Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 03, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | TALCOTT RESOLUTION LIFE INSURANCE CO | |
Entity Central Index Key | 0000045947 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 1,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Statement [Abstract] | ||
Insurance Commissions and Fees | $ 203 | $ 231 |
Earned premiums | 8 | 27 |
Net investment income | 238 | 312 |
Net realized capital gains (losses): | ||
Total net realized capital gains (losses) | (193) | 21 |
Recognition of Deferred Revenue | 15 | 0 |
Total revenues | 271 | 591 |
Benefits, losses and expenses | ||
Benefits, loss and loss adjustment expenses | 174 | 325 |
Amortization of Value of Business Acquired (VOBA) | (43) | |
Deferred Policy Acquisition Costs and Present Value of Future Profits, Amortization | 11 | |
Insurance operating costs and other expenses | 106 | 108 |
Amortization of Intangible Assets | 1 | 0 |
Dividends to policyholders | 2 | 2 |
Total benefits, losses and expenses | 240 | 446 |
Income before income taxes | 31 | 145 |
Income tax expense | (1) | 20 |
Net income (loss) | $ 32 | $ 125 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net income (loss) | $ 32 | $ 125 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Comprehensive income | 384 | (196) |
Accumulated Net Unrealized Investment Gain (Loss) | ||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
OCI, net of tax | 354 | (304) |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
OCI, net of tax | 0 | (18) |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
OCI, net of tax | (2) | 1 |
AOCI Attributable to Parent [Member] | ||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
OCI, net of tax | $ 352 | $ (321) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Investments: | ||
Debt Securities, Available-for-sale | $ 13,977 | $ 13,839 |
Fair Value, Option, Fixed Maturity Securities | 11 | 12 |
Marketable Securities | 173 | 116 |
Mortgage loans (net of valuation allowances: March 31, 2019 - $0; December 31, 2018 - $5) | 2,085 | 2,100 |
Policy loans, at outstanding balance | 1,452 | 1,441 |
Limited partnerships and other alternative investments | 912 | 894 |
Other investments | 166 | 201 |
Short-term investments | 1,204 | 844 |
Total investments | 19,980 | 19,447 |
Cash | 104 | 221 |
Premiums Receivable, Net | 11 | 12 |
Reinsurance Recoverables, Including Reinsurance Premium Paid | 29,321 | 29,564 |
Present Value of Future Insurance Profits, Net | 741 | 716 |
Deferred income taxes, net | 876 | 969 |
Intangible Assets, Net (Excluding Goodwill) | 50 | 51 |
Other assets | 404 | 352 |
Separate account assets | 104,809 | 98,814 |
Total assets | 156,296 | 150,146 |
Liabilities | ||
Reserve for future policy benefits | 18,314 | 18,323 |
Other policyholder funds and benefits payable | 28,182 | 28,584 |
Other liabilities | 2,602 | 2,420 |
Separate account liabilities | 104,809 | 98,814 |
Total liabilities | 153,907 | 148,141 |
Stockholders' Equity | ||
Common stock—1,000 shares authorized, issued and outstanding, par value $5,690 | 6 | 6 |
Additional paid-in capital | 1,761 | 1,761 |
Accumulated other comprehensive income, net of tax | 181 | (171) |
Retained earnings | 441 | 409 |
Total Stockholders’ Equity | 2,389 | 2,005 |
Total liabilities and stockholder's equity | $ 156,296 | $ 150,146 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Assets [Abstract] | ||
Debt Securities, Available-for-sale, Amortized Cost | $ 13,711 | $ 14,035 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||
Common stock, shares authorized | 1,000 | 1,000 |
Common stock, shares issued | 1,000 | 1,000 |
Common stock: shares outstanding | 1,000 | 1,000 |
Common stock, par value | $ 5,690 | $ 5,690 |
Commercial Loan [Member] | ||
Assets [Abstract] | ||
Allowance for Loan and Lease Losses, Real Estate | $ 0 | $ (5) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Beginning Balance | $ 6,680 | $ 6 | $ 3,539 | $ 2,112 | $ 1,023 |
Cumulative effect of accounting change | (182) | 182 | |||
Adjusted balance, beginning of period | 1,930 | 1,205 | |||
Ending Balance | 6,680 | 6 | 3,539 | 2,112 | 1,023 |
Net income (loss) | 125 | 125 | |||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (321) | ||||
Adjustment to APIC, Contribution from Parent | 2 | ||||
Beginning Balance | 6,486 | 6 | 3,541 | 2,055 | 884 |
Ending Balance | 6,486 | 6 | 3,541 | 2,055 | 884 |
Beginning Balance | 2,005 | 6 | 1,761 | 409 | (171) |
Ending Balance | 2,005 | 6 | 1,761 | 409 | (171) |
Net income (loss) | 32 | 32 | |||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 352 | ||||
Beginning Balance | 2,389 | 6 | 1,761 | 441 | 181 |
Ending Balance | $ 2,389 | $ 6 | $ 1,761 | $ 441 | $ 181 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating Activities | ||
Net Income (Loss) | $ 32 | $ 125 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Net realized capital losses (gains) | 193 | (21) |
Recognition of Deferred Revenue | (15) | 0 |
Amortization of DAC and VOBA | (43) | 11 |
Depreciation and amortization | 11 | 4 |
Other operating activities, net | (139) | 126 |
Change in assets and liabilities: | ||
(Increase) decrease in reinsurance recoverables | 289 | 3 |
Increase (decrease) in accrued deferred income taxes | 93 | 15 |
Increase in unpaid losses and loss adjustment expenses, reserve for future policy benefits | (241) | 4 |
Net change in other assets and other liabilities | 202 | 0 |
Net Cash Provided by (Used in) Operating Activities | 382 | 267 |
Proceeds from the sale/maturity/prepayment of: | ||
Fixed maturities, available-for-sale | 1,112 | 1,605 |
Fixed maturities, fair value option | 1 | 3 |
Equity securities, fair value | 14 | 31 |
Mortgage loans | 20 | 98 |
Partnerships | 22 | 50 |
Payments for the purchase of: | ||
Fixed maturities, available-for-sale | (853) | (1,212) |
Equity securities, fair value | (2) | (7) |
Mortgage loans | (13) | (63) |
Partnerships | (24) | (44) |
Payment to Acquire Repurchase Agreements | (7) | 0 |
Change in derivatives, net | (52) | (156) |
Payments for (Proceeds from) Policy Loans | (11) | (46) |
Net additions to property and equipment | 0 | (1) |
Payments for (proceeds from) short-term investments | (349) | (460) |
Other investing activities, net | 0 | 15 |
Net cash provided by (used in) investing activities | (142) | (187) |
Financing Activities | ||
Deposits and other additions to investment and universal life-type contracts | 680 | 1,354 |
Withdrawals and other deductions from investment and universal life-type contracts | (2,958) | (7,472) |
Net transfers from separate accounts related to investment and universal life-type contracts | (1,890) | (5,918) |
Net increase (decrease) in securities loaned or sold under agreements to repurchase | 29 | (136) |
Net repayments at maturity or settlement of consumer notes | 0 | (4) |
Net cash used for financing activities | (359) | (340) |
Foreign exchange rate effect on cash | 2 | 0 |
Cash, Period Increase (Decrease) | (117) | (260) |
Cash - beginning of period | 221 | 537 |
Cash - end of period | $ 104 | $ 277 |
Basis of Presentation and Accou
Basis of Presentation and Accounting Policies Level 1 (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 1 . Basis of Presentation and Significant Accounting Policies Basis of Presentation Talcott Resolution Life Insurance Company, formerly Hartford Life Insurance Company, (together with its subsidiaries, “TL,” “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 Talcott Resolution Life, Inc., a Delaware corporation ("TLI"). Hopmeadow Holdings LP (“Hopmeadow Holdings", or "HHLP ”) is the ultimate parent of the Company. The Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, which differ materially from the accounting practices prescribed by various insurance regulatory authorities. These Condensed Consolidated Financial Statements and Notes should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in the Company's 2018 Form 10-K Annual Report (“Successor Company”). On May 31, 2018 the Company's indirect parent, Hartford Holding, Inc. ("HHI") completed the sale of the Company's parent to a group of investors led by Cornell Capital LLC, Atlas Merchant Capital LLC, TRB Advisors LP, Global Atlantic Financial Group ("Global Atlantic"), Pine Brook and J. Safra Group. Although Talcott Resolution Life Insurance Company is no longer affiliated with The Hartford Financial Services Group, Inc. ("The Hartford") or any of its subsidiaries, The Hartford retained a 9.7 percent ownership interest in HHLP ("Talcott Resolution Sale Transaction"). In conjunction with the sale, the Company entered into a transition services agreement with The Hartford to provide general ledger, cash management and information technology infrastructure services for a period of up to three years. In March 2019, an administrative services agreement was entered into for investment accounting services which replaced the services previously provided under the transition services agreement. These service agreements are not considered a material change in internal controls as the controls are substantially similar to those that existed prior to the Talcott Resolution Sale Transaction. The Company monitors and maintains oversight of the control environment provided by The Hartford covering these services and considers these controls in the evaluation of our internal control environment. HHLP’s May 31, 2018 acquisition of TLI was accounted for by HHLP using business combination accounting. Under this method, the purchase price paid by the investor group was assigned to the identifiable assets acquired and liabilities assumed as of the acquisition date based on their fair value. The Company elected to apply "pushdown" accounting by applying the guidance permitted under Accounting Standards Codification (“ASC”) Topic 805 Business Combinations . By the application of pushdown accounting, the Company’s assets, liabilities and equity were accordingly adjusted to fair value on May 31, 2018 which generated both intangible assets and Value of Business Acquired (“VOBA”). Determining the fair value of certain assets acquired and liabilities assumed is judgmental in nature and often involves the use of significant estimates and assumptions. While we do not anticipate material changes to the initial valuation of assets and liabilities in purchase and pushdown accounting, new information related to acquisition date valuations may give rise to a measurement period adjustment. The measurement period is not to exceed one year from the acquisition date and as of March 31, 2019 no changes have been made to the initial valuation of assets and liabilities determined as part of the purchase and pushdown accounting. Due to the application of pushdown accounting, TL’s financial statements and footnote disclosures are presented in two distinct periods to indicate the application of two different bases of accounting. The three months ended March 31, 2018 is identified herein as “Predecessor,” while the periods subsequent to HHLP’s acquisition of TLI is identified as “Successor.” As a result of the change in the basis of accounting from historical GAAP to reflect HHLP’s purchase cost, the financial statements for the Predecessor period are not comparable to the Successor periods. On June 1, 2018, TL executed reinsurance agreements to reinsure certain fixed immediate and deferred annuity contracts, variable payout separate account annuity contracts, standard mortality structured settlements, and period certain structured settlement annuity contracts ("Commonwealth Annuity Reinsurance Agreement") to Commonwealth Annuity and Life Insurance Company ("Commonwealth"), a subsidiary of Global Atlantic which is a member of the acquiring investment group. TL reinsured an 85% quota share, except 75% for standard mortality structured settlements, in exchange for a $357 ceding commission that was fixed based on reinsuring approximately $9.3 billion of reserves as of December 31, 2016, plus annuitizations through closing and annuitizations from market value adjusted annuities post-close. The reinsurance agreement was executed after the Talcott Resolution Sale Transaction, and as such, the accounting for the agreement was recorded after the TL balance sheet was adjusted to fair value in purchase and pushdown accounting. A deferred gain of approximately $1 billion was recorded in Other liabilities on the Condensed Consolidated Balance Sheet related to this reinsurance agreement and will be amortized over the life of the underlying policies reinsured. The accompanying Condensed Consolidated Financial Statements and Notes are unaudited. These financial statements reflect all adjustments (consisting only of normal accruals) which are, in the opinion of management, necessary for the fair presentation of the financial position, results of operations and cash flows for the interim periods. The Company's significant accounting policies are summarized in Note 1 - Basis of Presentation and Significant Accounting Policies of Notes to Consolidated Financial Statements included in the Company's 2018 Form 10-K Annual Report (Successor Company). The Company did not make significant changes to accounting policies during the three months ended March 31, 2019. Consolidation The Condensed Consolidated Financial Statements include the accounts of TL and entities the Company directly or indirectly has a controlling financial interest in, which the Company is required to consolidate. Entities in which TL 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 TL 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 (including VOBA) 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; amortization of the deferred gain on reinsurance; 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 Condensed Consolidated Financial Statements. Reclassifications Certain reclassifications have been made to prior year financial information to conform to the current year presentation. Revenue Recognition Revenue from customers for other than insurance and investment contracts was $21 for the three months ended March 31, 2019 (Successor Company), and $25 for the three months ended March 31, 2018 (Predecessor Company). The Company earns revenues from these contracts primarily for administrative and distribution services fees from offering certain fund families as investment options in its variable annuity products. Fees are primarily based on the average daily net asset values of the funds and are recorded in the period in which the services are provided and collected monthly. Fluctuations in domestic and international markets and related investment performance, volume and mix of sales and redemptions