | (14,907) | (7,559) | (12,873) |
Total realized and unrealized gains (losses) included in income | 2,934 | (1,451) | |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | |
Purchases, issuances, sales and settlements, net | 1,216 | 1,216 | 583 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net | 0 | 0 | 0 |
Transfers (Out) | 0 | 0 | |
Ending balance | (5,841) | (5,841) | (14,907) |
Total gains (losses) included in earnings | 0 | 0 | |
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | |
Universal Life | Interest sensitive contract liabilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | (1,235) | (1,235) | (1,308) |
Total realized and unrealized gains (losses) included in income | 406 | 73 | |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | |
Purchases, issuances, sales and settlements, net | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net | 0 | 0 | |
Ending balance | (829) | (829) | (1,235) |
Total gains (losses) included in earnings | 0 | 0 | |
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | |
AmerUs Closed Block | Future policy benefits | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | (1,520) | (1,520) | (1,600) |
Total realized and unrealized gains (losses) included in income | 356 | 80 | |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | |
Purchases, issuances, sales and settlements, net | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net | 0 | 0 | |
Ending balance | (1,164) | (1,164) | (1,520) |
Total gains (losses) included in earnings | 0 | 0 | |
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | |
ILICO Closed Block and life benefits | Future policy benefits | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | (742) | (742) | (776) |
Total realized and unrealized gains (losses) included in income | 194 | 34 | |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 | |
Purchases, issuances, sales and settlements, net | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net | 0 | 0 | |
Ending balance | $ (548) | (548) | (742) |
Total gains (losses) included in earnings | 0 | 0 | |
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | $ 0 | $ 0 |
Fair Value - Gross Components o
Fair Value - Gross Components of Purchases, Sales, Issuances and Settlements, net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases | $ (23,623) | $ (12,028) | |
Sales | 3,953 | 1,580 | |
Settlements | 7,949 | 1,808 | |
Purchases, (Sales), Issuances, (Settlements) | 11,721 | $ 11,721 | 8,640 |
Purchases | 0 | 0 | |
Issuances | (1,722) | (1,474) | |
Sales | 0 | 0 | |
Settlements | 401 | 891 | |
Purchases, (Sales), Issuances, (Settlements), Liabilities | (1,321) | (1,321) | (583) |
Transfer In | (20,288) | (555) | |
Transfers (Out) | 21,589 | 914 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (1,301) | (1,301) | (359) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net | 0 | 0 | 0 |
Transfers In | 0 | 0 | |
Transfers (Out) | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | 0 | |
Trading securities | Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases | (43) | (422) | |
Sales | 1,081 | 117 | |
Settlements | 46 | 69 | |
Purchases, (Sales), Issuances, (Settlements) | (1,084) | (1,084) | 236 |
Transfer In | (1,448) | 0 | |
Transfers (Out) | 1,260 | 10 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 188 | 188 | (10) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | 0 | |
Trading securities | Variable Interest Entities | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases | (531) | ||
Sales | 1 | ||
Settlements | 0 | ||
Purchases, (Sales), Issuances, (Settlements) | 530 | 530 | |
Transfer In | (430) | ||
Transfers (Out) | 387 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 43 | 43 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | ||
Trading securities | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases | (8) | (5) | |
Sales | (9) | (4) | |
Settlements | (9) | 0 | |
Purchases, (Sales), Issuances, (Settlements) | (10) | (10) | 1 |
Transfer In | (56) | (15) | |
Transfers (Out) | (53) | (22) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 3 | 3 | (7) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | 0 | |
Equity securities | Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases | (195) | (213) | |
Sales | 119 | 0 | |
Settlements | 91 | 9 | |
Purchases, (Sales), Issuances, (Settlements) | (15) | (15) | 204 |
Transfer In | (125) | 0 | |
Transfers (Out) | 113 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 12 | 12 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | 0 | |
Equity securities | Variable Interest Entities | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases | 0 | ||
Sales | 0 | ||
Settlements | 0 | ||
Purchases, (Sales), Issuances, (Settlements) | 0 | ||
Transfer In | (15) | ||
Transfers (Out) | 15 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | ||
Equity securities | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases | 0 | (402) | |
Sales | (4) | 0 | |
Settlements | 0 | 0 | |
Purchases, (Sales), Issuances, (Settlements) | (4) | (4) | 402 |
Transfer In | (41) | 0 | |
Transfers (Out) | (400) | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (359) | (359) | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | 0 | |
Investment funds | Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases, (Sales), Issuances, (Settlements) | 57 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (2,031) | ||
Investment funds | Variable Interest Entities | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases | (2,014) | (1,316) | |
Sales | 152 | 137 | |
Settlements | 0 | 0 | |
Purchases, (Sales), Issuances, (Settlements) | 1,862 | 1,862 | 1,179 |
Transfer In | (11,550) | (109) | |
Transfers (Out) | 12,310 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (760) | (760) | 109 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | 0 | |
Investment funds | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases | 0 | ||
Sales | 0 | ||
Settlements | 0 | ||
Purchases, (Sales), Issuances, (Settlements) | 0 | 0 | |
Transfer In | 0 | ||
Transfers (Out) | 19 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (19) | (19) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | ||
Short-term Investments | Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases | (53) | ||
Sales | 0 | ||
Settlements | 0 | ||
Purchases, (Sales), Issuances, (Settlements) | 53 | ||
Transfer In | 0 | ||
Transfers (Out) | (53) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 53 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | ||
Short-term Investments | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases | (30) | ||
Sales | 3 | ||
Settlements | 0 | ||
Purchases, (Sales), Issuances, (Settlements) | 27 | ||
Transfer In | 0 | ||
Transfers (Out) | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | ||
US state, municipal and political subdivisions | Foreign currency forwards | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases | 0 | ||
Sales | 0 | ||
Settlements | 0 | ||
Purchases, (Sales), Issuances, (Settlements) | 0 | ||
Transfer In | 0 | ||
Transfers (Out) | 34 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (34) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | ||
Foreign governments | Foreign currency forwards | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases | (1) | ||
Sales | 0 | ||
Settlements | (1) | ||
Purchases, (Sales), Issuances, (Settlements) | 0 | 0 | |
Transfer In | 0 | ||
Transfers (Out) | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | ||
Corporate | Foreign currency forwards | Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases | (483) | (661) | |
Sales | 263 | 0 | |
Settlements | 18 | 0 | |
Purchases, (Sales), Issuances, (Settlements) | 202 | 202 | 661 |
Transfer In | (53) | 0 | |
Transfers (Out) | 94 | 195 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (41) | (41) | (195) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | 0 | |
Corporate | Foreign currency forwards | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases | (685) | (636) | |
Sales | 177 | 96 | |
Settlements | 144 | 112 | |
Purchases, (Sales), Issuances, (Settlements) | 364 | 364 | 428 |
Transfer In | (393) | (228) | |
Transfers (Out) | 292 | 128 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 101 | 101 | 100 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | 0 | |
CLO | Foreign currency forwards | Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases | 130 | 202 | |
Sales | 0 | 0 | |
Settlements | 0 | 0 | |
Purchases, (Sales), Issuances, (Settlements) | 130 | 130 | (202) |
Transfer In | 0 | 0 | |
Transfers (Out) | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | 0 | |
CLO | Foreign currency forwards | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases | (3) | 0 | |
Sales | 0 | 0 | |
Settlements | 12 | 37 | |
Purchases, (Sales), Issuances, (Settlements) | (9) | (9) | (37) |
Transfer In | 0 | 0 | |
Transfers (Out) | 3 | 158 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (3) | (3) | (158) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | 0 | |
ABS | Foreign currency forwards | Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases | (2,889) | (3,679) | |
Sales | 94 | 212 | |
Settlements | 3,510 | 1,081 | |
Purchases, (Sales), Issuances, (Settlements) | (715) | (715) | 2,386 |
Transfer In | (1,916) | 0 | |
Transfers (Out) | 1,864 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 52 | 52 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | 0 | |
ABS | Foreign currency forwards | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases | (3,306) | (4,455) | |
Sales | 1,791 | 1,001 | |
Settlements | 727 | 496 | |
Purchases, (Sales), Issuances, (Settlements) | 788 | 788 | 2,958 |
Transfer In | (1,089) | (160) | |
Transfers (Out) | 447 | 327 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 642 | 642 | (167) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | 0 | |
RMBS | Foreign currency forwards | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases | (296) | ||
Sales | 0 | ||
Settlements | (1) | ||
Purchases, (Sales), Issuances, (Settlements) | 295 | 295 | |
Transfer In | 0 | ||
Transfers (Out) | (66) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (66) | (66) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | ||
CMBS | Foreign currency forwards | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases | 0 | 0 | |
Sales | 0 | 10 | |
Settlements | 0 | 1 | |
Purchases, (Sales), Issuances, (Settlements) | 0 | 0 | (11) |
Transfer In | 0 | (43) | |
Transfers (Out) | 26 | 40 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (26) | (26) | 3 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | 0 | |
Mortgage loans | Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases | (182) | ||
Sales | 0 | ||
Settlements | 24 | ||
Purchases, (Sales), Issuances, (Settlements) | 158 | 158 | |
Transfer In | 0 | ||
Transfers (Out) | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | ||
Mortgage loans | Variable Interest Entities | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases | (176) | ||
Sales | 0 | ||
Settlements | 207 | ||
Purchases, (Sales), Issuances, (Settlements) | (31) | (31) | |
Transfer In | (384) | ||
Transfers (Out) | 223 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 161 | 161 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | ||
Mortgage loans | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases | (12,367) | 0 | |
Sales | 198 | 0 | |
Settlements | 3,108 | 2 | |
Purchases, (Sales), Issuances, (Settlements) | 9,061 | 9,061 | (2) |
Transfer In | 0 | 0 | |
Transfers (Out) | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | 0 | |
Reinsurance recoverable | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases, (Sales), Issuances, (Settlements) | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | |
Investment funds | Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases | (91) | (6) | |
Sales | (34) | 0 | |
Settlements | 0 | 0 | |
Purchases, (Sales), Issuances, (Settlements) | 57 | 6 | |
Transfer In | 0 | 0 | |
Transfers (Out) | (2,031) | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (2,031) | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | 0 | |
Investment funds | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases, (Sales), Issuances, (Settlements) | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | ||
Short-term Investments | Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases, (Sales), Issuances, (Settlements) | 53 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (53) | ||
