Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2016USD ($)shares | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | HARTFORD LIFE INSURANCE CO |
Entity Central Index Key | 45,947 |
Document Type | 10-K |
Document Period End Date | Dec. 31, 2016 |
Amendment Flag | false |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | FY |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | shares | 1,000 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Public Float | $ | $ 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues | |||
Fee income and other | $ 969 | $ 1,097 | $ 1,210 |
Earned premiums | 203 | 92 | 32 |
Net investment income (loss): | |||
Net Investment Income | 1,373 | 1,456 | 1,543 |
Net realized capital gains (losses): | |||
Total other-than-temporary impairment (“OTTI”) losses | (29) | (63) | (31) |
Other than Temporary Impairment Losses, Investments, Reclassification Adjustment of Noncredit Portion Included in Net Income, Availabe-for-sale Securities, before Tax | 1 | 2 | 2 |
Net OTTI losses recognized in earnings | (28) | (61) | (29) |
Gain (Loss) on Investments, Excluding Other than Temporary Impairments | (135) | (85) | 606 |
Realized Investment Gains (Losses) | (163) | (146) | 577 |
Total revenues | 2,382 | 2,499 | 3,362 |
Benefits, losses and expenses | |||
Policyholder Benefits and Claims Incurred, Net | 1,437 | 1,402 | 1,460 |
Deferred Policy Acquisition Costs and Present Value of Future Profits, Amortization | 114 | 69 | 206 |
Insurance operating costs and other expenses | (472) | (524) | (851) |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 0 | 28 | 23 |
Dividends to policyholders | 3 | 2 | 7 |
Total benefits, losses and expenses | 2,026 | 1,969 | 2,501 |
Income before income taxes | 356 | 530 | 861 |
Income Tax Expense (Benefit) | 74 | 30 | 184 |
Net income | 282 | 500 | 677 |
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | 1 |
Net income (loss) attributable to Hartford Life Insurance Company | 282 | 500 | 676 |
Reinsurance gain (loss) on Dispositions [Domain] | |||
Benefits, losses and expenses | |||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 0 | $ 28 | $ 23 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net income | $ 282 | $ 500 | $ 677 |
Other Comprehensive Income (Loss), Net of Tax | 129 | (628) | 647 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 411 | (128) | 1,324 |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | 1 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 411 | (128) | 1,323 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | 154 | (615) | |
Other Comprehensive Income (Loss), Net of Tax | 659 | ||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||
Other Comprehensive Income (Loss), Net of Tax | (9) | ||
Accumulated Translation Adjustment [Member] | |||
Other Comprehensive Income (Loss), Net of Tax | $ (3) | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | $ 0 | $ 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Investments: | ||
Fixed maturities, available-for-sale, at fair value (amortized cost of $22,507 and $23,559) | $ 23,819 | $ 24,657 |
Marketable Securities, Fixed Maturities, Current | 82 | 165 |
Available-for-sale Securities, Equity Securities | 152 | 459 |
Mortgage loans (net of allowance for loan losses of $19 and $19) | 2,811 | 2,918 |
Policy loans, at outstanding balance | 1,442 | 1,446 |
Alternative Investments, Fair Value Disclosure | 930 | 1,216 |
Other Investments | 293 | 212 |
Short-term Investments | 1,349 | 572 |
Total investments | 30,878 | 31,645 |
Cash | 554 | 305 |
Premiums receivable and agents’ balances, net | 18 | 19 |
Reinsurance recoverables | 20,725 | 20,499 |
Deferred policy acquisition costs | 463 | 542 |
Deferred Tax Assets, Net | 1,437 | 1,581 |
Other Assets | 606 | 648 |
Separate Account Assets | 115,665 | 120,111 |
Total assets | 170,346 | 175,350 |
Liability for Future Policy Benefits | 14,000 | 13,850 |
Liabilities | ||
Other Policyholder Funds | 30,588 | 31,157 |
Other Liabilities | 2,272 | 2,070 |
Separate account liabilities | 115,665 | 120,111 |
Total liabilities | 162,525 | 167,188 |
Stockholder’s Equity | ||
Common stock—1,000 shares authorized, issued and outstanding, par value $5,690 | 6 | 6 |
Additional paid-in capital | 4,935 | 5,687 |
Accumulated other comprehensive income, net of tax | 722 | 593 |
Retained earnings | 2,158 | 1,876 |
Total stockholder’s equity | 7,821 | 8,162 |
Total liabilities and stockholder’s equity | $ 170,346 | $ 175,350 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | $ 22,507 | $ 23,559 |
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 0 | 54 |
Available-for-sale Equity Securities, Amortized Cost Basis | 142 | 471 |
Available-for-sale Securities, Equity Securities | 152 | 459 |
Cash | $ 0 | $ 12 |
Other liabilities (includes variable interest entity liabilities of $0 and $12) | 1,000 | 1,000 |
Common stock: shares authorized | 1,000 | 1,000 |
Common stock: shares issued | 1,000 | 1,000 |
Common stock: shares outstanding | $ 5,690 | $ 5,690 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Available-for-sale Equity Securities, Amortized Cost Basis | $ 0 | $ 1 |
Equity Securities [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Available-for-sale Equity Securities, Amortized Cost Basis | 178 | |
Available-for-sale Securities, Equity Securities | 178 | |
Fixed Maturities [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 0 | 49 |
Equity Securities [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Available-for-sale Equity Securities, Amortized Cost Basis | 293 | |
Available-for-sale Securities, Equity Securities | 0 | 281 |
Short-term Investments [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 0 | 2 |
Commercial Loan [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Allowance for Loan and Lease Losses, Real Estate | 19 | 19 |
Cash [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | $ 0 | $ 0 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Millions | Total | Common Stock | Additional Paid-In Capital | AOCI Attributable to Parent [Member] | Retained Earnings | Non-Controlling Interest | Dividend to Parent [Member] | Extraordinary Item [Member]Dividend to Parent [Member] |
Income Taxes Paid, Net | $ 187 | |||||||
Beginning balance at Dec. 31, 2013 | 8,239 | $ 6 | $ 6,959 | $ 574 | $ 700 | $ 0 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Return of capital to parent | (271) | (271) | 0 | |||||
Net Income (Loss) Attributable to Parent | 676 | 676 | ||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 677 | |||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 1 | 1 | ||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 1 | 1 | ||||||
Total other comprehensive income | 647 | 647 | ||||||
Ending balance at Dec. 31, 2014 | 9,291 | 6 | 6,688 | 1,221 | 1,376 | 0 | ||
Income Taxes Paid, Net | (80) | |||||||
Dividends | $ (1,001) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income (Loss) Attributable to Parent | 500 | 500 | ||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 500 | |||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | ||||||
Total other comprehensive income | (628) | (628) | ||||||
Ending balance at Dec. 31, 2015 | 8,162 | 6 | 5,687 | 593 | 1,876 | 0 | ||
Income Taxes Paid, Net | 210 | |||||||
Dividends | $ (752) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income (Loss) Attributable to Parent | 282 | 282 | ||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 282 | |||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | ||||||
Total other comprehensive income | 129 | |||||||
Ending balance at Dec. 31, 2016 | $ 7,821 | $ 6 | $ 4,935 | $ 722 | $ 2,158 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes Paid, Net | $ 210 | $ (80) | $ 187 |
Proceeds from (Payments for) in Securities Sold under Agreements to Repurchase | 268 | 264 | |
Proceeds from Limited Partnership Investments | 395 | 252 | 152 |
Payments to Acquire Limited Partnership Interests | 151 | 199 | 104 |
Other Significant Noncash Transaction, Value of Consideration Given | 0 | 0 | 4 |
Operating Activities | |||
Net Cash Provided by (Used in) Operating Activities | 784 | 682 | 669 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 282 | 500 | 677 |
Realized Gain (Loss) on Marketable Securities, Cost Method Investments, and Other Investments | (163) | (146) | 577 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Amortization of deferred policy acquisition costs | (114) | (69) | (206) |
Additions to deferred policy acquisition costs and present value of future profits | (7) | (7) | (14) |
Change in reserve for future policy benefits and unpaid losses and loss adjustment expenses and unearned premiums | 111 | 276 | 586 |
Change in reinsurance recoverables | 117 | (14) | 170 |
Increase (Decrease) in Other Operating Assets and Liabilities, Net | (316) | (222) | (912) |
Change in accrued and deferred income taxes | 278 | (62) | 302 |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 0 | 28 | 23 |
Depreciation and amortization (accretion), net | 9 | (14) | 6 |
Other Operating Activities, Cash Flow Statement | 33 | 38 | 248 |
Proceeds from the sale/maturity/prepayment of: | |||
Fixed maturities, available-for-sale | 10,152 | 11,465 | 10,333 |
Fixed maturities, fair value option | 68 | 107 | 358 |
Equity securities, available-for-sale | 321 | 586 | 107 |
Mortgage loans | 371 | 467 | 377 |
Payments for the purchase of: | |||
Fixed maturities and short-term investments, available-for-sale | (8,889) | (11,755) | (7,385) |
Fixed maturities, fair value option | (29) | (67) | (217) |
Equity securities, available-for-sale | (58) | (535) | (363) |
Mortgage loans | (263) | (282) | (146) |
Net payments for derivatives | (261) | (167) | (66) |
Net increase (decrease) in policy loans | 2 | (31) | (14) |
Payments for (Proceeds from) Short-term Investments | (769) | 1,604 | (556) |
Other investing activities, net | (25) | 1 | 34 |
Net cash provided by investing activities | 864 | 1,446 | 2,510 |
Financing Activities | |||
Deposits and other additions to investment and universal life-type contracts | 4,162 | 4,674 | 4,567 |
Withdrawals and other deductions from investment and universal life-type contracts | 14,871 | 16,972 | 21,810 |
Net Change Contract Holders Funds | 9,811 | 10,987 | 14,167 |
Return of capital to parent | 752 | 1,001 | 275 |
Net repayments at maturity or settlement of consumer notes | (17) | (33) | (13) |
Net cash used for financing activities | (1,399) | (2,081) | (3,364) |
Foreign exchange rate effect on cash | 0 | 0 | (3) |
Cash, Period Increase (Decrease) | 249 | 47 | (188) |
Cash — beginning of year | 305 | 258 | 446 |
Cash — end of year | $ 554 | $ 305 | $ 258 |
Basis of Presentation and Accou
Basis of Presentation and Accounting Policies Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Future Adoption of New Accounting Standards Financial Instruments - Credit Losses The FASB issued updated guidance for recognition and measurement of credit losses on financial instruments. The new guidance will replace the “incurred loss” approach with an “expected loss” model for recognizing credit losses for instruments carried at other than fair value, which will initially result in the recognition of greater allowances for losses. The allowance will be an estimate of credit losses expected over the life of debt instruments, such as mortgage loans, reinsurance recoverables and receivables. Credit losses on available-for-sale (“AFS”) debt securities carried at fair value will continue to be measured as other-than-temporary impairments (“OTTI”) when incurred; however, the losses will be recognized through an allowance and no longer as an adjustment to the cost basis. Recoveries of OTTI will be recognized as reversals of valuation allowances and no longer accreted as investment income through an adjustment to the investment yield. The allowance on AFS securities cannot cause the net carrying value to be below fair value and, therefore, it is possible that increases in fair value due to decreases in market interest rates could cause the reversal of a valuation allowance and increase net income. The new guidance will also require purchased financial assets with a more-than-insignificant amount of credit deterioration since original issuance to be recorded based on contractual amounts due and an initial allowance recorded at the date of purchase. The guidance is effective January 1, 2020 through a cumulative-effect adjustment to retained earnings for the change in the allowance for credit losses for debt instruments carried at other than fair value. No allowance will be recognized at adoption for AFS debt securities; rather, their cost basis will be evaluated for an allowance for OTTI prospectively. Early adoption is permitted as of January 1, 2019. The Company has not yet determined the timing for adoption or estimated the effect on the Company’s consolidated financial statements. Significant implementation matters yet to be addressed include estimating lifetime expected losses on debt instruments carried at other than fair value, determining the impact of valuation allowances on the effective interest method for recognizing interest income from AFS securities, updating our investment accounting system functionality to adjust valuation allowances based on changes in fair value and developing an implementation plan. Financial Instruments - Recognition and Measurement The FASB issued updated guidance for the recognition and measurement of financial instruments. The new guidance will require investments in equity securities to be measured at fair value with any changes in valuation reported in net income except for those equity securities that result in consolidation or are accounted for under the equity method of accounting. The new guidance will also require a deferred tax asset resulting from net unrealized losses on available-for-sale fixed maturities that are recognized in accumulated other comprehensive income (loss) ("AOCI") to be evaluated for recoverability in combination with the Company’s other deferred tax assets. Under existing guidance, the Company measures investments in equity securities, available-for-sale, at fair value with changes in fair value reported in other comprehensive income. As required, the Company will adopt the guidance effective January 1, 2018 through a cumulative effect adjustment to retained earnings. Early adoption is not allowed. The impact to the Company will be increased volatility in net income beginning in 2018. Any difference in the evaluation of deferred tax assets may also affect stockholder's equity. Cash flows will not be affected. The impact will depend on the composition of the Company’s investment portfolio in the future and changes in fair value of the Company’s investments. As of December 31, 2016, equity securities available-for-sale totaled $152 , with unrealized gains of $7 in AOCI, that would have been classified in retained earnings. Had the new accounting guidance been in place since the beginning of 2016, the Company would have recognized mark-to-market gains of $7 after-tax in net income for the year ended December 31, 2016. Revenue Recognition The FASB issued updated guidance for recognizing revenue. The guidance excludes insurance contracts and financial instruments. Revenue is to be recognized when, or as, goods or services are transferred to customers in an amount that reflects the consideration that an entity is expected to be entitled in exchange for those goods or services, and this accounting guidance is similar to current accounting for many transactions. This guidance is effective retrospectively on January 1, 2018, with a choice of restating prior periods or recognizing a cumulative effect for contracts in place as of the adoption. Early adoption is permitted as of January 1, 2017. The Company will adopt on January 1, 2018 and has not determined its method for adoption. The adoption is not expected to have a material effect on the Company’s Consolidated Financial Statements. |
Basis of Presentation and Significant Accounting Policies [Text Block] | 1 . Basis of Presentation and Significant Accounting Policies Basis of Presentation Hartford Life Insurance Company (together with its subsidiaries, “HLIC”, “Company”, “we” or “our”) is a provider of insurance and investment products in the United States (“U.S.”) and is a wholly-owned subsidiary of Hartford Life, Inc., a Delaware corporation ("HLI"). The Hartford Financial Services Group, Inc. (“The Hartford”) is the ultimate parent of the Company. On June 30, 2014, HLI completed the sale of the issued and outstanding equity of Hartford Life Insurance KK, a Japanese company ("HLIKK"), to ORIX Life Insurance Corporation ("Buyer"), a subsidiary of ORIX Corporation, a Japanese company. Upon closing HLIKK recaptured certain risks reinsured to the Company and Hartford Life and Annuity Insurance Company ("HLAI"), a wholly owned subsidiary of the Company, by terminating intercompany agreements. The Buyer is responsible for all liabilities related to the recaptured business. However, HLAI has continued to provide reinsurance for yen denominated fixed payout annuities. For further discussion of this transaction, see Note 11 - Transactions with Affiliates of Notes to Consolidated Financial Statements. Effective April 1, 2014, the Company terminated its modified coinsurance ("modco") and coinsurance with funds withheld reinsurance agreement with White River Life Reinsurance ("WRR"), following receipt of approval from the State of Connecticut Insurance Department ("CTDOI") and Vermont Department of Financial Regulation. On April 30, 2014 The Hartford dissolved WRR. For further discussion of this transaction, see Note 11 - Transactions with Affiliates of Notes to Consolidated Financial Statements. Effective March 3, 2014, The Hartford made Hartford Life and Accident Insurance Company ("HLA") the single nationwide underwriting company for its Group Benefits business by capitalizing HLA to support the Group Benefits business and separating it from the legal entities that support The Hartford's Talcott Resolution operating segment. On January 30, 2014, The Hartford received approval from the CTDOI for HLAI and the Company to dividend approximately $800 of cash and invested assets to HLA and this dividend was paid on February 27, 2014. All of the issued and outstanding equity of the Company was then distributed from HLA to HLI and the Company became a direct subsidiary of HLI. The Consolidated Financial Statements have been prepared on the basis of accounting principles generally accepted in the United States of America (“U.S. GAAP”), which differ materially from the accounting practices prescribed by various insurance regulatory authorities. Consolidation The Consolidated Financial Statements include the accounts of HLIC and entities the Company directly or indirectly has a controlling financial interest in which the Company is required to consolidate. Entities in which HLIC has significant influence over the operating and financing decisions but is not required to consolidate are reported using the equity method. All intercompany transactions and balances between HLIC and its subsidiaries have been eliminated. Use of Estimates The preparation of financial statements, in conformity with U.S. GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates include those used in determining estimated gross profits used in the valuation and amortization of assets and liabilities associated with variable annuity and other universal life-type contracts; evaluation of other-than-temporary impairments on available-for-sale securities and valuation allowances on investments; living benefits required to be fair valued; valuation of investments and derivative instruments; valuation allowance on deferred tax assets; and contingencies relating to corporate litigation and regulatory matters. Certain of these estimates are particularly sensitive to market conditions, and deterioration and/or volatility in the worldwide debt or equity markets could have a material impact on the Consolidated Financial Statements. Reclassifications Certain reclassifications have been made to prior year financial information to conform to the current year presentation. Adoption of New Accounting Standards On January 1, 2016 the Company adopted new consolidation guidance issued by the Financial Accounting Standards Board ("FASB"). The updates revise when to consolidate variable interest entities ("VIEs") and general partners’ investments in limited partnerships, end the deferral granted for applying the VIE guidance to certain investment companies, and reduce the number of circumstances where a decision maker’s or service provider’s fee arrangement is deemed to be a variable interest in an entity. The updates also modify guidance for determining whether limited partnerships are VIEs or voting interest entities. The new guidance did not have a material effect on the Company’s Consolidated Financial Statements . Future Adoption of New Accounting Standards Financial Instruments - Credit Losses The FASB issued updated guidance for recognition and measurement of credit losses on financial instruments. The new guidance will replace the “incurred loss” approach with an “expected loss” model for recognizing credit losses for instruments carried at other than fair value, which will initially result in the recognition of greater allowances for losses. The allowance will be an estimate of credit losses expected over the life of debt instruments, such as mortgage loans, reinsurance recoverables and receivables. Credit losses on available-for-sale (“AFS”) debt securities carried at fair value will continue to be measured as other-than-temporary impairments (“OTTI”) when incurred; however, the losses will be recognized through an allowance and no longer as an adjustment to the cost basis. Recoveries of OTTI will be recognized as reversals of valuation allowances and no longer accreted as investment income through an adjustment to the investment yield. The allowance on AFS securities cannot cause the net carrying value to be below fair value and, therefore, it is possible that increases in fair value due to decreases in market interest rates could cause the reversal of a valuation allowance and increase net income. The new guidance will also require purchased financial assets with a more-than-insignificant amount of credit deterioration since original issuance to be recorded based on contractual amounts due and an initial allowance recorded at the date of purchase. The guidance is effective January 1, 2020 through a cumulative-effect adjustment to retained earnings for the change in the allowance for credit losses for debt instruments carried at other than fair value. No allowance will be recognized at adoption for AFS debt securities; rather, their cost basis will be evaluated for an allowance for OTTI prospectively. Early adoption is permitted as of January 1, 2019. The Company has not yet determined the timing for adoption or estimated the effect on the Company’s consolidated financial statements. Significant implementation matters yet to be addressed include estimating lifetime expected losses on debt instruments carried at other than fair value, determining the impact of valuation allowances on the effective interest method for recognizing interest income from AFS securities, updating our investment accounting system functionality to adjust valuation allowances based on changes in fair value and developing an implementation plan. Financial Instruments - Recognition and Measurement The FASB issued updated guidance for the recognition and measurement of financial instruments. The new guidance will require investments in equity securities to be measured at fair value with any changes in valuation reported in net income except for those equity securities that result in consolidation or are accounted for under the equity method of accounting. The new guidance will also require a deferred tax asset resulting from net unrealized losses on available-for-sale fixed maturities that are recognized in accumulated other comprehensive income (loss) ("AOCI") to be evaluated for recoverability in combination with the Company’s other deferred tax assets. Under existing guidance, the Company measures investments in equity securities, available-for-sale, at fair value with changes in fair value reported in other comprehensive income. As required, the Company will adopt the guidance effective January 1, 2018 through a cumulative effect adjustment to retained earnings. Early adoption is not allowed. The impact to the Company will be increased volatility in net income beginning in 2018. Any difference in the evaluation of deferred tax assets may also affect stockholder's equity. Cash flows will not be affected. The impact will depend on the composition of the Company’s investment portfolio in the future and changes in fair value of the Company’s investments. As of December 31, 2016, equity securities available-for-sale totaled $152 , with unrealized gains of $7 in AOCI, that would have been classified in retained earnings. Had the new accounting guidance been in place since the beginning of 2016, the Company would have recognized mark-to-market gains of $7 after-tax in net income for the year ended December 31, 2016. Revenue Recognition The FASB issued updated guidance for recognizing revenue. The guidance excludes insurance contracts and financial instruments. Revenue is to be recognized when, or as, goods or services are transferred to customers in an amount that reflects the consideration that an entity is expected to be entitled in exchange for those goods or services, and this accounting guidance is similar to current accounting for many transactions. This guidance is effective retrospectively on January 1, 2018, with a choice of restating prior periods or recognizing a cumulative effect for contracts in place as of the adoption. Early adoption is permitted as of January 1, 2017. The Company will adopt on January 1, 2018 and has not determined its method for adoption. The adoption is not expected to have a material effect on the Company’s Consolidated Financial Statements. Significant Accounting Policies The Company’s significant accounting policies are as follows: Segment Information The Company has no reportable segments and is comprised of the run-off operations of annuity, institutional and private-placement life insurance businesses. The Company's determination that it has no reportable segments is based on the fact that the Company's chief operating decision maker reviews the Company's financial performance at a consolidated level. Revenue Recognition For investment and universal life-type contracts, the amounts collected from policyholders are considered deposits and are not included in revenue. Fee income for variable annuity and other universal life-type contracts consists of policy charges for policy administration, cost of insurance charges and surrender charges assessed against policyholders’ account balances and are recognized in the period in which services are provided. For the Company’s traditional life products, premiums are recognized as revenue when due from policyholders. Income Taxes The Company recognizes taxes payable or refundable for the current year and deferred taxes for the tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years the temporary differences are expected to reverse. A deferred tax provision is recorded for the tax effects of differences between the Company's current taxable income and its income before tax under generally accepted accounting principles in the Consolidated Statements of Operations. For deferred tax assets, the Company records a valuation allowance that is adequate to reduce the total deferred tax asset to an amount that will more likely than not be realized. The Company is included in The Hartford’s consolidated U.S. Federal income tax return. The Company and The Hartford have entered into a tax sharing agreement under which each member in the consolidated U.S. Federal income tax return will make payments between them such that, with respect to any period, the amount of taxes to be paid by the Company, subject to certain tax adjustments, is consistent with the “parent down” approach. Under this approach, the Company’s deferred tax assets and tax attributes are considered realized by it so long as the group is able to recognize (or currently use) the related deferred tax asset or attribute. Thus the need for a valuation allowance is determined at the consolidated return level rather than at the level of the individual entities comprising the consolidated group. Dividends to Policyholders Policyholder dividends are paid to certain life insurance policyholders. Policies that receive dividends are referred to as participating policies. Participating dividends to policyholders are accrued and reported in other liabilities using an estimate of the amount to be paid based on underlying contractual obligations under policies and applicable state laws. There were no additional amounts of income allocated to participating policyholders. If limitations exist on the amount of net income from participating life insurance contracts that may be distributed to stockholders, the policyholder’s share of net income on those contracts that cannot be distributed is excluded from stockholder's equity by a charge to operations and an increase to a liability. Investments Overview The Company’s investments in fixed maturities include bonds, structured securities, redeemable preferred stock and commercial paper. Most of these investments, along with certain equity securities, which include common and non-redeemable preferred stocks, are classified as available-for-sale ("AFS") and are carried at fair value. The after-tax difference between fair value and cost or amortized cost is reflected in stockholders’ equity as a component of AOCI, after adjustments for the effect of deducting certain life and annuity deferred policy acquisition costs and reserve adjustments. Also included in equity securities, AFS are certain equity securities for which the Company elected the fair value option. These equity securities are carried at fair value with changes in value recorded in realized capital gains and losses on the Company's Consolidated Statements of Operations. Fixed maturities for which the Company elected the fair value option are classified as FVO and are carried at fair value with changes in value recorded in realized capital gains and losses. Policy loans are carried at outstanding balance. Mortgage loans are recorded at the outstanding principal balance adjusted for amortization of premiums or discounts and net of valuation allowances. Short-term investments are carried at amortized cost, which approximates fair value. Limited partnerships and other alternative investments are reported at their carrying value and accounted for under the equity method with the Company’s share of earnings included in net investment income. Recognition of income related to limited partnerships and other alternative investments is delayed due to the availability of the related financial information, as private equity and other funds are generally on a three-month delay and hedge funds on a one-month delay. Accordingly, income for the years ended December 31, 2016 , 2015 , and 2014 may not include the full impact of current year changes in valuation of the underlying assets and liabilities of the funds, which are generally obtained from the limited partnerships and other alternative investments’ general partners. In addition, for investments in a hedge fund of funds which was liquidated during 2016, the Company recognizes changes in the fair value of the underlying funds in net investment income, which is consistent with accounting requirements for investment companies. Other investments primarily consist of derivative instruments which are carried at fair value. Net Realized Capital Gains and Losses Net realized capital gains and losses from investment sales are reported as a component of revenues and are determined on a specific identification basis. Net realized capital gains and losses also result from fair value changes in fixed maturities and equity securities FVO, and derivatives contracts (both free-standing and embedded) that do not qualify, or are not designated, as a hedge for accounting purposes, ineffectiveness on derivatives that qualify for hedge accounting treatment, and the change in value of certain fair-value hedging instruments and their associated hedged item . Impairments and mortgage loan valuation allowances are recognized as net realized capital losses in accordance with the Company’s impairment and mortgage loan valuation allowance policies as discussed in Note 3 - Investments of Notes to Consolidated Financial Statements. Foreign currency transaction remeasurements are also included in net realized capital gains and losses. Net Investment Income Interest income from fixed maturities and mortgage loans is recognized when earned on the constant effective yield method based on estimated timing of cash flows. The amortization of premium and accretion of discount for fixed maturities also takes into consideration call and maturity dates that produce the lowest yield. For securitized financial assets subject to prepayment risk, yields are recalculated and adjusted periodically to reflect historical and/or estimated future repayments using the retrospective method; however, if these investments are impaired, any yield adjustments are made using the prospective method. Prepayment fees and make-whole payments on fixed maturities and mortgage loans are recorded in net investment income when earned. For equity securities, dividends are recognized as investment income on the ex-dividend date. Limited partnerships and other alternative investments primarily use the equity method of accounting to recognize the Company’s share of earnings; however, for a portion of those investments, the Company uses investment fund accounting applied to a fund of funds which was liquidated during 2016 . For impaired debt securities, the Company accretes the new cost basis to the estimated future cash flows over the expected remaining life of the security by prospectively adjusting the security’s yield, if necessary. The Company’s non-income producing investments were not material for the years ended December 31, 2016 , 2015 and 2014 . Derivative Instruments Overview The Company utilizes a variety of over-the-counter ("OTC") transactions cleared through central clearing houses ("OTC-cleared"), and exchange-traded derivative instruments as part of its overall risk management strategy as well as to enter into replication transactions . The types of instruments may include swaps, caps, floors, forwards, futures and options to achieve one of four Company-approved objectives: • to hedge risk arising from interest rate, equity market, commodity market, credit spread and issuer default, price or currency exchange rate risk or volatility; • to manage liquidity; • to control transaction costs; • to enter into synthetic replication transactions. Interest rate, volatility, dividend, credit default and index swaps involve the periodic exchange of cash flows with other parties, at specified intervals, calculated using agreed upon rates or other financial variables and notional principal amounts. Generally, little to no cash or principal payments are exchanged at the inception of the contract. Typically, at the time a swap is entered into, the cash flow streams exchanged by the counterparties are equal in value. Interest rate cap and floor contracts entitle the purchaser to receive from the issuer at specified dates, the amount, if any, by which a specified market rate exceeds the cap strike interest rate or falls below the floor strike interest rate, applied to a notional principal amount. A premium payment is made by the purchaser of the contract at its inception and no principal payments are exchanged. Forward contracts are customized commitments that specify a rate of interest or currency exchange rate to be paid or received on an obligation beginning on a future start date and are typically settled in cash. Financial futures are standardized commitments to either purchase or sell designated financial instruments, at a future date, for a specified price and may be settled in cash or through delivery of the underlying instrument. Futures contracts trade on organized exchanges. Margin requirements for futures are met by pledging securities or cash, and changes in the futures’ contract values are settled daily in cash. Option contracts grant the purchaser, for a premium payment, the right to either purchase from or sell to the issuer a financial instrument at a specified price, within a specified period or on a stated date. The contracts may reference commodities, which grant the purchaser the right to either purchase from or sell to the issuer commodities at a specified price, within a specified period or on a stated date. Option contracts are typically settled in cash. Foreign currency swaps exchange an initial principal amount in two currencies, agreeing to re-exchange the currencies at a future date, at an agreed upon exchange rate. There may also be a periodic exchange of payments at specified intervals calculated using the agreed upon rates and exchanged principal amounts. The Company’s derivative transactions conducted in insurance company subsidiaries are used in strategies permitted under the derivative use plans required by the State of Connecticut and the State of New York insurance departments. Accounting and Financial Statement Presentation of Derivative Instruments and Hedging Activities Derivative instruments are recognized on the Consolidated Balance Sheets at fair value and are reported in Other Investments and Other Liabilities. For balance sheet presentation purposes, the Company has elected to offset the fair value amounts, income accruals, and related cash collateral receivables and payables of OTC derivative instruments executed in a legal entity and with the same counterparty or under a master netting agreement, which provides the Company with the legal right of offset. The Company also clears interest rate swap and certain credit default swap derivative transactions through central clearing houses. OTC-cleared derivatives require initial collateral at the inception of the trade in the form of cash or highly liquid securities, such as U.S. Treasuries and government agency investments. Central clearing houses also require additional cash as variation margin based on daily market value movements. For information on collateral, see the derivative collateral arrangements section in Note 4 - Derivative Instruments of Notes to Consolidated Financial Statements. In addition, OTC-cleared transactions include price alignment interest either received or paid on the variation margin, which is reflected in net investment income. The Company has also elected to offset the fair value amounts, income accruals and related cash collateral receivables and payables of OTC-cleared derivative instruments based on clearing house agreements. On the date the derivative contract is entered into, the Company designates the derivative as (1) a hedge of the fair value of a recognized asset or liability (“fair value” hedge), (2) a hedge of the variability in cash flows of a forecasted transaction or of amounts to be received or paid related to a recognized asset or liability (“cash flow” hedge), (3) a hedge of a net investment in a foreign operation (“net investment” hedge) or (4) held for other investment and/or risk management purposes, which primarily involve managing asset or liability related risks and do not qualify for hedge accounting. Fair Value Hedges - Changes in the fair value of a derivative that is designated and qualifies as a fair value hedge, including foreign-currency fair value hedges, along with the changes in the fair value of the hedged asset or liability that is attributable to the hedged risk, are recorded in current period earnings as net realized capital gains and losses with any differences between the net change in fair value of the derivative and the hedged item representing the hedge ineffectiveness. Periodic cash flows and accruals of income/expense (“periodic derivative net coupon settlements”) are recorded in the line item of the Consolidated Statements of Operations in which the cash flows of the hedged item are recorded. Cash Flow Hedges - Changes in the fair value of a derivative that is designated and qualifies as a cash flow hedge, including foreign-currency cash flow hedges, are recorded in AOCI and are reclassified into earnings when the variability of the cash flow of the hedged item impacts earnings. Gains and losses on derivative contracts that are reclassified from AOCI to current period earnings are included in the line item in the Consolidated Statements of Operations in which the cash flows of the hedged item are recorded. Any hedge ineffectiveness is recorded immediately in current period earnings as net realized capital gains and losses. Periodic derivative net coupon settlements are recorded in the line item of the Consolidated Statements of Operations in which the cash flows of the hedged item are recorded. Net Investment in a Foreign Operation Hedges - Changes in fair value of a derivative used as a hedge of a net investment in a foreign operation, to the extent effective as a hedge, are recorded in the foreign currency translation adjustments account within AOCI. Cumulative changes in fair value recorded in AOCI are reclassified into earnings upon the sale or complete, or substantially complete, liquidation of the foreign entity. Any hedge ineffectiveness is recorded immediately in current period earnings as net realized capital gains and losses. Periodic derivative net coupon settlements are recorded in the line item of the Consolidated Statements of Operations in which the cash flows of the hedged item are recorded. Other Investment and/or Risk Management Activities - The Company’s other investment and/or risk management activities primarily relate to strategies used to reduce economic risk or replicate permitted investments and do not receive hedge accounting treatment. Changes in the fair value, including periodic derivative net coupon settlements, of derivative instruments held for other investment and/or risk management purposes are reported in current period earnings as net realized capital gains and losses. Hedge Documentation and Effectiveness Testing To qualify for hedge accounting treatment, a derivative must be highly effective in mitigating the designated changes in fair value or cash flow of the hedged item. At hedge inception, the Company formally documents all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking each hedge transaction. The documentation process includes linking derivatives that are designated as fair value, cash flow, or net investment hedges to specific assets or liabilities on the balance sheet or to specific forecasted transactions and defining the effectiveness and ineffectiveness testing methods to be used. The Company also formally assesses both at the hedge’s inception and ongoing on a quarterly basis, whether the derivatives that are used in hedging transactions have been and are expected to continue to be highly effective in offsetting changes in fair values, cash flows or net investment in foreign operations of hedged items. Hedge effectiveness is assessed primarily using quantitative methods as well as using qualitative methods. Quantitative methods include regression or other statistical analysis of changes in fair value or cash flows associated with the hedge relationship. Qualitative methods may include comparison of critical terms of the derivative to the hedged item. Hedge ineffectiveness of the hedge relationships are measured each reporting period using the “Change in Variable Cash Flows Method”, the “Change in Fair Value Method”, the “Hypothetical Derivative Method”, or the “Dollar Offset Method”. Discontinuance of Hedge Accounting The Company discontinues hedge accounting prospectively when (1) it is determined that the qualifying criteria are no longer met; (2)the derivative is no longer designated as a hedging instrument; or (3) the derivative expires or is sold, terminated or exercised. When hedge accounting is discontinued because it is determined that the derivative no longer qualifies as an effective fair value hedge, the derivative continues to be carried at fair value on the balance sheet with changes in its fair value recognized in current period earnings. Changes in the fair value of the hedged item attributable to the hedged risk is no longer adjusted through current period earnings and the existing basis adjustment is amortized to earnings over the remaining life of the hedged item through the applicable earnings component associated with the hedged item. When hedge accounting is discontinued because the Company becomes aware that it is not probable that the forecasted transaction will occur, the derivative continues to be carried on the balance sheet at its fair value, and gains and losses that were accumulated in AOCI are recognized immediately in earnings. In other situations in which hedge accounting is discontinued, including those where the derivative is sold, terminated or exercised, amounts previously deferred in AOCI are reclassified into earnings when earnings are impacted by the hedged item. Embedded Derivatives The Company purchases and has previously issued financial instruments and products that contain embedded derivative instruments. When it is determined that (1) the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract and (2) a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is bifurcated from the host for measurement purposes. The embedded derivative, which is reported with the host instrument in the Consolidated Balance Sheets, is carried at fair value with changes in fair value reported in net realized capital gains and losses. Credit Risk Credit risk is defined as the risk of financial loss due to uncertainty of an obligor’s or counterparty’s ability or willingness to meet its obligations in accordance with agreed upon terms. Credit exposures are measured using the market value of the derivatives, resulting in amounts owed to the Company by its counterparties or potential payment obligations from the Company to its counterparties. The Company generally requires that OTC derivative contracts, other than certain forward contracts, be governed by International Swaps and Derivatives Association ("ISDA") agreements which are structured by legal entity and by counterparty, and permit right of offset. These agreements require daily collateral settlement based upon agreed upon thresholds. For purposes of daily derivative collateral maintenance, credit exposures are generally quantified based on the prior business day’s market value and collateral is pledged to and held by, or on behalf of, the Company to the extent the current value of the derivatives exceed the contractual thresholds. For the Company’s domestic derivative programs, the maximum uncollateralized threshold for a derivative counterparty for a single legal entity is $10 . The Company also minimizes the credit risk of derivative instruments by entering into transactions with high quality counterparties primarily rated A or better, which are monitored and evaluated by the Company’s risk management team and reviewed by senior management. OTC-cleared derivatives are governed by clearing house rules. Transactions cleared through a central clearing house reduce risk due to their ability to require daily variation margin and act as an independent valuation source. In addition, the Company monitors counterparty credit exposure on |
Fair Value Measurements Level 1
Fair Value Measurements Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | The Company carries certain financial assets and liabilities at estimated fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants. Our fair value framework includes a hierarchy that gives the highest priority to the use of quoted prices in active markets, followed by the use of market observable inputs, followed by the use of unobservable inputs. The fair value hierarchy levels are as follows: Level 1 Fair values based primarily on unadjusted quoted prices for identical assets, or liabilities, in active markets that the Company has the ability to access at the measurement date. Level 2 Fair values primarily based on observable inputs, other than quoted prices included in Level 1, or based on prices for similar assets and liabilities. Level 3 Fair values derived when one or more of the significant inputs are unobservable (including assumptions about risk). With little or no observable market, the determination of fair values uses considerable judgment and represents the Company’s best estimate of an amount that could be realized in a market exchange for the asset or liability. Also included are securities that are traded within illiquid markets and/or priced by independent brokers. The Company will classify the financial asset or liability by level based upon the lowest level input that is significant to the determination of the fair value. In most cases, both observable inputs (e.g., changes in interest rates) and unobservable inputs (e.g., changes in risk assumptions) are used to determine fair values that the Company has classified within Level 3. Assets and (Liabilities) Carried at Fair Value by Hierarchy Level as of December 31, 2016 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets accounted for at fair value on a recurring basis Fixed maturities, AFS Asset backed securities ("ABS") $ 993 $ — $ 956 $ 37 Collateralized debt obligations ("CDOs") 940 — 680 260 Commercial mortgage-backed securities ("CMBS") 2,146 — 2,125 21 Corporate 14,693 — 14,127 566 Foreign government/government agencies 345 — 328 17 Municipal 1,189 — 1,117 72 Residential mortgage-backed securities ("RMBS") 1,760 — 1,049 711 U.S. Treasuries 1,753 230 1,523 — Total fixed maturities 23,819 230 21,905 1,684 Fixed maturities, FVO 82 — 82 — Equity securities, trading [1] 11 11 — — Equity securities, AFS 152 20 88 44 Derivative assets Credit derivatives (1 ) — (1 ) — Foreign exchange derivatives 4 — 4 — Interest rate derivatives 30 — 30 — GMWB hedging instruments 74 — 14 60 Macro hedge program 128 — 8 120 Total derivative assets [2] 235 — 55 180 Short-term investments 1,349 637 712 — Reinsurance recoverable for GMWB 73 — — 73 Modified coinsurance reinsurance contracts 68 — 68 — Separate account assets [3] 111,634 71,606 38,856 201 Total assets accounted for at fair value on a recurring basis $ 137,423 $ 72,504 $ 61,766 $ 2,182 Liabilities accounted for at fair value on a recurring basis Other policyholder funds and benefits payable GMWB embedded derivative $ (241 ) $ — $ — $ (241 ) Equity linked notes (33 ) — — (33 ) Total other policyholder funds and benefits payable (274 ) — — (274 ) Derivative liabilities Credit derivatives 1 — 1 — Equity derivatives 33 — 33 — Foreign exchange derivatives (247 ) — (247 ) — Interest rate derivatives (434 ) — (404 ) (30 ) GMWB hedging instruments 20 — (1 ) 21 Macro hedge program 50 — 3 47 Total derivative liabilities [4] (577 ) — (615 ) 38 Total liabilities accounted for at fair value on a recurring basis $ (851 ) $ — $ (615 ) $ (236 ) Assets and (Liabilities) Carried at Fair Value by Hierarchy Level as of December 31, 2015 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets accounted for at fair value on a recurring basis Fixed maturities, AFS ABS $ 846 $ — $ 841 $ 5 CDOs 1,408 — 1,078 330 CMBS 1,964 — 1,902 62 Corporate 15,175 — 14,641 534 Foreign government/government agencies 331 — 314 17 Municipal 1,132 — 1,083 49 RMBS 1,503 — 875 628 U.S. Treasuries 2,298 123 2,175 — Total fixed maturities 24,657 123 22,909 1,625 Fixed maturities, FVO 165 1 162 2 Equity securities, trading [1] 11 11 — — Equity securities, AFS 459 396 25 38 Derivative assets Credit derivatives 7 — 7 — Equity derivatives — — — — Foreign exchange derivatives 4 — 4 — Interest rate derivatives 54 — 54 — GMWB hedging instruments 111 — 27 84 Macro hedge program 74 — — 74 Total derivative assets [2] 250 — 92 158 Short-term investments 572 131 441 — Reinsurance recoverable for GMWB 83 — — 83 Modified coinsurance reinsurance contracts 79 — 79 — Separate account assets [3] 118,163 78,099 38,700 140 Total assets accounted for at fair value on a recurring basis $ 144,439 $ 78,761 $ 62,408 $ 2,046 Liabilities accounted for at fair value on a recurring basis Other policyholder funds and benefits payable GMWB embedded derivative $ (262 ) $ — $ — $ (262 ) Equity linked notes (26 ) — — (26 ) Total other policyholder funds and benefits payable (288 ) — — (288 ) Derivative liabilities Credit derivatives (7 ) — (7 ) — Equity derivatives 41 — 41 — Foreign exchange derivatives (376 ) — (376 ) — Interest rate derivatives (431 ) — (402 ) (29 ) GMWB hedging instruments 47 — (4 ) 51 Macro hedge program 73 — — 73 Total derivative liabilities [4] (653 ) — (748 ) 95 Total liabilities accounted for at fair value on a recurring basis $ (941 ) $ — $ (748 ) $ (193 ) [1] Included in other investments on the Consolidated Balance Sheets. [2] Includes OTC and OTC-cleared derivative instruments in a net positive fair value position after consideration of the accrued interest and impact of collateral posting requirements which may be imposed by agreements, clearing house rules, and applicable law. See footnote 4 to this table for derivative liabilities. [3] Approximately $4.0 billion and $1.8 billion of investment sales receivable, as of December 31, 2016 and December 31, 2015 , respectively, are excluded from this disclosure requirement because they are trade receivables in the ordinary course of business where the carrying amount approximates fair value. Included in the total fair value amount are $ 1.0 billion and $1.2 billion of investments, as of December 31, 2016 and December 31, 2015 for which the fair value is estimated using the net asset value per unit as a practical expedient which are excluded from the disclosure requirement to classify amounts in the fair value hierarchy. [4] Includes OTC and OTC-cleared derivative instruments in a net negative fair value position (derivative liability) after consideration of the accrued interest and impact of collateral posting requirements which may be imposed by agreements, clearing house rules and applicable law. Fixed Maturities, Equity Securities, Short-term Investments, and Free-standing Derivatives Valuation Techniques The Company generally determines fair values using valuation techniques that use prices, rates, and other relevant information evident from market transactions involving identical or similar instruments. Valuation techniques also include, where appropriate, estimates of future cash flows that are converted into a single discounted amount using current market expectations. The Company uses a "waterfall" approach comprised of the following pricing sources and techniques, which are listed in priority order: • Quoted prices, unadjusted, for identical assets or liabilities in active markets, which are classified as Level 1. • Prices from third-party pricing services, which primarily utilize a combination of techniques. These services utilize recently reported trades of identical, similar, or benchmark securities making adjustments for market observable inputs available through the reporting date. If there are no recently reported trades, they may use a discounted cash flow technique to develop a price using expected cash flows based upon the anticipated future performance of the underlying collateral discounted at an estimated market rate. Both techniques develop prices that consider the time value of future cash flows and provide a margin for risk, including liquidity and credit risk. Most prices provided by third-party pricing services are classified as Level 2 because the inputs used in pricing the securities are observable. However, some securities that are less liquid or trade less actively are classified as Level 3. Additionally, certain long-dated securities, including certain municipal securities, foreign government/government agency securities, and bank loans, include benchmark interest rate or credit spread assumptions that are not observable in the marketplace and are thus classified as Level 3. • Internal matrix pricing, which is a valuation process internally developed for private placement securities for which the Company is unable to obtain a price from a third-party pricing service. Internal pricing matrices determine credit spreads that, when combined with risk-free rates, are applied to contractual cash flows to develop a price. The Company develops credit spreads using market based data for public securities adjusted for credit spread differentials between public and private securities, which are obtained from a survey of multiple private placement brokers. The market-based reference credit spread considers the issuer’s financial strength and term to maturity, using an independent public security index and trade information, while the credit spread differential considers the non-public nature of the security. Securities priced using internal matrix pricing are classified as Level 2 because the inputs are observable or can be corroborated with observable data. • Independent broker quotes, which are typically non-binding and use inputs that can be difficult to corroborate with observable market based data. Brokers may use present value techniques using assumptions specific to the security types, or they may use recent transactions of similar securities. Due to the lack of transparency in the process that brokers use to develop prices, valuations that are based on independent broker quotes are classified as Level 3. The fair value of free-standing derivative instruments are determined primarily using a discounted cash flow model or option model technique and incorporate counterparty credit risk. In some cases, quoted market prices for exchange-traded and OTC-cleared derivatives may be used and in other cases independent broker quotes may be used. The pricing valuation models primarily use inputs that are observable in the market or can be corroborated by observable market data. The valuation of certain derivatives may include significant inputs that are unobservable, such as volatility levels, and reflect the Company’s view of what other market participants would use when pricing such instruments. Unobservable market data is used in the valuation of customized derivatives that are used to hedge certain GMWB variable annuity riders. See the section “GMWB Embedded, Customized, and Reinsurance Derivatives” below for further discussion of the valuation model used to value these customized derivatives. Valuation Controls The fair value process for investments is monitored by the Valuation Committee, which is a cross-functional group of senior management within the Company that meets at least quarterly. The purpose of the committee is to oversee the pricing policy and procedures, as well as approving changes to valuation methodologies and pricing sources. Controls and procedures used to assess third-party pricing services are reviewed by the Valuation Committee, including the results of annual due-diligence reviews. There are also two working groups under the Valuation Committee: a Securities Fair Value Working Group (“Securities Working Group”) and a Derivatives Fair Value Working Group ("Derivatives Working Group"). The working groups, which include various investment, operations, accounting and risk management professionals, meet monthly to review market data trends, pricing and trading statistics and results, and any proposed pricing methodology changes. The Securities Working Group reviews prices received from third parties to ensure that the prices represent a reasonable estimate of the fair value. The group considers trading volume, new issuance activity, market trends, new regulatory rulings and other factors to determine whether the market activity is significantly different than normal activity in an active market. A dedicated pricing unit follows up with trading and investment sector professionals and challenges prices of third-party pricing services when the estimated assumptions used differ from what the unit believes a market participant would use. If the available evidence indicates that pricing from third-party pricing services or broker quotes is based upon transactions that are stale or not from trades made in an orderly market, the Company places little, if any, weight on the third party service’s transaction price and will estimate fair value using an internal process, such as a pricing matrix. The Derivatives Working Group reviews the inputs, assumptions and methodologies used to ensure that the prices represent a reasonable estimate of the fair value. A dedicated pricing team works directly with investment sector professionals to investigate the impacts of changes in the market environment on prices or valuations of derivatives. New models and any changes to current models are required to have detailed documentation and are validated to a second source. The model validation documentation and results of validation are presented to the Valuation Committee for approval. The Company conducts other monitoring controls around securities and derivatives pricing including, but not limited to, the following: • Review of daily price changes over specific thresholds and new trade comparison to third-party pricing services. • Daily comparison of OTC derivative market valuations to counterparty valuations. • Review of weekly price changes compared to published bond prices of a corporate bond index. • Monthly reviews of price changes over thresholds, stale prices, missing prices, and zero prices. • Monthly validation of prices to a second source for securities in most sectors and for certain derivatives. In addition, the Company’s enterprise-wide Operational Risk Management function, led by the Chief Risk Officer, is responsible for model risk management and provides an independent review of the suitability and reliability of model inputs, as well as an analysis of significant changes to current models. Valuation Inputs Quoted prices for identical assets in active markets are considered Level 1 and consist of on-the-run U.S. Treasuries, money market funds, exchange-traded equity securities, open-ended mutual funds, short-term investments, and exchange traded futures and option contracts. Level 2 Level 3 Fixed Maturity Investments Structured securities (includes ABS, CDOs CMBS and RMBS) • Benchmark yields and spreads • Independent broker quotes Corporates • Benchmark yields and spreads • Independent broker quotes U.S Treasuries, Municipals, and Foreign government/government agencies • Benchmark yields and spreads • Independent broker quotes Equity Securities • Quoted prices in markets that are not active • For privately traded equity securities, internal discounted cash flow models utilizing earnings multiples or other cash flow assumptions that are not observable; or they may be held at cost Short Term Investments • Benchmark yields and spreads Not applicable Derivatives Credit derivatives • The swap yield curve • Independent broker quotes Equity derivatives • Equity index levels • Independent broker quotes Foreign exchange derivatives • Swap yield curve • Independent broker quotes Interest rate derivatives • Swap yield curve • Independent broker quotes Significant Unobservable Inputs for Level 3 - Securities Assets accounted for at fair value on a recurring basis Fair Value Predominant Valuation Technique Significant Unobservable Input Minimum Maximum Weighted Average [1] Impact of Increase in Input on Fair Value [2] As of December 31, 2016 CMBS [3] $ 9 Discounted cash flows Spread (encompasses 10bps 1,273bps 249bps Decrease Corporate [4] 265 Discounted cash flows Spread 122bps 1,021bps 373bps Decrease Municipal [3] 56 Discounted cash flows Spread 135bps 286bps 195bps Decrease RMBS [3] 704 Discounted cash flows Spread 16bps 1,830bps 189bps Decrease Constant prepayment rate — % 20 % 4 % Decrease [5] Constant default rate 1 % 10 % 5 % Decrease Loss severity — % 100 % 75 % Decrease As of December 31, 2015 CMBS [3] $ 61 Discounted cash flows Spread (encompasses 31bps 1,505bps 230bps Decrease Corporate [4] 213 Discounted cash flows Spread 63bps 800bps 290bps Decrease Municipal [3] 31 Discounted cash flows Spread 193bps 193bps 193bps Decrease RMBS 628 Discounted cash flows Spread 30bps 1,696bps 172bps Decrease Constant prepayment rate — % 20 % 3 % Decrease [5] Constant default rate 1 % 10 % 6 % Decrease Loss severity — % 100 % 79 % Decrease [1] The weighted average is determined based on the fair value of the securities. [2] Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table. [3] Excludes securities for which the Company based fair value on broker quotations. [4] Excludes securities for which the Company bases fair value on broker quotations; however, included are broker-priced lower-rated private placement securities for which the Company receives spread and yield information to corroborate the fair value. [5] Decrease for above market rate coupons and increase for below market rate coupons. Significant Unobservable Inputs for Level 3 - Freestanding Derivatives Fair Value Predominant Valuation Technique Significant Unobservable Input Minimum Maximum Impact of Increase in Input on Fair Value [1] As of December 31, 2016 Interest rate derivatives Interest rate swaps $ (29 ) Discounted cash flows Swap curve 3% 3% Decrease GMWB hedging instruments Equity variance swaps (36 ) Option model Equity volatility 20% 23% Increase Equity options 17 Option model Equity volatility 27% 30% Increase Customized swaps 100 Discounted cash flows Equity volatility 12% 30% Increase Macro hedge program Equity options [2] 188 Option model Equity volatility 17% 28% Increase As of December 31, 2015 Interest rate derivatives Interest rate swaps (30 ) Discounted cash flows Swap curve 3% 3% Decrease GMWB hedging instruments Equity variance swaps (31 ) Option model Equity volatility 19% 21% Increase Equity options 35 Option model Equity volatility 27% 29% Increase Customized swaps 131 Discounted cash flows Equity volatility 10% 40% Increase Macro hedge program Equity options 179 Option model Equity volatility 14% 28% Increase [1] Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table. Changes are based on long positions, unless otherwise noted. Changes in fair value will be inversely impacted for short positions. [2] Excludes derivatives for which the Company bases fair value on broker quotations. The tables above exclude the portion of ABS, CRE CDOs, index options and certain corporate securities for which fair values are predominately based on independent broker quotes. While the Company does not have access to the significant unobservable inputs that independent brokers may use in their pricing process, the Company believes brokers likely use inputs similar to those used by the Company and third-party pricing services to price similar instruments. As such, in their pricing models, brokers likely use estimated loss severity rates, prepayment rates, constant default rates and credit spreads. Therefore, similar to non-broker priced securities, increases in these inputs would generally cause fair values to decrease. For the year ended December 31, 2016 , no significant adjustments were made by the Company to broker prices received. Transfers between Levels Transfers of securities among the levels occur at the beginning of the reporting period. The amount of transfers from Level 1 to Level 2 was $563 and $711 , for the years ended December 31, 2016 and 2015 , respectively, which represented previously on-the-run U.S. Treasury securities that are now off-the-run. For the years ended December 31, 2016 and 2015 , there were no transfers from Level 2 to Level 1. See the fair value roll-forward tables for the years ended December 31, 2016 and 2015 , for the transfers into and out of Level 3. GMWB Embedded, Customized and Reinsurance Derivatives GMWB Embedded Derivatives The Company formerly offered certain variable annuity products with GMWB riders that provide the policyholder with a GRB which is generally equal to premiums less withdrawals. If the policyholder’s account value is reduced to a specified level through a combination of market declines and withdrawals but the GRB still has value, the Company is obligated to continue to make annuity payments to the policyholder until the GRB is exhausted. When payments of the GRB are not life-contingent, the GMWB represents an embedded derivative carried at fair value reported in other policyholder funds and benefits payable in the Consolidated Balance Sheets with changes in fair value reported in net realized capital gains and losses. Free-standing Customized Derivatives The Company holds free-standing customized derivative contracts to provide protection from certain capital markets risks for the remaining term of specified blocks of non-reinsured GMWB riders. These customized derivatives are based on policyholder behavior assumptions specified at the inception of the derivative contracts. The Company retains the risk for differences between assumed and actual policyholder behavior and between the performance of the actively managed funds underlying the separate accounts and their respective indices. These derivatives are reported in the Consolidated Balance Sheets within other investments or other liabilities, as appropriate, after considering the impact of master netting agreements. GMWB Reinsurance Derivative The Company has reinsurance arrangements in place to transfer a portion of its risk of loss due to GMWB. These arrangements are recognized as derivatives carried at fair value and reported in reinsurance recoverables in the Consolidated Balance Sheets. Changes in the fair value of the reinsurance agreements are reported in net realized capital gains and losses. Valuation Techniques Fair values for GMWB embedded derivatives, free-standing customized derivatives and reinsurance derivatives are classified as Level 3 in the fair value hierarchy and are calculated using internally developed models that utilize significant unobservable inputs because active, observable markets do not exist for these items. In valuing the GMWB embedded derivative, the Company attributes to the derivative a portion of the expected fees to be collected over the expected life of the contract from the contract holder equal to the present value of future GMWB claims. The excess of fees collected from the contract holder in the current period over the portion of fees attributed to the embedded derivative in the current period are associated with the host variable annuity contract and reported in fee income. Valuation Controls Oversight of the Company's valuation policies and processes for GMWB embedded, reinsurance, and customized derivatives is performed by a multidisciplinary group comprised of finance, actuarial and risk management professionals. This multidisciplinary group reviews and approves changes and enhancements to the Company's valuation model as well as associated controls. Valuation Inputs The fair value for each of the non-life contingent GMWBs, the free-standing customized derivatives and the GMWB reinsurance derivative is calculated as an aggregation of the following components: Best Estimate Claim Payments; Credit Standing Adjustment; and Margins. The Company believes the aggregation of these components results in an amount that a market participant in an active liquid market would require, if such a market existed, to assume the risks associated with the guaranteed minimum benefits and the related reinsurance and customized derivatives. Each component described in the following discussion is unobservable in the marketplace and requires subjectivity by the Company in determining its value. Best Estimate Claim Payments The Best Estimate Claim Payments are calculated based on actuarial and capital market assumptions related to projected cash flows, including the present value of benefits and related contract charges, over the lives of the contracts, incorporating unobservable inputs including expectations concerning policyholder behavior. These assumptions are input into a stochastic risk neutral scenario process that is used to determine the valuation and involves numerous estimates and subjective judgments regarding a number of variables. The Company monitors various aspects of policyholder behavior and may modify certain of its assumptions, including living benefit lapses and withdrawal rates, if credible emerging data indicates that changes are warranted. In addition, the Company will continue to evaluate policyholder behavior assumptions should we implement initiatives to reduce the size of the variable annuity business. At a minimum, all policyholder behavior assumptions are reviewed and updated at least annually as part of the Company’s annual fourth-quarter comprehensive study to refine its estimate of future gross profits. In addition, the Company recognized non-market-based updates driven by the relative outperformance (underperformance) of the underlying actively managed funds as compared to their respective indices. Credit Standing Adjustment The credit standing adjustment is an estimate of the additional amount that market participants would require in determining fair value to reflect the risk that GMWB benefit obligations or the GMWB reinsurance recoverables will not be fulfilled. The Company incorporates a blend of observable Company and reinsurer credit default spreads from capital markets, adjusted for market recoverability. Margins The behavior risk margin adds a margin that market participants would require, in determining fair value, for the risk that the Company’s assumptions about policyholder behavior could differ from actual experience. The behavior risk margin is calculated by taking the difference between adverse policyholder behavior assumptions and best estimate assumptions. Valuation Inputs Used in Levels 2 and 3 Measurements for GMWB Embedded, Customized and Reinsurance Derivatives Level 2 Level 3 • Risk-free rates as represented by the Eurodollar futures, LIBOR deposits and swap rates to derive forward curve rates • Correlations of 10 years of observed historical returns across underlying well-known market indices • Correlations of historical index returns compared to separate account fund returns • Equity index levels • Market implied equity volatility assumptions • Withdrawal rates • Reset elections Significant Unobservable Inputs for Level 3 GMWB Embedded Customized and Reinsurance Derivatives Unobservable Inputs (Minimum) Unobservable Inputs (Maximum) Impact of Increase in Input December 31, 2016 Withdrawal Utilization [2] 15% 100% Increase Withdrawal Rates [3] —% 8% Increase Lapse Rates [4] —% 40% Decrease Reset Elections [5] 20% 75% Increase Equity Volatility [6] 12% 30% Increase December 31, 2015 Withdrawal Utilization [2] 20% 100% Increase Withdrawal Rates [3] —% 8% Increase Lapse Rates [4] —% 75% Decrease Reset Elections [5] 20% 75% Increase Equity Volatility [6] 10% 40% Increase [1] Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table. [2] Range represents assumed cumulative percentages of policyholders taking withdrawals. [3] Range represents assumed cumulative annual amount withdrawn by policyholders. [4] Range represents assumed annual percentages of full surrender of the underlying variable annuity contracts across all policy durations for in force business. [5] Range represents assumed cumulative percentages of policyholders that would elect to reset their guaranteed benefit base. [6] Range represents implied market volatilities for equity indices based on multiple pricing sources. Separate Account Assets Separate account assets are primarily invested in mutual funds. Other separate account assets include fixed maturities, limited partnerships, equity securities, short-term investments and derivatives that are valued in the same manner, and using the same pricing sources and inputs, as those investments held by the Company. For limited partnerships in which fair value represents the separate account’s share of the NAV, 39% and 30% were subject to significant liquidation restrictions due to lock-up or gating provisions as of December 31, 2016 and December 31, 2015 , respectively. Total limited partnerships that do not allow any form of redemption were 11% and 2% , as of December 31, 2016 and December 31, 2015 , respectively. Separate account assets classified as Level 3 primarily include long-dated bank loans, subprime RMBS, and commercial mortgage loans. Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs The Company uses derivative instruments to manage the risk associated with certain assets and liabilities. However, the derivative instrument may not be classified with the same fair value hierarchy level as the associated asset or liability. Therefore, the realized and unrealized gains and losses on derivatives reported in the Level 3 roll-forward may be offset by realized and unrealized gains and losses of the associated assets and liabilities in other line items of the financial statements. Fair Value Roll-forwards for Financial Instruments Classified as Level 3 for the Year Ended December 31, 2016 Total realized/unrealized gains (losses) Fair value as of January 1, 2016 Included in net income [1] [2] [6] Included in OCI [3] Purchases Settlements Sales Transfers into Level 3 [4] Transfers out of Level 3 [4] Fair value as of December 31, 2016 Assets Fixed Maturities, AFS ABS $ 5 $ — $ — $ 35 $ (2 ) $ (2 ) $ 5 $ (4 ) $ 37 CDOs 330 (1 ) (14 ) 62 (117 ) — — — 260 CMBS 62 — (2 ) 43 (13 ) (2 ) — (67 ) 21 Corporate 534 (6 ) 10 87 (63 ) (126 ) 368 (238 ) 566 Foreign Govt./Govt. Agencies 17 — 1 8 (4 ) (5 ) — — 17 Municipal 49 — — 16 (1 ) — 8 — 72 RMBS 628 (1 ) 4 268 (154 ) (26 ) 2 (10 ) 711 Total Fixed Maturities, AFS 1,625 (8 ) (1 ) 519 (354 ) (161 ) 383 (319 ) 1,684 Fixed Maturities, FVO 2 — — 1 — (1 ) — (2 ) — Equity Securities, AFS 38 (1 ) 6 4 — (3 ) — — 44 Freestanding Derivatives Equity — (8 ) — 8 — — — — — Interest rate (29 ) (1 ) — — — — — — (30 ) GMWB hedging instruments 135 (60 ) — — — — — 6 81 Macro hedge program 147 (38 ) — 63 (6 ) — — 1 167 Total Freestanding Derivatives [5] 253 (107 ) — 71 (6 ) — — 7 218 Reinsurance Recoverable for GMWB 83 (24 ) — — 14 — — — 73 Separate Accounts 139 (1 ) (3 ) 320 (15 ) (78 ) 17 (178 ) 201 Total Assets $ 2,140 $ (141 ) $ 2 $ 915 $ (361 ) $ (243 ) $ 400 $ (492 ) $ 2,220 (Liabilities) Other Policyholder Funds and Benefits Payable Guaranteed Withdrawal Benefits (262 ) 88 — — (67 ) — — — (241 ) Equity Linked Notes (26 ) (7 ) — — — — — — (33 ) Total Other Policyholder Funds and Benefits Payable (288 ) 81 — — (67 ) — — — (274 ) Total Liabilities $ (288 ) $ 81 $ — $ — $ (67 ) $ — $ — $ — $ (274 ) Fair Value Roll-forwards for Financial Instruments Classified as Level 3 for the Year Ended December 31, 2015 Total realized/unrealized gains (losses) Fair value as of January 1, 2015 Included in net income [1] [2] [6] Included in OCI [3] Purchases Settlements Sales Transfers into Level 3 [4] Transfers out of Level 3 [4] Fair value as of December 31, 2015 Assets Fixed Maturities, AFS ABS $ 82 $ — $ (2 ) $ 22 $ — $ (6 ) $ 1 $ (92 ) $ 5 CDOs 360 (1 ) 3 — (26 ) — — (6 ) 330 CMBS 119 — (5 ) 18 (36 ) (3 ) 4 (35 ) 62 Corporate 646 (18 ) (38 ) 45 (21 ) (43 ) 99 (136 ) 534 Foreign Govt./Govt. Agencies 30 — (3 ) 5 (3 ) (15 ) 3 — 17 Municipal 54 — (5 ) — — — — — 49 RMBS 734 (2 ) (2 ) 154 (126 ) (127 ) 16 (19 ) 628 Total Fixed Maturities, AFS 2,025 (21 ) (52 ) 244 (212 ) (194 ) 123 (288 ) 1,625 Fixed Maturitie |