of the funds, and other changes to the composition of assets under management are all factors that ultimately have a direct effect on fee income earned. Pushdown Accounting (Successor Company) The table below shows the main balance sheet line items impacted in pushdown accounting as of the date of the acquisition. Cash and invested assets $ 27,038 VOBA 805 Deferred Income Taxes 998 Intangible Assets 55 Reinsurance recoverable and other assets 22,615 Separate account assets 110,773 Total assets 162,284 Reserves for future policy benefits 18,057 Other policyholder funds and benefits payable 29,560 Other liabilities 2,127 Separate account liabilities 110,773 Total liabilities 160,517 Equity 1,767 Total liabilities and stockholder's equity $ 162,284 Intangible Assets Intangible assets with definite lives are amortized over the estimated useful life of the asset. Amortizing intangible assets primarily consist of internally developed software amortized over a period not to exceed five years. Intangible assets with indefinite lives, primarily insurance licenses, are not amortized but are reviewed annually in the Company's impairment analysis. They will be tested for impairment more frequently if events or circumstances indicate the fair value of the indefinitely lived intangibles is less than the carrying value. Investments In pushdown accounting, the acquired investments are recorded at fair value through adjustments to additional paid in capital at the acquisition date. Value of Business Acquired/DAC/Additional Reserves In conjunction with the acquisition of TLI, a portion of the purchase price was allocated to the right to receive future gross profits from cash flows and earnings of the Company's insurance and investment contracts as of the date of the transaction. This intangible asset is called VOBA and is based on the actuarially estimated present value of future cash flows from the Company's insurance and investment contracts in-force as of the date of the transaction. The estimated fair value calculation of VOBA is based on certain assumptions, including mortality, persistency, expenses, interest rates, and other factors that the Company expects to experience in future years. Actual experience on the acquired contracts may vary from these projections and the recovery of VOBA is dependent upon the future profitability of the related business. The Company amortizes VOBA over estimated gross profits and it is reviewed for recoverability quarterly. Consistent with the acquisition being recorded at fair value, deferred acquisition costs which do not represent future cash flows are eliminated in pushdown accounting. The fair value of certain acquired obligations of the Company exceeded the book value of assumed in-force policy liabilities resulting in additional reserve liabilities. In pushdown accounting these liabilities were increased to fair value, which is presented separately from VOBA as additional insurance liability in Reserves for future policy benefits and Other policyholder funds and benefits payable. The additional liability is amortized to income over the policy or other relevant time period. Future Adoption of New Accounting Standards Financial Instruments - Credit Losses In June 2016, the FASB issued updated guidance for the recognition and measurement of financial instruments. The guidance revises the credit loss recognition criteria for certain financial assets and off-balance sheet exposures, including reinsurance recoverables. The Accounting Standards Update ("ASU") provides a new expected credit loss model where the reporting entity recognizes its estimate of lifetime expected credit losses for affected financial assets in a valuation allowance resulting in presentation of a net carrying value in the amount expected to be collected. The Company expects to adopt the updated guidance January 1, 2020, as required. The Company is currently assessing the impact of the ASU on the Company’s consolidated financial statements. Targeted Improvements to the Accounting for Long Duration Contracts The FASB issued ASU 2018-12 on August 15, 2018 which impacts the existing recognition, measurement, presentation, and disclosure requirements for long duration contracts issued by an insurance company. The guidance is intended to improve the timeliness of recognizing changes in the liability for future policy benefits and modify the rate used to discount future cash flows. Further, the guidance seeks to improve the accounting for certain market-based options or guarantees associated with account balance contracts and improve the effectiveness of the required disclosures. This ASU is effective January 1, 2021 with early adoption permitted. The Company has not yet determined the timing of its adoption and is currently assessing the impact of ASU 2018-12 on its financial statements. Changes to the Disclosure Requirements for Fair Value Measurement On August 28, 2018 the FASB issued ASU 2018-13 which removes, modifies and adds certain disclosure requirements related to fair value measurements in ASC 820, Fair Value Measurements |
Derivatives
Derivatives | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | 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, 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 The Company's derivatives may satisfy hedge accounting requirements as outlined in Note 1 - Basis of Presentation and Significant Accounting Policies of Notes to Consolidated Financial Statements included in the Company's 2018 Form 10-K Annual Report (Successor Company). 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. As a result of pushdown accounting, derivative instruments that qualified for hedge accounting were recorded at fair value through adjustments to additional paid in capital at the acquisition date. The hedge strategies by hedge accounting designation include: Cash Flow Hedges Interest rate swaps were predominantly used to manage portfolio duration and better match cash receipts from assets with cash disbursements required to fund liabilities. These derivatives primarily converted interest receipts on floating-rate fixed maturity securities to fixed rates. The Company previously entered 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. 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 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 March 31, 2019 (Successor Company) and December 31, 2018 (Successor Company), the notional amount of interest rate swaps in offsetting relationships was $1.5 billion . Foreign Currency Swaps and Forwards The Company enters into foreign currency swaps to convert the foreign currency exposures of certain foreign currency-denominated fixed maturity investments to U.S. dollars. The Company also enters into foreign currency forwards to hedge non-U.S. dollar denominated cash. 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. 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. 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. GMWB Hedging Instruments (Successor Company) Notional Amount Fair Value March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 Customized swaps $ 4,095 $ 3,877 $ 45 $ 71 Equity swaps, options, and futures 792 776 (28 ) (25 ) Interest rate swaps and futures 2,602 3,140 30 25 Total $ 7,489 $ 7,793 $ 47 $ 71 Macro Hedge Program The Company utilizes equity swaps, options, and futures to provide protection against the statutory tail scenario risk to the Company's statutory surplus arising from higher GMWB and guaranteed minimum death benefits ("GMDB") claims as well as lower variable annuity fee revenue. These derivatives cover some of the residual risks not otherwise covered by the dynamic hedging program. Modified Coinsurance Reinsurance Contracts As of March 31, 2019 (Successor Company), and December 31, 2018 (Successor Company), the Company had $807 and $798 , 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 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 of Note 2 - Fair Value Measurements of Notes to the Condensed Consolidated Financial Statements. Derivative Balance Sheet Presentation (Successor Company) Net Derivatives Asset Derivatives Liability Derivatives Notional Amount Fair Value Fair Value Fair Value Mar 31, 2019 Dec 31, 2018 Mar 31, 2019 Dec 31, 2018 Mar 31, 2019 Dec 31, 2018 Mar 31, 2019 Dec 31, 2018 Cash flow hedges Foreign currency swaps $ 10 $ — $ — $ — $ — $ — $ — $ — Total cash flow hedges 10 — — — — — — — Non-qualifying strategies Interest rate contracts Interest rate swaps and futures 3,049 3,152 (104 ) (101 ) 47 38 (151 ) (139 ) Foreign exchange contracts Foreign currency swaps and forwards 225 225 (10 ) (9 ) 7 7 (17 ) (16 ) Fixed payout annuity hedge 270 270 (86 ) (82 ) — — (86 ) (82 ) Credit contracts Credit derivatives that purchase credit protection 40 45 (1 ) (1 ) — — (1 ) (1 ) Credit derivatives that assume credit risk [1] 267 372 5 3 5 3 — — Credit derivatives in offsetting positions — 43 — — — 5 — (5 ) Equity contracts Equity index swaps, options, and futures 2,000 — 1 — 1 — — — Variable annuity hedge program GMWB product derivatives [2] 11,027 9,957 (29 ) (80 ) — — (29 ) (80 ) GMWB reinsurance contracts 2,307 2,115 28 40 28 40 — — GMWB hedging instruments 7,489 7,793 47 71 86 114 (39 ) (43 ) Macro hedge program 14,140 10,765 35 247 107 288 (72 ) (41 ) Other Modified coinsurance reinsurance contracts 807 798 (12 ) 12 — 12 (12 ) — Total non-qualifying strategies 41,621 35,535 (126 ) 100 281 507 (407 ) (407 ) Total cash flow hedges and non-qualifying strategies $ 41,631 $ 35,535 $ (126 ) $ 100 $ 281 $ 507 $ (407 ) $ (407 ) Balance Sheet Location Fixed maturities, available-for-sale $ 41 $ 41 $ — $ — $ — $ — $ — $ — Other investments 7,180 11,000 127 212 153 248 (26 ) (36 ) Other liabilities 20,269 11,623 (240 ) (84 ) 100 207 (340 ) (291 ) Reinsurance recoverables 3,114 2,914 16 52 28 52 (12 ) — Other policyholder funds and benefits payable 11,027 9,957 (29 ) (80 ) — — (29 ) (80 ) Total derivatives $ 41,631 $ 35,535 $ (126 ) $ 100 $ 281 $ 507 $ (407 ) $ (407 ) [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 Condensed 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. Offsetting Derivative Assets and Liabilities (Successor Company) (i) (ii) (iii) = (i) - (ii) (iv) (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 [4] Net Amount As of March 31, 2019 Other investments $ 253 $ 214 $ 127 $ (88 ) $ 11 $ 28 Other liabilities $ (366 ) $ (66 ) $ (240 ) $ (60 ) $ (298 ) $ (2 ) As of December 31, 2018 Other investments $ 455 $ 352 $ 212 $ (109 ) $ 65 $ 38 Other liabilities $ (327 ) $ (147 ) $ (84 ) $ (96 ) $ (178 ) $ (2 ) [1] Included in other invested assets in the Company's Condensed Consolidated Balance Sheets. [2] Included in other liabilities in the Company's Condensed Consolidated Balance Sheets and is limited to the net derivative receivable associated with each counterparty. [3] Included in other investments in the Company's Condensed 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 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. All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness. Derivatives in Cash Flow Hedging Relationships Gain (Loss) Recognized in OCI on Derivative Successor Company Predecessor Company For the three months ended March 31, 2019 For the three months ended March 31, 2018 Interest rate swaps $ — $ (16 ) Foreign currency swaps — — Total $ — $ (16 ) Derivatives in Cash Flow Hedging Relationships Gain or (Loss) Reclassified from AOCI into Income Successor Company Predecessor Company For the three months ended March 31, 2019 For the three months ended March 31, 2018 Net Capital Gain/(Loss) Net Investment Income Net Capital Gain/(Loss) Net Investment Income Interest rate swaps — — — 5 Foreign currency swaps — — 2 — Total $ — $ — $ 2 $ 5 Total amounts presented on the Condensed Consolidated Statements of Operations $ (193 ) $ 238 $ 21 $ 312 As of March 31, 2019 (Successor Company), 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 is less than $1 . 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. During the three months ended March 31, 2019 (Successor Company) and 2018 (Predecessor Company), 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. 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). Non-Qualifying Strategies Recognized within Net Realized Capital Gains (Losses) Successor Company Predecessor Company For the Three Months Ended March 31, 2019 For the Three Months Ended March 31, 2018 Variable annuity hedge program: GMWB product derivatives $ 65 $ 39 GMWB reinsurance contracts (5 ) (13 ) GMWB hedging instruments (46 ) (22 ) Macro hedge program (226 ) 18 Total variable annuity hedge program (212 ) 22 Foreign exchange contracts: Foreign currency swaps and forwards — (3 ) Fixed payout annuity hedge (4 ) 20 Total foreign exchange contracts (4 ) 17 Other non-qualifying derivatives: Interest rate contracts Interest rate swaps and futures 30 (30 ) Credit contracts Credit derivatives that purchase credit protection — — Credit derivatives that assume credit risk 6 (1 ) Equity contracts Equity index swaps and options — — Other Modified coinsurance reinsurance contracts (24 ) 26 Total other non-qualifying derivatives 12 (5 ) Total [1] $ (204 ) $ 34 [1] 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 of Notes to Condensed Consolidated Financial Statements. 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 are 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, previously, 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. Credit Derivatives by Type As of March 31, 2019 Successor Company 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 $ 65 $ 1 5 years Corporate Credit A- $ — $ — Basket credit default swaps [4] Investment grade risk exposure 202 4 5 years Corporate Credit BBB+ — — Total [5] $ 267 $ 5 $ — $ — As of December 31, 2018 Successor Company 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 $ 80 $ 1 4 years Corporate Credit/ Foreign Gov. A $ — $ — Basket credit default swaps [4] Investment grade risk exposure 202 1 5 years Corporate Credit BBB+ — — Below investment grade risk exposure 80 2 5 years Corporate Credit B+ — — Investment grade risk exposure 12 (1 ) 5 years CMBS Credit A- 2 — Below investment grade risk exposure 19 (5 ) Less than 1 Year CMBS Credit B- 19 5 Total [5] $ 393 $ (2 ) $ 21 $ 5 [1] The average credit ratings are based on availability and are generally the midpoint of the available ratings among Moody’s, S&P and Fitch. 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 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] Comprised of 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 of Notes to Condensed Consolidated Financial Statements. 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 March 31, 2019 (Successor Company) and December 31, 2018 (Successor Company), the Company pledged cash collateral associated with derivative instruments with a fair value of $2 , at each date, for which the collateral receivable has been recorded in other assets or other liabilities on the Company's Condensed Consolidated Balance Sheets as determined by the Company's election to offset on the balance sheet. The Company also pledged securities collateral associated with derivative instruments with a fair value of $315 and $191 , respectively, as of March 31, 2019 (Successor Company) and December 31, 2018 (Successor Company), which have been included in fixed maturities on the Condensed Consolidated Balance Sheets. The counterparties have the right to sell or re-pledge these securities. In addition, as of March 31, 2019 (Successor Company) and December 31, 2018 (Successor Company), the Company has pledged initial margin of cash and securities to clearinghouses and exchanges related to OTC-cleared and exchange traded derivatives of $83 and $85 , respectively. As of March 31, 2019 (Successor Company) and December 31, 2018 (Successor Company), the Company accepted cash collateral associated with derivative instruments of $219 and $402 , respectively, which was invested and recorded in the Company's Condensed 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 with a fair value of $13 and $76 , respectively, as of March 31, 2019 (Successor Company) and December 31, 2018 (Successor Company), all of which the Company has the ability to sell or repledge. As of March 31, 2019 |