Short-term Investments | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases | (59) | ||
Sales | 0 | ||
Settlements | 52 | ||
Purchases, (Sales), Issuances, (Settlements) | 7 | 7 | 27 |
Transfer In | 0 | ||
Transfers (Out) | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | ||
Other investments | Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases | (31) | ||
Sales | 16 | ||
Settlements | 0 | ||
Purchases, (Sales), Issuances, (Settlements) | 15 | 15 | |
Transfer In | (274) | ||
Transfers (Out) | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 274 | 274 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | ||
Other investments | Variable Interest Entities | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases | (33) | ||
Sales | 2 | ||
Settlements | 0 | ||
Purchases, (Sales), Issuances, (Settlements) | 31 | 31 | |
Transfer In | (2,018) | ||
Transfers (Out) | 1,933 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 85 | 85 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | ||
Other investments | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases | (48) | ||
Sales | 12 | ||
Settlements | 0 | ||
Purchases, (Sales), Issuances, (Settlements) | 36 | 36 | |
Transfer In | (496) | ||
Transfers (Out) | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 496 | 496 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | ||
Embedded derivatives | Funds withheld at interest | Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases, (Sales), Issuances, (Settlements) | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | |
Embedded derivatives | Funds withheld at interest | Consolidated Entity Excluding Variable Interest Entities (VIE) and Related Party | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases, (Sales), Issuances, (Settlements) | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | |
Interest sensitive contract liabilities | Embedded derivatives | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases | 0 | 0 | |
Issuances | (1,722) | (1,474) | |
Sales | 0 | 0 | |
Settlements | 506 | 891 | |
Purchases, (Sales), Issuances, (Settlements), Liabilities | (1,216) | (1,216) | (583) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net | 0 | 0 | 0 |
Transfers In | 0 | 0 | |
Transfers (Out) | $ 0 | 0 | |
Derivative liabilities | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases, (Sales), Issuances, (Settlements), Liabilities | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net | $ 0 | $ 0 |
Fair Value - Summary of Unobser
Fair Value - Summary of Unobservable Inputs (Details) $ in Millions | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Fair Value Unobservable Inputs | ||
Available-for-sale securities | $ 112,225 | $ 110,561 |
Mortgage loans | 24,148 | |
Investment funds | 14,128 | 9,866 |
Level 3 | ||
Fair Value Unobservable Inputs | ||
Available-for-sale securities | 10,671 | 7,512 |
Mortgage loans | 30,811 | |
Level 3 | Valuation Technique, Discounted Cash Flow | ||
Fair Value Unobservable Inputs | ||
Investment funds | 506 | |
Level 3 | Reported net asset value | ||
Fair Value Unobservable Inputs | ||
Investment funds | 563 | |
Level 3 | Net tangible asset values | ||
Fair Value Unobservable Inputs | ||
Investment funds | 529 | |
Level 3 | Discounted cash flow/guideline public equity | ||
Fair Value Unobservable Inputs | ||
Investment funds | 873 | |
Interest sensitive contract liabilities | Embedded derivatives | Level 3 | ||
Fair Value Unobservable Inputs | ||
Total liabilities measured at fair value | $ 5,841 | $ 14,907 |
Measurement Input, Entity Credit Risk [Member] | Minimum | ||
Fair Value Unobservable Inputs | ||
Embedded Derivative Liability, Measurement Input | 0.001 | 0.001 |
Measurement Input, Entity Credit Risk [Member] | Maximum | ||
Fair Value Unobservable Inputs | ||
Embedded Derivative Liability, Measurement Input | 0.017 | 0.010 |
Measurement Input, Entity Credit Risk [Member] | Weighted Average | ||
Fair Value Unobservable Inputs | ||
Embedded Derivative Liability, Measurement Input | 0.010 | 0.006 |
Measurement Input, Option Volatility [Member] | Minimum | ||
Fair Value Unobservable Inputs | ||
Embedded Derivative Liability, Measurement Input | 0.005 | 0.004 |
Measurement Input, Option Volatility [Member] | Maximum | ||
Fair Value Unobservable Inputs | ||
Embedded Derivative Liability, Measurement Input | 0.053 | 0.034 |
Measurement Input, Option Volatility [Member] | Weighted Average | ||
Fair Value Unobservable Inputs | ||
Embedded Derivative Liability, Measurement Input | 0.019 | 0.019 |
Measurement Input, Withdrawal Rate [Member] | Minimum | ||
Fair Value Unobservable Inputs | ||
Embedded Derivative Liability, Measurement Input | 0.051 | 0.059 |
Measurement Input, Withdrawal Rate [Member] | Maximum | ||
Fair Value Unobservable Inputs | ||
Embedded Derivative Liability, Measurement Input | 0.115 | 0.107 |
Measurement Input, Withdrawal Rate [Member] | Weighted Average | ||
Fair Value Unobservable Inputs | ||
Embedded Derivative Liability, Measurement Input | 0.081 | 0.080 |
Discount rate | Minimum | ||
Fair Value Unobservable Inputs | ||
Debt Securities, Available-for-sale, Measurement Input | 0.022 | 0.014 |
Mortgage loans, Measurement Input | 0.015 | |
Investment funds, measurement input | 0.064 | |
Discount rate | Minimum | Measurement Input, Implied Multiple | ||
Fair Value Unobservable Inputs | ||
Investment funds, measurement input | 1.26 | |
Discount rate | Minimum | Discounted cash flow/guideline public equity | ||
Fair Value Unobservable Inputs | ||
Investment funds, measurement input | 0.165 | |
Discount rate | Maximum | ||
Fair Value Unobservable Inputs | ||
Debt Securities, Available-for-sale, Measurement Input | 0.188 | 0.194 |
Mortgage loans, Measurement Input | 0.221 | |
Investment funds, measurement input | 0.064 | |
Discount rate | Maximum | Measurement Input, Implied Multiple | ||
Fair Value Unobservable Inputs | ||
Investment funds, measurement input | 1.26 | |
Discount rate | Maximum | Discounted cash flow/guideline public equity | ||
Fair Value Unobservable Inputs | ||
Investment funds, measurement input | 0.165 | |
Discount rate | Weighted Average | ||
Fair Value Unobservable Inputs | ||
Debt Securities, Available-for-sale, Measurement Input | 0.068 | 0.054 |
Mortgage loans, Measurement Input | 0.063 | |
Investment funds, measurement input | 0.064 | |
Discount rate | Weighted Average | Measurement Input, Implied Multiple | ||
Fair Value Unobservable Inputs | ||
Investment funds, measurement input | 1.26 | |
Discount rate | Weighted Average | Discounted cash flow/guideline public equity | ||
Fair Value Unobservable Inputs | ||
Investment funds, measurement input | 0.165 | |
Measurement Input, P/E Ratio | Minimum | Discounted cash flow/guideline public equity | ||
Fair Value Unobservable Inputs | ||
Investment funds, measurement input | 9 | |
Measurement Input, P/E Ratio | Maximum | Discounted cash flow/guideline public equity | ||
Fair Value Unobservable Inputs | ||
Investment funds, measurement input | 9 | |
Measurement Input, P/E Ratio | Weighted Average | Discounted cash flow/guideline public equity | ||
Fair Value Unobservable Inputs | ||
Investment funds, measurement input | 9 |
Fair Value - Equity Securities
Fair Value - Equity Securities Without a Readily Determinable Fair Value (Details) | Dec. 31, 2022 USD ($) |
Fair Value Disclosures [Abstract] | |
Equity Securities without Readily Determinable Fair Value, Amount | $ 400,000,000 |
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Cumulative Amount | $ 0 |
Fair Value - Financial Instrume
Fair Value - Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Mortgage loans | $ 24,148 | |
Investment funds | $ 14,128 | 9,866 |
Liabilities | ||
Policyholder Contract Deposit | 173,653 | 156,325 |
Long-term Debt | 3,658 | 2,964 |
Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Mortgage loans | 27,454 | 20,748 |
Investment funds | 79 | 1,178 |
Policy Loans | 347 | 312 |
Funds withheld at interest | 32,880 | 43,907 |
Other investments | 773 | 1,473 |
Short-term investments | 2,160 | 139 |
Related Party | ||
Assets | ||
Mortgage loans | 1,302 | 1,360 |
Investment funds | 1,569 | 7,391 |
Funds withheld at interest | 9,808 | 12,207 |
Other investments | 303 | 222 |
Liabilities | ||
Policyholder Contract Deposit | 11,889 | 12,948 |
Variable Interest Entities | ||
Assets | ||
Mortgage loans | 2,055 | 2,040 |
Investment funds | 12,480 | 1,297 |
Other investments | 101 | 0 |
Carrying Value | ||
Assets | ||
Total assets not carried at fair value | 51,798 | 86,190 |
Liabilities | ||
Policyholder Contract Deposit | 125,101 | 105,293 |
Long-term Debt | 3,658 | 2,964 |
Payables for collateral on derivatives and securities to repurchase | 4,743 | 3,110 |
Funds Held under Reinsurance Agreements, Liability | 360 | 394 |
Total liabilities not carried at fair value | 133,862 | 111,761 |
Carrying Value | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Mortgage loans | 20,731 | |
Investment funds | 79 | 995 |
Policy Loans | 347 | 312 |
Funds withheld at interest | 37,727 | 43,125 |
Other investments | 162 | 1,343 |
Short-term investments | 1,640 | |
Carrying Value | Related Party | ||
Assets | ||
Mortgage loans | 1,360 | |
Investment funds | 610 | 4,433 |
Funds withheld at interest | 11,233 | 11,629 |
Other investments | 222 | |
Carrying Value | Variable Interest Entities | ||
Assets | ||
Mortgage loans | 2,040 | |
Fair Value | ||
Assets | ||
Total assets not carried at fair value | 51,798 | 86,719 |
Liabilities | ||
Policyholder Contract Deposit | 111,608 | 108,621 |
Long-term Debt | 2,893 | 3,295 |
Payables for collateral on derivatives and securities to repurchase | 4,743 | 3,110 |
Funds Held under Reinsurance Agreements, Liability | 360 | 394 |
Total liabilities not carried at fair value | 119,604 | 115,420 |
Fair Value | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Mortgage loans | 21,138 | |
Investment funds | 79 | 995 |
Policy Loans | 347 | 312 |
Funds withheld at interest | 37,727 | 43,125 |
Other investments | 162 | 1,343 |
Short-term investments | 1,640 | |
Fair Value | Related Party | ||
Assets | ||
Mortgage loans | 1,369 | |
Investment funds | 610 | 4,433 |
Funds withheld at interest | 11,233 | 11,629 |
Other investments | 223 | |
Fair Value | Variable Interest Entities | ||
Assets | ||
Mortgage loans | 2,152 | |
NAV | Fair Value | ||
Assets | ||
Total assets not carried at fair value | 689 | 5,428 |
Liabilities | ||
Policyholder Contract Deposit | 0 | 0 |
Long-term Debt | 0 | 0 |
Payables for collateral on derivatives and securities to repurchase | 0 | 0 |
Funds Held under Reinsurance Agreements, Liability | 0 | 0 |
Total liabilities not carried at fair value | 0 | 0 |
NAV | Fair Value | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Mortgage loans | 0 | |
Investment funds | 79 | 995 |
Policy Loans | 0 | 0 |
Funds withheld at interest | 0 | 0 |
Other investments | 0 | 0 |
Short-term investments | 0 | |
NAV | Fair Value | Related Party | ||
Assets | ||
Mortgage loans | 0 | |
Investment funds | 610 | 4,433 |
Funds withheld at interest | 0 | 0 |
Other investments | 0 | |
NAV | Fair Value | Variable Interest Entities | ||
Assets | ||
Mortgage loans | 0 | |
Level 1 | Fair Value | ||
Assets | ||
Total assets not carried at fair value | 0 | 0 |
Liabilities | ||
Policyholder Contract Deposit | 0 | 0 |
Long-term Debt | 0 | 0 |
Payables for collateral on derivatives and securities to repurchase | 0 | 0 |
Funds Held under Reinsurance Agreements, Liability | 0 | 0 |
Total liabilities not carried at fair value | 0 | 0 |
Level 1 | Fair Value | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Mortgage loans | 0 | |
Investment funds | 0 | 0 |
Policy Loans | 0 | 0 |
Funds withheld at interest | 0 | 0 |
Other investments | 0 | 0 |
Short-term investments | 0 | |
Level 1 | Fair Value | Related Party | ||
Assets | ||
Mortgage loans | 0 | |
Investment funds | 0 | 0 |
Funds withheld at interest | 0 | 0 |
Other investments | 0 | |
Level 1 | Fair Value | Variable Interest Entities | ||
Assets | ||
Mortgage loans | 0 | |
Level 2 | Fair Value | ||
Assets | ||
Total assets not carried at fair value | 1,961 | 312 |
Liabilities | ||
Policyholder Contract Deposit | 0 | 0 |
Long-term Debt | 2,893 | 3,295 |
Payables for collateral on derivatives and securities to repurchase | 4,743 | 3,110 |
Funds Held under Reinsurance Agreements, Liability | 360 | 394 |
Total liabilities not carried at fair value | 7,996 | 6,799 |