Investment Holding Level 1 (Not
Investment Holding Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Investments [Abstract] | |
Investment Holdings [Text Block] | Net Investment Income (Loss) For the years ended December 31, (Before-tax) 2016 2015 2014 Fixed maturities [1] $ 1,049 $ 1,095 $ 1,113 Equity securities 8 7 14 Mortgage loans 135 152 156 Policy loans 83 82 80 Limited partnerships and other alternative investments 86 97 141 Other investments [2] 64 82 111 Investment expenses (52 ) (59 ) (72 ) Total net investment income $ 1,373 $ 1,456 $ 1,543 [1] Includes net investment income on short-term investments. [2] Includes income from derivatives that hedge fixed maturities and qualify for hedge accounting. Net Realized Capital Gains (Losses) For the years ended December 31, (Before-tax) 2016 2015 2014 Gross gains on sales $ 211 $ 239 $ 264 Gross losses on sales (93 ) (211 ) (235 ) Net OTTI losses recognized in earnings (28 ) (61 ) (29 ) Valuation allowances on mortgage loans — (4 ) (4 ) Japanese fixed annuity contract hedges, net — — (14 ) Results of variable annuity hedge program GMWB derivatives, net (38 ) (87 ) 5 Macro hedge program (163 ) (46 ) (11 ) Total U.S. program (201 ) (133 ) (6 ) International Program — — (126 ) Total results of variable annuity hedge program (201 ) (133 ) (132 ) GMAB/GMWB reinsurance — — 579 Modified coinsurance reinsurance contracts (12 ) 46 395 Transactional foreign currency revaluation (70 ) (4 ) — Non-qualifying foreign currency derivatives 57 (16 ) (122 ) Other, net [1] (27 ) (2 ) (125 ) Net realized capital losses $ (163 ) $ (146 ) $ 577 [1] Includes non-qualifying derivatives, excluding variable annuity hedge program and foreign currency derivatives, of $(12) , $46 , and $972 , respectively for 2016 , 2015 and 2014 . Net realized capital gains and losses from investment sales are reported as a component of revenues and are determined on a specific identification basis. Before tax, net gains and losses on sales and impairments previously reported as unrealized gains or losses in AOCI were $89 , $(27) and $1 for the years ended December 31, 2016 , 2015 and 2014 , respectively. Sales of AFS Securities For the years ended December 31, 2016 2015 2014 Fixed maturities, AFS Sale proceeds $ 7,409 $ 9,454 $ 9,084 Gross gains 206 195 210 Gross losses (85 ) (161 ) (183 ) Equity securities, AFS Sale proceeds $ 321 $ 586 $ 107 Gross gains 4 26 9 Gross losses (8 ) (26 ) (6 ) Sales of AFS securities in 2016 were primarily a result of duration and liquidity management, as well as tactical changes to the portfolio as a result of changing market conditions. Recognition and Presentation of Other-Than-Temporary Impairments The Company will record an other-than-temporary impairment (“OTTI”) for fixed maturities and certain equity securities with debt-like characteristics (collectively “debt securities”) if the Company intends to sell or it is more likely than not that the Company will be required to sell the security before a recovery in value. A corresponding charge is recorded in net realized capital losses equal to the difference between the fair value and amortized cost basis of the security. The Company will also record an OTTI for those debt securities for which the Company does not expect to recover the entire amortized cost basis. For these securities, the excess of the amortized cost basis over its fair value is separated into the portion representing a credit OTTI, which is recorded in net realized capital losses, and the remaining non-credit amount, which is recorded in OCI. The credit OTTI amount is the excess of its amortized cost basis over the Company’s best estimate of discounted expected future cash flows. The non-credit amount is the excess of the best estimate of the discounted expected future cash flows over the fair value. The Company’s best estimate of discounted expected future cash flows becomes the new cost basis and accretes prospectively into net investment income over the estimated remaining life of the security. The Company’s best estimate of expected future cash flows is a quantitative and qualitative process that incorporates information received from third-party sources along with certain internal assumptions regarding the future performance. The Company considers, but is not limited to (a) changes in the financial condition of the issuer and the underlying collateral, (b) whether the issuer is current on contractually obligated interest and principal payments, (c) credit ratings, (d) payment structure of the security and (e) the extent to which the fair value has been less than the amortized cost of the security. For non-structured securities, assumptions include, but are not limited to, economic and industry-specific trends and fundamentals, security-specific developments, industry earnings multiples and the issuer’s ability to restructure and execute asset sales. For structured securities, assumptions include, but are not limited to, various performance indicators such as historical and projected default and recovery rates, credit ratings, current and projected delinquency rates, loan-to-value ("LTV") ratios, average cumulative collateral loss rates that vary by vintage year, prepayment speeds, and property value declines. These assumptions require the use of significant management judgment and include the probability of issuer default and estimates regarding timing and amount of expected recoveries which may include estimating the underlying collateral value. The Company will also record an OTTI for equity securities where the decline in the fair value is deemed to be other-than-temporary. A corresponding charge is recorded in net realized capital losses equal to the difference between the fair value and cost basis of the security. The previous cost basis less the impairment becomes the new cost basis. The Company’s evaluation and assumptions used to determine an equity OTTI include, but is not limited to, (a) the length of time and extent to which the fair value has been less than the cost of the security, (b) changes in the financial condition, credit rating and near-term prospects of the issuer, (c) whether the issuer is current on preferred stock dividends and (d) the intent and ability of the Company to retain the investment for a period of time sufficient to allow for recovery. For the remaining equity securities which are determined to be temporarily impaired, the Company asserts its intent and ability to retain those equity securities until the price recovers. Impairments in Earnings by Type For the years ended December 31, 2016 2015 2014 Intent-to-sell impairments $ 4 $ 24 $ 11 Credit impairments 22 23 16 Impairments on equity securities 2 14 1 Other impairments — — 1 Total impairments $ 28 $ 61 $ 29 Cumulative Credit Impairments For the years ended December 31, (Before-tax) 2016 2015 2014 Balance as of beginning of period $ (211 ) $ (296 ) $ (410 ) Additions for credit impairments recognized on [1]: Securities not previously impaired (9 ) (11 ) (7 ) Securities previously impaired (13 ) (12 ) (9 ) Reductions for credit impairments previously recognized on: Securities that matured or were sold during the period 44 58 111 Securities the Company made the decision to sell or more likely than not will be required to sell — 1 — Securities due to an increase in expected cash flows 19 49 $ 19 Balance as of end of period $ (170 ) $ (211 ) $ (296 ) [1] These additions are included in the net OTTI losses recognized in earnings in the Consolidated Statements of Operations. Available-for-Sale Securities AFS Securities by Type December 31, 2016 December 31, 2015 Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Non-Credit OTTI [1] Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Non-Credit OTTI [1] ABS $ 1,011 $ 9 $ (27 ) $ 993 $ — $ 864 $ 16 $ (34 ) $ 846 $ — CDOs [2] 893 49 (2 ) 940 — 1,354 67 (11 ) 1,408 — CMBS 2,135 45 (34 ) 2,146 (1 ) 1,936 52 (24 ) 1,964 (3 ) Corporate 13,677 1,111 (95 ) 14,693 — 14,425 975 (225 ) 15,175 (3 ) Foreign govt./govt. agencies 337 18 (10 ) 345 — 328 14 (11 ) 331 — Municipal 1,098 97 (6 ) 1,189 — 1,057 80 (5 ) 1,132 — RMBS 1,742 34 (16 ) 1,760 — 1,468 43 (8 ) 1,503 — U.S. Treasuries 1,614 153 (14 ) 1,753 — 2,127 184 (13 ) 2,298 — Total fixed maturities, AFS 22,507 1,516 (204 ) 23,819 (1 ) 23,559 1,431 (331 ) 24,657 (6 ) Equity securities, AFS [3] 142 12 (2 ) 152 — 178 11 (11 ) 178 — Total AFS securities $ 22,649 $ 1,528 $ (206 ) $ 23,971 $ (1 ) $ 23,737 $ 1,442 $ (342 ) $ 24,835 $ (6 ) [1] Represents the amount of cumulative non-credit OTTI losses recognized in OCI on securities that also had credit impairments. These losses are included in gross unrealized losses as of December 31, 2016 and 2015 . [2] Gross unrealized gains (losses) exclude the fair value of bifurcated embedded derivatives within certain securities. Subsequent changes in value are recorded in net realized capital gains (losses). [3] Excludes equity securities, FVO, with a cost and fair value of $293 and $281 , respectively, as of December 31, 2015 . The Company held no equity securities, FVO as of December 31, 2016 . Fixed maturities, AFS, by Contractual Maturity Year December 31, 2016 December 31, 2015 Contractual Maturity Amortized Cost Fair Value Amortized Cost Fair Value One year or less $ 722 $ 727 $ 953 $ 974 Over one year through five years 4,184 4,301 4,973 5,075 Over five years through ten years 3,562 3,649 3,650 3,714 Over ten years 8,258 9,303 8,361 9,173 Subtotal 16,726 17,980 17,937 18,936 Mortgage-backed and asset-backed securities 5,781 5,839 5,622 5,721 Total fixed maturities, AFS $ 22,507 $ 23,819 $ 23,559 $ 24,657 Estimated maturities may differ from contractual maturities due to security call or prepayment provisions. Due to the potential for variability in payment speeds (i.e. prepayments or extensions), mortgage-backed and asset-backed securities are not categorized by contractual maturity. Concentration of Credit Risk The Company aims to maintain a diversified investment portfolio including issuer, sector and geographic stratification, where applicable, and has established certain exposure limits, diversification standards and review procedures to mitigate credit risk. The Company had no investment exposure to any credit concentration risk of a single issuer greater than 10% of the Company's stockholder's equity , other than the U.S. government and certain U.S. government securities as of December 31, 2016 or December 31, 2015 . As of December 31, 2016 , other than U.S. government and certain U.S. government agencies, the Company’s three largest exposures by issuer were National Grid plc, HSBC Holdings plc, and Oracle Corp., which each comprised less than 1% of total invested assets. As of December 31, 2015 , other than U.S. government and certain U.S. government agencies, the Company’s three largest exposures by issuer were Morgan Stanley, Verizon Communications Inc., and Bank of America Corp., which each comprised less than 1% of total invested assets. The Company’s three largest exposures by sector as of December 31, 2016 , were financial services, utilities, and consumer non-cyclical which comprised approximately 10% , 9% and 7% , respectively, of total invested assets. The Company’s three largest exposures by sector as of December 31, 2015 were financial services, utilities, and consumer non-cyclical which comprised approximately 11% , 8% and 7% , respectively, of total invested assets. Unrealized Losses on AFS Securities Unrealized Loss Aging for AFS securities by Type and Length of Time December 31, 2016 Less Than 12 Months 12 Months or More Total Amortized Cost Fair Value Unrealized Losses Amortized Cost Fair Value Unrealized Losses Amortized Cost Fair Value Unrealized Losses ABS $ 249 $ 248 $ (1 ) $ 265 $ 239 $ (26 ) $ 514 $ 487 $ (27 ) CDOs [1] 325 325 — 210 208 (2 ) 535 533 (2 ) CMBS 1,058 1,030 (28 ) 139 133 (6 ) 1,197 1,163 (34 ) Corporate 2,535 2,464 (71 ) 402 378 (24 ) 2,937 2,842 (95 ) Foreign govt./govt. agencies 164 155 (9 ) 6 5 (1 ) 170 160 (10 ) Municipal 166 160 (6 ) — — — 166 160 (6 ) RMBS 548 535 (13 ) 198 195 (3 ) 746 730 (16 ) U.S. Treasuries 385 371 (14 ) — — — 385 371 (14 ) Total fixed maturities, AFS 5,430 5,288 (142 ) 1,220 1,158 (62 ) 6,650 6,446 (204 ) Equity securities, AFS [2] 59 57 (2 ) 5 5 — 64 62 (2 ) Total securities in an unrealized loss position $ 5,489 $ 5,345 $ (144 ) $ 1,225 $ 1,163 $ (62 ) $ 6,714 $ 6,508 $ (206 ) December 31, 2015 Less Than 12 Months 12 Months or More Total Amortized Cost Fair Value Unrealized Losses Amortized Cost Fair Value Unrealized Losses Amortized Cost Fair Value Unrealized Losses ABS $ 387 $ 385 $ (2 ) $ 271 $ 239 $ (32 ) $ 658 $ 624 $ (34 ) CDOs [1] 608 602 (6 ) 500 493 (5 ) 1,108 1,095 (11 ) CMBS 655 636 (19 ) 99 94 (5 ) 754 730 (24 ) Corporate 4,880 4,696 (184 ) 363 322 (41 ) 5,243 5,018 (225 ) Foreign govt./govt. agencies 144 136 (8 ) 30 27 (3 ) 174 163 (11 ) Municipal 179 174 (5 ) — — — 179 174 (5 ) RMBS 280 279 (1 ) 230 223 (7 ) 510 502 (8 ) U.S. Treasuries 963 950 (13 ) 8 8 — 971 958 (13 ) Total fixed maturities, AFS 8,096 7,858 (238 ) 1,501 1,406 (93 ) 9,597 9,264 (331 ) Equity securities, AFS [2] 83 79 (4 ) 44 37 (7 ) 127 116 (11 ) Total securities in an unrealized loss position $ 8,179 $ 7,937 $ (242 ) $ 1,545 $ 1,443 $ (100 ) $ 9,724 $ 9,380 $ (342 ) [1] Unrealized losses exclude the change in fair value of bifurcated embedded derivatives within certain securities for which changes in fair value are recorded in net realized capital gains (losses). [2] As of December 31, 2016 and 2015 , excludes equity securities, FVO which are included in equity securities, AFS on the Consolidated Balance Sheets. As of December 31, 2016 , AFS securities in an unrealized loss position consisted of 1,897 securities, primarily in the corporate sector, which were depressed primarily due to an increase in interest rates and/or widening of credit spreads since the securities were purchased. As of December 31, 2016 , 95% of these securities were depressed less than 20% of cost or amortized cost. The decrease in unrealized losses during 2016 was primarily attributable to tighter credit spreads , partially offset by higher interest rates. Most of the securities depressed for twelve months or more primarily relate to student loan ABS and corporate securities concentrated in the financial services and energy sectors. Corporate financial services securities and student loan ABS were primarily depressed because the securities have floating-rate coupons and have long-dated maturities, and current credit spreads are wider than when these securities were purchased. Corporate securities within the energy sector are primarily depressed due to a lower level of oil prices. The Company neither has an intention to sell nor does it expect to be required to sell the securities outlined in the preceding discussion. Mortgage Loans Mortgage Loan Valuation Allowances Commercial mortgage loans are considered to be impaired when management estimates that, based upon current information and events, it is probable that the Company will be unable to collect amounts due according to the contractual terms of the loan agreement. The Company reviews mortgage loans on a quarterly basis to identify potential credit losses. Among other factors, management reviews current and projected macroeconomic trends, such as unemployment rates, and property-specific factors such as rental rates, occupancy levels, LTV ratios and debt service coverage ratios (“DSCR”). In addition, the Company considers historical, current and projected delinquency rates and property values. Estimates of collectibility require the use of significant management judgment and include the probability and timing of borrower default and loss severity estimates. In addition, cash flow projections may change based upon new information about the borrower's ability to pay and/or the value of underlying collateral such as changes in projected property value estimates. For mortgage loans that are deemed impaired, a valuation allowance is established for the difference between the carrying amount and estimated value. The mortgage loan's estimated value is most frequently the Company's share of the fair value of the collateral but may also be the Company’s share of either (a) the present value of the expected future cash flows discounted at the loan’s effective interest rate or (b) the loan’s observable market price. A valuation allowance may be recorded for an individual loan or for a group of loans that have an LTV ratio of 90% or greater, a low DSCR or have other lower credit quality characteristics. Changes in valuation allowances are recorded in net realized capital gains and losses. Interest income on impaired loans is accrued to the extent it is deemed collectible and the borrowers continue to make payments under the original or restructured loan terms. The Company stops accruing interest income on loans when it is probable that the Company will not receive interest and principal payments according to the contractual terms of the loan agreement. The company resumes accruing interest income when it determines that sufficient collateral exists to satisfy the full amount of the loan principal and interest payments and when it is probable cash will be received in the foreseeable future. Interest income on defaulted loans is recognized when received. As of December 31, 2016 , commercial mortgage loans had an amortized cost of $2.8 billion , with a valuation allowance of $19 and a carrying value of $2.8 billion . As of December 31, 2015 , commercial mortgage loans had an amortized cost of $2.9 billion , with a valuation allowance of $19 and a carrying value of $2.9 billion . Amortized cost represents carrying value prior to valuation allowances, if any. As of December 31, 2016 and 2015 , the carrying value of mortgage loans that had a valuation allowance was $31 and $39 , respectively. There were no mortgage loans held-for-sale as of December 31, 2016 or December 31, 2015 . As of December 31, 2016 , the Company had an immaterial amount of mortgage loans that have had extensions or restructurings other than what is allowable under the original terms of the contract. Valuation Allowance Activity For the years ended December 31, 2016 2015 2014 Balance as of January 1 $ (19 ) $ (15 ) $ (12 ) (Additions)/Reversals — (4 ) (4 ) Deductions — — 1 Balance as of December 31 $ (19 ) $ (19 ) $ (15 ) The weighted-average LTV ratio of the Company’s commercial mortgage loan portfolio was 51% as of December 31, 2016 , while the weighted-average LTV ratio at origination of these loans was 63% . LTV ratios compare the loan amount to the value of the underlying property collateralizing the loan. The loan collateral values are updated no less than annually through reviews of the underlying properties. Factors considered in estimating property values include, among other things, actual and expected property cash flows, geographic market data and the ratio of the property's net operating income to its value. DSCR compares a property’s net operating income to the borrower’s principal and interest payments. The weighted average DSCR of the Company’s commercial mortgage loan portfolio was 2.55x as of December 31, 2016 . As of December 31, 2016 and December 31, 2015 , the Company held one delinquent commercial mortgage loan past due by 90 days or more. The loan had a total carrying value and valuation allowance of $15 and $16 , respectively, and was not accruing income. Commercial Mortgage Loans Credit Quality December 31, 2016 December 31, 2015 Loan-to-value Carrying Value Avg. Debt-Service Coverage Ratio Carrying Value Avg. Debt-Service Coverage Ratio Greater than 80% $ 20 0.59x $ 15 0.91x 65% - 80% 182 2.17x 280 1.78x Less than 65% 2,609 2.61x 2,623 2.54x Total commercial mortgage loans $ 2,811 2.55x $ 2,918 2.45x Mortgage Loans by Region December 31, 2016 December 31, 2015 Carrying Value Percent of Total Carrying Value Percent of Total East North Central $ 54 1.9 % $ 66 2.3 % East South Central 14 0.5 % 14 0.5 % Middle Atlantic 237 8.4 % 210 7.2 % New England 93 3.3 % 163 5.6 % Pacific 814 29.0 % 933 32.0 % South Atlantic 613 21.8 % 579 19.8 % West South Central 128 4.6 % 125 4.3 % Other [1] 858 30.5 % 828 28.3 % Total mortgage loans $ 2,811 100 % $ 2,918 100 % [1] Primarily represents loans collateralized by multiple properties in various regions. Mortgage Loans by Property Type December 31, 2016 December 31, 2015 Carrying Value Percent of Total Carrying Value Percent of Total Commercial Agricultural $ 16 0.6 % $ 16 0.5 % Industrial 793 28.2 % 829 28.4 % Lodging 25 0.9 % 26 0.9 % Multifamily 535 19.0 % 557 19.1 % Office 605 21.5 % 729 25.0 % Retail 611 21.8 % 650 22.3 % Other 226 8.0 % 111 3.8 % Total mortgage loans $ 2,811 100 % $ 2,918 100 % Variable Interest Entities The Company is engaged with various special purpose entities and other entities that are deemed to be VIEs primarily as an investor through normal investment activities but also as an investment manager and as a means of accessing capital through a contingent capital facility ("the facility"). A VIE is an entity that either has investors that lack certain essential characteristics of a controlling financial interest, such as simple majority kick-out rights, or lacks sufficient funds to finance its own activities without financial support provided by other entities. The Company performs ongoing qualitative assessments of its VIEs to determine whether the Company has a controlling financial interest in the VIE and therefore is the primary beneficiary. The Company is deemed to have a controlling financial interest when it has both the ability to direct the activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE. Based on the Company’s assessment, if it determines it is the primary beneficiary, the Company consolidates the VIE in the Company’s Consolidated Financial Statements. Consolidated VIEs The following table presents the carrying value of assets and liabilities, and the maximum exposure to loss relating to the VIEs for which the Company is the primary beneficiary. Creditors have no recourse against the Company in the event of default by these VIEs nor does the Company have any implied or unfunded commitments to these VIEs. The Company’s financial or other support provided to these VIEs is limited to its collateral or investment management services and original investment. Since December 31, 2015 , the Company has disposed of the VIEs for which it was the primary beneficiary. Consolidated VIEs December 31, 2016 December 31, 2015 Total Assets Total Liabilities [1] Maximum Exposure to Loss [2] Total Assets Total Liabilities [1] Maximum Exposure to Loss [2] Investment funds [3] $ — $ — $ — $ 52 $ 11 $ 42 Limited partnerships and other alternative investments [4] — — — 2 1 1 Total $ — $ — $ — $ 54 $ 12 $ 43 [1] Included in other liabilities on the Company’s Consolidated Balance Sheets. [2] The maximum exposure to loss represents the maximum loss amount that the Company could recognize as a reduction in net investment income or as a realized capital loss and is the cost basis of the Company’s investment. [3] Total assets included in fixed maturities, FVO, short-term investments, and equity, AFS on the Company's Consolidated Balance Sheets. [4] Total assets included in limited partnerships and other alternative investments on the Company's Consolidated Balance Sheets. Non-Consolidated VIEs The Company, through normal investment activities, makes passive investments in limited partnerships and other alternative investments. Upon the adoption of the new consolidation guidance discussed above, these investments are now considered VIEs. For these non-consolidated VIEs, the Company has determined it is not the primary beneficiary as it has no ability to direct activities that could significantly affect the economic performance of the investments. The Company’s maximum exposure to loss as of December 31, 2016 and December 31, 2015 is limited to the total carrying value of $859 and $729 , respectively, which are included in limited partnerships and other alternative investments in the Company's Consolidated Balance Sheets. As of December 31, 2016 and December 31, 2015 , the Company has outstanding commitments totaling $497 and $299 , respectively, whereby the Company is committed to fund these investments and may be called by the partnership during the commitment period to fund the purchase of new investments and partnership expenses. These investments are generally of a passive nature in that the Company does not take an active role in management. In addition, the Company also makes passive investments in structured securities issued by VIEs for which the Company is not the manager and, therefore does not consolidate. These investments are included in ABS, CDOs, CMBS and RMBS in the Available-for-Sale Securities table and fixed maturities, FVO, in the Company’s Consolidated Balance Sheets. The Company has not provided financial or other support with respect to these investments other than its original investment. For these investments, the Company determined it is not the primary beneficiary due to the relative size of the Company’s investment in comparison to the principal amount of the structured securities issued by the VIEs, the level of credit subordination which reduces the Company’s obligation to absorb losses or right to receive benefits and the Company’s inability to direct the activities that most significantly impact the economic performance of the VIEs. The Company’s maximum exposure to loss on these investments is limited to the amount of the Company’s investment. Securities Lending, Repurchase Agreements and Other Collateral Transactions The Company enters into securities financing transactions as a way to earn income on securities loaned (securities lending) or on securities sold and repurchased (repurchase agreements). Under a securities lending program, the Company lends certain fixed maturities within the corporate, foreign government/government agencies, and municipal sectors as well as equity securities to qualifying third-party borrowers in return for collateral in the form of cash or securities. For domestic and non-domestic loaned securities, respectively, borrowers provide collateral of 102% and 105% of the fair value of the securities lent at the time of the loan. Borrowers will return the securities to the Company for cash or securities collateral at maturity dates generally of 90 days or less. Security collateral on deposit from counterparties in connection with securities lending transactions may not be sold or re-pledged, except in the event of default by the counterparty, and is not reflected on the Company’s consolidated balance sheets. Additional collateral is obtained if the fair value of the collateral falls below 100% of the fair value of the loaned securities. The agreements provide the counterparty the right to sell or re-pledge the securities loaned. If cash, rather than securities, is received as collateral, the cash is typically invested in short-term investments or fixed maturities and is reported as an asset on the consolidated balance sheets. Income associated with securities lending transactions is reported as a component of net investment income on the Company’s consolidated statements of operations. As of December 31, 2016 , the fair value of securities on loan and the associated liability for cash collateral received was $435 and $420 , respectively. The Company also received securities collateral of $26 which was not included in the Company's Consolidated Balance Sheets. As of December 31, 2015 , the fair value of securities on loan and the associated liability for cash collateral received was $15 and $15 , respectively. From time to time, the Company enters into repurchase agreements to manage liquidity or to earn incremental spread income. A repurchase agreement is a transaction in which one party (transferor) agrees to sell securities to another party (transferee) in return for cash (or securities), with a simultaneous agreement to repurchase the same securities at a specified price at a later date. A dollar roll is a type of repurchase agreement where a mortgage backed security is sold with an agreement to repurchase substantially the same security at a specified date in the future. These transactions generally have a contractual maturity of ninety days or less. Under repurchase agreements, the Company transfers collateral of U.S. government and government agency securities and receives cash. For repurchase agreements, the Company obtains cash in an amount equal to at least 95% of the fair value of the securities transferred. The agreements require additional collateral to be transferred when necessary and provide the counterparty the right to sell or re-pledge the securities transferred. The cash received from the repurchase program is typically invested in short-term investments or fixed maturities and is reported as an asset on the Company's consolidated balance sheets. Repurchase agreements include master netting provisions that provide both counterparties the right to offset claims and apply securities held by them with respect to their obligations in the event of a default. Although the Company has the contractual right to offset claims, fixed maturities do not meet the specific conditions for net presentation under U.S. GAAP. The Company accounts for the repurchase agreements as collateralized borrowings. The securities transferred under repurchase agreements are included in fixed maturities, AFS with the obligation to repurchase those securities recorded in other liabilities on the Company's Consolidated Balance Sheets. As of December 31, 2016 , the Company reported in fixed maturities, AFS on the Consolidated Balance Sheets financial collateral pledged relating to repurchase agreements of $112 in fixed maturities, AFS and $9 in cash. The Company reported a corresponding obligation to repurchase the pledged securities of $118 in other liabilities on the Consolidated Balance Sheets. As of December 31, 2015 , the Company reported in financial collateral pledged relating to repurchase agreements of $249 . The Company reported a corresponding obligation to repurchase the pledged securities of $249 in other liabilities on the Consolidated Balance Sheets. The Company had no outstanding dollar roll transactions as of December 31, 2016 or December 31, 2015 . The Company is required by law to deposit securities with government agencies in certain states in which it conducts business. As of December 31, 2016 and 2015 the fair value of securities on deposit was approximately $21 and $14 , respectively. For disclosure of collateral in support of derivative transactions, refer to the Derivative Collateral Arrangements section of Note 4 - Derivative Instruments. Equity Method Investments The majority of the Company's investments in limited partnerships and other alternative investments, including hedge funds, mortgage and real estate funds, and private equity and other funds (collectively, “limited partnerships”), are accounted for under the equity method of accounting. The Company’s maximum exposure to loss as of December 31, 2016 is limited to the total carrying value of $930 . In addition, the Company has outstanding commitments totaling approximately $497 , to fund limited partnership and other alternative investments as of December 31, 2016 . The Company’s investments in limited partnerships are generally of a passive nature in that the Company does not take an active role in the management of the limited partnerships. In 2016 , aggregate investment income (losses) from limited partnerships and other alternative investments exceeded 10% of the Company’s pre-tax consolidated net income. Accordingly, the Company is disclosing aggregated summarized financial data for the Company’s limited partnership investments. This aggregated summarized financial data does not represent the Company’s proportionate share of limited partnership assets or earnings. Aggregate total assets of the limited partnerships in which the Company invested totaled $100.6 billion and $82.2 billion as of December 31, 2016 and 2015 , respectively. Aggregate total liabilities of the limited partnerships in which the Company invested totaled $17.6 billion and $14.0 billion as of December 31, 2016 and 2015 , respectively. Aggregate net investment income (loss) of the limited partnerships in which the Company invested totaled $0.9 billion , $0.8 billion and $3.5 billion for the periods |
Derivative Instruments Level 1
Derivative Instruments Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Derivative Instruments The Company utilizes a variety of OTC, OTC-cleared and exchange traded derivative instruments as a part of its overall risk management strategy as well as to enter into replication transactions. Derivative instruments are used to manage risk associated with interest rate, equity market, commodity market, credit spread, issuer default, price, and currency exchange rate risk or volatility. Replication transactions are used as an economical means to synthetically replicate the characteristics and performance of assets that are permissible investments under the Company’s investment policies. The Company also may enter into and has previously issued financial instruments and products that either are accounted for as free-standing derivatives, such as certain reinsurance contracts, or as embedded derivative instruments, such as certain GMWB riders included with certain variable annuity products. Strategies that Qualify for Hedge Accounting Some of the Company's derivatives satisfy hedge accounting requirements as outlined in Note 1 of these financial statements. Typically, these hedging instruments include interest rate swaps and, to a lesser extent, foreign currency swaps where the terms or expected cash flows of the hedged item closely match the terms of the swap. The interest rate swaps are typically used to manage interest rate duration of certain fixed maturity securities or liability contracts. The hedge strategies by hedge accounting designation include: Cash Flow Hedges Interest rate swaps are predominantly used to manage portfolio duration and better match cash receipts from assets with cash disbursements required to fund liabilities. These derivatives primarily convert interest receipts on floating-rate fixed maturity securities to fixed rates. The Company also enters into forward starting swap agreements to hedge the interest rate exposure related to the future purchase of fixed-rate securities, primarily to hedge interest rate risk inherent in the assumptions used to price certain product liabilities. Foreign currency swaps are used to convert foreign currency-denominated cash flows related to certain investment receipts and liability payments to U.S. dollars in order to reduce cash flow fluctuations due to changes in currency rates. Fair Value Hedges Interest rate swaps are used to hedge the changes in fair value of fixed maturity securities due to fluctuations in interest rates. These swaps are typically used to manage interest rate duration. Non-qualifying Strategies Derivative relationships that do not qualify for hedge accounting (“non-qualifying strategies”) primarily include the hedge program for the Company's variable annuity products as well as the hedging and replication strategies that utilize credit default swaps. In addition, hedges of interest rate, foreign currency and equity risk of certain fixed maturities, equities and liabilities do not qualify for hedge accounting. The non-qualifying strategies include: Interest Rate Swaps, Swaptions, and Futures The Company uses interest rate swaps, swaptions, and futures to manage interest rate duration between assets and liabilities in certain investment portfolios. In addition, the Company enters into interest rate swaps to terminate existing swaps, thereby offsetting the changes in value of the original swap. As of December 31, 2016 and 2015 , the notional amount of interest rate swaps in offsetting relationships was $2.7 billion and $4.6 billion , respectively. Foreign Currency Swaps and Forwards Foreign currency forwards are used to hedge non-U.S. dollar denominated cash and equity securities. The Company also enters into foreign currency swaps and forwards to convert the foreign currency exposures of certain foreign currency-denominated fixed maturity investments to U.S. dollars. Fixed Payout Annuity Hedge The Company has obligations for certain yen denominated fixed payout annuities under an assumed reinsurance contract. The Company invests in U.S. dollar denominated assets to support the assumed reinsurance liability. The Company has in place pay U.S. dollar, receive yen swap contracts to hedge the currency and yen interest rate exposure between the U.S. dollar denominated assets and the yen denominated fixed liability reinsurance payments. Credit Contracts Credit default swaps are used to purchase credit protection on an individual entity or referenced index to economically hedge against default risk and credit-related changes in the value of fixed maturity securities. Credit default swaps are also used to assume credit risk related to an individual entity or referenced index as a part of replication transactions. These contracts require the Company to pay or receive a periodic fee in exchange for compensation from the counterparty should the referenced security issuers experience a credit event, as defined in the contract. The Company is also exposed to credit risk related to certain structured fixed maturity securities that have embedded credit derivatives, which reference a standard index of corporate securities. In addition, the Company enters into credit default swaps to terminate existing credit default swaps, thereby offsetting the changes in value of the original swap going forward. Equity Index Swaps and Options The Company enters into equity index options to hedge the impact of a decline in the equity markets on the investment portfolio. During 2015, the Company entered into a total return swap to hedge equity risk of specific common stock investments which were accounted for using fair value option in order to align the accounting treatment within net realized capital gains (losses). The swap matured in January 2016 and the specific common stock investments were sold at that time. In addition, the Company formerly offered certain equity indexed products that remain in force, a portion of which contain embedded derivatives that require changes in value to be bifurcated from the host contract. The Company uses equity index swaps to economically hedge the equity volatility risk associated with the equity indexed products. Commodity Contracts The Company has used put option contracts on oil futures to partially offset potential losses related to certain fixed maturity securities that could be impacted by changes in oil prices. These options were terminated at the end of 2015. GMWB Derivatives, net The Company formerly offered certain variable annuity products with GMWB riders. The GMWB product is a bifurcated embedded derivative (“GMWB product derivatives”) that has a notional value equal to the GRB. The Company uses reinsurance contracts to transfer a portion of its risk of loss due to GMWB. The reinsurance contracts covering GMWB (“GMWB reinsurance contracts”) are accounted for as free-standing derivatives with a notional amount equal to the GRB reinsured. The Company utilizes derivatives (“GMWB hedging instruments”) as part of a dynamic hedging program designed to hedge a portion of the capital market risk exposures of the non-reinsured GMWB riders. The GMWB hedging instruments hedge changes in interest rates, equity market levels, and equity volatility. These derivatives include customized swaps, interest rate swaps and futures, and equity swaps, options and futures, on certain indices including the S&P 500 index, EAFE index and NASDAQ index. The Company retains the risk for differences between assumed and actual policyholder behavior and between the performance of the actively managed funds underlying the separate accounts and their respective indices. The following table presents notional and fair value for GMWB hedging instruments. Notional Amount Fair Value December 31, 2016 December 31, 2015 December 31, 2016 December 31, 2015 Customized swaps $ 5,191 $ 5,877 $ 100 $ 131 Equity swaps, options, and futures 1,362 1,362 (27 ) 2 Interest rate swaps and futures 3,703 3,740 21 25 Total $ 10,256 $ 10,979 $ 94 $ 158 Macro Hedge Program The Company utilizes equity swaps, options, futures, and forwards to provide partial protection against the statutory tail scenario risk arising from GMWB and the GMDB liabilities on the Company's statutory surplus. These derivatives cover some of the residual risks not otherwise covered by the dynamic hedging program. Modified Coinsurance Reinsurance Contracts As of December 31, 2016 and 2015 , the Company had approximately $875 and $895 , respectively, of invested assets supporting other policyholder funds and benefits payable reinsured under a modified coinsurance arrangement in connection with the sale of the Individual Life business, which was structured as a reinsurance transaction. The assets are primarily held in a trust established by the Company. The Company pays or receives cash quarterly to settle the operating results of the reinsured business, including the investment results. As a result of this modified coinsurance arrangement, the Company has an embedded derivative that transfers to the reinsurer certain unrealized changes in fair value of investments subject to interest rate and credit risk. The notional amount of the embedded derivative reinsurance contracts are the invested assets which are carried at fair value and support the reinsured reserves. Derivative Balance Sheet Classification For reporting purposes, the Company has elected to offset within assets or liabilities based upon the net of the fair value amounts, income accruals, and related cash collateral receivables and payables of OTC derivative instruments executed in a legal entity and with the same counterparty under a master netting agreement, which provides the Company with the legal right of offset. The Company has also elected to offset within assets or liabilities based upon the net of the fair value amounts, income accruals and related cash collateral receivables and payables of OTC-cleared derivative instruments based on clearing house agreements. The following fair value amounts do not include income accruals or related cash collateral receivables and payables, which are netted with derivative fair value amounts to determine balance sheet presentation. Derivatives in the Company’s separate accounts, where the associated gains and losses accrue directly to policyholders are not included in the table below. The Company’s derivative instruments are held for risk management purposes, unless otherwise noted in the following table. The notional amount of derivative contracts represents the basis upon which pay or receive amounts are calculated and is presented in the table to quantify the volume of the Company’s derivative activity. Notional amounts are not necessarily reflective of credit risk. The following tables exclude investments that contain an embedded credit derivative for which the Company has elected the fair value option. For further discussion, see the Fair Value Option section in Note 2 - Fair Value Measurements of Notes to the Consolidated Financial Statements. Net Derivatives Asset Derivatives Liability Derivatives Notional Amount Fair Value Fair Value Fair Value Hedge Designation/ Derivative Type Dec 31, 2016 Dec 31, 2015 Dec 31, 2016 Dec 31, 2015 Dec 31, 2016 Dec 31, 2015 Dec 31, 2016 Dec 31, 2015 Cash flow hedges Interest rate swaps $ 1,794 $ 1,766 $ 7 $ 38 $ 9 $ 38 $ (2 ) $ — Foreign currency swaps 164 143 (16 ) (19 ) 10 7 (26 ) (26 ) Total cash flow hedges 1,958 1,909 (9 ) 19 19 45 (28 ) (26 ) Fair value hedges Interest rate swaps — 23 — — — — — — Total fair value hedges — 23 — — — — — — Non-qualifying strategies Interest rate contracts Interest rate swaps and futures 2,774 4,710 (411 ) (415 ) 249 285 (660 ) (700 ) Foreign exchange contracts Foreign currency swaps and forwards 382 386 36 4 36 4 — — Fixed payout annuity hedge 804 1,063 (263 ) (357 ) — — (263 ) (357 ) Credit contracts Credit derivatives that purchase credit protection 131 249 (3 ) 10 — 12 (3 ) (2 ) Credit derivatives that assume credit risk [1] 458 1,435 4 (10 ) 5 5 (1 ) (15 ) Credit derivatives in offsetting positions 1,006 1,435 (1 ) (1 ) 16 17 (17 ) (18 ) Equity contracts Equity index swaps and options 100 404 — 15 33 41 (33 ) (26 ) Variable annuity hedge program GMWB product derivatives [2] 13,114 15,099 (241 ) (262 ) — — (241 ) (262 ) GMWB reinsurance contracts 2,709 3,106 73 83 73 83 — — GMWB hedging instruments 10,256 10,979 94 158 190 264 (96 ) (106 ) Macro hedge program 6,532 4,548 178 147 201 179 (23 ) (32 ) Other Modified coinsurance reinsurance contracts 875 895 68 79 68 79 — — Total non-qualifying strategies 39,141 44,309 (466 ) (549 ) 871 969 (1,337 ) (1,518 ) Total cash flow hedges, fair value hedges, and non-qualifying strategies $ 41,099 $ 46,241 $ (475 ) $ (530 ) $ 890 $ 1,014 $ (1,365 ) $ (1,544 ) Balance Sheet Location Fixed maturities, available-for-sale $ 121 $ 184 $ — $ (1 ) $ — $ — $ — $ (1 ) Other investments 12,732 11,837 235 250 325 360 (90 ) (110 ) Other liabilities 11,498 15,071 (577 ) (653 ) 424 492 (1,001 ) (1,145 ) Reinsurance recoverables 3,584 4,000 141 162 141 162 — — Other policyholder funds and benefits payable 13,164 15,149 (274 ) (288 ) — — (274 ) (288 ) Total derivatives $ 41,099 $ 46,241 $ (475 ) $ (530 ) $ 890 $ 1,014 $ (1,365 ) $ (1,544 ) [1] The derivative instruments related to this strategy are held for other investment purposes. [2] These derivatives are embedded within liabilities and are not held for risk management purposes. Offsetting of Derivative Assets/Liabilities The following tables present the gross fair value amounts, the amounts offset, and net position of derivative instruments eligible for offset in the Company's Consolidated Balance Sheets. Amounts offset include fair value amounts, income accruals and related cash collateral receivables and payables associated with derivative instruments that are traded under a common master netting agreement, as described in the preceding discussion. Also included in the tables are financial collateral receivables and payables, which are contractually permitted to be offset upon an event of default, although are disallowed for offsetting under U.S. GAAP. (i) (ii) (iii) = (i) - (ii) (v) = (iii) - (iv) Net Amounts Presented in the Statement of Financial Position Collateral Disallowed for Offset in the Statement of Financial Position Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset in the Statement of Financial Position Derivative Assets [1] (Liabilities) [2] Accrued Interest and Cash Collateral (Received) [3] Pledged [2] Financial Collateral (Received) Pledged [4] Net Amount As of December 31, 2016 Other investments $ 749 $ 588 $ 235 $ (74 ) $ 101 $ 60 Other liabilities (1,091 ) (396 ) (577 ) (118 ) (655 ) (40 ) As of December 31, 2015 Other investments $ 852 $ 692 $ 250 $ (90 ) $ 99 $ 61 Other liabilities (1,255 ) (499 ) (653 ) (103 ) (753 ) (3 ) [1] Included in other investments in the Company's Consolidated Balance Sheets. [2] Included in other liabilities in the Company's Consolidated Balance Sheets and is limited to the net derivative receivable associated with each counterparty. [3] Included in other investments in the Company's Consolidated Balance Sheets and is limited to the net derivative payable associated with each counterparty. [4] Excludes collateral associated with exchange-traded derivative instruments. Cash Flow Hedges For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of OCI and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains and losses on the derivative representing hedge ineffectiveness are recognized in current period earnings. All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness. The following table presents the components of the gain or loss on derivatives that qualify as cash flow hedges: Derivatives in Cash Flow Hedging Relationships Gain (Loss) Recognized in OCI on Derivative (Effective Portion) Net Realized Capital Gains (Losses) Recognized in Income on Derivative (Ineffective Portion) 2016 2015 2014 2016 2015 2014 Interest rate swaps $ (16 ) $ 3 $ 34 $ — $ — $ 2 Foreign currency swaps 2 — (10 ) — — — Total $ (14 ) $ 3 $ 24 $ — $ — $ 2 Derivatives in Cash Flow Hedging Relationships Gain (Loss) Reclassified from AOCI into Income (Effective Portion) 2016 2015 2014 Interest rate swaps Net realized capital gains (losses) $ 1 $ (1 ) $ (1 ) Interest rate swaps Net investment income (loss) 25 33 50 Foreign currency swaps Net realized capital gains (losses) (2 ) (9 ) (13 ) Total $ 24 $ 23 $ 36 As of December 31, 2016 , the before-tax deferred net gains on derivative instruments recorded in AOCI that are expected to be reclassified to earnings during the next twelve months are $13 . This expectation is based on the anticipated interest payments on hedged investments in fixed maturity securities that will occur over the next twelve months, at which time the Company will recognize the deferred net gains (losses) as an adjustment to net investment income over the term of the investment cash flows. The maximum term over which the Company is hedging its exposure to the variability of future cash flows for forecasted transactions, excluding interest payments on existing variable-rate financial instruments, is approximately less than one year. During the years ended December 31, 2016 , 2015 , and 2014 , the Company had no net reclassifications from AOCI to earnings resulting from the discontinuance of cash-flow hedges due to forecasted transactions that were no longer probable of occurring. Fair Value Hedges For derivative instruments that are designated and qualify as fair value hedges, the gain or loss on the derivatives as well as the offsetting loss or gain on the hedged items attributable to the hedged risk are recognized in current earnings. The Company includes the gain or loss on the derivative in the same line item as the offsetting loss or gain on the hedged item. All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness. For the years ended December 31, 2016 , 2015 , and 2014 , the Company recognized in income immaterial gains and (losses) for the ineffective portion of fair value hedges related to the derivative instrument and the hedged item. Non-qualifying Strategies For non-qualifying strategies, including embedded derivatives that are required to be bifurcated from their host contracts and accounted for as derivatives, the gain or loss on the derivative is recognized currently in earnings within net realized capital gains (losses). The following table presents the gain or loss recognized in income on non-qualifying strategies: Non-qualifying Strategies Gain (Loss) Recognized within Net Realized Capital Gains (Losses) December 31, 2016 2015 2014 Variable annuity hedge program GMWB product derivatives $ 88 $ (59 ) $ (2 ) GMWB reinsurance contracts (14 ) 17 4 GMWB hedging instruments (112 ) (45 ) 3 Macro hedge program (163 ) (46 ) (11 ) International program hedging instruments — — (126 ) Total variable annuity hedge program (201 ) (133 ) (132 ) Foreign exchange contracts Foreign currency swaps and forwards 32 5 4 Fixed payout annuity hedge 25 (21 ) (148 ) Japanese fixed annuity hedging instruments — — 22 Total foreign exchange contracts 57 (16 ) (122 ) Other non-qualifying derivatives Interest rate contracts Interest rate swaps, swaptions, and futures (18 ) (7 ) (6 ) Credit contracts Credit derivatives that purchase credit protection (9 ) 3 (6 ) Credit derivatives that assume credit risk 15 (4 ) 10 Equity contracts Equity index swaps and options 30 19 7 Commodity contracts Commodity options — (5 ) — Other GMAB and GMWB reinsurance contracts — — 579 Modified coinsurance reinsurance contracts (12 ) 46 395 Derivative instruments formerly associated with HLIKK [1] — — (2 ) Total other non-qualifying derivatives (12 ) 46 972 Total [2] $ (138 ) $ (97 ) $ 723 [1] These amounts relate to the termination of the hedging program associated with the Japan variable annuity product due to the sale of HLIKK. [2] Excludes investments that contain an embedded credit derivative for which the Company has elected the fair value option. For further discussion, see the Fair Value Option section in Note 2 - Fair Value Measurements . Credit Risk Assumed through Credit Derivatives The Company enters into credit default swaps that assume credit risk of a single entity or referenced index in order to synthetically replicate investment transactions that would be permissible under the Company's investment policies. The Company will receive periodic payments based on an agreed upon rate and notional amount and will only make a payment if there is a credit event. A credit event payment will typically be equal to the notional value of the swap contract less the value of the referenced security issuer’s debt obligation after the occurrence of the credit event. A credit event is generally defined as a default on contractually obligated interest or principal payments or bankruptcy of the referenced entity. The credit default swaps in which the Company assumes credit risk primarily reference investment grade single corporate issuers and baskets, which include standard diversified portfolios of corporate and CMBS issuers. The diversified portfolios of corporate issuers are established within sector concentration limits and may be divided into tranches that possess different credit ratings. As of December 31, 2016 Underlying Referenced Credit Obligation(s) [1] Credit Derivative type by derivative risk exposure Notional Amount [2] Fair Value Weighted Average Years to Maturity Type Average Credit Rating Offsetting Notional Amount [3] Offsetting Fair Value [3] Single name credit default swaps Investment grade risk exposure $ 88 $ — 3 years Corporate Credit/ Foreign Gov. A $ 45 $ — Below investment grade risk exposure 43 — 1 year Corporate Credit B- 43 — Basket credit default swaps [4] Investment grade risk exposure 493 5 3 years Corporate Credit BBB+ 225 (1 ) Below investment grade risk exposure 22 2 4 years Corporate Credit B 22 (2 ) Investment grade risk exposure 158 (2 ) 2 years CMBS Credit AA+ 111 1 Below investment grade risk exposure 57 (13 ) 1 year CMBS Credit CCC 57 13 Embedded credit derivatives Investment grade risk exposure 100 100 Less than 1 year Corporate Credit A+ — — Total [5] $ 961 $ 92 $ 503 $ 11 As of December 31, 2015 Underlying Referenced Credit Obligation(s) [1] Credit Derivative type by derivative risk exposure Notional Amount [2] Fair Value Weighted Average Years to Maturity Type Average Credit Rating Offsetting Notional Amount [3] Offsetting Fair Value [3] Single name credit default swaps Investment grade risk exposure $ 118 $ — 1 year Corporate Credit/ Foreign Gov. BBB+ $ 115 $ (1 ) Below investment grade risk exposure 43 (2 ) 2 years Corporate Credit CCC+ 43 1 Basket credit default swaps [4] Investment grade risk exposure 1,265 7 4 years Corporate Credit BBB+ 345 (2 ) Investment grade risk exposure 503 (14 ) 6 years CMBS Credit AAA- 141 1 Below investment grade risk exposure 74 (13 ) 1 year CMBS Credit CCC 74 13 Embedded credit derivatives Investment grade risk exposure 150 148 1 year Corporate Credit A+ — — Total [5] $ 2,153 $ 126 $ 718 $ 12 [1] The average credit ratings are based on availability and are generally the midpoint of the available ratings among Moody’s, S&P, Fitch and Morningstar. If no rating is available from a rating agency, then an internally developed rating is used. [2] Notional amount is equal to the maximum potential future loss amount. These derivatives are governed by agreements, clearing house rules and applicable law which include collateral posting requirements. There is no additional specific collateral related to these contracts or recourse provisions included in the contracts to offset losses. [3] The Company has entered into offsetting credit default swaps to terminate certain existing credit default swaps, thereby offsetting the future changes in value of, or losses paid related to, the original swap. [4] Includes $1.8 billion as of December 31, 2016 and 2015 , of notional amount on swaps of standard market indices of diversified portfolios of corporate and CMBS issuers referenced through credit default swaps. These swaps are subsequently valued based upon the observable standard market index. [5] Excludes investments that contain an embedded credit derivative for which the Company has elected the fair value option. For further discussion, see the Fair Value Option section in Note 2 - Fair Value Measurements . Derivative Collateral Arrangements The Company enters into various collateral arrangements in connection with its derivative instruments, which require both the pledging and accepting of collateral. As of December 31, 2016 and 2015 , the Company pledged cash collateral associated with derivative instruments with a fair value of $134 and $173 , respectively, for which the collateral receivable has been primarily included within other investments on the Company's Consolidated Balance Sheets. As of December 31, 2016 and 2015 , the Company also pledged securities collateral associated with derivative instruments with a fair value of $830 and $873 , respectively, which have been included in fixed maturities on the Consolidated Balance Sheets. The counterparties have the right to sell or re-pledge these securities. As of December 31, 2016 and 2015 , the Company accepted cash collateral associated with derivative instruments of $333 and $341 , respectively, which was invested and recorded in the Consolidated Balance Sheets in fixed maturities and short-term investments with corresponding amounts recorded in other investments or other liabilities as determined by the Company's election to offset on the balance sheet. The Company also accepted securities collateral as of December 31, 2016 and 2015 with a fair value of $107 and $100 , respectively, of which the Company has the ability to sell or repledge $81 and $100 , respectively. As of December 31, 2016 and 2015 , the Company had no repledged securities and did not sell any securities. In addition, as of December 31, 2016 and 2015, non-cash collateral accepted was held in separate custodial accounts and was not included in the Company’s Consolidated Balance Sheets. |
Reinsurance Level 1(Notes)
Reinsurance Level 1(Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Reinsurance Disclosures [Abstract] | |
Reinsurance | e Company cedes insurance to affiliated and unaffiliated insurers to enable the Company to manage capital and risk exposure. Such arrangements do not relieve the Company of its primary liability to policyholders. Failure of reinsurers to honor their obligations could result in losses to the Company. The Company's procedures include careful initial selection of its reinsurers, structuring agreements to provide collateral funds where necessary, and regularly monitoring the financial condition and ratings of its reinsurers. Reinsurance Recoverables Reinsurance recoverables include balances due from reinsurance companies and are presented net of an allowance for uncollectible reinsurance. Reinsurance recoverables include an estimate of the amount of gross losses and loss adjustment expense reserves that may be ceded under the terms of the reinsurance agreements, including incurred but not reported unpaid losses. The Company’s estimate of losses and loss adjustment expense reserves ceded to reinsurers is based on assumptions that are consistent with those used in establishing the gross reserves for business ceded to the reinsurance contracts. The Company calculates its ceded reinsurance projection based on the terms of any applicable reinsurance agreements, including an estimate of how incurred but not reported losses will ultimately be ceded under reinsurance agreements. Accordingly, the Company’s estimate of reinsurance recoverables is subject to similar risks and uncertainties as the estimate of the gross reserve for future policy benefits. The Company's reinsurance recoverables are summarized as follows: As of December 31, Reinsurance Recoverables 2016 2015 Reserve for future policy benefits and other policyholder funds and benefits payable Sold businesses (MassMutual and Prudential) $ 19,363 $ 18,993 Other reinsurers 1,362 1,506 Gross reinsurance recoverables $ 20,725 $ 20,499 As of December 31, 2016 , the Company has reinsurance recoverables from MassMutual and Prudential of $8.6 billion and $10.8 billion , respectively. As of December 31, 2015 , the Company has reinsurance recoverables from MassMutual and Prudential of $8.6 billion and $10.4 billion , respectively. The Company's obligations to its direct policyholders that have been reinsured to MassMutual and Prudential are secured by invested assets held in trust. Net of invested assets held in trust, as of December 31, 2016 , the Company has $1.2 billion of reinsurance recoverables from Prudential representing approximately 15% of the Company's consolidated stockholder's equity. As of December 31, 2016 , the Company has no other reinsurance-related concentrations of credit risk greater than 10% of the Company’s Consolidated Stockholder's Equity. No allowance for uncollectible reinsurance is required as of December 31, 2016 and December 31, 2015 . The allowance for uncollectible reinsurance reflects management’s best estimate of reinsurance cessions that may be uncollectible in the future due to reinsurers’ unwillingness or inability to pay. The Company analyzes recent developments in commutation activity between reinsurers and cedants, recent trends in arbitration and litigation outcomes in disputes between reinsurers and cedants and the overall credit quality of the Company’s reinsurers. Based on this analysis, the Company may adjust the allowance for uncollectible reinsurance or charge off reinsurer balances that are determined to be uncollectible. Where its contracts permit, the Company secures future claim obligations with various forms of collateral, including irrevocable letters of credit, secured trusts, funds held accounts and group-wide offsets. Due to the inherent uncertainties as to collection and the length of time before reinsurance recoverables become due, it is possible that future adjustments to the Company’s reinsurance recoverables, net of the allowance, could be required, which could have a material adverse effect on the Company’s consolidated results of operations or cash flows in a particular quarter or annual period. Insurance Revenues The effect of reinsurance on earned premiums, fee income and other is as follows: Year Ended December 31, 2016 2015 2014 Gross earned premiums, fee income and other $ 2,659 $ 2,877 $ 3,228 Reinsurance assumed 129 113 74 Reinsurance ceded (1,616 ) (1,801 ) (2,060 ) Net earned premiums, fee income and other $ 1,172 $ 1,189 $ 1,242 The cost of reinsurance related to long-duration contracts is accounted for over the life of the underlying reinsured policies using assumptions consistent with those used to account for the underlying policies. Insurance recoveries on ceded reinsurance agreements, which reduce death and other benefits, were $1,131 , $1,094 , and $845 for the years ended December 31, 2016 , 2015, and 2014, respectively. In addition, the Company has reinsured a portion of the risk associated with U.S. variable annuities and the associated GMDB and GMWB riders. The Company also maintains a reinsurance agreement with HLA, whereby the Company cedes both group life and group accident and health risk. Under this treaty, the Company ceded group life premium of $40 , $64 , and $85 for the years ended December 31, 2016 , 2015, and 2014, respectively. The Company ceded accident and health premiums to HLA of $86 , $129 , and $365 for the years ended December 31, 2016 , 2015, and 2014, respectively. |