Fair Value Measurements Level 1
Fair Value Measurements Level 1 (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
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. Successor Company Assets and (Liabilities) Carried at Fair Value by Hierarchy Level as of March 31, 2019 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") $ 383 $ — $ 381 $ 2 Collateralized loan obligations ("CLOs") 997 — 899 98 Commercial mortgage-backed securities ("CMBS") 1,481 — 1,443 38 Corporate 8,020 — 7,778 242 Foreign government/government agencies 390 — 390 — Bonds of municipalities and political subdivisions ("municipal bonds") 732 — 732 — Residential mortgage-backed securities ("RMBS") 986 — 602 384 U.S. Treasuries 988 81 907 — Total fixed maturities, AFS 13,977 81 13,132 764 Fixed maturities, FVO 11 — 11 — Equity securities, at fair value 173 52 86 35 Derivative assets Credit derivatives 1 — 1 — Foreign exchange derivatives 1 — 1 — Interest rate derivatives 39 — 39 — Guaranteed minimum withdrawal benefit ("GMWB") hedging instruments 27 — 4 23 Macro hedge program 59 — — 59 Total derivative assets [1] 127 — 45 82 Short-term investments 1,204 455 749 — Reinsurance recoverable for GMWB 28 — — 28 Modified coinsurance reinsurance contracts (12 ) — (12 ) — Separate account assets [2] 100,323 64,134 36,134 55 Total assets accounted for at fair value on a recurring basis $ 115,831 $ 64,722 $ 50,145 $ 964 Liabilities accounted for at fair value on a recurring basis Other policyholder funds and benefits payable GMWB embedded derivative $ (29 ) $ — $ — $ (29 ) Total other policyholder funds and benefits payable (29 ) — — (29 ) Derivative liabilities Credit derivatives 3 — 3 — Equity derivatives 1 — — 1 Foreign exchange derivatives (97 ) — (97 ) — Interest rate derivatives (143 ) — (114 ) (29 ) GMWB hedging instruments 20 — 23 (3 ) Macro hedge program (24 ) — — (24 ) Total derivative liabilities [3] (240 ) — (185 ) (55 ) Total liabilities accounted for at fair value on a recurring basis $ (269 ) $ — $ (185 ) $ (84 ) Successor Company Assets and (Liabilities) Carried at Fair Value by Hierarchy Level as of December 31, 2018 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 $ 516 $ — $ 514 $ 2 CLOs 963 — 886 77 CMBS 1,407 — 1,366 41 Corporate 7,678 — 7,351 327 Foreign government/government agencies 377 — 377 — Municipal bonds 734 — 734 — RMBS 1,033 — 590 443 U.S. Treasuries 1,131 322 809 — Total fixed maturities, AFS 13,839 322 12,627 890 Fixed maturities, FVO 12 — 12 — Equity securities, at fair value 116 54 16 46 Derivative assets Interest rate derivatives 36 — 36 — GMWB hedging instruments 44 — 8 36 Macro hedge program 132 — — 132 Total derivative assets [1] 212 — 44 168 Short-term investments 844 464 380 — Reinsurance recoverable for GMWB 40 — — 40 Modified coinsurance reinsurance contracts 12 — 12 — Separate account assets [2] 94,724 59,361 35,323 40 Total assets accounted for at fair value on a recurring basis $ 109,799 $ 60,201 $ 48,414 $ 1,184 Liabilities accounted for at fair value on a recurring basis Other policyholder funds and benefits payable GMWB embedded derivative $ (80 ) $ — $ — $ (80 ) Total other policyholder funds and benefits payable (80 ) — — (80 ) Derivative liabilities Credit derivatives 2 — 2 — Foreign exchange derivatives (91 ) — (91 ) — Interest rate derivatives (137 ) — (110 ) (27 ) GMWB hedging instruments 27 — 18 9 Macro hedge program 115 — — 115 Total derivative liabilities [3] (84 ) — (181 ) 97 Total liabilities accounted for at fair value on a recurring basis $ (164 ) $ — $ (181 ) $ 17 [1] Includes 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 and applicable law. See footnote 3 to this table for derivative liabilities. [2] Approximately $4.0 billion and $3.6 billion of investment sales receivable, as of March 31, 2019 (Successor Company) and December 31, 2018 (Successor Company), 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 $467 and $468 of investments, as of March 31, 2019 (Successor Company) and December 31, 2018 (Successor Company), respectively, 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. [3] Includes 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 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, such as municipal 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 of the Company's investment manager, which is a cross-functional group of senior management at the Company's investment manager that meets at least quarterly. The purpose of the committee is to oversee the pricing policy and procedures, as well as to approve 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 of the Company's investment manager: 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's investment manager 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. The Company maintains oversight of its investment manager's internal controls, including valuation controls, and maintains the final decision on all valuation matters. 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. Valuation Inputs Used in Level 2 and 3 Measurements for Securities and Freestanding Derivatives Level 2 Level 3 Fixed Maturity Investments Structured securities (includes ABS, CLOs, 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 • Credit spreads beyond observable curve 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 Short Term Investments • Benchmark yields and spreads Not applicable Derivatives Credit derivatives • Swap yield curve Not applicable Equity derivatives • Equity index levels • Independent broker quotes Foreign exchange derivatives • Swap yield curve Not applicable Interest rate derivatives • Swap yield curve • Independent broker quotes Significant Unobservable Inputs for Level 3 - Securities As of March 31, 2019 (Successor Company) Assets Accounted for at Fair Value on a Recurring Basis Fair Value Predominant Significant Minimum Maximum Weighted Average [1] Impact of Increase in Input on Fair Value [2] CLOs [3] $ 71 Discounted cash flows Spread 60bps 256bps 253bps Decrease CMBS [3] $ 30 Discounted cash flows Spread (encompasses 9bps 1,816bps 241bps Decrease Corporate [4] $ 158 Discounted cash flows Spread 121bps 665bps 291bps Decrease RMBS [3] $ 384 Discounted cash flows Spread 26bps 1,214bps 85bps Decrease Constant prepayment rate —% 16% 6% Decrease [5] Constant default rate 1% 6% 3% Decrease Loss severity —% 100% 60% Decrease As of December 31, 2018 (Successor Company) 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] CMBS [3] $ 1 Discounted cash flows Spread (encompasses 9bps 1,816bps 278bps Decrease Corporate [4] $ 144 Discounted cash flows Spread 145bps 1,145bps 400bps Decrease RMBS [3] $ 426 Discounted cash flows Spread 31bps 346bps 92bps Decrease Constant prepayment rate —% 13% 6% Decrease [5] Constant default rate 2% 8% 3% Decrease Loss severity —% 100% 58% 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 As of March 31, 2019 (Successor Company) Fair Predominant Significant Minimum Maximum Impact of Equity derivatives Equity options $1 Option model Equity volatility 1% 1% Increase Interest rate derivatives Interest rate swaps $ (29 ) Discounted cash flows Swap curve 3% 3% Decrease GMWB hedging instruments Equity variance swaps $ (29 ) Option model Equity volatility 17% 17% Increase Equity options $ 1 Option model Equity volatility 31% 33% Increase Customized swaps $ 46 Discounted cash flows Equity volatility 12% 25% Increase Interest rate swaption $ 2 Option model Interest rate volatility 2% 2% Increase Macro hedge program [2] Equity options $ 37 Option model Equity volatility 1% 30% Increase As of December 31, 2018 (Successor Company) Fair Value Predominant Valuation Technique Significant Unobservable Input Minimum Maximum Impact of Increase in Input on Fair Value [1] Interest rate derivatives Interest rate swaps $ (27 ) Discounted cash flows Swap curve 3% 3% Decrease GMWB hedging instruments Equity variance swaps $ (26 ) Option model Equity volatility 22% 22% Increase Equity options $ (1 ) Option model Equity volatility 30% 32% Increase Customized swaps $ 71 Discounted cash flows Equity volatility 18% 30% Increase Interest rate swaption $ 1 Option model Interest rate volatility 3% 3% Increase Macro hedge program [2] Equity options $ 250 Option model Equity volatility 17% 30% 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, 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 three months ended March 31, 2019 (Successor Company), 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 $321 and $283 for the three months ended March 31, 2019 (Successor Company) and 2018 (Predecessor Company), respectively, which represented previously on-the-run U.S.Treasury securities that are now off-the-run. For the three months ended March 31, 2019 (Successor Company) and 2018 (Predecessor Company), there were no transfers from Level 2 to Level 1. See the fair value roll-forward tables 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 guaranteed remaining balance ("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 Condensed 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 Condensed 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 Condensed 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 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 further 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 recognizes 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 adjustment to the fair value 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 estimates of 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 As of March 31, 2019 (Successor Company) Significant Unobservable Input Unobservable Inputs (Minimum) Unobservable Inputs (Maximum) Impact of Increase in Input Withdrawal utilization [2] 15% 100% Increase Withdrawal rates [3] —% 8% Increase Lapse rates [4] 1% 40% Decrease Reset elections [5] 20% 45% Increase Equity volatility [6] 12% 25% Increase Credit standing adjustment [7] 0.04% 0.28% Decrease As of December 31, 2018 (Successor Company) Significant Unobservable Input Unobservable Inputs (Minimum) Unobservable Inputs (Maximum) Impact of Increase in Input Withdrawal utilization [2] 15% 100% Increase Withdrawal rates [3] —% 8% Increase Lapse rates [4] 1% 40% Decrease Reset elections [5] 20% 45% Increase Equity volatility [6] 17% 30% Increase Credit standing adjustment [7] 0.04% 0.28% Decrease [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. [7] 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, 51% were subject to significant liquidation restrictions as of March 31, 2019 (Successor Company) and December 31, 2018 (Successor Company), respectively. Total limited partnerships that do not allow any form of redemption were 0% as of March 31, 2019 (Successor Company) and December 31, 2018 (Successor Company). 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. The following table presents a reconciliation of the beginning and ending balances for fair value measurements for the three months ended March 31, 2019 (Successor Company), for which the Company used significant unobservable inputs (Level 3): Fair Value Roll-forwards for Financial Instruments Classified as Level 3 Total Realized/Unrealized Gains (Losses) Fair Value as of January 1, 2019 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 March 31, 2019 Assets Fixed maturities, AFS ABS $ 2 $ — $ — $ — $ — $ — $ — $ — $ 2 CLOs 77 — — 38 — (5 ) — (12 ) 98 CMBS 41 — — 29 — — — (32 ) 38 Corporate 327 1 4 4 (3 ) (86 ) 4 (9 ) 242 RMBS 443 — 1 — (22 ) (21 ) — (17 ) 384 Total fixed maturities, AFS 890 1 5 71 (25 ) (112 ) 4 (70 ) 764 Equity securities, at fair value 46 (2 ) — — — (9 ) — — 35 Freestanding derivatives Equity — — — 1 — — — — 1 Interest rate (27 ) (2 ) — — — — — (29 ) GMWB hedging instruments 45 (25 ) — — — — — 20 Macro hedge program 247 (213 ) 1 — — — — 35 Total freestanding derivatives [5] 265 (240 ) — 2 — — — — 27 Reinsurance recoverable for GMWB 40 (14 ) — — 2 — — — 28 Separate accounts 40 — — 28 — (1 ) — (12 ) 55 Total assets $ 1,281 $ (255 ) $ 5 $ 101 $ (23 ) $ (122 ) $ 4 $ (82 ) $ 909 Liabilities Other policyholder funds and benefits payable Guaranteed withdrawal benefits $ (80 ) $ 65 $ — $ — $ (14 ) $ — $ — $ — $ (29 ) Total other policyholder funds and benefits payable (80 ) 65 — — (14 ) — — — (29 ) Total liabilities $ (80 ) $ 65 $ — $ — $ (14 ) $ — $ — $ — $ (29 ) The following table presents a reconciliation of the beginning and ending balances for fair value measurements for the three months ended March 31, 2018 (Predecessor Company), for which the Company used significant unobservable inputs (Level 3): Fair Value |
Level 1 (Notes)
Level 1 (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Investments [Abstract] | |