Level 2 | Fair Value | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Mortgage loans | 0 | |
Investment funds | 0 | 0 |
Policy Loans | 347 | 312 |
Funds withheld at interest | 0 | 0 |
Other investments | 0 | 0 |
Short-term investments | 1,614 | |
Level 2 | Fair Value | Related Party | ||
Assets | ||
Mortgage loans | 0 | |
Investment funds | 0 | 0 |
Funds withheld at interest | 0 | 0 |
Other investments | 0 | |
Level 2 | Fair Value | Variable Interest Entities | ||
Assets | ||
Mortgage loans | 0 | |
Level 3 | ||
Assets | ||
Mortgage loans | 30,811 | |
Level 3 | Fair Value | ||
Assets | ||
Total assets not carried at fair value | 49,148 | 80,979 |
Liabilities | ||
Policyholder Contract Deposit | 111,608 | 108,621 |
Long-term Debt | 0 | 0 |
Payables for collateral on derivatives and securities to repurchase | 0 | 0 |
Funds Held under Reinsurance Agreements, Liability | 0 | 0 |
Total liabilities not carried at fair value | 111,608 | 108,621 |
Level 3 | Fair Value | Consolidated Entity, excluding Affiliated Entity | ||
Assets | ||
Mortgage loans | 21,138 | |
Investment funds | 0 | 0 |
Policy Loans | 0 | 0 |
Funds withheld at interest | 37,727 | 43,125 |
Other investments | 162 | 1,343 |
Short-term investments | 26 | |
Level 3 | Fair Value | Related Party | ||
Assets | ||
Mortgage loans | 1,369 | |
Investment funds | 0 | 0 |
Funds withheld at interest | 11,233 | 11,629 |
Other investments | 223 | |
Level 3 | Fair Value | Variable Interest Entities | ||
Assets | ||
Mortgage loans | 2,152 | |
Related Party | ||
Assets | ||
Investment funds | $ 1,569 | $ 7,391 |
Fair Value - Narrative (Details
Fair Value - Narrative (Details) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Mortgage loans | ||
Fair Value Measurement Inputs | ||
Fair value option, loans, 90 days or more past due | $ 0 | $ 0 |
Discount rate | Minimum | ||
Fair Value Measurement Inputs | ||
Debt Securities, Available-for-sale, Measurement Input | 0.022 | 0.014 |
Discount rate | Maximum | ||
Fair Value Measurement Inputs | ||
Debt Securities, Available-for-sale, Measurement Input | 0.188 | 0.194 |
Reinsurance Reinsurance - Premi
Reinsurance Reinsurance - Premiums and future policy benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Premiums | |||
Direct | $ 11,373 | $ 13,989 | $ 5,691 |
Reinsurance assumed | 377 | 388 | 413 |
Reinsurance ceded | (112) | (115) | (141) |
Total premiums | 11,638 | 14,262 | 5,963 |
Future policy and other policy benefits | |||
Direct | 12,018 | 15,482 | 7,016 |
Reinsurance assumed | 398 | 503 | 522 |
Reinsurance ceded | (106) | (251) | (351) |
Total future policy and other policy benefits | $ 12,310 | $ 15,734 | $ 7,187 |
Reinsurance - Narrative (Detail
Reinsurance - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Jul. 01, 2020 |
MassMutual | |||
Effects of Reinsurance [Line Items] | |||
Funds withheld at interest | $ 5,021 | ||
Protective | |||
Effects of Reinsurance [Line Items] | |||
Assets held-in-trust | $ 1,203 | $ 1,624 | |
Minimum | |||
Effects of Reinsurance [Line Items] | |||
Assets held-in-trust | 12,643 | 6,380 | |
Minimum | Global Atlantic | |||
Effects of Reinsurance [Line Items] | |||
Assets held-in-trust | $ 2,745 | $ 2,854 |
Reinsurance Reinsurance - Trans
Reinsurance Reinsurance - Transactions (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Jan. 01, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Effects of Reinsurance [Line Items] | |||||
Liabilities assumed | $ 243,667 | $ 212,968 | |||
Less: Assets received | 246,047 | 235,149 | |||
DAC | 1,123 | $ 0 | 3,615 | $ 3,236 | $ 3,274 |
Policyholder Contract Deposit | 173,653 | 156,325 | |||
Future policy benefits | $ (55,328) | $ (42,488) | |||
Reinsurance agreement | |||||
Effects of Reinsurance [Line Items] | |||||
Liabilities assumed | 27,439 | ||||
Less: Assets received | 28,805 | ||||
Net cost of reinsurance | (1,366) | ||||
Policyholder Contract Deposit | $ 1,366 |
Reinsurance - Schedule of Novat
Reinsurance - Schedule of Novated Balances (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Insurance [Abstract] | ||
Policyholder Contract Deposit | $ 173,653 | $ 156,325 |
Liability for Future Policy Benefit, before Reinsurance | 55,328 | 42,488 |
Reinsurance Recoverables, Including Reinsurance Premium Paid | 4,367 | 4,594 |
Other Assets | $ 9,690 | $ 1,257 |
Reinsurance - Ceded Credit Risk
Reinsurance - Ceded Credit Risk (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Ceded Credit Risk [Line Items] | ||
Reinsurance Recoverables, Including Reinsurance Premium Paid | $ 4,367 | $ 4,594 |
Global Atlantic | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance Recoverables, Including Reinsurance Premium Paid | 2,461 | 2,916 |
Protective | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance Recoverables, Including Reinsurance Premium Paid | 1,581 | 1,515 |
Other | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance Recoverables, Including Reinsurance Premium Paid | 99 | 163 |
Brighthouse Financial | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance Recoverables, Including Reinsurance Premium Paid | $ 226 | $ 0 |
Deferred Acquisition Costs, D_3
Deferred Acquisition Costs, Deferred Sales Inducements, and Value of Business Acquired - Roll Forward of DAC, DSI, and VOBA (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2022 | |
DAC | ||||
Beginning balance | $ 3,615 | $ 3,236 | $ 3,274 | |
Additions | 1,127 | 698 | 633 | |
Unlocking | 0 | (18) | (36) | |
Amortization | (25) | (483) | (414) | |
Impact of unrealized investment (gains) losses | 21 | 182 | (233) | |
Ending balance | 1,123 | 3,615 | 3,236 | |
DSI | ||||
Beginning balance | 978 | 857 | 820 | |
Additions | 413 | 265 | 178 | |
Unlocking | 0 | (16) | (13) | |
Amortization | 0 | 182 | 53 | |
Impact of unrealized investment (gains) losses | 0 | 54 | (80) | |
Ending balance | 413 | 978 | 857 | |
VOBA | ||||
Beginning balance | 769 | 813 | 914 | |
Additions | 0 | 0 | 0 | |
Unlocking | 4 | 24 | (11) | |
Amortization | (488) | (155) | (60) | |
Impact of unrealized investment (gains) losses | (3) | 87 | (35) | |
Ending balance | 4,040 | 769 | 813 | |
Total | ||||
Beginning balance | 5,362 | 4,906 | 5,008 | |
Additions | 1,540 | 963 | 811 | |
Unlocking | 4 | (10) | (60) | |
Amortization | (513) | (820) | (527) | |
Impact of unrealized investment (gains) losses | 18 | 323 | (348) | |
Ending balance | 5,576 | 5,362 | 4,906 | |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
DAC | 1,123 | 3,615 | 3,236 | $ 0 |
Deferred Sale Inducement Cost | 413 | 978 | 857 | 0 |
Present Value of Future Insurance Profits, Net | 4,040 | 769 | 813 | 4,527 |
Deferred Policy Acquisition Costs, Deferred Sales Inducements, and Present Value of Future Profits | 5,576 | 5,362 | 4,906 | $ 4,527 |
Deferred Policy Acquisition Cost, Capitalization | 1,127 | 698 | 633 | |
Additions | 413 | 265 | 178 | |
Additions | 0 | 0 | 0 | |
Deferred Policy Acquisition Costs, Deferred Sales Inducements, and Present Value of Future Profits, Additions | 1,540 | 963 | 811 | |
Unlocking | 0 | (18) | (36) | |
Unlocking | 0 | (16) | (13) | |
Unlocking | 4 | 24 | (11) | |
Unlocking | 4 | (10) | (60) | |
Deferred Policy Acquisition Cost, Amortization Expense, Other | 25 | 483 | 414 | |
Amortization | 0 | 182 | 53 | |
Present Value of Future Insurance Profits, Amortization Expense | 488 | 155 | 60 | |
Deferred Policy Acquisition Costs, Deferred Sales Inducements, and Present Value of Future Profits, Amortization Expense Excluding Unlocking | 513 | 820 | 527 | |
Deferred Policy Acquisition Cost, Unrealized Investment Gain (Loss) | (21) | (182) | 233 | |
Deferred Sales Inducement Cost, Unrealized Gain (Loss) on Investment | 0 | (54) | 80 | |
Present Value of Future Insurance Profits, Unrealized Gain (Loss) on Investment | 3 | (87) | 35 | |
Deferred Policy Acquisition Costs, Deferred Sales Inducements, and Present Value of Future Profits, Unrealized Investment Gains (Losses) | $ (18) | $ (323) | 348 | |
Accounting Standards Update 2016-13 [Member] | ||||
DAC | ||||
Adoption of accounting standard | 12 | |||
DSI | ||||
Adoption of accounting standard | 5 | |||
VOBA | ||||
Adoption of accounting standard | 5 | |||
Total | ||||
Additions | 22 | |||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Deferred Policy Acquisition Costs, Deferred Sales Inducements, and Present Value of Future Profits, Additions | 22 | |||
Adoption of accounting standard | 12 | |||
Adoption of accounting standard | 5 | |||
Adoption of accounting standard | $ 5 |
Deferred Acquisition Costs, D_4
Deferred Acquisition Costs, Deferred Sales Inducements, and Value of Business Acquired - Expected Amortization of VOBA (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Insurance [Abstract] | |
2023 | $ 440 |
2024 | 402 |
2025 | 370 |
2026 | 336 |
2027 | $ 301 |
Closed Block - Schedule of Clos
Closed Block - Schedule of Closed Block Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Maximum future earnings to be recognized from AmerUs Closed Block | $ 27 | $ 32 |
Trading securities | 1,016 | 1,321 |
Mortgage loans | 14 | 17 |
Policy loans | 134 | 108 |
Total investments | 1,164 | 1,446 |
Cash and cash equivalents | 42 | 63 |
Accrued investment income | 14 | 46 |
Reinsurance recoverable | 13 | 14 |
Other assets | 2 | 10 |
Total assets | 1,235 | 1,579 |
Liabilities | ||
Future policy benefits | 1,164 | 1,520 |
Other policy claims and benefits | 16 | 16 |
Dividends payable to policyholders | 73 | 75 |
Total liabilities | 1,262 | 1,611 |
AmerUs Closed Block | ||
Liabilities | ||
Closed Block Liabilities, Other Closed Block Liabilities | $ 9 | $ 0 |
Closed Block - Results of Opera
Closed Block - Results of Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues | |||
Premiums | $ 29 | $ 42 | $ 48 |
Net investment income | 67 | 68 | 71 |
Investment related gains (losses) | (310) | (61) | 99 |
Total revenues | (214) | 49 | 218 |
Benefits and Expenses | |||
Future policy and other policy benefits | (242) | 24 | 177 |
Dividends to policyholders | 22 | 27 | 38 |
Total benefits and expenses | (220) | 51 | 215 |
Contribution from (to) AmerUs Closed Block before income taxes | 6 | (2) | 3 |
Income tax expense | 1 | 2 | 1 |
Contribution from (to) AmerUs Closed Block, net of income taxes | $ 5 | $ (4) | $ 2 |
Debt - Credit Facility (Details
Debt - Credit Facility (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Revolving Credit Facility | |
Line of Credit Facility [Line Items] | |
Borrowing capacity | $ 1,250 |
Maximum borrowing capacity | $ 1,750 |
Capitalization ratio | 35% |
Line of Credit Facility, Covenant Terms, Consolidated Net Worth Requirement, Amount | $ 7,300 |
Liquidity Facility | |
Line of Credit Facility [Line Items] | |
Borrowing capacity | 2,500 |
Maximum borrowing capacity | 3,000 |
Liquidity Facility | ALRe | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Covenant Terms, Consolidated Net Worth Requirement, Amount | $ 9,300 |
Debt - Senior Note Issuance (De
Debt - Senior Note Issuance (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Line of Credit Facility [Line Items] | ||||
Interest Expense, Long-term Debt | $ 98 | $ 105 | $ 69 | |
Long-term Debt | $ 3,658 | 3,658 | $ 2,964 | |
Senior Notes due 2028 | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Issuance Date | Jan. 12, 2018 | |||
Debt Instrument, Face Amount | $ 1,000 | $ 1,000 | ||
Interest rate | 4.125% | 4.125% | ||
Long-term Debt, Maturity Date | Jan. 12, 2028 | Jan. 12, 2028 | ||
Long-term Debt | $ 1,081 | $ 1,081 | ||
Senior Notes due 2030 | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Issuance Date | Apr. 03, 2020 | |||
Debt Instrument, Face Amount | $ 500 | $ 500 | ||
Interest rate | 6.15% | 6.15% | ||
Long-term Debt, Maturity Date | Apr. 03, 2030 | Apr. 03, 2030 | ||
Long-term Debt | $ 606 | $ 606 | ||
Senior Notes due 2031 | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Issuance Date | Oct. 08, 2020 | |||
Debt Instrument, Face Amount | $ 500 | $ 500 | ||
Interest rate | 3.50% | 3.50% | ||
Long-term Debt, Maturity Date | Jan. 15, 2031 | Jan. 15, 2031 | ||
Long-term Debt | $ 526 | $ 526 | ||
Senior Note due 2051 | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Issuance Date | May 25, 2021 | |||
Debt Instrument, Face Amount | $ 500 | $ 500 | ||
Interest rate | 3.95% | 3.95% | ||
Long-term Debt, Maturity Date | May 25, 2051 | May 25, 2051 | ||
Long-term Debt | $ 546 | $ 546 | ||
Senior Notes due 2053 | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Issuance Date | Dec. 13, 2021 | |||