Deferred Policy Acquisition Cos
Deferred Policy Acquisition Costs and Present Value of Future Profits Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Deferred Policy Acquisition Costs and Present Value of Future Profits [Abstract] | |
Deferred Policy Acquisition Costs [Table Text Block] | Changes in the DAC balance are as follows: For the years ended December 31, 2016 2015 2014 Balance, beginning of period $ 542 $ 521 $ 689 Deferred costs 7 7 14 Amortization — DAC (40 ) (82 ) (110 ) Amortization — Unlock benefit (charge), pre-tax (74 ) 13 (96 ) Adjustments to unrealized gains and losses on securities AFS and other 28 83 24 Balance, end of period $ 463 $ 542 $ 521 |
Separate Accounts, Death Benefi
Separate Accounts, Death Benefits and Other Insurance Benefit Features Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Separate Accounts Disclosure [Abstract] | |
Separate Accounts, Death Benefits and Other Insurance Benefit Features | Changes in Reserves for future policy benefits are as follows: Universal Life-Type Contracts GMDB/GMWB [1] Life Secondary Guarantees Traditional Annuity and Other Contracts [2] Total Liability balance as of January 1, 2016 $ 863 $ 2,313 $ 10,674 $ 13,850 Less Shadow Reserve — — (211 ) (211 ) Liability balance as of January 1, 2016, excluding shadow reserve 863 2,313 10,463 13,639 Incurred [3] 37 314 671 1,022 Paid (114 ) — (785 ) (899 ) Liability balance as of December 31, 2016, excluding shadow reserve 786 2,627 10,349 13,762 Add Shadow Reserve — — 238 238 Liability balance as of December 31, 2016 $ 786 $ 2,627 $ 10,587 $ 14,000 Reinsurance recoverable asset, as of January 1, 2016 $ 523 $ 2,313 $ 1,823 $ 4,659 Incurred [3] — 314 (56 ) 258 Paid (91 ) — (70 ) (161 ) Reinsurance recoverable asset, as of December 31, 2016 $ 432 $ 2,627 $ 1,697 $ 4,756 Universal Life-Type Contracts GMDB/GMWB [1] Life Secondary Guarantees Traditional Annuity and Other Contracts [2] Total Future Policy Benefits Liability balance as of January 1, 2015 $ 812 $ 2,041 $ 10,771 $ 13,624 Less Shadow Reserve — — (265 ) (265 ) Liability balance as of January 1, 2015, excluding shadow reserve 812 2,041 10,506 13,359 Incurred [3] 163 272 741 1,176 Paid (112 ) — (784 ) (896 ) Liability balance as of December 31, 2015, excluding shadow reserve 863 2,313 10,463 13,639 Add Shadow Reserve — — 211 211 Liability balance as of December 31, 2015 $ 863 $ 2,313 $ 10,674 $ 13,850 Reinsurance recoverable asset, as of January 1, 2015 $ 480 $ 2,041 $ 1,795 $ 4,316 Incurred [3] 132 272 107 511 Paid (89 ) — (79 ) (168 ) Reinsurance recoverable asset, as of December 31, 2015 $ 523 $ 2,313 $ 1,823 $ 4,659 [1] These liability balances include all GMDB benefits, plus the life-contingent portion of GMWB benefits in excess of the return of the GRB. GMWB benefits that make up a shortfall between the account value and the GRB are embedded derivatives held at fair value and are excluded from these balances. [2] Represents life-contingent reserves for which the company is subject to insurance and investment risk. [3] Includes the portion of assessments established as additions to reserves as well as changes in estimates affecting the reserves. The following table provides details concerning GMDB/GMWB exposure as of December 31, 2016 : Account Value by GMDB/GMWB Type Maximum anniversary value (“MAV”) [1] Account Value (“AV”) [8] Net amount at Risk (“NAR”) [9] Retained Net Amount at Risk (“RNAR”) [9] Weighted Average Attained Age of Annuitant MAV only $ 13,565 $ 2,285 $ 350 71 With 5% rollup [2] 1,156 187 60 71 With Earnings Protection Benefit Rider (“EPB”) [3] 3,436 464 75 70 With 5% rollup & EPB 467 102 22 73 Total MAV 18,624 3,038 507 Asset Protection Benefit ("APB") [4] 10,438 172 114 69 Lifetime Income Benefit ("LIB") – Death Benefit [5] 464 6 6 70 Reset [6] (5-7 years) 2,406 13 12 70 Return of Premium ("ROP") [7] /Other 8,766 69 65 69 Subtotal Variable Annuity with GMDB/GMWB [10] $ 40,698 $ 3,298 $ 704 70 Less: General Account Value with GMDB/GMWB 3,773 Subtotal Separate Account Liabilities with GMDB 36,925 Separate Account Liabilities without GMDB 78,740 Total Separate Account Liabilities $ 115,665 [1] MAV GMDB is the greatest of current AV, net premiums paid and the highest AV on any anniversary before age 80 years (adjusted for withdrawals). [2] Rollup GMDB is the greatest of the MAV, current AV, net premium paid and premiums (adjusted for withdrawals) accumulated at generally 5% simple interest up to the earlier of age 80 years or 100% of adjusted premiums. [3] EPB GMDB is the greatest of the MAV, current AV, or contract value plus a percentage of the contract’s growth. The contract’s growth is AV less premiums net of withdrawals, subject to a cap of 200% of premiums net withdrawals. [4] APB GMDB is the greater of current AV or MAV, not to exceed current AV plus 25% times the greater of net premiums and MAV (each adjusted for premiums in the past 12 months ). [5] LIB GMDB is the greatest of current AV; net premiums paid; or for certain contracts, a benefit amount generally based on market performance that ratchets over time. [6] Reset GMDB is the greatest of current AV, net premiums paid and the most recent five to seven year anniversary AV before age 80 years (adjusted for withdrawals). [7] ROP GMDB is the greater of current AV and net premiums paid. [8] AV includes the contract holder’s investment in the separate account and the general account. [9] NAR is defined as the guaranteed benefit in excess of the current AV. RNAR represents NAR reduced for reinsurance. NAR and RNAR are highly sensitive to equity market movements and increase when equity markets decline. [10] Some variable annuity contracts with GMDB also have a life-contingent GMWB that may provide for benefits in excess of the return of the GRB. Such contracts included in this amount have $6.4 billion of total account value and weighted average attained age of 72 years . There is no NAR or retained NAR related to these contracts. The account balances of contracts with guarantees were invested in variable separate accounts as follows: Asset type December 31, 2016 December 31, 2015 Equity securities (including mutual funds) $ 33,880 $ 36,970 Cash and cash equivalents 3,045 3,453 Total $ 36,925 $ 40,423 As of December 31, 2016 and December 31, 2015 , approximately 16% and 17% of the equity securities (including mutual funds), in the preceding table were funds invested in fixed income securities and approximately 84% and 83% were funds invested in equity securities. For further information on guaranteed living benefits that are accounted for at fair value, such as GMWB, see Note 2 - Fair Value Measurements of Notes to Consolidated Financial Statements. |
Commitments and Contingencies L
Commitments and Contingencies Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Contingencies Relating to Corporate Litigation and Regulatory Matters Management evaluates each contingent matter separately. A loss is recorded if probable and reasonably estimable. Management establishes reserves for these contingencies at its “best estimate,” or, if no one number within the range of possible losses is more probable than any other, the Company records an estimated liability at the low end of the range of losses. Litigation The Company is involved in claims litigation arising in the ordinary course of business with respect to life, disability and accidental death and dismemberment insurance policies and with respect to annuity contracts. The Company accounts for such activity through the establishment of reserves for future policy benefits. Management expects that the ultimate liability, if any, with respect to such ordinary-course claims litigation, after consideration of provisions made for potential losses and costs of defense, will not be material to the consolidated financial condition, results of operations or cash flows of the Company. The Company is also involved in other kinds of legal actions, some of which assert claims for substantial amounts. Such actions have alleged, for example, bad faith in the handling of insurance claims and improper sales practices in connection with the sale of insurance and investment products. Some of these actions also seek punitive damages. Management expects that the ultimate liability, if any, with respect to such lawsuits, after consideration of provisions made for estimated losses, will not be material to the consolidated financial condition of the Company. Nonetheless, given the large or indeterminate amounts sought in certain of these actions, and the inherent unpredictability of litigation, it is possible that an adverse outcome in certain matters could, from time to time, have a material adverse effect on the Company’s consolidated financial condition, results of operations or cash flows in particular quarterly or annual periods. Lease Commitments The rent paid to Hartford Fire Insurance Company ("Hartford Fire") for operating leases was $2 , $9 and $7 for the years ended December 31, 2016 , 2015 and 2014 , respectively. Future minimum lease commitments as of December 31, 2016 are immaterial. Unfunded Commitments As of December 31, 2016 , the Company has outstanding commitments totaling $645 , of which $497 is committed to fund limited partnership and other alternative investments, which may be called by the partnership during the commitment period to fund the purchase of new investments and partnership expenses. Additionally, $106 of the outstanding commitments relate to various funding obligations associated with private placement securities. The remaining outstanding commitments of $42 relate to mortgage loans the Company is expecting to fund in the first half of 2017. Guaranty Fund and Other Insurance-related Assessments In all states, insurers licensed to transact certain classes of insurance are required to become members of a guaranty fund. In most states, in the event of the insolvency of an insurer writing any such class of insurance in the state, members of the funds are assessed to pay certain claims of the insolvent insurer. A particular state’s fund assesses its members based on their respective written premiums in the state for the classes of insurance in which the insolvent insurer was engaged. Assessments are generally limited for any year to one or two percent of premiums written per year depending on the state. Liabilities for guaranty funds and other insurance-related assessments are accrued when an assessment is probable, when it can be reasonably estimated, and when the event obligating the Company to pay an imposed or probable assessment has occurred. Liabilities for guaranty funds and other insurance-related assessments are not discounted and are included as part of other liabilities in the Consolidated Balance Sheets. As of December 31, 2016 and 2015 the liability balance was $8 and $15 , respectively. As of December 31, 2016 and 2015 was $15 and $27 , respectively, related to premium tax offsets was included in other assets. Derivative Commitments Certain of the Company’s derivative agreements contain provisions that are tied to the financial strength ratings, as set by nationally recognized statistical agencies, of the individual legal entity that entered into the derivative agreement. If the legal entity’s financial strength were to fall below certain ratings, the counterparties to the derivative agreements could demand immediate and ongoing full collateralization and in certain instances enable the counterparties to terminate the agreements and demand immediate settlement of all outstanding derivative positions traded under each impacted bilateral agreement. The settlement amount is determined by netting the derivative positions transacted under each agreement. If the termination rights were to be exercised by the counterparties, it could impact the legal entity’s ability to conduct hedging activities by increasing the associated costs and decreasing the willingness of counterparties to transact with the legal entity. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that are in a net liability position as of December 31, 2016 , was $794 . Of this $794 the legal entities have posted collateral of $939 in the normal course of business. In addition, the Company has posted collateral of $31 associated with a customized GMWB derivative. Based on derivative market values as of December 31, 2016 , a downgrade of one or two levels below the current financial strength ratings by either Moody’s or S&P would not require additional assets to be posted as collateral. These collateral amounts could change as derivative market values change, as a result of changes in our hedging activities or to the extent changes in contractual terms are negotiated. The nature of the collateral that we post, when required, is primarily in the form of U.S. Treasury bills, U.S. Treasury notes and government agency securities. |
Income Tax Level 1 (Notes)
Income Tax Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax | e provision (benefit) for income taxes consists of the following: For the years ended December 31, 2016 2015 2014 Income Tax Expense (Benefit) Current - U.S. Federal $ 2 $ 36 $ (339 ) Deferred - U.S. Federal 72 (6 ) 523 Total income tax expense $ 74 $ 30 $ 184 Deferred tax assets and liabilities on the consolidated balance sheets represent the tax consequences of differences between the financial reporting and tax basis of assets and liabilities. Deferred tax assets (liabilities) include the following: As of December 31, Deferred Tax Assets 2016 2015 Tax basis deferred policy acquisition costs $ 101 $ 119 Unearned premium reserve and other underwriting related reserves 6 4 Financial statement deferred policy acquisition costs and reserves 32 — Investment-related items 135 524 Insurance product derivatives 79 90 Net operating loss carryover 1,155 1,166 Alternative minimum tax credit 232 232 Foreign tax credit carryover 40 122 Other 191 16 Total Deferred Tax Assets 1,971 2,273 Net Deferred Tax Assets 1,971 2,273 Deferred Tax Liabilities Financial statement deferred policy acquisition costs and reserves — (220 ) Net unrealized gain on investments (480 ) (432 ) Employee benefits (54 ) (40 ) Total Deferred Tax Liabilities (534 ) (692 ) Net Deferred Tax Assets $ 1,437 $ 1,581 The Company has a current income tax receivable of $64 and $276 as of December 31, 2016 and 2015 , respectively. Under a separate entity approach, no current tax benefits would have been required to be recorded to equity in 2016, 2015, or 2014. The Company believes it is more likely than not that all deferred tax assets will be fully realized. In assessing the need for a valuation allowance, management considered future taxable temporary difference reversals, future taxable income exclusive of reversing temporary differences and carryovers, taxable income in open carry back years and other tax planning strategies. From time to time, tax planning strategies could include holding a portion of debt securities with market value losses until recovery, altering the level of tax exempt securities held, making investments which have specific tax characteristics, and business considerations such as asset-liability matching. Net deferred income taxes include the future tax benefits associated with the net operating loss carryover, alternative minimum tax credit carryover and foreign tax credit carryover as follows: Net Operating Loss Carryover As of December 31, 2016 and 2015 , the net deferred tax asset included the expected tax benefit attributable to net operating losses of $3,301 and $3,333 , respectively. If unutilized, $3,299 of the losses expire from 2023- 2029 . Utilization of these loss carryovers is dependent upon the generation of sufficient future taxable income. Most of the net operating loss carryover originated from the Company's U.S. annuity business, including from the hedging program. Given the continued runoff of the U.S. fixed and variable annuity business, the exposure to taxable losses is significantly lessened. Accordingly, given the expected future ultimate parent's consolidated group earnings, the Company believes sufficient taxable income will be generated in the future to utilize its net operating loss carryover. Although the Company believes there will be sufficient future taxable income to fully recover the remainder of the loss carryover, the Company's estimate of the likely realization may change over time. Alternative Minimum Tax Credit and Foreign Tax Credit Carryover As of December 31, 2016 and 2015 , the net deferred tax asset included the expected tax benefit attributable to alternative minimum tax credit carryover of $232 and $232 and foreign tax credit carryover of $40 and $122 respectively. The alternative minimum tax credits have no expiration date and the foreign tax credit carryover expire from 2020 to 2024 . These credits are available to offset regular federal income taxes from future taxable income and although the Company believes there will be sufficient future regular federal taxable income, there can be no certainty that future events will not affect the ability to utilize the credits. Additionally, the use of the foreign tax credits generally depends on the generation of sufficient taxable income to first utilize all of the U.S. net operating loss carryover. However, the Company has identified and purchased certain investments which allow for utilization of the foreign tax credits without first using the net operating loss carryover. Consequently, the Company believes it is more likely than not the foreign tax credit carryover will be fully realized. Accordingly, no valuation allowance has been provided on either the alternative minimum tax carryover or foreign tax credit carryover. The Company or one or more of its subsidiaries files income tax returns in the U.S. federal jurisdiction, and various states and foreign jurisdictions. The federal audit of the years 2012 and 2013 began in March 2015 and is expected to be completed in 2017. Management believes that adequate provision has been made in the financial statements for any potential assessments that may result from tax examinations and other tax-related matters for all open tax years. The Company’s unrecognized tax benefits are settled with the parent consistent with the terms of a tax sharing agreement. The Company’s effective tax rate for the year ended December 31, 2015 reflects a $36 net reduction in the provision for income taxes from intercompany tax settlements. A reconciliation of the tax provision at the U.S. Federal statutory rate to the provision (benefit) for income taxes is as follows: For the years ended December 31, 2016 2015 2014 Tax provision at the U.S. federal statutory rate $ 125 $ 186 $ 301 Dividends received deduction ("DRD") (76 ) (152 ) (109 ) Foreign related investments (7 ) (3 ) (8 ) IRS audit adjustments 31 — — Other 1 (1 ) — Provision for income taxes $ 74 $ 30 $ 184 The separate account DRD is estimated for the current year using information from the most recent return, adjusted for current year equity market performance and other appropriate factors, including estimated levels of corporate dividend payments and level of policy owner equity account balances. The actual current year DRD can vary from estimates based on, but not limited to, changes in eligible dividends received in the mutual funds, amounts of distributions from these mutual funds, amounts of short-term capital gains at the mutual fund level and the Company’s taxable income before the DRD. The Company evaluates its DRD computations on a quarterly basis. |
Debt Level 1 (Notes)
Debt Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Collateralized Advances The Company is a member of the Federal Home Loan Bank of Boston (“FHLBB”). Membership allows the Company access to collateralized advances, which may be used to support various spread-based business and enhance liquidity management. FHLBB membership requires the company to own member stock and advances require the purchase of activity stock. The amount of advances that can be taken are dependent on the asset types pledged to secure the advances. The CTDOI will permit the Company to pledge up to $1.1 billion in qualifying assets to secure FHLBB advances for 2017 . The pledge limit is recalculated annually based on statutory admitted assets and capital and surplus. The Company would need to seek the prior approval of the CTDOI in order to exceed these limits. As of December 31, 2016 , the Company had no advances outstanding under the FHLBB facility. |
Statutory Results Level 1 (Note
Statutory Results Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Insurance [Abstract] | |
Statutory Results | The domestic insurance subsidiaries of the Company prepare their statutory financial statements in conformity with statutory accounting practices prescribed or permitted by the applicable state insurance department which vary materially from U.S. GAAP. Prescribed statutory accounting practices include publications of the National Association of Insurance Commissioners (“NAIC”), as well as state laws, regulations and general administrative rules. The differences between statutory financial statements and financial statements prepared in accordance with U.S. GAAP vary between domestic and foreign jurisdictions. The principal differences are that statutory financial statements do not reflect deferred policy acquisition costs and limit deferred income taxes, predominately use interest rate and mortality assumptions prescribed by the NAIC for life benefit reserves, generally carry bonds at amortized cost and present reinsurance assets and liabilities net of reinsurance. For reporting purposes, statutory capital and surplus is referred to collectively as "statutory capital". Statutory net income and statutory capital are as follows: For the years ended December 31, 2016 2015 2014 Combined statutory net income $ 349 $ 371 $ 132 Statutory capital $ 4,398 $ 4,939 $ 5,564 Statutory accounting practices do not consolidate the net income (loss) of subsidiaries that report under U.S. GAAP. The combined statutory net income above represents the total statutory net income of the Company, and its other insurance subsidiaries. Regulatory Capital Requirements The Company's U.S. insurance companies' states of domicile impose risk-based capital (“RBC”) requirements. The requirements provide a means of measuring the minimum amount of statutory capital appropriate for an insurance company to support its overall business operations based on its size and risk profile. Regulatory compliance is determined by a ratio of a company's total adjusted capital (“TAC”) to its authorized control level RBC (“ACL RBC”). Companies below specific trigger points or ratios are classified within certain levels, each of which requires specified corrective action. The minimum level of TAC before corrective action commences (“Company Action Level”) is two times the ACL RBC. The adequacy of a company's capital is determined by the ratio of a company's TAC to its Company Action Level, known as the "RBC ratio". The Company and all of its operating insurance subsidiaries had RBC ratios in excess of the minimum levels required by the applicable insurance regulations. The RBC ratios for the Company and its principal life insurance operating subsidiaries were all in excess of 400% of their Company Action Levels as of December 31, 2016 and 2015. The reporting of RBC ratios is not intended for the purpose of ranking any company, or for use in connection with any marketing, advertising of promotional activities. Dividends and Capital Contributions Dividends to the Company from its insurance subsidiaries are restricted, as is the ability of the Company to pay dividends to its parent company. Future dividend decisions will be based on, and affected by, a number of factors, including the operating results and financial requirements of the Company on a stand-alone basis and the impact of regulatory restrictions. The payment of dividends by Connecticut-domiciled insurers is limited under the insurance holding company laws of Connecticut. These laws require notice to and approval by the state insurance commissioner for the declaration or payment of any dividend, which, together with other dividends or distributions made within the preceding twelve months, exceeds the greater of (i) 10% of the insurer’s policyholder surplus as of December 31 of the preceding year or (ii) net income (or net gain from operations) for the twelve-month period ending on the thirty-first day of December last preceding, in each case determined under statutory insurance accounting principles. In addition, if any dividend of a Connecticut-domiciled insurer exceeds the insurer’s earned surplus, it requires the prior approval of the CTDOI. In 2016, HLAI paid dividends of $750 to the Company which were subsequently paid to the Company's parent. In 2017, the Company is permitted to pay up to a maximum of $1 billion in dividends and the Company 's subsidiaries are permitted to pay up to a maximum of approximately $345 in dividends without prior approval from the applicable insurance commissioner. However, to meet the liquidity needed to pay dividends up to the HFSG Holding Company, the Company may require receiving regulatory approval for extraordinary dividends from HLAI. On January 30, 2017, HLAI paid a dividend of $300 to the Company which was subsequently paid as a dividend to the Company's parent. The Company anticipates paying an additional $300 dividends to its parent during 2017. Y ear Ended December 31, 2015 In 2015 the Company paid dividends of approximately $1.0 billion to its parent, based on the approval of the CTDOI. The Company’s subsidiaries were permitted to pay up to a maximum of approximately $415 in dividends without prior approval from the applicable insurance commissioner. On January 29, 2016, Hartford Life and Annuity paid an extraordinary dividend of $500 to the Company which was subsequently paid as an extraordinary dividend to HLI. |
Transactions with Affiliates Le
Transactions with Affiliates Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Parent Company Transactions Transactions of the Company with Hartford Fire Insurance Company ("Hartford Fire"), Hartford Holdings Inc. ("HHI") and its affiliates relate principally to tax settlements, reinsurance, insurance coverage, rental and service fees, payment of dividends and capital contributions, and employee costs. In addition, the Company has issued structured settlement contracts to fund claims settlements of property casualty insurance companies and self -insured entities. In many cases, the structured settlement contracts are to fund claim settlements of the Company's affiliated property and casualty companies whereby these property and casualty companies transferred funds to another affiliate of the Company to purchase the contracts. As of December 31, 2016 and 2015 , the Company had $53 and $53 , respectively, of reserves for claim annuities purchased by affiliated entities. For the years ended December 31, 2016 , 2015 and 2014 , the Company recorded earned premiums of $4 , $3 , and $3 for these intercompany claim annuities. Under some of the structured settlement agreements, the claimants have released The Hartford's property and casualty subsidiaries of their primary claim obligation. Reserves for annuities issued by the Company to fund structured settlement payments where the claimant has not released The Hartford's property and casualty subsidiaries of their primary obligation totaled $711 and $746 as of December 31, 2016 and 2015 , respectively. Substantially all general insurance expenses related to the Company, including rent and employee benefit plan expenses are initially paid by The Hartford. Expenses are allocated to the Company using specific identification if available, or other applicable methods that would include a blend of revenue, expense and capital. The Company has issued a guarantee to retirees and vested terminated employees (“Retirees”) of The Hartford Retirement Plan for U.S. Employees (“the Plan”) who retired or terminated prior to January 1, 2004 . The Plan is sponsored by The Hartford. The guarantee is an irrevocable commitment to pay all accrued benefits which the Retiree or the Retiree’s designated beneficiary is entitled to receive under the Plan in the event the Plan assets are insufficient to fund those benefits and The Hartford is unable to provide sufficient assets to fund those benefits. The Company believes that the likelihood that payments will be required under this guarantee is remote. In 1990 , Hartford Fire guaranteed the obligations of the Company with respect to life, accident and health insurance and annuity contracts issued after January 1, 1990 . The guarantee was issued to provide an increased level of security to potential purchasers of the Company's products. Although the guarantee was terminated in 1997 , it still covers policies that were issued from 1990 to 1997 . As of December 31, 2016 and 2015 , no recoverables have been recorded for this guarantee, as the Company was able to meet these policyholder obligations. Reinsurance Assumed from Affiliates The Company and HLAI formerly reinsured certain fixed annuity products and variable annuity product GMDB, GMIB, GMWB and GMAB riders from HLIKK, a former Japanese affiliate that was sold on June 30, 2014 to ORIX Life Insurance Corporation. Concurrent with the sale, HLIKK recaptured certain risks that had been reinsured to the Company and HLAI by terminating or modifying intercompany agreements. As a result, the Company recognized a loss on this recapture of $213 in 2014. Upon closing, HLIKK is responsible for all liabilities of the recaptured business. HLAI continues to provide reinsurance for yen denominated fixed payout annuities approximating $487 and $619 as of December 31, 2016 and 2015 , respectively. Reinsurance Ceded to Affiliates Effective August 1, 2016, the Company recaptured a reinsurance agreement with HLA, a wholly owned subsidiary of Hartford Life, Inc. whereby the Company had ceded a single group annuity contract to HLA under a 100% quota share agreement. As a result of this recapture, the Company received a return of premium of $90 and increased reserves by $63 resulting in a recognized pre-tax gain of approximately $27 . The Company also maintains a reinsurance agreement with Hartford Life and Accident Insurance Company ("HLA"), a wholly-owned subsidiary of Hartford Life, Inc., whereby the Company cedes both group life and group accident and health risk. Under this treaty, the Company ceded group life premium of $40 , $64 , and $85 for the years ended December 31, 2016 , 2015 , and 2014 , respectively. The Company ceded accident and health premiums to HLA of $86 , $129 , and $365 for the years ended December 31, 2016 , 2015 , and 2014 , respectively. Effective April 1, 2014 , HLAI, terminated its modco and coinsurance with funds withheld reinsurance agreement with WRR, following receipt of approval from the CTDOI and Vermont Department of Financial Regulation. As a result, the Company recognized a gain of $213 in the year ended December 31, 2014 resulting from the termination of derivatives associated with the reinsurance transaction. The impact of the modco and coinsurance with funds withheld reinsurance agreement with WRR on the Company’s Consolidated Statements of Operations prior to termination in 2014 was as follows: For the Year Ended December 31, 2014 Earned premiums $ (5 ) Net realized losses [1] (103 ) Total revenues (108 ) Benefits, losses and loss adjustment expenses (1 ) Insurance operating costs and other expenses (4 ) Total expenses (5 ) Loss before income taxes (103 ) Income tax benefit (36 ) Net loss $ (67 ) [1] Amounts represent the change in valuation of the derivative associated with this transaction. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | Changes in AOCI, net of tax, by component consist of the following: For the year ended December 31, 2016 Changes in Net Unrealized Gain on Securities Net Gain on Cash Flow Hedging Instruments Foreign Currency Translation Adjustments AOCI, net of tax Beginning balance $ 539 $ 57 $ (3 ) $ 593 OCI before reclassifications 212 (9 ) — 203 Amounts reclassified from AOCI (58 ) (16 ) — (74 ) OCI, net of tax 154 (25 ) — 129 Ending balance $ 693 $ 32 $ (3 ) $ 722 For the year ended December 31, 2015 Changes in Net Unrealized Gain on Securities Net Gain on Cash Flow Hedging Instruments Foreign Currency Translation Adjustments AOCI, net of tax Beginning balance $ 1,154 $ 70 $ (3 ) $ 1,221 OCI before reclassifications (633 ) 2 — (631 ) Amounts reclassified from AOCI 18 (15 ) — 3 OCI, net of tax (615 ) (13 ) — (628 ) Ending balance $ 539 $ 57 $ (3 ) $ 593 For the year ended December 31, 2014 Changes in Net Unrealized Gain on Securities Net Gain on Cash Flow Hedging Instruments Foreign Currency Translation Adjustments AOCI, net of tax Beginning balance $ 495 $ 79 $ — $ 574 OCI before reclassifications 660 14 (3 ) 671 Amounts reclassified from AOCI (1 ) (23 ) — (24 ) OCI, net of tax 659 (9 ) (3 ) 647 Ending balance $ 1,154 $ 70 $ (3 ) $ 1,221 Reclassifications from AOCI consist of the following: Amount Reclassified from AOCI AOCI For the Year Ended December 31, 2016 For the Year Ended December 31, 2015 For the Year Ended December 31, 2014 Affected Line Item in the Consolidated Statement of Operations Net Unrealized Gain on Securities Available-for-sale securities $ 89 $ (27 ) $ 1 Net realized capital gains (losses) 89 (27 ) 1 Total before tax 31 (9 ) — Income tax expense $ 58 $ (18 ) $ 1 Net income Net Gains on Cash-Flow Hedging Instruments Interest rate swaps $ 1 $ (1 ) $ (1 ) Net realized capital gains (losses) Interest rate swaps 25 33 50 Net investment income Foreign currency swaps (2 ) (9 ) (13 ) Net realized capital gains (losses) 24 23 36 Total before tax 8 8 13 Income tax expense $ 16 $ 15 $ 23 Net income Total amounts reclassified from AOCI $ 74 $ (3 ) $ 24 Net income |
Quarterly Results (Unaudited) L
Quarterly Results (Unaudited) Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results (Unaudited) | Quarterly Results (Unaudited) Three months ended March 31, June 30, September 30, December 31, 2016 2015 2016 2015 2016 2015 2016 2015 Total revenues $ 487 $ 668 $ 622 $ 702 $ 702 $ 630 $ 571 $ 499 Total benefits, losses and expenses 478 483 474 461 610 500 464 525 Net income 28 145 118 230 79 118 57 7 Less: Net income (loss) attributable to the noncontrolling interest — — — — — 1 — (1 ) Net income attributable to Hartford Life Insurance Company $ 28 $ 145 $ 118 $ 230 $ 79 $ 117 $ 57 $ 8 |
Schedule I - Summary of Investm
Schedule I - Summary of Investments - Other Than Investments in Affiliates Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Summary of Investments, Other than Investments in Related Parties [Abstract] | |
Summary of Investments - Other Than Investments in Affiliates | SCHEDULE I SUMMARY OF INVESTMENTS—OTHER THAN INVESTMENTS IN AFFILIATES ($ in millions) As of December 31, 2016 Type of Investment Cost Fair Value Amount at which shown on Balance Sheet Fixed Maturities Bonds and notes U.S. government and government agencies and authorities (guaranteed and sponsored) $ 3,125 $ 3,275 $ 3,275 States, municipalities and political subdivisions 1,098 1,189 1,189 Foreign governments 337 345 345 Public utilities 2,665 2,873 2,873 All other corporate bonds 11,012 11,820 11,820 All other mortgage-backed and asset-backed securities 4,270 4,317 4,317 Total fixed maturities, available-for-sale 22,507 23,819 23,819 Fixed maturities, at fair value using fair value option 80 82 82 Total fixed maturities 22,587 23,901 23,901 Equity Securities Common stocks Industrial, miscellaneous and all other 61 71 71 Non-redeemable preferred stocks 81 81 81 Total equity securities, available-for-sale 142 152 152 Equity securities, trading 10 11 11 Total equity securities 152 163 163 Mortgage loans 2,811 2,843 2,811 Policy loans 1,442 1,442 1,442 Futures, options and miscellaneous 493 282 282 Short-term investments 1,349 1,349 1,349 Investments in partnerships and trusts 930 930 Total investments $ 29,764 $ 30,878 |
Schedule IV - Schedule of Reins
Schedule IV - Schedule of Reinsurance Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract] | |
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Text Block] | SCHEDULE IV REINSURANCE (In millions) Gross Amount Ceded to Other Companies Assumed From Other Companies Net Amount Percentage of Amount Assumed to Net For the year ended December 31, 2016 Life insurance in force $ 284,779 $ 213,221 $ 558 $ 72,116 1 % Insurance revenues Life insurance and annuities $ 2,524 $ 1,527 $ 129 $ 1,126 11 % Accident and health insurance 135 89 — 46 — % Total insurance revenues $ 2,659 $ 1,616 $ 129 $ 1,172 11 % For the year ended December 31, 2015 Life insurance in force $ 306,472 $ 234,306 $ 713 $ 72,879 1 % Insurance revenues Life insurance and annuities $ 2,687 $ 1,673 $ 113 $ 1,127 10 % Accident and health insurance 190 128 — 62 — % Total insurance revenues $ 2,877 $ 1,801 $ 113 $ 1,189 10 % For the year ended December 31, 2014 Life insurance in force $ 327,772 $ 255,185 $ 797 $ 73,384 1 % Insurance revenues Life insurance and annuities $ 2,979 $ 1,691 $ 74 $ 1,362 5 % Accident and health insurance 249 369 — (120 ) — % Total insurance revenues $ 3,228 $ 2,060 $ 74 $ 1,242 6 % Gross Amount Ceded to Other Companies Assumed From Other Companies Net Amount Percentage of Amount Assumed to Net For the year ended December 31, 2016 Life insurance in force $ 284,779 $ 213,221 $ 558 $ 72,116 1 % Insurance revenues Life insurance and annuities $ 2,524 $ 1,527 $ 129 $ 1,126 11 % Accident and health insurance 135 89 — 46 — % Total insurance revenues $ 2,659 $ 1,616 $ 129 $ 1,172 11 % For the year ended December 31, 2015 Life insurance in force $ 306,472 $ 234,306 $ 713 $ 72,879 1 % Insurance revenues Life insurance and annuities $ 2,687 $ 1,673 $ 113 $ 1,127 10 % Accident and health insurance 190 128 — 62 — % Total insurance revenues $ 2,877 $ 1,801 $ 113 $ 1,189 10 % For the year ended December 31, 2014 Life insurance in force $ 327,772 $ 255,185 $ 797 $ 73,384 1 % Insurance revenues Life insurance and annuities $ 2,979 $ 1,691 $ 74 $ 1,362 5 % Accident and health insurance 249 369 — (120 ) — % Total insurance revenues $ 3,228 $ 2,060 $ 74 $ 1,242 6 % |
Schedule V - Valuation and Qual
Schedule V - Valuation and Qualifying Accounts Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | SCHEDULE V VALUATION AND QUALIFYING ACCOUNTS (In millions) Balance January 1, Charged to Costs and Expenses Write-offs/Payments/Other Balance December 31, 2016 Valuation allowance on mortgage loans $ 19 $ — $ — $ 19 2015 Valuation allowance on mortgage loans $ 15 $ 4 $ — $ 19 2014 Valuation allowance on mortgage loans $ 12 $ 4 $ (1 ) $ 15 |
Basis of Presentation and Acc25
Basis of Presentation and Accounting Policies Level 2 (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 1 . Basis of Presentation and Significant Accounting Policies Basis of Presentation Hartford Life Insurance Company (together with its subsidiaries, “HLIC”, “Company”, “we” or “our”) is a provider of insurance and investment products in the United States (“U.S.”) and is a wholly-owned subsidiary of Hartford Life, Inc., a Delaware corporation ("HLI"). The Hartford Financial Services Group, Inc. (“The Hartford”) is the ultimate parent of the Company. On June 30, 2014, HLI completed the sale of the issued and outstanding equity of Hartford Life Insurance KK, a Japanese company ("HLIKK"), to ORIX Life Insurance Corporation ("Buyer"), a subsidiary of ORIX Corporation, a Japanese company. Upon closing HLIKK recaptured certain risks reinsured to the Company and Hartford Life and Annuity Insurance Company ("HLAI"), a wholly owned subsidiary of the Company, by terminating intercompany agreements. The Buyer is responsible for all liabilities related to the recaptured business. However, HLAI has continued to provide reinsurance for yen denominated fixed payout annuities. For further discussion of this transaction, see Note 11 - Transactions with Affiliates of Notes to Consolidated Financial Statements. Effective April 1, 2014, the Company terminated its modified coinsurance ("modco") and coinsurance with funds withheld reinsurance agreement with White River Life Reinsurance ("WRR"), following receipt of approval from the State of Connecticut Insurance Department ("CTDOI") and Vermont Department of Financial Regulation. On April 30, 2014 The Hartford dissolved WRR. For further discussion of this transaction, see Note 11 - Transactions with Affiliates of Notes to Consolidated Financial Statements. Effective March 3, 2014, The Hartford made Hartford Life and Accident Insurance Company ("HLA") the single nationwide underwriting company for its Group Benefits business by capitalizing HLA to support the Group Benefits business and separating it from the legal entities that support The Hartford's Talcott Resolution operating segment. On January 30, 2014, The Hartford received approval from the CTDOI for HLAI and the Company to dividend approximately $800 of cash and invested assets to HLA and this dividend was paid on February 27, 2014. All of the issued and outstanding equity of the Company was then distributed from HLA to HLI and the Company became a direct subsidiary of HLI. The Consolidated Financial Statements have been prepared on the basis of accounting principles generally accepted in the United States of America (“U.S. GAAP”), which differ materially from the accounting practices prescribed by various insurance regulatory authorities. Consolidation The Consolidated Financial Statements include the accounts of HLIC and entities the Company directly or indirectly has a controlling financial interest in which the Company is required to consolidate. Entities in which HLIC has significant influence over the operating and financing decisions but is not required to consolidate are reported using the equity method. All intercompany transactions and balances between HLIC and its subsidiaries have been eliminated. Use of Estimates The preparation of financial statements, in conformity with U.S. GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates include those used in determining estimated gross profits used in the valuation and amortization of assets and liabilities associated with variable annuity and other universal life-type contracts; evaluation of other-than-temporary impairments on available-for-sale securities and valuation allowances on investments; living benefits required to be fair valued; valuation of investments and derivative instruments; valuation allowance on deferred tax assets; and contingencies relating to corporate litigation and regulatory matters. Certain of these estimates are particularly sensitive to market conditions, and deterioration and/or volatility in the worldwide debt or equity markets could have a material impact on the Consolidated Financial Statements. Reclassifications Certain reclassifications have been made to prior year financial information to conform to the current year presentation. Adoption of New Accounting Standards On January 1, 2016 the Company adopted new consolidation guidance issued by the Financial Accounting Standards Board ("FASB"). The updates revise when to consolidate variable interest entities ("VIEs") and general partners’ investments in limited partnerships, end the deferral granted for applying the VIE guidance to certain investment companies, and reduce the number of circumstances where a decision maker’s or service provider’s fee arrangement is deemed to be a variable interest in an entity. The updates also modify guidance for determining whether limited partnerships are VIEs or voting interest entities. The new guidance did not have a material effect on the Company’s Consolidated Financial Statements . Future Adoption of New Accounting Standards Financial Instruments - Credit Losses The FASB issued updated guidance for recognition and measurement of credit losses on financial instruments. The new guidance will replace the “incurred loss” approach with an “expected loss” model for recognizing credit losses for instruments carried at other than fair value, which will initially result in the recognition of greater allowances for losses. The allowance will be an estimate of credit losses expected over the life of debt instruments, such as mortgage loans, reinsurance recoverables and receivables. Credit losses on available-for-sale (“AFS”) debt securities carried at fair value will continue to be measured as other-than-temporary impairments (“OTTI”) when incurred; however, the losses will be recognized through an allowance and no longer as an adjustment to the cost basis. Recoveries of OTTI will be recognized as reversals of valuation allowances and no longer accreted as investment income through an adjustment to the investment yield. The allowance on AFS securities cannot cause the net carrying value to be below fair value and, therefore, it is possible that increases in fair value due to decreases in market interest rates could cause the reversal of a valuation allowance and increase net income. The new guidance will also require purchased financial assets with a more-than-insignificant amount of credit deterioration since original issuance to be recorded based on contractual amounts due and an initial allowance recorded at the date of purchase. The guidance is effective January 1, 2020 through a cumulative-effect adjustment to retained earnings for the change in the allowance for credit losses for debt instruments carried at other than fair value. No allowance will be recognized at adoption for AFS debt securities; rather, their cost basis will be evaluated for an allowance for OTTI prospectively. Early adoption is permitted as of January 1, 2019. The Company has not yet determined the timing for adoption or estimated the effect on the Company’s consolidated financial statements. Significant implementation matters yet to be addressed include estimating lifetime expected losses on debt instruments carried at other than fair value, determining the impact of valuation allowances on the effective interest method for recognizing interest income from AFS securities, updating our investment accounting system functionality to adjust valuation allowances based on changes in fair value and developing an implementation plan. Financial Instruments - Recognition and Measurement The FASB issued updated guidance for the recognition and measurement of financial instruments. The new guidance will require investments in equity securities to be measured at fair value with any changes in valuation reported in net income except for those equity securities that result in consolidation or are accounted for under the equity method of accounting. The new guidance will also require a deferred tax asset resulting from net unrealized losses on available-for-sale fixed maturities that are recognized in accumulated other comprehensive income (loss) ("AOCI") to be evaluated for recoverability in combination with the Company’s other deferred tax assets. Under existing guidance, the Company measures investments in equity securities, available-for-sale, at fair value with changes in fair value reported in other comprehensive income. As required, the Company will adopt the guidance effective January 1, 2018 through a cumulative effect adjustment to retained earnings. Early adoption is not allowed. The impact to the Company will be increased volatility in net income beginning in 2018. Any difference in the evaluation of deferred tax assets may also affect stockholder's equity. Cash flows will not be affected. The impact will depend on the composition of the Company’s investment portfolio in the future and changes in fair value of the Company’s investments. As of December 31, 2016, equity securities available-for-sale totaled $152 , with unrealized gains of $7 in AOCI, that would have been classified in retained earnings. Had the new accounting guidance been in place since the beginning of 2016, the Company would have recognized mark-to-market gains of $7 after-tax in net income for the year ended December 31, 2016. Revenue Recognition The FASB issued updated guidance for recognizing revenue. The guidance excludes insurance contracts and financial instruments. Revenue is to be recognized when, or as, goods or services are transferred to customers in an amount that reflects the consideration that an entity is expected to be entitled in exchange for those goods or services, and this accounting guidance is similar to current accounting for many transactions. This guidance is effective retrospectively on January 1, 2018, with a choice of restating prior periods or recognizing a cumulative effect for contracts in place as of the adoption. Early adoption is permitted as of January 1, 2017. The Company will adopt on January 1, 2018 and has not determined its method for adoption. The adoption is not expected to have a material effect on the Company’s Consolidated Financial Statements. Significant Accounting Policies The Company’s significant accounting policies are as follows: Segment Information The Company has no reportable segments and is comprised of the run-off operations of annuity, institutional and private-placement life insurance businesses. The Company's determination that it has no reportable segments is based on the fact that the Company's chief operating decision maker reviews the Company's financial performance at a consolidated level. Revenue Recognition For investment and universal life-type contracts, the amounts collected from policyholders are considered deposits and are not included in revenue. Fee income for variable annuity and other universal life-type contracts consists of policy charges for policy administration, cost of insurance charges and surrender charges assessed against policyholders’ account balances and are recognized in the period in which services are provided. For the Company’s traditional life products, premiums are recognized as revenue when due from policyholders. Income Taxes The Company recognizes taxes payable or refundable for the current year and deferred taxes for the tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years the temporary differences are expected to reverse. A deferred tax provision is recorded for the tax effects of differences between the Company's current taxable income and its income before tax under generally accepted accounting principles in the Consolidated Statements of Operations. For deferred tax assets, the Company records a valuation allowance that is adequate to reduce the total deferred tax asset to an amount that will more likely than not be realized. The Company is included in The Hartford’s consolidated U.S. Federal income tax return. The Company and The Hartford have entered into a tax sharing agreement under which each member in the consolidated U.S. Federal income tax return will make payments between them such that, with respect to any period, the amount of taxes to be paid by the Company, subject to certain tax adjustments, is consistent with the “parent down” approach. Under this approach, the Company’s deferred tax assets and tax attributes are considered realized by it so long as the group is able to recognize (or currently use) the related deferred tax asset or attribute. Thus the need for a valuation allowance is determined at the consolidated return level rather than at the level of the individual entities comprising the consolidated group. Dividends to Policyholders Policyholder dividends are paid to certain life insurance policyholders. Policies that receive dividends are referred to as participating policies. Participating dividends to policyholders are accrued and reported in other liabilities using an estimate of the amount to be paid based on underlying contractual obligations under policies and applicable state laws. There were no additional amounts of income allocated to participating policyholders. If limitations exist on the amount of net income from participating life insurance contracts that may be distributed to stockholders, the policyholder’s share of net income on those contracts that cannot be distributed is excluded from stockholder's equity by a charge to operations and an increase to a liability. Investments Overview The Company’s investments in fixed maturities include bonds, structured securities, redeemable preferred stock and commercial paper. Most of these investments, along with certain equity securities, which include common and non-redeemable preferred stocks, are classified as available-for-sale ("AFS") and are carried at fair value. The after-tax difference between fair value and cost or amortized cost is reflected in stockholders’ equity as a component of AOCI, after adjustments for the effect of deducting certain life and annuity deferred policy acquisition costs and reserve adjustments. Also included in equity securities, AFS are certain equity securities for which the Company elected the fair value option. These equity securities are carried at fair value with changes in value recorded in realized capital gains and losses on the Company's Consolidated Statements of Operations. Fixed maturities for which the Company elected the fair value option are classified as FVO and are carried at fair value with changes in value recorded in realized capital gains and losses. Policy loans are carried at outstanding balance. Mortgage loans are recorded at the outstanding principal balance adjusted for amortization of premiums or discounts and net of valuation allowances. Short-term investments are carried at amortized cost, which approximates fair value. Limited partnerships and other alternative investments are reported at their carrying value and accounted for under the equity method with the Company’s share of earnings included in net investment income. Recognition of income related to limited partnerships and other alternative investments is delayed due to the availability of the related financial information, as private equity and other funds are generally on a three-month delay and hedge funds on a one-month delay. Accordingly, income for the years ended December 31, 2016 , 2015 , and 2014 may not include the full impact of current year changes in valuation of the underlying assets and liabilities of the funds, which are generally obtained from the limited partnerships and other alternative investments’ general partners. In addition, for investments in a hedge fund of funds which was liquidated during 2016, the Company recognizes changes in the fair value of the underlying funds in net investment income, which is consistent with accounting requirements for investment companies. Other investments primarily consist of derivative instruments which are carried at fair value. Net Realized Capital Gains and Losses Net realized capital gains and losses from investment sales are reported as a component of revenues and are determined on a specific identification basis. Net realized capital gains and losses also result from fair value changes in fixed maturities and equity securities FVO, and derivatives contracts (both free-standing and embedded) that do not qualify, or are not designated, as a hedge for accounting purposes, ineffectiveness on derivatives that qualify for hedge accounting treatment, and the change in value of certain fair-value hedging instruments and their associated hedged item . Impairments and mortgage loan valuation allowances are recognized as net realized capital losses in accordance with the Company’s impairment and mortgage loan valuation allowance policies as discussed in Note 3 - Investments of Notes to Consolidated Financial Statements. Foreign currency transaction remeasurements are also included in net realized capital gains and losses. Net Investment Income Interest income from fixed maturities and mortgage loans is recognized when earned on the constant effective yield method based on estimated timing of cash flows. The amortization of premium and accretion of discount for fixed maturities also takes into consideration call and maturity dates that produce the lowest yield. For securitized financial assets subject to prepayment risk, yields are recalculated and adjusted periodically to reflect historical and/or estimated future repayments using the retrospective method; however, if these investments are impaired, any yield adjustments are made using the prospective method. Prepayment fees and make-whole payments on fixed maturities and mortgage loans are recorded in net investment income when earned. For equity securities, dividends are recognized as investment income on the ex-dividend date. Limited partnerships and other alternative investments primarily use the equity method of accounting to recognize the Company’s share of earnings; however, for a portion of those investments, the Company uses investment fund accounting applied to a fund of funds which was liquidated during 2016 . For impaired debt securities, the Company accretes the new cost basis to the estimated future cash flows over the expected remaining life of the security by prospectively adjusting the security’s yield, if necessary. The Company’s non-income producing investments were not material for the years ended December 31, 2016 , 2015 and 2014 . Derivative Instruments Overview The Company utilizes a variety of over-the-counter ("OTC") transactions cleared through central clearing houses ("OTC-cleared"), and exchange-traded derivative instruments as part of its overall risk management strategy as well as to enter into replication transactions . The types of instruments may include swaps, caps, floors, forwards, futures and options to achieve one of four Company-approved objectives: • to hedge risk arising from interest rate, equity market, commodity market, credit spread and issuer default, price or currency exchange rate risk or volatility; • to manage liquidity; • to control transaction costs; • to enter into synthetic replication transactions. Interest rate, volatility, dividend, credit default and index swaps involve the periodic exchange of cash flows with other parties, at specified intervals, calculated using agreed upon rates or other financial variables and notional principal amounts. Generally, little to no cash or principal payments are exchanged at the inception of the contract. Typically, at the time a swap is entered into, the cash flow streams exchanged by the counterparties are equal in value. Interest rate cap and floor contracts entitle the purchaser to receive from the issuer at specified dates, the amount, if any, by which a specified market rate exceeds the cap strike interest rate or falls below the floor strike interest rate, applied to a notional principal amount. A premium payment is made by the purchaser of the contract at its inception and no principal payments are exchanged. Forward contracts are customized commitments that specify a rate of interest or currency exchange rate to be paid or received on an obligation beginning on a future start date and are typically settled in cash. Financial futures are standardized commitments to either purchase or sell designated financial instruments, at a future date, for a specified price and may be settled in cash or through delivery of the underlying instrument. Futures contracts trade on organized exchanges. Margin requirements for futures are met by pledging securities or cash, and changes in the futures’ contract values are settled daily in cash. Option contracts grant the purchaser, for a premium payment, the right to either purchase from or sell to the issuer a financial instrument at a specified price, within a specified period or on a stated date. The contracts may reference commodities, which grant the purchaser the right to either purchase from or sell to the issuer commodities at a specified price, within a specified period or on a stated date. Option contracts are typically settled in cash. Foreign currency swaps exchange an initial principal amount in two currencies, agreeing to re-exchange the currencies at a future date, at an agreed upon exchange rate. There may also be a periodic exchange of payments at specified intervals calculated using the agreed upon rates and exchanged principal amounts. The Company’s derivative transactions conducted in insurance company subsidiaries are used in strategies permitted under the derivative use plans required by the State of Connecticut and the State of New York insurance departments. Accounting and Financial Statement Presentation of Derivative Instruments and Hedging Activities Derivative instruments are recognized on the Consolidated Balance Sheets at fair value and are reported in Other Investments and Other Liabilities. For balance sheet presentation purposes, the Company has elected to offset the fair value amounts, income accruals, and related cash collateral receivables and payables of OTC derivative instruments executed in a legal entity and with the same counterparty or under a master netting agreement, which provides the Company with the legal right of offset. The Company also clears interest rate swap and certain credit default swap derivative transactions through central clearing houses. OTC-cleared derivatives require initial collateral at the inception of the trade in the form of cash or highly liquid securities, such as U.S. Treasuries and government agency investments. Central clearing houses also require additional cash as variation margin based on daily market value movements. For information on collateral, see the derivative collateral arrangements section in Note 4 - Derivative Instruments of Notes to Consolidated Financial Statements. In addition, OTC-cleared transactions include price alignment interest either received or paid on the variation margin, which is reflected in net investment income. The Company has also elected to offset the fair value amounts, income accruals and related cash collateral receivables and payables of OTC-cleared derivative instruments based on clearing house agreements. On the date the derivative contract is entered into, the Company designates the derivative as (1) a hedge of the fair value of a recognized asset or liability (“fair value” hedge), (2) a hedge of the variability in cash flows of a forecasted transaction or of amounts to be received or paid related to a recognized asset or liability (“cash flow” hedge), (3) a hedge of a net investment in a foreign operation (“net investment” hedge) or (4) held for other investment and/or risk management purposes, which primarily involve managing asset or liability related risks and do not qualify for hedge accounting. Fair Value Hedges - Changes in the fair value of a derivative that is designated and qualifies as a fair value hedge, including foreign-currency fair value hedges, along with the changes in the fair value of the hedged asset or liability that is attributable to the hedged risk, are recorded in current period earnings as net realized capital gains and losses with any differences between the net change in fair value of the derivative and the hedged item representing the hedge ineffectiveness. Periodic cash flows and accruals of income/expense (“periodic derivative net coupon settlements”) are recorded in the line item of the Consolidated Statements of Operations in which the cash flows of the hedged item are recorded. Cash Flow Hedges - Changes in the fair value of a derivative that is designated and qualifies as a cash flow hedge, including foreign-currency cash flow hedges, are recorded in AOCI and are reclassified into earnings when the variability of the cash flow of the hedged item impacts earnings. Gains and losses on derivative contracts that are reclassified from AOCI to current period earnings are included in the line item in the Consolidated Statements of Operations in which the cash flows of the hedged item are recorded. Any hedge ineffectiveness is recorded immediately in current period earnings as net realized capital gains and losses. Periodic derivative net coupon settlements are recorded in the line item of the Consolidated Statements of Operations in which the cash flows of the hedged item are recorded. Net Investment in a Foreign Operation Hedges - Changes in fair value of a derivative used as a hedge of a net investment in a foreign operation, to the extent effective as a hedge, are recorded in the foreign currency translation adjustments account within AOCI. Cumulative changes in fair value recorded in AOCI are reclassified into earnings upon the sale or complete, or substantially complete, liquidation of the foreign entity. Any hedge ineffectiveness is recorded immediately in current period earnings as net realized capital gains and losses. Periodic derivative net coupon settlements are recorded in the line item of the Consolidated Statements of Operations in which the cash flows of the hedged item are recorded. Other Investment and/or Risk Management Activities - The Company’s other investment and/or risk management activities primarily relate to strategies used to reduce economic risk or replicate permitted investments and do not receive hedge accounting treatment. Changes in the fair value, including periodic derivative net coupon settlements, of derivative instruments held for other investment and/or risk management purposes are reported in current period earnings as net realized capital gains and losses. Hedge Documentation and Effectiveness Testing To qualify for hedge accounting treatment, a derivative must be highly effective in mitigating the designated changes in fair value or cash flow of the hedged item. At hedge inception, the Company formally documents all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking each hedge transaction. The documentation process includes linking derivatives that are designated as fair value, cash flow, or net investment hedges to specific assets or liabilities on the balance sheet or to specific forecasted transactions and defining the effectiveness and ineffectiveness testing methods to be used. The Company also formally assesses both at the hedge’s inception and ongoing on a quarterly basis, whether the derivatives that are used in hedging transactions have been and are expected to continue to be highly effective in offsetting changes in fair values, cash flows or net investment in foreign operations of hedged items. Hedge effectiveness is assessed primarily using quantitative methods as well as using qualitative methods. Quantitative methods include regression or other statistical analysis of changes in fair value or cash flows associated with the hedge relationship. Qualitative methods may include comparison of critical terms of the derivative to the hedged item. Hedge ineffectiveness of the hedge relationships are measured each reporting period using the “Change in Variable Cash Flows Method”, the “Change in Fair Value Method”, the “Hypothetical Derivative Method”, or the “Dollar Offset Method”. Discontinuance of Hedge Accounting The Company discontinues hedge accounting prospectively when (1) it is determined that the qualifying criteria are no longer met; (2)the derivative is no longer designated as a hedging instrument; or (3) the derivative expires or is sold, terminated or exercised. When hedge accounting is discontinued because it is determined that the derivative no longer qualifies as an effective fair value hedge, the derivative continues to be carried at fair value on the balance sheet with changes in its fair value recognized in current period earnings. Changes in the fair value of the hedged item attributable to the hedged risk is no longer adjusted through current period earnings and the existing basis adjustment is amortized to earnings over the remaining life of the hedged item through the applicable earnings component associated with the hedged item. When hedge accounting is discontinued because the Company becomes aware that it is not probable that the forecasted transaction will occur, the derivative continues to be carried on the balance sheet at its fair value, and gains and losses that were accumulated in AOCI are recognized immediately in earnings. In other situations in which hedge accounting is discontinued, including those where the derivative is sold, terminated or exercised, amounts previously deferred in AOCI are reclassified into earnings when earnings are impacted by the hedged item. Embedded Derivatives The Company purchases and has previously issued financial instruments and products that contain embedded derivative instruments. When it is determined that (1) the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract and (2) a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is bifurcated from the host for measurement purposes. The embedded derivative, which is reported with the host instrument in the Consolidated Balance Sheets, is carried at fair value with changes in fair value reported in net realized capital gains and losses. Credit Risk Credit risk is defined as the risk of financial loss due to uncertainty of an obligor’s or counterparty’s ability or willingness to meet its obligations in accordance with agreed upon terms. Credit exposures are measured using the market value of the derivatives, resulting in amounts owed to the Company by its counterparties or potential payment obligations from the Company to its counterparties. The Company generally requires that OTC derivative contracts, other than certain forward contracts, be governed by International Swaps and Derivatives Association ("ISDA") agreements which are structured by legal entity and by counterparty, and permit right of offset. These agreements require daily collateral settlement based upon agreed upon thresholds. For purposes of daily derivative collateral maintenance, credit exposures are generally quantified based on the prior business day’s market value and collateral is pledged to and held by, or on behalf of, the Company to the extent the current value of the derivatives exceed the contractual thresholds. For the Company’s domestic derivative programs, the maximum uncollateralized threshold for a derivative counterparty for a single legal entity is $10 . The Company also minimizes the credit risk of derivative instruments by entering into transactions with high quality counterparties primarily rated A or better, which are monitored and evaluated by the Company’s risk management team and reviewed by senior management. OTC-cleared derivatives are governed by clearing house rules. Transactions cleared through a central clearing house reduce risk due to their ability to require daily variation margin and act as an independent valuation source. In addition, the Company monitors counterparty credit exposure on |