Investments | Net Realized Capital Gains (Losses) Successor Company Predecessor Company (Before tax) For the three months ended March 31, 2019 For the three months ended March 31, 2018 Gross gains on sales $ 13 $ 21 Gross losses on sales (8 ) (17 ) Equity securities [1] 2 11 Results of variable annuity hedge program GMWB derivatives, net 14 4 Macro hedge program (226 ) 18 Total results of variable annuity hedge program (212 ) 22 Transactional foreign currency revaluation — (14 ) Non-qualifying foreign currency derivatives (4 ) 17 Other, net [2] 16 (19 ) Net realized capital gains (losses) $ (193 ) $ 21 [1] Includes all changes in fair value and trading gains and losses for equity securities at fair value. [2] Includes gains (losses) on non-qualifying derivatives, excluding foreign currency derivatives, of $12 and $(5) for the three months ended March 31, 2019 (Successor Company) and 2018 (Predecessor Company), respectively. Net realized capital gains and losses from investment sales are reported as a component of revenues and are determined on a specific identification basis. For the three months ended March 31, 2019 (Successor Company), before tax, net gains and losses on sales and impairments previously reported as unrealized gains or losses in AOCI were $6 . Before tax, net gains and losses on sales and impairments previously reported as unrealized gains or losses in AOCI were $4 for the three months ended March 31, 2018 (Predecessor Company). For the three months ended March 31, 2019 (Successor Company) and 2018 (Predecessor Company), proceeds from sales of AFS securities totaled $945 and $1.1 billion , respectively. The net unrealized gain (loss) on equity securities included in net realized capital gains (losses) related to equity securities still held as of March 31, 2019 , were $8 for the three months ended March 31, 2019 (Successor Company). The net unrealized gain (loss) on equity securities included in net realized capital gains (losses) related to equity securities still held as of March 31, 2018 , was immaterial for the for the the three months ended March 31, 2018 . Recognition and Presentation of Other-Than-Temporary Impairments The Company will record an OTTI for fixed maturities 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 fixed maturities 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's considerations include, but are 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. For the three months ended March 31, 2019 (Successor Company) and 2018 (Predecessor Company), there were no impairments recognized in earnings and no non-credit impairments recognized in other comprehensive income. Cumulative Credit Impairments Successor Company Predecessor Company (Before tax) For the three months ended March 31, 2019 For the three months ended March 31, 2018 Balance as of beginning of period $ (6 ) $ (88 ) Additions for credit impairments recognized on [1]: Securities not previously impaired — — Securities previously impaired — — Reductions for credit impairments previously recognized on: Securities that matured or were sold during the period 6 4 Balance as of end of period $ — $ (84 ) [1] These additions are included in the net OTTI losses recognized in earnings in the Condensed Consolidated Statements of Operations. Available-for-Sale Securities AFS Securities by Type Successor Company March 31, 2019 December 31, 2018 Cost or Amortized Cost [1] Gross Unrealized Gains Gross Unrealized Losses Fair Value Non-Credit OTTI [2] Cost or Amortized Cost [1] Gross Unrealized Gains Gross Unrealized Losses Fair Value Non-Credit OTTI [2] ABS $ 380 $ 3 $ — $ 383 $ — $ 514 $ 2 $ — $ 516 $ — CLOs 996 9 (8 ) 997 — 971 5 (13 ) 963 — CMBS 1,453 32 (1 ) 1,481 — 1,409 8 (7 ) 1,407 — Corporate 7,855 183 (51 ) 8,020 — 7,860 19 (236 ) 7,678 (1 ) Foreign govt./govt. agencies 380 14 (1 ) 390 — 383 3 (6 ) 377 — Municipal 710 21 — 732 — 738 5 (10 ) 734 — RMBS 980 7 (1 ) 986 — 1,034 3 (4 ) 1,033 — U.S. Treasuries 957 31 — 988 — 1,126 8 (3 ) 1,131 — Total fixed maturities, AFS $ 13,711 $ 300 $ (62 ) $ 13,977 $ — $ 14,035 $ 53 $ (279 ) $ 13,839 $ (1 ) [1] The cost or amortized cost of assets that support modified coinsurance reinsurance contracts were not adjusted as part of the application of pushdown accounting. As a result, gross unrealized gains (losses) only include subsequent changes in value recorded in AOCI beginning June 1, 2018. Prior changes in value have been recorded in additional paid-in capital. [2] 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 March 31, 2019 (Successor Company) and December 31, 2018 (Successor Company). Fixed maturities, AFS, by Contractual Maturity Year Successor Company March 31, 2019 December 31, 2018 Contractual Maturity Amortized Cost Fair Value Amortized Cost Fair Value One year or less $ 430 $ 429 $ 481 $ 479 Over one year through five years 1,419 1,433 1,508 1,501 Over five years through ten years 1,885 1,926 1,807 1,783 Over ten years 6,168 6,342 6,311 6,157 Subtotal 9,902 10,130 10,107 9,920 Mortgage-backed and asset-backed securities 3,809 3,847 3,928 3,919 Total fixed maturities, AFS $ 13,711 $ 13,977 $ 14,035 $ 13,839 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 agencies as of March 31, 2019 (Successor Company) and December 31, 2018 (Successor Company). For further discussion of concentration of credit risk, see the Concentration of Credit Risk section in Note 3 - Investments of Notes to Consolidated Financial Statements in the Company’s 2018 Form 10-K Annual Report (Successor Company). Unrealized Losses on AFS Securities Unrealized Loss Aging for AFS Securities by Type and Length of Time as of March 31, 2019 Successor Company Less Than 12 Months 12 Months or More Total Amortized Cost [1] Fair Value Unrealized Losses Amortized Cost [1] Fair Value Unrealized Losses Amortized Cost [1] Fair Value Unrealized Losses ABS $ 102 $ 102 $ — $ — $ — $ — $ 102 $ 102 $ — CLOs 885 877 (8 ) — — — 885 877 (8 ) CMBS 217 216 (1 ) — — — 217 216 (1 ) Corporate 1,634 1,596 (51 ) — — — 1,634 1,596 (51 ) Foreign govt./govt. agencies 72 71 (1 ) — — — 72 71 (1 ) Municipal 31 31 — — — — 31 31 — RMBS 297 296 (1 ) — — — 297 296 (1 ) U.S. Treasuries 15 15 — — — — 15 15 — Total fixed maturities, AFS in an unrealized loss position $ 3,253 $ 3,204 $ (62 ) $ — $ — $ — $ 3,253 $ 3,204 $ (62 ) Unrealized Loss Aging for AFS Securities by Type and Length of Time as of December 31, 2018 Successor Company Less Than 12 Months 12 Months or More Total Amortized Cost [1] Fair Value Unrealized Losses Amortized Cost [1] Fair Value Unrealized Losses Amortized Cost [1] Fair Value Unrealized Losses ABS $ 179 $ 179 $ — $ — $ — $ — $ 179 $ 179 $ — CLOs 887 874 (13 ) — — — 887 874 (13 ) CMBS 762 754 (7 ) — — — 762 754 (7 ) Corporate 6,748 6,549 (236 ) — — — 6,748 6,549 (236 ) Foreign govt./govt. agencies 218 212 (6 ) — — — 218 212 (6 ) Municipal 490 480 (10 ) — — — 490 480 (10 ) RMBS 727 723 (4 ) — — — 727 723 (4 ) U.S. Treasuries 619 616 (3 ) — — — 619 616 (3 ) Total fixed maturities, AFS in an unrealized loss position $ 10,630 $ 10,387 $ (279 ) $ — $ — $ — $ 10,630 $ 10,387 $ (279 ) [1] The cost or amortized cost of assets that support modified coinsurance reinsurance contracts were not adjusted as part of the application of pushdown accounting. As a result, gross unrealized gains (losses) only include subsequent changes in value recorded in AOCI beginning June 1, 2018. Prior changes in value have been recorded in additional paid-in capital. As of March 31, 2019 (Successor Company), AFS securities in an unrealized loss position consisted of 743 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 March 31, 2019 (Successor Company), 100% of these securities were depressed less than 20% of amortized cost. 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 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 March 31, 2019 (Successor Company), mortgage loans had an amortized cost and carrying value of $2.1 billion , with no valuation allowance. As of December 31, 2018 (Successor Company), mortgage loans had an amortized cost and carrying value of $2.1 billion , with a valuation allowance of $(5) . Amortized cost represents carrying value prior to valuation allowances, if any. As of March 31, 2019 (Successor Company) and December 31, 2018 (Successor Company) the carrying value of mortgage loans that had a valuation allowance was $0 and $23 , respectively. There were no mortgage loans held-for-sale as of March 31, 2019 (Successor Company) or December 31, 2018 (Successor Company). As of March 31, 2019 (Successor Company), the Company had no mortgage loans that have had extensions or restructurings other than what is allowable under the original terms of the contract. Valuation Allowance Activity Successor Company Predecessor Company For the three months ended March 31, 2019 For the three months ended March 31, 2018 Beginning Balance $ (5 ) $ — Reversals — — Deductions 5 — Ending Balance $ — $ — The weighted-average LTV ratio of the Company’s mortgage loan portfolio was 52% as of March 31, 2019 (Successor Company), 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. As of both March 31, 2019 (Successor Company) and December 31, 2018 (Successor Company), the Company held no delinquent mortgage loans past due by 90 days or more. The Company took title to one property through a deed-in-lieu foreclosure during the three months ended March 31, 2019 . Following the conclusion of the deed-in-lieu foreclosure process, the property transferred at its carrying value, net of the valuation allowance, to a real-estate owned investment during the three months ended March 31, 2019 . The real-estate owned investment is included within other investments in the Company's Condensed Consolidated Balance Sheets as of March 31, 2019 . Mortgage Loans Credit Quality Successor Company March 31, 2019 December 31, 2018 Loan-to-value Carrying Value Avg. Debt-Service Coverage Ratio Carrying Value Avg. Debt-Service Coverage Ratio 65% - 80% 358 1.88x 340 1.78x Less than 65% 1,727 2.52x 1,760 2.48x Total mortgage loans $ 2,085 2.41x $ 2,100 2.36x Mortgage Loans by Region Successor Company March 31, 2019 December 31, 2018 Carrying Value Percent of Total Carrying Value Percent of Total East North Central $ 56 2.7% $ 56 2.7% East South Central 19 0.9% 19 0.9% Middle Atlantic 131 6.3% 131 6.2% Mountain 51 2.4% 51 2.4% New England 79 3.8% 79 3.7% Pacific 679 32.6% 684 32.6% South Atlantic 451 21.6% 457 21.8% West South Central 225 10.8% 226 10.8% Other [1] 394 18.9% 397 18.9% Total mortgage loans $ 2,085 100% $ 2,100 100% [1] Primarily represents loans collateralized by multiple properties in various regions. Mortgage Loans by Property Type Successor Company March 31, 2019 December 31, 2018 Carrying Value Percent of Total Carrying Value Percent of Total Commercial Industrial $ 585 28.1% $ 580 27.6% Lodging 24 1.2% 24 1.1% Multifamily 519 24.9% 518 24.7% Office 459 22.0% 478 22.8% Retail 284 13.6% 286 13.6% Single Family 86 4.1% 86 4.1% Other 128 6.1% 128 6.1% Total mortgage loans $ 2,085 100% $ 2,100 100% Variable Interest Entities The Company is engaged with various special purpose entities and other entities that are deemed to be variable interest entities ("VIEs") primarily as an investor through normal investment activities. 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 Condensed Consolidated Financial Statements. As of March 31, 2019 (Successor Company) and December 31, 2018 (Successor Company) the Company did not hold any VIEs for which it was the primary beneficiary. Non-Consolidated VIEs The Company, through normal investment activities, makes passive investments in limited partnerships and other alternative investments. 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 March 31, 2019 (Successor Company) and December 31, 2018 (Successor Company) is limited to the total carrying value of $873 and $849 , respectively, which are included in limited partnerships and other alternative investments in the Company's Condensed Consolidated Balance Sheets. As of March 31, 2019 (Successor Company) and December 31, 2018 (Successor Company), the Company has outstanding commitments totaling $469 and $474 , 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. For further discussion of these investments, see Equity Method Investments within Note 3 - Investments of Notes to Consolidated Financial Statements included in the Company’s 2018 Form 10-K Annual Report (Successor Company). In addition, the Company also makes passive investments in structured securities issued by VIEs for which the Company is not the manager. These investments are included in ABS, CLOs, CMBS and RMBS in the Available for Sale Securities table and fixed maturities, AFS and FVO, in the Company’s Condensed 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 additional income or manage liquidity, primarily through securities lending and repurchase agreements. Securities Lending 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 Condensed 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 Company's Condensed Consolidated Balance Sheets. Income associated with securities lending transactions is reported as a component of net investment income in the Company’s Condensed Consolidated Statements of Operations. Repurchase Agreements From time to time, the Company enters into repurchase agreements to manage liquidity or to earn incremental 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. These transactions generally have a contractual maturity of ninety days or less. 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, the Company's current positions do not meet the specific conditions for net presentation. 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 Condensed Consolidated Balance Sheets. 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 Condensed Consolidated Balance Sheets. From time to time, the Company enters into reverse repurchase agreements where the Company purchases securities and simultaneously agrees to resell the same or substantially the same securities. The agreements require additional collateral to be transferred to the Company when necessary and the Company has the right to sell or re-pledge the securities received. The Company accounts for reverse repurchase agreements as collateralized financing. The receivable for reverse repurchase agreements is included within short term investments in the Company's Condensed Consolidated Balance Sheets. Securities Lending and Repurchase Agreements Successor Company March 31, 2019 December 31, 2018 Fair Value Fair Value Securities Lending Transactions: Gross amount of securities on loan $ 297 $ 277 Gross amount of associated liability for collateral received [1] $ 304 $ 284 Repurchase agreements: Gross amount of recognized liabilities for repurchase agreements $ 195 $ 186 Gross amount of collateral pledged related to repurchase agreements [2] $ 197 $ 190 Gross amount of recognized receivables for reverse repurchase agreements [3] $ 35 $ 25 [1] Cash collateral received is reinvested in fixed maturities, AFS and short term investments which are included in the Condensed Consolidated Balance Sheets. Amount includes additional securities collateral received of $ 5 and $ 1 which are excluded from the Company's Condensed Consolidated Balance Sheets as of March 31, 2019 (Successor Company) and December 31, 2018 (Successor Company), respectively. [2] Collateral pledged is included within fixed maturities, AFS and short term investments in the Company's Condensed Consolidated Balance Sheets. [3] Collateral received is included within short term investments in the Company's Condensed Consolidated Balance Sheets. Other Collateral Transactions The Company is required by law to deposit securities with government agencies in certain states in which it conducts business. As of both March 31, 2019 (Successor Company) and December 31, 2018 (Successor Company), the fair value of securities on deposit was $23 . For disclosure of collateral in support of derivative transactions, refer to the Derivative Collateral Arrangements section of Note 4 - Derivative Instruments |