Debt Instrument, Face Amount | $ 500 | $ 500 | ||
Interest rate | 3.45% | 3.45% | ||
Long-term Debt, Maturity Date | May 15, 2052 | May 15, 2052 | ||
Long-term Debt | $ 504 | $ 504 | ||
Senior Notes due 2033 | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Issuance Date | Nov. 21, 2022 | |||
Debt Instrument, Face Amount | $ 400 | $ 400 | ||
Interest rate | 6.65% | 6.65% | ||
Long-term Debt, Maturity Date | Feb. 01, 2033 | Feb. 01, 2033 | ||
Long-term Debt | $ 395 | $ 395 |
Debt - Liquidity Facility (Deta
Debt - Liquidity Facility (Details) - USD ($) $ in Millions | Feb. 07, 2023 | Dec. 31, 2022 |
Liquidity Facility | ||
Debt Disclosure [Abstract] | ||
Maximum borrowing capacity | $ 3,000 | |
Borrowing capacity | 2,500 | |
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Fair Value of Amount Outstanding | 0 | |
Liquidity Facility | Subsequent Event [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 1,000 | |
Liquidity Facility | ALRe | ||
Debt Disclosure [Abstract] | ||
Line of Credit Facility, Covenant Terms, Consolidated Net Worth Requirement, Amount | 9,300 | |
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Covenant Terms, Consolidated Net Worth Requirement, Amount | 9,300 | |
Revolving Credit Facility | ||
Debt Disclosure [Abstract] | ||
Maximum borrowing capacity | 1,750 | |
Borrowing capacity | 1,250 | |
Line of Credit Facility, Covenant Terms, Consolidated Net Worth Requirement, Amount | 7,300 | |
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Covenant Terms, Consolidated Net Worth Requirement, Amount | 7,300 | |
Line of Credit Facility, Fair Value of Amount Outstanding | $ 0 |
Equity - Schedule of Stock by C
Equity - Schedule of Stock by Class (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Class of Stock [Line Items] | ||||
Dividends, Preferred Stock, Cash | $ 141 | $ 141 | $ 95 | |
Common Class A [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock outstanding (in shares) | 203.8 | 192.2 | 191.5 | 143.2 |
Stock Issued During Period, Shares, New Issues | 13.1 | 0.9 | 36 | |
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited | (1.5) | (0.2) | (0.1) | |
Stock Repurchased During Period, Shares | 0 | 0 | (13.3) | |
Stock Issued During Period, Shares, Conversion of Convertible Securities | 0 | 0 | (25.4) | |
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 0 | 0 | 0.3 | |
Common Class B [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock outstanding (in shares) | 0 | 0 | 0 | 25.4 |
Common Class B [Member] | Common stock | ||||
Class of Stock [Line Items] | ||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 0 | 0 | (25.4) | |
Common Class M-1 [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock outstanding (in shares) | 0 | 0 | 0 | 3.3 |
Common Class M-1 [Member] | Warrant | ||||
Class of Stock [Line Items] | ||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 0 | 0 | (3.1) | |
Common Class M-1 [Member] | Common stock | ||||
Class of Stock [Line Items] | ||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 0 | 0 | (0.2) | |
Common Class M-2 [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock outstanding (in shares) | 0 | 0 | 0 | 0.8 |
Common Class M-2 [Member] | Warrant | ||||
Class of Stock [Line Items] | ||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 0 | 0 | (0.8) | |
Common Class M-3 [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock outstanding (in shares) | 0 | 0 | 0 | 1 |
Common Class M-3 [Member] | Warrant | ||||
Class of Stock [Line Items] | ||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 0 | 0 | (1) | |
Common Class M-4 [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock outstanding (in shares) | 0 | 0 | 0 | 4 |
Stock Repurchased During Period, Shares | 0 | 0 | (0.3) | |
Common Class M-4 [Member] | Warrant | ||||
Class of Stock [Line Items] | ||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 0 | 0 | (3.6) | |
Common Class M-4 [Member] | Common stock | ||||
Class of Stock [Line Items] | ||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 0 | 0 | 0.1 | |
Series A Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred Stock, Liquidation Preference Per Share | $ 25,000 | |||
Preferred Stock, Issuance Date | Jun. 10, 2019 | |||
Dividends, Preferred Stock, Cash | $ 55 | $ 55 | $ 55 | |
Series B Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred Stock, Liquidation Preference Per Share | $ 25,000 | |||
Preferred Stock, Issuance Date | Sep. 19, 2019 | |||
Dividends, Preferred Stock, Cash | $ 19 | 19 | 19 | |
Series C Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred Stock, Liquidation Preference Per Share | $ 25,000 | |||
Preferred Stock, Issuance Date | Jun. 11, 2020 | |||
Dividends, Preferred Stock, Cash | $ 38 | 38 | 21 | |
Series D Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Preferred Stock, Liquidation Preference Per Share | $ 25,000 | |||
Preferred Stock, Issuance Date | Dec. 18, 2020 | |||
Dividends, Preferred Stock, Cash | $ 29 | $ 29 | $ 0 |
Equity - Narrative (Details)
Equity - Narrative (Details) - USD ($) | 12 Months Ended | |||||
Feb. 28, 2020 | Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Class of Stock [Line Items] | ||||||
Dividends, Preferred Stock, Cash | $ 141,000,000 | $ 141,000,000 | $ 95,000,000 | |||
Common Stock, Voting Rights, Maximum Voting Power for Single Shareholder | 9.90% | |||||
Common Stock, Amount Authorized and Reserved for Future Issuance | $ 386,810 | $ 386,810 | ||||
Dividends, Stock | 11,600,000 | |||||
Dividends | 2,752,000,000 | |||||
Dividends, Common Stock | (563,000,000) | (750,000,000) | ||||
Additional paid-in capital | ||||||
Class of Stock [Line Items] | ||||||
Dividends | 2,726,000,000 | |||||
Additional paid-in capital | Reestablishment of effective settlement | ||||||
Class of Stock [Line Items] | ||||||
Dividends | 810,000,000 | |||||
Additional paid-in capital | Apollo Operating Group | ||||||
Class of Stock [Line Items] | ||||||
Dividends | 1,916,000,000 | |||||
Retained earnings (accumulated deficit) | ||||||
Class of Stock [Line Items] | ||||||
Dividends | 26,000,000 | |||||
Dividends, Common Stock | $ (563,000,000) | $ (750,000,000) | ||||
Retained earnings (accumulated deficit) | Apollo Operating Group | ||||||
Class of Stock [Line Items] | ||||||
Dividends | $ 26,000,000 | |||||
Series A Preferred Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Preferred Stock, Dividend Rate, Percentage | 6.35% | |||||
Preferred Stock, Liquidation Preference Per Share | $ 25,000 | $ 25,000 | ||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 1,587.5 | $ 1,587.5 | $ 1,587.51 | |||
Dividends, Preferred Stock, Cash | $ 55,000,000 | $ 55,000,000 | $ 55,000,000 | |||
Preferred Stock, Shares Issued | 34,500 | 34,500 | 0 | |||
Series B Preferred Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Preferred Stock, Dividend Rate, Percentage | 5.625% | |||||
Preferred Stock, Liquidation Preference Per Share | $ 25,000 | $ 25,000 | ||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 1,406.25 | $ 1,406.25 | $ 1,406.25 | |||
Dividends, Preferred Stock, Cash | $ 19,000,000 | $ 19,000,000 | $ 19,000,000 | |||
Preferred Stock, Shares Issued | 13,800 | 13,800 | 0 | |||
Common Class B [Member] | Common stock | ||||||
Class of Stock [Line Items] | ||||||
Shares issued from conversion of securities (in shares) | 0 | 0 | 25,400,000 | |||
Common Class M | Common stock | ||||||
Class of Stock [Line Items] | ||||||
Common Stock, Conversion Basis, Percentage Of Share Value Converted | 5% | |||||
Common Class M | Warrant | ||||||
Class of Stock [Line Items] | ||||||
Common Stock, Conversion Basis, Percentage Of Share Value Converted | 95% | |||||
Common Class A [Member] | ||||||
Class of Stock [Line Items] | ||||||
Shares issued from conversion of securities (in shares) | 0 | 0 | 25,400,000 | |||
Stock Repurchase Program, Authorized Amount | $ 1,567,000,000 | $ 1,567,000,000 | ||||
Stock Repurchased During Period, Shares | 0 | 0 | 13,300,000 | |||
Stock Issued During Period, Shares, New Issues | 13,100,000 | 900,000 | 36,000,000 | |||
Series C Preferred Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Preferred Stock, Dividend Rate, Percentage | 6.375% | |||||
Preferred Stock, Liquidation Preference Per Share | $ 25,000 | $ 25,000 | ||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 1,593.75 | $ 1,593.75 | $ 880.99 | |||
Dividends, Preferred Stock, Cash | $ 38,000,000 | $ 38,000,000 | $ 21,000,000 | |||
Preferred Stock, Shares Issued | 24,000 | 24,000 | 0 | |||
Series D Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Preferred Stock, Dividend Rate, Percentage | 4.875% | |||||
Preferred Stock, Liquidation Preference Per Share | $ 25,000 | $ 25,000 | ||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 1,218.75 | $ 1,259.38 | $ 0 | |||
Dividends, Preferred Stock, Cash | $ 29,000,000 | $ 29,000,000 | $ 0 | |||
Preferred Stock, Shares Issued | 23,000 | 23,000 | 0 | |||
Repurchase Authorization 2018 [Member] | Common Class A [Member] | ||||||
Class of Stock [Line Items] | ||||||
Stock Repurchase Program, Authorized Amount | 221,000,000 | $ 640,000,000 | ||||
Stock Repurchased During Period, Value | $ 0 | 419,000,000 | ||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 221,000,000 | $ 221,000,000 |
Equity - AOCI (Details)
Equity - AOCI (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2022 | Dec. 31, 2019 | Jan. 01, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Other comprehensive income (loss), before reclassifications, before tax | $ (17,635) | $ (1,599) | $ 2,529 | |||
Reclassification adjustments for gains (losses) realized in net income | (164) | 462 | 259 | |||
Income tax expense (benefit) related to other comprehensive income (loss) | (3,083) | (371) | 413 | |||
Other comprehensive income attributable to NCI, net of tax | (2,077) | (149) | 161 | |||
Accumulated other comprehensive income (loss) | (12,311) | 2,430 | 3,971 | $ 0 | $ 2,281 | |
Deferred Acquisition Costs, Deferred Value of Business Acquired and Future Policy Benefit Adjustment on Available-for-sale Securities Attributable to Noncontrolling Interest [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Other comprehensive income attributable to NCI, net of tax | 1 | 0 | 0 | |||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Noncontrolling Interest [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Other comprehensive income attributable to NCI, net of tax | (57) | 6 | 7 | |||
Unrealized gains (losses) on AFS securities, including DAC, DSI, VOBA, and future policy benefits | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Other comprehensive income (loss), before reclassifications, before tax | 704 | 432 | (634) | |||
Reclassification adjustments for gains (losses) realized in net income | 5 | (156) | (94) | |||
Income tax expense (benefit) related to other comprehensive income (loss) | 147 | 123 | (115) | |||
Accumulated other comprehensive income (loss) | 551 | (1,310) | 0 | (879) | ||
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Other comprehensive income (loss), before reclassifications, before tax | 69 | 246 | (106) | |||
Reclassification adjustments for gains (losses) realized in net income | 67 | 14 | 0 | |||
Income tax expense (benefit) related to other comprehensive income (loss) | 12 | 54 | (26) | |||
Accumulated other comprehensive income (loss) | 47 | (26) | 0 | 61 | ||
Accumulated Foreign Currency Adjustment and Other Attributable to Noncontrolling Interest [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Other comprehensive income attributable to NCI, net of tax | (4) | (1) | 7 | |||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Other comprehensive income (loss), before reclassifications, before tax | (16) | (10) | 18 | |||
Reclassification adjustments for gains (losses) realized in net income | 0 | 0 | 0 | |||
Income tax expense (benefit) related to other comprehensive income (loss) | (2) | 0 | 0 | |||
Accumulated other comprehensive income (loss) | (10) | 8 | 0 | (3) | ||
AOCI, Gain (Loss), Debt Securities, Available-for-sale, without Allowance for Credit Loss, Including Noncontrolling Interest [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Other comprehensive income (loss), before reclassifications, before tax | (17,929) | (2,309) | 3,312 | |||
Reclassification adjustments for gains (losses) realized in net income | (218) | 614 | 353 | |||
Income tax expense (benefit) related to other comprehensive income (loss) | (3,154) | (558) | 566 | |||