Business Description and Basis of Presentation [Text Block] | Hartford Life Insurance Company (together with its subsidiaries, “HLIC”, “Company”, “we” or “our”) is a provider of insurance and investment products in the United States (“U.S.”) and is a wholly-owned subsidiary of Hartford Life, Inc., a Delaware corporation ("HLI"). The Hartford Financial Services Group, Inc. (“The Hartford”) is the ultimate parent of the Company. On June 30, 2014, HLI completed the sale of the issued and outstanding equity of Hartford Life Insurance KK, a Japanese company ("HLIKK"), to ORIX Life Insurance Corporation ("Buyer"), a subsidiary of ORIX Corporation, a Japanese company. Upon closing HLIKK recaptured certain risks reinsured to the Company and Hartford Life and Annuity Insurance Company ("HLAI"), a wholly owned subsidiary of the Company, by terminating intercompany agreements. The Buyer is responsible for all liabilities related to the recaptured business. However, HLAI has continued to provide reinsurance for yen denominated fixed payout annuities. For further discussion of this transaction, see Note 11 - Transactions with Affiliates of Notes to Consolidated Financial Statements. Effective April 1, 2014, the Company terminated its modified coinsurance ("modco") and coinsurance with funds withheld reinsurance agreement with White River Life Reinsurance ("WRR"), following receipt of approval from the State of Connecticut Insurance Department ("CTDOI") and Vermont Department of Financial Regulation. On April 30, 2014 The Hartford dissolved WRR. For further discussion of this transaction, see Note 11 - Transactions with Affiliates of Notes to Consolidated Financial Statements. Effective March 3, 2014, The Hartford made Hartford Life and Accident Insurance Company ("HLA") the single nationwide underwriting company for its Group Benefits business by capitalizing HLA to support the Group Benefits business and separating it from the legal entities that support The Hartford's Talcott Resolution operating segment. On January 30, 2014, The Hartford received approval from the CTDOI for HLAI and the Company to dividend approximately $800 of cash and invested assets to HLA and this dividend was paid on February 27, 2014. All of the issued and outstanding equity of the Company was then distributed from HLA to HLI and the Company became a direct subsidiary of HLI. The Consolidated Financial Statements have been prepared on the basis of accounting principles generally accepted in the United States of America (“U.S. GAAP”), which differ materially from the accounting practices prescribed by various insurance regulatory authorities. |
Consolidation | The Consolidated Financial Statements include the accounts of HLIC and entities the Company directly or indirectly has a controlling financial interest in which the Company is required to consolidate. Entities in which HLIC has significant influence over the operating and financing decisions but is not required to consolidate are reported using the equity method. All intercompany transactions and balances between HLIC and its subsidiaries have been eliminated. |
Use of Estimates | Use of Estimates The preparation of financial statements, in conformity with U.S. GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates include those used in determining estimated gross profits used in the valuation and amortization of assets and liabilities associated with variable annuity and other universal life-type contracts; evaluation of other-than-temporary impairments on available-for-sale securities and valuation allowances on investments; living benefits required to be fair valued; valuation of investments and derivative instruments; valuation allowance on deferred tax assets; and contingencies relating to corporate litigation and regulatory matters. Certain of these estimates are particularly sensitive to market conditions, and deterioration and/or volatility in the worldwide debt or equity markets could have a material impact on the Consolidated Financial Statements. |
Reclassification, Policy [Policy Text Block] | Reclassifications Certain reclassifications have been made to prior year financial information to conform to the current year presentation. |
Segment Information | Segment Information The Company has no reportable segments and is comprised of the run-off operations of annuity, institutional and private-placement life insurance businesses. The Company's determination that it has no reportable segments is based on the fact that the Company's chief operating decision maker reviews the Company's financial performance at a consolidated level. |
Revenue Recognition | Revenue Recognition For investment and universal life-type contracts, the amounts collected from policyholders are considered deposits and are not included in revenue. Fee income for variable annuity and other universal life-type contracts consists of policy charges for policy administration, cost of insurance charges and surrender charges assessed against policyholders’ account balances and are recognized in the period in which services are provided. For the Company’s traditional life products, premiums are recognized as revenue when due from policyholders. |
Income Taxes | Income Taxes The Company recognizes taxes payable or refundable for the current year and deferred taxes for the tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years the temporary differences are expected to reverse. A deferred tax provision is recorded for the tax effects of differences between the Company's current taxable income and its income before tax under generally accepted accounting principles in the Consolidated Statements of Operations. For deferred tax assets, the Company records a valuation allowance that is adequate to reduce the total deferred tax asset to an amount that will more likely than not be realized. The Company is included in The Hartford’s consolidated U.S. Federal income tax return. The Company and The Hartford have entered into a tax sharing agreement under which each member in the consolidated U.S. Federal income tax return will make payments between them such that, with respect to any period, the amount of taxes to be paid by the Company, subject to certain tax adjustments, is consistent with the “parent down” approach. Under this approach, the Company’s deferred tax assets and tax attributes are considered realized by it so long as the group is able to recognize (or currently use) the related deferred tax asset or attribute. Thus the need for a valuation allowance is determined at the consolidated return level rather than at the level of the individual entities comprising the consolidated group. |
Dividends to Policyholders | Policyholder dividends are paid to certain life insurance policyholders. Policies that receive dividends are referred to as participating policies. Participating dividends to policyholders are accrued and reported in other liabilities using an estimate of the amount to be paid based on underlying contractual obligations under policies and applicable state laws. There were no additional amounts of income allocated to participating policyholders. If limitations exist on the amount of net income from participating life insurance contracts that may be distributed to stockholders, the policyholder’s share of net income on those contracts that cannot be distributed is excluded from stockholder's equity by a charge to operations and an increase to a liability. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | The Company carries certain financial assets and liabilities at estimated fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants. Our fair value framework includes a hierarchy that gives the highest priority to the use of quoted prices in active markets, followed by the use of market observable inputs, followed by the use of unobservable inputs. The fair value hierarchy levels are as follows: Level 1 Fair values based primarily on unadjusted quoted prices for identical assets, or liabilities, in active markets that the Company has the ability to access at the measurement date. Level 2 Fair values primarily based on observable inputs, other than quoted prices included in Level 1, or based on prices for similar assets and liabilities. Level 3 Fair values derived when one or more of the significant inputs are unobservable (including assumptions about risk). With little or no observable market, the determination of fair values uses considerable judgment and represents the Company’s best estimate of an amount that could be realized in a market exchange for the asset or liability. Also included are securities that are traded within illiquid markets and/or priced by independent brokers. The Company will classify the financial asset or liability by level based upon the lowest level input that is significant to the determination of the fair value. In most cases, both observable inputs (e.g., changes in interest rates) and unobservable inputs (e.g., changes in risk assumptions) are used to determine fair values that the Company has classified within Level 3. Level 2 Level 3 Fixed Maturity Investments Structured securities (includes ABS, CDOs CMBS and RMBS) • Benchmark yields and spreads • Independent broker quotes Corporates • Benchmark yields and spreads • Independent broker quotes U.S Treasuries, Municipals, and Foreign government/government agencies • Benchmark yields and spreads • Independent broker quotes Equity Securities • Quoted prices in markets that are not active • For privately traded equity securities, internal discounted cash flow models utilizing earnings multiples or other cash flow assumptions that are not observable; or they may be held at cost Short Term Investments • Benchmark yields and spreads Not applicable Derivatives Credit derivatives • The swap yield curve • Independent broker quotes Equity derivatives • Equity index levels • Independent broker quotes Foreign exchange derivatives • Swap yield curve • Independent broker quotes Interest rate derivatives • Swap yield curve • Independent broker quotes |
Investments | Investments Overview The Company’s investments in fixed maturities include bonds, structured securities, redeemable preferred stock and commercial paper. Most of these investments, along with certain equity securities, which include common and non-redeemable preferred stocks, are classified as available-for-sale ("AFS") and are carried at fair value. The after-tax difference between fair value and cost or amortized cost is reflected in stockholders’ equity as a component of AOCI, after adjustments for the effect of deducting certain life and annuity deferred policy acquisition costs and reserve adjustments. Also included in equity securities, AFS are certain equity securities for which the Company elected the fair value option. These equity securities are carried at fair value with changes in value recorded in realized capital gains and losses on the Company's Consolidated Statements of Operations. Fixed maturities for which the Company elected the fair value option are classified as FVO and are carried at fair value with changes in value recorded in realized capital gains and losses. Policy loans are carried at outstanding balance. Mortgage loans are recorded at the outstanding principal balance adjusted for amortization of premiums or discounts and net of valuation allowances. Short-term investments are carried at amortized cost, which approximates fair value. Limited partnerships and other alternative investments are reported at their carrying value and accounted for under the equity method with the Company’s share of earnings included in net investment income. Recognition of income related to limited partnerships and other alternative investments is delayed due to the availability of the related financial information, as private equity and other funds are generally on a three-month delay and hedge funds on a one-month delay. Accordingly, income for the years ended December 31, 2016 , 2015 , and 2014 may not include the full impact of current year changes in valuation of the underlying assets and liabilities of the funds, which are generally obtained from the limited partnerships and other alternative investments’ general partners. In addition, for investments in a hedge fund of funds which was liquidated during 2016, the Company recognizes changes in the fair value of the underlying funds in net investment income, which is consistent with accounting requirements for investment companies. Other investments primarily consist of derivative instruments which are carried at fair value. Net Realized Capital Gains and Losses Net realized capital gains and losses from investment sales are reported as a component of revenues and are determined on a specific identification basis. Net realized capital gains and losses also result from fair value changes in fixed maturities and equity securities FVO, and derivatives contracts (both free-standing and embedded) that do not qualify, or are not designated, as a hedge for accounting purposes, ineffectiveness on derivatives that qualify for hedge accounting treatment, and the change in value of certain fair-value hedging instruments and their associated hedged item . Impairments and mortgage loan valuation allowances are recognized as net realized capital losses in accordance with the Company’s impairment and mortgage loan valuation allowance policies as discussed in Note 3 - Investments of Notes to Consolidated Financial Statements. Foreign currency transaction remeasurements are also included in net realized capital gains and losses. Net Investment Income Interest income from fixed maturities and mortgage loans is recognized when earned on the constant effective yield method based on estimated timing of cash flows. The amortization of premium and accretion of discount for fixed maturities also takes into consideration call and maturity dates that produce the lowest yield. For securitized financial assets subject to prepayment risk, yields are recalculated and adjusted periodically to reflect historical and/or estimated future repayments using the retrospective method; however, if these investments are impaired, any yield adjustments are made using the prospective method. Prepayment fees and make-whole payments on fixed maturities and mortgage loans are recorded in net investment income when earned. For equity securities, dividends are recognized as investment income on the ex-dividend date. Limited partnerships and other alternative investments primarily use the equity method of accounting to recognize the Company’s share of earnings; however, for a portion of those investments, the Company uses investment fund accounting applied to a fund of funds which was liquidated during 2016 . For impaired debt securities, the Company accretes the new cost basis to the estimated future cash flows over the expected remaining life of the security by prospectively adjusting the security’s yield, if necessary. The Company’s non-income producing investments were not material for the years ended December 31, 2016 , 2015 and 2014 . |
Derivatives, Policy [Policy Text Block] | Derivative Instruments Overview The Company utilizes a variety of over-the-counter ("OTC") transactions cleared through central clearing houses ("OTC-cleared"), and exchange-traded derivative instruments as part of its overall risk management strategy as well as to enter into replication transactions . The types of instruments may include swaps, caps, floors, forwards, futures and options to achieve one of four Company-approved objectives: • to hedge risk arising from interest rate, equity market, commodity market, credit spread and issuer default, price or currency exchange rate risk or volatility; • to manage liquidity; • to control transaction costs; • to enter into synthetic replication transactions. Interest rate, volatility, dividend, credit default and index swaps involve the periodic exchange of cash flows with other parties, at specified intervals, calculated using agreed upon rates or other financial variables and notional principal amounts. Generally, little to no cash or principal payments are exchanged at the inception of the contract. Typically, at the time a swap is entered into, the cash flow streams exchanged by the counterparties are equal in value. Interest rate cap and floor contracts entitle the purchaser to receive from the issuer at specified dates, the amount, if any, by which a specified market rate exceeds the cap strike interest rate or falls below the floor strike interest rate, applied to a notional principal amount. A premium payment is made by the purchaser of the contract at its inception and no principal payments are exchanged. Forward contracts are customized commitments that specify a rate of interest or currency exchange rate to be paid or received on an obligation beginning on a future start date and are typically settled in cash. Financial futures are standardized commitments to either purchase or sell designated financial instruments, at a future date, for a specified price and may be settled in cash or through delivery of the underlying instrument. Futures contracts trade on organized exchanges. Margin requirements for futures are met by pledging securities or cash, and changes in the futures’ contract values are settled daily in cash. Option contracts grant the purchaser, for a premium payment, the right to either purchase from or sell to the issuer a financial instrument at a specified price, within a specified period or on a stated date. The contracts may reference commodities, which grant the purchaser the right to either purchase from or sell to the issuer commodities at a specified price, within a specified period or on a stated date. Option contracts are typically settled in cash. Foreign currency swaps exchange an initial principal amount in two currencies, agreeing to re-exchange the currencies at a future date, at an agreed upon exchange rate. There may also be a periodic exchange of payments at specified intervals calculated using the agreed upon rates and exchanged principal amounts. The Company’s derivative transactions conducted in insurance company subsidiaries are used in strategies permitted under the derivative use plans required by the State of Connecticut and the State of New York insurance departments. Accounting and Financial Statement Presentation of Derivative Instruments and Hedging Activities Derivative instruments are recognized on the Consolidated Balance Sheets at fair value and are reported in Other Investments and Other Liabilities. For balance sheet presentation purposes, the Company has elected to offset the fair value amounts, income accruals, and related cash collateral receivables and payables of OTC derivative instruments executed in a legal entity and with the same counterparty or under a master netting agreement, which provides the Company with the legal right of offset. The Company also clears interest rate swap and certain credit default swap derivative transactions through central clearing houses. OTC-cleared derivatives require initial collateral at the inception of the trade in the form of cash or highly liquid securities, such as U.S. Treasuries and government agency investments. Central clearing houses also require additional cash as variation margin based on daily market value movements. For information on collateral, see the derivative collateral arrangements section in Note 4 - Derivative Instruments of Notes to Consolidated Financial Statements. In addition, OTC-cleared transactions include price alignment interest either received or paid on the variation margin, which is reflected in net investment income. The Company has also elected to offset the fair value amounts, income accruals and related cash collateral receivables and payables of OTC-cleared derivative instruments based on clearing house agreements. On the date the derivative contract is entered into, the Company designates the derivative as (1) a hedge of the fair value of a recognized asset or liability (“fair value” hedge), (2) a hedge of the variability in cash flows of a forecasted transaction or of amounts to be received or paid related to a recognized asset or liability (“cash flow” hedge), (3) a hedge of a net investment in a foreign operation (“net investment” hedge) or (4) held for other investment and/or risk management purposes, which primarily involve managing asset or liability related risks and do not qualify for hedge accounting. Fair Value Hedges - Changes in the fair value of a derivative that is designated and qualifies as a fair value hedge, including foreign-currency fair value hedges, along with the changes in the fair value of the hedged asset or liability that is attributable to the hedged risk, are recorded in current period earnings as net realized capital gains and losses with any differences between the net change in fair value of the derivative and the hedged item representing the hedge ineffectiveness. Periodic cash flows and accruals of income/expense (“periodic derivative net coupon settlements”) are recorded in the line item of the Consolidated Statements of Operations in which the cash flows of the hedged item are recorded. Cash Flow Hedges - Changes in the fair value of a derivative that is designated and qualifies as a cash flow hedge, including foreign-currency cash flow hedges, are recorded in AOCI and are reclassified into earnings when the variability of the cash flow of the hedged item impacts earnings. Gains and losses on derivative contracts that are reclassified from AOCI to current period earnings are included in the line item in the Consolidated Statements of Operations in which the cash flows of the hedged item are recorded. Any hedge ineffectiveness is recorded immediately in current period earnings as net realized capital gains and losses. Periodic derivative net coupon settlements are recorded in the line item of the Consolidated Statements of Operations in which the cash flows of the hedged item are recorded. Net Investment in a Foreign Operation Hedges - Changes in fair value of a derivative used as a hedge of a net investment in a foreign operation, to the extent effective as a hedge, are recorded in the foreign currency translation adjustments account within AOCI. Cumulative changes in fair value recorded in AOCI are reclassified into earnings upon the sale or complete, or substantially complete, liquidation of the foreign entity. Any hedge ineffectiveness is recorded immediately in current period earnings as net realized capital gains and losses. Periodic derivative net coupon settlements are recorded in the line item of the Consolidated Statements of Operations in which the cash flows of the hedged item are recorded. Other Investment and/or Risk Management Activities - The Company’s other investment and/or risk management activities primarily relate to strategies used to reduce economic risk or replicate permitted investments and do not receive hedge accounting treatment. Changes in the fair value, including periodic derivative net coupon settlements, of derivative instruments held for other investment and/or risk management purposes are reported in current period earnings as net realized capital gains and losses. Hedge Documentation and Effectiveness Testing To qualify for hedge accounting treatment, a derivative must be highly effective in mitigating the designated changes in fair value or cash flow of the hedged item. At hedge inception, the Company formally documents all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking each hedge transaction. The documentation process includes linking derivatives that are designated as fair value, cash flow, or net investment hedges to specific assets or liabilities on the balance sheet or to specific forecasted transactions and defining the effectiveness and ineffectiveness testing methods to be used. The Company also formally assesses both at the hedge’s inception and ongoing on a quarterly basis, whether the derivatives that are used in hedging transactions have been and are expected to continue to be highly effective in offsetting changes in fair values, cash flows or net investment in foreign operations of hedged items. Hedge effectiveness is assessed primarily using quantitative methods as well as using qualitative methods. Quantitative methods include regression or other statistical analysis of changes in fair value or cash flows associated with the hedge relationship. Qualitative methods may include comparison of critical terms of the derivative to the hedged item. Hedge ineffectiveness of the hedge relationships are measured each reporting period using the “Change in Variable Cash Flows Method”, the “Change in Fair Value Method”, the “Hypothetical Derivative Method”, or the “Dollar Offset Method”. Discontinuance of Hedge Accounting The Company discontinues hedge accounting prospectively when (1) it is determined that the qualifying criteria are no longer met; (2)the derivative is no longer designated as a hedging instrument; or (3) the derivative expires or is sold, terminated or exercised. When hedge accounting is discontinued because it is determined that the derivative no longer qualifies as an effective fair value hedge, the derivative continues to be carried at fair value on the balance sheet with changes in its fair value recognized in current period earnings. Changes in the fair value of the hedged item attributable to the hedged risk is no longer adjusted through current period earnings and the existing basis adjustment is amortized to earnings over the remaining life of the hedged item through the applicable earnings component associated with the hedged item. When hedge accounting is discontinued because the Company becomes aware that it is not probable that the forecasted transaction will occur, the derivative continues to be carried on the balance sheet at its fair value, and gains and losses that were accumulated in AOCI are recognized immediately in earnings. In other situations in which hedge accounting is discontinued, including those where the derivative is sold, terminated or exercised, amounts previously deferred in AOCI are reclassified into earnings when earnings are impacted by the hedged item. Embedded Derivatives The Company purchases and has previously issued financial instruments and products that contain embedded derivative instruments. When it is determined that (1) the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract and (2) a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is bifurcated from the host for measurement purposes. The embedded derivative, which is reported with the host instrument in the Consolidated Balance Sheets, is carried at fair value with changes in fair value reported in net realized capital gains and losses. Credit Risk Credit risk is defined as the risk of financial loss due to uncertainty of an obligor’s or counterparty’s ability or willingness to meet its obligations in accordance with agreed upon terms. Credit exposures are measured using the market value of the derivatives, resulting in amounts owed to the Company by its counterparties or potential payment obligations from the Company to its counterparties. The Company generally requires that OTC derivative contracts, other than certain forward contracts, be governed by International Swaps and Derivatives Association ("ISDA") agreements which are structured by legal entity and by counterparty, and permit right of offset. These agreements require daily collateral settlement based upon agreed upon thresholds. For purposes of daily derivative collateral maintenance, credit exposures are generally quantified based on the prior business day’s market value and collateral is pledged to and held by, or on behalf of, the Company to the extent the current value of the derivatives exceed the contractual thresholds. For the Company’s domestic derivative programs, the maximum uncollateralized threshold for a derivative counterparty for a single legal entity is $10 . The Company also minimizes the credit risk of derivative instruments by entering into transactions with high quality counterparties primarily rated A or better, which are monitored and evaluated by the Company’s risk management team and reviewed by senior management. OTC-cleared derivatives are governed by clearing house rules. Transactions cleared through a central clearing house reduce risk due to their ability to require daily variation margin and act as an independent valuation source. In addition, the Company monitors counterparty credit exposure on a monthly basis to ensure compliance with Company policies and statutory limitations. Derivative Instruments The Company utilizes a variety of OTC, OTC-cleared and exchange traded derivative instruments as a part of its overall risk management strategy as well as to enter into replication transactions. Derivative instruments are used to manage risk associated with interest rate, equity market, commodity market, credit spread, issuer default, price, and currency exchange rate risk or volatility. Replication transactions are used as an economical means to synthetically replicate the characteristics and performance of assets that are permissible investments under the Company’s investment policies. The Company also may enter into and has previously issued financial instruments and products that either are accounted for as free-standing derivatives, such as certain reinsurance contracts, or as embedded derivative instruments, such as certain GMWB riders included with certain variable annuity products. Strategies that Qualify for Hedge Accounting Some of the Company's derivatives satisfy hedge accounting requirements as outlined in Note 1 of these financial statements. Typically, these hedging instruments include interest rate swaps and, to a lesser extent, foreign currency swaps where the terms or expected cash flows of the hedged item closely match the terms of the swap. The interest rate swaps are typically used to manage interest rate duration of certain fixed maturity securities or liability contracts. The hedge strategies by hedge accounting designation include: Cash Flow Hedges Interest rate swaps are predominantly used to manage portfolio duration and better match cash receipts from assets with cash disbursements required to fund liabilities. These derivatives primarily convert interest receipts on floating-rate fixed maturity securities to fixed rates. The Company also enters into forward starting swap agreements to hedge the interest rate exposure related to the future purchase of fixed-rate securities, primarily to hedge interest rate risk inherent in the assumptions used to price certain product liabilities. Foreign currency swaps are used to convert foreign currency-denominated cash flows related to certain investment receipts and liability payments to U.S. dollars in order to reduce cash flow fluctuations due to changes in currency rates. Fair Value Hedges Interest rate swaps are used to hedge the changes in fair value of fixed maturity securities due to fluctuations in interest rates. These swaps are typically used to manage interest rate duration. Non-qualifying Strategies Derivative relationships that do not qualify for hedge accounting (“non-qualifying strategies”) primarily include the hedge program for the Company's variable annuity products as well as the hedging and replication strategies that utilize credit default swaps. In addition, hedges of interest rate, foreign currency and equity risk of certain fixed maturities, equities and liabilities do not qualify for hedge accounting. The non-qualifying strategies include: Interest Rate Swaps, Swaptions, and Futures The Company uses interest rate swaps, swaptions, and futures to manage interest rate duration between assets and liabilities in certain investment portfolios. In addition, the Company enters into interest rate swaps to terminate existing swaps, thereby offsetting the changes in value of the original swap. As of December 31, 2016 and 2015 , the notional amount of interest rate swaps in offsetting relationships was $2.7 billion and $4.6 billion , respectively. Foreign Currency Swaps and Forwards Foreign currency forwards are used to hedge non-U.S. dollar denominated cash and equity securities. The Company also enters into foreign currency swaps and forwards to convert the foreign currency exposures of certain foreign currency-denominated fixed maturity investments to U.S. dollars. Fixed Payout Annuity Hedge The Company has obligations for certain yen denominated fixed payout annuities under an assumed reinsurance contract. The Company invests in U.S. dollar denominated assets to support the assumed reinsurance liability. The Company has in place pay U.S. dollar, receive yen swap contracts to hedge the currency and yen interest rate exposure between the U.S. dollar denominated assets and the yen denominated fixed liability reinsurance payments. Credit Contracts Credit default swaps are used to purchase credit protection on an individual entity or referenced index to economically hedge against default risk and credit-related changes in the value of fixed maturity securities. Credit default swaps are also used to assume credit risk related to an individual entity or referenced index as a part of replication transactions. These contracts require the Company to pay or receive a periodic fee in exchange for compensation from the counterparty should the referenced security issuers experience a credit event, as defined in the contract. The Company is also exposed to credit risk related to certain structured fixed maturity securities that have embedded credit derivatives, which reference a standard index of corporate securities. In addition, the Company enters into credit default swaps to terminate existing credit default swaps, thereby offsetting the changes in value of the original swap going forward. Equity Index Swaps and Options The Company enters into equity index options to hedge the impact of a decline in the equity markets on the investment portfolio. During 2015, the Company entered into a total return swap to hedge equity risk of specific common stock investments which were accounted for using fair value option in order to align the accounting treatment within net realized capital gains (losses). The swap matured in January 2016 and the specific common stock investments were sold at that time. In addition, the Company formerly offered certain equity indexed products that remain in force, a portion of which contain embedded derivatives that require changes in value to be bifurcated from the host contract. The Company uses equity index swaps to economically hedge the equity volatility risk associated with the equity indexed products. Commodity Contracts The Company has used put option contracts on oil futures to partially offset potential losses related to certain fixed maturity securities that could be impacted by changes in oil prices. These options were terminated at the end of 2015. GMWB Derivatives, net The Company formerly offered certain variable annuity products with GMWB riders. The GMWB product is a bifurcated embedded derivative (“GMWB product derivatives”) that has a notional value equal to the GRB. The Company uses reinsurance contracts to transfer a portion of its risk of loss due to GMWB. The reinsurance contracts covering GMWB (“GMWB reinsurance contracts”) are accounted for as free-standing derivatives with a notional amount equal to the GRB reinsured. The Company utilizes derivatives (“GMWB hedging instruments”) as part of a dynamic hedging program designed to hedge a portion of the capital market risk exposures of the non-reinsured GMWB riders. The GMWB hedging instruments hedge changes in interest rates, equity market levels, and equity volatility. These derivatives include customized swaps, interest rate swaps and futures, and equity swaps, options and futures, on certain indices including the S&P 500 index, EAFE index and NASDAQ index. The Company retains the risk for differences between assumed and actual policyholder behavior and between the performance of the actively managed funds underlying the separate accounts and their respective indices. The following table presents notional and fair value for GMWB hedging instruments. |
Cash | Cash Cash represents cash on hand and demand deposits with banks or other financial institutions. |
Reinsurance | Reinsurance The Company cedes insurance to affiliated and unaffiliated insurers in order to limit its maximum losses and to diversify its exposures and provide statutory surplus relief. Such arrangements do not relieve the Company of its primary liability to policyholders. Failure of reinsurers to honor their obligations could result in losses to the Company. The Company also assumes reinsurance from other insurers. Reinsurance accounting is followed for ceded and assumed transactions that provide indemnification against loss or liability relating to insurance risk (i.e. risk transfer). To meet risk transfer requirements, a reinsurance agreement must include insurance risk, consisting of underwriting, investment, and timing risk, and a reasonable possibility of a significant loss to the reinsurer. If the ceded and assumed transactions do not meet risk transfer requirements, the Company accounts for these transactions as financing transactions. Premiums, benefits, losses and loss adjustment expenses reflect the net effects of ceded and assumed reinsurance transactions. Included in other assets are prepaid reinsurance premiums, which represent the portion of premiums ceded to reinsurers applicable to the unexpired terms of the reinsurance agreements. Included in reinsurance recoverables are balances due from reinsurance companies for paid and unpaid losses and loss adjustment expenses and are presented net of any necessary allowance for uncollectible reinsurance. The Company reinsures certain of its risks to other reinsurers under yearly renewable term, coinsurance, and modified coinsurance arrangements, and variations thereof. The cost of reinsurance related to long-duration contracts is accounted for over the life of the underlying reinsured policies using assumptions consistent with those used to account for the underlying policies. The Company evaluates the financial condition of its reinsurers and concentrations of credit risk. Reinsurance is placed with reinsurers that meet strict financial criteria established by the Company. |
Deferred Policy Acquisition Costs and Present Value of Future Profits | Deferred Policy Acquisition Costs Deferred policy acquisition costs ("DAC") represent costs that are directly related to the acquisition of new and renewal insurance contracts and incremental direct costs of contract acquisition that are incurred in transactions with either independent third parties or employees. Such costs primarily include commissions, premium taxes, costs of policy issuance and underwriting, and certain other expenses that are directly related to successfully issued contracts. For life insurance products, the DAC asset related to most universal life-type contracts (including variable annuities) is amortized over the estimated life of the contracts acquired in proportion to the present value of estimated gross profits ("EGPs"). EGPs are also used to amortize other assets and liabilities in the Company’s Consolidated Balance Sheets, such as sales inducement assets (“SIA”). Components of EGPs are also used to determine reserves for universal life type contracts (including variable annuities) with death or other insurance benefits such as guaranteed minimum death, life-contingent guaranteed minimum withdrawal and universal life insurance secondary guarantee benefits. These benefits are accounted for and collectively referred to as death and other insurance benefit reserves and are held in addition to the account value liability representing policyholder funds. For most life insurance product contracts, including variable annuities, the Company estimates gross profits over 20 years as EGPs emerging subsequent to that time frame are immaterial. Products sold in a particular year are aggregated into cohorts. Future gross profits for each cohort are projected over the estimated lives of the underlying contracts, based on future account value projections for variable annuity and variable universal life products. The projection of future account values requires the use of certain assumptions including: separate account returns; separate account fund mix; fees assessed against the contract holder’s account balance; f ull surrender and partial withdrawal rates; interest margin; mortality; and the extent and duration of hedging activities and hedging costs. The Company determines EGPs from a single deterministic reversion to mean ("RTM") separate account return projection which is an estimation technique commonly used by insurance entities to project future separate account returns. Through this estimation technique, the Company’s DAC model is adjusted to reflect actual account values at the end of each quarter. Through a consideration of recent market returns, the Company will unlock ("Unlock"), or adjust, projected returns over a future period so that the account value returns to the long-term expected rate of return, providing that those projected returns do not exceed certain caps. This Unlock for future separate account returns is determined each quarter. In the fourth quarter of 2016, the Company completed a comprehensive policyholder behavior assumption study which resulted in a non-market related after-tax charge and incorporated the results of that study into its projection of future gross profits. Additionally, throughout the year, the Company evaluates various aspects of policyholder behavior and will revise its policyholder assumptions if credible emerging data indicates that changes are warranted. The Company will continue to evaluate its assumptions related to policyholder behavior as initiatives to reduce the size of the variable annuity business are implemented by management. Upon completion of an annual assumption study or evaluation of credible new information, the Company will revise its assumptions to reflect its current best estimate. These assumption revisions will change the projected account values and the related EGPs in the DAC models, as well as, EGPs used in the death and other insurance benefit reserving models. All assumption changes that affect the estimate of future EGPs including the update of current account values, the use of the RTM estimation technique, and policyholder behavior assumptions are considered an Unlock in the period of revision. An Unlock adjusts the DAC and death and other insurance benefit reserve balances in the Consolidated Balance Sheets with an offsetting benefit or charge in the Consolidated Statements of Operations in the period of the revision. An Unlock revises EGPs to reflect the Company's current best estimate assumptions. The Company also tests the aggregate recoverability of DAC by comparing the existing DAC balance to the present value of future EGPs. An Unlock that results in an after-tax benefit generally occurs as a result of actual experience or future expectations of product profitability being favorable compared to previous estimates. An Unlock that results in an after-tax charge generally occurs as a result of actual experience or future expectations of product profitability being unfavorable compared to previous estimates. Policyholders may exchange contracts or make modifications to existing contracts. If the new contract or the modification results in a substantially changed replacement contract, DAC is established for the new contract and the existing DAC is written off through income. If the new or modified contract is not substantially changed, the existing DAC continues to be amortized and incremental costs are expensed in the period incurred. Additions to coverage or benefits that are underwritten separately are considered non-integrated features for which DAC is established if additional acquisition costs are incurred. Reductions to coverage or benefits that have a commensurate reduction in price are treated as partial terminations and DAC is reduced through a charge to income. |
Reserves for Future Policy Benefits and Unpaid Losses and Loss Adjustment | Reserve for Future Policy Benefits Reserve for Future Policy Benefits on Universal Life-type Contracts Certain contracts classified as universal life-type include death and other insurance benefit features including guaranteed minimum death benefit ("GMDB"), guaranteed minimum income benefit ("GMIB"), and the life-contingent portion of guaranteed minimum withdrawal benefit ("GMWB") riders offered with variable annuity contracts, as well as secondary guarantee benefits offered with universal life insurance contracts. Universal life insurance secondary guarantee benefits ensure that the policy will not terminate, and will continue to provide a death benefit, even if there is insufficient policy value to cover the monthly deductions and charges. GMDB riders on variable annuities provide a death benefit during the accumulation phase that is generally equal to the greater of (a) the contract value at death or (b) premium payments less any prior withdrawals and may include adjustments that increase the benefit, such as for maximum anniversary value (MAV). For the Company's products with GMWB riders, the withdrawal benefit can exceed the guaranteed remaining balance ("GRB"), which is generally equal to premiums less withdrawals. In addition to recording an account value liability that represents policyholder funds, the Company records a death and other insurance benefit liability for GMDBs, GMIBs, the life-contingent portion of GMWBs and the universal life insurance secondary guarantees. This death and other insurance benefit liability is reported in reserve for future policy benefits in the Company’s Consolidated Balance Sheets. Changes in the death and other insurance benefit reserves are recorded in benefits, losses and loss adjustment expenses in the Company’s Consolidated Statements of Operations. The death and other insurance benefit liability is determined by estimating the expected present value of the benefits in excess of the policyholder’s expected account value in proportion to the present value of total expected assessments and investment margin. Total expected assessments are the aggregate of all contract charges, including those for administration, mortality, expense, and surrender. The liability is accrued as actual assessments are earned. The expected present value of benefits and assessments are generally derived from a set of stochastic scenarios that have been calibrated to our RTM separate account returns and assumptions including market rates of return, volatility, discount rates, lapse rates and mortality experience. Consistent with the Company’s policy on the Unlock, the Company regularly evaluates estimates used and adjusts the liability, with a related charge or credit to benefits, losses and loss adjustment expenses. For further information on the Unlock, see the Deferred Policy Acquisition Costs accounting policy section within this footnote. The Company reinsures a portion of its in-force GMDB and all of its universal life insurance secondary guarantees. Net reinsurance costs are recognized ratably over the accumulation period based on total expected assessments. Reserve for Future Policy Benefits on Traditional Annuity and Other Contracts Traditional annuities recorded within the reserve for future policy benefits primarily include life-contingent contracts in the payout phase such as structured settlements and terminal funding agreements. Other contracts within the reserve for policyholder benefits include whole life and guaranteed term life insurance contracts. The reserve for future policy benefits is calculated using standard actuarial methods as the present value of future benefits and related expenses to be paid less the present value of the portion of future premiums required using assumptions “locked in” at the time the policies were issued, including discount rate, withdrawal, mortality and expense assumptions deemed appropriate at the issue date. Future policy benefits are computed at amounts that, with additions from any estimated premiums to be received and with interest on such reserves compounded annually at assumed rates, are expected to be sufficient to meet the Company’s policy obligations at their maturities or in the event of an insured’s death. While assumptions are locked in upon issuance of new contracts and annuitizations of existing contracts, significant changes in experience or assumptions may require the Company to establish premium deficiency reserves. Premium deficiency reserves, if any, are established based on current assumptions without considering a provision for adverse deviation. Changes in or deviations from the assumptions used can significantly affect the Company’s reserve levels and results from operations. |
Other Policyholder Funds and Benefits Payable | Other Policyholder Funds and Benefits Payable Other policyholder funds and benefits payable primarily include the non-variable account values associated with variable annuity and other universal life-type contracts, investment contracts, the non-life contingent portion of GMWBs that are accounted for as embedded derivatives at fair value as well as other policyholder account balances associated with our life insurance businesses. Investment contracts are non-life contingent and include institutional and governmental deposits, structured settlements and fixed annuities. The liability for investment contracts is equal to the balance that accrues to the benefit of the contract holder as of the financial statement date, which includes the accumulation of deposits plus credited interest, less withdrawals, payments and assessments through the financial statement date. For discussion of fair value of GMWBs that represent embedded derivatives, see Note 2 - Fair Value Measurements of Notes to Consolidated Financial Statements. |
Separate Account Liabilities [Policy Text Block] | Separate Account Liabilities The Company records the variable account value portion of variable annuities, variable life insurance products and institutional and governmental investment contracts within separate accounts. Separate account assets are reported at fair value and separate account liabilities are reported at amounts consistent with separate account assets. Investment income and gains and losses from those separate account assets accrue directly to the policyholder, who assumes the related investment risk, and are offset by change in the related liability. Changes in the value of separate account assets and separate account liabilities are reported in the same line item in the Consolidated Statements of Operations. The Company earns fee income for investment management, certain administrative services and mortality and expense risks. |
Foreign Currency Translation | Foreign Currency Foreign currency translation gains and losses are reflected in stockholder's equity as a component of AOCI. The Company’s foreign subsidiaries’ balance sheet accounts are translated at the exchange rates in effect at each year end and income statement accounts are translated at the average rates of exchange prevailing during the year. The national currencies of the international operations are generally their functional currencies. |
Fair Value Measurements Level 2
Fair Value Measurements Level 2 (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | The Company carries certain financial assets and liabilities at estimated fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants. Our fair value framework includes a hierarchy that gives the highest priority to the use of quoted prices in active markets, followed by the use of market observable inputs, followed by the use of unobservable inputs. The fair value hierarchy levels are as follows: Level 1 Fair values based primarily on unadjusted quoted prices for identical assets, or liabilities, in active markets that the Company has the ability to access at the measurement date. Level 2 Fair values primarily based on observable inputs, other than quoted prices included in Level 1, or based on prices for similar assets and liabilities. Level 3 Fair values derived when one or more of the significant inputs are unobservable (including assumptions about risk). With little or no observable market, the determination of fair values uses considerable judgment and represents the Company’s best estimate of an amount that could be realized in a market exchange for the asset or liability. Also included are securities that are traded within illiquid markets and/or priced by independent brokers. The Company will classify the financial asset or liability by level based upon the lowest level input that is significant to the determination of the fair value. In most cases, both observable inputs (e.g., changes in interest rates) and unobservable inputs (e.g., changes in risk assumptions) are used to determine fair values that the Company has classified within Level 3. Level 2 Level 3 Fixed Maturity Investments Structured securities (includes ABS, CDOs CMBS and RMBS) • Benchmark yields and spreads • Independent broker quotes Corporates • Benchmark yields and spreads • Independent broker quotes U.S Treasuries, Municipals, and Foreign government/government agencies • Benchmark yields and spreads • Independent broker quotes Equity Securities • Quoted prices in markets that are not active • For privately traded equity securities, internal discounted cash flow models utilizing earnings multiples or other cash flow assumptions that are not observable; or they may be held at cost Short Term Investments • Benchmark yields and spreads Not applicable Derivatives Credit derivatives • The swap yield curve • Independent broker quotes Equity derivatives • Equity index levels • Independent broker quotes Foreign exchange derivatives • Swap yield curve • Independent broker quotes Interest rate derivatives • Swap yield curve • Independent broker quotes |
Derivative Instruments Level 2
Derivative Instruments Level 2 (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives, Policy [Policy Text Block] | Derivative Instruments Overview The Company utilizes a variety of over-the-counter ("OTC") transactions cleared through central clearing houses ("OTC-cleared"), and exchange-traded derivative instruments as part of its overall risk management strategy as well as to enter into replication transactions . The types of instruments may include swaps, caps, floors, forwards, futures and options to achieve one of four Company-approved objectives: • to hedge risk arising from interest rate, equity market, commodity market, credit spread and issuer default, price or currency exchange rate risk or volatility; • to manage liquidity; • to control transaction costs; • to enter into synthetic replication transactions. Interest rate, volatility, dividend, credit default and index swaps involve the periodic exchange of cash flows with other parties, at specified intervals, calculated using agreed upon rates or other financial variables and notional principal amounts. Generally, little to no cash or principal payments are exchanged at the inception of the contract. Typically, at the time a swap is entered into, the cash flow streams exchanged by the counterparties are equal in value. Interest rate cap and floor contracts entitle the purchaser to receive from the issuer at specified dates, the amount, if any, by which a specified market rate exceeds the cap strike interest rate or falls below the floor strike interest rate, applied to a notional principal amount. A premium payment is made by the purchaser of the contract at its inception and no principal payments are exchanged. Forward contracts are customized commitments that specify a rate of interest or currency exchange rate to be paid or received on an obligation beginning on a future start date and are typically settled in cash. Financial futures are standardized commitments to either purchase or sell designated financial instruments, at a future date, for a specified price and may be settled in cash or through delivery of the underlying instrument. Futures contracts trade on organized exchanges. Margin requirements for futures are met by pledging securities or cash, and changes in the futures’ contract values are settled daily in cash. Option contracts grant the purchaser, for a premium payment, the right to either purchase from or sell to the issuer a financial instrument at a specified price, within a specified period or on a stated date. The contracts may reference commodities, which grant the purchaser the right to either purchase from or sell to the issuer commodities at a specified price, within a specified period or on a stated date. Option contracts are typically settled in cash. Foreign currency swaps exchange an initial principal amount in two currencies, agreeing to re-exchange the currencies at a future date, at an agreed upon exchange rate. There may also be a periodic exchange of payments at specified intervals calculated using the agreed upon rates and exchanged principal amounts. The Company’s derivative transactions conducted in insurance company subsidiaries are used in strategies permitted under the derivative use plans required by the State of Connecticut and the State of New York insurance departments. Accounting and Financial Statement Presentation of Derivative Instruments and Hedging Activities Derivative instruments are recognized on the Consolidated Balance Sheets at fair value and are reported in Other Investments and Other Liabilities. For balance sheet presentation purposes, the Company has elected to offset the fair value amounts, income accruals, and related cash collateral receivables and payables of OTC derivative instruments executed in a legal entity and with the same counterparty or under a master netting agreement, which provides the Company with the legal right of offset. The Company also clears interest rate swap and certain credit default swap derivative transactions through central clearing houses. OTC-cleared derivatives require initial collateral at the inception of the trade in the form of cash or highly liquid securities, such as U.S. Treasuries and government agency investments. Central clearing houses also require additional cash as variation margin based on daily market value movements. For information on collateral, see the derivative collateral arrangements section in Note 4 - Derivative Instruments of Notes to Consolidated Financial Statements. In addition, OTC-cleared transactions include price alignment interest either received or paid on the variation margin, which is reflected in net investment income. The Company has also elected to offset the fair value amounts, income accruals and related cash collateral receivables and payables of OTC-cleared derivative instruments based on clearing house agreements. On the date the derivative contract is entered into, the Company designates the derivative as (1) a hedge of the fair value of a recognized asset or liability (“fair value” hedge), (2) a hedge of the variability in cash flows of a forecasted transaction or of amounts to be received or paid related to a recognized asset or liability (“cash flow” hedge), (3) a hedge of a net investment in a foreign operation (“net investment” hedge) or (4) held for other investment and/or risk management purposes, which primarily involve managing asset or liability related risks and do not qualify for hedge accounting. Fair Value Hedges - Changes in the fair value of a derivative that is designated and qualifies as a fair value hedge, including foreign-currency fair value hedges, along with the changes in the fair value of the hedged asset or liability that is attributable to the hedged risk, are recorded in current period earnings as net realized capital gains and losses with any differences between the net change in fair value of the derivative and the hedged item representing the hedge ineffectiveness. Periodic cash flows and accruals of income/expense (“periodic derivative net coupon settlements”) are recorded in the line item of the Consolidated Statements of Operations in which the cash flows of the hedged item are recorded. Cash Flow Hedges - Changes in the fair value of a derivative that is designated and qualifies as a cash flow hedge, including foreign-currency cash flow hedges, are recorded in AOCI and are reclassified into earnings when the variability of the cash flow of the hedged item impacts earnings. Gains and losses on derivative contracts that are reclassified from AOCI to current period earnings are included in the line item in the Consolidated Statements of Operations in which the cash flows of the hedged item are recorded. Any hedge ineffectiveness is recorded immediately in current period earnings as net realized capital gains and losses. Periodic derivative net coupon settlements are recorded in the line item of the Consolidated Statements of Operations in which the cash flows of the hedged item are recorded. Net Investment in a Foreign Operation Hedges - Changes in fair value of a derivative used as a hedge of a net investment in a foreign operation, to the extent effective as a hedge, are recorded in the foreign currency translation adjustments account within AOCI. Cumulative changes in fair value recorded in AOCI are reclassified into earnings upon the sale or complete, or substantially complete, liquidation of the foreign entity. Any hedge ineffectiveness is recorded immediately in current period earnings as net realized capital gains and losses. Periodic derivative net coupon settlements are recorded in the line item of the Consolidated Statements of Operations in which the cash flows of the hedged item are recorded. Other Investment and/or Risk Management Activities - The Company’s other investment and/or risk management activities primarily relate to strategies used to reduce economic risk or replicate permitted investments and do not receive hedge accounting treatment. Changes in the fair value, including periodic derivative net coupon settlements, of derivative instruments held for other investment and/or risk management purposes are reported in current period earnings as net realized capital gains and losses. Hedge Documentation and Effectiveness Testing To qualify for hedge accounting treatment, a derivative must be highly effective in mitigating the designated changes in fair value or cash flow of the hedged item. At hedge inception, the Company formally documents all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking each hedge transaction. The documentation process includes linking derivatives that are designated as fair value, cash flow, or net investment hedges to specific assets or liabilities on the balance sheet or to specific forecasted transactions and defining the effectiveness and ineffectiveness testing methods to be used. The Company also formally assesses both at the hedge’s inception and ongoing on a quarterly basis, whether the derivatives that are used in hedging transactions have been and are expected to continue to be highly effective in offsetting changes in fair values, cash flows or net investment in foreign operations of hedged items. Hedge effectiveness is assessed primarily using quantitative methods as well as using qualitative methods. Quantitative methods include regression or other statistical analysis of changes in fair value or cash flows associated with the hedge relationship. Qualitative methods may include comparison of critical terms of the derivative to the hedged item. Hedge ineffectiveness of the hedge relationships are measured each reporting period using the “Change in Variable Cash Flows Method”, the “Change in Fair Value Method”, the “Hypothetical Derivative Method”, or the “Dollar Offset Method”. Discontinuance of Hedge Accounting The Company discontinues hedge accounting prospectively when (1) it is determined that the qualifying criteria are no longer met; (2)the derivative is no longer designated as a hedging instrument; or (3) the derivative expires or is sold, terminated or exercised. When hedge accounting is discontinued because it is determined that the derivative no longer qualifies as an effective fair value hedge, the derivative continues to be carried at fair value on the balance sheet with changes in its fair value recognized in current period earnings. Changes in the fair value of the hedged item attributable to the hedged risk is no longer adjusted through current period earnings and the existing basis adjustment is amortized to earnings over the remaining life of the hedged item through the applicable earnings component associated with the hedged item. When hedge accounting is discontinued because the Company becomes aware that it is not probable that the forecasted transaction will occur, the derivative continues to be carried on the balance sheet at its fair value, and gains and losses that were accumulated in AOCI are recognized immediately in earnings. In other situations in which hedge accounting is discontinued, including those where the derivative is sold, terminated or exercised, amounts previously deferred in AOCI are reclassified into earnings when earnings are impacted by the hedged item. Embedded Derivatives The Company purchases and has previously issued financial instruments and products that contain embedded derivative instruments. When it is determined that (1) the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract and (2) a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is bifurcated from the host for measurement purposes. The embedded derivative, which is reported with the host instrument in the Consolidated Balance Sheets, is carried at fair value with changes in fair value reported in net realized capital gains and losses. Credit Risk Credit risk is defined as the risk of financial loss due to uncertainty of an obligor’s or counterparty’s ability or willingness to meet its obligations in accordance with agreed upon terms. Credit exposures are measured using the market value of the derivatives, resulting in amounts owed to the Company by its counterparties or potential payment obligations from the Company to its counterparties. The Company generally requires that OTC derivative contracts, other than certain forward contracts, be governed by International Swaps and Derivatives Association ("ISDA") agreements which are structured by legal entity and by counterparty, and permit right of offset. These agreements require daily collateral settlement based upon agreed upon thresholds. For purposes of daily derivative collateral maintenance, credit exposures are generally quantified based on the prior business day’s market value and collateral is pledged to and held by, or on behalf of, the Company to the extent the current value of the derivatives exceed the contractual thresholds. For the Company’s domestic derivative programs, the maximum uncollateralized threshold for a derivative counterparty for a single legal entity is $10 . The Company also minimizes the credit risk of derivative instruments by entering into transactions with high quality counterparties primarily rated A or better, which are monitored and evaluated by the Company’s risk management team and reviewed by senior management. OTC-cleared derivatives are governed by clearing house rules. Transactions cleared through a central clearing house reduce risk due to their ability to require daily variation margin and act as an independent valuation source. In addition, the Company monitors counterparty credit exposure on a monthly basis to ensure compliance with Company policies and statutory limitations. Derivative Instruments The Company utilizes a variety of OTC, OTC-cleared and exchange traded derivative instruments as a part of its overall risk management strategy as well as to enter into replication transactions. Derivative instruments are used to manage risk associated with interest rate, equity market, commodity market, credit spread, issuer default, price, and currency exchange rate risk or volatility. Replication transactions are used as an economical means to synthetically replicate the characteristics and performance of assets that are permissible investments under the Company’s investment policies. The Company also may enter into and has previously issued financial instruments and products that either are accounted for as free-standing derivatives, such as certain reinsurance contracts, or as embedded derivative instruments, such as certain GMWB riders included with certain variable annuity products. Strategies that Qualify for Hedge Accounting Some of the Company's derivatives satisfy hedge accounting requirements as outlined in Note 1 of these financial statements. Typically, these hedging instruments include interest rate swaps and, to a lesser extent, foreign currency swaps where the terms or expected cash flows of the hedged item closely match the terms of the swap. The interest rate swaps are typically used to manage interest rate duration of certain fixed maturity securities or liability contracts. The hedge strategies by hedge accounting designation include: Cash Flow Hedges Interest rate swaps are predominantly used to manage portfolio duration and better match cash receipts from assets with cash disbursements required to fund liabilities. These derivatives primarily convert interest receipts on floating-rate fixed maturity securities to fixed rates. The Company also enters into forward starting swap agreements to hedge the interest rate exposure related to the future purchase of fixed-rate securities, primarily to hedge interest rate risk inherent in the assumptions used to price certain product liabilities. Foreign currency swaps are used to convert foreign currency-denominated cash flows related to certain investment receipts and liability payments to U.S. dollars in order to reduce cash flow fluctuations due to changes in currency rates. Fair Value Hedges Interest rate swaps are used to hedge the changes in fair value of fixed maturity securities due to fluctuations in interest rates. These swaps are typically used to manage interest rate duration. Non-qualifying Strategies Derivative relationships that do not qualify for hedge accounting (“non-qualifying strategies”) primarily include the hedge program for the Company's variable annuity products as well as the hedging and replication strategies that utilize credit default swaps. In addition, hedges of interest rate, foreign currency and equity risk of certain fixed maturities, equities and liabilities do not qualify for hedge accounting. The non-qualifying strategies include: Interest Rate Swaps, Swaptions, and Futures The Company uses interest rate swaps, swaptions, and futures to manage interest rate duration between assets and liabilities in certain investment portfolios. In addition, the Company enters into interest rate swaps to terminate existing swaps, thereby offsetting the changes in value of the original swap. As of December 31, 2016 and 2015 , the notional amount of interest rate swaps in offsetting relationships was $2.7 billion and $4.6 billion , respectively. Foreign Currency Swaps and Forwards Foreign currency forwards are used to hedge non-U.S. dollar denominated cash and equity securities. The Company also enters into foreign currency swaps and forwards to convert the foreign currency exposures of certain foreign currency-denominated fixed maturity investments to U.S. dollars. Fixed Payout Annuity Hedge The Company has obligations for certain yen denominated fixed payout annuities under an assumed reinsurance contract. The Company invests in U.S. dollar denominated assets to support the assumed reinsurance liability. The Company has in place pay U.S. dollar, receive yen swap contracts to hedge the currency and yen interest rate exposure between the U.S. dollar denominated assets and the yen denominated fixed liability reinsurance payments. Credit Contracts Credit default swaps are used to purchase credit protection on an individual entity or referenced index to economically hedge against default risk and credit-related changes in the value of fixed maturity securities. Credit default swaps are also used to assume credit risk related to an individual entity or referenced index as a part of replication transactions. These contracts require the Company to pay or receive a periodic fee in exchange for compensation from the counterparty should the referenced security issuers experience a credit event, as defined in the contract. The Company is also exposed to credit risk related to certain structured fixed maturity securities that have embedded credit derivatives, which reference a standard index of corporate securities. In addition, the Company enters into credit default swaps to terminate existing credit default swaps, thereby offsetting the changes in value of the original swap going forward. Equity Index Swaps and Options The Company enters into equity index options to hedge the impact of a decline in the equity markets on the investment portfolio. During 2015, the Company entered into a total return swap to hedge equity risk of specific common stock investments which were accounted for using fair value option in order to align the accounting treatment within net realized capital gains (losses). The swap matured in January 2016 and the specific common stock investments were sold at that time. In addition, the Company formerly offered certain equity indexed products that remain in force, a portion of which contain embedded derivatives that require changes in value to be bifurcated from the host contract. The Company uses equity index swaps to economically hedge the equity volatility risk associated with the equity indexed products. Commodity Contracts The Company has used put option contracts on oil futures to partially offset potential losses related to certain fixed maturity securities that could be impacted by changes in oil prices. These options were terminated at the end of 2015. GMWB Derivatives, net The Company formerly offered certain variable annuity products with GMWB riders. The GMWB product is a bifurcated embedded derivative (“GMWB product derivatives”) that has a notional value equal to the GRB. The Company uses reinsurance contracts to transfer a portion of its risk of loss due to GMWB. The reinsurance contracts covering GMWB (“GMWB reinsurance contracts”) are accounted for as free-standing derivatives with a notional amount equal to the GRB reinsured. The Company utilizes derivatives (“GMWB hedging instruments”) as part of a dynamic hedging program designed to hedge a portion of the capital market risk exposures of the non-reinsured GMWB riders. The GMWB hedging instruments hedge changes in interest rates, equity market levels, and equity volatility. These derivatives include customized swaps, interest rate swaps and futures, and equity swaps, options and futures, on certain indices including the S&P 500 index, EAFE index and NASDAQ index. The Company retains the risk for differences between assumed and actual policyholder behavior and between the performance of the actively managed funds underlying the separate accounts and their respective indices. The following table presents notional and fair value for GMWB hedging instruments. |