Reinsurance Level 1 (Notes)
Reinsurance Level 1 (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Reinsurance Disclosures [Abstract] | |
Reinsurance [Text Block] | The Company cedes insurance to 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 regularly monitors the financial condition and ratings of its reinsurers and structures agreements to provide collateral funds where necessary. 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 policyholder benefits that may be ceded under the terms of the reinsurance agreements. Amounts recoverable from reinsurers are estimated in a manner consistent with assumptions used for the underlying policy benefits. 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. Reinsurance Recoverables Successor Company March 31, 2019 December 31, 2018 Reserve for future policy benefits and other policyholder funds and benefits payable Sold businesses (MassMutual and Prudential) $ 19,433 $ 19,354 Commonwealth 8,687 8,969 Other reinsurers 1,201 1,241 Gross reinsurance recoverables $ 29,321 $ 29,564 As of March 31, 2019 , the Company (Successor Company) has reinsurance recoverables from Commonwealth, MassMutual, and Prudential of approximately $8.7 billion , $8.1 billion and $11.3 billion , respectively. As of December 31, 2018 , the Company (Successor Company) had reinsurance recoverables from Commonwealth, MassMutual and Prudential of $9.0 billion , $8.1 billion and $11.3 billion , respectively. The Company's obligations to its direct policyholders that have been reinsured to Commonwealth, MassMutual and Prudential are primarily secured by invested assets held in trust. No allowance for uncollectible reinsurance is required as of March 31, 2019 (Successor Company) and December 31, 2018 (Successor Company). 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 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, and funds held accounts. Although management has determined that no allowance is required at this time, the Company closely monitors the financial condition, ratings, and current market information of all of its counterparty reinsurers. Insurance Revenues Successor Company Predecessor Company For the Three Months Ended March 31, 2019 For the Three Months Ended March 31, 2018 Gross earned premiums, fee income and other $ 576 $ 640 Reinsurance assumed 30 29 Reinsurance ceded (395 ) (411 ) Net earned premiums, fee income and other $ 211 $ 258 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 $373 for the three months ended March 31, 2019 (Successor Company) and $352 |
Deferred Policy Acquisition Cos
Deferred Policy Acquisition Costs and Value of Business Acquired Level 1 (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Deferred Policy Acquisition Costs and Present Value of Future Profits [Abstract] | |
Present Value of Future Insurance Profits [Text Block] | Changes in the DAC Balance [1] Successor Company Predecessor Company For the Three Months Ended March 31, 2019 For the Three Months Ended March 31, 2018 Balance, beginning of period $ — $ 405 Amortization — DAC — (8 ) Amortization — unlock charge, pre-tax — (3 ) Adjustments to unrealized gains and losses on securities AFS and other — 23 Balance, end of period $ — $ 417 [1] Effective with the application of pushdown accounting on May 31, 2018, the Company eliminated its DAC balance through a pushdown accounting adjustment. Please see Note 1 , Basis of Presentation and Significant Accounting Policies of Notes to Condensed Consolidated Financial Statements for further discussion of pushdown accounting. Changes in the VOBA Balance [1] Successor Company Predecessor Company For the Three Months Ended March 31, 2019 For the Three Months Ended March 31, 2018 Balance, beginning of period $ 716 $ — Amortization — VOBA [2] 41 — Amortization — Unlock benefit, pre-tax 2 — Adjustments to unrealized gains and losses on securities AFS and other (18 ) — Balance, end of period $ 741 $ — [1] Effective with the application of pushdown accounting on May 31, 2018, the Company established its VOBA through a pushdown accounting adjustment. Please see Note 1 , Basis of Presentation and Significant Accounting Policies of Notes to Condensed Consolidated Financial Statements for further discussion of pushdown accounting. [2] EGPs used in the amortization of VOBA include the impact of macro hedge losses of ($226) on actual gross profits, resulting in an increase to the VOBA balance for the three months ended March 31, 2019. Expected Amortization Expense of VOBA (Successor Company) Years Expected Amortization Expense 2019 [1] $ 25 2020 $ 42 2021 $ 53 2022 $ 47 2023 $ 43 [1] |
Reserve for Future Policy Benef
Reserve for Future Policy Benefits and SA Liabilities Level 1 (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Separate Accounts Disclosure [Abstract] | |
Separate Accounts, Death Benefits, and Other Insurance Benefit Features [Text Block] | Changes in Reserves for Future Policy Benefits Successor Company Universal Life-Type Contracts GMDB/GMWB [1] Universal Life Secondary Guarantees Traditional Annuity and Other Contracts [2] Total Future Policy Benefits Liability balance as of January 1, 2019 $ 462 $ 3,276 $ 14,585 $ 18,323 Incurred [3] 17 92 99 208 Paid (24 ) (1 ) (192 ) (217 ) Liability balance as of March 31, 2019 $ 455 $ 3,367 $ 14,492 $ 18,314 Reinsurance recoverable asset, as of January 1, 2019 $ 284 $ 3,276 $ 4,972 $ 8,532 Incurred [3] 13 92 5 110 Paid (19 ) (1 ) (64 ) (84 ) Reinsurance recoverable asset, as of March 31, 2019 $ 278 $ 3,367 $ 4,913 $ 8,558 Predecessor Company Universal Life-Type Contracts GMDB/GMWB [1] Universal Life Secondary Guarantees Traditional Annuity and Other Contracts [2] Total Future Policy Benefits Liability balance as of January 1, 2018 $ 873 $ 2,940 $ 10,669 $ 14,482 Incurred [3] 35 87 105 227 Paid (28 ) — (194 ) (222 ) Change in unrealized investment gains and losses — — (205 ) (205 ) Liability balance as of March 31, 2018 $ 880 $ 3,027 $ 10,375 $ 14,282 Reinsurance recoverable asset as of January 1, 2018 $ 464 $ 2,940 $ 1,742 $ 5,146 Incurred [3] 22 87 (55 ) 54 Paid (22 ) — (12 ) (34 ) Reinsurance recoverable asset as of March 31, 2018 $ 464 $ 3,027 $ 1,675 $ 5,166 [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 up to the return of 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 Value by GMDB/GMWB Type as of March 31, 2019 (Successor Company) Account Value (“AV”) [9] Net Amount at Risk (“NAR”) [10] Retained Net Amount at Risk (“RNAR”) [10] Weighted Average Attained Age of Annuitant Maximum anniversary value (“MAV”) [1] MAV only $ 12,268 $ 1,828 $ 280 72 With 5% rollup [2] 998 116 39 72 With Earnings Protection Benefit Rider (“EPB”) [3] 3,102 488 77 72 With 5% rollup & EPB 430 98 21 74 Total MAV 16,798 2,530 417 Asset Protection Benefit (APB) [4] 8,470 115 77 70 Lifetime Income Benefit (LIB) – Death Benefit [5] 382 4 4 72 Reset [6] (5-7 years) 2,243 5 5 71 Return of Premium [7] /Other 5,917 59 57 72 Variable Annuity without GMDB [8] 2,019 — — 69 Subtotal Variable Annuity [11] $ 35,829 $ 2,713 $ 560 71 Less: General Account Value 3,326 Subtotal Separate Account Liabilities with GMDB 32,503 Separate Account Liabilities - Other [12] 72,306 Total Separate Account Liabilities $ 104,809 [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 of 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 or net premiums paid. [8] Includes account value for contracts that had a GMDB at issue but no longer have a GMDB due to certain elections made by policyholders or their beneficiaries. [9] AV includes the contract holder’s investment in the separate account and the general account. [10] NAR is defined as the guaranteed minimum death benefit in excess of the current AV. RNAR represents NAR reduced for reinsurance. NAR and RNAR are highly sensitive to equity markets movements and increase when equity markets decline. [11] 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 $5.3 billion of total account value and weighted average attained age of 74 years . There is no NAR or retained NAR related to these contracts. [12] Includes non-guaranteed separate account balances representing corporate owned life insurance and reinsured individual life and retirement plan businesses. Account Balance Breakdown of Variable Separate Account Investments for Contracts with Guarantees Successor Company Asset type As of March 31, 2019 As of December 31, 2018 Equity securities (including mutual funds) $ 30,832 $ 28,953 Cash and cash equivalents 1,671 1,286 Total [1] $ 32,503 $ 30,239 [1] Includes $2.0 billion and $1.8 billion of account value as of March 31, 2019 (Successor Company) and December 31, 2018 (Successor Company) for contracts that had a GMDB at issue but no longer have a GMDB due to certain elections made by policyholders or their beneficiaries. As of March 31, 2019 (Successor Company) and December 31, 2018 (Successor Company), approximately 22% and 20% , respectively, of the equity securities (including mutual funds) in the preceding table were funds invested in fixed income securities and approximately 78% and 80% , respectively, 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 |
Income Taxes Level 1 (Notes)
Income Taxes Level 1 (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Income Tax Rate Reconciliation Successor Company Predecessor Company For the Three Months Ended March 31, 2019 For the Three Months Ended March 31, 2018 Tax provision at the U.S. federal statutory rate $ 7 $ 30 Dividends-received deduction ("DRD") (6 ) (7 ) Foreign related investments (2 ) (2 ) Tax reform — (2 ) Other — 1 Provision for income taxes $ (1 ) $ 20 The federal audits have been completed through 2013, and the Company is not currently under examination for any open years. Management believes that adequate provision has been made in the consolidated financial statements for any potential adjustments that may result from tax examinations and other tax-related matters for all open tax years. The Company classifies interest and penalties (if applicable) as income tax expense in the consolidated financial statements. The Company recognized no interest expense for the three months ended March 31, 2019 (Successor Company) and for the three months ended March 31, 2018 (Predecessor Company). The Company had no interest payable as of March 31, 2019 (Successor Company) and March 31, 2018 (Predecessor Company). The Company does not believe it would be subject to any penalties in any open tax years and, therefore, has not recorded any accrual for penalties. 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, and the Company’s taxable income before the DRD. The Company evaluates its DRD computations on a quarterly basis. The application of purchase and pushdown accounting resulted in market value adjustments to the Company’s assets and liabilities, which resulted in a corresponding increase in the Company’s deferred tax asset. For further information, see Note 1 - Basis of Presentation and Significant Accounting Policies of Notes to Condensed Consolidated Financial Statements. 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, 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 March 31, 2019 (Successor Company) and December 31, 2018 (Successor Company), the net deferred tax asset included the expected tax benefit attributable to net operating losses of $982 and $982 , respectively. The total as of both dates includes $596 of U.S. losses generated prior to 2017 that are subject to limits on the period for which they can be carried forward. If not utilized, these losses will expire from 2027 to 2030. Utilization of these loss carryovers is dependent upon the generation of sufficient future taxable income. The December 31, 2018 total also includes $386 of U.S. losses generated in the Successor Company's taxable year beginning June 1, 2018, primarily due to the Commonwealth Annuity Reinsurance Agreement. These losses do not expire, but their utilization in any carryforward year is limited to 80% of taxable income in that year. Given the continued run off of the U.S. fixed and variable annuity business, the exposure to taxable losses is significantly lessened, and given the Company's expected future 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. Foreign Tax Credit Carryover As of March 31, 2019 (Successor Company) and December 31, 2018 (Successor Company), the net deferred tax asset included the expected tax benefit attributable to foreign tax credit carryovers of $8 and $6 |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Management evaluates each contingent matter separately. A loss is recorded if probable and reasonably estimable. Management establishes liabilities 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 and 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. Certain of the Company’s derivative agreements contain provisions that are tied to the financial strength ratings, as set by nationally recognized statistical agencies or risked-based capital ("RBC") tests, 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 March 31, 2019 (Successor Company) is $296 . For this $296 , the legal entities have posted collateral of $312 , which is inclusive of initial margin requirements in the normal course of business. In addition, the Company has posted collateral of $22 |
Transactions with Affiliates Le