Accumulated other comprehensive income (loss) | (12,565) | 5,352 | 0 | 3,102 | ||
AOCI, Gain (Loss), Debt Securities, Available-for-sale, with Allowance for Credit Loss, Including Noncontrolling Interest | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Other comprehensive income (loss), before reclassifications, before tax | (463) | 42 | (61) | |||
Reclassification adjustments for gains (losses) realized in net income | (18) | (10) | 0 | |||
Income tax expense (benefit) related to other comprehensive income (loss) | (86) | 10 | (12) | |||
Accumulated other comprehensive income (loss) | (334) | (53) | $ 0 | $ 0 | ||
AOCI, Gain (Loss), Debt Securities, Available-for-sale, without Allowance for Credit Loss, Noncontrolling Interest [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Other comprehensive income attributable to NCI, net of tax | (1,992) | (154) | 147 | |||
AOCI, Gain (Loss), Debt Securities, Available-for-sale, with Allowance for Credit Loss, Noncontrolling Interest | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Other comprehensive income attributable to NCI, net of tax | $ (25) | $ 0 | $ 0 | |||
Accounting Standards Update 2016-01 [Member] | Cumulative Effect, Period of Adoption, Adjustment | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive income (loss) | $ (6) | |||||
Accounting Standards Update 2016-01 [Member] | Unrealized gains (losses) on AFS securities, including DAC, DSI, VOBA, and future policy benefits | Cumulative Effect, Period of Adoption, Adjustment | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive income (loss) | (6) | |||||
Accounting Standards Update 2016-01 [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member] | Cumulative Effect, Period of Adoption, Adjustment | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive income (loss) | 0 | |||||
Accounting Standards Update 2016-01 [Member] | Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive income (loss) | 0 | |||||
Accounting Standards Update 2016-01 [Member] | AOCI, Gain (Loss), Debt Securities, Available-for-sale, without Allowance for Credit Loss, Including Noncontrolling Interest [Member] | Cumulative Effect, Period of Adoption, Adjustment | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive income (loss) | 4 | |||||
Accounting Standards Update 2016-01 [Member] | AOCI, Gain (Loss), Debt Securities, Available-for-sale, with Allowance for Credit Loss, Including Noncontrolling Interest | Cumulative Effect, Period of Adoption, Adjustment | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive income (loss) | $ (4) |
Equity - Schedule of Preferred
Equity - Schedule of Preferred Stock (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Series A Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred Stock, Dividend Rate, Percentage | 6.35% | |
Preferred Stock, Liquidation Preference Per Share | $ 25,000 | |
Preferred Stock, Issuance Date | Jun. 10, 2019 | |
Preferred Stock, Shares Authorized | 34,500 | 0 |
Preferred Stock, Shares Issued | 34,500 | 0 |
Preferred Stock, Shares Outstanding | 34,500 | 0 |
Series B Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred Stock, Dividend Rate, Percentage | 5.625% | |
Preferred Stock, Liquidation Preference Per Share | $ 25,000 | |
Preferred Stock, Issuance Date | Sep. 19, 2019 | |
Preferred Stock, Shares Authorized | 13,800 | 0 |
Preferred Stock, Shares Issued | 13,800 | 0 |
Preferred Stock, Shares Outstanding | 13,800 | 0 |
Series D Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred Stock, Dividend Rate, Percentage | 4.875% | |
Preferred Stock, Liquidation Preference Per Share | $ 25,000 | |
Preferred Stock, Issuance Date | Dec. 18, 2020 | |
Preferred Stock, Shares Authorized | 23,000 | 0 |
Preferred Stock, Shares Issued | 23,000 | 0 |
Preferred Stock, Shares Outstanding | 23,000 | 0 |
Series C Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred Stock, Dividend Rate, Percentage | 6.375% | |
Preferred Stock, Liquidation Preference Per Share | $ 25,000 | |
Preferred Stock, Issuance Date | Jun. 11, 2020 | |
Preferred Stock, Shares Authorized | 24,000 | 0 |
Preferred Stock, Shares Issued | 24,000 | 0 |
Preferred Stock, Shares Outstanding | 24,000 | 0 |
Series E Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred Stock, Liquidation Preference Per Share | $ 25,000 | |
Preferred Stock, Issuance Date | Dec. 12, 2022 | |
Preferred Stock, Shares Authorized | 20,000 | |
Preferred Stock, Shares Issued | 20,000 | |
Preferred Stock, Shares Outstanding | 20,000 |
Equity - Preferred Stock Divide
Equity - Preferred Stock Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Preferred Stock [Line Items] | |||
Dividends, Preferred Stock, Cash | $ 141 | $ 141 | $ 95 |
Series A Preferred Stock [Member] | |||
Schedule of Preferred Stock [Line Items] | |||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 1,587.5 | $ 1,587.5 | $ 1,587.51 |
Dividends, Preferred Stock, Cash | $ 55 | $ 55 | $ 55 |
Series B Preferred Stock [Member] | |||
Schedule of Preferred Stock [Line Items] | |||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 1,406.25 | $ 1,406.25 | $ 1,406.25 |
Dividends, Preferred Stock, Cash | $ 19 | $ 19 | $ 19 |
Series C Preferred Stock [Member] | |||
Schedule of Preferred Stock [Line Items] | |||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 1,593.75 | $ 1,593.75 | $ 880.99 |
Dividends, Preferred Stock, Cash | $ 38 | $ 38 | $ 21 |
Series D Preferred Stock | |||
Schedule of Preferred Stock [Line Items] | |||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 1,218.75 | $ 1,259.38 | $ 0 |
Dividends, Preferred Stock, Cash | $ 29 | $ 29 | $ 0 |
Series E Preferred Stock | |||
Schedule of Preferred Stock [Line Items] | |||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0 | $ 0 | $ 0 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Current Income Tax Expense (Benefit) | $ 381 | $ 410 | $ 107 |
Deferred income tax expense (benefit) | (1,357) | (24) | 178 |
Income tax expense (benefit) | $ (976) | $ 386 | $ 285 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Before Income Tax (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Holiday [Line Items] | |||
Income before income taxes | $ (7,230) | $ 4,186 | $ 2,206 |
Domestic Tax Authority [Member] | Office of the Tax Commissioner, Bermuda [Member] | |||
Income Tax Holiday [Line Items] | |||
Income before income taxes | (3,425) | 2,780 | 903 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) | |||
Income Tax Holiday [Line Items] | |||
Income before income taxes | (3,627) | 1,559 | 1,083 |
Foreign Tax Authority [Member] | Her Majesty's Revenue and Customs (HMRC) [Member] | |||
Income Tax Holiday [Line Items] | |||
Income before income taxes | $ (178) | $ (153) | $ 220 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Tax Rate Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ (1,518) | $ 299 | $ 268 |
Increase (decrease) in income taxes resulting from: | |||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 39 | (2) | 8 |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount | 1 | 19 | 5 |
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Amount | 48 | 4 | (4) |
Effective Income Tax Rate Reconciliation, Tax Exempt Income, Amount | 0 | 52 | (6) |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Payment Arrangement, Amount | 9 | 2 | 0 |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | 2 | 12 | 14 |
Income tax expense (benefit) | $ (976) | $ 386 | $ 285 |
Effective Tax Rate | 13% | 9% | 13% |
Revision of Prior Period, Adjustment | |||
Increase (decrease) in income taxes resulting from: | |||
Income tax expense (benefit) | $ 63 | ||
Domestic Tax Authority [Member] | Office of the Tax Commissioner, Bermuda [Member] | |||
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 0% | 0% | 0% |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) | |||
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | 21% |
Income Taxes - Schedule of In_2
Income Taxes - Schedule of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Income tax expense (benefit) | $ (976) | $ 386 | $ 285 |
Income tax expense (benefit) related to other comprehensive income (loss) | (3,083) | (371) | 413 |
Income Tax Expense (Benefit), Intraperiod Tax Allocation | $ (4,059) | $ 15 | $ 698 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred Tax Assets, Gross | ||
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Policyholder Liabilities | $ 2,668 | $ 2,169 |
Deferred Tax Assets, Unrealized Losses on Available-for-Sale Securities, Gross | 3,083 | 0 |
Deferred Tax Assets, Operating Loss Carryforwards | 185 | 60 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Compensation | 8 | 22 |
Deferred Tax Assets, Other Foreign Deferreds | 1,011 | 0 |
Deferred Tax Assets, Other | 74 | 39 |
Deferred Tax Assets, Gross | 7,311 | 2,290 |
Deferred Tax Assets, Valuation Allowance | (105) | (66) |
Deferred Tax Assets, Net of Valuation Allowance | 7,206 | 2,224 |
Deferred Tax Liabilities, Gross [Abstract] | ||
Deferred Tax Liabilities, Investments | 0 | 974 |
Deferred Tax Liabilities, Other Comprehensive Income | 0 | 626 |
Deferred Tax Liabilities, Deferred Expense, Deferred Policy Acquisition Cost | 946 | 1,026 |
Deferred Tax Liabilities, Other | 2 | 174 |
Deferred Tax Liabilities, Gross | 1,327 | 2,800 |
Deferred Tax Liabilities, Net | (576) | |
Income Tax Assets and Liabilities | ||
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Policyholder Liabilities | 2,668 | 2,169 |
Deferred Tax Assets, Investments | 282 | 0 |
Deferred Tax Assets, Unrealized Losses on Available-for-Sale Securities, Gross | 3,083 | 0 |
Deferred Tax Assets, Operating Loss Carryforwards | 185 | 60 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Compensation | 8 | 22 |
Deferred Tax Assets, Other Foreign Deferreds | 1,011 | 0 |
Deferred Tax Assets, Other | 74 | 39 |
Deferred Tax Assets, Gross | 7,311 | 2,290 |
Deferred Tax Assets, Valuation Allowance | 105 | 66 |
Deferred Tax Assets, Net of Valuation Allowance | 7,206 | 2,224 |
Deferred Tax Liabilities, Investments | 0 | 974 |
Deferred Tax Liabilities, Intangible Assets | 379 | 0 |
Deferred Tax Liabilities, Other Comprehensive Income | 0 | 626 |
Deferred Tax Liabilities, Deferred Expense, Deferred Policy Acquisition Cost | 946 | 1,026 |
Deferred Tax Liabilities, Other | 2 | 174 |
Deferred Tax Liabilities, Gross | 1,327 | 2,800 |
Deferred Tax Liabilities, Net | $ 576 | |
Deferred Tax Assets, Net | $ (5,879) |
Income Taxes - Summary of Valua
Income Taxes - Summary of Valuation Allowance (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Valuation Allowance [Line Items] | ||
Deferred Tax Assets, Valuation Allowance | $ 105 | $ 66 |
United States Federal and State Net Operating Losses [Member] | ||
Valuation Allowance [Line Items] | ||
Deferred Tax Assets, Valuation Allowance | 16 | 30 |
German Other Deferred Tax Assets [Member] | ||
Valuation Allowance [Line Items] | ||
Deferred Tax Assets, Valuation Allowance | $ 89 | $ 36 |
Income Taxes - Schedule of Gros
Income Taxes - Schedule of Gross Current and Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Income Taxes [Line Items] | ||
Income Taxes Receivable | $ 272 | |
Taxes Payable | $ 167 | |
Deferred Tax Assets, Net | 5,879 | |
Deferred Tax Liabilities, Net | 576 | |
Other Assets [Member] | ||
Income Taxes [Line Items] | ||
Income Taxes Receivable | 272 | 2 |
Deferred Tax Assets, Net | 5,913 | 0 |
Other Liabilities [Member] | ||
Income Taxes [Line Items] | ||
Taxes Payable | 0 | 169 |
Deferred Tax Liabilities, Net | $ 34 | $ 576 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Valuation Allowance [Line Items] | |||
Effective Tax Rate | 13% | 9% | 13% |
Office of the Tax Commissioner, Bermuda [Member] | Domestic Tax Authority [Member] | |||
Valuation Allowance [Line Items] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 0% | 0% | 0% |
Internal Revenue Service (IRS) | Foreign Tax Authority [Member] | |||
Valuation Allowance [Line Items] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | 21% |
Her Majesty's Revenue and Customs (HMRC) [Member] | Foreign Tax Authority [Member] | |||
Valuation Allowance [Line Items] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 19% | 19% | 19% |
Statutory Requirements - Statut
Statutory Requirements - Statutory EBS and BSCR (Details) - Bermuda - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
ALRe | ||
Statutory Accounting Practices [Line Items] | ||
EBS Capital and Surplus | $ 16,759,000,000 | $ 14,630,000,000 |
BSCR ratio | 256% | 209% |