Derivatives, Methods of Accounting, Hedge Documentation [Policy Text Block] | Strategies that Qualify for Hedge Accounting Some of the Company's derivatives satisfy hedge accounting requirements as outlined in Note 1 of these financial statements. Typically, these hedging instruments include interest rate swaps and, to a lesser extent, foreign currency swaps where the terms or expected cash flows of the hedged item closely match the terms of the swap. The interest rate swaps are typically used to manage interest rate duration of certain fixed maturity securities or liability contracts. The hedge strategies by hedge accounting designation include: Cash Flow Hedges Interest rate swaps are predominantly used to manage portfolio duration and better match cash receipts from assets with cash disbursements required to fund liabilities. These derivatives primarily convert interest receipts on floating-rate fixed maturity securities to fixed rates. The Company also enters into forward starting swap agreements to hedge the interest rate exposure related to the future purchase of fixed-rate securities, primarily to hedge interest rate risk inherent in the assumptions used to price certain product liabilities. Foreign currency swaps are used to convert foreign currency-denominated cash flows related to certain investment receipts and liability payments to U.S. dollars in order to reduce cash flow fluctuations due to changes in currency rates. Fair Value Hedges Interest rate swaps are used to hedge the changes in fair value of fixed maturity securities due to fluctuations in interest rates. These swaps are typically used to manage interest rate duration. |
Commitments and Contingencies28
Commitments and Contingencies Level 2 (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies, Policy [Policy Text Block] | Contingencies Relating to Corporate Litigation and Regulatory Matters Management evaluates each contingent matter separately. A loss is recorded if probable and reasonably estimable. Management establishes reserves for these contingencies at its “best estimate,” or, if no one number within the range of possible losses is more probable than any other, the Company records an estimated liability at the low end of the range of losses. |
Fair Value Measurements Level 3
Fair Value Measurements Level 3 (Tables) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | ||
Assets and (liabilities) carried at fair value by hierarchy level | Assets and (Liabilities) Carried at Fair Value by Hierarchy Level as of December 31, 2016 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets accounted for at fair value on a recurring basis Fixed maturities, AFS Asset backed securities ("ABS") $ 993 $ — $ 956 $ 37 Collateralized debt obligations ("CDOs") 940 — 680 260 Commercial mortgage-backed securities ("CMBS") 2,146 — 2,125 21 Corporate 14,693 — 14,127 566 Foreign government/government agencies 345 — 328 17 Municipal 1,189 — 1,117 72 Residential mortgage-backed securities ("RMBS") 1,760 — 1,049 711 U.S. Treasuries 1,753 230 1,523 — Total fixed maturities 23,819 230 21,905 1,684 Fixed maturities, FVO 82 — 82 — Equity securities, trading [1] 11 11 — — Equity securities, AFS 152 20 88 44 Derivative assets Credit derivatives (1 ) — (1 ) — Foreign exchange derivatives 4 — 4 — Interest rate derivatives 30 — 30 — GMWB hedging instruments 74 — 14 60 Macro hedge program 128 — 8 120 Total derivative assets [2] 235 — 55 180 Short-term investments 1,349 637 712 — Reinsurance recoverable for GMWB 73 — — 73 Modified coinsurance reinsurance contracts 68 — 68 — Separate account assets [3] 111,634 71,606 38,856 201 Total assets accounted for at fair value on a recurring basis $ 137,423 $ 72,504 $ 61,766 $ 2,182 Liabilities accounted for at fair value on a recurring basis Other policyholder funds and benefits payable GMWB embedded derivative $ (241 ) $ — $ — $ (241 ) Equity linked notes (33 ) — — (33 ) Total other policyholder funds and benefits payable (274 ) — — (274 ) Derivative liabilities Credit derivatives 1 — 1 — Equity derivatives 33 — 33 — Foreign exchange derivatives (247 ) — (247 ) — Interest rate derivatives (434 ) — (404 ) (30 ) GMWB hedging instruments 20 — (1 ) 21 Macro hedge program 50 — 3 47 Total derivative liabilities [4] (577 ) — (615 ) 38 Total liabilities accounted for at fair value on a recurring basis $ (851 ) $ — $ (615 ) $ (236 ) Assets and (Liabilities) Carried at Fair Value by Hierarchy Level as of December 31, 2015 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets accounted for at fair value on a recurring basis Fixed maturities, AFS ABS $ 846 $ — $ 841 $ 5 CDOs 1,408 — 1,078 330 CMBS 1,964 — 1,902 62 Corporate 15,175 — 14,641 534 Foreign government/government agencies 331 — 314 17 Municipal 1,132 — 1,083 49 RMBS 1,503 — 875 628 U.S. Treasuries 2,298 123 2,175 — Total fixed maturities 24,657 123 22,909 1,625 Fixed maturities, FVO 165 1 162 2 Equity securities, trading [1] 11 11 — — Equity securities, AFS 459 396 25 38 Derivative assets Credit derivatives 7 — 7 — Equity derivatives — — — — Foreign exchange derivatives 4 — 4 — Interest rate derivatives 54 — 54 — GMWB hedging instruments 111 — 27 84 Macro hedge program 74 — — 74 Total derivative assets [2] 250 — 92 158 Short-term investments 572 131 441 — Reinsurance recoverable for GMWB 83 — — 83 Modified coinsurance reinsurance contracts 79 — 79 — Separate account assets [3] 118,163 78,099 38,700 140 Total assets accounted for at fair value on a recurring basis $ 144,439 $ 78,761 $ 62,408 $ 2,046 Liabilities accounted for at fair value on a recurring basis Other policyholder funds and benefits payable GMWB embedded derivative $ (262 ) $ — $ — $ (262 ) Equity linked notes (26 ) — — (26 ) Total other policyholder funds and benefits payable (288 ) — — (288 ) Derivative liabilities Credit derivatives (7 ) — (7 ) — Equity derivatives 41 — 41 — Foreign exchange derivatives (376 ) — (376 ) — Interest rate derivatives (431 ) — (402 ) (29 ) GMWB hedging instruments 47 — (4 ) 51 Macro hedge program 73 — — 73 Total derivative liabilities [4] (653 ) — (748 ) 95 Total liabilities accounted for at fair value on a recurring basis $ (941 ) $ — $ (748 ) $ (193 ) [1] Included in other investments on the Consolidated Balance Sheets. [2] Includes OTC and OTC-cleared derivative instruments in a net positive fair value position after consideration of the accrued interest and impact of collateral posting requirements which may be imposed by agreements, clearing house rules, and applicable law. See footnote 4 to this table for derivative liabilities. [3] Approximately $4.0 billion and $1.8 billion of investment sales receivable, as of December 31, 2016 and December 31, 2015 , respectively, are excluded from this disclosure requirement because they are trade receivables in the ordinary course of business where the carrying amount approximates fair value. Included in the total fair value amount are $ 1.0 billion and $1.2 billion of investments, as of December 31, 2016 and December 31, 2015 for which the fair value is estimated using the net asset value per unit as a practical expedient which are excluded from the disclosure requirement to classify amounts in the fair value hierarchy. [4] Includes OTC and OTC-cleared derivative instruments in a net negative fair value position (derivative liability) after consideration of the accrued interest and impact of collateral posting requirements which may be imposed by agreements, clearing house rules and applicable law. | |
Information about significant unobservable inputs used in Level 3 assets measured at fair value | Significant Unobservable Inputs for Level 3 - Freestanding Derivatives Fair Value Predominant Valuation Technique Significant Unobservable Input Minimum Maximum Impact of Increase in Input on Fair Value [1] As of December 31, 2016 Interest rate derivatives Interest rate swaps $ (29 ) Discounted cash flows Swap curve 3% 3% Decrease GMWB hedging instruments Equity variance swaps (36 ) Option model Equity volatility 20% 23% Increase Equity options 17 Option model Equity volatility 27% 30% Increase Customized swaps 100 Discounted cash flows Equity volatility 12% 30% Increase Macro hedge program Equity options [2] 188 Option model Equity volatility 17% 28% Increase As of December 31, 2015 Interest rate derivatives Interest rate swaps (30 ) Discounted cash flows Swap curve 3% 3% Decrease GMWB hedging instruments Equity variance swaps (31 ) Option model Equity volatility 19% 21% Increase Equity options 35 Option model Equity volatility 27% 29% Increase Customized swaps 131 Discounted cash flows Equity volatility 10% 40% Increase Macro hedge program Equity options 179 Option model Equity volatility 14% 28% Increase Assets accounted for at fair value on a recurring basis Fair Value Predominant Valuation Technique Significant Unobservable Input Minimum Maximum Weighted Average [1] Impact of Increase in Input on Fair Value [2] As of December 31, 2016 CMBS [3] $ 9 Discounted cash flows Spread (encompasses 10bps 1,273bps 249bps Decrease Corporate [4] 265 Discounted cash flows Spread 122bps 1,021bps 373bps Decrease Municipal [3] 56 Discounted cash flows Spread 135bps 286bps 195bps Decrease RMBS [3] 704 Discounted cash flows Spread 16bps 1,830bps 189bps Decrease Constant prepayment rate — % 20 % 4 % Decrease [5] Constant default rate 1 % 10 % 5 % Decrease Loss severity — % 100 % 75 % Decrease As of December 31, 2015 CMBS [3] $ 61 Discounted cash flows Spread (encompasses 31bps 1,505bps 230bps Decrease Corporate [4] 213 Discounted cash flows Spread 63bps 800bps 290bps Decrease Municipal [3] 31 Discounted cash flows Spread 193bps 193bps 193bps Decrease RMBS 628 Discounted cash flows Spread 30bps 1,696bps 172bps Decrease Constant prepayment rate — % 20 % 3 % Decrease [5] Constant default rate 1 % 10 % 6 % Decrease Loss severity — % 100 % 79 % Decrease | |
Roll-forward of Financial Instruments Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) | Changes in Unrealized Gains (Losses) included in Net Income for Financial Instruments Classified as Level 3 Still Held at Year End December 31, 2016 [1] [2] December 31, 2015 [1] [2] Assets Fixed Maturities, AFS CDOs $ — $ (1 ) CMBS (1 ) (1 ) Corporate (13 ) (17 ) RMBS — (3 ) Total Fixed Maturities, AFS (14 ) (22 ) Fixed Maturities, FVO — (3 ) Equity Securities, AFS (1 ) (5 ) Freestanding Derivatives GMWB hedging instruments (52 ) (5 ) Macro hedge program (33 ) (34 ) Total Freestanding Derivatives (85 ) (39 ) Reinsurance Recoverable for GMWB (24 ) 9 Separate Accounts — 27 Total Assets $ (124 ) $ (33 ) (Liabilities) Other Policyholder Funds and Benefits Payable Guaranteed Withdrawal Benefits 88 (59 ) Equity Linked Notes (7 ) — Total Other Policyholder Funds and Benefits Payable 81 (59 ) Consumer Notes — 3 Total Liabilities $ 81 $ (56 ) [1] All amounts in these rows are reported in net realized capital gains (losses). The realized/unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on net income for the Company. All amounts are before income taxes and amortization of DAC. [2] Amounts presented are for Level 3 only and therefore may not agree to other disclosures included herein. The Company uses derivative instruments to manage the risk associated with certain assets and liabilities. However, the derivative instrument may not be classified with the same fair value hierarchy level as the associated asset or liability. Therefore, the realized and unrealized gains and losses on derivatives reported in the Level 3 roll-forward may be offset by realized and unrealized gains and losses of the associated assets and liabilities in other line items of the financial statements. Fair Value Roll-forwards for Financial Instruments Classified as Level 3 for the Year Ended December 31, 2016 Total realized/unrealized gains (losses) Fair value as of January 1, 2016 Included in net income [1] [2] [6] Included in OCI [3] Purchases Settlements Sales Transfers into Level 3 [4] Transfers out of Level 3 [4] Fair value as of December 31, 2016 Assets Fixed Maturities, AFS ABS $ 5 $ — $ — $ 35 $ (2 ) $ (2 ) $ 5 $ (4 ) $ 37 CDOs 330 (1 ) (14 ) 62 (117 ) — — — 260 CMBS 62 — (2 ) 43 (13 ) (2 ) — (67 ) 21 Corporate 534 (6 ) 10 87 (63 ) (126 ) 368 (238 ) 566 Foreign Govt./Govt. Agencies 17 — 1 8 (4 ) (5 ) — — 17 Municipal 49 — — 16 (1 ) — 8 — 72 RMBS 628 (1 ) 4 268 (154 ) (26 ) 2 (10 ) 711 Total Fixed Maturities, AFS 1,625 (8 ) (1 ) 519 (354 ) (161 ) 383 (319 ) 1,684 Fixed Maturities, FVO 2 — — 1 — (1 ) — (2 ) — Equity Securities, AFS 38 (1 ) 6 4 — (3 ) — — 44 Freestanding Derivatives Equity — (8 ) — 8 — — — — — Interest rate (29 ) (1 ) — — — — — — (30 ) GMWB hedging instruments 135 (60 ) — — — — — 6 81 Macro hedge program 147 (38 ) — 63 (6 ) — — 1 167 Total Freestanding Derivatives [5] 253 (107 ) — 71 (6 ) — — 7 218 Reinsurance Recoverable for GMWB 83 (24 ) — — 14 — — — 73 Separate Accounts 139 (1 ) (3 ) 320 (15 ) (78 ) 17 (178 ) 201 Total Assets $ 2,140 $ (141 ) $ 2 $ 915 $ (361 ) $ (243 ) $ 400 $ (492 ) $ 2,220 (Liabilities) Other Policyholder Funds and Benefits Payable Guaranteed Withdrawal Benefits (262 ) 88 — — (67 ) — — — (241 ) Equity Linked Notes (26 ) (7 ) — — — — — — (33 ) Total Other Policyholder Funds and Benefits Payable (288 ) 81 — — (67 ) — — — (274 ) Total Liabilities $ (288 ) $ 81 $ — $ — $ (67 ) $ — $ — $ — $ (274 ) Fair Value Option The Company has elected the fair value option for certain securities that contain embedded credit derivatives with underlying credit risk, primarily related to residential real estate, and these securities are included within Fixed Maturities, FVO on the Consolidated Balance Sheets. The Company also classifies the underlying fixed maturities held in certain consolidated investment funds within Fixed Maturities, FVO. The Company reports the underlying fixed maturities of these consolidated investment companies at fair value with changes in the fair value of these securities recognized in net realized capital gains and losses, which is consistent with accounting requirements for investment companies. The consolidated investment funds hold fixed income securities in multiple sectors and the Company has management and control of the funds as well as a significant ownership interest. The Company also elected the fair value option for certain equity securities in order to align the accounting with total return swap contracts that hedge the risk associated with the investments. The swaps do not qualify for hedge accounting and the change in value of both the equity securities and the total return swaps are recorded in net realized capital gains and losses. These equity securities are classified within equity securities, AFS on the Consolidated Balance Sheets. As of December 31, 2016 , the Company no longer holds these investments. Income earned from FVO securities is recorded in net investment income and changes in fair value are recorded in net realized capital gains and losses. | Fair Value Roll-forwards for Financial Instruments Classified as Level 3 for the Year Ended December 31, 2015 Total realized/unrealized gains (losses) Fair value as of January 1, 2015 Included in net income [1] [2] [6] Included in OCI [3] Purchases Settlements Sales Transfers into Level 3 [4] Transfers out of Level 3 [4] Fair value as of December 31, 2015 Assets Fixed Maturities, AFS ABS $ 82 $ — $ (2 ) $ 22 $ — $ (6 ) $ 1 $ (92 ) $ 5 CDOs 360 (1 ) 3 — (26 ) — — (6 ) 330 CMBS 119 — (5 ) 18 (36 ) (3 ) 4 (35 ) 62 Corporate 646 (18 ) (38 ) 45 (21 ) (43 ) 99 (136 ) 534 Foreign Govt./Govt. Agencies 30 — (3 ) 5 (3 ) (15 ) 3 — 17 Municipal 54 — (5 ) — — — — — 49 RMBS 734 (2 ) (2 ) 154 (126 ) (127 ) 16 (19 ) 628 Total Fixed Maturities, AFS 2,025 (21 ) (52 ) 244 (212 ) (194 ) 123 (288 ) 1,625 Fixed Maturities, FVO 84 (5 ) 1 6 (23 ) (50 ) — (11 ) 2 Equity Securities, AFS 48 (5 ) 1 11 (1 ) (13 ) — (3 ) 38 Freestanding Derivatives Credit (3 ) 1 — (8 ) — — — 10 — Commodity — (3 ) — — (3 ) — 6 — — Equity 5 5 — — (10 ) — — — — Interest rate (27 ) (1 ) — — (1 ) — — — (29 ) GMWB hedging instruments 170 (16 ) — — (19 ) — — — 135 Macro hedge program 141 (41 ) — 47 — — — — 147 Other contracts — — — — — — — — — Total Freestanding Derivatives [5] 286 (55 ) — 39 (33 ) — 6 10 253 Reinsurance Recoverable for GMWB 56 9 — — 18 — — — 83 Separate Accounts 112 28 (5 ) 375 (20 ) (238 ) 12 (125 ) 139 Total Assets $ 2,611 $ (49 ) $ (55 ) $ 675 $ (271 ) $ (495 ) $ 141 $ (417 ) $ 2,140 (Liabilities) Other Policyholder Funds and Benefits Payable Guaranteed Withdrawal Benefits (139 ) (59 ) — — (64 ) — — — (262 ) Equity Linked Notes (26 ) — — — — — — — (26 ) Total Other Policyholder Funds and Benefits Payable (165 ) (59 ) — — (64 ) — — — (288 ) Consumer Notes (3 ) 3 — — — — — — — Total Liabilities $ (168 ) $ (56 ) $ — $ — $ (64 ) $ — $ — $ — $ (288 ) |
Fair value of assets and liabilities accounted for using the fair value option | For the year ended December 31, 2016 2015 2014 Assets Fixed maturities, FVO CDOs $ — $ 1 $ 21 Corporate — (3 ) (3 ) Foreign government — 2 16 RMBS 3 — — Total fixed maturities, FVO $ 3 $ — $ 34 Equity, FVO (34 ) (12 ) (2 ) Total realized capital gains (losses) $ (31 ) $ (12 ) $ 32 | |
Fair value of assets and liabilities accounted for using the fair value option | As of December 31, 2016 2015 Assets Fixed maturities, FVO ABS $ — $ 4 CDOs — 1 CMBS — 6 Corporate — 31 Foreign government — 1 RMBS 82 119 U.S. Government — 3 Total fixed maturities, FVO $ 82 $ 165 Equity, FVO [1] $ — $ 281 | |
Financial Instruments Not Carried at Fair Value | Financial Instruments Not Carried at Fair Value Financial Assets and Liabilities Not Carried at Fair Value December 31, 2016 December 31, 2015 Fair Value Hierarchy Level Carrying Amount Fair Value Carrying Amount Fair Value Assets Policy loans Level 3 $ 1,442 $ 1,442 $ 1,446 $ 1,446 Mortgage loans Level 3 2,811 2,843 2,918 2,995 Liabilities Other policyholder funds and benefits payable [1] Level 3 6,436 6,626 6,611 6,802 Consumer notes [2] [3] Level 3 20 20 38 38 Assumed investment contracts [3] Level 3 487 526 619 682 [1] Excludes group accident and health and universal life insurance contracts, including corporate owned life insurance. [2] Excludes amounts carried at fair value and included in preceding disclosures. [3] Included in other liabilities in the Consolidated Balance Sheets. |
Investment Holding Level 3 (Tab
Investment Holding Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investments [Abstract] | |
Investment Income [Table Text Block] | For the years ended December 31, (Before-tax) 2016 2015 2014 Fixed maturities [1] $ 1,049 $ 1,095 $ 1,113 Equity securities 8 7 14 Mortgage loans 135 152 156 Policy loans 83 82 80 Limited partnerships and other alternative investments 86 97 141 Other investments [2] 64 82 111 Investment expenses (52 ) (59 ) (72 ) Total net investment income $ 1,373 $ 1,456 $ 1,543 [1] Includes net investment income on short-term investments. [2] Includes income from derivatives that hedge fixed maturities and qualify for hedge accounting. |
Realized Gain (Loss) on Investments [Table Text Block] | For the years ended December 31, (Before-tax) 2016 2015 2014 Gross gains on sales $ 211 $ 239 $ 264 Gross losses on sales (93 ) (211 ) (235 ) Net OTTI losses recognized in earnings (28 ) (61 ) (29 ) Valuation allowances on mortgage loans — (4 ) (4 ) Japanese fixed annuity contract hedges, net — — (14 ) Results of variable annuity hedge program GMWB derivatives, net (38 ) (87 ) 5 Macro hedge program (163 ) (46 ) (11 ) Total U.S. program (201 ) (133 ) (6 ) International Program — — (126 ) Total results of variable annuity hedge program (201 ) (133 ) (132 ) GMAB/GMWB reinsurance — — 579 Modified coinsurance reinsurance contracts (12 ) 46 395 Transactional foreign currency revaluation (70 ) (4 ) — Non-qualifying foreign currency derivatives 57 (16 ) (122 ) Other, net [1] (27 ) (2 ) (125 ) Net realized capital losses $ (163 ) $ (146 ) $ 577 [1] Includes non-qualifying derivatives, excluding variable annuity hedge program and foreign currency derivatives, of $(12) , $46 , and $972 , respectively for 2016 , 2015 and 2014 . |
Available-for-sale Securities [Table Text Block] | For the years ended December 31, 2016 2015 2014 Fixed maturities, AFS Sale proceeds $ 7,409 $ 9,454 $ 9,084 Gross gains 206 195 210 Gross losses (85 ) (161 ) (183 ) Equity securities, AFS Sale proceeds $ 321 $ 586 $ 107 Gross gains 4 26 9 Gross losses (8 ) (26 ) (6 ) |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block] | For the years ended December 31, 2016 2015 2014 Intent-to-sell impairments $ 4 $ 24 $ 11 Credit impairments 22 23 16 Impairments on equity securities 2 14 1 Other impairments — — 1 Total impairments $ 28 $ 61 $ 29 Cumulative Credit Impairments For the years ended December 31, (Before-tax) 2016 2015 2014 Balance as of beginning of period $ (211 ) $ (296 ) $ (410 ) Additions for credit impairments recognized on [1]: Securities not previously impaired (9 ) (11 ) (7 ) Securities previously impaired (13 ) (12 ) (9 ) Reductions for credit impairments previously recognized on: Securities that matured or were sold during the period 44 58 111 Securities the Company made the decision to sell or more likely than not will be required to sell — 1 — Securities due to an increase in expected cash flows 19 49 $ 19 Balance as of end of period $ (170 ) $ (211 ) $ (296 ) [1] These additions are included in the net OTTI losses recognized in earnings in the Consolidated Statements of Operations. |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | AFS Securities by Type December 31, 2016 December 31, 2015 Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Non-Credit OTTI [1] Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Non-Credit OTTI [1] ABS $ 1,011 $ 9 $ (27 ) $ 993 $ — $ 864 $ 16 $ (34 ) $ 846 $ — CDOs [2] 893 49 (2 ) 940 — 1,354 67 (11 ) 1,408 — CMBS 2,135 45 (34 ) 2,146 (1 ) 1,936 52 (24 ) 1,964 (3 ) Corporate 13,677 1,111 (95 ) 14,693 — 14,425 975 (225 ) 15,175 (3 ) Foreign govt./govt. agencies 337 18 (10 ) 345 — 328 14 (11 ) 331 — Municipal 1,098 97 (6 ) 1,189 — 1,057 80 (5 ) 1,132 — RMBS 1,742 34 (16 ) 1,760 — 1,468 43 (8 ) 1,503 — U.S. Treasuries 1,614 153 (14 ) 1,753 — 2,127 184 (13 ) 2,298 — Total fixed maturities, AFS 22,507 1,516 (204 ) 23,819 (1 ) 23,559 1,431 (331 ) 24,657 (6 ) Equity securities, AFS [3] 142 12 (2 ) 152 — 178 11 (11 ) 178 — Total AFS securities $ 22,649 $ 1,528 $ (206 ) $ 23,971 $ (1 ) $ 23,737 $ 1,442 $ (342 ) $ 24,835 $ (6 ) [1] Represents the amount of cumulative non-credit OTTI losses recognized in OCI on securities that also had credit impairments. These losses are included in gross unrealized losses as of December 31, 2016 and 2015 . [2] Gross unrealized gains (losses) exclude the fair value of bifurcated embedded derivatives within certain securities. Subsequent changes in value are recorded in net realized capital gains (losses). [3] Excludes equity securities, FVO, with a cost and fair value of $293 and $281 , respectively, as of December 31, 2015 . The Company held no equity securities, FVO as of December 31, 2016 . |
Investments Classified by Contractual Maturity Date [Table Text Block] | ixed maturities, AFS, by Contractual Maturity Year December 31, 2016 December 31, 2015 Contractual Maturity Amortized Cost Fair Value Amortized Cost Fair Value One year or less $ 722 $ 727 $ 953 $ 974 Over one year through five years 4,184 4,301 4,973 5,075 Over five years through ten years 3,562 3,649 3,650 3,714 Over ten years 8,258 9,303 8,361 9,173 Subtotal 16,726 17,980 17,937 18,936 Mortgage-backed and asset-backed securities 5,781 5,839 5,622 5,721 Total fixed maturities, AFS $ 22,507 $ 23,819 $ 23,559 $ 24,657 |
Schedule of Unrealized Loss on Investments [Table Text Block] | nrealized Loss Aging for AFS securities by Type and Length of Time December 31, 2016 Less Than 12 Months 12 Months or More Total Amortized Cost Fair Value Unrealized Losses Amortized Cost Fair Value Unrealized Losses Amortized Cost Fair Value Unrealized Losses ABS $ 249 $ 248 $ (1 ) $ 265 $ 239 $ (26 ) $ 514 $ 487 $ (27 ) CDOs [1] 325 325 — 210 208 (2 ) 535 533 (2 ) CMBS 1,058 1,030 (28 ) 139 133 (6 ) 1,197 1,163 (34 ) Corporate 2,535 2,464 (71 ) 402 378 (24 ) 2,937 2,842 (95 ) Foreign govt./govt. agencies 164 155 (9 ) 6 5 (1 ) 170 160 (10 ) Municipal 166 160 (6 ) — — — 166 160 (6 ) RMBS 548 535 (13 ) 198 195 (3 ) 746 730 (16 ) U.S. Treasuries 385 371 (14 ) — — — 385 371 (14 ) Total fixed maturities, AFS 5,430 5,288 (142 ) 1,220 1,158 (62 ) 6,650 6,446 (204 ) Equity securities, AFS [2] 59 57 (2 ) 5 5 — 64 62 (2 ) Total securities in an unrealized loss position $ 5,489 $ 5,345 $ (144 ) $ 1,225 $ 1,163 $ (62 ) $ 6,714 $ 6,508 $ (206 ) December 31, 2015 Less Than 12 Months 12 Months or More Total Amortized Cost Fair Value Unrealized Losses Amortized Cost Fair Value Unrealized Losses Amortized Cost Fair Value Unrealized Losses ABS $ 387 $ 385 $ (2 ) $ 271 $ 239 $ (32 ) $ 658 $ 624 $ (34 ) CDOs [1] 608 602 (6 ) 500 493 (5 ) 1,108 1,095 (11 ) CMBS 655 636 (19 ) 99 94 (5 ) 754 730 (24 ) Corporate 4,880 4,696 (184 ) 363 322 (41 ) 5,243 5,018 (225 ) Foreign govt./govt. agencies 144 136 (8 ) 30 27 (3 ) 174 163 (11 ) Municipal 179 174 (5 ) — — — 179 174 (5 ) RMBS 280 279 (1 ) 230 223 (7 ) 510 502 (8 ) U.S. Treasuries 963 950 (13 ) 8 8 — 971 958 (13 ) Total fixed maturities, AFS 8,096 7,858 (238 ) 1,501 1,406 (93 ) 9,597 9,264 (331 ) Equity securities, AFS [2] 83 79 (4 ) 44 37 (7 ) 127 116 (11 ) Total securities in an unrealized loss position $ 8,179 $ 7,937 $ (242 ) $ 1,545 $ 1,443 $ (100 ) $ 9,724 $ 9,380 $ (342 ) [1] Unrealized losses exclude the change in fair value of bifurcated embedded derivatives within certain securities for which changes in fair value are recorded in net realized capital gains (losses). [2] As of December 31, 2016 and 2015 , excludes equity securities, FVO which are included in equity securities, AFS on the Consolidated Balance Sheets. |
Mortgage Loans on Real Estate, by Loan Disclosure [Text Block] | Mortgage Loans Mortgage Loan Valuation Allowances Commercial mortgage loans are considered to be impaired when management estimates that, based upon current information and events, it is probable that the Company will be unable to collect amounts due according to the contractual terms of the loan agreement. The Company reviews mortgage loans on a quarterly basis to identify potential credit losses. Among other factors, management reviews current and projected macroeconomic trends, such as unemployment rates, and property-specific factors such as rental rates, occupancy levels, LTV ratios and debt service coverage ratios (“DSCR”). In addition, the Company considers historical, current and projected delinquency rates and property values. Estimates of collectibility require the use of significant management judgment and include the probability and timing of borrower default and loss severity estimates. In addition, cash flow projections may change based upon new information about the borrower's ability to pay and/or the value of underlying collateral such as changes in projected property value estimates. For mortgage loans that are deemed impaired, a valuation allowance is established for the difference between the carrying amount and estimated value. The mortgage loan's estimated value is most frequently the Company's share of the fair value of the collateral but may also be the Company’s share of either (a) the present value of the expected future cash flows discounted at the loan’s effective interest rate or (b) the loan’s observable market price. A valuation allowance may be recorded for an individual loan or for a group of loans that have an LTV ratio of 90% or greater, a low DSCR or have other lower credit quality characteristics. Changes in valuation allowances are recorded in net realized capital gains and losses. Interest income on impaired loans is accrued to the extent it is deemed collectible and the borrowers continue to make payments under the original or restructured loan terms. The Company stops accruing interest income on loans when it is probable that the Company will not receive interest and principal payments according to the contractual terms of the loan agreement. The company resumes accruing interest income when it determines that sufficient collateral exists to satisfy the full amount of the loan principal and interest payments and when it is probable cash will be received in the foreseeable future. Interest income on defaulted loans is recognized when received. As of December 31, 2016 , commercial mortgage loans had an amortized cost of $2.8 billion , with a valuation allowance of $19 and a carrying value of $2.8 billion . As of December 31, 2015 , commercial mortgage loans had an amortized cost of $2.9 billion , with a valuation allowance of $19 and a carrying value of $2.9 billion . Amortized cost represents carrying value prior to valuation allowances, if any. |
Schedule of Participating Mortgage Loans [Table Text Block] | For the years ended December 31, 2016 2015 2014 Balance as of January 1 $ (19 ) $ (15 ) $ (12 ) (Additions)/Reversals — (4 ) (4 ) Deductions — — 1 Balance as of December 31 $ (19 ) $ (19 ) $ (15 ) |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Mortgage Loans by Region December 31, 2016 December 31, 2015 Carrying Value Percent of Total Carrying Value Percent of Total East North Central $ 54 1.9 % $ 66 2.3 % East South Central 14 0.5 % 14 0.5 % Middle Atlantic 237 8.4 % 210 7.2 % New England 93 3.3 % 163 5.6 % Pacific 814 29.0 % 933 32.0 % South Atlantic 613 21.8 % 579 19.8 % West South Central 128 4.6 % 125 4.3 % Other [1] 858 30.5 % 828 28.3 % Total mortgage loans $ 2,811 100 % $ 2,918 100 % December 31, 2016 December 31, 2015 Carrying Value Percent of Total Carrying Value Percent of Total Commercial Agricultural $ 16 0.6 % $ 16 0.5 % Industrial 793 28.2 % 829 28.4 % Lodging 25 0.9 % 26 0.9 % Multifamily 535 19.0 % 557 19.1 % Office 605 21.5 % 729 25.0 % Retail 611 21.8 % 650 22.3 % Other 226 8.0 % 111 3.8 % Total mortgage loans $ 2,811 100 % $ 2,918 100 % Commercial Mortgage Loans Credit Quality December 31, 2016 December 31, 2015 Loan-to-value Carrying Value Avg. Debt-Service Coverage Ratio Carrying Value Avg. Debt-Service Coverage Ratio Greater than 80% $ 20 0.59x $ 15 0.91x 65% - 80% 182 2.17x 280 1.78x Less than 65% 2,609 2.61x 2,623 2.54x Total commercial mortgage loans $ 2,811 2.55x $ 2,918 2.45x |
Schedule of Variable Interest Entities [Table Text Block] | December 31, 2016 December 31, 2015 Total Assets Total Liabilities [1] Maximum Exposure to Loss [2] Total Assets Total Liabilities [1] Maximum Exposure to Loss [2] Investment funds [3] $ — $ — $ — $ 52 $ 11 $ 42 Limited partnerships and other alternative investments [4] — — — 2 1 1 Total $ — $ — $ — $ 54 $ 12 $ 43 [1] Included in other liabilities on the Company’s Consolidated Balance Sheets. [2] The maximum exposure to loss represents the maximum loss amount that the Company could recognize as a reduction in net investment income or as a realized capital loss and is the cost basis of the Company’s investment. [3] Total assets included in fixed maturities, FVO, short-term investments, and equity, AFS on the Company's Consolidated Balance Sheets. [4] Total assets included in limited partnerships and other alternative investments on the Company's Consolidated Balance Sheets. |
Investment Holdings [Text Block] | Net Investment Income (Loss) For the years ended December 31, (Before-tax) 2016 2015 2014 Fixed maturities [1] $ 1,049 $ 1,095 $ 1,113 Equity securities 8 7 14 Mortgage loans 135 152 156 Policy loans 83 82 80 Limited partnerships and other alternative investments 86 97 141 Other investments [2] 64 82 111 Investment expenses (52 ) (59 ) (72 ) Total net investment income $ 1,373 $ 1,456 $ 1,543 [1] Includes net investment income on short-term investments. [2] Includes income from derivatives that hedge fixed maturities and qualify for hedge accounting. Net Realized Capital Gains (Losses) For the years ended December 31, (Before-tax) 2016 2015 2014 Gross gains on sales $ 211 $ 239 $ 264 Gross losses on sales (93 ) (211 ) (235 ) Net OTTI losses recognized in earnings (28 ) (61 ) (29 ) Valuation allowances on mortgage loans — (4 ) (4 ) Japanese fixed annuity contract hedges, net — — (14 ) Results of variable annuity hedge program GMWB derivatives, net (38 ) (87 ) 5 Macro hedge program (163 ) (46 ) (11 ) Total U.S. program (201 ) (133 ) (6 ) International Program — — (126 ) Total results of variable annuity hedge program (201 ) (133 ) (132 ) GMAB/GMWB reinsurance — — 579 Modified coinsurance reinsurance contracts (12 ) 46 395 Transactional foreign currency revaluation (70 ) (4 ) — Non-qualifying foreign currency derivatives 57 (16 ) (122 ) Other, net [1] (27 ) (2 ) (125 ) Net realized capital losses $ (163 ) $ (146 ) $ 577 [1] Includes non-qualifying derivatives, excluding variable annuity hedge program and foreign currency derivatives, of $(12) , $46 , and $972 , respectively for 2016 , 2015 and 2014 . Net realized capital gains and losses from investment sales are reported as a component of revenues and are determined on a specific identification basis. Before tax, net gains and losses on sales and impairments previously reported as unrealized gains or losses in AOCI were $89 , $(27) and $1 for the years ended December 31, 2016 , 2015 and 2014 , respectively. Sales of AFS Securities For the years ended December 31, 2016 2015 2014 Fixed maturities, AFS Sale proceeds $ 7,409 $ 9,454 $ 9,084 Gross gains 206 195 210 Gross losses (85 ) (161 ) (183 ) Equity securities, AFS Sale proceeds $ 321 $ 586 $ 107 Gross gains 4 26 9 Gross losses (8 ) (26 ) (6 ) Sales of AFS securities in 2016 were primarily a result of duration and liquidity management, as well as tactical changes to the portfolio as a result of changing market conditions. Recognition and Presentation of Other-Than-Temporary Impairments The Company will record an other-than-temporary impairment (“OTTI”) for fixed maturities and certain equity securities with debt-like characteristics (collectively “debt securities”) if the Company intends to sell or it is more likely than not that the Company will be required to sell the security before a recovery in value. A corresponding charge is recorded in net realized capital losses equal to the difference between the fair value and amortized cost basis of the security. The Company will also record an OTTI for those debt securities for which the Company does not expect to recover the entire amortized cost basis. For these securities, the excess of the amortized cost basis over its fair value is separated into the portion representing a credit OTTI, which is recorded in net realized capital losses, and the remaining non-credit amount, which is recorded in OCI. The credit OTTI amount is the excess of its amortized cost basis over the Company’s best estimate of discounted expected future cash flows. The non-credit amount is the excess of the best estimate of the discounted expected future cash flows over the fair value. The Company’s best estimate of discounted expected future cash flows becomes the new cost basis and accretes prospectively into net investment income over the estimated remaining life of the security. The Company’s best estimate of expected future cash flows is a quantitative and qualitative process that incorporates information received from third-party sources along with certain internal assumptions regarding the future performance. The Company considers, but is not limited to (a) changes in the financial condition of the issuer and the underlying collateral, (b) whether the issuer is current on contractually obligated interest and principal payments, (c) credit ratings, (d) payment structure of the security and (e) the extent to which the fair value has been less than the amortized cost of the security. For non-structured securities, assumptions include, but are not limited to, economic and industry-specific trends and fundamentals, security-specific developments, industry earnings multiples and the issuer’s ability to restructure and execute asset sales. For structured securities, assumptions include, but are not limited to, various performance indicators such as historical and projected default and recovery rates, credit ratings, current and projected delinquency rates, loan-to-value ("LTV") ratios, average cumulative collateral loss rates that vary by vintage year, prepayment speeds, and property value declines. These assumptions require the use of significant management judgment and include the probability of issuer default and estimates regarding timing and amount of expected recoveries which may include estimating the underlying collateral value. The Company will also record an OTTI for equity securities where the decline in the fair value is deemed to be other-than-temporary. A corresponding charge is recorded in net realized capital losses equal to the difference between the fair value and cost basis of the security. The previous cost basis less the impairment becomes the new cost basis. The Company’s evaluation and assumptions used to determine an equity OTTI include, but is not limited to, (a) the length of time and extent to which the fair value has been less than the cost of the security, (b) changes in the financial condition, credit rating and near-term prospects of the issuer, (c) whether the issuer is current on preferred stock dividends and (d) the intent and ability of the Company to retain the investment for a period of time sufficient to allow for recovery. For the remaining equity securities which are determined to be temporarily impaired, the Company asserts its intent and ability to retain those equity securities until the price recovers. Impairments in Earnings by Type For the years ended December 31, 2016 2015 2014 Intent-to-sell impairments $ 4 $ 24 $ 11 Credit impairments 22 23 16 Impairments on equity securities 2 14 1 Other impairments — — 1 Total impairments $ 28 $ 61 $ 29 Cumulative Credit Impairments For the years ended December 31, (Before-tax) 2016 2015 2014 Balance as of beginning of period $ (211 ) $ (296 ) $ (410 ) Additions for credit impairments recognized on [1]: Securities not previously impaired (9 ) (11 ) (7 ) Securities previously impaired (13 ) (12 ) (9 ) Reductions for credit impairments previously recognized on: Securities that matured or were sold during the period 44 58 111 Securities the Company made the decision to sell or more likely than not will be required to sell — 1 — Securities due to an increase in expected cash flows 19 49 $ 19 Balance as of end of period $ (170 ) $ (211 ) $ (296 ) [1] These additions are included in the net OTTI losses recognized in earnings in the Consolidated Statements of Operations. Available-for-Sale Securities AFS Securities by Type December 31, 2016 December 31, 2015 Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Non-Credit OTTI [1] Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Non-Credit OTTI [1] ABS $ 1,011 $ 9 $ (27 ) $ 993 $ — $ 864 $ 16 $ (34 ) $ 846 $ — CDOs [2] 893 49 (2 ) 940 — 1,354 67 (11 ) 1,408 — CMBS 2,135 45 (34 ) 2,146 (1 ) 1,936 52 (24 ) 1,964 (3 ) Corporate 13,677 1,111 (95 ) 14,693 — 14,425 975 (225 ) 15,175 (3 ) Foreign govt./govt. agencies 337 18 (10 ) 345 — 328 14 (11 ) 331 — Municipal 1,098 97 (6 ) 1,189 — 1,057 80 (5 ) 1,132 — RMBS 1,742 34 (16 ) 1,760 — 1,468 43 (8 ) 1,503 — U.S. Treasuries 1,614 153 (14 ) 1,753 — 2,127 184 (13 ) 2,298 — Total fixed maturities, AFS 22,507 1,516 (204 ) 23,819 (1 ) 23,559 1,431 (331 ) 24,657 (6 ) Equity securities, AFS [3] 142 12 (2 ) 152 — 178 11 (11 ) 178 — Total AFS securities $ 22,649 $ 1,528 $ (206 ) $ 23,971 $ (1 ) $ 23,737 $ 1,442 $ (342 ) $ 24,835 $ (6 ) [1] Represents the amount of cumulative non-credit OTTI losses recognized in OCI on securities that also had credit impairments. These losses are included in gross unrealized losses as of December 31, 2016 and 2015 . [2] Gross unrealized gains (losses) exclude the fair value of bifurcated embedded derivatives within certain securities. Subsequent changes in value are recorded in net realized capital gains (losses). [3] Excludes equity securities, FVO, with a cost and fair value of $293 and $281 , respectively, as of December 31, 2015 . The Company held no equity securities, FVO as of December 31, 2016 . Fixed maturities, AFS, by Contractual Maturity Year December 31, 2016 December 31, 2015 Contractual Maturity Amortized Cost Fair Value Amortized Cost Fair Value One year or less $ 722 $ 727 $ 953 $ 974 Over one year through five years 4,184 4,301 4,973 5,075 Over five years through ten years 3,562 3,649 3,650 3,714 Over ten years 8,258 9,303 8,361 9,173 Subtotal 16,726 17,980 17,937 18,936 Mortgage-backed and asset-backed securities 5,781 5,839 5,622 5,721 Total fixed maturities, AFS $ 22,507 $ 23,819 $ 23,559 $ 24,657 Estimated maturities may differ from contractual maturities due to security call or prepayment provisions. Due to the potential for variability in payment speeds (i.e. prepayments or extensions), mortgage-backed and asset-backed securities are not categorized by contractual maturity. Concentration of Credit Risk The Company aims to maintain a diversified investment portfolio including issuer, sector and geographic stratification, where applicable, and has established certain exposure limits, diversification standards and review procedures to mitigate credit risk. The Company had no investment exposure to any credit concentration risk of a single issuer greater than 10% of the Company's stockholder's equity , other than the U.S. government and certain U.S. government securities as of December 31, 2016 or December 31, 2015 . As of December 31, 2016 , other than U.S. government and certain U.S. government agencies, the Company’s three largest exposures by issuer were National Grid plc, HSBC Holdings plc, and Oracle Corp., which each comprised less than 1% of total invested assets. As of December 31, 2015 , other than U.S. government and certain U.S. government agencies, the Company’s three largest exposures by issuer were Morgan Stanley, Verizon Communications Inc., and Bank of America Corp., which each comprised less than 1% of total invested assets. The Company’s three largest exposures by sector as of December 31, 2016 , were financial services, utilities, and consumer non-cyclical which comprised approximately 10% , 9% and 7% , respectively, of total invested assets. The Company’s three largest exposures by sector as of December 31, 2015 were financial services, utilities, and consumer non-cyclical which comprised approximately 11% , 8% and 7% , respectively, of total invested assets. Unrealized Losses on AFS Securities Unrealized Loss Aging for AFS securities by Type and Length of Time December 31, 2016 Less Than 12 Months 12 Months or More Total Amortized Cost Fair Value Unrealized Losses Amortized Cost Fair Value Unrealized Losses Amortized Cost Fair Value Unrealized Losses ABS $ 249 $ 248 $ (1 ) $ 265 $ 239 $ (26 ) $ 514 $ 487 $ (27 ) CDOs [1] 325 325 — 210 208 (2 ) 535 533 (2 ) CMBS 1,058 1,030 (28 ) 139 133 (6 ) 1,197 1,163 (34 ) Corporate 2,535 2,464 (71 ) 402 378 (24 ) 2,937 2,842 (95 ) Foreign govt./govt. agencies 164 155 (9 ) 6 5 (1 ) 170 160 (10 ) Municipal 166 160 (6 ) — — — 166 160 (6 ) RMBS 548 535 (13 ) 198 195 (3 ) 746 730 (16 ) U.S. Treasuries 385 371 (14 ) — — — 385 371 (14 ) Total fixed maturities, AFS 5,430 5,288 (142 ) 1,220 1,158 (62 ) 6,650 6,446 (204 ) Equity securities, AFS [2] 59 57 (2 ) 5 5 — 64 62 (2 ) Total securities in an unrealized loss position $ 5,489 $ 5,345 $ (144 ) $ 1,225 $ 1,163 $ (62 ) $ 6,714 $ 6,508 $ (206 ) December 31, 2015 Less Than 12 Months 12 Months or More Total Amortized Cost Fair Value Unrealized Losses Amortized Cost Fair Value Unrealized Losses Amortized Cost Fair Value Unrealized Losses ABS $ 387 $ 385 $ (2 ) $ 271 $ 239 $ (32 ) $ 658 $ 624 $ (34 ) CDOs [1] 608 602 (6 ) 500 493 (5 ) 1,108 1,095 (11 ) CMBS 655 636 (19 ) 99 94 (5 ) 754 730 (24 ) Corporate 4,880 4,696 (184 ) 363 322 (41 ) 5,243 5,018 (225 ) Foreign govt./govt. agencies 144 136 (8 ) 30 27 (3 ) 174 163 (11 ) Municipal 179 174 (5 ) — — — 179 174 (5 ) RMBS 280 279 (1 ) 230 223 (7 ) 510 502 (8 ) U.S. Treasuries 963 950 (13 ) 8 8 — 971 958 (13 ) Total fixed maturities, AFS 8,096 7,858 (238 ) 1,501 1,406 (93 ) 9,597 9,264 (331 ) Equity securities, AFS [2] 83 79 (4 ) 44 37 (7 ) 127 116 (11 ) Total securities in an unrealized loss position $ 8,179 $ 7,937 $ (242 ) $ 1,545 $ 1,443 $ (100 ) $ 9,724 $ 9,380 $ (342 ) [1] Unrealized losses exclude the change in fair value of bifurcated embedded derivatives within certain securities for which changes in fair value are recorded in net realized capital gains (losses). [2] As of December 31, 2016 and 2015 , excludes equity securities, FVO which are included in equity securities, AFS on the Consolidated Balance Sheets. As of December 31, 2016 , AFS securities in an unrealized loss position consisted of 1,897 securities, primarily in the corporate sector, which were depressed primarily due to an increase in interest rates and/or widening of credit spreads since the securities were purchased. As of December 31, 2016 , 95% of these securities were depressed less than 20% of cost or amortized cost. The decrease in unrealized losses during 2016 was primarily attributable to tighter credit spreads , partially offset by higher interest rates. Most of the securities depressed for twelve months or more primarily relate to student loan ABS and corporate securities concentrated in the financial services and energy sectors. Corporate financial services securities and student loan ABS were primarily depressed because the securities have floating-rate coupons and have long-dated maturities, and current credit spreads are wider than when these securities were purchased. Corporate securities within the energy sector are primarily depressed due to a lower level of oil prices. The Company neither has an intention to sell nor does it expect to be required to sell the securities outlined in the preceding discussion. Mortgage Loans Mortgage Loan Valuation Allowances Commercial mortgage loans are considered to be impaired when management estimates that, based upon current information and events, it is probable that the Company will be unable to collect amounts due according to the contractual terms of the loan agreement. The Company reviews mortgage loans on a quarterly basis to identify potential credit losses. Among other factors, management reviews current and projected macroeconomic trends, such as unemployment rates, and property-specific factors such as rental rates, occupancy levels, LTV ratios and debt service coverage ratios (“DSCR”). In addition, the Company considers historical, current and projected delinquency rates and property values. Estimates of collectibility require the use of significant management judgment and include the probability and timing of borrower default and loss severity estimates. In addition, cash flow projections may change based upon new information about the borrower's ability to pay and/or the value of underlying collateral such as changes in projected property value estimates. For mortgage loans that are deemed impaired, a valuation allowance is established for the difference between the carrying amount and estimated value. The mortgage loan's estimated value is most frequently the Company's share of the fair value of the collateral but may also be the Company’s share of either (a) the present value of the expected future cash flows discounted at the loan’s effective interest rate or (b) the loan’s observable market price. A valuation allowance may be recorded for an individual loan or for a group of loans that have an LTV ratio of 90% or greater, a low DSCR or have other lower credit quality characteristics. Changes in valuation allowances are recorded in net realized capital gains and losses. Interest income on impaired loans is accrued to the extent it is deemed collectible and the borrowers continue to make payments under the original or restructured loan terms. The Company stops accruing interest income on loans when it is probable that the Company will not receive interest and principal payments according to the contractual terms of the loan agreement. The company resumes accruing interest income when it determines that sufficient collateral exists to satisfy the full amount of the loan principal and interest payments and when it is probable cash will be received in the foreseeable future. Interest income on defaulted loans is recognized when received. As of December 31, 2016 , commercial mortgage loans had an amortized cost of $2.8 billion , with a valuation allowance of $19 and a carrying value of $2.8 billion . As of December 31, 2015 , commercial mortgage loans had an amortized cost of $2.9 billion , with a valuation allowance of $19 and a carrying value of $2.9 billion . Amortized cost represents carrying value prior to valuation allowances, if any. As of December 31, 2016 and 2015 , the carrying value of mortgage loans that had a valuation allowance was $31 and $39 , respectively. There were no mortgage loans held-for-sale as of December 31, 2016 or December 31, 2015 . As of December 31, 2016 , the Company had an immaterial amount of mortgage loans that have had extensions or restructurings other than what is allowable under the original terms of the contract. Valuation Allowance Activity For the years ended December 31, 2016 2015 2014 Balance as of January 1 $ (19 ) $ (15 ) $ (12 ) (Additions)/Reversals — (4 ) (4 ) Deductions — — 1 Balance as of December 31 $ (19 ) $ (19 ) $ (15 ) The weighted-average LTV ratio of the Company’s commercial mortgage loan portfolio was 51% as of December 31, 2016 , while the weighted-average LTV ratio at origination of these loans was 63% . LTV ratios compare the loan amount to the value of the underlying property collateralizing the loan. The loan collateral values are updated no less than annually through reviews of the underlying properties. Factors considered in estimating property values include, among other things, actual and expected property cash flows, geographic market data and the ratio of the property's net operating income to its value. DSCR compares a property’s net operating income to the borrower’s principal and interest payments. The weighted average DSCR of the Company’s commercial mortgage loan portfolio was 2.55x as of December 31, 2016 . As of December 31, 2016 and December 31, 2015 , the Company held one delinquent commercial mortgage loan past due by 90 days or more. The loan had a total carrying value and valuation allowance of $15 and $16 , respectively, and was not accruing income. Commercial Mortgage Loans Credit Quality December 31, 2016 December 31, 2015 Loan-to-value Carrying Value Avg. Debt-Service Coverage Ratio Carrying Value Avg. Debt-Service Coverage Ratio Greater than 80% $ 20 0.59x $ 15 0.91x 65% - 80% 182 2.17x 280 1.78x Less than 65% 2,609 2.61x 2,623 2.54x Total commercial mortgage loans $ 2,811 2.55x $ 2,918 2.45x Mortgage Loans by Region December 31, 2016 December 31, 2015 Carrying Value Percent of Total Carrying Value Percent of Total East North Central $ 54 1.9 % $ 66 2.3 % East South Central 14 0.5 % 14 0.5 % Middle Atlantic 237 8.4 % 210 7.2 % New England 93 3.3 % 163 5.6 % Pacific 814 29.0 % 933 32.0 % South Atlantic 613 21.8 % 579 19.8 % West South Central 128 4.6 % 125 4.3 % Other [1] 858 30.5 % 828 28.3 % Total mortgage loans $ 2,811 100 % $ 2,918 100 % [1] Primarily represents loans collateralized by multiple properties in various regions. Mortgage Loans by Property Type December 31, 2016 December 31, 2015 Carrying Value Percent of Total Carrying Value Percent of Total Commercial Agricultural $ 16 0.6 % $ 16 0.5 % Industrial 793 28.2 % 829 28.4 % Lodging 25 0.9 % 26 0.9 % Multifamily 535 19.0 % 557 19.1 % Office 605 21.5 % 729 25.0 % Retail 611 21.8 % 650 22.3 % Other 226 8.0 % 111 3.8 % Total mortgage loans $ 2,811 100 % $ 2,918 100 % Variable Interest Entities The Company is engaged with various special purpose entities and other entities that are deemed to be VIEs primarily as an investor through normal investment activities but also as an investment manager and as a means of accessing capital through a contingent capital facility ("the facility"). A VIE is an entity that either has investors that lack certain essential characteristics of a controlling financial interest, such as simple majority kick-out rights, or lacks sufficient funds to finance its own activities without financial support provided by other entities. The Company performs ongoing qualitative assessments of its VIEs to determine whether the Company has a controlling financial interest in the VIE and therefore is the primary beneficiary. The Company is deemed to have a controlling financial interest when it has both the ability to direct the activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE. Based on the Company’s assessment, if it determines it is the primary beneficiary, the Company consolidates the VIE in the Company’s Consolidated Financial Statements. Consolidated VIEs The following table presents the carrying value of assets and liabilities, and the maximum exposure to loss relating to the VIEs for which the Company is the primary beneficiary. Creditors have no recourse against the Company in the event of default by these VIEs nor does the Company have any implied or unfunded commitments to these VIEs. The Company’s financial or other support provided to these VIEs is limited to its collateral or investment management services and original investment. Since December 31, 2015 , the Company has disposed of the VIEs for which it was the primary beneficiary. Consolidated VIEs December 31, 2016 December 31, 2015 Total Assets Total Liabilities [1] Maximum Exposure to Loss [2] Total Assets Total Liabilities [1] Maximum Exposure to Loss [2] Investment funds [3] $ — $ — $ — $ 52 $ 11 $ 42 Limited partnerships and other alternative investments [4] — — — 2 1 1 Total $ — $ — $ — $ 54 $ 12 $ 43 [1] Included in other liabilities on the Company’s Consolidated Balance Sheets. [2] The maximum exposure to loss represents the maximum loss amount that the Company could recognize as a reduction in net investment income or as a realized capital loss and is the cost basis of the Company’s investment. [3] Total assets included in fixed maturities, FVO, short-term investments, and equity, AFS on the Company's Consolidated Balance Sheets. [4] Total assets included in limited partnerships and other alternative investments on the Company's Consolidated Balance Sheets. Non-Consolidated VIEs The Company, through normal investment activities, makes passive investments in limited partnerships and other alternative investments. Upon the adoption of the new consolidation guidance discussed above, these investments are now considered VIEs. For these non-consolidated VIEs, the Company has determined it is not the primary beneficiary as it has no ability to direct activities that could significantly affect the economic performance of the investments. The Company’s maximum exposure to loss as of December 31, 2016 and December 31, 2015 is limited to the total carrying value of $859 and $729 , respectively, which are included in limited partnerships and other alternative investments in the Company's Consolidated Balance Sheets. As of December 31, 2016 and December 31, 2015 , the Company has outstanding commitments totaling $497 and $299 , respectively, whereby the Company is committed to fund these investments and may be called by the partnership during the commitment period to fund the purchase of new investments and partnership expenses. These investments are generally of a passive nature in that the Company does not take an active role in management. In addition, the Company also makes passive investments in structured securities issued by VIEs for which the Company is not the manager and, therefore does not consolidate. These investments are included in ABS, CDOs, CMBS and RMBS in the Available-for-Sale Securities table and fixed maturities, FVO, in the Company’s Consolidated Balance Sheets. The Company has not provided financial or other support with respect to these investments other than its original investment. For these investments, the Company determined it is not the primary beneficiary due to the relative size of the Company’s investment in comparison to the principal amount of the structured securities issued by the VIEs, the level of credit subordination which reduces the Company’s obligation to absorb losses or right to receive benefits and the Company’s inability to direct the activities that most significantly impact the economic performance of the VIEs. The Company’s maximum exposure to loss on these investments is limited to the amount of the Company’s investment. Securities Lending, Repurchase Agreements and Other Collateral Transactions The Company enters into securities financing transactions as a way to earn income on securities loaned (securities lending) or on securities sold and repurchased (repurchase agreements). Under a securities lending program, the Company lends certain fixed maturities within the corporate, foreign government/government agencies, and municipal sectors as well as equity securities to qualifying third-party borrowers in return for collateral in the form of cash or securities. For domestic and non-domestic loaned securities, respectively, borrowers provide collateral of 102% and 105% of the fair value of the securities lent at the time of the loan. Borrowers will return the securities to the Company for cash or securities collateral at maturity dates generally of 90 days or less. Security collateral on deposit from counterparties in connection with securities lending transactions may not be sold or re-pledged, except in the event of default by the counterparty, and is not reflected on the Company’s consolidated balance sheets. Additional collateral is obtained if the fair value of the collateral falls below 100% of the fair value of the loaned securities. The agreements provide the counterparty the right to sell or re-pledge the securities loaned. If cash, rather than securities, is received as collateral, the cash is typically invested in short-term investments or fixed maturities and is reported as an asset on the consolidated balance sheets. Income associated with securities lending transactions is reported as a component of net investment income on the Company’s consolidated statements of operations. As of December 31, 2016 , the fair value of securities on loan and the associated liability for cash collateral received was $435 and $420 , respectively. The Company also received securities collateral of $26 which was not included in the Company's Consolidated Balance Sheets. As of December 31, 2015 , the fair value of securities on loan and the associated liability for cash collateral received was $15 and $15 , respectively. From time to time, the Company enters into repurchase agreements to manage liquidity or to earn incremental spread income. A repurchase agreement is a transaction in which one party (transferor) agrees to sell securities to another party (transferee) in return for cash (or securities), with a simultaneous agreement to repurchase the same securities at a specified price at a later date. A dollar roll is a type of repurchase agreement where a mortgage backed security is sold with an agreement to repurchase substantially the same security at a specified date in the future. These transactions generally have a contractual maturity of ninety days or less. Under repurchase agreements, the Company transfers collateral of U.S. government and government agency securities and receives cash. For repurchase agreements, the Company obtains cash in an amount equal to at least 95% of the fair value of the securities transferred. The agreements require additional collateral to be transferred when necessary and provide the counterparty the right to sell or re-pledge the securities transferred. The cash received from the repurchase program is typically invested in short-term investments or fixed maturities and is reported as an asset on the Company's consolidated balance sheets. Repurchase agreements include master netting provisions that provide both counterparties the right to offset claims and apply securities held by them with respect to their obligations in the event of a default. Although the Company has the contractual right to offset claims, fixed maturities do not meet the specific conditions for net presentation under U.S. GAAP. The Company accounts for the repurchase agreements as collateralized borrowings. The securities transferred under repurchase agreements are included in fixed maturities, AFS with the obligation to repurchase those securities recorded in other liabilities on the Company's Consolidated Balance Sheets. As of December 31, 2016 , the Company reported in fixed maturities, AFS on the Consolidated Balance Sheets financial collateral pledged relating to repurchase agreements of $112 in fixed maturities, AFS and $9 in cash. The Company reported a corresponding obligation to repurchase the pledged securities of $118 in other liabilities on the Consolidated Balance Sheets. As of December 31, 2015 , the Company reported in financial collateral pledged relating to repurchase agreements of $249 . The Company reported a corresponding obligation to repurchase the pledged securities of $249 in other liabilities on the Consolidated Balance Sheets. The Company had no outstanding dollar roll transactions as of December 31, 2016 or December 31, 2015 . The Company is required by law to deposit securities with government agencies in certain states in which it conducts business. As of December 31, 2016 and 2015 the fair value of securities on deposit was approximately $21 and $14 , respectively. For disclosure of collateral in support of derivative transactions, refer to the Derivative Collateral Arrangements section of Note 4 - Derivative Instruments. Equity Method Investments The majority of the Company's investments in limited partnerships and other alternative investments, including hedge funds, mortgage and real estate funds, and private equity and other funds (collectively, “limited partnerships”), are accounted for under the equity method of accounting. The Company’s maximum exposure to loss as of December 31, 2016 is limited to the total carrying value of $930 . In addition, the Company has outstanding commitments totaling approximately $497 , to fund limited partnership and other alternative investments as of December 31, 2016 . The Company’s investments in limited partnerships are generally of a passive nature in that the Company does not take an active role in the management of the limited partnerships. In 2016 , aggregate investment income (losses) from limited partnerships and other alternative investments exceeded 10% of the Company’s pre-tax consolidated net income. Accordingly, the Company is disclosing aggregated summarized financial data for the Company’s limited partnership investments. This aggregated summarized financial data does not represent the Company’s proportionate share of limited partnership assets or earnings. Aggregate total assets of the limited partnerships in which the Company invested totaled $100.6 billion and $82.2 billion as of December 31, 2016 and 2015 , respectively. Aggregate total liabilities of the limited partnerships in which the Company invested totaled $17.6 billion and $14.0 billion as of December 31, 2016 and 2015 , respectively. Aggregate net investment income (loss) of the limited partnerships in which the Company invested totaled $0.9 billion , $0.8 billion and $3.5 billion for the periods |
Derivative Instruments Level 3
Derivative Instruments Level 3 (Tables) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Derivatives, Fair Value [Line Items] | ||