Transactions with Affiliates Level 1 (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Parent Company Transactions (Successor Company) As of March 31, 2019, the Company had no direct employees. The Company's operations are managed by employees of its parent, TLI, and the costs of these services are allocated to the Company through an intercompany services and cost allocation agreement. Parent Company Transactions (Predecessor Company) Prior to the sale of the Company, substantially all general insurance expenses related to the Company were initially paid by The Hartford. Expenses were allocated to the Company using specific identification if available, or other applicable methods, that would include a blend of revenue, expense and capital. Reinsurance Ceded to Affiliates (Predecessor Company) The Company maintains a reinsurance agreement with Hartford Life and Accident Insurance Company ("HLA"), whereby the Company cedes both group life and group accident and health risk business. Under this treaty, the Company ceded group life premiums of $6 and accident and health premiums to HLA of $16 for the three months ended March 31, 2018 |
Changes in and Reclassification
Changes in and Reclassifications from Accumulated Other Comprehensive Income Changes in and Reclassifications from Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Changes in and Reclassifications from Accumulated Other Comprehensive Income | Successor Company Changes in AOCI, Net of Tax for the Three Months Ended March 31, 2019 Changes in Net Unrealized Gain on Securities Net Gain on Cash Flow Hedging Instruments Foreign Currency Translation Adjustments AOCI, net of tax Beginning balance $ (173 ) $ — $ 2 $ (171 ) OCI before reclassifications 359 — (2 ) 357 Amounts reclassified from AOCI (5 ) — — (5 ) OCI, net of tax 354 — (2 ) 352 Ending balance $ 181 $ — $ — $ 181 Predecessor Company Changes in AOCI, Net of Tax for the Three Months Ended March 31, 2018 Changes in Net Unrealized Gain on Securities Net Gain on Cash Flow Hedging Instruments Foreign Currency Translation Adjustments AOCI, net of tax Beginning balance $ 1,022 $ 4 $ (3 ) $ 1,023 Cumulative effect of accounting changes, net of tax [1] 182 — — 182 Adjusted balance, beginning of period 1,204 4 (3 ) 1,205 OCI before reclassifications (301 ) (12 ) 1 (312 ) Amounts reclassified from AOCI (3 ) (6 ) — (9 ) OCI, net of tax (304 ) (18 ) 1 (321 ) Ending balance $ 900 $ (14 ) $ (2 ) $ 884 [1] Includes reclassification to retained earnings of $193 of stranded tax effects and $11 of net unrealized gains, after tax, related to equity securities. For further information, see Note 1 - Basis of Presentation and Significant Accounting Policies of Notes to Consolidated Financial Statements included in the Company's 2018 Form 10-K Annual Report (Successor Company). Reclassifications from AOCI Successor Company Predecessor Company For the Three Months Ended March 31, 2019 For the Three Months Ended March 31, 2018 Affected Line Item in the Condensed Consolidated Statement of Operations Net Unrealized Gain on Securities Available-for-sale securities $ 6 $ 4 Net realized capital gains (losses) 6 4 Income before income taxes 1 1 Income tax expense (benefit) $ 5 $ 3 Net income Net Gains on Cash Flow Hedging Instruments Interest rate swaps $ — $ 5 Net investment income Foreign currency swaps — 2 Net realized capital gains (losses) — 7 Income before income taxes — 1 Income tax expense (benefit) — 6 Net income Total amounts reclassified from AOCI $ 5 $ 9 Net income |
Other Intangible Assets Level 1
Other Intangible Assets Level 1 (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | Other Intangible Assets As of March 31, 2019 (Successor Company) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Expected Life Amortizing Intangible Assets [1] $ 29 $ 5 $ 24 5 Total Indefinite Lived Intangible Assets [2] 26 — 26 — Total Other Intangible Assets $ 55 $ 5 $ 50 5 [1] Consist of internally developed software [2] Consist of state insurance licenses. There have been no additions, renewals or extension since December 31, 2018 (Successor Company). Expected Pre-tax Amortization Expense (Successor Company) Years Expected Future Amortization Expense 2019 $ 5 2020 $ 6 2021 $ 6 2022 $ 6 2023 $ 1 |
Basis of Presentation and Acc_2
Basis of Presentation and Accounting Policies Level 2 (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 1 . Basis of Presentation and Significant Accounting Policies Basis of Presentation Talcott Resolution Life Insurance Company, formerly Hartford Life Insurance Company, (together with its subsidiaries, “TL,” “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 Talcott Resolution Life, Inc., a Delaware corporation ("TLI"). Hopmeadow Holdings LP (“Hopmeadow Holdings", or "HHLP ”) is the ultimate parent of the Company. The Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, which differ materially from the accounting practices prescribed by various insurance regulatory authorities. These Condensed Consolidated Financial Statements and Notes should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in the Company's 2018 Form 10-K Annual Report (“Successor Company”). On May 31, 2018 the Company's indirect parent, Hartford Holding, Inc. ("HHI") completed the sale of the Company's parent to a group of investors led by Cornell Capital LLC, Atlas Merchant Capital LLC, TRB Advisors LP, Global Atlantic Financial Group ("Global Atlantic"), Pine Brook and J. Safra Group. Although Talcott Resolution Life Insurance Company is no longer affiliated with The Hartford Financial Services Group, Inc. ("The Hartford") or any of its subsidiaries, The Hartford retained a 9.7 percent ownership interest in HHLP ("Talcott Resolution Sale Transaction"). In conjunction with the sale, the Company entered into a transition services agreement with The Hartford to provide general ledger, cash management and information technology infrastructure services for a period of up to three years. In March 2019, an administrative services agreement was entered into for investment accounting services which replaced the services previously provided under the transition services agreement. These service agreements are not considered a material change in internal controls as the controls are substantially similar to those that existed prior to the Talcott Resolution Sale Transaction. The Company monitors and maintains oversight of the control environment provided by The Hartford covering these services and considers these controls in the evaluation of our internal control environment. HHLP’s May 31, 2018 acquisition of TLI was accounted for by HHLP using business combination accounting. Under this method, the purchase price paid by the investor group was assigned to the identifiable assets acquired and liabilities assumed as of the acquisition date based on their fair value. The Company elected to apply "pushdown" accounting by applying the guidance permitted under Accounting Standards Codification (“ASC”) Topic 805 Business Combinations . By the application of pushdown accounting, the Company’s assets, liabilities and equity were accordingly adjusted to fair value on May 31, 2018 which generated both intangible assets and Value of Business Acquired (“VOBA”). Determining the fair value of certain assets acquired and liabilities assumed is judgmental in nature and often involves the use of significant estimates and assumptions. While we do not anticipate material changes to the initial valuation of assets and liabilities in purchase and pushdown accounting, new information related to acquisition date valuations may give rise to a measurement period adjustment. The measurement period is not to exceed one year from the acquisition date and as of March 31, 2019 no changes have been made to the initial valuation of assets and liabilities determined as part of the purchase and pushdown accounting. Due to the application of pushdown accounting, TL’s financial statements and footnote disclosures are presented in two distinct periods to indicate the application of two different bases of accounting. The three months ended March 31, 2018 is identified herein as “Predecessor,” while the periods subsequent to HHLP’s acquisition of TLI is identified as “Successor.” As a result of the change in the basis of accounting from historical GAAP to reflect HHLP’s purchase cost, the financial statements for the Predecessor period are not comparable to the Successor periods. On June 1, 2018, TL executed reinsurance agreements to reinsure certain fixed immediate and deferred annuity contracts, variable payout separate account annuity contracts, standard mortality structured settlements, and period certain structured settlement annuity contracts ("Commonwealth Annuity Reinsurance Agreement") to Commonwealth Annuity and Life Insurance Company ("Commonwealth"), a subsidiary of Global Atlantic which is a member of the acquiring investment group. TL reinsured an 85% quota share, except 75% for standard mortality structured settlements, in exchange for a $357 ceding commission that was fixed based on reinsuring approximately $9.3 billion of reserves as of December 31, 2016, plus annuitizations through closing and annuitizations from market value adjusted annuities post-close. The reinsurance agreement was executed after the Talcott Resolution Sale Transaction, and as such, the accounting for the agreement was recorded after the TL balance sheet was adjusted to fair value in purchase and pushdown accounting. A deferred gain of approximately $1 billion was recorded in Other liabilities on the Condensed Consolidated Balance Sheet related to this reinsurance agreement and will be amortized over the life of the underlying policies reinsured. The accompanying Condensed Consolidated Financial Statements and Notes are unaudited. These financial statements reflect all adjustments (consisting only of normal accruals) which are, in the opinion of management, necessary for the fair presentation of the financial position, results of operations and cash flows for the interim periods. The Company's significant accounting policies are summarized in Note 1 - Basis of Presentation and Significant Accounting Policies of Notes to Consolidated Financial Statements included in the Company's 2018 |
Pushdown Accounting [Policy Text Block] | HHLP’s May 31, 2018 acquisition of TLI was accounted for by HHLP using business combination accounting. Under this method, the purchase price paid by the investor group was assigned to the identifiable assets acquired and liabilities assumed as of the acquisition date based on their fair value. The Company elected to apply "pushdown" accounting by applying the guidance permitted under Accounting Standards Codification (“ASC”) Topic 805 Business Combinations . By the application of pushdown accounting, the Company’s assets, liabilities and equity were accordingly adjusted to fair value on May 31, 2018 which generated both intangible assets and Value of Business Acquired (“VOBA”). Determining the fair value of certain assets acquired and liabilities assumed is judgmental in nature and often involves the use of significant estimates and assumptions. While we do not anticipate material changes to the initial valuation of assets and liabilities in purchase and pushdown accounting, new information related to acquisition date valuations may give rise to a measurement period adjustment. The measurement period is not to exceed one year from the acquisition date and as of March 31, 2019 no changes have been made to the initial valuation of assets and liabilities determined as part of the purchase and pushdown accounting. Due to the application of pushdown accounting, TL’s financial statements and footnote disclosures are presented in two distinct periods to indicate the application of two different bases of accounting. The three months ended March 31, 2018 is identified herein as “Predecessor,” while the periods subsequent to HHLP’s acquisition of TLI is identified as “Successor.” As a result of the change in the basis of accounting from historical GAAP to reflect HHLP’s purchase cost, the financial statements for the Predecessor period are not comparable to the Successor periods. |
Consolidation | ConsolidationThe Condensed Consolidated Financial Statements include the accounts of TL and entities the Company directly or indirectly has a controlling financial interest in, which the Company is required to consolidate. Entities in which TL 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 TL 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. |
Reclassifications | ReclassificationsCertain reclassifications have been made to prior year financial information to conform to the current year presentation. |
Revenue Recognition, Policy [Policy Text Block] | Revenue from customers for other than insurance and investment contracts was $21 for the three months ended March 31, 2019 (Successor Company), and $25 for the three months ended March 31, 2018 |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Intangible assets with definite lives are amortized over the estimated useful life of the asset. Amortizing intangible assets primarily consist of internally developed software amortized over a period not to exceed five years. |
Goodwill and Intangible Assets, Intangible Assets, Indefinite-Lived, Policy [Policy Text Block] | Intangible assets with indefinite lives, primarily insurance licenses, are not amortized but are reviewed annually in the Company's impairment analysis. They will be tested for impairment more frequently if events or circumstances indicate the fair value of the indefinitely lived intangibles is less than the carrying value. |
Intangible Assets Arising from Insurance Contracts Acquired in Business Combination, Policy [Policy Text Block] | Value of Business Acquired/DAC/Additional ReservesIn conjunction with the acquisition of TLI, a portion of the purchase price was allocated to the right to receive future gross profits from cash flows and earnings of the Company's insurance and investment contracts as of the date of the transaction. This intangible asset is called VOBA and is based on the actuarially estimated present value of future cash flows from the Company's insurance and investment contracts in-force as of the date of the transaction. The estimated fair value calculation of VOBA is based on certain assumptions, including mortality, persistency, expenses, interest rates, and other factors that the Company expects to experience in future years. Actual experience on the acquired contracts may vary from these projections and the recovery of VOBA is dependent upon the future profitability of the related business. The Company amortizes VOBA over estimated gross profits and it is reviewed for recoverability quarterly. |