Statutory Accounting Practices, Minimum Solvency Margin Required | $ 8,000,000 | |
Statutory Accounting Practices, Minimum Solvency Margin, Percentage of Assets Threshold | 2% | |
Statutory Accounting Practices, Minimum Solvency Margin, Assets Threshold | $ 500,000,000 | |
Statutory Accounting Practices, Minimum Solvency Margin, Percentage of Assets In Excess of Threshold | 1.50% | |
AARe | ||
Statutory Accounting Practices [Line Items] | ||
EBS Capital and Surplus | $ 21,876,000,000 | $ 6,632,000,000 |
BSCR ratio | 278% | 2,460% |
Statutory Accounting Practices, Minimum Solvency Margin Required | $ 8,000,000 | |
Statutory Accounting Practices, Minimum Solvency Margin, Percentage of Assets Threshold | 2% | |
Statutory Accounting Practices, Minimum Solvency Margin, Assets Threshold | $ 500,000,000 | |
Statutory Accounting Practices, Minimum Solvency Margin, Percentage of Assets In Excess of Threshold | 1.50% | |
ACRA | ||
Statutory Accounting Practices [Line Items] | ||
EBS Capital and Surplus | $ 5,993,000,000 | $ 3,872,000,000 |
BSCR ratio | 262% | 183% |
Statutory Accounting Practices, Minimum Solvency Margin, Assets Threshold | $ 500,000 | |
Statutory Accounting Practices, Minimum Solvency Margin, Percentage of Assets In Excess of Threshold | 1.50% |
Statutory Requirements - Narrat
Statutory Requirements - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
ALRe | Bermuda | ||
Statutory Accounting Practices [Line Items] | ||
Statutory Accounting Practices, Minimum Solvency Margin Required | $ 8,000,000 | |
Statutory Accounting Practices, Minimum Solvency Margin, Percentage of Assets Threshold | 2% | |
Statutory Accounting Practices, Minimum Solvency Margin, Assets Threshold | $ 500,000,000 | |
Statutory Accounting Practices, Minimum Solvency Margin, Percentage of Assets In Excess of Threshold | 1.50% | |
Statutory Accounting Practices, Permitted Practice, Increase (Decrease) To Capital And Surplus | $ 6,029,000,000 | |
Statutory Accounting Practices, Permitted Practice, Increase (Decrease) To Statutory Net Income | 2,605,000,000 | |
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval | 5,550,000,000 | $ 7,122,000,000 |
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | 13,084,000,000 | 11,823,000,000 |
EBS Capital and Surplus | $ 16,759,000,000 | $ 14,630,000,000 |
BSCR ratio | 256% | 209% |
AARe | Bermuda | ||
Statutory Accounting Practices [Line Items] | ||
Statutory Accounting Practices, Minimum Solvency Margin Required | $ 8,000,000 | |
Statutory Accounting Practices, Minimum Solvency Margin, Percentage of Assets Threshold | 2% | |
Statutory Accounting Practices, Minimum Solvency Margin, Assets Threshold | $ 500,000,000 | |
Statutory Accounting Practices, Minimum Solvency Margin, Percentage of Assets In Excess of Threshold | 1.50% | |
Statutory Accounting Practices, Permitted Practice, Increase (Decrease) To Capital And Surplus | $ 19,671,000,000 | |
Statutory Accounting Practices, Permitted Practice, Increase (Decrease) To Statutory Net Income | 5,299,000,000 | |
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval | 7,050,000,000 | $ 165,000,000 |
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | 17,126,000,000 | 2,649,000,000 |
EBS Capital and Surplus | $ 21,876,000,000 | $ 6,632,000,000 |
BSCR ratio | 278% | 2,460% |
AADE | Delaware | ||
Statutory Accounting Practices [Line Items] | ||
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval | $ 0 | $ 0 |
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | 2,298,000,000 | 1,605,000,000 |
AAIA | Iowa | ||
Statutory Accounting Practices [Line Items] | ||
Statutory Accounting Practices, Permitted Practice, Amount | 62,000,000 | (91,000,000) |
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | 2,067,000,000 | 1,279,000,000 |
ACRA | Bermuda | ||
Statutory Accounting Practices [Line Items] | ||
Statutory Accounting Practices, Minimum Solvency Margin, Assets Threshold | $ 500,000 | |
Statutory Accounting Practices, Minimum Solvency Margin, Percentage of Assets In Excess of Threshold | 1.50% | |
Statutory Accounting Practices, Permitted Practice, Increase (Decrease) To Capital And Surplus | $ 8,289,000,000 | |
Statutory Accounting Practices, Permitted Practice, Increase (Decrease) To Statutory Net Income | 5,945,000,000 | |
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval | 1,912,000,000 | 1,759,000,000 |
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | 5,637,000,000 | 4,187,000,000 |
EBS Capital and Surplus | $ 5,993,000,000 | $ 3,872,000,000 |
BSCR ratio | 262% | 183% |
Line of Credit [Member] | Athene Re USA IV | Vermont | ||
Statutory Accounting Practices [Line Items] | ||
Statutory Accounting Practices, Permitted Practice, Amount | $ 112,000,000 | $ 117,000,000 |
Statutory Requirements - Stat_2
Statutory Requirements - Statutory Permitted Practices (Details) - Bermuda $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
ALRe | |
Statutory Accounting Practices [Line Items] | |
Statutory Accounting Practices, Permitted Practice, Increase (Decrease) To Capital And Surplus | $ 6,029 |
Statutory Accounting Practices, Permitted Practice, Increase (Decrease) To Statutory Net Income | 2,605 |
AARe | |
Statutory Accounting Practices [Line Items] | |
Statutory Accounting Practices, Permitted Practice, Increase (Decrease) To Capital And Surplus | 19,671 |
Statutory Accounting Practices, Permitted Practice, Increase (Decrease) To Statutory Net Income | 5,299 |
ACRA | |
Statutory Accounting Practices [Line Items] | |
Statutory Accounting Practices, Permitted Practice, Increase (Decrease) To Capital And Surplus | 8,289 |
Statutory Accounting Practices, Permitted Practice, Increase (Decrease) To Statutory Net Income | $ 5,945 |
Statutory Requirements - Stat_3
Statutory Requirements - Statutory Maximum Dividends (Details) - Bermuda - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
AARe | ||
Statutory Accounting Practices [Line Items] | ||
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval | $ 7,050 | $ 165 |
ACRA | ||
Statutory Accounting Practices [Line Items] | ||
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval | $ 1,912 | $ 1,759 |
Statutory Requirements - Stat_4
Statutory Requirements - Statutory Capital and Surplus and Net Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
ALRe | Bermuda | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | $ 13,084 | $ 11,823 | |
Statutory Accounting Practices, Statutory Net Income Amount | 937 | 3,278 | $ 1,544 |
AARe | Bermuda | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | 17,126 | 2,649 | |
Statutory Accounting Practices, Statutory Net Income Amount | 1,329 | (3,703) | 92 |
ACRA | Bermuda | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | 5,637 | 4,187 | |
Statutory Accounting Practices, Statutory Net Income Amount | (87) | 293 | 1,522 |
AADE | Delaware | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | 2,298 | 1,605 | |
Statutory Accounting Practices, Statutory Net Income Amount | (20) | (70) | 54 |
AANY | New York | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | 284 | 304 | |
Statutory Accounting Practices, Statutory Net Income Amount | (23) | (8) | (25) |
AAIA | Iowa | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | 2,067 | 1,279 | |
Statutory Accounting Practices, Statutory Net Income Amount | $ (238) | $ (182) | $ (8) |
Related Parties - Narrative (De
Related Parties - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Feb. 28, 2020 | |
Related Party Transaction [Line Items] | ||||||
Assets contributed to consolidated VIEs | $ 169 | $ 0 | ||||
Available-for-sale securities | $ 112,225 | $ 112,225 | 110,561 | |||
Proceeds from Sale and Maturity of Debt Securities, Available-for-sale | 18,564 | 28,620 | 11,384 | |||
Investment funds | 14,128 | 14,128 | 9,866 | |||
Policyholder Contract Deposit | 173,653 | 173,653 | 156,325 | |||
Proceeds from Investment Funds | 1,704 | 1,823 | 788 | |||
Other changes in equity of noncontrolling interests | 1,047 | 758 | 240 | |||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | $ (63) | (46) | ||||
Proceeds from Issuance of Common Stock | $ 0 | $ 11 | 351 | |||
Common Class A [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Common stock issued (in shares) | 203,800,000 | 203,800,000 | 192,200,000 | |||
Noncontrolling interests | ||||||
Related Party Transaction [Line Items] | ||||||
Other changes in equity of noncontrolling interests | $ 1,047 | $ 758 | 240 | |||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | $ (63) | 0 | (46) | |||
ACRA | ||||||
Related Party Transaction [Line Items] | ||||||
Noncontrolling Interest, Ownership Percentage by Parent | 36.55% | 36.55% | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 63.45% | 63.45% | ||||
Venerable Holdings, Inc. | ||||||
Related Party Transaction [Line Items] | ||||||
Equity Method Investments | $ 240 | $ 240 | 219 | |||
Proceeds from Investment Funds | 124 | |||||
Deferred Revenue | 25 | |||||
Investments [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Other Commitment | 17,800 | 17,800 | ||||
Related Party | ||||||
Related Party Transaction [Line Items] | ||||||
Available-for-sale securities | 9,821 | 9,821 | 10,402 | |||
Proceeds from Sale and Maturity of Debt Securities, Available-for-sale | 4,197 | 2,040 | 282 | |||
Investment funds | 1,569 | 1,569 | 7,391 | |||
Policyholder Contract Deposit | 11,889 | 11,889 | 12,948 | |||
Proceeds from Investment Funds | 1,543 | 1,433 | 691 | |||
Other investments | 303 | 303 | 222 | |||
Related Party | ||||||
Related Party Transaction [Line Items] | ||||||
Investment funds | 1,569 | 1,569 | 7,391 | |||
Management Fees Associated with Investment Funds [Member] | Related Party | ||||||
Related Party Transaction [Line Items] | ||||||
Management fees | 775 | 592 | $ 490 | |||
Due to related parties | 80 | 80 | 59 | |||
MidCap | Related Party | ||||||
Related Party Transaction [Line Items] | ||||||
Available-for-sale securities | 158 | |||||
MidCap | Related Party | ||||||
Related Party Transaction [Line Items] | ||||||
Available-for-sale securities | $ 1,262 | 1,262 | 897 | |||
Apollo | Sub-allocated assets [Member] | Related Party | ||||||
Related Party Transaction [Line Items] | ||||||
Base Management Fee | 0.225% | |||||
Backbook Value | $ 103,400 | 103,400 | ||||
Incremental Fee | 0.15% | |||||
Apollo | Sub-allocated assets [Member] | Related Party | Minimum | ||||||
Related Party Transaction [Line Items] | ||||||
Sub-allocation fee percentage | 0.065% | |||||
Apollo | Sub-allocated assets [Member] | Related Party | Maximum | ||||||
Related Party Transaction [Line Items] | ||||||
Sub-allocation fee percentage | 0.70% | |||||
Apollo Aligned Alternatives, L.P. | ||||||
Related Party Transaction [Line Items] | ||||||
Assets contributed to consolidated VIEs | $ 8,007 | |||||
Athene Freedom Holdings LP | Related Party | ||||||
Related Party Transaction [Line Items] | ||||||
Available-for-sale securities | 1,024 | 1,024 | 2,419 | |||
Proceeds from Sale and Maturity of Debt Securities, Available-for-sale | $ 1,479 | |||||
AmeriHome [Member] | Related Party | Differentiated Investments [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Investment funds | 26 | |||||
Gain on Sale of Investments | 182 | |||||
Athora Holding Ltd. [Member] | Related Party | ||||||
Related Party Transaction [Line Items] | ||||||
Investment funds | 959 | 959 | 743 | |||
Athora Holding Ltd. [Member] | Related Party | Investments [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Other Commitment | 551 | 551 | ||||
Athora Holding Ltd. [Member] | Related Party | Funding Agreements | ||||||
Related Party Transaction [Line Items] | ||||||
Policyholder Contract Deposit | $ 59 | $ 59 | 63 | |||
Venerable Holdings, Inc. | Related Party | ||||||
Related Party Transaction [Line Items] | ||||||
Interest rate | 6.257% | 6.257% | ||||
Venerable Holdings, Inc. | Related Party | Debt Securities [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Other investments | $ 303 | $ 303 | 222 | |||
Apollo Athene Strategic Partnership Advisors, LLC [Member] | Related Party | ||||||
Related Party Transaction [Line Items] | ||||||
Investment funds | 1,046 | 1,046 | $ 415 | |||
Apollo Operating Group | Related Party | ||||||
Related Party Transaction [Line Items] | ||||||
Investment Owned, Balance, Shares | 29,154,519 | |||||
Investment Owned, at Fair Value | $ 1,100 | |||||
Apollo Operating Group | Related Party | Common Class A [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Common stock issued (in shares) | 7,575,758 | |||||