Disclosure of Credit Derivatives [Table Text Block] | Derivative Instruments The Company utilizes a variety of OTC, OTC-cleared and exchange traded derivative instruments as a part of its overall risk management strategy as well as to enter into replication transactions. Derivative instruments are used to manage risk associated with interest rate, equity market, commodity market, credit spread, issuer default, price, and currency exchange rate risk or volatility. Replication transactions are used as an economical means to synthetically replicate the characteristics and performance of assets that are permissible investments under the Company’s investment policies. The Company also may enter into and has previously issued financial instruments and products that either are accounted for as free-standing derivatives, such as certain reinsurance contracts, or as embedded derivative instruments, such as certain GMWB riders included with certain variable annuity products. Strategies that Qualify for Hedge Accounting Some of the Company's derivatives satisfy hedge accounting requirements as outlined in Note 1 of these financial statements. Typically, these hedging instruments include interest rate swaps and, to a lesser extent, foreign currency swaps where the terms or expected cash flows of the hedged item closely match the terms of the swap. The interest rate swaps are typically used to manage interest rate duration of certain fixed maturity securities or liability contracts. The hedge strategies by hedge accounting designation include: Cash Flow Hedges Interest rate swaps are predominantly used to manage portfolio duration and better match cash receipts from assets with cash disbursements required to fund liabilities. These derivatives primarily convert interest receipts on floating-rate fixed maturity securities to fixed rates. The Company also enters into forward starting swap agreements to hedge the interest rate exposure related to the future purchase of fixed-rate securities, primarily to hedge interest rate risk inherent in the assumptions used to price certain product liabilities. Foreign currency swaps are used to convert foreign currency-denominated cash flows related to certain investment receipts and liability payments to U.S. dollars in order to reduce cash flow fluctuations due to changes in currency rates. Fair Value Hedges Interest rate swaps are used to hedge the changes in fair value of fixed maturity securities due to fluctuations in interest rates. These swaps are typically used to manage interest rate duration. Non-qualifying Strategies Derivative relationships that do not qualify for hedge accounting (“non-qualifying strategies”) primarily include the hedge program for the Company's variable annuity products as well as the hedging and replication strategies that utilize credit default swaps. In addition, hedges of interest rate, foreign currency and equity risk of certain fixed maturities, equities and liabilities do not qualify for hedge accounting. The non-qualifying strategies include: Interest Rate Swaps, Swaptions, and Futures The Company uses interest rate swaps, swaptions, and futures to manage interest rate duration between assets and liabilities in certain investment portfolios. In addition, the Company enters into interest rate swaps to terminate existing swaps, thereby offsetting the changes in value of the original swap. As of December 31, 2016 and 2015 , the notional amount of interest rate swaps in offsetting relationships was $2.7 billion and $4.6 billion , respectively. Foreign Currency Swaps and Forwards Foreign currency forwards are used to hedge non-U.S. dollar denominated cash and equity securities. The Company also enters into foreign currency swaps and forwards to convert the foreign currency exposures of certain foreign currency-denominated fixed maturity investments to U.S. dollars. Fixed Payout Annuity Hedge The Company has obligations for certain yen denominated fixed payout annuities under an assumed reinsurance contract. The Company invests in U.S. dollar denominated assets to support the assumed reinsurance liability. The Company has in place pay U.S. dollar, receive yen swap contracts to hedge the currency and yen interest rate exposure between the U.S. dollar denominated assets and the yen denominated fixed liability reinsurance payments. Credit Contracts Credit default swaps are used to purchase credit protection on an individual entity or referenced index to economically hedge against default risk and credit-related changes in the value of fixed maturity securities. Credit default swaps are also used to assume credit risk related to an individual entity or referenced index as a part of replication transactions. These contracts require the Company to pay or receive a periodic fee in exchange for compensation from the counterparty should the referenced security issuers experience a credit event, as defined in the contract. The Company is also exposed to credit risk related to certain structured fixed maturity securities that have embedded credit derivatives, which reference a standard index of corporate securities. In addition, the Company enters into credit default swaps to terminate existing credit default swaps, thereby offsetting the changes in value of the original swap going forward. Equity Index Swaps and Options The Company enters into equity index options to hedge the impact of a decline in the equity markets on the investment portfolio. During 2015, the Company entered into a total return swap to hedge equity risk of specific common stock investments which were accounted for using fair value option in order to align the accounting treatment within net realized capital gains (losses). The swap matured in January 2016 and the specific common stock investments were sold at that time. In addition, the Company formerly offered certain equity indexed products that remain in force, a portion of which contain embedded derivatives that require changes in value to be bifurcated from the host contract. The Company uses equity index swaps to economically hedge the equity volatility risk associated with the equity indexed products. Commodity Contracts The Company has used put option contracts on oil futures to partially offset potential losses related to certain fixed maturity securities that could be impacted by changes in oil prices. These options were terminated at the end of 2015. GMWB Derivatives, net The Company formerly offered certain variable annuity products with GMWB riders. The GMWB product is a bifurcated embedded derivative (“GMWB product derivatives”) that has a notional value equal to the GRB. The Company uses reinsurance contracts to transfer a portion of its risk of loss due to GMWB. The reinsurance contracts covering GMWB (“GMWB reinsurance contracts”) are accounted for as free-standing derivatives with a notional amount equal to the GRB reinsured. The Company utilizes derivatives (“GMWB hedging instruments”) as part of a dynamic hedging program designed to hedge a portion of the capital market risk exposures of the non-reinsured GMWB riders. The GMWB hedging instruments hedge changes in interest rates, equity market levels, and equity volatility. These derivatives include customized swaps, interest rate swaps and futures, and equity swaps, options and futures, on certain indices including the S&P 500 index, EAFE index and NASDAQ index. The Company retains the risk for differences between assumed and actual policyholder behavior and between the performance of the actively managed funds underlying the separate accounts and their respective indices. The following table presents notional and fair value for GMWB hedging instruments. Notional Amount Fair Value December 31, 2016 December 31, 2015 December 31, 2016 December 31, 2015 Customized swaps $ 5,191 $ 5,877 $ 100 $ 131 Equity swaps, options, and futures 1,362 1,362 (27 ) 2 Interest rate swaps and futures 3,703 3,740 21 25 Total $ 10,256 $ 10,979 $ 94 $ 158 Macro Hedge Program The Company utilizes equity swaps, options, futures, and forwards to provide partial protection against the statutory tail scenario risk arising from GMWB and the GMDB liabilities on the Company's statutory surplus. These derivatives cover some of the residual risks not otherwise covered by the dynamic hedging program. Modified Coinsurance Reinsurance Contracts As of December 31, 2016 and 2015 , the Company had approximately $875 and $895 , respectively, of invested assets supporting other policyholder funds and benefits payable reinsured under a modified coinsurance arrangement in connection with the sale of the Individual Life business, which was structured as a reinsurance transaction. The assets are primarily held in a trust established by the Company. The Company pays or receives cash quarterly to settle the operating results of the reinsured business, including the investment results. As a result of this modified coinsurance arrangement, the Company has an embedded derivative that transfers to the reinsurer certain unrealized changes in fair value of investments subject to interest rate and credit risk. The notional amount of the embedded derivative reinsurance contracts are the invested assets which are carried at fair value and support the reinsured reserves. Derivative Balance Sheet Classification For reporting purposes, the Company has elected to offset within assets or liabilities based upon the net of the fair value amounts, income accruals, and related cash collateral receivables and payables of OTC derivative instruments executed in a legal entity and with the same counterparty under a master netting agreement, which provides the Company with the legal right of offset. The Company has also elected to offset within assets or liabilities based upon the net of the fair value amounts, income accruals and related cash collateral receivables and payables of OTC-cleared derivative instruments based on clearing house agreements. The following fair value amounts do not include income accruals or related cash collateral receivables and payables, which are netted with derivative fair value amounts to determine balance sheet presentation. Derivatives in the Company’s separate accounts, where the associated gains and losses accrue directly to policyholders are not included in the table below. The Company’s derivative instruments are held for risk management purposes, unless otherwise noted in the following table. The notional amount of derivative contracts represents the basis upon which pay or receive amounts are calculated and is presented in the table to quantify the volume of the Company’s derivative activity. Notional amounts are not necessarily reflective of credit risk. The following tables exclude investments that contain an embedded credit derivative for which the Company has elected the fair value option. For further discussion, see the Fair Value Option section in Note 2 - Fair Value Measurements of Notes to the Consolidated Financial Statements. Net Derivatives Asset Derivatives Liability Derivatives Notional Amount Fair Value Fair Value Fair Value Hedge Designation/ Derivative Type Dec 31, 2016 Dec 31, 2015 Dec 31, 2016 Dec 31, 2015 Dec 31, 2016 Dec 31, 2015 Dec 31, 2016 Dec 31, 2015 Cash flow hedges Interest rate swaps $ 1,794 $ 1,766 $ 7 $ 38 $ 9 $ 38 $ (2 ) $ — Foreign currency swaps 164 143 (16 ) (19 ) 10 7 (26 ) (26 ) Total cash flow hedges 1,958 1,909 (9 ) 19 19 45 (28 ) (26 ) Fair value hedges Interest rate swaps — 23 — — — — — — Total fair value hedges — 23 — — — — — — Non-qualifying strategies Interest rate contracts Interest rate swaps and futures 2,774 4,710 (411 ) (415 ) 249 285 (660 ) (700 ) Foreign exchange contracts Foreign currency swaps and forwards 382 386 36 4 36 4 — — Fixed payout annuity hedge 804 1,063 (263 ) (357 ) — — (263 ) (357 ) Credit contracts Credit derivatives that purchase credit protection 131 249 (3 ) 10 — 12 (3 ) (2 ) Credit derivatives that assume credit risk [1] 458 1,435 4 (10 ) 5 5 (1 ) (15 ) Credit derivatives in offsetting positions 1,006 1,435 (1 ) (1 ) 16 17 (17 ) (18 ) Equity contracts Equity index swaps and options 100 404 — 15 33 41 (33 ) (26 ) Variable annuity hedge program GMWB product derivatives [2] 13,114 15,099 (241 ) (262 ) — — (241 ) (262 ) GMWB reinsurance contracts 2,709 3,106 73 83 73 83 — — GMWB hedging instruments 10,256 10,979 94 158 190 264 (96 ) (106 ) Macro hedge program 6,532 4,548 178 147 201 179 (23 ) (32 ) Other Modified coinsurance reinsurance contracts 875 895 68 79 68 79 — — Total non-qualifying strategies 39,141 44,309 (466 ) (549 ) 871 969 (1,337 ) (1,518 ) Total cash flow hedges, fair value hedges, and non-qualifying strategies $ 41,099 $ 46,241 $ (475 ) $ (530 ) $ 890 $ 1,014 $ (1,365 ) $ (1,544 ) Balance Sheet Location Fixed maturities, available-for-sale $ 121 $ 184 $ — $ (1 ) $ — $ — $ — $ (1 ) Other investments 12,732 11,837 235 250 325 360 (90 ) (110 ) Other liabilities 11,498 15,071 (577 ) (653 ) 424 492 (1,001 ) (1,145 ) Reinsurance recoverables 3,584 4,000 141 162 141 162 — — Other policyholder funds and benefits payable 13,164 15,149 (274 ) (288 ) — — (274 ) (288 ) Total derivatives $ 41,099 $ 46,241 $ (475 ) $ (530 ) $ 890 $ 1,014 $ (1,365 ) $ (1,544 ) [1] The derivative instruments related to this strategy are held for other investment purposes. [2] These derivatives are embedded within liabilities and are not held for risk management purposes. Offsetting of Derivative Assets/Liabilities The following tables present the gross fair value amounts, the amounts offset, and net position of derivative instruments eligible for offset in the Company's Consolidated Balance Sheets. Amounts offset include fair value amounts, income accruals and related cash collateral receivables and payables associated with derivative instruments that are traded under a common master netting agreement, as described in the preceding discussion. Also included in the tables are financial collateral receivables and payables, which are contractually permitted to be offset upon an event of default, although are disallowed for offsetting under U.S. GAAP. (i) (ii) (iii) = (i) - (ii) (v) = (iii) - (iv) Net Amounts Presented in the Statement of Financial Position Collateral Disallowed for Offset in the Statement of Financial Position Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset in the Statement of Financial Position Derivative Assets [1] (Liabilities) [2] Accrued Interest and Cash Collateral (Received) [3] Pledged [2] Financial Collateral (Received) Pledged [4] Net Amount As of December 31, 2016 Other investments $ 749 $ 588 $ 235 $ (74 ) $ 101 $ 60 Other liabilities (1,091 ) (396 ) (577 ) (118 ) (655 ) (40 ) As of December 31, 2015 Other investments $ 852 $ 692 $ 250 $ (90 ) $ 99 $ 61 Other liabilities (1,255 ) (499 ) (653 ) (103 ) (753 ) (3 ) [1] Included in other investments in the Company's Consolidated Balance Sheets. [2] Included in other liabilities in the Company's Consolidated Balance Sheets and is limited to the net derivative receivable associated with each counterparty. [3] Included in other investments in the Company's Consolidated Balance Sheets and is limited to the net derivative payable associated with each counterparty. [4] Excludes collateral associated with exchange-traded derivative instruments. Cash Flow Hedges For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of OCI and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains and losses on the derivative representing hedge ineffectiveness are recognized in current period earnings. All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness. The following table presents the components of the gain or loss on derivatives that qualify as cash flow hedges: Derivatives in Cash Flow Hedging Relationships Gain (Loss) Recognized in OCI on Derivative (Effective Portion) Net Realized Capital Gains (Losses) Recognized in Income on Derivative (Ineffective Portion) 2016 2015 2014 2016 2015 2014 Interest rate swaps $ (16 ) $ 3 $ 34 $ — $ — $ 2 Foreign currency swaps 2 — (10 ) — — — Total $ (14 ) $ 3 $ 24 $ — $ — $ 2 Derivatives in Cash Flow Hedging Relationships Gain (Loss) Reclassified from AOCI into Income (Effective Portion) 2016 2015 2014 Interest rate swaps Net realized capital gains (losses) $ 1 $ (1 ) $ (1 ) Interest rate swaps Net investment income (loss) 25 33 50 Foreign currency swaps Net realized capital gains (losses) (2 ) (9 ) (13 ) Total $ 24 $ 23 $ 36 As of December 31, 2016 , the before-tax deferred net gains on derivative instruments recorded in AOCI that are expected to be reclassified to earnings during the next twelve months are $13 . This expectation is based on the anticipated interest payments on hedged investments in fixed maturity securities that will occur over the next twelve months, at which time the Company will recognize the deferred net gains (losses) as an adjustment to net investment income over the term of the investment cash flows. The maximum term over which the Company is hedging its exposure to the variability of future cash flows for forecasted transactions, excluding interest payments on existing variable-rate financial instruments, is approximately less than one year. During the years ended December 31, 2016 , 2015 , and 2014 , the Company had no net reclassifications from AOCI to earnings resulting from the discontinuance of cash-flow hedges due to forecasted transactions that were no longer probable of occurring. Fair Value Hedges For derivative instruments that are designated and qualify as fair value hedges, the gain or loss on the derivatives as well as the offsetting loss or gain on the hedged items attributable to the hedged risk are recognized in current earnings. The Company includes the gain or loss on the derivative in the same line item as the offsetting loss or gain on the hedged item. All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness. For the years ended December 31, 2016 , 2015 , and 2014 , the Company recognized in income immaterial gains and (losses) for the ineffective portion of fair value hedges related to the derivative instrument and the hedged item. Non-qualifying Strategies For non-qualifying strategies, including embedded derivatives that are required to be bifurcated from their host contracts and accounted for as derivatives, the gain or loss on the derivative is recognized currently in earnings within net realized capital gains (losses). The following table presents the gain or loss recognized in income on non-qualifying strategies: Non-qualifying Strategies Gain (Loss) Recognized within Net Realized Capital Gains (Losses) December 31, 2016 2015 2014 Variable annuity hedge program GMWB product derivatives $ 88 $ (59 ) $ (2 ) GMWB reinsurance contracts (14 ) 17 4 GMWB hedging instruments (112 ) (45 ) 3 Macro hedge program (163 ) (46 ) (11 ) International program hedging instruments — — (126 ) Total variable annuity hedge program (201 ) (133 ) (132 ) Foreign exchange contracts Foreign currency swaps and forwards 32 5 4 Fixed payout annuity hedge 25 (21 ) (148 ) Japanese fixed annuity hedging instruments — — 22 Total foreign exchange contracts 57 (16 ) (122 ) Other non-qualifying derivatives Interest rate contracts Interest rate swaps, swaptions, and futures (18 ) (7 ) (6 ) Credit contracts Credit derivatives that purchase credit protection (9 ) 3 (6 ) Credit derivatives that assume credit risk 15 (4 ) 10 Equity contracts Equity index swaps and options 30 19 7 Commodity contracts Commodity options — (5 ) — Other GMAB and GMWB reinsurance contracts — — 579 Modified coinsurance reinsurance contracts (12 ) 46 395 Derivative instruments formerly associated with HLIKK [1] — — (2 ) Total other non-qualifying derivatives (12 ) 46 972 Total [2] $ (138 ) $ (97 ) $ 723 [1] These amounts relate to the termination of the hedging program associated with the Japan variable annuity product due to the sale of HLIKK. [2] Excludes investments that contain an embedded credit derivative for which the Company has elected the fair value option. For further discussion, see the Fair Value Option section in Note 2 - Fair Value Measurements . Credit Risk Assumed through Credit Derivatives The Company enters into credit default swaps that assume credit risk of a single entity or referenced index in order to synthetically replicate investment transactions that would be permissible under the Company's investment policies. The Company will receive periodic payments based on an agreed upon rate and notional amount and will only make a payment if there is a credit event. A credit event payment will typically be equal to the notional value of the swap contract less the value of the referenced security issuer’s debt obligation after the occurrence of the credit event. A credit event is generally defined as a default on contractually obligated interest or principal payments or bankruptcy of the referenced entity. The credit default swaps in which the Company assumes credit risk primarily reference investment grade single corporate issuers and baskets, which include standard diversified portfolios of corporate and CMBS issuers. The diversified portfolios of corporate issuers are established within sector concentration limits and may be divided into tranches that possess different credit ratings. As of December 31, 2016 Underlying Referenced Credit Obligation(s) [1] Credit Derivative type by derivative risk exposure Notional Amount [2] Fair Value Weighted Average Years to Maturity Type Average Credit Rating Offsetting Notional Amount [3] Offsetting Fair Value [3] Single name credit default swaps Investment grade risk exposure $ 88 $ — 3 years Corporate Credit/ Foreign Gov. A $ 45 $ — Below investment grade risk exposure 43 — 1 year Corporate Credit B- 43 — Basket credit default swaps [4] Investment grade risk exposure 493 5 3 years Corporate Credit BBB+ 225 (1 ) Below investment grade risk exposure 22 2 4 years Corporate Credit B 22 (2 ) Investment grade risk exposure 158 (2 ) 2 years CMBS Credit AA+ 111 1 Below investment grade risk exposure 57 (13 ) 1 year CMBS Credit CCC 57 13 Embedded credit derivatives Investment grade risk exposure 100 100 Less than 1 year Corporate Credit A+ — — Total [5] $ 961 $ 92 $ 503 $ 11 As of December 31, 2015 Underlying Referenced Credit Obligation(s) [1] Credit Derivative type by derivative risk exposure Notional Amount [2] Fair Value Weighted Average Years to Maturity Type Average Credit Rating Offsetting Notional Amount [3] Offsetting Fair Value [3] Single name credit default swaps Investment grade risk exposure $ 118 $ — 1 year Corporate Credit/ Foreign Gov. BBB+ $ 115 $ (1 ) Below investment grade risk exposure 43 (2 ) 2 years Corporate Credit CCC+ 43 1 Basket credit default swaps [4] Investment grade risk exposure 1,265 7 4 years Corporate Credit BBB+ 345 (2 ) Investment grade risk exposure 503 (14 ) 6 years CMBS Credit AAA- 141 1 Below investment grade risk exposure 74 (13 ) 1 year CMBS Credit CCC 74 13 Embedded credit derivatives Investment grade risk exposure 150 148 1 year Corporate Credit A+ — — Total [5] $ 2,153 $ 126 $ 718 $ 12 [1] The average credit ratings are based on availability and are generally the midpoint of the available ratings among Moody’s, S&P, Fitch and Morningstar. If no rating is available from a rating agency, then an internally developed rating is used. [2] Notional amount is equal to the maximum potential future loss amount. These derivatives are governed by agreements, clearing house rules and applicable law which include collateral posting requirements. There is no additional specific collateral related to these contracts or recourse provisions included in the contracts to offset losses. [3] The Company has entered into offsetting credit default swaps to terminate certain existing credit default swaps, thereby offsetting the future changes in value of, or losses paid related to, the original swap. [4] Includes $1.8 billion as of December 31, 2016 and 2015 , of notional amount on swaps of standard market indices of diversified portfolios of corporate and CMBS issuers referenced through credit default swaps. These swaps are subsequently valued based upon the observable standard market index. [5] Excludes investments that contain an embedded credit derivative for which the Company has elected the fair value option. For further discussion, see the Fair Value Option section in Note 2 - Fair Value Measurements . Derivative Collateral Arrangements The Company enters into various collateral arrangements in connection with its derivative instruments, which require both the pledging and accepting of collateral. As of December 31, 2016 and 2015 , the Company pledged cash collateral associated with derivative instruments with a fair value of $134 and $173 , respectively, for which the collateral receivable has been primarily included within other investments on the Company's Consolidated Balance Sheets. As of December 31, 2016 and 2015 , the Company also pledged securities collateral associated with derivative instruments with a fair value of $830 and $873 , respectively, which have been included in fixed maturities on the Consolidated Balance Sheets. The counterparties have the right to sell or re-pledge these securities. As of December 31, 2016 and 2015 , the Company accepted cash collateral associated with derivative instruments of $333 and $341 , respectively, which was invested and recorded in the Consolidated Balance Sheets in fixed maturities and short-term investments with corresponding amounts recorded in other investments or other liabilities as determined by the Company's election to offset on the balance sheet. The Company also accepted securities collateral as of December 31, 2016 and 2015 with a fair value of $107 and $100 , respectively, of which the Company has the ability to sell or repledge $81 and $100 , respectively. As of December 31, 2016 and 2015 , the Company had no repledged securities and did not sell any securities. In addition, as of December 31, 2016 and 2015, non-cash collateral accepted was held in separate custodial accounts and was not included in the Company’s Consolidated Balance Sheets. | |
Schedule of Derivative Instruments [Table Text Block] | Notional Amount Fair Value December 31, 2016 December 31, 2015 December 31, 2016 December 31, 2015 Customized swaps $ 5,191 $ 5,877 $ 100 $ 131 Equity swaps, options, and futures 1,362 1,362 (27 ) 2 Interest rate swaps and futures 3,703 3,740 21 25 Total $ 10,256 $ 10,979 $ 94 $ 158 Macro Hedge Program The Company utilizes equity swaps, options, futures, and forwards to provide partial protection against the statutory tail scenario risk arising from GMWB and the GMDB liabilities on the Company's statutory surplus. These derivatives cover some of the residual risks not otherwise covered by the dynamic hedging program. | |
Offsetting Assets [Table Text Block] | [1] Included in other investments in the Company's Consolidated Balance Sheets. [2] Included in other liabilities in the Company's Consolidated Balance Sheets and is limited to the net derivative receivable associated with each counterparty. [3] Included in other investments in the Company's Consolidated Balance Sheets and is limited to the net derivative payable associated with each counterparty. [4] Excludes collateral associated with exchange-traded derivative instruments. | (i) (ii) (iii) = (i) - (ii) (v) = (iii) - (iv) Net Amounts Presented in the Statement of Financial Position Collateral Disallowed for Offset in the Statement of Financial Position Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset in the Statement of Financial Position Derivative Assets [1] (Liabilities) [2] Accrued Interest and Cash Collateral (Received) [3] Pledged [2] Financial Collateral (Received) Pledged [4] Net Amount As of December 31, 2016 Other investments $ 749 $ 588 $ 235 $ (74 ) $ 101 $ 60 Other liabilities (1,091 ) (396 ) (577 ) (118 ) (655 ) (40 ) As of December 31, 2015 Other investments $ 852 $ 692 $ 250 $ (90 ) $ 99 $ 61 Other liabilities (1,255 ) (499 ) (653 ) (103 ) (753 ) (3 ) |
Offsetting Liabilities [Table Text Block] | [1] Included in other investments in the Company's Consolidated Balance Sheets. [2] Included in other liabilities in the Company's Consolidated Balance Sheets and is limited to the net derivative receivable associated with each counterparty. [3] Included in other investments in the Company's Consolidated Balance Sheets and is limited to the net derivative payable associated with each counterparty. [4] Excludes collateral associated with exchange-traded derivative instruments. | (i) (ii) (iii) = (i) - (ii) (v) = (iii) - (iv) Net Amounts Presented in the Statement of Financial Position Collateral Disallowed for Offset in the Statement of Financial Position Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset in the Statement of Financial Position Derivative Assets [1] (Liabilities) [2] Accrued Interest and Cash Collateral (Received) [3] Pledged [2] Financial Collateral (Received) Pledged [4] Net Amount As of December 31, 2016 Other investments $ 749 $ 588 $ 235 $ (74 ) $ 101 $ 60 Other liabilities (1,091 ) (396 ) (577 ) (118 ) (655 ) (40 ) As of December 31, 2015 Other investments $ 852 $ 692 $ 250 $ (90 ) $ 99 $ 61 Other liabilities (1,255 ) (499 ) (653 ) (103 ) (753 ) (3 ) |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Net Derivatives Asset Derivatives Liability Derivatives Notional Amount Fair Value Fair Value Fair Value Hedge Designation/ Derivative Type Dec 31, 2016 Dec 31, 2015 Dec 31, 2016 Dec 31, 2015 Dec 31, 2016 Dec 31, 2015 Dec 31, 2016 Dec 31, 2015 Cash flow hedges Interest rate swaps $ 1,794 $ 1,766 $ 7 $ 38 $ 9 $ 38 $ (2 ) $ — Foreign currency swaps 164 143 (16 ) (19 ) 10 7 (26 ) (26 ) Total cash flow hedges 1,958 1,909 (9 ) 19 19 45 (28 ) (26 ) Fair value hedges Interest rate swaps — 23 — — — — — — Total fair value hedges — 23 — — — — — — Non-qualifying strategies Interest rate contracts Interest rate swaps and futures 2,774 4,710 (411 ) (415 ) 249 285 (660 ) (700 ) Foreign exchange contracts Foreign currency swaps and forwards 382 386 36 4 36 4 — — Fixed payout annuity hedge 804 1,063 (263 ) (357 ) — — (263 ) (357 ) Credit contracts Credit derivatives that purchase credit protection 131 249 (3 ) 10 — 12 (3 ) (2 ) Credit derivatives that assume credit risk [1] 458 1,435 4 (10 ) 5 5 (1 ) (15 ) Credit derivatives in offsetting positions 1,006 1,435 (1 ) (1 ) 16 17 (17 ) (18 ) Equity contracts Equity index swaps and options 100 404 — 15 33 41 (33 ) (26 ) Variable annuity hedge program GMWB product derivatives [2] 13,114 15,099 (241 ) (262 ) — — (241 ) (262 ) GMWB reinsurance contracts 2,709 3,106 73 83 73 83 — — GMWB hedging instruments 10,256 10,979 94 158 190 264 (96 ) (106 ) Macro hedge program 6,532 4,548 178 147 201 179 (23 ) (32 ) Other Modified coinsurance reinsurance contracts 875 895 68 79 68 79 — — Total non-qualifying strategies 39,141 44,309 (466 ) (549 ) 871 969 (1,337 ) (1,518 ) Total cash flow hedges, fair value hedges, and non-qualifying strategies $ 41,099 $ 46,241 $ (475 ) $ (530 ) $ 890 $ 1,014 $ (1,365 ) $ (1,544 ) Balance Sheet Location Fixed maturities, available-for-sale $ 121 $ 184 $ — $ (1 ) $ — $ — $ — $ (1 ) Other investments 12,732 11,837 235 250 325 360 (90 ) (110 ) Other liabilities 11,498 15,071 (577 ) (653 ) 424 492 (1,001 ) (1,145 ) Reinsurance recoverables 3,584 4,000 141 162 141 162 — — Other policyholder funds and benefits payable 13,164 15,149 (274 ) (288 ) — — (274 ) (288 ) Total derivatives $ 41,099 $ 46,241 $ (475 ) $ (530 ) $ 890 $ 1,014 $ (1,365 ) $ (1,544 ) [1] The derivative instruments related to this strategy are held for other investment purposes. [2] These derivatives are embedded within liabilities and are not held for risk management purposes. | |
Derivatives in Fair Value Hedging Relationships [Table Text Block] | Fair Value Hedges For derivative instruments that are designated and qualify as fair value hedges, the gain or loss on the derivatives as well as the offsetting loss or gain on the hedged items attributable to the hedged risk are recognized in current earnings. The Company includes the gain or loss on the derivative in the same line item as the offsetting loss or gain on the hedged item. All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness. For the years ended December 31, 2016 , 2015 , and 2014 , the Company recognized in income immaterial gains and (losses) for the ineffective portion of fair value hedges related to the derivative instrument and the hedged item. | |
Derivative Instruments, Gain (Loss) [Table Text Block] | he following table presents the gain or loss recognized in income on non-qualifying strategies: Non-qualifying Strategies Gain (Loss) Recognized within Net Realized Capital Gains (Losses) December 31, 2016 2015 2014 Variable annuity hedge program GMWB product derivatives $ 88 $ (59 ) $ (2 ) GMWB reinsurance contracts (14 ) 17 4 GMWB hedging instruments (112 ) (45 ) 3 Macro hedge program (163 ) (46 ) (11 ) International program hedging instruments — — (126 ) Total variable annuity hedge program (201 ) (133 ) (132 ) Foreign exchange contracts Foreign currency swaps and forwards 32 5 4 Fixed payout annuity hedge 25 (21 ) (148 ) Japanese fixed annuity hedging instruments — — 22 Total foreign exchange contracts 57 (16 ) (122 ) Other non-qualifying derivatives Interest rate contracts Interest rate swaps, swaptions, and futures (18 ) (7 ) (6 ) Credit contracts Credit derivatives that purchase credit protection (9 ) 3 (6 ) Credit derivatives that assume credit risk 15 (4 ) 10 Equity contracts Equity index swaps and options 30 19 7 Commodity contracts Commodity options — (5 ) — Other GMAB and GMWB reinsurance contracts — — 579 Modified coinsurance reinsurance contracts (12 ) 46 395 Derivative instruments formerly associated with HLIKK [1] — — (2 ) Total other non-qualifying derivatives (12 ) 46 972 Total [2] $ (138 ) $ (97 ) $ 723 | |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | Derivatives in Cash Flow Hedging Relationships Gain (Loss) Recognized in OCI on Derivative (Effective Portion) Net Realized Capital Gains (Losses) Recognized in Income on Derivative (Ineffective Portion) 2016 2015 2014 2016 2015 2014 Interest rate swaps $ (16 ) $ 3 $ 34 $ — $ — $ 2 Foreign currency swaps 2 — (10 ) — — — Total $ (14 ) $ 3 $ 24 $ — $ — $ 2 Derivatives in Cash Flow Hedging Relationships Gain (Loss) Reclassified from AOCI into Income (Effective Portion) 2016 2015 2014 Interest rate swaps Net realized capital gains (losses) $ 1 $ (1 ) $ (1 ) Interest rate swaps Net investment income (loss) 25 33 50 Foreign currency swaps Net realized capital gains (losses) (2 ) (9 ) (13 ) Total $ 24 $ 23 $ 36 |
Reinsurance Level 3 (Tables)
Reinsurance Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Reinsurance Disclosures [Abstract] | |
Schedule of Derivative Instruments [Table Text Block] | Notional Amount Fair Value December 31, 2016 December 31, 2015 December 31, 2016 December 31, 2015 Customized swaps $ 5,191 $ 5,877 $ 100 $ 131 Equity swaps, options, and futures 1,362 1,362 (27 ) 2 Interest rate swaps and futures 3,703 3,740 21 25 Total $ 10,256 $ 10,979 $ 94 $ 158 Macro Hedge Program The Company utilizes equity swaps, options, futures, and forwards to provide partial protection against the statutory tail scenario risk arising from GMWB and the GMDB liabilities on the Company's statutory surplus. These derivatives cover some of the residual risks not otherwise covered by the dynamic hedging program. |
Reinsurance Recoverable [Table Text Block] | As of December 31, Reinsurance Recoverables 2016 2015 Reserve for future policy benefits and other policyholder funds and benefits payable Sold businesses (MassMutual and Prudential) $ 19,363 $ 18,993 Other reinsurers 1,362 1,506 Gross reinsurance recoverables $ 20,725 $ 20,499 |
Life Insurance Fees Earned Premiums and Other [Table Text Block] | Year Ended December 31, 2016 2015 2014 Gross earned premiums, fee income and other $ 2,659 $ 2,877 $ 3,228 Reinsurance assumed 129 113 74 Reinsurance ceded (1,616 ) (1,801 ) (2,060 ) Net earned premiums, fee income and other $ 1,172 $ 1,189 $ 1,242 The cost of reinsurance related to long-duration contracts is accounted for over the life of the underlying reinsured policies using assumptions consistent with those used to account for the underlying policies. Insurance recoveries on ceded reinsurance agreements, which reduce death and other benefits, were $1,131 , $1,094 , and $845 for the years ended December 31, 2016 , 2015, and 2014, respectively. In addition, the Company has reinsured a portion of the risk associated with U.S. variable annuities and the associated GMDB and GMWB riders. The Company also maintains a reinsurance agreement with HLA, whereby the Company cedes both group life and group accident and health risk. Under this treaty, the Company ceded group life premium of $40 , $64 , and $85 for the years ended December 31, 2016 , 2015, and 2014, respectively. The Company ceded accident and health premiums to HLA of $86 , $129 , and $365 for the years ended December 31, 2016 , 2015, and 2014, respectively. |
Deferred Policy Acquisition C33
Deferred Policy Acquisition Costs and Present Value of Future Profits Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Deferred Policy Acquisition Costs and Present Value of Future Profits [Abstract] | |
Changes in deferred policy acquisition costs and present value of future profits | Changes in the DAC balance are as follows: For the years ended December 31, 2016 2015 2014 Balance, beginning of period $ 542 $ 521 $ 689 Deferred costs 7 7 14 Amortization — DAC (40 ) (82 ) (110 ) Amortization — Unlock benefit (charge), pre-tax (74 ) 13 (96 ) Adjustments to unrealized gains and losses on securities AFS and other 28 83 24 Balance, end of period $ 463 $ 542 $ 521 |
Separate Accounts, Death Bene34
Separate Accounts, Death Benefits and Other Insurance Benefit Features Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Separate Accounts Disclosure [Abstract] | |
Changes in the gross U.S. GMDB, International GMDB/GMIB, and UL secondary guarantee benefits | Changes in Reserves for future policy benefits are as follows: Universal Life-Type Contracts GMDB/GMWB [1] Life Secondary Guarantees Traditional Annuity and Other Contracts [2] Total Liability balance as of January 1, 2016 $ 863 $ 2,313 $ 10,674 $ 13,850 Less Shadow Reserve — — (211 ) (211 ) Liability balance as of January 1, 2016, excluding shadow reserve 863 2,313 10,463 13,639 Incurred [3] 37 314 671 1,022 Paid (114 ) — (785 ) (899 ) Liability balance as of December 31, 2016, excluding shadow reserve 786 2,627 10,349 13,762 Add Shadow Reserve — — 238 238 Liability balance as of December 31, 2016 $ 786 $ 2,627 $ 10,587 $ 14,000 Reinsurance recoverable asset, as of January 1, 2016 $ 523 $ 2,313 $ 1,823 $ 4,659 Incurred [3] — 314 (56 ) 258 Paid (91 ) — (70 ) (161 ) Reinsurance recoverable asset, as of December 31, 2016 $ 432 $ 2,627 $ 1,697 $ 4,756 Universal Life-Type Contracts GMDB/GMWB [1] Life Secondary Guarantees Traditional Annuity and Other Contracts [2] Total Future Policy Benefits Liability balance as of January 1, 2015 $ 812 $ 2,041 $ 10,771 $ 13,624 Less Shadow Reserve — — (265 ) (265 ) Liability balance as of January 1, 2015, excluding shadow reserve 812 2,041 10,506 13,359 Incurred [3] 163 272 741 1,176 Paid (112 ) — (784 ) (896 ) Liability balance as of December 31, 2015, excluding shadow reserve 863 2,313 10,463 13,639 Add Shadow Reserve — — 211 211 Liability balance as of December 31, 2015 $ 863 $ 2,313 $ 10,674 $ 13,850 Reinsurance recoverable asset, as of January 1, 2015 $ 480 $ 2,041 $ 1,795 $ 4,316 Incurred [3] 132 272 107 511 Paid (89 ) — (79 ) (168 ) Reinsurance recoverable asset, as of December 31, 2015 $ 523 $ 2,313 $ 1,823 $ 4,659 [1] These liability balances include all GMDB benefits, plus the life-contingent portion of GMWB benefits in excess of the return of the GRB. GMWB benefits that make up a shortfall between the account value and the GRB are embedded derivatives held at fair value and are excluded from these balances. [2] Represents life-contingent reserves for which the company is subject to insurance and investment risk. [3] Includes the portion of assessments established as additions to reserves as well as changes in estimates affecting the reserves. |
Account balances of contracts with guarantees | The account balances of contracts with guarantees were invested in variable separate accounts as follows: Asset type December 31, 2016 December 31, 2015 Equity securities (including mutual funds) $ 33,880 $ 36,970 Cash and cash equivalents 3,045 3,453 Total $ 36,925 $ 40,423 The following table provides details concerning GMDB/GMWB exposure as of December 31, 2016 : Account Value by GMDB/GMWB Type Maximum anniversary value (“MAV”) [1] Account Value (“AV”) [8] Net amount at Risk (“NAR”) [9] Retained Net Amount at Risk (“RNAR”) [9] Weighted Average Attained Age of Annuitant MAV only $ 13,565 $ 2,285 $ 350 71 With 5% rollup [2] 1,156 187 60 71 With Earnings Protection Benefit Rider (“EPB”) [3] 3,436 464 75 70 With 5% rollup & EPB 467 102 22 73 Total MAV 18,624 3,038 507 Asset Protection Benefit ("APB") [4] 10,438 172 114 69 Lifetime Income Benefit ("LIB") – Death Benefit [5] 464 6 6 70 Reset [6] (5-7 years) 2,406 13 12 70 Return of Premium ("ROP") [7] /Other 8,766 69 65 69 Subtotal Variable Annuity with GMDB/GMWB [10] $ 40,698 $ 3,298 $ 704 70 Less: General Account Value with GMDB/GMWB 3,773 Subtotal Separate Account Liabilities with GMDB 36,925 Separate Account Liabilities without GMDB 78,740 Total Separate Account Liabilities $ 115,665 [1] MAV GMDB is the greatest of current AV, net premiums paid and the highest AV on any anniversary before age 80 years (adjusted for withdrawals). [2] Rollup GMDB is the greatest of the MAV, current AV, net premium paid and premiums (adjusted for withdrawals) accumulated at generally 5% simple interest up to the earlier of age 80 years or 100% of adjusted premiums. [3] EPB GMDB is the greatest of the MAV, current AV, or contract value plus a percentage of the contract’s growth. The contract’s growth is AV less premiums net of withdrawals, subject to a cap of 200% of premiums net withdrawals. [4] APB GMDB is the greater of current AV or MAV, not to exceed current AV plus 25% times the greater of net premiums and MAV (each adjusted for premiums in the past 12 months ). [5] LIB GMDB is the greatest of current AV; net premiums paid; or for certain contracts, a benefit amount generally based on market performance that ratchets over time. [6] Reset GMDB is the greatest of current AV, net premiums paid and the most recent five to seven year anniversary AV before age 80 years (adjusted for withdrawals). [7] ROP GMDB is the greater of current AV and net premiums paid. [8] AV includes the contract holder’s investment in the separate account and the general account. [9] NAR is defined as the guaranteed benefit in excess of the current AV. RNAR represents NAR reduced for reinsurance. NAR and RNAR are highly sensitive to equity market movements and increase when equity markets decline. [10] Some variable annuity contracts with GMDB also have a life-contingent GMWB that may provide for benefits in excess of the return of the GRB. Such contracts included in this amount have $6.4 billion of total account value and weighted average attained age of 72 years . There is no NAR or retained NAR related to these contracts. |
Commitments and Contingencies35
Commitments and Contingencies Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future minimum lease commitments as of December 31, 2016 are immaterial. |
Income Tax Level 3 (Tables)
Income Tax Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | A reconciliation of the tax provision at the U.S. Federal statutory rate to the provision (benefit) for income taxes is as follows: For the years ended December 31, 2016 2015 2014 Tax provision at the U.S. federal statutory rate $ 125 $ 186 $ 301 Dividends received deduction ("DRD") (76 ) (152 ) (109 ) Foreign related investments (7 ) (3 ) (8 ) IRS audit adjustments 31 — — Other 1 (1 ) — Provision for income taxes $ 74 $ 30 $ 184 The separate account DRD is estimated for the current year using information from the most recent return, adjusted for current year equity market performance and other appropriate factors, including estimated levels of corporate dividend payments and level of policy owner equity account balances. The actual current year DRD can vary from estimates based on, but not limited to, changes in eligible dividends received in the mutual funds, amounts of distributions from these mutual funds, amounts of short-term capital gains at the mutual fund level and the Company’s taxable income before the DRD. The Company evaluates its DRD computations on a quarterly basis. |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ncome taxes consists of the following: For the years ended December 31, 2016 2015 2014 Income Tax Expense (Benefit) Current - U.S. Federal $ 2 $ 36 $ (339 ) Deferred - U.S. Federal 72 (6 ) 523 Total income tax expense $ 74 $ 30 $ 184 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Deferred tax assets (liabilities) include the following: As of December 31, Deferred Tax Assets 2016 2015 Tax basis deferred policy acquisition costs $ 101 $ 119 Unearned premium reserve and other underwriting related reserves 6 4 Financial statement deferred policy acquisition costs and reserves 32 — Investment-related items 135 524 Insurance product derivatives 79 90 Net operating loss carryover 1,155 1,166 Alternative minimum tax credit 232 232 Foreign tax credit carryover 40 122 Other 191 16 Total Deferred Tax Assets 1,971 2,273 Net Deferred Tax Assets 1,971 2,273 Deferred Tax Liabilities Financial statement deferred policy acquisition costs and reserves — (220 ) Net unrealized gain on investments (480 ) (432 ) Employee benefits (54 ) (40 ) Total Deferred Tax Liabilities (534 ) (692 ) Net Deferred Tax Assets $ 1,437 $ 1,581 |
Statutory Results Level 3 (Tabl
Statutory Results Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Insurance [Abstract] | |
Statutory net income and surplus amounts | tatutory net income and statutory capital are as follows: For the years ended December 31, 2016 2015 2014 Combined statutory net income $ 349 $ 371 $ 132 Statutory capital $ 4,398 $ 4,939 $ 5,564 |
Transactions with Affiliates 38
Transactions with Affiliates Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | For the Year Ended December 31, 2014 Earned premiums $ (5 ) Net realized losses [1] (103 ) Total revenues (108 ) Benefits, losses and loss adjustment expenses (1 ) Insurance operating costs and other expenses (4 ) Total expenses (5 ) Loss before income taxes (103 ) Income tax benefit (36 ) Net loss $ (67 ) [1] Amounts represent the change in valuation of the derivative associated with this transaction. |
Accumulated Other Comprehensi39
Accumulated Other Comprehensive Income Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Comprehensive Income (Loss) [Table Text Block] | Changes in AOCI, net of tax, by component consist of the following: For the year ended December 31, 2016 Changes in Net Unrealized Gain on Securities Net Gain on Cash Flow Hedging Instruments Foreign Currency Translation Adjustments AOCI, net of tax Beginning balance $ 539 $ 57 $ (3 ) $ 593 OCI before reclassifications 212 (9 ) — 203 Amounts reclassified from AOCI (58 ) (16 ) — (74 ) OCI, net of tax 154 (25 ) — 129 Ending balance $ 693 $ 32 $ (3 ) $ 722 For the year ended December 31, 2015 Changes in Net Unrealized Gain on Securities Net Gain on Cash Flow Hedging Instruments Foreign Currency Translation Adjustments AOCI, net of tax Beginning balance $ 1,154 $ 70 $ (3 ) $ 1,221 OCI before reclassifications (633 ) 2 — (631 ) Amounts reclassified from AOCI 18 (15 ) — 3 OCI, net of tax (615 ) (13 ) — (628 ) Ending balance $ 539 $ 57 $ (3 ) $ 593 For the year ended December 31, 2014 Changes in Net Unrealized Gain on Securities Net Gain on Cash Flow Hedging Instruments Foreign Currency Translation Adjustments AOCI, net of tax Beginning balance $ 495 $ 79 $ — $ 574 OCI before reclassifications 660 14 (3 ) 671 Amounts reclassified from AOCI (1 ) (23 ) — (24 ) OCI, net of tax 659 (9 ) (3 ) 647 Ending balance $ 1,154 $ 70 $ (3 ) $ 1,221 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Reclassifications from AOCI consist of the following: Amount Reclassified from AOCI AOCI For the Year Ended December 31, 2016 For the Year Ended December 31, 2015 For the Year Ended December 31, 2014 Affected Line Item in the Consolidated Statement of Operations Net Unrealized Gain on Securities Available-for-sale securities $ 89 $ (27 ) $ 1 Net realized capital gains (losses) 89 (27 ) 1 Total before tax 31 (9 ) — Income tax expense $ 58 $ (18 ) $ 1 Net income Net Gains on Cash-Flow Hedging Instruments Interest rate swaps $ 1 $ (1 ) $ (1 ) Net realized capital gains (losses) Interest rate swaps 25 33 50 Net investment income Foreign currency swaps (2 ) (9 ) (13 ) Net realized capital gains (losses) 24 23 36 Total before tax 8 8 13 Income tax expense $ 16 $ 15 $ 23 Net income Total amounts reclassified from AOCI $ 74 $ (3 ) $ 24 Net income |
Quarterly Results (Unaudited)40
Quarterly Results (Unaudited) Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Three months ended March 31, June 30, September 30, December 31, 2016 2015 2016 2015 2016 2015 2016 2015 Total revenues $ 487 $ 668 $ 622 $ 702 $ 702 $ 630 $ 571 $ 499 Total benefits, losses and expenses 478 483 474 461 610 500 464 525 Net income 28 145 118 230 79 118 57 7 Less: Net income (loss) attributable to the noncontrolling interest — — — — — 1 — (1 ) Net income attributable to Hartford Life Insurance Company $ 28 $ 145 $ 118 $ 230 $ 79 $ 117 $ 57 $ 8 |
Schedule I - Summary of Inves41
Schedule I - Summary of Investments - Other Than Investments in Affiliates Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule of Investments [Abstract] | |
Summary of Investment Holdings, Schedule of Investments [Table Text Block] | As of December 31, 2016 Type of Investment Cost Fair Value Amount at which shown on Balance Sheet Fixed Maturities Bonds and notes U.S. government and government agencies and authorities (guaranteed and sponsored) $ 3,125 $ 3,275 $ 3,275 States, municipalities and political subdivisions 1,098 1,189 1,189 Foreign governments 337 345 345 Public utilities 2,665 2,873 2,873 All other corporate bonds 11,012 11,820 11,820 All other mortgage-backed and asset-backed securities 4,270 4,317 4,317 Total fixed maturities, available-for-sale 22,507 23,819 23,819 Fixed maturities, at fair value using fair value option 80 82 82 Total fixed maturities 22,587 23,901 23,901 Equity Securities Common stocks Industrial, miscellaneous and all other 61 71 71 Non-redeemable preferred stocks 81 81 81 Total equity securities, available-for-sale 142 152 152 Equity securities, trading 10 11 11 Total equity securities 152 163 163 Mortgage loans 2,811 2,843 2,811 Policy loans 1,442 1,442 1,442 Futures, options and miscellaneous 493 282 282 Short-term investments 1,349 1,349 1,349 Investments in partnerships and trusts 930 930 Total investments $ 29,764 $ 30,878 |
Schedule IV - Schedule of Rei42
Schedule IV - Schedule of Reinsurance Level 3 (Table) | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract] | |
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Text Block] | SCHEDULE IV REINSURANCE (In millions) Gross Amount Ceded to Other Companies Assumed From Other Companies Net Amount Percentage of Amount Assumed to Net For the year ended December 31, 2016 Life insurance in force $ 284,779 $ 213,221 $ 558 $ 72,116 1 % Insurance revenues Life insurance and annuities $ 2,524 $ 1,527 $ 129 $ 1,126 11 % Accident and health insurance 135 89 — 46 — % Total insurance revenues $ 2,659 $ 1,616 $ 129 $ 1,172 11 % For the year ended December 31, 2015 Life insurance in force $ 306,472 $ 234,306 $ 713 $ 72,879 1 % Insurance revenues Life insurance and annuities $ 2,687 $ 1,673 $ 113 $ 1,127 10 % Accident and health insurance 190 128 — 62 — % Total insurance revenues $ 2,877 $ 1,801 $ 113 $ 1,189 10 % For the year ended December 31, 2014 Life insurance in force $ 327,772 $ 255,185 $ 797 $ 73,384 1 % Insurance revenues Life insurance and annuities $ 2,979 $ 1,691 $ 74 $ 1,362 5 % Accident and health insurance 249 369 — (120 ) — % Total insurance revenues $ 3,228 $ 2,060 $ 74 $ 1,242 6 % Gross Amount Ceded to Other Companies Assumed From Other Companies Net Amount Percentage of Amount Assumed to Net For the year ended December 31, 2016 Life insurance in force $ 284,779 $ 213,221 $ 558 $ 72,116 1 % Insurance revenues Life insurance and annuities $ 2,524 $ 1,527 $ 129 $ 1,126 11 % Accident and health insurance 135 89 — 46 — % Total insurance revenues $ 2,659 $ 1,616 $ 129 $ 1,172 11 % For the year ended December 31, 2015 Life insurance in force $ 306,472 $ 234,306 $ 713 $ 72,879 1 % Insurance revenues Life insurance and annuities $ 2,687 $ 1,673 $ 113 $ 1,127 10 % Accident and health insurance 190 128 — 62 — % Total insurance revenues $ 2,877 $ 1,801 $ 113 $ 1,189 10 % For the year ended December 31, 2014 Life insurance in force $ 327,772 $ 255,185 $ 797 $ 73,384 1 % Insurance revenues Life insurance and annuities $ 2,979 $ 1,691 $ 74 $ 1,362 5 % Accident and health insurance 249 369 — (120 ) — % Total insurance revenues $ 3,228 $ 2,060 $ 74 $ 1,242 6 % |
Schedule V - Valuation and Qu43
Schedule V - Valuation and Qualifying Accounts Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Summary of Valuation Allowance [Table Text Block] | Balance January 1, Charged to Costs and Expenses Write-offs/Payments/Other Balance December 31, 2016 Valuation allowance on mortgage loans $ 19 $ — $ — $ 19 2015 Valuation allowance on mortgage loans $ 15 $ 4 $ — $ 19 2014 Valuation allowance on mortgage loans $ 12 $ 4 $ (1 ) $ 15 |
Basis of Presentation and Acc44
Basis of Presentation and Accounting Policies Level 4 (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | On January 1, 2016 the Company adopted new consolidation guidance issued by the Financial Accounting Standards Board ("FASB"). The updates revise when to consolidate variable interest entities ("VIEs") and general partners’ investments in limited partnerships, end the deferral granted for applying the VIE guidance to certain investment companies, and reduce the number of circumstances where a decision maker’s or service provider’s fee arrangement is deemed to be a variable interest in an entity. The updates also modify guidance for determining whether limited partnerships are VIEs or voting interest entities. The new guidance did not have a material effect on the Company’s Consolidated Financial Statements. | ||
Available-for-sale Securities, Equity Securities | $ 152 | $ 459 | |
Liabilities | 162,525 | 167,188 | |
Stockholders' Equity Attributable to Parent | 7,821 | 8,162 | |
Maximum uncollateralized threshold for derivative counter party, single level entity | $ 10 | ||
Gross profit estimates term | 20 years | ||
Statutory Accounting Practices, Dividends Paid with Approval of Regulatory Agency | $ 750 | 0 | $ 800 |
Reinsurance Recoverables | 20,725 | 20,499 | |
Other Comprehensive Income (Loss), Net of Tax | 129 | (628) | $ 647 |
Fair Value, Inputs, Level 2 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Available-for-sale Securities, Equity Securities | $ 88 | $ 25 | |
HIG_Accounting Standards Update 2020 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | The FASB issued updated guidance for recognition and measurement of credit losses on financial instruments. The new guidance will replace the “incurred loss” approach with an “expected loss” model for recognizing credit losses for instruments carried at other than fair value, which will initially result in the recognition of greater allowances for losses. The allowance will be an estimate of credit losses expected over the life of debt instruments, such as mortgage loans, reinsurance recoverables and receivables. Credit losses on available-for-sale (“AFS”) debt securities carried at fair value will continue to be measured as other-than-temporary impairments (“OTTI”) when incurred; however, the losses will be recognized through an allowance and no longer as an adjustment to the cost basis. Recoveries of OTTI will be recognized as reversals of valuation allowances and no longer accreted as investment income through an adjustment to the investment yield. The allowance on AFS securities cannot cause the net carrying value to be below fair value and, therefore, it is possible that increases in fair value due to decreases in market interest rates could cause the reversal of a valuation allowance and increase net income. The new guidance will also require purchased financial assets with a more-than-insignificant amount of credit deterioration since original issuance to be recorded based on contractual amounts due and an initial allowance recorded at the date of purchase. The guidance is effective January 1, 2020 through a cumulative-effect adjustment to retained earnings for the change in the allowance for credit losses for debt instruments carried at other than fair value. No allowance will be recognized at adoption for AFS debt securities; rather, their cost basis will be evaluated for an allowance for OTTI prospectively. Early adoption is permitted as of January 1, 2019. The Company has not yet determined the timing for adoption or estimated the effect on the Company’s consolidated financial statements. Significant implementation matters yet to be addressed include estimating lifetime expected losses on debt instruments carried at other than fair value, determining the impact of valuation allowances on the effective interest method for recognizing interest income from AFS securities, updating our investment accounting system functionality to adjust valuation allowances based on changes in fair value and developing an implementation plan. | ||
HIG_Accounting Standards Update 2014_09 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Description | The FASB issued updated guidance for recognizing revenue. The guidance excludes insurance contracts and financial instruments. Revenue is to be recognized when, or as, goods or services are transferred to customers in an amount that reflects the consideration that an entity is expected to be entitled in exchange for those goods or services, and this accounting guidance is similar to current accounting for many transactions. This guidance is effective retrospectively on January 1, 2018, with a choice of restating prior periods or recognizing a cumulative effect for contracts in place as of the adoption. Early adoption is permitted as of January 1, 2017. The Company will adopt on January 1, 2018 and has not determined its method for adoption. The adoption is not expected to have a material effect on the Company’s Consolidated Financial Statements. | ||
HIG_Accounting Standards Update 2016-01 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Description | The FASB issued updated guidance for the recognition and measurement of financial instruments. The new guidance will require investments in equity securities to be measured at fair value with any changes in valuation reported in net income except for those equity securities that result in consolidation or are accounted for under the equity method of accounting. The new guidance will also require a deferred tax asset resulting from net unrealized losses on available-for-sale fixed maturities that are recognized in accumulated other comprehensive income (loss) ("AOCI") to be evaluated for recoverability in combination with the Company’s other deferred tax assets. Under existing guidance, the Company measures investments in equity securities, available-for-sale, at fair value with changes in fair value reported in other comprehensive income. As required, the Company will adopt the guidance effective January 1, 2018 through a cumulative effect adjustment to retained earnings. Early adoption is not allowed. The impact to the Company will be increased volatility in net income beginning in 2018. Any difference in the evaluation of deferred tax assets may also affect stockholder's equity. Cash flows will not be affected. The impact will depend on the composition of the Company’s investment portfolio in the future and changes in fair value of the Company’s investments. | ||
Net Income Impact [Member] | HIG_Accounting Standards Update 2016-01 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Unrealized Loss on Securities | $ 7 | ||
Available-for-sale Securities [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Available-for-sale Securities, Equity Securities | 152 | ||
Available-for-sale Securities [Member] | Accumulated Other-than-Temporary Impairment Attributable to Parent [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Other Comprehensive Income (Loss), Net of Tax | $ 7 |
Fair Value Measurements Level 4
Fair Value Measurements Level 4 Fair Value by Hierarchy (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value Measurement [Domain] | ||
Assets accounted for at fair value on a recurring basis | ||
Separate Account Assets | $ 111,634 | $ 118,163 |
Fair Value Measurement [Domain] | Level 1 [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Separate Account Assets | 71,606 | 78,099 |
Fair Value Measurement [Domain] | Level 2 [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Separate Account Assets | 38,856 | 38,700 |
Fair Value Measurement [Domain] | Level 3 [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Separate Account Assets | 201 | 140 |
Available-for-sale Securities, Debt Securities | 23,819 | 24,657 |
Marketable Securities, Fixed Maturities | 82 | 165 |
Equity securities, trading [1] | 11 | 11 |
Equity securities, AFS | 152 | 459 |
Short-term investments | 1,349 | 572 |
Alternative Investments, Fair Value Disclosure | 930 | 1,216 |
Reinsurance Recoverables | 20,725 | 20,499 |
Separate Account Assets | 115,665 | 120,111 |
Total assets accounted for at fair value on a recurring basis | 137,423 | 144,439 |
Liabilities accounted for at fair value on a recurring basis | ||
Total liabilities accounted for at fair value on a recurring basis | (851) | (941) |
Separate Account Assets, at Carrying Value | 4,000 | 1,800 |
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount | 0 | 0 |
Guaranteed Minimum Withdrawal Benefit [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Obligations, Fair Value Disclosure | 241 | 262 |
ABS [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Available-for-sale Securities, Debt Securities | 993 | 846 |
Collateralized Debt Obligations [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Available-for-sale Securities, Debt Securities | 940 | 1,408 |
Commercial Mortgage Backed Securities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Available-for-sale Securities, Debt Securities | 2,146 | 1,964 |
Corporate [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Available-for-sale Securities, Debt Securities | 14,693 | 15,175 |
Foreign Government Debt Securities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Available-for-sale Securities, Debt Securities | 345 | 331 |
US States and Political Subdivisions Debt Securities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Available-for-sale Securities, Debt Securities | 1,189 | 1,132 |
Residential Mortgage Backed Securities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Available-for-sale Securities, Debt Securities | 1,760 | 1,503 |
US Treasury Securities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Available-for-sale Securities, Debt Securities | 1,753 | 2,298 |
Liabilities accounted for at fair value on a recurring basis | ||
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | 0 | 711 |
Level 1 [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Available-for-sale Securities, Debt Securities | 230 | 123 |
Marketable Securities, Fixed Maturities | 0 | 1 |
Equity securities, trading [1] | 11 | 11 |
Equity securities, AFS | 20 | 396 |
Short-term investments | 637 | 131 |
Total assets accounted for at fair value on a recurring basis | 72,504 | 78,761 |
Liabilities accounted for at fair value on a recurring basis | ||
Total liabilities accounted for at fair value on a recurring basis | 0 | 0 |
Level 1 [Member] | Guaranteed Minimum Withdrawal Benefit [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Obligations, Fair Value Disclosure | 0 | 0 |
Level 1 [Member] | ABS [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Available-for-sale Securities, Debt Securities | 0 | 0 |
Level 1 [Member] | Collateralized Debt Obligations [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Available-for-sale Securities, Debt Securities | 0 | 0 |
Level 1 [Member] | Commercial Mortgage Backed Securities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Available-for-sale Securities, Debt Securities | 0 | 0 |
Level 1 [Member] | Corporate [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Available-for-sale Securities, Debt Securities | 0 | 0 |
Level 1 [Member] | Foreign Government Debt Securities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Available-for-sale Securities, Debt Securities | 0 | 0 |
Level 1 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Available-for-sale Securities, Debt Securities | 0 | 0 |
Level 1 [Member] | Residential Mortgage Backed Securities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Available-for-sale Securities, Debt Securities | 0 | 0 |
Level 1 [Member] | US Treasury Securities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Available-for-sale Securities, Debt Securities | 230 | 123 |
Level 2 [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Available-for-sale Securities, Debt Securities | 21,905 | 22,909 |
Marketable Securities, Fixed Maturities | 82 | 162 |
Equity securities, trading [1] | 0 | 0 |
Equity securities, AFS | 88 | 25 |
Short-term investments | 712 | 441 |
Total assets accounted for at fair value on a recurring basis | 61,766 | 62,408 |
Liabilities accounted for at fair value on a recurring basis | ||
Total liabilities accounted for at fair value on a recurring basis | (615) | (748) |
Level 2 [Member] | Guaranteed Minimum Withdrawal Benefit [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Obligations, Fair Value Disclosure | 0 | 0 |
Level 2 [Member] | ABS [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Available-for-sale Securities, Debt Securities | 956 | 841 |
Level 2 [Member] | Collateralized Debt Obligations [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Available-for-sale Securities, Debt Securities | 680 | 1,078 |
Level 2 [Member] | Commercial Mortgage Backed Securities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Available-for-sale Securities, Debt Securities | 2,125 | 1,902 |
Level 2 [Member] | Corporate [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Available-for-sale Securities, Debt Securities | 14,127 | 14,641 |
Level 2 [Member] | Foreign Government Debt Securities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Available-for-sale Securities, Debt Securities | 328 | 314 |
Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Available-for-sale Securities, Debt Securities | 1,117 | 1,083 |
Level 2 [Member] | Residential Mortgage Backed Securities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Available-for-sale Securities, Debt Securities | 1,049 | 875 |
Level 2 [Member] | US Treasury Securities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Available-for-sale Securities, Debt Securities | 1,523 | 2,175 |
Level 3 [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Available-for-sale Securities, Debt Securities | 1,684 | 1,625 |
Marketable Securities, Fixed Maturities | 0 | 2 |
Equity securities, trading [1] | 0 | 0 |
Equity securities, AFS | 44 | 38 |
Short-term investments | 0 | 0 |
Total assets accounted for at fair value on a recurring basis | 2,182 | 2,046 |
Liabilities accounted for at fair value on a recurring basis | ||
Total liabilities accounted for at fair value on a recurring basis | (236) | (193) |
Level 3 [Member] | Guaranteed Minimum Withdrawal Benefit [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Obligations, Fair Value Disclosure | 241 | 262 |
Level 3 [Member] | ABS [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Available-for-sale Securities, Debt Securities | 37 | 5 |
Level 3 [Member] | Collateralized Debt Obligations [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Available-for-sale Securities, Debt Securities | 260 | 330 |
Level 3 [Member] | Commercial Mortgage Backed Securities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Available-for-sale Securities, Debt Securities | 21 | 62 |
Level 3 [Member] | Corporate [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Available-for-sale Securities, Debt Securities | 566 | 534 |
Level 3 [Member] | Foreign Government Debt Securities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Available-for-sale Securities, Debt Securities | 17 | 17 |
Level 3 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Available-for-sale Securities, Debt Securities | 72 | 49 |
Level 3 [Member] | Residential Mortgage Backed Securities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Available-for-sale Securities, Debt Securities | 711 | 628 |
Level 3 [Member] | US Treasury Securities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Available-for-sale Securities, Debt Securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Commercial Mortgage Backed Securities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Available-for-sale Securities, Debt Securities | 9 | 61 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Residential Mortgage Backed Securities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Available-for-sale Securities, Debt Securities | 704 | 628 |
Credit Risk Contract [Member] | Other Investments [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | (1) | 7 |
Credit Risk Contract [Member] | Other liabilities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | 1 | |
Credit Risk Contract [Member] | Level 1 [Member] | Other Investments [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
Credit Risk Contract [Member] | Level 1 [Member] | Other liabilities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |
Credit Risk Contract [Member] | Level 2 [Member] | Other Investments [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | (1) | 7 |
Credit Risk Contract [Member] | Level 2 [Member] | Other liabilities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | 1 | |
Credit Risk Contract [Member] | Level 3 [Member] | Other Investments [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
Credit Risk Contract [Member] | Level 3 [Member] | Other liabilities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |
Credit Risk Contract [Member] | Fair Value, Measurements, Recurring [Member] | Other liabilities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | (7) | |
Credit Risk Contract [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Other liabilities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |
Credit Risk Contract [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Other liabilities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | (7) | |
Credit Risk Contract [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Other liabilities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |
GMWB Reinsurance [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Reinsurance Recoverables | 73 | 83 |
GMWB Reinsurance [Member] | Level 1 [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Reinsurance Recoverables | 0 | 0 |
GMWB Reinsurance [Member] | Level 2 [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Reinsurance Recoverables | 0 | 0 |
GMWB Reinsurance [Member] | Level 3 [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Reinsurance Recoverables | 73 | 83 |
US GMWB Hedging Instruments [Member] | Other Investments [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | 74 | 111 |
US GMWB Hedging Instruments [Member] | Other liabilities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | 20 | 47 |
US GMWB Hedging Instruments [Member] | Level 1 [Member] | Other Investments [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
US GMWB Hedging Instruments [Member] | Level 1 [Member] | Other liabilities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
US GMWB Hedging Instruments [Member] | Level 2 [Member] | Other Investments [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | 14 | 27 |
US GMWB Hedging Instruments [Member] | Level 2 [Member] | Other liabilities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | (1) | (4) |