Adoption of New Accounting Standards | Financial Instruments - Credit Losses In June 2016, the FASB issued updated guidance for the recognition and measurement of financial instruments. The guidance revises the credit loss recognition criteria for certain financial assets and off-balance sheet exposures, including reinsurance recoverables. The Accounting Standards Update ("ASU") provides a new expected credit loss model where the reporting entity recognizes its estimate of lifetime expected credit losses for affected financial assets in a valuation allowance resulting in presentation of a net carrying value in the amount expected to be collected. The Company expects to adopt the updated guidance January 1, 2020, as required. The Company is currently assessing the impact of the ASU on the Company’s consolidated financial statements. Targeted Improvements to the Accounting for Long Duration Contracts The FASB issued ASU 2018-12 on August 15, 2018 which impacts the existing recognition, measurement, presentation, and disclosure requirements for long duration contracts issued by an insurance company. The guidance is intended to improve the timeliness of recognizing changes in the liability for future policy benefits and modify the rate used to discount future cash flows. Further, the guidance seeks to improve the accounting for certain market-based options or guarantees associated with account balance contracts and improve the effectiveness of the required disclosures. This ASU is effective January 1, 2021 with early adoption permitted. The Company has not yet determined the timing of its adoption and is currently assessing the impact of ASU 2018-12 on its financial statements. Changes to the Disclosure Requirements for Fair Value Measurement On August 28, 2018 the FASB issued ASU 2018-13 which removes, modifies and adds certain disclosure requirements related to fair value measurements in ASC 820, Fair Value Measurements |
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. Valuation Inputs Used in Level 2 and 3 Measurements for Securities and Freestanding Derivatives Level 2 Level 3 Fixed Maturity Investments Structured securities (includes ABS, CLOs, 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 • Credit spreads beyond observable curve 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 Short Term Investments • Benchmark yields and spreads Not applicable Derivatives Credit derivatives • Swap yield curve Not applicable Equity derivatives • Equity index levels • Independent broker quotes Foreign exchange derivatives • Swap yield curve Not applicable Interest rate derivatives • Swap yield curve • Independent broker quotes |
Investment, Policy [Policy Text Block] | Recognition and Presentation of Other-Than-Temporary Impairments The Company will record an OTTI for fixed maturities 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 fixed maturities 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's considerations include, but are 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 |
Derivatives, Policy [Policy Text Block] | 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, 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. |
Derivatives, Methods of Accounting, Hedge Documentation [Policy Text Block] | Strategies that Qualify for Hedge Accounting The Company's derivatives may satisfy hedge accounting requirements as outlined in Note 1 - Basis of Presentation and Significant Accounting Policies of Notes to Consolidated Financial Statements included in the Company's 2018 Form 10-K Annual Report (Successor Company). 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. As a result of pushdown accounting, derivative instruments that qualified for hedge accounting were recorded at fair value through adjustments to additional paid in capital at the acquisition date. The hedge strategies by hedge accounting designation include: Cash Flow Hedges Interest rate swaps were predominantly used to manage portfolio duration and better match cash receipts from assets with cash disbursements required to fund liabilities. These derivatives primarily converted interest receipts on floating-rate fixed maturity securities to fixed rates. The Company previously entered 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. |
Derivatives, Methods of Accounting, Derivatives Not Designated or Qualifying as Hedges [Policy Text Block] | 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 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 March 31, 2019 (Successor Company) and December 31, 2018 (Successor Company), the notional amount of interest rate swaps in offsetting relationships was $1.5 billion . Foreign Currency Swaps and Forwards The Company enters into foreign currency swaps to convert the foreign currency exposures of certain foreign currency-denominated fixed maturity investments to U.S. dollars. The Company also enters into foreign currency forwards to hedge non-U.S. dollar denominated cash. 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. 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. GMWB Derivatives, net |
Derivatives (Tables)
Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
GMWB Hedging Instruments [Table Text Block] | GMWB Hedging Instruments (Successor Company) Notional Amount Fair Value March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 Customized swaps $ 4,095 $ 3,877 $ 45 $ 71 Equity swaps, options, and futures 792 776 (28 ) (25 ) Interest rate swaps and futures 2,602 3,140 30 25 Total $ 7,489 $ 7,793 $ 47 $ 71 |
Derivative Balance Sheet Presentation | Derivative Balance Sheet Presentation (Successor Company) Net Derivatives Asset Derivatives Liability Derivatives Notional Amount Fair Value Fair Value Fair Value Mar 31, 2019 Dec 31, 2018 Mar 31, 2019 Dec 31, 2018 Mar 31, 2019 Dec 31, 2018 Mar 31, 2019 Dec 31, 2018 Cash flow hedges Foreign currency swaps $ 10 $ — $ — $ — $ — $ — $ — $ — Total cash flow hedges 10 — — — — — — — Non-qualifying strategies Interest rate contracts Interest rate swaps and futures 3,049 3,152 (104 ) (101 ) 47 38 (151 ) (139 ) Foreign exchange contracts Foreign currency swaps and forwards 225 225 (10 ) (9 ) 7 7 (17 ) (16 ) Fixed payout annuity hedge 270 270 (86 ) (82 ) — — (86 ) (82 ) Credit contracts Credit derivatives that purchase credit protection 40 45 (1 ) (1 ) — — (1 ) (1 ) Credit derivatives that assume credit risk [1] 267 372 5 3 5 3 — — Credit derivatives in offsetting positions — 43 — — — 5 — (5 ) Equity contracts Equity index swaps, options, and futures 2,000 — 1 — 1 — — — Variable annuity hedge program GMWB product derivatives [2] 11,027 9,957 (29 ) (80 ) — — (29 ) (80 ) GMWB reinsurance contracts 2,307 2,115 28 40 28 40 — — GMWB hedging instruments 7,489 7,793 47 71 86 114 (39 ) (43 ) Macro hedge program 14,140 10,765 35 247 107 288 (72 ) (41 ) Other Modified coinsurance reinsurance contracts 807 798 (12 ) 12 — 12 (12 ) — Total non-qualifying strategies 41,621 35,535 (126 ) 100 281 507 (407 ) (407 ) Total cash flow hedges and non-qualifying strategies $ 41,631 $ 35,535 $ (126 ) $ 100 $ 281 $ 507 $ (407 ) $ (407 ) Balance Sheet Location Fixed maturities, available-for-sale $ 41 $ 41 $ — $ — $ — $ — $ — $ — Other investments 7,180 11,000 127 212 153 248 (26 ) (36 ) Other liabilities 20,269 11,623 (240 ) (84 ) 100 207 (340 ) (291 ) Reinsurance recoverables 3,114 2,914 16 52 28 52 (12 ) — Other policyholder funds and benefits payable 11,027 9,957 (29 ) (80 ) — — (29 ) (80 ) Total derivatives $ 41,631 $ 35,535 $ (126 ) $ 100 $ 281 $ 507 $ (407 ) $ (407 ) [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 Assets | Offsetting Derivative Assets and Liabilities (Successor Company) (i) (ii) (iii) = (i) - (ii) (iv) (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 [4] Net Amount As of March 31, 2019 Other investments $ 253 $ 214 $ 127 $ (88 ) $ 11 $ 28 Other liabilities $ (366 ) $ (66 ) $ (240 ) $ (60 ) $ (298 ) $ (2 ) As of December 31, 2018 Other investments $ 455 $ 352 $ 212 $ (109 ) $ 65 $ 38 Other liabilities $ (327 ) $ (147 ) $ (84 ) $ (96 ) $ (178 ) $ (2 ) [1] Included in other invested assets in the Company's Condensed Consolidated Balance Sheets. [2] Included in other liabilities in the Company's Condensed Consolidated Balance Sheets and is limited to the net derivative receivable associated with each counterparty. [3] Included in other investments in the Company's Condensed Consolidated Balance Sheets and is limited to the net derivative payable associated with each counterparty. [4] |
Offsetting Liabilities | Securities Lending and Repurchase Agreements Successor Company March 31, 2019 December 31, 2018 Fair Value Fair Value Securities Lending Transactions: Gross amount of securities on loan $ 297 $ 277 Gross amount of associated liability for collateral received [1] $ 304 $ 284 Repurchase agreements: Gross amount of recognized liabilities for repurchase agreements $ 195 $ 186 Gross amount of collateral pledged related to repurchase agreements [2] $ 197 $ 190 Gross amount of recognized receivables for reverse repurchase agreements [3] $ 35 $ 25 [1] Cash collateral received is reinvested in fixed maturities, AFS and short term investments which are included in the Condensed Consolidated Balance Sheets. Amount includes additional securities collateral received of $ 5 and $ 1 which are excluded from the Company's Condensed Consolidated Balance Sheets as of March 31, 2019 (Successor Company) and December 31, 2018 (Successor Company), respectively. [2] Collateral pledged is included within fixed maturities, AFS and short term investments in the Company's Condensed Consolidated Balance Sheets. [3] Offsetting Derivative Assets and Liabilities (Successor Company) (i) (ii) (iii) = (i) - (ii) (iv) (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 [4] Net Amount As of March 31, 2019 Other investments $ 253 $ 214 $ 127 $ (88 ) $ 11 $ 28 Other liabilities $ (366 ) $ (66 ) $ (240 ) $ (60 ) $ (298 ) $ (2 ) As of December 31, 2018 Other investments $ 455 $ 352 $ 212 $ (109 ) $ 65 $ 38 Other liabilities $ (327 ) $ (147 ) $ (84 ) $ (96 ) $ (178 ) $ (2 ) [1] Included in other invested assets in the Company's Condensed Consolidated Balance Sheets. [2] Included in other liabilities in the Company's Condensed Consolidated Balance Sheets and is limited to the net derivative receivable associated with each counterparty. [3] Included in other investments in the Company's Condensed Consolidated Balance Sheets and is limited to the net derivative payable associated with each counterparty. [4] |
Derivatives in Cash Flow Hedging Relationships | Cash Flow Hedges For derivative instruments that are designated and qualify as cash flow hedges, 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. All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness. Derivatives in Cash Flow Hedging Relationships Gain (Loss) Recognized in OCI on Derivative Successor Company Predecessor Company For the three months ended March 31, 2019 For the three months ended March 31, 2018 Interest rate swaps $ — $ (16 ) Foreign currency swaps — — Total $ — $ (16 ) Derivatives in Cash Flow Hedging Relationships Gain or (Loss) Reclassified from AOCI into Income Successor Company Predecessor Company For the three months ended March 31, 2019 For the three months ended March 31, 2018 Net Capital Gain/(Loss) Net Investment Income Net Capital Gain/(Loss) Net Investment Income Interest rate swaps — — — 5 Foreign currency swaps — — 2 — Total $ — $ — $ 2 $ 5 Total amounts presented on the Condensed Consolidated Statements of Operations $ (193 ) $ 238 $ 21 $ 312 |
Non-Qualifying Strategies Recognized within Net Realized Capital Gains (Losses) | Non-Qualifying Strategies Recognized within Net Realized Capital Gains (Losses) Successor Company Predecessor Company For the Three Months Ended March 31, 2019 For the Three Months Ended March 31, 2018 Variable annuity hedge program: GMWB product derivatives $ 65 $ 39 GMWB reinsurance contracts (5 ) (13 ) GMWB hedging instruments (46 ) (22 ) Macro hedge program (226 ) 18 Total variable annuity hedge program (212 ) 22 Foreign exchange contracts: Foreign currency swaps and forwards — (3 ) Fixed payout annuity hedge (4 ) 20 Total foreign exchange contracts (4 ) 17 Other non-qualifying derivatives: Interest rate contracts Interest rate swaps and futures 30 (30 ) Credit contracts Credit derivatives that purchase credit protection — — Credit derivatives that assume credit risk 6 (1 ) Equity contracts Equity index swaps and options — — Other Modified coinsurance reinsurance contracts (24 ) 26 Total other non-qualifying derivatives 12 (5 ) Total [1] $ (204 ) $ 34 [1] 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 of Notes to Condensed Consolidated Financial Statements. |
Credit Derivatives by Type | Credit Derivatives by Type As of March 31, 2019 Successor Company 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 $ 65 $ 1 5 years Corporate Credit A- $ — $ — Basket credit default swaps [4] Investment grade risk exposure 202 4 5 years Corporate Credit BBB+ — — Total [5] $ 267 $ 5 $ — $ — As of December 31, 2018 Successor Company 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 $ 80 $ 1 4 years Corporate Credit/ Foreign Gov. A $ — $ — Basket credit default swaps [4] Investment grade risk exposure 202 1 5 years Corporate Credit BBB+ — — Below investment grade risk exposure 80 2 5 years Corporate Credit B+ — — Investment grade risk exposure 12 (1 ) 5 years CMBS Credit A- 2 — Below investment grade risk exposure 19 (5 ) Less than 1 Year CMBS Credit B- 19 5 Total [5] $ 393 $ (2 ) $ 21 $ 5 [1] The average credit ratings are based on availability and are generally the midpoint of the available ratings among Moody’s, S&P and Fitch. 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 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] Comprised of 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 |
Fair Value Measurements Level 3
Fair Value Measurements Level 3 (Tables) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | ||