Proceeds from Issuance of Common Stock | 350 | |||||
Apollo Operating Group | Related Party | Exchange of stock [Member] | Common Class A [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Common stock issued (in shares) | 27,959,184 | |||||
PK AirFinance [Member] | Related Party | Investments [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Other Commitment | $ 1,205 | $ 1,205 |
Related Parties- Investment in
Related Parties- Investment in MidCap (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Related Party Transaction [Line Items] | ||
Available-for-sale securities | $ 112,225 | $ 110,561 |
Related Party | ||
Related Party Transaction [Line Items] | ||
Trading securities | 878 | 1,781 |
Available-for-sale securities | 9,821 | 10,402 |
MidCap | Related Party | ||
Related Party Transaction [Line Items] | ||
Available-for-sale securities | 158 | |
MidCap | Related Party | ||
Related Party Transaction [Line Items] | ||
Available-for-sale securities | 1,262 | 897 |
MidCap | Related Party | Redeemable preferred stock | ||
Related Party Transaction [Line Items] | ||
Trading securities | 7 | |
Debt Securities | 800 | |
ABS | Related Party | ||
Related Party Transaction [Line Items] | ||
Available-for-sale securities | $ 5,760 | 6,994 |
ABS | MidCap | Related Party | ||
Related Party Transaction [Line Items] | ||
Trading securities | $ 635 |
Related Parties - Investment in
Related Parties - Investment in Athora (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Related Party Transaction [Line Items] | ||
Investment funds | $ 14,128 | $ 9,866 |
Related Party | ||
Related Party Transaction [Line Items] | ||
Investment funds | 1,569 | 7,391 |
Athora Holding Ltd. [Member] | Related Party | ||
Related Party Transaction [Line Items] | ||
Investment funds | 959 | 743 |
Equity Securities, FV-NI | 273 | 171 |
Investments | $ 1,232 | $ 914 |
Related Parties- Investment i_2
Related Parties- Investment in PK (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
PK AirFinance [Member] | Related Party | ||
Related Party Transaction [Line Items] | ||
Debt Securities | $ 1,183 | $ 1,401 |
Commitments and Contingencies -
Commitments and Contingencies - Pledged Assets and Funds in Trust (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Debt Securities, Available-for-sale, Restricted | $ 15,366 | $ 9,111 |
Debt Securities, Trading, Restricted | 55 | 75 |
Equity Securities, FV-NI, Restricted | 38 | 30 |
Investment funds | 103 | 174 |
Derivative assets pledged as collateral | 65 | 96 |
Short-term investments | 120 | 0 |
Other Investments Pledged as Collateral | 170 | 130 |
Restricted Cash and Cash Equivalents | 628 | 796 |
Total restricted assets | 25,394 | 15,445 |
Mortgage loans | 24,148 | |
Asset Pledged as Collateral | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Mortgage loans | $ 8,849 | $ 5,033 |
Commitments and Contingencies_2
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 08, 2023 | Dec. 31, 2022 | |
Other Commitments [Line Items] | |||
Letters of Credit Outstanding, Amount | $ 1,353 | ||
Advances from FHLB | $ 2,800 | 3,700 | |
Policyholder Contract Deposit | 156,325 | 173,653 | |
Gain (Loss) Related to Litigation Settlement | 53 | ||
Related Party | |||
Other Commitments [Line Items] | |||
Policyholder Contract Deposit | 12,948 | 11,889 | |
Related Party | Subsequent Event [Member] | |||
Other Commitments [Line Items] | |||
Other Commitment | $ 3,300 | ||
Other Commitment, to be Paid, Year Three | 400 | ||
Other Commitment, to be Paid, Year Five | $ 2,900 | ||
Other Liabilities [Member] | |||
Other Commitments [Line Items] | |||
Gain (Loss) Related to Litigation Settlement | 47 | ||
Funding Agreement Backed Repurchase Agreements [Member] | |||
Other Commitments [Line Items] | |||
Policyholder Contract Deposit | 1,000 | 3,000 | |
Athene Global Funding | Funding Agreements | |||
Other Commitments [Line Items] | |||
Maximum borrowing capacity | 13,500 | ||
Policyholder Contract Deposit | $ 19,700 | $ 21,000 |
Segment Information - Premiums
Segment Information - Premiums and Deposits by Product (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue from External Customer [Line Items] | |||
Annuity Deposit Revenue, Gross | $ 34,796 | $ 23,466 | $ 48,916 |
Premiums | 11,638 | 14,262 | 5,963 |
Premiums and Annuity Deposits | 46,434 | 37,728 | 54,879 |
Fixed Indexed Annuity [Member] | |||
Revenue from External Customer [Line Items] | |||
Annuity Deposit Revenue, Gross | 11,212 | 8,408 | 20,257 |
Fixed Rate Annuity [Member] | |||
Revenue from External Customer [Line Items] | |||
Annuity Deposit Revenue, Gross | 15,322 | 2,662 | 20,433 |
Payouts Without Life Contingency [Member] | |||
Revenue from External Customer [Line Items] | |||
Annuity Deposit Revenue, Gross | 490 | 542 | 545 |
Funding Agreements | |||
Revenue from External Customer [Line Items] | |||
Annuity Deposit Revenue, Gross | 7,770 | 11,852 | 7,679 |
Life Insurance Product Line | |||
Revenue from External Customer [Line Items] | |||
Annuity Deposit Revenue, Gross | 2 | 2 | 2 |
Premiums | 32 | 45 | 52 |
Payouts With Life Contingency [Member] | |||
Revenue from External Customer [Line Items] | |||
Premiums | $ 11,606 | $ 14,217 | $ 5,911 |
Segment Information - Premium_2
Segment Information - Premiums and Deposits by Geographic Location (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Premiums and Annuity Deposits | $ 46,434 | $ 37,728 | $ 54,879 |
Total US region | |||
Segment Reporting Information [Line Items] | |||
Premiums and Annuity Deposits | 34,646 | 25,380 | 19,187 |
Bermuda | |||
Segment Reporting Information [Line Items] | |||
Premiums and Annuity Deposits | $ 11,788 | $ 12,348 | $ 35,692 |
Schedule I Summary of Investm_2
Schedule I Summary of Investments - Other Than Investments in Related Parties (Details) $ in Millions | Dec. 31, 2022 USD ($) |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | $ 194,116 |
Amount Shown on Consolidated Balance Sheet | 172,488 |
Trading securities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 2,010 |
Fair Value | 1,595 |
Amount Shown on Consolidated Balance Sheet | 1,595 |
Fixed Maturities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 122,992 |
Fair Value | 103,999 |
Amount Shown on Consolidated Balance Sheet | 103,999 |
Equity securities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 1,633 |
Fair Value | 1,087 |
Amount Shown on Consolidated Balance Sheet | 1,487 |
Mortgage loans, net of allowances | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 29,943 |
Amount Shown on Consolidated Balance Sheet | 27,454 |
Investment funds | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 79 |
Amount Shown on Consolidated Balance Sheet | 79 |
Policy loans | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 347 |
Amount Shown on Consolidated Balance Sheet | 347 |
Funds withheld at interest | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 32,880 |
Amount Shown on Consolidated Balance Sheet | 32,880 |
Derivative | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 3,309 |
Amount Shown on Consolidated Balance Sheet | 3,309 |
Short-term Investments | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 2,160 |
Amount Shown on Consolidated Balance Sheet | 2,160 |
Other investments | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 773 |
Amount Shown on Consolidated Balance Sheet | 773 |
US government and agencies | Foreign currency forwards | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 3,333 |
Fair Value | 2,577 |
Amount Shown on Consolidated Balance Sheet | 2,577 |
US state, municipal and political subdivisions | Foreign currency forwards | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 1,218 |
Fair Value | 927 |
Amount Shown on Consolidated Balance Sheet | 927 |
Foreign governments | Foreign currency forwards | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 1,207 |
Fair Value | 907 |
Amount Shown on Consolidated Balance Sheet | 907 |
Public utilities | Foreign currency forwards | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 10,725 |
Fair Value | 8,665 |
Amount Shown on Consolidated Balance Sheet | 8,665 |
Redeemable preferred stock | Foreign currency forwards | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 7 |
Fair Value | 5 |
Amount Shown on Consolidated Balance Sheet | 5 |
Other corporate | Foreign currency forwards | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 63,879 |
Fair Value | 52,206 |
Amount Shown on Consolidated Balance Sheet | 52,206 |
CLO | Foreign currency forwards | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 17,722 |
Fair Value | 16,493 |
Amount Shown on Consolidated Balance Sheet | 16,493 |
ABS | Foreign currency forwards | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 11,447 |
Fair Value | 10,527 |
Amount Shown on Consolidated Balance Sheet | 10,527 |
CMBS | Foreign currency forwards | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 4,636 |
Fair Value | 4,158 |
Amount Shown on Consolidated Balance Sheet | 4,158 |
RMBS | Foreign currency forwards | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 6,775 |
Fair Value | 5,914 |
Amount Shown on Consolidated Balance Sheet | 5,914 |
Industrial, miscellaneous and all other common stock | Equity securities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 36 |
Fair Value | 61 |
Amount Shown on Consolidated Balance Sheet | 61 |
Nonredeemable preferred stocks | Equity securities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 1,070 |
Fair Value | 899 |
Amount Shown on Consolidated Balance Sheet | 899 |
Financial Service | Equity securities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 527 |
Fair Value | 127 |
Amount Shown on Consolidated Balance Sheet | 527 |
Convertibles and Bonds with Warrants Attached | Foreign currency forwards | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 33 |
Fair Value | 25 |
Amount Shown on Consolidated Balance Sheet | $ 25 |
Schedule II - Condensed Finan_2
Schedule II - Condensed Financial Information of Registrant - Condensed Balance Sheet (Details) - USD ($) $ / shares in Units, $ in Millions | Dec. 31, 2022 | Jan. 01, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Condensed Financial Statements, Captions [Line Items] | |||||
Available-for-sale securities | $ 112,225 | $ 110,561 | |||
Debt Securities, Available-for-sale, Amortized Cost | 131,422 | 106,859 | |||
Accumulated other comprehensive income (loss) | (12,311) | $ 0 | 2,430 | $ 3,971 | $ 2,281 |
Cash and Cash Equivalents, at Carrying Value | 7,779 | 9,479 | |||
Investment funds | 14,128 | 9,866 | |||
Other Assets | 9,690 | 1,257 | |||
Notes Receivable form Subsidiary | 12 | 83 | |||
Assets, Total | 246,047 | 235,149 | |||
Long-term Debt | 3,658 | 2,964 | |||
Other Liabilities | 1,860 | 3,214 | |||
Liabilities, Total | 243,667 | 212,968 | |||
Additional Paid in Capital | 18,119 | 6,667 | |||
Retained Earnings (Accumulated Deficit) | (4,892) | 11,033 | |||
Stockholders' Equity Attributable to Parent, Total | 916 | 20,130 | |||
Liabilities and Equity, Total | 246,047 | 235,149 | |||
Parent Company [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Available-for-sale securities | 10 | 78 | |||
Debt Securities, Available-for-sale, Amortized Cost | 11 | 71 | |||
Accumulated other comprehensive income (loss) | (12,311) | 2,430 | |||
Cash and Cash Equivalents, at Carrying Value | 741 | 1,186 | |||
Other Assets | 234 | 19 | |||
Intercompany Receivable | 18 | 16 | |||
Intercompany Investments | 3,313 | 21,773 | |||
Assets, Total | 5,561 | 24,069 | |||
Long-term Debt | 3,658 | 2,964 | |||
Notes Payable, Related Parties | 896 | 158 | |||
Other Liabilities | 87 | 811 | |||
Intercompany Payable | 4 | 6 | |||
Liabilities, Total | 4,645 | 3,939 | |||
Additional Paid in Capital | 18,119 | 6,667 | |||
Retained Earnings (Accumulated Deficit) | (4,892) | 11,033 | |||
Stockholders' Equity Attributable to Parent, Total | 916 | 20,130 | |||
Liabilities and Equity, Total | $ 5,561 | $ 24,069 | |||
Series A Preferred Stock [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Preferred Stock, Par or Stated Value Per Share | $ 1 | $ 1 | |||
Preferred Stock, Liquidation Preference, Value | $ 863 | $ 863 | |||
Preferred Stock, Shares Authorized | 34,500 | 0 | |||
Preferred Stock, Shares Issued | 34,500 | 0 | |||
Preferred Stock, Shares Outstanding | 34,500 | 0 | |||
Preferred Stock, Value, Outstanding | $ 0 | $ 0 | |||