US GMWB Hedging Instruments [Member] | Level 3 [Member] | Other Investments [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | 60 | 84 |
US GMWB Hedging Instruments [Member] | Level 3 [Member] | Other liabilities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | 21 | 51 |
Macro Hedge Program [Member] | Other Investments [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | 128 | 74 |
Macro Hedge Program [Member] | Other liabilities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | 50 | 73 |
Macro Hedge Program [Member] | Level 1 [Member] | Other Investments [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
Macro Hedge Program [Member] | Level 1 [Member] | Other liabilities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
Macro Hedge Program [Member] | Level 2 [Member] | Other Investments [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | 8 | 0 |
Macro Hedge Program [Member] | Level 2 [Member] | Other liabilities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | 3 | 0 |
Macro Hedge Program [Member] | Level 3 [Member] | Other Investments [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | 120 | 74 |
Macro Hedge Program [Member] | Level 3 [Member] | Other liabilities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | 47 | 73 |
Coinsurance and Modified Coinsurance Reinsurance Contracts [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Reinsurance Recoverables | 68 | 79 |
Coinsurance and Modified Coinsurance Reinsurance Contracts [Member] | Level 1 [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Reinsurance Recoverables | 0 | 0 |
Coinsurance and Modified Coinsurance Reinsurance Contracts [Member] | Level 2 [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Reinsurance Recoverables | 68 | 79 |
Coinsurance and Modified Coinsurance Reinsurance Contracts [Member] | Level 3 [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Reinsurance Recoverables | 0 | 0 |
Derivative Financial Instruments, Liabilities [Member] | Other liabilities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | (577) | (653) |
Derivative Financial Instruments, Liabilities [Member] | Level 1 [Member] | Other liabilities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
Derivative Financial Instruments, Liabilities [Member] | Level 2 [Member] | Other liabilities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | (615) | (748) |
Derivative Financial Instruments, Liabilities [Member] | Level 3 [Member] | Other liabilities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | 38 | 95 |
Equity Contract [Member] | Other liabilities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | 33 | |
Equity Contract [Member] | Level 1 [Member] | Other liabilities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |
Equity Contract [Member] | Level 2 [Member] | Other liabilities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | 33 | |
Equity Contract [Member] | Level 3 [Member] | Other liabilities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |
Equity Contract [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Asset | 0 | |
Equity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Other liabilities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | 41 | |
Equity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Asset | 0 | |
Equity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Other liabilities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |
Equity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Asset | 0 | |
Equity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Other liabilities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | 41 | |
Equity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Asset | 0 | |
Equity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Other liabilities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |
Foreign Exchange Contract [Member] | Other Investments [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | 4 | 4 |
Foreign Exchange Contract [Member] | Other liabilities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | (247) | |
Foreign Exchange Contract [Member] | Level 1 [Member] | Other Investments [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
Foreign Exchange Contract [Member] | Level 1 [Member] | Other liabilities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |
Foreign Exchange Contract [Member] | Level 2 [Member] | Other Investments [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | 4 | 4 |
Foreign Exchange Contract [Member] | Level 2 [Member] | Other liabilities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | (247) | |
Foreign Exchange Contract [Member] | Level 3 [Member] | Other Investments [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
Foreign Exchange Contract [Member] | Level 3 [Member] | Other liabilities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |
Foreign Exchange Contract [Member] | Fair Value, Measurements, Recurring [Member] | Other liabilities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | (376) | |
Foreign Exchange Contract [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Other liabilities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |
Foreign Exchange Contract [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Other liabilities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | (376) | |
Foreign Exchange Contract [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Other liabilities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |
Interest Rate Contract [Member] | Other Investments [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | 30 | 54 |
Interest Rate Contract [Member] | Other liabilities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | (434) | |
Interest Rate Contract [Member] | Level 1 [Member] | Other Investments [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
Interest Rate Contract [Member] | Level 1 [Member] | Other liabilities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |
Interest Rate Contract [Member] | Level 2 [Member] | Other Investments [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | 30 | 54 |
Interest Rate Contract [Member] | Level 2 [Member] | Other liabilities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | (404) | |
Interest Rate Contract [Member] | Level 3 [Member] | Other Investments [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
Interest Rate Contract [Member] | Level 3 [Member] | Other liabilities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | (30) | |
Interest Rate Contract [Member] | Fair Value, Measurements, Recurring [Member] | Other liabilities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | (431) | |
Interest Rate Contract [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Other liabilities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |
Interest Rate Contract [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Other liabilities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | (402) | |
Interest Rate Contract [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Other liabilities [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | (29) | |
Derivative Financial Instruments, Assets [Member] | Other Investments [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | 235 | 250 |
Derivative Financial Instruments, Assets [Member] | Level 2 [Member] | Other Investments [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | 55 | 92 |
Derivative Financial Instruments, Assets [Member] | Level 3 [Member] | Other Investments [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | $ 180 | $ 158 |
Other Contract [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Measurements, Valuation Techniques | Discounted cash flows | Discounted cash flows |
Assets accounted for at fair value on a recurring basis | ||
Derivative Assets (Liabilities), at Fair Value, Net | $ 100 | $ 131 |
Estimate of Fair Value Measurement [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Separate Account Assets | 1,000 | 1,200 |
Equity linked notes [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Obligations, Fair Value Disclosure | 33 | 26 |
Equity linked notes [Member] | Level 1 [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Obligations, Fair Value Disclosure | 0 | 0 |
Equity linked notes [Member] | Level 2 [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Obligations, Fair Value Disclosure | 0 | 0 |
Equity linked notes [Member] | Level 3 [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Obligations, Fair Value Disclosure | 33 | 26 |
Liability [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Obligations, Fair Value Disclosure | 274 | 288 |
Liability [Member] | Level 1 [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Obligations, Fair Value Disclosure | 0 | 0 |
Liability [Member] | Level 2 [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Obligations, Fair Value Disclosure | 0 | 0 |
Liability [Member] | Level 3 [Member] | ||
Assets accounted for at fair value on a recurring basis | ||
Obligations, Fair Value Disclosure | $ 274 | $ 288 |
Hedge Funds [Member] | Separate Accounts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Redemption Restriction, Percentage | 39.00% | 30.00% |
Private Equity Funds [Member] | Separate Accounts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Redemption Restriction, Percentage | 11.00% | 2.00% |
Fair Value Measurements Level46
Fair Value Measurements Level 4 Significant Unobservable Inputs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 2,220 | $ 2,140 | $ 2,611 |
Alternative Investments, Fair Value Disclosure | 930 | 1,216 | |
Available-for-sale Securities, Debt Securities | 23,819 | 24,657 | |
Level 3 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 201 | 139 | 112 |
Available-for-sale Securities, Debt Securities | 1,684 | 1,625 | |
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Available-for-sale Securities, Debt Securities | 230 | 123 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Available-for-sale Securities, Debt Securities | $ 21,905 | $ 22,909 | |
Other Contract [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair value measurements valuation techniques | Discounted cash flows | Discounted cash flows | |
Fair value measurements significant assumptions | Equity volatility | Equity volatility | |
Fair Value Measurements, Sensitivity Analysis, Description | Increase | Increase | |
Fair Value Inputs [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | $ 100 | $ 131 | |
Interest Rate Swap [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair value measurements valuation techniques | Discounted cash flows | Discounted cash flows | |
Fair value measurements significant assumptions | Swap curve beyond 30 years | Swap curve beyond 30 years | |
Fair Value Measurements, Sensitivity Analysis, Description | Decrease | Decrease | |
Fair Value Inputs [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | $ (29) | $ (30) | |
Variance Swap [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair value measurements valuation techniques | Option model | Option model | |
Fair value measurements significant assumptions | Equity volatility | Equity volatility | |
Fair Value Measurements, Sensitivity Analysis, Description | Increase | Increase | |
Fair Value Inputs [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | $ (36) | $ (31) | |
Equity Option [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair value measurements valuation techniques | Option model | Option model | |
Fair value measurements significant assumptions | Equity volatility | Equity volatility | |
Fair Value Measurements, Sensitivity Analysis, Description | Increase | Increase | |
Fair Value Inputs [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | $ 188 | $ 179 | |
Maximum [Member] | Other Contract [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair Value Assumptions, Expected Volatility Rate | 30.00% | 40.00% | |
Maximum [Member] | Interest Rate Swap [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair Value Measurements, Unobservable Swap Curve | 3.00% | 3.00% | |
Maximum [Member] | Variance Swap [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair Value Assumptions, Expected Volatility Rate | 23.00% | 21.00% | |
Maximum [Member] | Equity Option [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair Value Assumptions, Expected Volatility Rate | 28.00% | 28.00% | |
Minimum [Member] | Other Contract [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair Value Assumptions, Expected Volatility Rate | 12.00% | 10.00% | |
Minimum [Member] | Interest Rate Swap [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair Value Measurements, Unobservable Swap Curve | 3.00% | 3.00% | |
Minimum [Member] | Variance Swap [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair Value Assumptions, Expected Volatility Rate | 20.00% | 19.00% | |
Minimum [Member] | Equity Option [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair Value Assumptions, Expected Volatility Rate | 17.00% | 14.00% | |
Derivative [Member] | Level 3 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | $ 218 | $ 253 | 286 |
Fair Value Inputs [Abstract] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (107) | (55) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 71 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (6) | (33) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | 0 | 0 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | 6 | ||
Derivative [Member] | Interest Rate Contract [Member] | Level 3 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | (30) | (29) | (27) |
Fair Value Inputs [Abstract] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (1) | (1) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 0 | (1) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | 0 | 0 | |
Derivative [Member] | US Macro Hedge Program [Member] | Level 3 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 167 | 147 | 141 |
Fair Value Inputs [Abstract] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (38) | (41) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 63 | 47 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (6) | 0 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | 0 | ||
Derivative [Member] | US GMWB Hedging Instruments [Member] | Level 3 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 81 | 135 | 170 |
Fair Value Inputs [Abstract] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (60) | (16) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 0 | (19) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | 0 | ||
Derivative [Member] | Other Contract [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 0 | 0 | |
Fair Value Inputs [Abstract] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | 0 | ||
Derivative [Member] | Equity Contract [Member] | Level 3 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 0 | 0 | 5 |
Fair Value Inputs [Abstract] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (8) | 5 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 8 | 0 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (10) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | 0 | 0 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | $ 0 | $ 0 | |
Commercial Mortgage Backed Securities [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair value measurements valuation techniques | Discounted cash flows | Discounted cash flows | |
Fair Value Measurements, Sensitivity Analysis, Description | Decrease | Decrease | |
Commercial Mortgage Backed Securities [Member] | Maximum [Member] | Level 3 [Member] | |||
Fair Value Inputs [Abstract] | |||
Fair Value Inputs, Counterparty Credit Risk | 1273.00% | 1505.00% | |
Commercial Mortgage Backed Securities [Member] | Minimum [Member] | Level 3 [Member] | |||
Fair Value Inputs [Abstract] | |||
Fair Value Inputs, Counterparty Credit Risk | 10.00% | 31.00% | |
Commercial Mortgage Backed Securities [Member] | Weighted Average [Member] | Level 3 [Member] | |||
Fair Value Inputs [Abstract] | |||
Fair Value Inputs, Counterparty Credit Risk | 249.00% | 230.00% | |
Corporate [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair value measurements valuation techniques | Discounted cash flows | Discounted cash flows | |
Fair Value Measurements, Sensitivity Analysis, Description | Decrease | Decrease | |
Corporate [Member] | Maximum [Member] | Level 3 [Member] | |||
Fair Value Inputs [Abstract] | |||
Fair Value Inputs, Counterparty Credit Risk | 1021.00% | 800.00% | |
Corporate [Member] | Minimum [Member] | Level 3 [Member] | |||
Fair Value Inputs [Abstract] | |||
Fair Value Inputs, Counterparty Credit Risk | 122.00% | 63.00% | |
Corporate [Member] | Weighted Average [Member] | Level 3 [Member] | |||
Fair Value Inputs [Abstract] | |||
Fair Value Inputs, Counterparty Credit Risk | 373.00% | 290.00% | |
US States and Political Subdivisions Debt Securities [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair value measurements valuation techniques | Discounted cash flows | Discounted cash flows | |
Fair Value Measurements, Sensitivity Analysis, Description | Decrease | Decrease | |
US States and Political Subdivisions Debt Securities [Member] | Maximum [Member] | Level 3 [Member] | |||
Fair Value Inputs [Abstract] | |||
Fair value inputs treasury yield | 286.00% | 193.00% | |
US States and Political Subdivisions Debt Securities [Member] | Minimum [Member] | Level 3 [Member] | |||
Fair Value Inputs [Abstract] | |||
Fair value inputs treasury yield | 135.00% | 193.00% | |
US States and Political Subdivisions Debt Securities [Member] | Weighted Average [Member] | Level 3 [Member] | |||
Fair Value Inputs [Abstract] | |||
Fair value inputs treasury yield | 195.00% | 193.00% | |
Residential Mortgage Backed Securities [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair value measurements valuation techniques | Discounted cash flows | Discounted cash flows | |
Residential Mortgage Backed Securities [Member] | Maximum [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair Value Inputs, Loss Severity | 0.00% | 0.00% | |
Fair Value Inputs, Probability of Default | 10.00% | 10.00% | |
Fair Value Inputs, Prepayment Rate | 20.00% | 20.00% | |
Fair Value Inputs [Abstract] | |||
Fair Value Inputs, Counterparty Credit Risk | 1830.00% | 1696.00% | |
Residential Mortgage Backed Securities [Member] | Minimum [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair Value Inputs, Loss Severity | 0.00% | 0.00% | |
Fair Value Inputs, Probability of Default | 1.00% | 1.00% | |
Fair Value Inputs, Prepayment Rate | 0.00% | 0.00% | |
Fair Value Inputs [Abstract] | |||
Fair Value Inputs, Counterparty Credit Risk | 16.00% | 30.00% | |
Residential Mortgage Backed Securities [Member] | Weighted Average [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair Value Inputs, Loss Severity | 0.00% | 0.00% | |
Fair Value Inputs, Probability of Default | 5.00% | 6.00% | |
Fair Value Inputs, Prepayment Rate | 4.00% | 3.00% | |
Fair Value Inputs [Abstract] | |||
Fair Value Inputs, Counterparty Credit Risk | 189.00% | 172.00% | |
Spread [Member] | Commercial Mortgage Backed Securities [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair value measurements significant assumptions | Spread (encompasses prepayment, default risk and loss severity) | Spread (encompasses prepayment, default risk and loss severity) | |
Spread [Member] | Corporate [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair value measurements significant assumptions | Spread | Spread | |
Spread [Member] | US States and Political Subdivisions Debt Securities [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair value measurements significant assumptions | Spread | Spread | |
Spread [Member] | Residential Mortgage Backed Securities [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair value measurements significant assumptions | Spread | Spread | |
Fair Value Measurements, Sensitivity Analysis, Description | Decrease | Decrease | |
Withdrawal Utilization [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair Value Measurements, Sensitivity Analysis, Description | Increase | Increase | |
Withdrawal Utilization [Member] | Maximum [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Level 3 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Unobservable Input Range | 100.00% | 100.00% | |
Withdrawal Utilization [Member] | Minimum [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Level 3 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Unobservable Input Range | 15.00% | 20.00% | |
Withdrawal Rates [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair Value Measurements, Sensitivity Analysis, Description | Increase | Increase | |
Withdrawal Rates [Member] | Maximum [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Level 3 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Unobservable Input Range | 8.00% | 8.00% | |
Withdrawal Rates [Member] | Minimum [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Level 3 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Unobservable Input Range | 0.00% | 0.00% | |
Lapse Rates [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair Value Measurements, Sensitivity Analysis, Description | Decrease | Decrease | |
Lapse Rates [Member] | Maximum [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Level 3 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Unobservable Input Range | 40.00% | 75.00% | |
Lapse Rates [Member] | Minimum [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Level 3 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Unobservable Input Range | 0.00% | 0.00% | |
Reset Elections [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair Value Measurements, Sensitivity Analysis, Description | Increase | Increase | |
Reset Elections [Member] | Maximum [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Level 3 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Unobservable Input Range | 75.00% | 75.00% | |
Reset Elections [Member] | Minimum [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Level 3 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Unobservable Input Range | 20.00% | 20.00% | |
Equity Volatility [Member] | Other Contract [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair Value Measurements, Sensitivity Analysis, Description | Increase | Increase | |
Equity Volatility [Member] | Maximum [Member] | Other Contract [Member] | Level 3 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Unobservable Input Range | 30.00% | 40.00% | |
Equity Volatility [Member] | Minimum [Member] | Other Contract [Member] | Level 3 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Unobservable Input Range | 12.00% | 10.00% | |
Prepayment Rate [Member] | Residential Mortgage Backed Securities [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair value measurements significant assumptions | Constant prepayment rate | Constant prepayment rate | |
Fair Value Measurements, Sensitivity Analysis, Description | Decrease [5] | Decrease [5] | |
Probability of Default [Member] | Residential Mortgage Backed Securities [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair value measurements significant assumptions | Constant default rate | Constant default rate | |
Fair Value Measurements, Sensitivity Analysis, Description | Decrease | Decrease | |
Loss Severity [Member] | Residential Mortgage Backed Securities [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair value measurements significant assumptions | Loss severity | Loss severity | |
Fair Value Measurements, Sensitivity Analysis, Description | Decrease | Decrease | |
Fair Value, Measurements, Recurring [Member] | Equity Contract [Member] | |||
Fair Value Inputs [Abstract] | |||
Derivative Asset | $ 0 | ||
Fair Value, Measurements, Recurring [Member] | Equity Contract [Member] | Level 3 [Member] | |||
Fair Value Inputs [Abstract] | |||
Derivative Asset | 0 | ||
Fair Value, Measurements, Recurring [Member] | Equity Contract [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value Inputs [Abstract] | |||
Derivative Asset | 0 | ||
Fair Value, Measurements, Recurring [Member] | Equity Contract [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value Inputs [Abstract] | |||
Derivative Asset | 0 | ||
Residential Mortgage Backed Securities [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Available-for-sale Securities, Debt Securities | $ 1,760 | 1,503 | |
Residential Mortgage Backed Securities [Member] | Level 3 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Available-for-sale Securities, Debt Securities | 711 | 628 | |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Available-for-sale Securities, Debt Securities | 0 | 0 | |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Available-for-sale Securities, Debt Securities | 1,049 | 875 | |
Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Available-for-sale Securities, Debt Securities | 704 | 628 | |
US States and Political Subdivisions Debt Securities [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Available-for-sale Securities, Debt Securities | 1,189 | 1,132 | |
US States and Political Subdivisions Debt Securities [Member] | Level 3 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Available-for-sale Securities, Debt Securities | 72 | 49 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Available-for-sale Securities, Debt Securities | 0 | 0 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Available-for-sale Securities, Debt Securities | 1,117 | 1,083 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Non-Broker Priced [Member] | Level 3 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Available-for-sale Securities, Debt Securities | 56 | 31 | |
Corporate [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Available-for-sale Securities, Debt Securities | 14,693 | 15,175 | |
Corporate [Member] | Level 3 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Available-for-sale Securities, Debt Securities | 566 | 534 | |
Corporate [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Available-for-sale Securities, Debt Securities | 0 | 0 | |
Corporate [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Available-for-sale Securities, Debt Securities | 14,127 | 14,641 | |
Corporate [Member] | Fair Value, Measurements, Recurring [Member] | Non-Broker Priced [Member] | Level 3 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Available-for-sale Securities, Debt Securities | 265 | 213 | |
Commercial Mortgage Backed Securities [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Available-for-sale Securities, Debt Securities | 2,146 | 1,964 | |
Commercial Mortgage Backed Securities [Member] | Level 3 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Available-for-sale Securities, Debt Securities | 21 | 62 | |
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Available-for-sale Securities, Debt Securities | 0 | 0 | |
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Available-for-sale Securities, Debt Securities | 2,125 | 1,902 | |
Commercial Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Available-for-sale Securities, Debt Securities | 9 | 61 | |
Available-for-sale Securities [Member] | Equity Securities [Member] | Level 3 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 44 | $ 38 | 48 |
Hedge Funds, Equity [Member] | Equity Option [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair value measurements valuation techniques | Option model | Option model | |
Fair value measurements significant assumptions | Equity volatility | Equity volatility | |
Fair Value Measurements, Sensitivity Analysis, Description | Increase | Increase | |
Fair Value Inputs [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | $ 17 | $ 35 | |
Hedge Funds, Equity [Member] | Maximum [Member] | Equity Option [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair Value Assumptions, Expected Volatility Rate | 30.00% | 29.00% | |
Hedge Funds, Equity [Member] | Minimum [Member] | Equity Option [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair Value Assumptions, Expected Volatility Rate | 27.00% | 27.00% | |
Guaranteed Minimum Withdrawal Benefit [Member] | Reinsurance Recoverable [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 83 | $ 56 |
Fair Value Measurements Level47
Fair Value Measurements Level 4 Fair Value Level 3 Roll Forward (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | $ 124 | $ 33 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 2,220 | 2,140 | $ 2,611 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (141) | (49) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 2 | (55) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 915 | 675 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 361 | 271 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (243) | (495) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 400 | 141 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 492 | 417 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Reinsurance Recoverables | 20,725 | 20,499 | |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | (274) | (288) | (168) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 81 | (56) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | (67) | (64) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | 81 | (56) | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 27 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 201 | 139 | 112 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (1) | 28 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (3) | (5) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 320 | 375 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 15 | 20 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (78) | (238) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 17 | 12 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (178) | 125 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 274 | 288 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 81 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | (67) | ||
Fair Value, Inputs, Level 3 [Member] | Derivative [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (85) | (39) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 218 | 253 | 286 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (107) | (55) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 39 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 71 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 6 | 33 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | 0 | 0 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | 6 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | 7 | 10 | |
Fair Value, Inputs, Level 3 [Member] | Fixed Maturities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | (3) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 2 | 84 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | (5) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 1 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 1 | 6 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | 23 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (1) | (50) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (2) | (11) | |
Fair Value, Inputs, Level 3 [Member] | Reinsurance Recoverable [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (24) | 9 | |
Available-for-sale Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (1) | (5) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 44 | 38 | 48 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (1) | (5) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 6 | 1 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 4 | 11 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | 1 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (3) | (13) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | (3) | |
Available-for-sale Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed Maturities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (14) | (22) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 1,684 | 1,625 | 2,025 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (8) | (21) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (1) | (52) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 519 | 244 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 354 | 212 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (161) | (194) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 383 | 123 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 319 | 288 | |
Available-for-sale Securities [Member] | Asset-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed Maturities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 37 | 5 | 82 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | (2) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 35 | 22 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 2 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (2) | 6 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 5 | 1 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (4) | (92) | |
Available-for-sale Securities [Member] | Collateralized Debt Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed Maturities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (1) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 260 | 330 | 360 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (1) | (1) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (14) | 3 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 62 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 117 | 26 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | (6) | |
Available-for-sale Securities [Member] | Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed Maturities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (1) | (1) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 21 | 62 | 119 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (2) | (5) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 43 | 18 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 13 | 36 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (2) | (3) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 4 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (67) | (35) | |
Available-for-sale Securities [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed Maturities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (13) | (17) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 566 | 534 | 646 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (6) | (18) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 10 | (38) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 87 | 45 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 63 | 21 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (126) | (43) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 368 | 99 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (238) | (136) | |
Available-for-sale Securities [Member] | Foreign Government Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed Maturities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 17 | 17 | 30 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 1 | (3) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 8 | 5 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 4 | 3 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (5) | (15) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 3 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | |
Available-for-sale Securities [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed Maturities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 72 | 49 | 54 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | (5) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 16 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 1 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 8 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | |
Available-for-sale Securities [Member] | Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed Maturities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | (3) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 711 | 628 | 734 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (1) | (2) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 4 | (2) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 268 | 154 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 154 | 126 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (26) | (127) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 2 | 16 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (10) | (19) | |
US GMWB Hedging Instruments [Member] | Fair Value, Inputs, Level 3 [Member] | Derivative [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (52) | (5) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 81 | 135 | 170 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (60) | (16) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 0 | 19 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | 6 | 0 | |
US Macro Hedge Program [Member] | Fair Value, Inputs, Level 3 [Member] | Derivative [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (33) | (34) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 167 | 147 | 141 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (38) | (41) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 63 | 47 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 6 | 0 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | 1 | 0 | |
Credit Risk Contract [Member] | Fair Value, Inputs, Level 3 [Member] | Derivative [Member] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 0 | (3) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 1 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | (8) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | 10 | ||
ERROR in label resolution. | Fair Value, Inputs, Level 3 [Member] | Derivative [Member] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 0 | 0 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (3) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (3) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | 6 | ||
Equity Contract [Member] | Fair Value, Inputs, Level 3 [Member] | Derivative [Member] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 0 | 0 | 5 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (8) | 5 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 8 | 0 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 10 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | 0 | 0 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | 0 | 0 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | 0 | ||
Interest Rate Contract [Member] | Fair Value, Inputs, Level 3 [Member] | Derivative [Member] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | (30) | (29) | (27) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (1) | (1) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 0 | 1 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | 0 | 0 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | 0 | ||
Other Contract [Member] | Derivative [Member] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 0 | 0 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | 0 | ||
Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 81 | (59) | |
Equity Linked Notes [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | (33) | 26 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | (7) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | 0 | ||
Equity Linked Notes [Member] | Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (7) | 0 | |
Guaranteed Minimum Withdrawal Benefit [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | (241) | 262 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 88 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | (67) | ||
Guaranteed Minimum Withdrawal Benefit [Member] | Reinsurance Recoverable [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 83 | 56 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 9 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 18 | ||
Guaranteed Minimum Withdrawal Benefit [Member] | Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 88 | (59) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 262 | 139 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | (59) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | (64) | ||
Fair Value, Measurements, Recurring [Member] | Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 288 | 165 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | (59) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | (64) | ||
Fair Value, Measurements, Recurring [Member] | Other Policyholder Funds and Benefits Payable [Member] | Equity Linked Notes [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 26 | 26 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | 0 | ||
Fair Value, Measurements, Recurring [Member] | Other Liabilities [Member] | Embedded Derivative Financial Instruments [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 3 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | $ 3 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 3 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | 0 | ||
Reinsurance Recoverable [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 73 | $ 83 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (24) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 14 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | $ 0 |
Fair Value Measurements Level48
Fair Value Measurements Level 4 Fair Value Option (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ (31) | $ (12) | $ 32 |
Asset-backed Securities [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Assets Accounted for Using Fair Value Option | 0 | 4 | |
Corporate Debt Securities [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Assets Accounted for Using Fair Value Option | 0 | 31 | |
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 0 | (3) | (3) |
Collateralized Debt Obligations [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Assets Accounted for Using Fair Value Option | 0 | 1 | |
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 0 | 1 | 21 |
Commercial Mortgage Backed Securities [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Assets Accounted for Using Fair Value Option | 0 | 6 | |
Foreign Government Debt Securities [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Assets Accounted for Using Fair Value Option | 0 | 1 | |
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 0 | 2 | 16 |
Residential Mortgage Backed Securities [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Assets Accounted for Using Fair Value Option | 82 | 119 | |
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 3 | 0 | 0 |
Fixed Maturities [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 3 | 0 | 34 |
US Treasury and Government [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Assets Accounted for Using Fair Value Option | 0 | 3 | |
Equity Securities [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Assets Accounted for Using Fair Value Option | 0 | 281 | |
Fair Value, Option, Changes in Fair Value, Gain (Loss) | (34) | (12) | $ (2) |
Fixed Maturities [Member] | Fixed Maturities [Member] | Available-for-sale Securities [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Summary of Investments, Other than Investments in Related Parties, Fair Value | $ 82 | $ 165 |
Fair Value Measurements Level49
Fair Value Measurements Level 4 Financial Instruments Not Carried At Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | $ 170,346 | $ 175,350 |
Assets, Fair Value Disclosure | 137,423 | 144,439 |
Liabilities | 162,525 | 167,188 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, Fair Value Disclosure | 2,182 | 2,046 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Policy Loans [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 1,442 | 1,446 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgages [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 2,811 | 2,918 |
Reported Value Measurement [Member] | Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 6,436 | 6,611 |
Reported Value Measurement [Member] | Investment Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 487 | 619 |
Reported Value Measurement [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 20 | 38 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Policy Loans [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, Fair Value Disclosure | 1,442 | 1,446 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgages [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, Fair Value Disclosure | 2,843 | 2,995 |
Estimate of Fair Value Measurement [Member] | Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities Fair Value Disclosure | 6,626 | 6,802 |
Estimate of Fair Value Measurement [Member] | Investment Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities Fair Value Disclosure | 526 | 682 |
Estimate of Fair Value Measurement [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities Fair Value Disclosure | $ 20 | $ 38 |
Investment Holding Level 4 Inve
Investment Holding Level 4 Investment Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net Investment Income [Line Items] | |||
Net Investment Income | $ 1,373 | $ 1,456 | $ 1,543 |
Investment Income, Investment Expense | 52 | 59 | 72 |
Fixed Maturities [Member] | |||
Net Investment Income [Line Items] | |||
Net Investment Income | 1,049 | 1,095 | 1,113 |
Equity Securities [Member] | |||
Net Investment Income [Line Items] | |||
Net Investment Income | 8 | 7 | 14 |
Mortgages [Member] | |||
Net Investment Income [Line Items] | |||
Net Investment Income | 135 | 152 | 156 |
Policy Loans [Member] | |||
Net Investment Income [Line Items] | |||
Net Investment Income | 83 | 82 | 80 |
Limited Partnerships and Other Alternative Investments [Member] | |||
Net Investment Income [Line Items] | |||
Net Investment Income | 86 | 97 | 141 |
Other Investments [Member] | |||
Net Investment Income [Line Items] | |||
Net Investment Income | 64 | 82 | 111 |
Available-for-sale Securities [Member] | |||
Net Investment Income [Line Items] | |||
Net Investment Income | $ 1,373 | $ 1,456 | $ 1,543 |
Investment Holding Level 4 Net
Investment Holding Level 4 Net Realized Capital Gains (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Gain (Loss) on Investments [Line Items] | |||
Available-for-sale Securities, Gross Realized Gains | $ 211 | $ 239 | $ 264 |
Available-for-sale Securities, Gross Realized Losses | 93 | 211 | 235 |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | 28 | 61 | 29 |
Gain (Loss) on Reinsurance Recoverables | 0 | 0 | 579 |
Gain (Loss) on Coinsurance and Modified Coinsurance Reinsurance Contracts | (12) | 46 | 395 |
Foreign Currency Transaction Gain (Loss), before Tax | (70) | (4) | 0 |
Unrealized Gain (Loss) on Foreign Currency Derivatives, Net, before Tax | 57 | (16) | (122) |
Realized Investment Gains (Losses) | (163) | (146) | 577 |
Gain (Loss) on Investments, Excluding Other than Temporary Impairments | (135) | (85) | 606 |
Increase (Decrease) in Reinsurance Recoverable | (117) | 14 | (170) |
Mortgages [Member] | |||
Gain (Loss) on Investments [Line Items] | |||
Valuation Allowances and Reserves, Additions for Adjustments | 0 | (4) | (4) |
JAPAN | |||
Gain (Loss) on Investments [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | (126) |
Three Win Related Foreign Currency Swaps [Member] | JAPAN | |||
Gain (Loss) on Investments [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | (14) |
Variable Annuity [Member] | |||
Gain (Loss) on Investments [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (201) | (133) | (132) |
GMWB Derivatives, Net [Member] | |||
Gain (Loss) on Investments [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (38) | (87) | 5 |
Macro Hedge Program [Member] | |||
Gain (Loss) on Investments [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (163) | (46) | (11) |
Not Designated as Hedging Instrument [Member] | |||
Gain (Loss) on Investments [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (138) | (97) | 723 |
Not Designated as Hedging Instrument [Member] | Fixed Annuity Hedging Instruments [Member] | |||
Gain (Loss) on Investments [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 25 | (21) | (148) |
Not Designated as Hedging Instrument [Member] | Variable Annuity [Member] | |||
Gain (Loss) on Investments [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (201) | (133) | (6) |
Other Investments [Member] | |||
Gain (Loss) on Investments [Line Items] | |||
Realized Investment Gains (Losses) | (27) | (2) | (125) |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||
Gain (Loss) on Investments [Line Items] | |||
Gain (Loss) on Investments, Excluding Other than Temporary Impairments | 89 | (27) | 1 |
Fair Value Hedging [Member] | Not Designated as Hedging Instrument [Member] | |||
Gain (Loss) on Investments [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (201) | (133) | (132) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||
Gain (Loss) on Investments [Line Items] | |||
Gain (Loss) on Investments, Excluding Other than Temporary Impairments | 0 | 0 | 0 |
Other Credit Derivatives [Member] | Not Designated as Hedging Instrument [Member] | |||
Gain (Loss) on Investments [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | $ (12) | $ 46 | $ 972 |
Investment Holding Level 4 Avai
Investment Holding Level 4 Available-for-Sale Securities (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016USD ($)securities | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($)securities | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Assets | $ 170,346 | $ 175,350 | $ 170,346 | $ 175,350 | |||||||
Liabilities | 162,525 | 167,188 | 162,525 | 167,188 | |||||||
Net Investment Income | 1,373 | 1,456 | $ 1,543 | ||||||||
Equity Method Investments | 930 | 930 | |||||||||
Available-for-sale Securities, Gross Realized Gain (Loss), Disclosures [Abstract] | |||||||||||
Available-for-sale Securities, Gross Realized Gains | 211 | 239 | 264 | ||||||||
Available-for-sale Securities, Gross Realized Losses | 93 | 211 | 235 | ||||||||
Gain (Loss) on Investments, Excluding Other than Temporary Impairments | (135) | (85) | 606 | ||||||||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract] | |||||||||||
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Fair Value | 5,839 | 5,721 | 5,839 | 5,721 | |||||||
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Amortized Cost Basis | 5,781 | 5,622 | 5,781 | 5,622 | |||||||
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 9,303 | 9,173 | 9,303 | 9,173 | |||||||
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis | 8,258 | 8,361 | 8,258 | 8,361 | |||||||
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | 3,649 | 3,714 | 3,649 | 3,714 | |||||||
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Amortized Cost Basis | 3,562 | 3,650 | 3,562 | 3,650 | |||||||
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 4,301 | 5,075 | 4,301 | 5,075 | |||||||
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Amortized Cost Basis | 4,184 | 4,973 | 4,184 | 4,973 | |||||||
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | 727 | 974 | 727 | 974 | |||||||
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Amortized Cost Basis | 722 | 953 | 722 | 953 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||||||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 5,489 | 8,179 | 5,489 | 8,179 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 5,345 | 7,937 | 5,345 | 7,937 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 144 | 242 | 144 | 242 | |||||||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 1,225 | 1,545 | 1,225 | 1,545 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,163 | 1,443 | 1,163 | 1,443 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 62 | 100 | 62 | 100 | |||||||
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 6,714 | 9,724 | 6,714 | 9,724 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 6,508 | 9,380 | 6,508 | 9,380 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 206 | 342 | $ 206 | 342 | |||||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | securities | 1,897 | 1,897 | |||||||||
Percentage of Gross Unrealized Losses Depressed Less than Twenty Percent of Cost or Amortized Cost | 95.00% | 95.00% | |||||||||
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax [Abstract] | |||||||||||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | $ 206 | $ 206 | |||||||||
Available-for-sale Securities, Amortized Cost Basis | 22,649 | 22,649 | |||||||||
Equity securities, AFS | 152 | 459 | 152 | 459 | |||||||
Available-for-sale Securities, Debt Securities | 23,819 | 24,657 | 23,819 | 24,657 | |||||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 204 | 331 | 204 | 331 | |||||||
Available-for-sale Debt Securities, Amortized Cost Basis | 22,507 | 23,559 | 22,507 | 23,559 | |||||||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Loss, before Tax | 2 | 2 | |||||||||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 12 | 12 | |||||||||
Available-for-sale Equity Securities, Amortized Cost Basis | 142 | 471 | 142 | 471 | |||||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 1,516 | 1,431 | 1,516 | 1,431 | |||||||
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | 1 | 6 | 1 | 6 | |||||||
Summary of Investments, Other than Investments in Related Parties, Cost | 29,764 | 29,764 | |||||||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 2,811 | 2,918 | 2,811 | 2,918 | |||||||
Net Income (Loss) Attributable to Parent | 57 | $ 79 | $ 118 | $ 28 | 8 | $ 117 | $ 230 | $ 145 | 282 | 500 | 676 |
Equity Securities [Member] | |||||||||||
Available-for-sale Securities, Gross Realized Gain (Loss), Disclosures [Abstract] | |||||||||||
Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds | 321 | 586 | 107 | ||||||||
Available-for-sale Securities, Gross Realized Gains | 4 | 26 | 9 | ||||||||
Available-for-sale Securities, Gross Realized Losses | 8 | 26 | 6 | ||||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||||||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 59 | 83 | 59 | 83 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 57 | 79 | 57 | 79 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 2 | 4 | 2 | 4 | |||||||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 5 | 44 | 5 | 44 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 5 | 37 | 5 | 37 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 7 | 0 | 7 | |||||||
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 64 | 127 | 64 | 127 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 62 | 116 | 62 | 116 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 2 | 11 | 2 | 11 | |||||||
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax [Abstract] | |||||||||||
Equity securities, AFS | 178 | 178 | |||||||||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Loss, before Tax | 11 | 11 | |||||||||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 11 | 11 | |||||||||
Available-for-sale Equity Securities, Amortized Cost Basis | 178 | 178 | |||||||||
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | 0 | 0 | 0 | 0 | |||||||
Debt Securities [Member] | |||||||||||
Available-for-sale Securities, Gross Realized Gain (Loss), Disclosures [Abstract] | |||||||||||
Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds | 7,409 | 9,454 | 9,084 | ||||||||
Available-for-sale Securities, Gross Realized Gains | 206 | 195 | 210 | ||||||||
Available-for-sale Securities, Gross Realized Losses | 85 | 161 | 183 | ||||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||||||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 5,430 | 8,096 | 5,430 | 8,096 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 5,288 | 7,858 | 5,288 | 7,858 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 142 | 238 | 142 | 238 | |||||||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 1,220 | 1,501 | 1,220 | 1,501 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,158 | 1,406 | 1,158 | 1,406 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 62 | 93 | 62 | 93 | |||||||
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 6,650 | 9,597 | 6,650 | 9,597 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 6,446 | 9,264 | 6,446 | 9,264 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 204 | 331 | 204 | 331 | |||||||
Municipal Bonds [Member] | |||||||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||||||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 166 | 179 | 166 | 179 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 160 | 174 | 160 | 174 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 6 | 5 | 6 | 5 | |||||||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 0 | 0 | 0 | 0 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 | 0 | 0 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 | 0 | 0 | |||||||
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 166 | 179 | 166 | 179 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 160 | 174 | 160 | 174 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 6 | 5 | 6 | 5 | |||||||
Fixed maturities available-for-sale, excluding mortgage-backed and asset-backed securities [Member] | |||||||||||
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax [Abstract] | |||||||||||
Available-for-sale Securities, Debt Securities | 17,980 | 18,936 | 17,980 | 18,936 | |||||||
Available-for-sale Debt Securities, Amortized Cost Basis | 16,726 | 17,937 | 16,726 | 17,937 | |||||||
Available-for-sale Securities [Member] | |||||||||||
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax [Abstract] | |||||||||||
Available-for-sale Securities | 23,971 | 24,835 | 23,971 | 24,835 | |||||||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 342 | 342 | |||||||||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 1,528 | 1,442 | 1,528 | 1,442 | |||||||
Available-for-sale Securities, Amortized Cost Basis | 23,737 | 23,737 | |||||||||
Equity securities, AFS | 152 | 152 | |||||||||
Available-for-sale Equity Securities, Amortized Cost Basis | 142 | 142 | |||||||||
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | 1 | 6 | 1 | 6 | |||||||
US Treasury Securities [Member] | |||||||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||||||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 385 | 963 | 385 | 963 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 371 | 950 | 371 | 950 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 14 | 13 | 14 | 13 | |||||||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 0 | 8 | 0 | 8 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 8 | 0 | 8 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 | 0 | 0 | |||||||
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 385 | 971 | 385 | 971 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 371 | 958 | 371 | 958 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 14 | 13 | 14 | 13 | |||||||
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax [Abstract] | |||||||||||
Available-for-sale Securities, Debt Securities | 1,753 | 2,298 | 1,753 | 2,298 | |||||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 14 | 13 | 14 | 13 | |||||||
Available-for-sale Debt Securities, Amortized Cost Basis | 1,614 | 2,127 | 1,614 | 2,127 | |||||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 153 | 184 | 153 | 184 | |||||||
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | 0 | 0 | 0 | 0 | |||||||
Residential Mortgage Backed Securities [Member] | |||||||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||||||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 548 | 280 | 548 | 280 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 535 | 279 | 535 | 279 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 13 | 1 | 13 | 1 | |||||||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 198 | 230 | 198 | 230 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 195 | 223 | 195 | 223 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 3 | 7 | 3 | 7 | |||||||
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 746 | 510 | 746 | 510 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 730 | 502 | 730 | 502 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 16 | 8 | 16 | 8 | |||||||
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax [Abstract] | |||||||||||
Available-for-sale Securities, Debt Securities | 1,760 | 1,503 | 1,760 | 1,503 | |||||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 16 | 8 | 16 | 8 | |||||||
Available-for-sale Debt Securities, Amortized Cost Basis | 1,742 | 1,468 | 1,742 | 1,468 | |||||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 34 | 43 | 34 | 43 | |||||||
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | 0 | 0 | 0 | 0 | |||||||
US States and Political Subdivisions Debt Securities [Member] | |||||||||||
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax [Abstract] | |||||||||||
Available-for-sale Securities, Debt Securities | 1,189 | 1,132 | 1,189 | 1,132 | |||||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 6 | 5 | 6 | 5 | |||||||
Available-for-sale Debt Securities, Amortized Cost Basis | 1,057 | 1,057 | |||||||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 97 | 80 | 97 | 80 | |||||||
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | 0 | 0 | 0 | 0 | |||||||
Foreign Government Debt Securities [Member] | |||||||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||||||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 164 | 144 | 164 | 144 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 155 | 136 | 155 | 136 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 9 | 8 | 9 | 8 | |||||||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 6 | 30 | 6 | 30 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 5 | 27 | 5 | 27 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 1 | 3 | 1 | 3 | |||||||
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 170 | 174 | 170 | 174 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 160 | 163 | 160 | 163 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 10 | 11 | 10 | 11 | |||||||
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax [Abstract] | |||||||||||
Available-for-sale Securities, Debt Securities | 345 | 331 | 345 | 331 | |||||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 10 | 11 | 10 | 11 | |||||||
Available-for-sale Debt Securities, Amortized Cost Basis | 328 | 328 | |||||||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 18 | 14 | 18 | 14 | |||||||
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | 0 | 0 | 0 | 0 | |||||||
Corporate Debt Securities [Member] | |||||||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||||||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 2,535 | 4,880 | 2,535 | 4,880 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 2,464 | 4,696 | 2,464 | 4,696 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 71 | 184 | 71 | 184 | |||||||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 402 | 363 | 402 | 363 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 378 | 322 | 378 | 322 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 24 | 41 | 24 | 41 | |||||||
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 2,937 | 5,243 | 2,937 | 5,243 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 2,842 | 5,018 | 2,842 | 5,018 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 95 | 225 | 95 | 225 | |||||||
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax [Abstract] | |||||||||||
Available-for-sale Securities, Debt Securities | 14,693 | 15,175 | 14,693 | 15,175 | |||||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 95 | 225 | 95 | 225 | |||||||
Available-for-sale Debt Securities, Amortized Cost Basis | 13,677 | 14,425 | 13,677 | 14,425 | |||||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 1,111 | 975 | 1,111 | 975 | |||||||
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | 0 | 3 | 0 | 3 | |||||||
Commercial Mortgage Backed Securities [Member] | |||||||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||||||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 1,058 | 655 | 1,058 | 655 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,030 | 636 | 1,030 | 636 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 28 | 19 | 28 | 19 | |||||||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 139 | 99 | 139 | 99 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 133 | 94 | 133 | 94 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 6 | 5 | 6 | 5 | |||||||
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 1,197 | 754 | 1,197 | 754 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,163 | 730 | 1,163 | 730 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 34 | 24 | 34 | 24 | |||||||
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax [Abstract] | |||||||||||
Available-for-sale Securities, Debt Securities | 2,146 | 1,964 | 2,146 | 1,964 | |||||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 34 | 24 | 34 | 24 | |||||||
Available-for-sale Debt Securities, Amortized Cost Basis | 2,135 | 1,936 | 2,135 | 1,936 | |||||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 45 | 52 | 45 | 52 | |||||||
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | 1 | 3 | 1 | 3 | |||||||
Collateralized Debt Obligations [Member] | |||||||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||||||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 325 | 608 | 325 | 608 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 325 | 602 | 325 | 602 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 6 | 0 | 6 | |||||||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 210 | 500 | 210 | 500 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 208 | 493 | 208 | 493 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 2 | 5 | 2 | 5 | |||||||
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 535 | 1,108 | 535 | 1,108 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 533 | 1,095 | 533 | 1,095 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 2 | 11 | 2 | 11 | |||||||
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax [Abstract] | |||||||||||
Available-for-sale Securities, Debt Securities | 940 | 1,408 | 940 | 1,408 | |||||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 2 | 11 | 2 | 11 | |||||||
Available-for-sale Debt Securities, Amortized Cost Basis | 893 | 1,354 | 893 | 1,354 | |||||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 49 | 67 | 49 | 67 | |||||||
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | 0 | 0 | 0 | 0 | |||||||
Asset-backed Securities [Member] | |||||||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||||||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 249 | 387 | 249 | 387 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 248 | 385 | 248 | 385 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1 | 2 | 1 | 2 | |||||||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 265 | 271 | 265 | 271 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 239 | 239 | 239 | 239 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 26 | 32 | 26 | 32 | |||||||
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 514 | 658 | 514 | 658 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 487 | 624 | 487 | 624 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 27 | 34 | 27 | 34 | |||||||
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax [Abstract] | |||||||||||
Available-for-sale Securities, Debt Securities | 993 | 846 | 993 | 846 | |||||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 27 | 34 | 27 | 34 | |||||||
Available-for-sale Debt Securities, Amortized Cost Basis | 1,011 | 864 | 1,011 | 864 | |||||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 9 | 16 | 9 | 16 | |||||||
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | 0 | 0 | 0 | 0 | |||||||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||||||||||
Available-for-sale Securities, Gross Realized Gain (Loss), Disclosures [Abstract] | |||||||||||
Gain (Loss) on Investments, Excluding Other than Temporary Impairments | 89 | (27) | 1 | ||||||||
Equity Securities [Member] | |||||||||||
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax [Abstract] | |||||||||||
Equity securities, AFS | 0 | 281 | 0 | 281 | |||||||
Available-for-sale Equity Securities, Amortized Cost Basis | 293 | 293 | |||||||||
Limited Partner [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Assets | 100,600 | 82,200 | 100,600 | 82,200 | |||||||
Liabilities | $ 17,600 | $ 14,000 | 17,600 | 14,000 | |||||||
Net Investment Income | 900 | 800 | 3,500 | ||||||||
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax [Abstract] | |||||||||||
Net Income (Loss) Attributable to Parent | $ 7,400 | $ 5,200 | $ 8,700 |
Investment Holding Level 4 Othe
Investment Holding Level 4 Other than Temporary Impairment, Credit Losses Recognized in Earnings (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Available-for-sale Securities | $ 28 | $ 61 | $ 29 | |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Held-to-maturity Securities | 22 | 23 | 16 | |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | 28 | 61 | 29 | |
Other than Temporary Impairment Losses, Investments | 28 | 61 | 29 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held | 170 | 211 | 296 | $ 410 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, No Previous Impairment | 9 | 11 | 7 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, Additional Credit Losses | 13 | 12 | 9 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Securities Sold | 44 | 58 | 111 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Change in Status | 0 | 1 | 0 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Cash Flows | 19 | 49 | 19 | |
Available-for-sale Securities [Member] | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Available-for-sale Securities | 4 | 24 | 11 | |
Equity Securities [Member] | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | 2 | 14 | 1 | |
Other Equity Securities [Member] | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | $ 0 | $ 0 | $ 1 |
Investment Holding Level 4 Conc
Investment Holding Level 4 Concentration of Credit Risk (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Concentration Risk [Line Items] | ||
Fair Value, Concentration of Risk, Investments | $ 0 | $ 0 |
Concentration Risk, Benchmark Description | greater than 10% of the Company's stockholder's equity | greater than 10% of the Company's stockholder's equity |
HSBC Holding plc. [Member] | Corporate Debt Securities [Member] | ||
Concentration Risk [Line Items] | ||
Largest Exposure by Issuer, Percent of Invested Assets | 1.00% | |
Oracle Corp [Member] | Corporate Debt Securities [Member] | ||
Concentration Risk [Line Items] | ||
Largest Exposure by Issuer, Percent of Invested Assets | 1.00% | |
National Grid plc, [Member] | Corporate Debt Securities [Member] | ||
Concentration Risk [Line Items] | ||
Largest Exposure by Issuer, Percent of Invested Assets | 1.00% | |
Verizon Communications Inc. [Member] | Corporate Debt Securities [Member] | ||
Concentration Risk [Line Items] | ||
Largest Exposure by Issuer, Percent of Invested Assets | 1.00% | |
Morgan Stanley [Member] | Corporate Debt Securities [Member] | ||
Concentration Risk [Line Items] | ||
Largest Exposure by Issuer, Percent of Invested Assets | 1.00% | |
BANK OF AMERICA - MERRILL LYNCH INSTINCT X ATS [Member] | Corporate Debt Securities [Member] | ||
Concentration Risk [Line Items] | ||
Largest Exposure by Issuer, Percent of Invested Assets | 1.00% | |
Financial Services [Member] | Corporate Debt Securities [Member] | ||
Concentration Risk [Line Items] | ||
Largest Exposure by Sector, Percent of Invested Assets | 10.00% | 11.00% |
Consumer Non-cyclical [Member] | Corporate Debt Securities [Member] | ||
Concentration Risk [Line Items] | ||
Largest Exposure by Sector, Percent of Invested Assets | 7.00% | 7.00% |
Public Utility, Bonds [Member] | Corporate Debt Securities [Member] | ||
Concentration Risk [Line Items] | ||
Largest Exposure by Sector, Percent of Invested Assets | 9.00% | 8.00% |
Investment Holding Level 4 Mort
Investment Holding Level 4 Mortgage Loans on Real Estate (Details) | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Mortgage Loans on Real Estate [Line Items] | ||||
Current Weighted Average Loan to Value Ratio of Commercial Mortgage Loan | 51.00% | |||
Valuation Allowance, Loss Contingency for Loans, LTV Ratio | 90.00% | |||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 2,811,000,000 | $ 2,918,000,000 | ||
Original Weighted Average Loan to Value Ratio of Commercial Mortgage loan | 63.00% | |||
Secured Debt, Repurchase Agreements | $ 0 | |||
Commercial Loan [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Loans on Real Estate | 2,800,000,000 | 2,900,000,000 | ||
Allowance for Loan and Lease Losses, Real Estate | 19,000,000 | 19,000,000 | $ 15,000,000 | $ 12,000,000 |
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 2,811,000,000 | 2,918,000,000 | ||
Allowance for Loan and Lease Losses, Period Increase (Decrease) | 0 | 4,000,000 | 4,000,000 | |
Allowance for Loan and Lease Losses, Write-offs | $ 0 | $ 0 | $ 1,000,000 | |
Average Debt Service Coverage Ratio | 2.55 | 2.45 | ||
Mortgages [Member] | Commercial Loan [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans | $ 15,000,000 | $ 0 | ||
Mortgage Loans on Real Estate, Write-down or Reserve, Amount | 16,000,000 | 0 | ||
LTV 80 to 100 Percent [Member] | Commercial Loan [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 20,000,000 | $ 15,000,000 | ||
Average Debt Service Coverage Ratio | 0.59 | 0.91 | ||
LTV Between 65 to 80 Percent [Member] | Commercial Loan [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 182,000,000 | $ 280,000,000 | ||
Average Debt Service Coverage Ratio | 2.17 | 1.78 | ||
LTV Less than 65 Percent [Member] | Commercial Loan [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 2,609,000,000 | $ 2,623,000,000 | ||
Average Debt Service Coverage Ratio | 2.61 | 2.54 | ||
East North Central [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 54,000,000 | $ 66,000,000 | ||
East South Central [Member] [Domain] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 14,000,000 | 14,000,000 | ||
Middle Atlantic [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 237,000,000 | 210,000,000 | ||
New England [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 93,000,000 | 163,000,000 | ||
Pacific [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 814,000,000 | 933,000,000 | ||
South Atlantic [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 613,000,000 | 579,000,000 | ||
West South Central [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 128,000,000 | 125,000,000 | ||
Region Others [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 858,000,000 | $ 828,000,000 | ||
Mortgages [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Investment Owned, Percent of Net Assets | 0.00% | 0.00% | ||
Mortgages [Member] | East North Central [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Investment Owned, Percent of Net Assets | 1.90% | 2.30% | ||
Mortgages [Member] | East South Central [Member] [Domain] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Investment Owned, Percent of Net Assets | 0.50% | 0.50% | ||
Mortgages [Member] | Middle Atlantic [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Investment Owned, Percent of Net Assets | 8.40% | 7.20% | ||
Mortgages [Member] | New England [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Investment Owned, Percent of Net Assets | 3.30% | 5.60% | ||
Mortgages [Member] | Pacific [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Investment Owned, Percent of Net Assets | 29.00% | 32.00% | ||
Mortgages [Member] | South Atlantic [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Investment Owned, Percent of Net Assets | 21.80% | 19.80% | ||
Mortgages [Member] | West South Central [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Investment Owned, Percent of Net Assets | 4.60% | 4.30% | ||
Mortgages [Member] | Region Others [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Investment Owned, Percent of Net Assets | 30.50% | 28.30% | ||
agriculture loans [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 16,000,000 | $ 16,000,000 | ||
agriculture loans [Member] | Mortgages [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Investment Owned, Percent of Net Assets | 0.60% | 0.50% | ||
Industrial Property [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 793,000,000 | $ 829,000,000 | ||
Industrial Property [Member] | Mortgages [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Investment Owned, Percent of Net Assets | 28.20% | 28.40% | ||
Hotel [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 25,000,000 | $ 26,000,000 | ||
Hotel [Member] | Mortgages [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Investment Owned, Percent of Net Assets | 0.90% | 0.90% | ||
Multifamily [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 535,000,000 | $ 557,000,000 | ||
Multifamily [Member] | Mortgages [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Investment Owned, Percent of Net Assets | 19.00% | 19.10% | ||
Office Building [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 605,000,000 | $ 729,000,000 | ||
Office Building [Member] | Mortgages [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Investment Owned, Percent of Net Assets | 21.50% | 25.00% | ||
Retail Site [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 611,000,000 | $ 650,000,000 | ||
Retail Site [Member] | Mortgages [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Investment Owned, Percent of Net Assets | 21.80% | 22.30% | ||
Other Property [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 226,000,000 | $ 111,000,000 | ||
Other Property [Member] | Mortgages [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Investment Owned, Percent of Net Assets | 8.00% | 3.80% | ||
Allowance for Loan and Lease Losses [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 31,000,000 | $ 39,000,000 | ||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 0 | $ 0 |
Investment Holding Level 4 Vari
Investment Holding Level 4 Variable Interest Entities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Variable Interest Entity [Line Items] | ||
Securities Loaned | $ 435 | $ 15 |
Variable Interest Entity, Nonconsolidated, Comparison of Carrying Amount of Assets and Liabilities to Maximum Loss Exposure | 859 | 729 |
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 0 | 54 |
Cash | 0 | 12 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 0 | $ 43 |
Variable Interest Entity, Commitments by Third Parties, Liquidity and Other Arrangements | 497 | 299 |
Securities Held as Collateral, at Fair Value | $ 420 | $ 15 |
Fixed Income Funds [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 0 | 52 |
Cash | 0 | 11 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 0 | 42 |
Partnership Interest [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 0 | 2 |
Cash | 0 | 1 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 0 | 1 |
Cash [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 0 | $ 0 |
Available-for-sale Securities Pledged as Collateral | $ 9 |
Investment Holding Level 4 Repu
Investment Holding Level 4 Repurchase Agreements, Dollar Roll Transactions and Other (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Aggregate Investment Loss Percentage of Company's Pre Tax Consolidated Net Income Minimum | 10.00% | |
Securities Loaned | $ 435 | $ 15 |
Securities Held as Collateral, at Fair Value | 420 | 15 |
Securities Received as Collateral | 26 | |
Secured Debt, Repurchase Agreements | 0 | |
Interest-bearing Deposit Liabilities, Domestic | 0 | 0 |
Fixed Maturities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Available-for-sale Securities Pledged as Collateral | 112 | 249 |
Other Liabilities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 118 | $ 249 |
Limited Partner [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Outstanding Commitments to Fund Limited Partnership and Other Alternative Investments | $ 497 |
Derivative Instruments Level 4
Derivative Instruments Level 4 Non-qualifying Strategies for Hedge Accounting (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | $ 41,099 | $ 46,241 | |
Derivative, Fair Value, Net | (475) | (530) | |
Invested Assets Suppoting Modco | 895 | ||
Fair Value Hedging [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | 0 | 23 | |
Derivative, Fair Value, Net | 0 | 0 | |
Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (138) | (97) | $ 723 |
Derivative, Notional Amount | 39,141 | 44,309 | |
Derivative, Fair Value, Net | (466) | (549) | |
Not Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (201) | (133) | (132) |
International Program Hedging Instruments [Member] | Not Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | (126) |
JAPAN | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | (126) |
Three Win Related Foreign Currency Swaps [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | 804 | 1,063 | |
Derivative, Fair Value, Net | (263) | (357) | |
Three Win Related Foreign Currency Swaps [Member] | JAPAN | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | (14) |
Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (18) | (7) | (6) |
Derivative, Notional Amount | 2,774 | 4,710 | |
Derivative, Fair Value, Net | (411) | (415) | |
Swap [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | 5,191 | 5,877 | |
Derivative, Fair Value, Net | 100 | 131 | |
Equity Contract [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | 1,362 | 1,362 | |
Derivative, Fair Value, Net | (27) | 2 | |
Equity Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 30 | 19 | 7 |
Derivative, Notional Amount | 100 | 404 | |
Derivative, Fair Value, Net | 0 | 15 | |
Interest Rate Swap [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | 2,700 | 4,600 | |
Derivative, Fair Value, Net | 21 | 25 | |
Interest Rate Swap [Member] | GMWB Hedging Instruments [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | 3,703 | 3,740 | |
GMWB Hedging Instruments [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | 10,256 | 10,979 | |
Derivative, Fair Value, Net | 94 | 158 | |
GMWB Hedging Instruments [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (112) | (45) | 3 |
Derivative, Notional Amount | 10,256 | 10,979 | |
Derivative, Fair Value, Net | 94 | 158 | |
Macro Hedge Program [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (163) | (46) | (11) |
Derivative, Notional Amount | 6,532 | 4,548 | |
Derivative, Fair Value, Net | 178 | 147 | |
Fixed Annuity Hedging Instruments [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 25 | (21) | (148) |
GMWB Product Derivatives [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 88 | (59) | (2) |
Derivative, Notional Amount | 13,114 | 15,099 | |
Derivative, Fair Value, Net | (241) | (262) | |
GMWB Product Derivatives [Member] | JAPAN | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 22 |
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 57 | (16) | (122) |
GMWB Reinsurance [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (14) | 17 | 4 |
Derivative, Notional Amount | 2,709 | 3,106 | |
Derivative, Fair Value, Net | 73 | 83 | |
Other Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (12) | 46 | 395 |
Foreign Exchange Option [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | (2) |
Commodity Option [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | (5) | 0 |
Put Option [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 579 |
Credit Default Swap, Buying Protection [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (9) | 3 | (6) |
Credit Default Swap, Selling Protection [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | 961 | 2,153 | |
Credit Default Swap, Selling Protection [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 15 | (4) | 10 |
Other Credit Derivatives [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (12) | 46 | 972 |
Currency Swap [Member] | Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | $ 32 | $ 5 | $ 4 |
Derivative Instruments Level 59
Derivative Instruments Level 4 Derivative Balance Sheet Classification (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Amount Offset Against Collateral | $ 60 | $ 61 |
Derivative Asset, Fair Value of Collateral | 101 | 99 |
Derivative, Collateral, Obligation to Return Cash | (74) | (90) |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 588 | 692 |
Derivative, Notional Amount | 41,099 | 46,241 |
Derivative, Fair Value, Net | (475) | (530) |
Derivative Asset, Fair Value, Gross Asset | 749 | 852 |
Derivative Liability, Fair Value, Gross Liability | 1,091 | 1,255 |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 890 | 1,014 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 1,365 | 1,544 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 396 | 499 |
Derivative, Collateral, Right to Reclaim Cash | 118 | 103 |
Derivative Liability, Fair Value of Collateral | 655 | 753 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 40 | 3 |
Fair Value Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 0 | 23 |
Derivative, Fair Value, Net | 0 | 0 |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Cash Flow Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 1,958 | 1,909 |
Derivative, Fair Value, Net | (9) | 19 |
Derivative Asset, Fair Value, Gross Asset | 19 | 45 |
Derivative Liability, Fair Value, Gross Liability | 28 | 26 |
GMWB Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 10,256 | 10,979 |
Derivative, Fair Value, Net | 94 | 158 |
Equity Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 1,362 | 1,362 |
Derivative, Fair Value, Net | (27) | 2 |
Credit Derivatives in Offsetting Positions [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 503 | 718 |
Fair Value Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 0 | 23 |
Derivative, Fair Value, Net | 0 | 0 |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 39,141 | 44,309 |
Derivative, Fair Value, Net | (466) | (549) |
Derivative Asset, Fair Value, Gross Asset | 871 | 969 |
Derivative Liability, Fair Value, Gross Liability | 1,337 | 1,518 |
Not Designated as Hedging Instrument [Member] | Three Win Related Foreign Currency Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 804 | 1,063 |
Derivative, Fair Value, Net | (263) | (357) |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 263 | 357 |
Not Designated as Hedging Instrument [Member] | Coinsurance and Modified Coinsurance Reinsurance Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 875 | 895 |
Derivative, Fair Value, Net | 68 | 79 |
Derivative Asset, Fair Value, Gross Asset | 68 | 79 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Not Designated as Hedging Instrument [Member] | Macro Hedge Program [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 6,532 | 4,548 |
Derivative, Fair Value, Net | 178 | 147 |
Derivative Asset, Fair Value, Gross Asset | 201 | 179 |
Derivative Liability, Fair Value, Gross Liability | 23 | 32 |
Not Designated as Hedging Instrument [Member] | GMWB Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 10,256 | 10,979 |
Derivative, Fair Value, Net | 94 | 158 |
Derivative Asset, Fair Value, Gross Asset | 190 | 264 |
Derivative Liability, Fair Value, Gross Liability | 96 | 106 |
Not Designated as Hedging Instrument [Member] | GMWB Reinsurance [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 2,709 | 3,106 |
Derivative, Fair Value, Net | 73 | 83 |
Derivative Asset, Fair Value, Gross Asset | 73 | 83 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Not Designated as Hedging Instrument [Member] | GMWB Product Derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 13,114 | 15,099 |
Derivative, Fair Value, Net | (241) | (262) |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 241 | 262 |
Not Designated as Hedging Instrument [Member] | Equity Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 100 | 404 |
Derivative, Fair Value, Net | 0 | 15 |
Derivative Asset, Fair Value, Gross Asset | 33 | 41 |
Derivative Liability, Fair Value, Gross Liability | 33 | 26 |
Not Designated as Hedging Instrument [Member] | Credit Derivatives in Offsetting Positions [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 1,006 | 1,435 |
Derivative, Fair Value, Net | (1) | (1) |
Derivative Asset, Fair Value, Gross Asset | 16 | 17 |
Derivative Liability, Fair Value, Gross Liability | 17 | 18 |
Not Designated as Hedging Instrument [Member] | Credit Default Swap, Selling Protection [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 458 | 1,435 |
Derivative, Fair Value, Net | 4 | (10) |
Derivative Asset, Fair Value, Gross Asset | 5 | 5 |
Derivative Liability, Fair Value, Gross Liability | 1 | 15 |
Not Designated as Hedging Instrument [Member] | Credit Default Swap, Buying Protection [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 131 | 249 |
Derivative, Fair Value, Net | (3) | 10 |
Derivative Asset, Fair Value, Gross Asset | 0 | 12 |
Derivative Liability, Fair Value, Gross Liability | 3 | 2 |
Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 2,774 | 4,710 |
Derivative, Fair Value, Net | (411) | (415) |
Derivative Asset, Fair Value, Gross Asset | 249 | 285 |
Derivative Liability, Fair Value, Gross Liability | 660 | 700 |
Not Designated as Hedging Instrument [Member] | Currency Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 382 | 386 |
Derivative, Fair Value, Net | 36 | 4 |
Derivative Asset, Fair Value, Gross Asset | 36 | 4 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Cash Flow Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 1,794 | 1,766 |
Derivative, Fair Value, Net | 7 | 38 |
Derivative Asset, Fair Value, Gross Asset | 9 | 38 |
Derivative Liability, Fair Value, Gross Liability | (2) | 0 |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Fair Value, Net | (16) | |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 164 | 143 |
Derivative, Fair Value, Net | (19) | |
Derivative Asset, Fair Value, Gross Asset | 10 | 7 |
Derivative Liability, Fair Value, Gross Liability | 26 | 26 |
Other Policyholder Funds and Benefits Payable [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 13,164 | 15,149 |
Derivative, Fair Value, Net | (274) | (288) |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 274 | 288 |
Reinsurance Recoverable [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 3,584 | 4,000 |
Derivative, Fair Value, Net | 141 | 162 |
Derivative Asset, Fair Value, Gross Asset | 141 | 162 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 11,498 | 15,071 |
Derivative, Fair Value, Net | (577) | (653) |
Derivative Asset, Fair Value, Gross Asset | 424 | 492 |
Derivative Liability, Fair Value, Gross Liability | 1,001 | 1,145 |
Other Liabilities [Member] | Derivative Financial Instruments, Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (577) | (653) |
Other Liabilities [Member] | Macro Hedge Program [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 50 | 73 |
Other Liabilities [Member] | Equity Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 33 | |
Other Liabilities [Member] | Interest Rate Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (434) | |
Other Liabilities [Member] | Foreign Exchange Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (247) | |
Other Investments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 12,732 | 11,837 |
Derivative, Fair Value, Net | 235 | 250 |
Derivative Asset, Fair Value, Gross Asset | 325 | 360 |
Derivative Liability, Fair Value, Gross Liability | 90 | 110 |
Other Investments [Member] | Derivative Financial Instruments, Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 235 | 250 |
Other Investments [Member] | Macro Hedge Program [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 128 | 74 |
Other Investments [Member] | Interest Rate Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 30 | 54 |
Other Investments [Member] | Foreign Exchange Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 4 | 4 |
Fixed Maturities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 121 | 184 |
Derivative, Fair Value, Net | 0 | (1) |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | $ 0 | $ 1 |
Derivative Instruments Level 60
Derivative Instruments Level 4 Cash Flow Hedges (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 13,000,000 | ||
Cash Flow Hedging [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | (14,000,000) | $ 3,000,000 | $ 24,000,000 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 24,000,000 | 23,000,000 | |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 36,000,000 | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | 2,000,000 |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | (16,000,000) | 3,000,000 | 34,000,000 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 2,000,000 | ||
Currency Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 2,000,000 | (10,000,000) | |
Gain (Loss) on Investments [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (1,000,000) | (1,000,000) | |
Gain (Loss) on Investments [Member] | Currency Swap [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (9,000,000) | (13,000,000) | |
Investment Income [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 33,000,000 | 50,000,000 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Gain (Loss) on Investments [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 1,000,000 | (1,000,000) | (1,000,000) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Gain (Loss) on Investments [Member] | Currency Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (2,000,000) | (9,000,000) | (13,000,000) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Investment Income [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 25,000,000 | 33,000,000 | 50,000,000 |
AOCI Attributable to Parent [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Loss on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring | $ 0 | $ 0 | $ 0 |
Derivative Instruments Level 61
Derivative Instruments Level 4 Credit Risk Assumed through Credit Derivatives (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Credit Derivatives [Line Items] | ||
Derivative, Notional Amount | $ 41,099 | $ 46,241 |
Derivative, Fair Value, Net | (475) | (530) |
Credit Default Swap, Selling Protection [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative, Notional Amount | 961 | 2,153 |
Single Name Credit Default Swaps [Member] | Credit Default Swap, Selling Protection [Member] | Debt Securities Payable [Member] | Standard & Poor's, A Rating [Member] | External Credit Rating, Investment Grade [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative, Notional Amount | 88 | |
Credit Risk Derivatives, at Fair Value, Net | $ 0 | |
Average Term of Credit Risk Derivatives | 3 years | |
Single Name Credit Default Swaps [Member] | Credit Default Swap, Selling Protection [Member] | Debt Securities Payable [Member] | Standard & Poor's, B- Rating [Member] | External Credit Rating, Non Investment Grade [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative, Notional Amount | $ 43 | |
Credit Risk Derivatives, at Fair Value, Net | $ 0 | |
Average Term of Credit Risk Derivatives | 1 year | |
Single Name Credit Default Swaps [Member] | Credit Default Swap, Selling Protection [Member] | Debt Securities Payable [Member] | Standard & Poor's, BBB+ Rating [Member] | External Credit Rating, Investment Grade [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative, Notional Amount | 118 | |
Credit Risk Derivatives, at Fair Value, Net | $ 0 | |
Average Term of Credit Risk Derivatives | 1 year | |
Single Name Credit Default Swaps [Member] | Credit Default Swap, Selling Protection [Member] | Debt Securities Payable [Member] | Standard & Poor's, CCC+ Rating [Member] | External Credit Rating, Non Investment Grade [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative, Notional Amount | $ 43 | |
Credit Risk Derivatives, at Fair Value, Net | $ (2) | |
Average Term of Credit Risk Derivatives | 2 years | |
Basket Credit Default Swaps [Member] | ||
Credit Derivatives [Line Items] | ||
Amount of Standard Market Indices of Diversified Portfolios of Corporate Issuers | $ 1,800 | $ 1,800 |
Basket Credit Default Swaps [Member] | Credit Default Swap, Selling Protection [Member] | Debt Securities Payable [Member] | Standard & Poor's, BBB+ Rating [Member] | External Credit Rating, Investment Grade [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative, Notional Amount | 493 | 1,265 |
Credit Risk Derivatives, at Fair Value, Net | $ 5 | $ 7 |
Average Term of Credit Risk Derivatives | 3 years | 4 years |
Basket Credit Default Swaps [Member] | Credit Default Swap, Selling Protection [Member] | Debt Securities Payable [Member] | Standard & Poor's, B Rating [Member] | External Credit Rating, Non Investment Grade [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative, Notional Amount | $ 22 | |
Credit Risk Derivatives, at Fair Value, Net | $ 2 | |
Average Term of Credit Risk Derivatives | 4 years | |
Basket Credit Default Swaps [Member] | Credit Default Swap, Selling Protection [Member] | Collateralized Mortgage Backed Securities [Member] | Standard & Poor's, AAA- Rating [Domain] | External Credit Rating, Investment Grade [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative, Notional Amount | $ 503 | |
Credit Risk Derivatives, at Fair Value, Net | $ (14) | |
Average Term of Credit Risk Derivatives | 6 years | |
Basket Credit Default Swaps [Member] | Credit Default Swap, Selling Protection [Member] | Collateralized Mortgage Backed Securities [Member] | Standard & Poor's, AA+ Rating [Member] | External Credit Rating, Investment Grade [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative, Notional Amount | $ 158 | |
Credit Risk Derivatives, at Fair Value, Net | $ (2) | |
Average Term of Credit Risk Derivatives | 2 years | |
Basket Credit Default Swaps [Member] | Credit Default Swap, Selling Protection [Member] | Collateralized Mortgage Backed Securities [Member] | Standard & Poor's, CCC Rating [Member] | External Credit Rating, Non Investment Grade [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative, Notional Amount | $ 57 | $ 74 |
Credit Risk Derivatives, at Fair Value, Net | $ (13) | $ (13) |
Average Term of Credit Risk Derivatives | 1 year | 1 year |
Embedded Derivative Financial Instruments [Member] | Other Credit Derivatives [Member] | Debt Securities Payable [Member] | Standard & Poor's, A+ Rating [Member] | External Credit Rating, Investment Grade [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative, Notional Amount | $ 100 | $ 150 |
Credit Risk Derivatives, at Fair Value, Net | 100 | $ 148 |
Average Term of Credit Risk Derivatives | 1 year | |
Credit Derivatives in Offsetting Positions [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative, Notional Amount | 503 | $ 718 |
Derivative, Fair Value, Amount Offset Against Collateral, Net | 11 | 12 |
Credit Derivatives in Offsetting Positions [Member] | Credit Default Swap, Selling Protection [Member] | Debt Securities Payable [Member] | Standard & Poor's, A Rating [Member] | External Credit Rating, Investment Grade [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative, Notional Amount | 45 | |
Credit Risk Derivatives, at Fair Value, Net | 0 | |
Credit Derivatives in Offsetting Positions [Member] | Credit Default Swap, Selling Protection [Member] | Debt Securities Payable [Member] | Standard & Poor's, B- Rating [Member] | External Credit Rating, Non Investment Grade [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative, Notional Amount | 43 | |
Credit Risk Derivatives, at Fair Value, Net | 0 | |
Credit Derivatives in Offsetting Positions [Member] | Credit Default Swap, Selling Protection [Member] | Debt Securities Payable [Member] | Standard & Poor's, BBB+ Rating [Member] | External Credit Rating, Investment Grade [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative, Notional Amount | 225 | 115 |
Credit Risk Derivatives, at Fair Value, Net | (1) | |
Derivative, Fair Value, Amount Offset Against Collateral, Net | (2) | |
Credit Derivatives in Offsetting Positions [Member] | Credit Default Swap, Selling Protection [Member] | Debt Securities Payable [Member] | Standard & Poor's, CCC+ Rating [Member] | External Credit Rating, Non Investment Grade [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative, Notional Amount | 43 | |
Credit Risk Derivatives, at Fair Value, Net | 1 | |
Credit Derivatives in Offsetting Positions [Member] | Credit Default Swap, Selling Protection [Member] | Debt Securities Payable [Member] | Standard & Poor's, B Rating [Member] | External Credit Rating, Non Investment Grade [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative, Notional Amount | 22 | |
Credit Risk Derivatives, at Fair Value, Net | (2) | |
Credit Derivatives in Offsetting Positions [Member] | Credit Default Swap, Selling Protection [Member] | Collateralized Mortgage Backed Securities [Member] | Standard & Poor's, AAA- Rating [Domain] | External Credit Rating, Investment Grade [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative, Notional Amount | 141 | |
Credit Risk Derivatives, at Fair Value, Net | 1 | |
Credit Derivatives in Offsetting Positions [Member] | Credit Default Swap, Selling Protection [Member] | Collateralized Mortgage Backed Securities [Member] | Standard & Poor's, AA+ Rating [Member] | External Credit Rating, Investment Grade [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative, Notional Amount | 111 | |
Credit Risk Derivatives, at Fair Value, Net | 1 | |
Credit Derivatives in Offsetting Positions [Member] | Credit Default Swap, Selling Protection [Member] | Collateralized Mortgage Backed Securities [Member] | Standard & Poor's, CCC Rating [Member] | External Credit Rating, Non Investment Grade [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative, Notional Amount | 57 | 74 |
Credit Risk Derivatives, at Fair Value, Net | 13 | 13 |
Credit Derivatives in Offsetting Positions [Member] | Single Name Credit Default Swaps [Member] | Debt Securities Payable [Member] | Standard & Poor's, BBB+ Rating [Member] | External Credit Rating, Investment Grade [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative, Fair Value, Amount Offset Against Collateral, Net | (1) | |
Credit Derivatives in Offsetting Positions [Member] | Other Credit Derivatives [Member] | Debt Securities Payable [Member] | Standard & Poor's, A+ Rating [Member] | External Credit Rating, Investment Grade [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative, Notional Amount | 0 | 0 |
Credit Risk Derivatives, at Fair Value, Net | 0 | $ 0 |
Corporate Debt Securities [Member] | Verizon Communications Inc. [Member] | ||
Credit Derivatives [Line Items] | ||
Largest Exposure by Issuer, Percent of Invested Assets | 1.00% | |
Corporate Debt Securities [Member] | BANK OF AMERICA - MERRILL LYNCH INSTINCT X ATS [Member] | ||
Credit Derivatives [Line Items] | ||
Largest Exposure by Issuer, Percent of Invested Assets | 1.00% | |
Credit [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative, Fair Value, Net | $ 92 | |
Credit Risk Derivatives, at Fair Value, Net | $ 126 | |
Credit [Member] | Credit Derivatives in Offsetting Positions [Member] | Credit Default Swap, Selling Protection [Member] | Debt Securities Payable [Member] | Standard & Poor's, BBB+ Rating [Member] | External Credit Rating, Investment Grade [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative, Notional Amount | $ 345 | |
Less than 1 year [Member] | Embedded Derivative Financial Instruments [Member] | Other Credit Derivatives [Member] | Debt Securities Payable [Member] | Standard & Poor's, A+ Rating [Member] | External Credit Rating, Investment Grade [Member] | ||
Credit Derivatives [Line Items] | ||
Average Term of Credit Risk Derivatives | 1 year |
Derivative Instruments Level 62
Derivative Instruments Level 4 Derivative Collateral Arrangements (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative [Line Items] | ||
Security Owned and Pledged as Collateral, Fair Value | $ 134 | $ 173 |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 333 | 341 |
Securities Received as Collateral | 26 | |
Fair Value of Securities Received as Collateral that Can be Resold or Repledged | $ 81 | $ 100 |
Information about Sources and Uses of Collateral that is Received Through Resale Agreements and Securities Borrowing Agreements | In addition, as of December 31, 2016 and 2015, non-cash collateral accepted was held in separate custodial accounts and was not included in the Company’s Consolidated Balance Sheets. | In addition, as of December 31, 2016 and 2015, non-cash collateral accepted was held in separate custodial accounts and was not included in the Company’s Consolidated Balance Sheets. |
Collateral Pledged [Member] | ||
Derivative [Line Items] | ||
Security Owned and Pledged as Collateral, Fair Value | $ 830 | $ 873 |
Liability [Member] | ||
Derivative [Line Items] | ||
Securities Received as Collateral | $ 107 | $ 100 |
Reinsurance Level 4 Reinsurance
Reinsurance Level 4 Reinsurance Recoverables (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Life Insurance Recoveries on Ceded Reinsurance Contracts | $ 0 | $ 0 | |
Reinsurance Recoverables | 20,725,000,000 | $ 20,499,000,000 | |
Reinsurance Recoverable, Unsecured | 1,200,000,000 | ||
Fair Value, Concentration of Risk, Investments | 0 | 0 | |
Retirement Plans and Individual Life Businesses [Member] | Life and Annuity Insurance Product Line [Member] | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Reinsurance Recoverables | 19,363,000,000 | 18,993,000,000 | |
Retirement [Member] | Mass Mutual [Member] | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Reinsurance Recoverables | 8,600,000,000 | ||
Individual Life [Member] | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Reinsurance Recoverable, Unsecured | 0.15 | ||
Individual Life [Member] | Prudential [Member] | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Reinsurance Recoverables | 10,800,000,000 | 10,400,000,000 | |
Mass Mutual [Member] | Life and Annuity Insurance Product Line [Member] | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Reinsurance Recoverables | 8,600,000,000 | ||
Continuing Operations [Member] | Life Annuity Accident and Health Insurance Product Line [Member] | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Reinsurance Recoverables | 1,362,000,000 | 1,506,000,000 | |
Investment Contracts [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Liabilities | 526,000,000 | 682,000,000 | |
Hartford Life and Accident Insurance Company [Member] | Group Insurance Policies [Member] | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Ceded Premiums Written | 0 | 64 | 85 |
Hartford Life and Accident Insurance Company [Member] | Accident and Health Insurance Product Line [Member] | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Ceded Premiums Written | 86 | $ 129 | $ 365 |
Reinsurance Recoverable [Member] | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Fair Value, Concentration of Risk, Investments | $ 0 |
Reinsurance Level 4 Reinsuran64
Reinsurance Level 4 Reinsurance Revenues (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Assumed Premiums Earned | $ 129 | $ 113 | $ 74 |
Ceded Premiums Earned | (1,616) | (1,801) | (2,060) |
Life Annuity Accident and Health Insurance Product Line [Member] | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Gross Fee Income Earned Premium and Other Life | 2,659 | 2,877 | 3,228 |
Assumed Premiums Earned | 129 | 113 | 74 |
Ceded Premiums Earned | (1,616) | (1,801) | (2,060) |
Net Fee Income Earned Premium and Other Life | 1,172 | 1,189 | $ 1,242 |
Investment Contracts [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Financial Liabilities Fair Value Disclosure | $ 526 | $ 682 |
Deferred Policy Acquisition C65
Deferred Policy Acquisition Costs and Present Value of Future Profits Level 4 (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Movement Analysis of Deferred Policy Acquisition Costs and Present Value of Future Profits [Roll Forward] | ||||
Deferred Policy Acquisition Costs and Value of Business Acquired | $ 463 | $ 542 | $ 521 | $ 689 |
Deferred Policy Acquisition Costs and Present Value of Future Profits, Additions | 7 | 7 | 14 | |
Deferred Policy Acquisition Cost, Amortization Expense | 40 | 82 | 110 | |
Deferred Policy Acquisition Cost, Amortization Expense, Effect of Adjustments to Estimated Gross Profit or Estimated Gross Margin | 74 | (13) | 96 | |
Deferred Policy Acquisition Cost, Unrealized Investment Gain (Loss) | $ 28 | $ 83 | $ 24 |
Separate Accounts, Death Bene66
Separate Accounts, Death Benefits and Other Insurance Benefit Features Level 4 (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Separate Accounts Disclosure [Line Items] | |||
Liabilities for Guarantees on Long-Duration Contracts, Other Liability Adjustments | $ (238) | $ (211) | $ (265) |
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Net | 13,762 | 13,639 | 13,359 |
Reinsurance Recoverables on Unpaid Losses | 258 | 511 | |
Reinsurance Recoverable for Paid Claims and Claims Adjustments | (161) | $ (168) | |
Net Amount at Risk by Product and Guarantee, General Account Value | 18,624 | ||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk at Annuitization | $ 3,038 | ||
Invested in Equity Securities | 84.00% | 83.00% | |
Invested in Fixed Income Securities | 16.00% | 17.00% | |
Schedule of Fair Value of Separate Accounts by Major Category of Investment, Fair Value | $ 36,925 | $ 40,423 | |
Movement in Changes in gross GMDB/GMWB and UL secondary guarantee benefits [Roll Forward] | |||
Liabilities, as of Jan. 1 | 13,850 | 13,624 | |
Liabilities for Guarantees on Long-Duration Contracts, Incurred Benefits | 1,022 | 1,176 | |
Liabilities for Guarantees on Long-Duration Contracts, Benefits Paid | (899) | (896) | |
Deferred Policy Acquisition Cost, Amortization Expense, Effect of Adjustments to Estimated Gross Profit or Estimated Gross Margin | 74 | (13) | 96 |
Liabilities, as of Dec. 31 | 14,000 | 13,850 | 13,624 |
Reinsurance Recoverable, as of Dec. 31 | 4,756 | 4,659 | 4,316 |
Separate account liabilities | 115,665 | 120,111 | |
Net Amount at Risk by Product and Guarantee, Separate Account Value | 78,740 | ||
Guaranteed Lifetime Withdrawal Benefit [Member] | |||
Separate Accounts Disclosure [Line Items] | |||
Net Amount at Risk by Product and Guarantee, General Account Value | 6,400 | ||
Annuitization Benefit [Member] | |||
Separate Accounts Disclosure [Line Items] | |||
Liabilities for Guarantees on Long-Duration Contracts, Other Liability Adjustments | (238) | (211) | (265) |
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Net | 10,349 | 10,463 | 10,506 |
Reinsurance Recoverables on Unpaid Losses | 56 | 107 | |
Reinsurance Recoverable for Paid Claims and Claims Adjustments | (70) | (79) | |
Net Amount at Risk by Product and Guarantee, Net Amount at Risk at Annuitization | 507 | ||
Movement in Changes in gross GMDB/GMWB and UL secondary guarantee benefits [Roll Forward] | |||
Liabilities, as of Jan. 1 | 10,674 | 10,771 | |
Liabilities for Guarantees on Long-Duration Contracts, Incurred Benefits | 671 | 741 | |
Liabilities for Guarantees on Long-Duration Contracts, Benefits Paid | (785) | (784) | |
Liabilities, as of Dec. 31 | 10,587 | 10,674 | 10,771 |
Reinsurance Recoverable, as of Dec. 31 | 1,697 | 1,823 | 1,795 |
Return of Net Deposit [Member] | |||
Separate Accounts Disclosure [Line Items] | |||
Net Amount at Risk by Product and Guarantee, General Account Value | $ 8,766 | ||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 69 years | ||
Guaranteed Minimum Withdrawal Benefit [Member] | |||
Separate Accounts Disclosure [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk at Annuitization | $ 0 | ||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 72 years | ||
MAV Only [Member] | |||
Separate Accounts Disclosure [Line Items] | |||
Net Amount at Risk by Product and Guarantee, General Account Value | $ 13,565 | ||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 71 years | ||
Guaranteed Minimum Death Benefit [Member] | |||
Separate Accounts Disclosure [Line Items] | |||
Liabilities for Guarantees on Long-Duration Contracts, Other Liability Adjustments | $ 0 | 0 | 0 |
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Net | 786 | 863 | 812 |
Reinsurance Recoverables on Unpaid Losses | 0 | 132 | |
Reinsurance Recoverable for Paid Claims and Claims Adjustments | (91) | (89) | |
Net Amount at Risk by Product and Guarantee, General Account Value | $ 3,773 | ||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 70 years | ||
Movement in Changes in gross GMDB/GMWB and UL secondary guarantee benefits [Roll Forward] | |||
Liabilities, as of Jan. 1 | $ 863 | 812 | |
Liabilities for Guarantees on Long-Duration Contracts, Incurred Benefits | 37 | 163 | |
Liabilities for Guarantees on Long-Duration Contracts, Benefits Paid | (114) | (112) | |
Liabilities, as of Dec. 31 | 786 | 863 | 812 |
Reinsurance Recoverable, as of Dec. 31 | 432 | 523 | 480 |
Separate account liabilities | 36,925 | ||
With Five Percent Rollup [Member] | |||
Separate Accounts Disclosure [Line Items] | |||
Net Amount at Risk by Product and Guarantee, General Account Value | $ 1,156 | ||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 71 years | ||
With Earnings Protection Benefit Rider (EPB) [Member] | |||
Separate Accounts Disclosure [Line Items] | |||
Net Amount at Risk by Product and Guarantee, General Account Value | $ 3,436 | ||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 70 years | ||
With Five Percent Rollup and EPB [Member] | |||
Separate Accounts Disclosure [Line Items] | |||
Net Amount at Risk by Product and Guarantee, General Account Value | $ 467 | ||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 73 years | ||
Asset Protection Benefit ("APB") [Member] | |||
Separate Accounts Disclosure [Line Items] | |||
Net Amount at Risk by Product and Guarantee, General Account Value | $ 10,438 | ||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 69 years | ||
Lifetime Income Benefit ("LIB") - Death Benefit [Member] | |||
Separate Accounts Disclosure [Line Items] | |||
Net Amount at Risk by Product and Guarantee, General Account Value | $ 464 | ||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 70 years | ||
Reset [Member] | |||
Separate Accounts Disclosure [Line Items] | |||
Net Amount at Risk by Product and Guarantee, General Account Value | $ 2,406 | ||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 70 years | ||
Variable Annuity [Member] | Guaranteed Minimum Death Benefit [Member] | |||
Separate Accounts Disclosure [Line Items] | |||
Net Amount at Risk by Product and Guarantee, General Account Value | $ 40,698 | ||
Universal Life [Member] | Secondary Guarantees [Member] | |||
Separate Accounts Disclosure [Line Items] | |||
Liabilities for Guarantees on Long-Duration Contracts, Other Liability Adjustments | 0 | 0 | 0 |
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Net | 2,627 | 2,313 | 2,041 |
Reinsurance Recoverables on Unpaid Losses | 314 | 272 | |
Movement in Changes in gross GMDB/GMWB and UL secondary guarantee benefits [Roll Forward] | |||
Liabilities, as of Jan. 1 | 2,313 | 2,041 | |
Liabilities for Guarantees on Long-Duration Contracts, Incurred Benefits | 314 | 272 | |
Liabilities, as of Dec. 31 | 2,627 | 2,313 | 2,041 |
Reinsurance Recoverable, as of Dec. 31 | 2,627 | 2,313 | $ 2,041 |
Equity Securities [Member] | |||
Separate Accounts Disclosure [Line Items] | |||
Schedule of Fair Value of Separate Accounts by Major Category of Investment, Fair Value | 33,880 | 36,970 | |
Cash and Cash Equivalents [Member] | |||
Separate Accounts Disclosure [Line Items] | |||
Schedule of Fair Value of Separate Accounts by Major Category of Investment, Fair Value | 3,045 | $ 3,453 | |
With Five Percent Rollup [Member] | |||
Separate Accounts Disclosure [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk at Annuitization | 187 | ||
With Five Percent Rollup [Member] | Annuitization Benefit [Member] | |||
Separate Accounts Disclosure [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk at Annuitization | 60 | ||
Return of Net Deposit [Member] | |||
Separate Accounts Disclosure [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk at Annuitization | 69 | ||
Return of Net Deposit [Member] | Annuitization Benefit [Member] | |||
Separate Accounts Disclosure [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk at Annuitization | 65 | ||
With Five Percent Rollup and EPB [Member] | |||
Separate Accounts Disclosure [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk at Annuitization | 102 | ||
With Five Percent Rollup and EPB [Member] | Annuitization Benefit [Member] | |||
Separate Accounts Disclosure [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk at Annuitization | 22 | ||
Lifetime Income Benefit ("LIB") - Death Benefit [Member] | |||
Separate Accounts Disclosure [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk at Annuitization | 6 | ||
Lifetime Income Benefit ("LIB") - Death Benefit [Member] | Annuitization Benefit [Member] | |||
Separate Accounts Disclosure [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk at Annuitization | 6 | ||
MAV Only [Member] | |||
Separate Accounts Disclosure [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk at Annuitization | 2,285 | ||
MAV Only [Member] | Annuitization Benefit [Member] | |||
Separate Accounts Disclosure [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk at Annuitization | 350 | ||
Asset Protection Benefit ("APB") [Member] | |||
Separate Accounts Disclosure [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk at Annuitization | 172 | ||
Asset Protection Benefit ("APB") [Member] | Annuitization Benefit [Member] | |||
Separate Accounts Disclosure [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk at Annuitization | 114 | ||
Guaranteed Minimum Death Benefit [Member] | |||
Separate Accounts Disclosure [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk at Annuitization | 3,298 | ||
Guaranteed Minimum Death Benefit [Member] | Annuitization Benefit [Member] | |||
Separate Accounts Disclosure [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk at Annuitization | 704 | ||
With Earnings Protection Benefit Rider (EPB) [Member] | |||
Separate Accounts Disclosure [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk at Annuitization | 464 | ||
With Earnings Protection Benefit Rider (EPB) [Member] | Annuitization Benefit [Member] | |||
Separate Accounts Disclosure [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk at Annuitization | 75 | ||
Reset [Member] | |||
Separate Accounts Disclosure [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk at Annuitization | 13 | ||
Reset [Member] | Annuitization Benefit [Member] | |||
Separate Accounts Disclosure [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk at Annuitization | $ 12 |
Commitments and Contingencies67
Commitments and Contingencies Level 4 (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Loss Contingencies [Line Items] | |||
Minimum Percentage of Premiums Written Per Year to be Considered for Assessment Under Guaranty Fund | $ 0.01 | ||
Maximum Percentage of Premiums Written Per Year to be Considered for Assessment Under Guaranty Fund | 0.02 | ||
Leases [Abstract] | |||
Operating Leases, Rent Expense | 2,000,000 | $ 9,000,000 | $ 7,000,000 |
Unfunded Commitments [Abstract] | |||
Unfunded Commitments | 645,000,000 | ||
Commitments to Fund Limited Partnership and Other Alternative Investments | 497,000,000 | ||
Commitment to fund Private placement securities | 106,000,000 | ||
Commitments to Fund Mortgage Loans | 42,000,000 | ||
Guaranty Fund [Abstract] | |||
Loss Contingency, Discounted Amount of Insurance-related Assessment Liability | 15,000,000 | ||
Loss Contingency Accrual, Insurance-related Assessment, Premium Tax Offset | 15,000,000 | 27,000,000 | |
Derivative Liability [Abstract] | |||
Derivative, Net Liability Position, Aggregate Fair Value | 794,000,000 | ||
Collateral Already Posted, Aggregate Fair Value | 939,000,000 | ||
Guaranty Liabilities | 8,000,000 | $ 15,000,000 | |
GMWB Product Derivatives [Member] | |||
Derivative Liability [Abstract] | |||
Collateral Already Posted, Aggregate Fair Value | $ 31,000,000 |
Income Tax Level 4 Income tax e
Income Tax Level 4 Income tax expense (benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Tax Credit Carryforward [Line Items] | |||
Deferred Federal Income Tax Expense (Benefit) | $ 72 | $ (6) | $ 523 |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Current Federal Tax Expense (Benefit) | 2 | 36 | (339) |
Income Tax Expense (Benefit) | $ 74 | $ 30 | $ 184 |
Income Tax Level 4 Deferred tax
Income Tax Level 4 Deferred tax assets (liabilities) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Deferred Tax Assets, Net of Valuation Allowance [Abstract] | ||
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Policyholder Liabilities | $ 101 | $ 119 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Loss Reserves | 6 | 4 |
Deferred Tax Assets, Gross, Current | 32 | 0 |
Deferred Tax Assets, Investments | 135 | 524 |
Deferred Tax Assets, Derivative Instruments | 79 | 90 |
Deferred Tax Assets, Operating Loss Carryforwards | 1,155 | 1,166 |
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | 232 | 232 |
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 40 | 122 |
Deferred Tax Assets, Other | 191 | 16 |
Deferred Tax Assets, Gross | 1,971 | 2,273 |
Deferred Tax Assets, Net of Valuation Allowance, Current | 1,971 | 2,273 |
Components of Deferred Tax Liabilities [Abstract] | ||
Deferred Tax Liabilities, Deferred Expense, Deferred Policy Acquisition Cost | 0 | (220) |
Deferred Tax Liabilities Net Unrealized gains on Investments | 480 | 432 |
Deferred Tax Liabilities, Employee Benefits | 54 | 40 |
Deferred Tax Liabilities, Net | 534 | 692 |
Deferred Tax Assets, Net | 1,437 | 1,581 |
Income Taxes Receivable, Current | $ 64 | 276 |
Valuation Allowance, Deferred Tax Asset, Explanation of Change | The Company believes it is more likely than not that all deferred tax assets will be fully realized. In assessing the need for a valuation allowance, management considered future taxable temporary difference reversals, future taxable income exclusive of reversing temporary differences and carryovers, taxable income in open carry back years and other tax planning strategies. From time to time, tax planning strategies could include holding a portion of debt securities with market value losses until recovery, altering the level of tax exempt securities held, making investments which have specific tax characteristics, and business considerations such as asset-liability matching. | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $ 3,301 | |
Operating Loss Carryforwards | $ 3,333 | |
Expected Tax Benefit Attributable to Net Operating Losses Domestic Near term | $ 3,299 | |
Latest Tax Year [Member] | ||
Components of Deferred Tax Liabilities [Abstract] | ||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2029 |
Income Tax Level 4 Effective In
Income Tax Level 4 Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Contingency [Line Items] | |||
Unrecognized Tax Benefits, Period Increase (Decrease) | $ 36 | ||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | 125 | $ 186 | $ 301 |
Effective Income Tax Rate Reconciliation, Deduction, Dividends, Amount | 76 | 152 | 109 |
Income Tax Reconciliation, Deductions, Foreign Investments | 7 | 3 | 8 |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 1 | (1) | 0 |
Income Tax Expense (Benefit) | 74 | 30 | 184 |
Internal Revenue Service (IRS) [Member] | |||
Income Tax Contingency [Line Items] | |||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | $ 31 | $ 0 | $ 0 |
Debt Level 4 (Details)
Debt Level 4 (Details) | Dec. 31, 2016USD ($) |
Debt Instrument [Line Items] | |
Financial instruments owned and pledged as collateral | $ 1,100,000,000 |
Long-term Federal Home Loan Bank Advances | $ 0 |
Statutory Results Level 4 Statu
Statutory Results Level 4 Statutory Results (Details) - USD ($) $ in Millions | Jan. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Feb. 22, 2017 |
Statutory Accounting Practices [Line Items] | |||||
Statutory Accounting Practices, Risk Based Capital Requirements Compliance Assertion | The Company and all of its operating insurance subsidiaries had RBC ratios in excess of the minimum levels required by the applicable insurance regulations. The RBC ratios for the Company and its principal life insurance operating subsidiaries were all in excess of 400% of their Company Action Levels as of December 31, 2016 and 2015. | The Company and all of its operating insurance subsidiaries had RBC ratios in excess of the minimum levels required by the applicable insurance regulations. The RBC ratios for the Company and its principal life insurance operating subsidiaries were all in excess of 400% of their Company Action Levels as of December 31, 2015 | |||
Proceeds from Contributions from Parent | $ 271 | ||||
Statutory Accounting Practices, Dividends Paid with Approval of Regulatory Agency | $ 750 | $ 0 | 800 | ||
Statutory Results [Abstract] | |||||
Combined statutory net income | 349 | 371 | 132 | ||
Statutory capital | $ 4,398 | 4,939 | $ 5,564 | ||
Percent available for dividend distribution without prior approval from regulatory agency | 10.00% | ||||
Hartford Life Inc [Member] | |||||
Statutory Accounting Practices [Line Items] | |||||
Statutory Accounting Practices, Dividends Paid with Approval of Regulatory Agency | $ 0 | ||||
Subsidiaries [Member] | |||||
Statutory Accounting Practices [Line Items] | |||||
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments with Regulatory Approval | $ 415 | ||||
Scenario, Forecast [Member] | Hartford Life Insurance Company [Member] | |||||
Statutory Accounting Practices [Line Items] | |||||
Statutory Accounting Practices, Dividends Paid with Approval of Regulatory Agency | $ 300 | ||||
Scenario, Forecast [Member] | Subsidiaries [Member] | |||||
Statutory Accounting Practices [Line Items] | |||||
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments with Regulatory Approval | $ 345 | ||||
Scenario, Forecast [Member] | Subsidiaries [Member] | Parent Company [Member] | |||||
Statutory Accounting Practices [Line Items] | |||||
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments with Regulatory Approval | 1,000 | ||||
Subsequent Event [Member] | Hartford Life and Annuity Insurance Company [Member] | |||||
Statutory Accounting Practices [Line Items] | |||||
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments with Regulatory Approval | $ 300 |
Transactions with Affiliates 73
Transactions with Affiliates Level 4 (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |||||||||||
Assumed Premiums Earned | $ 129,000,000 | $ 113,000,000 | $ 74,000,000 | ||||||||
Annuity Obligations | $ 711,000,000 | $ 746,000,000 | 711,000,000 | 746,000,000 | |||||||
Recoverables for Hartford Fire Life, A&H, & Annuity, Contract Guarantees | 0 | 0 | |||||||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 3,038,000,000 | 3,038,000,000 | |||||||||
Liabilities | 162,525,000,000 | 167,188,000,000 | 162,525,000,000 | 167,188,000,000 | |||||||
Schedule of Related Party Transactions [Abstract] | |||||||||||
Premiums Earned, Net | 203,000,000 | 92,000,000 | 32,000,000 | ||||||||
Realized Investment Gains (Losses) | (163,000,000) | (146,000,000) | 577,000,000 | ||||||||
Revenues | (571,000,000) | $ (702,000,000) | $ (622,000,000) | $ (487,000,000) | (499,000,000) | $ (630,000,000) | $ (702,000,000) | $ (668,000,000) | (2,382,000,000) | (2,499,000,000) | (3,362,000,000) |
Policyholder Benefits and Claims Incurred, Net | (1,437,000,000) | (1,402,000,000) | (1,460,000,000) | ||||||||
Operating Expenses | (472,000,000) | (524,000,000) | (851,000,000) | ||||||||
Total benefits, losses and expenses | 464,000,000 | 610,000,000 | 474,000,000 | 478,000,000 | 525,000,000 | 500,000,000 | 461,000,000 | 483,000,000 | 2,026,000,000 | 1,969,000,000 | 2,501,000,000 |
Income Tax Expense (Benefit) | 74,000,000 | 30,000,000 | 184,000,000 | ||||||||
Net income | (57,000,000) | $ (79,000,000) | $ (118,000,000) | $ (28,000,000) | (7,000,000) | $ (118,000,000) | $ (230,000,000) | $ (145,000,000) | (282,000,000) | (500,000,000) | (677,000,000) |
Reinsurance Recoverables | 20,725,000,000 | 20,499,000,000 | 20,725,000,000 | 20,499,000,000 | |||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 0 | 28,000,000 | 23,000,000 | ||||||||
Affiliated Entity [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Assumed Liability for Unpaid Claims and Claims Adjustment Expense | 53,000,000 | 53,000,000 | 53,000,000 | 53,000,000 | |||||||
Assumed Premiums Earned | 4,000,000 | 3,000,000 | 3,000,000 | ||||||||
White River Life Reinsurance [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Loss on Contract Termination | 213,000,000 | ||||||||||
Gain (Loss) on Contract Termination | 213,000,000 | ||||||||||
Hartford Life and Annuity Insurance Company [Member] | White River Life Reinsurance [Member] | |||||||||||
Schedule of Related Party Transactions [Abstract] | |||||||||||
Premiums Earned, Net | 5,000,000 | ||||||||||
Realized Investment Gains (Losses) | 103,000,000 | ||||||||||
Revenues | (108,000,000) | ||||||||||
Policyholder Benefits and Claims Incurred, Net | (1,000,000) | ||||||||||
Operating Expenses | (4,000,000) | ||||||||||
Costs and Expenses | (5,000,000) | ||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 103,000,000 | ||||||||||
Income Tax Expense (Benefit) | 36,000,000 | ||||||||||
Net income | (67,000,000) | ||||||||||
Other Insurance Product Line [Member] | Hartford Life and Accident Insurance Company [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Ceded Premiums Written | 90 | ||||||||||
Policyholder Benefits and Claims Incurred, Ceded | 63 | ||||||||||
Gain (Loss) on Contract Termination | 27 | ||||||||||
Group Insurance Policies [Member] | Hartford Life and Accident Insurance Company [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Ceded Premiums Written | 0 | 64 | 85 | ||||||||
Accident and Health Insurance Product Line [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Assumed Premiums Earned | 0 | 0 | 0 | ||||||||
Schedule of Related Party Transactions [Abstract] | |||||||||||
Premiums Earned, Net | 46,000,000 | 62,000,000 | 120,000,000 | ||||||||
Accident and Health Insurance Product Line [Member] | Hartford Life and Accident Insurance Company [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Ceded Premiums Written | 86 | 129 | $ 365 | ||||||||
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Investment Contracts [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Liabilities | $ 487,000,000 | $ 619,000,000 | $ 487,000,000 | $ 619,000,000 |
Accumulated Other Comprehensi74
Accumulated Other Comprehensive Income Level 4 (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 7,821 | $ 8,162 | $ 7,821 | $ 8,162 | $ 9,291 | $ 8,239 | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 722 | 593 | 722 | 593 | 1,221 | 574 | ||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 203 | (631) | 671 | |||||||||
Gain (Loss) on Investments, Excluding Other than Temporary Impairments | (135) | (85) | 606 | |||||||||
Income Tax Expense (Benefit) | 74 | 30 | 184 | |||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (74) | 3 | (24) | |||||||||
Other Comprehensive Income (Loss), Net of Tax | 129 | (628) | 647 | |||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 57 | $ 79 | $ 118 | $ 28 | 7 | $ 118 | $ 230 | $ 145 | 282 | 500 | 677 | |
Cash Flow Hedging [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 24 | 23 | ||||||||||
Investment Income [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 33 | 50 | ||||||||||
Gain (Loss) on Investments [Member] | Currency Swap [Member] | Cash Flow Hedging [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (9) | (13) | ||||||||||
Gain (Loss) on Investments [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (1) | (1) | ||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 74 | (3) | 24 | |||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 1 | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Currency Swap [Member] | Cash Flow Hedging [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (2) | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Interest Income [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 25 | |||||||||||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 693 | 539 | 693 | 539 | 1,154 | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 1,154 | 495 | ||||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 212 | (633) | 660 | |||||||||
Gain (Loss) on Investments, Excluding Other than Temporary Impairments | 89 | (27) | 1 | |||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (27) | |||||||||||
Income Tax Expense (Benefit) | 31 | (9) | 0 | |||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (58) | 18 | (1) | |||||||||
Other Comprehensive Income (Loss), Net of Tax | 659 | |||||||||||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | 154 | (615) | ||||||||||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Gain (Loss) on Investments, Excluding Other than Temporary Impairments | 0 | 0 | 0 | |||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 89 | 1 | ||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 58 | (18) | 1 | |||||||||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 32 | 57 | 32 | 57 | 70 | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 70 | 79 | ||||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (9) | 2 | 14 | |||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (16) | (15) | (23) | |||||||||
Other Comprehensive Income (Loss), Net of Tax | (9) | |||||||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | (25) | (13) | ||||||||||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Income Tax Expense (Benefit) | 8 | 8 | 13 | |||||||||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Cash Flow Hedging [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 24 | 23 | 36 | |||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 16 | 15 | 23 | |||||||||
Accumulated Translation Adjustment [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (3) | (3) | (3) | (3) | (3) | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (3) | 0 | ||||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 | (3) | |||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | 0 | |||||||||
Other Comprehensive Income (Loss), Net of Tax | (3) | |||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | 0 | 0 | ||||||||||
AOCI Attributable to Parent [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 722 | $ 593 | $ 722 | 593 | 1,221 | $ 574 | ||||||
Other Comprehensive Income (Loss), Net of Tax | $ (628) | $ 647 |
Quarterly Results (Unaudited)75
Quarterly Results (Unaudited) Level 4 (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 571 | $ 702 | $ 622 | $ 487 | $ 499 | $ 630 | $ 702 | $ 668 | $ 2,382 | $ 2,499 | $ 3,362 |
Total benefits, losses and expenses | 464 | 610 | 474 | 478 | 525 | 500 | 461 | 483 | 2,026 | 1,969 | 2,501 |
Net income | 57 | 79 | 118 | 28 | 7 | 118 | 230 | 145 | 282 | 500 | 677 |
Less: Net income (loss) attributable to the noncontrolling interest | 0 | 0 | 0 | 0 | (1) | 1 | 0 | 0 | 0 | 0 | 1 |
Net Income (Loss) Attributable to Parent | $ 57 | $ 79 | $ 118 | $ 28 | $ 8 | $ 117 | $ 230 | $ 145 | $ 282 | $ 500 | $ 676 |
Schedule I - Summary of Inves76
Schedule I - Summary of Investments - Other Than Investments in Affiliates Level 4 (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Summary of Investment Holdings [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | $ 29,764 | |
Assets, Fair Value Disclosure | 137,423 | $ 144,439 |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 30,878 | |
Assets | 170,346 | 175,350 |
US Treasury and Government [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 3,125 | |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 3,275 | |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 3,275 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 1,189 | |
Foreign Government Debt [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 345 | |
Public Utility, Bonds [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 2,665 | |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 2,873 | |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 2,873 | |
All Other Corporate Bonds [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 11,012 | |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 11,820 | |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 11,820 | |
All Other Mortgage Backed and Asset Backed Securities [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 4,270 | |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 4,317 | |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 4,317 | |
Fixed Maturities [Member] | Fixed Maturities [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 22,587 | |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 23,901 | |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 23,901 | |
Industrial, Miscellaneous, and All Others [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 61 | |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 71 | |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 71 | |
Nonredeemable Preferred Stock [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 81 | |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 81 | |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 81 | |
Equity Securities [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 152 | |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 163 | |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 163 | |
Equity Securities, Investment Summary [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 142 | |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 152 | |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 152 | |
Trading Securities [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 10 | |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 11 | |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 11 | |
Mortgages [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 2,811 | |
Policy Loans [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 1,442 | |
Futures Options and Miscellaneous [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 493 | |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 282 | |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 282 | |
Short-term Investments [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Fair Value | 1,349 | |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 1,349 | |
Investments in Partnerships and Trusts [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 930 | |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 930 | |
Available-for-sale Securities [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 22,507 | |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 23,819 | |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 23,819 | |
Fair Value, Inputs, Level 3 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Assets, Fair Value Disclosure | 2,182 | 2,046 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgages [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Assets | 2,811 | 2,918 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Policy Loans [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Assets | 1,442 | 1,446 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgages [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Assets, Fair Value Disclosure | 2,843 | 2,995 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Policy Loans [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Assets, Fair Value Disclosure | 1,442 | 1,446 |
US States and Political Subdivisions Debt Securities [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 1,098 | |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 1,189 | |
Foreign Government Debt Securities [Member] | Foreign Government Debt [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 337 | |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 345 | |
Available-for-sale Securities [Member] | Fixed Maturities [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 80 | |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 82 | |
Available-for-sale Securities [Member] | Fixed Maturities [Member] | Fixed Maturities [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Fair Value | $ 82 | $ 165 |
Schedule IV - Schedule of Rei77
Schedule IV - Schedule of Reinsurance Level 4 (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Life Insurance in Force, Net [Abstract] | |||
Direct Premiums, Life Insurance in Force | $ 284,779 | $ 306,472 | $ 327,772 |
Ceded Premiums Earned | 213,221 | 234,306 | 255,185 |
Assumed Premiums, Life Insurance in Force | 558 | 713 | 797 |
Premiums, Net, Life Insurance in Force | $ 72,116 | $ 72,879 | $ 73,384 |
Life Insurance in Force Premiums, Percentage Assumed to Net | 1.00% | 1.00% | 1.00% |
Insurance Services Revenue [Abstract] | |||
Direct Premiums Earned | $ 2,659 | $ 2,877 | $ 3,228 |
Ceded Premiums Earned | 1,616 | 1,801 | 2,060 |
Assumed Premiums Earned | 129 | 113 | 74 |
Premiums Earned, Net, Life | 1,172 | 1,189 | 1,242 |
Premiums Earned, Net | $ 203 | $ 92 | $ 32 |
Premiums, Percentage Assumed to Net | 11.00% | 10.00% | 6.00% |
Accident and Health Insurance Product Line [Member] | |||
Insurance Services Revenue [Abstract] | |||
Direct Premiums Earned | $ 135 | $ 190 | $ 249 |
Ceded Premiums Earned | 89 | 128 | 369 |
Assumed Premiums Earned | 0 | 0 | 0 |
Premiums Earned, Net | $ 46 | $ 62 | $ 120 |
Premiums, Percentage Assumed to Net | 0.00% | 0.00% | 0.00% |
Life and Annuity Insurance Product Line [Member] | |||
Insurance Services Revenue [Abstract] | |||
Direct Premiums Earned | $ 2,524 | $ 2,687 | $ 2,979 |
Ceded Premiums Earned | 1,527 | 1,673 | 1,691 |
Assumed Premiums Earned | 129 | 113 | 74 |
Premiums Earned, Net | $ 1,126 | $ 1,127 | $ 1,362 |
Premiums, Percentage Assumed to Net | 11.00% | 10.00% | 5.00% |
Schedule V - Valuation and Qu78
Schedule V - Valuation and Qualifying Accounts Level 4 (Details) - Valuation allowance on mortgage loans [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Movement in Valuation allowance and reserves | |||
Balance, January 1 | $ 19 | $ 15 | $ 12 |
Charged to Costs and Expenses | 0 | 4 | 4 |
Write-offs/Payments/Other | 0 | 0 | (1) |
Balance, December 31 | $ 19 | $ 19 | $ 15 |