Series A Preferred Stock [Member] | Parent Company [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Preferred Stock, Value, Outstanding | $ 0 | $ 0 | |||
Series B Preferred Stock [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Preferred Stock, Par or Stated Value Per Share | $ 1 | $ 1 | |||
Preferred Stock, Liquidation Preference, Value | $ 345 | $ 345 | |||
Preferred Stock, Shares Authorized | 13,800 | 0 | |||
Preferred Stock, Shares Issued | 13,800 | 0 | |||
Preferred Stock, Shares Outstanding | 13,800 | 0 | |||
Preferred Stock, Value, Outstanding | $ 0 | $ 0 | |||
Series B Preferred Stock [Member] | Parent Company [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Preferred Stock, Value, Outstanding | $ 0 | $ 0 | |||
Series C Preferred Stock [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Preferred Stock, Par or Stated Value Per Share | $ 1 | $ 1 | |||
Preferred Stock, Liquidation Preference, Value | $ 600 | $ 600 | |||
Preferred Stock, Shares Authorized | 24,000 | 0 | |||
Preferred Stock, Shares Issued | 24,000 | 0 | |||
Preferred Stock, Shares Outstanding | 24,000 | 0 | |||
Preferred Stock, Value, Outstanding | $ 0 | $ 0 | |||
Series C Preferred Stock [Member] | Parent Company [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Preferred Stock, Value, Outstanding | $ 0 | $ 0 | |||
Series D Preferred Stock | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Preferred Stock, Par or Stated Value Per Share | $ 1 | $ 1 | |||
Preferred Stock, Liquidation Preference, Value | $ 575 | $ 575 | |||
Preferred Stock, Shares Authorized | 23,000 | 0 | |||
Preferred Stock, Shares Issued | 23,000 | 0 | |||
Preferred Stock, Shares Outstanding | 23,000 | 0 | |||
Preferred Stock, Value, Outstanding | $ 0 | $ 0 | |||
Series D Preferred Stock | Parent Company [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Preferred Stock, Value, Outstanding | $ 0 | 0 | |||
Series E Preferred Stock | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Preferred Stock, Par or Stated Value Per Share | $ 1 | ||||
Preferred Stock, Liquidation Preference, Value | $ 500 | ||||
Preferred Stock, Shares Authorized | 20,000 | ||||
Preferred Stock, Shares Issued | 20,000 | ||||
Preferred Stock, Shares Outstanding | 20,000 | ||||
Preferred Stock, Value, Outstanding | $ 0 | 0 | |||
Series E Preferred Stock | Parent Company [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Preferred Stock, Value, Outstanding | $ 0 | $ 0 | |||
Common Class A [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Common stock issued (in shares) | 203,800,000 | 192,200,000 | |||
Common stock, par value (in USD per share) | $ 0.001 | $ 0.001 | |||
Common stock outstanding (in shares) | 203,800,000 | 192,200,000 | 191,500,000 | 143,200,000 | |
Common stock authorized (in shares) | 425,000,000 | 425,000,000 | |||
Common Stock, Value, Issued | $ 0 | $ 0 | |||
Common Class A [Member] | Parent Company [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Common Stock, Value, Issued | 0 | 0 | |||
Related Party | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Investment funds | 1,569 | 7,391 | |||
Other Assets | 90 | 0 | |||
Related Party | Parent Company [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Available-for-sale securities | 274 | 171 | |||
Debt Securities, Available-for-sale, Amortized Cost | 24 | 754 | |||
Investment funds | $ 959 | $ 743 |
Schedule II - Condensed Finan_3
Schedule II - Condensed Financial Information of Registrant - Condensed Income Statement (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Condensed Financial Statements, Captions [Line Items] | |||
Net investment income | $ 7,571 | $ 7,100 | $ 4,834 |
Gain (Loss) on Investments | (12,706) | 4,215 | 3,287 |
Other Income | (28) | 72 | 36 |
Revenues, Total | 7,623 | 26,320 | 14,764 |
Policy and other operating expenses | 1,493 | 1,128 | 893 |
Total benefits and expenses | 14,853 | 22,134 | 12,558 |
Income tax expense (benefit) | (976) | 386 | 285 |
Net Income (Loss) Attributable to Parent | (4,162) | 3,859 | 1,541 |
Less: Preferred stock dividends | 141 | 141 | 95 |
Net income available to Athene Holding Ltd. common shareholders – basic and diluted | (4,303) | 3,718 | 1,446 |
Comprehensive income (loss) available to Athene Holding Ltd. shareholders | (16,473) | 2,318 | 3,237 |
Parent Company [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net investment income | 65 | 39 | 147 |
Gain (Loss) on Investments | 31 | 58 | (50) |
Other Income | 0 | 7 | 0 |
Revenues, Total | 96 | 104 | 97 |
Policy and other operating expenses | 304 | 261 | 151 |
Total benefits and expenses | 304 | 261 | 151 |
Income (Loss) from Continuing Operations before Income Taxes, Equity Earnings in Subsidiaries | (208) | (157) | (54) |
Income tax expense (benefit) | 1 | (2) | (2) |
Income (Loss) from Subsidiaries, Net of Tax | (3,953) | 4,014 | 1,593 |
Net Income (Loss) Attributable to Parent | (4,162) | 3,859 | 1,541 |
Less: Preferred stock dividends | 141 | 141 | 95 |
Net income available to Athene Holding Ltd. common shareholders – basic and diluted | (4,303) | 3,718 | 1,446 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (12,311) | (1,541) | 1,696 |
Comprehensive income (loss) available to Athene Holding Ltd. shareholders | (16,473) | 2,318 | 3,237 |
Parent Company [Member] | Related Party | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net investment income | 58 | 44 | 146 |
Policy and other operating expenses | $ 99 | $ 13 | $ 13 |
Schedule II - Condensed Finan_4
Schedule II - Condensed Financial Information of Registrant - Condensed Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Cash flows from investing activities | ||||
Net Investment Income | $ 6,258 | $ 10,292 | $ 4,154 | |
Proceeds from Sale and Maturity of Debt Securities, Available-for-sale | 18,564 | 28,620 | 11,384 | |
Proceeds from Investment Funds | 1,704 | 1,823 | 788 | |
Short-term investments | 604 | 3,125 | 883 | |
Available-for-sale securities | (36,684) | (47,181) | (23,404) | |
Payments to Acquire Investment Funds | (5,755) | (3,807) | (1,536) | |
Payments to Acquire Short-term Investments | 2,632 | 3,045 | 617 | |
Payments for (Proceeds from) Other Investing Activities | (152) | 225 | (299) | |
Net cash provided by (used in) investing activities | (34,375) | (27,932) | (14,817) | |
Net Cash Provided by (Used in) Financing Activities [Abstract] | ||||
Proceeds from Issuance of Common Stock | 0 | 11 | 351 | |
Proceeds from Issuance of Preferred Stock and Preference Stock | 487 | 0 | 1,140 | |
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | (141) | (141) | (95) | |
Payments for Repurchase of Common Stock | 0 | 8 | 428 | |
Payments of Ordinary Dividends, Common Stock | (1,313) | 0 | 0 | |
Proceeds from (Payments for) Other Financing Activities | 461 | 292 | 95 | |
Net cash provided by financing activities | 26,472 | 19,629 | 14,489 | |
Net increase (decrease) in cash and cash equivalents | (1,660) | 1,987 | 3,800 | |
Cash and cash equivalents at beginning of year | [1] | 10,429 | 8,442 | 4,642 |
Cash and cash equivalents at end of year | [1] | 8,769 | 10,429 | 8,442 |
Cash paid for interest | 244 | 125 | 99 | |
Dividend Declared | ||||
Net Cash Provided by (Used in) Financing Activities [Abstract] | ||||
Payments of Distributions to Affiliates | 2,145 | 0 | 0 | |
Parent Company [Member] | ||||
Cash flows from investing activities | ||||
Net Investment Income | (248) | 203 | (145) | |
Payments to Acquire Additional Interest in Subsidiaries | (275) | (330) | (920) | |
Intercompany Receipts on Loans to Subsidiary | 333 | 348 | 50 | |
Intercompany Payments to Fund Loans to Subsidiary | (328) | (244) | (237) | |
Proceeds from Sale and Maturity of Debt Securities, Available-for-sale | 21 | 2 | 17 | |
Available-for-sale securities | (49) | (30) | (3) | |
Payments to Acquire Short-term Investments | 195 | 170 | 0 | |
Payments for (Proceeds from) Other Investing Activities | 46 | 66 | (51) | |
Net cash provided by (used in) investing activities | (447) | (364) | (1,599) | |
Net Cash Provided by (Used in) Financing Activities [Abstract] | ||||
Proceeds from Issuance of Common Stock | 0 | 11 | 351 | |
Proceeds from Issuance of Long-term Debt | 399 | 997 | 992 | |
Proceeds from Related Party Debt | 1,085 | 238 | 740 | |
Repayments of Notes Payable | (265) | (80) | (778) | |
Proceeds from Issuance of Preferred Stock and Preference Stock | 487 | 0 | 1,140 | |
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | (141) | (141) | (95) | |
Payments for Repurchase of Common Stock | 0 | 8 | 428 | |
Payments of Ordinary Dividends, Common Stock | (1,313) | 0 | 0 | |
Proceeds from (Payments for) Other Financing Activities | (2) | (12) | (7) | |
Net cash provided by financing activities | 250 | 1,005 | 1,915 | |
Net increase (decrease) in cash and cash equivalents | (445) | 844 | 171 | |
Cash and cash equivalents at beginning of year | 1,186 | 342 | 171 | |
Cash and cash equivalents at end of year | 741 | 1,186 | 342 | |
Cash paid for interest | 111 | 98 | 61 | |
Non-cash Capital Contribution to Related Party | 0 | 1,206 | 0 | |
Transfer to Investments | 0 | 0 | 1,206 | |
Transfer to Investments | 82 | 0 | 0 | |
Parent Company [Member] | Dividend Declared | ||||
Net Cash Provided by (Used in) Financing Activities [Abstract] | ||||
Payments of Distributions to Affiliates | 2,145 | 0 | 0 | |
Parent Company [Member] | Related Party | ||||
Cash flows from investing activities | ||||
Payments to Acquire Investment Funds | $ 0 | $ (6) | $ (455) | |
[1] 1 Includes cash and cash equivalents, restricted cash and cash and cash equivalents of consolidated variable interest entities. |
Schedule II - Condensed Finan_5
Schedule II - Condensed Financial Information of Registrant - Condensed Footnotes of Parent (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Dividends | $ 2,752 | |||
Parent Company [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Contribution of Property | $ 275 | $ 330 | $ 920 | |
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Subsidiaries and Equity Method Investees | 0 | 1,048 | $ 0 | |
ALRe | Parent Company [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Maximum borrowing capacity | $ 4,000 | $ 4,000 | ||
Line of Credit Facility, Interest Rate at Period End | 2.29% | 2.29% | ||
Long-term Line of Credit | $ 896 | $ 896 | 158 | |
ALRe | Parent Company [Member] | Revolving Credit Facility | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Intercompany Note Receivable | $ 0 | $ 0 | 0 | |
Intercompany Note Receivable Interest Rate | 2.29% | 2.29% | ||
Revolving note receivable, borrowing capacity | $ 4,000 | $ 4,000 | ||
Athene USA Corporation [Member] | Parent Company [Member] | Revolving Credit Facility | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Intercompany Note Receivable | 12 | 12 | 83 | |
Revolving note receivable, borrowing capacity | 500 | 500 | ||
Athene Life Re International Ltd. [Member] | Parent Company [Member] | Revolving Credit Facility | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Intercompany Note Receivable | 0 | 0 | $ 0 | |
Revolving note receivable, borrowing capacity | $ 100 | $ 100 |
Schedule IV - Reinsurance (Deta
Schedule IV - Reinsurance (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract] | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance, Life Insurance in Force, Gross | $ 24,433 | $ 26,858 | $ 29,527 |
SEC Schedule, 12-17, Insurance Companies, Reinsurance, Life Insurance in Force, Ceded | 25,399 | 30,949 | 35,088 |
SEC Schedule, 12-17, Insurance Companies, Reinsurance, Life Insurance in Force, Assumed | 2,355 | 5,518 | 6,863 |
SEC Schedule, 12-17, Insurance Companies, Reinsurance, Life Insurance in Force, Net | $ 1,389 | $ 1,427 | $ 1,302 |
SEC Schedule, 12-17, Insurance Companies, Reinsurance, Life Insurance in Force, Percentage Assumed to Net | 169.50% | 386.70% | 527.10% |
Direct | $ 11,373 | $ 13,989 | $ 5,691 |
Ceded Premiums Earned | 112 | 115 | 141 |
Reinsurance assumed | 377 | 388 | 413 |
Premiums | $ 11,638 | $ 14,262 | $ 5,963 |
SEC Schedule, 12-17, Insurance Companies, Reinsurance, Premium, Percentage Assumed to Net | 3.20% | 2.70% | 6.90% |
Schedule V - Valuation and Qu_2
Schedule V - Valuation and Qualifying Accounts (Details) - SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount | $ 105 | $ 66 | $ 74 | $ 63 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Cost and Expense | 53 | 12 | 11 | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Business Acquired | 0 | 0 | 0 | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | $ (14) | $ (20) | $ 0 |