Assets and (liabilities) carried at fair value by hierarchy level | Successor Company Assets and (Liabilities) Carried at Fair Value by Hierarchy Level as of March 31, 2019 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") $ 383 $ — $ 381 $ 2 Collateralized loan obligations ("CLOs") 997 — 899 98 Commercial mortgage-backed securities ("CMBS") 1,481 — 1,443 38 Corporate 8,020 — 7,778 242 Foreign government/government agencies 390 — 390 — Bonds of municipalities and political subdivisions ("municipal bonds") 732 — 732 — Residential mortgage-backed securities ("RMBS") 986 — 602 384 U.S. Treasuries 988 81 907 — Total fixed maturities, AFS 13,977 81 13,132 764 Fixed maturities, FVO 11 — 11 — Equity securities, at fair value 173 52 86 35 Derivative assets Credit derivatives 1 — 1 — Foreign exchange derivatives 1 — 1 — Interest rate derivatives 39 — 39 — Guaranteed minimum withdrawal benefit ("GMWB") hedging instruments 27 — 4 23 Macro hedge program 59 — — 59 Total derivative assets [1] 127 — 45 82 Short-term investments 1,204 455 749 — Reinsurance recoverable for GMWB 28 — — 28 Modified coinsurance reinsurance contracts (12 ) — (12 ) — Separate account assets [2] 100,323 64,134 36,134 55 Total assets accounted for at fair value on a recurring basis $ 115,831 $ 64,722 $ 50,145 $ 964 Liabilities accounted for at fair value on a recurring basis Other policyholder funds and benefits payable GMWB embedded derivative $ (29 ) $ — $ — $ (29 ) Total other policyholder funds and benefits payable (29 ) — — (29 ) Derivative liabilities Credit derivatives 3 — 3 — Equity derivatives 1 — — 1 Foreign exchange derivatives (97 ) — (97 ) — Interest rate derivatives (143 ) — (114 ) (29 ) GMWB hedging instruments 20 — 23 (3 ) Macro hedge program (24 ) — — (24 ) Total derivative liabilities [3] (240 ) — (185 ) (55 ) Total liabilities accounted for at fair value on a recurring basis $ (269 ) $ — $ (185 ) $ (84 ) Successor Company Assets and (Liabilities) Carried at Fair Value by Hierarchy Level as of December 31, 2018 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 $ 516 $ — $ 514 $ 2 CLOs 963 — 886 77 CMBS 1,407 — 1,366 41 Corporate 7,678 — 7,351 327 Foreign government/government agencies 377 — 377 — Municipal bonds 734 — 734 — RMBS 1,033 — 590 443 U.S. Treasuries 1,131 322 809 — Total fixed maturities, AFS 13,839 322 12,627 890 Fixed maturities, FVO 12 — 12 — Equity securities, at fair value 116 54 16 46 Derivative assets Interest rate derivatives 36 — 36 — GMWB hedging instruments 44 — 8 36 Macro hedge program 132 — — 132 Total derivative assets [1] 212 — 44 168 Short-term investments 844 464 380 — Reinsurance recoverable for GMWB 40 — — 40 Modified coinsurance reinsurance contracts 12 — 12 — Separate account assets [2] 94,724 59,361 35,323 40 Total assets accounted for at fair value on a recurring basis $ 109,799 $ 60,201 $ 48,414 $ 1,184 Liabilities accounted for at fair value on a recurring basis Other policyholder funds and benefits payable GMWB embedded derivative $ (80 ) $ — $ — $ (80 ) Total other policyholder funds and benefits payable (80 ) — — (80 ) Derivative liabilities Credit derivatives 2 — 2 — Foreign exchange derivatives (91 ) — (91 ) — Interest rate derivatives (137 ) — (110 ) (27 ) GMWB hedging instruments 27 — 18 9 Macro hedge program 115 — — 115 Total derivative liabilities [3] (84 ) — (181 ) 97 Total liabilities accounted for at fair value on a recurring basis $ (164 ) $ — $ (181 ) $ 17 [1] Includes 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 and applicable law. See footnote 3 to this table for derivative liabilities. [2] Approximately $4.0 billion and $3.6 billion of investment sales receivable, as of March 31, 2019 (Successor Company) and December 31, 2018 (Successor Company), 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 $467 and $468 of investments, as of March 31, 2019 (Successor Company) and December 31, 2018 (Successor Company), respectively, 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. [3] Includes 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 and applicable law. Fair Value Roll-forwards for Financial Instruments Classified as Level 3 Total Realized/Unrealized Gains (Losses) Fair Value as of January 1, 2019 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 March 31, 2019 Assets Fixed maturities, AFS ABS $ 2 $ — $ — $ — $ — $ — $ — $ — $ 2 CLOs 77 — — 38 — (5 ) — (12 ) 98 CMBS 41 — — 29 — — — (32 ) 38 Corporate 327 1 4 4 (3 ) (86 ) 4 (9 ) 242 RMBS 443 — 1 — (22 ) (21 ) — (17 ) 384 Total fixed maturities, AFS 890 1 5 71 (25 ) (112 ) 4 (70 ) 764 Equity securities, at fair value 46 (2 ) — — — (9 ) — — 35 Freestanding derivatives Equity — — — 1 — — — — 1 Interest rate (27 ) (2 ) — — — — — (29 ) GMWB hedging instruments 45 (25 ) — — — — — 20 Macro hedge program 247 (213 ) 1 — — — — 35 Total freestanding derivatives [5] 265 (240 ) — 2 — — — — 27 Reinsurance recoverable for GMWB 40 (14 ) — — 2 — — — 28 Separate accounts 40 — — 28 — (1 ) — (12 ) 55 Total assets $ 1,281 $ (255 ) $ 5 $ 101 $ (23 ) $ (122 ) $ 4 $ (82 ) $ 909 Liabilities Other policyholder funds and benefits payable Guaranteed withdrawal benefits $ (80 ) $ 65 $ — $ — $ (14 ) $ — $ — $ — $ (29 ) Total other policyholder funds and benefits payable (80 ) 65 — — (14 ) — — — (29 ) Total liabilities $ (80 ) $ 65 $ — $ — $ (14 ) $ — $ — $ — $ (29 ) | Fair Value Roll-forwards for Financial Instruments Classified as Level 3 Total Realized/Unrealized Gains (Losses) Fair Value as of January 1, 2018 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 March 31, 2018 Assets Fixed maturities, AFS ABS $ 13 $ — $ — $ — $ (1 ) $ — $ — $ (3 ) $ 9 CLOs 73 — — 5 — — — (6 ) 72 CMBS 26 — — — (1 ) (4 ) — — 21 Corporate 443 — (7 ) 20 (13 ) (30 ) 54 (20 ) 447 Foreign Govt./Govt. agencies 1 — — — — — — — 1 Municipal 38 — (1 ) — — — — — 37 RMBS 692 — (2 ) 3 (47 ) — — (5 ) 641 Total fixed maturities, AFS 1,286 — (10 ) 28 (62 ) (34 ) 54 (34 ) 1,228 Equity securities, at fair value 46 10 — — — (14 ) — — 42 Freestanding derivatives Interest rate (29 ) 1 — — — — — — (28 ) GMWB hedging instruments 34 — — — — (2 ) — — 32 Macro hedge program 23 10 — — — — — — 33 Total freestanding derivatives [5] 28 11 — — — (2 ) — — 37 Reinsurance recoverable for GMWB 36 (8 ) — — 3 — — — 31 Separate accounts 185 — — 10 — (162 ) 17 (9 ) 41 Total assets $ 1,581 $ 13 $ (10 ) $ 38 $ (59 ) $ (212 ) $ 71 $ (43 ) $ 1,379 Liabilities Other policyholder funds and benefits payable Guaranteed withdrawal benefits $ (75 ) $ 39 $ — $ — $ (17 ) $ — $ — $ — $ (53 ) Total other policyholder funds and benefits payable (75 ) 39 — — (17 ) — — — (53 ) Total liabilities $ (75 ) $ 39 $ — $ — $ (17 ) $ — $ — $ — $ (53 ) [1] The Company classifies realized and unrealized gains (losses) on GMWB reinsurance derivatives and GMWB embedded derivatives as unrealized gains (losses) for purposes of disclosure in this table because it is impracticable to track on a contract-by-contract basis the realized gains (losses) for these derivatives and embedded derivatives. [2] Amounts in these rows are generally 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. [3] All amounts are before income taxes and amortization. [4] Transfers in and/or (out) of Level 3 are primarily attributable to the availability of market observable information and the re-evaluation of the observability of pricing inputs. [5] Derivative instruments are reported in this table on a net basis for asset (liability) positions and reported in the Condensed Consolidated Balance Sheets in other investments and other liabilities. [6] |
Information about significant unobservable inputs used in Level 3 assets measured at fair value | Significant Unobservable Inputs for Level 3 - Securities As of March 31, 2019 (Successor Company) Assets Accounted for at Fair Value on a Recurring Basis Fair Value Predominant Significant Minimum Maximum Weighted Average [1] Impact of Increase in Input on Fair Value [2] CLOs [3] $ 71 Discounted cash flows Spread 60bps 256bps 253bps Decrease CMBS [3] $ 30 Discounted cash flows Spread (encompasses 9bps 1,816bps 241bps Decrease Corporate [4] $ 158 Discounted cash flows Spread 121bps 665bps 291bps Decrease RMBS [3] $ 384 Discounted cash flows Spread 26bps 1,214bps 85bps Decrease Constant prepayment rate —% 16% 6% Decrease [5] Constant default rate 1% 6% 3% Decrease Loss severity —% 100% 60% Decrease As of December 31, 2018 (Successor Company) 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] CMBS [3] $ 1 Discounted cash flows Spread (encompasses 9bps 1,816bps 278bps Decrease Corporate [4] $ 144 Discounted cash flows Spread 145bps 1,145bps 400bps Decrease RMBS [3] $ 426 Discounted cash flows Spread 31bps 346bps 92bps Decrease Constant prepayment rate —% 13% 6% Decrease [5] Constant default rate 2% 8% 3% Decrease Loss severity —% 100% 58% 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] Significant Unobservable Inputs for Level 3 GMWB Embedded Customized and Reinsurance Derivatives As of March 31, 2019 (Successor Company) Significant Unobservable Input Unobservable Inputs (Minimum) Unobservable Inputs (Maximum) Impact of Increase in Input Withdrawal utilization [2] 15% 100% Increase Withdrawal rates [3] —% 8% Increase Lapse rates [4] 1% 40% Decrease Reset elections [5] 20% 45% Increase Equity volatility [6] 12% 25% Increase Credit standing adjustment [7] 0.04% 0.28% Decrease As of December 31, 2018 (Successor Company) Significant Unobservable Input Unobservable Inputs (Minimum) Unobservable Inputs (Maximum) Impact of Increase in Input Withdrawal utilization [2] 15% 100% Increase Withdrawal rates [3] —% 8% Increase Lapse rates [4] 1% 40% Decrease Reset elections [5] 20% 45% Increase Equity volatility [6] 17% 30% Increase Credit standing adjustment [7] 0.04% 0.28% Decrease Significant Unobservable Inputs for Level 3 - Freestanding Derivatives As of March 31, 2019 (Successor Company) Fair Predominant Significant Minimum Maximum Impact of Equity derivatives Equity options $1 Option model Equity volatility 1% 1% Increase Interest rate derivatives Interest rate swaps $ (29 ) Discounted cash flows Swap curve 3% 3% Decrease GMWB hedging instruments Equity variance swaps $ (29 ) Option model Equity volatility 17% 17% Increase Equity options $ 1 Option model Equity volatility 31% 33% Increase Customized swaps $ 46 Discounted cash flows Equity volatility 12% 25% Increase Interest rate swaption $ 2 Option model Interest rate volatility 2% 2% Increase Macro hedge program [2] Equity options $ 37 Option model Equity volatility 1% 30% Increase As of December 31, 2018 (Successor Company) Fair Value Predominant Valuation Technique Significant Unobservable Input Minimum Maximum Impact of Increase in Input on Fair Value [1] Interest rate derivatives Interest rate swaps $ (27 ) Discounted cash flows Swap curve 3% 3% Decrease GMWB hedging instruments Equity variance swaps $ (26 ) Option model Equity volatility 22% 22% Increase Equity options $ (1 ) Option model Equity volatility 30% 32% Increase Customized swaps $ 71 Discounted cash flows Equity volatility 18% 30% Increase Interest rate swaption $ 1 Option model Interest rate volatility 3% 3% Increase Macro hedge program [2] Equity options $ 250 Option model Equity volatility 17% 30% 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 following table presents a reconciliation of the beginning and ending balances for fair value measurements for the three months ended March 31, 2018 (Predecessor Company), for which the Company used significant unobservable inputs (Level 3): Fair Value Roll-forwards for Financial Instruments Classified as Level 3 Total Realized/Unrealized Gains (Losses) Fair Value as of January 1, 2018 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 March 31, 2018 Assets Fixed maturities, AFS ABS $ 13 $ — $ — $ — $ (1 ) $ — $ — $ (3 ) $ 9 CLOs 73 — — 5 — — — (6 ) 72 CMBS 26 — — — (1 ) (4 ) — — 21 Corporate 443 — (7 ) 20 (13 ) (30 ) 54 (20 ) 447 Foreign Govt./Govt. agencies 1 — — — — — — — 1 Municipal 38 — (1 ) — — — — — 37 RMBS 692 — (2 ) 3 (47 ) — — (5 ) 641 Total fixed maturities, AFS 1,286 — (10 ) 28 (62 ) (34 ) 54 (34 ) 1,228 Equity securities, at fair value 46 10 — — — (14 ) — — 42 Freestanding derivatives Interest rate (29 ) 1 — — — — — — (28 ) GMWB hedging instruments 34 — — — — (2 ) — — 32 Macro hedge program 23 10 — — — — — — 33 Total freestanding derivatives [5] 28 11 — — — (2 ) — — 37 Reinsurance recoverable for GMWB 36 (8 ) — — 3 — — — 31 Separate accounts 185 — — 10 — (162 ) 17 (9 ) 41 Total assets $ 1,581 $ 13 $ (10 ) $ 38 $ (59 ) $ (212 ) $ 71 $ (43 ) $ 1,379 Liabilities Other policyholder funds and benefits payable Guaranteed withdrawal benefits $ (75 ) $ 39 $ — $ — $ (17 ) $ — $ — $ — $ (53 ) Total other policyholder funds and benefits payable (75 ) 39 — — (17 ) — — — (53 ) Total liabilities $ (75 ) $ 39 $ — $ — $ (17 ) $ — $ — $ — $ (53 ) [1] The Company classifies realized and unrealized gains (losses) on GMWB reinsurance derivatives and GMWB embedded derivatives as unrealized gains (losses) for purposes of disclosure in this table because it is impracticable to track on a contract-by-contract basis the realized gains (losses) for these derivatives and embedded derivatives. [2] Amounts in these rows are generally 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. [3] All amounts are before income taxes and amortization. [4] Transfers in and/or (out) of Level 3 are primarily attributable to the availability of market observable information and the re-evaluation of the observability of pricing inputs. [5] Derivative instruments are reported in this table on a net basis for asset (liability) positions and reported in the Condensed Consolidated Balance Sheets in other investments and other liabilities. [6] Includes both market and non-market impacts in deriving realized and unrealized gains (losses). Changes in Unrealized Gains (Losses) Included in Net Income for Financial Instruments Classified as Level 3 Still Held at End of Period Successor Company Predecessor Company For the Three Months Ended March 31, 2019 [1] [2] For the Three Months Ended March 31, 2018 [1] [2] Assets Freestanding derivatives Interest rate $ (2 ) $ 1 GMWB hedging instruments (25 ) (2 ) Macro hedge program (213 ) 12 Total freestanding derivatives (240 ) 11 Reinsurance recoverable for GMWB (14 ) (8 ) Separate accounts — — Total assets $ (254 ) $ 3 Liabilities Other policyholder funds and benefits payable Guaranteed withdrawal benefits $ 65 $ 39 Total other policyholder funds and benefits payable 65 39 Total liabilities $ 65 $ 39 [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. [2] Amounts presented are for Level 3 only and therefore may not agree to other disclosures included herein. | |
Financial Instruments Not Carried at Fair Value | Financial Assets and Liabilities Not Carried at Fair Value Successor Company Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value March 31, 2019 December 31, 2018 Assets Policy loans Level 3 $ 1,452 $ 1,452 $ 1,441 $ 1,441 Mortgage loans Level 3 $ 2,085 $ 2,118 $ 2,100 $ 2,125 Liabilities Other policyholder funds and benefits payable [1] Level 3 $ 6,187 $ 5,951 $ 6,186 $ 5,888 Assumed investment contracts [2] Level 3 $ 183 $ 182 $ 185 $ 185 [1] Excludes group accident and health and universal life insurance contracts, including corporate owned life insurance. [2] |
Level 3 (Tables)
Level 3 (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Investments [Abstract] | |
Net Realized Capital Gains (Losses) | Net Realized Capital Gains (Losses) Successor Company Predecessor Company (Before tax) For the three months ended March 31, 2019 For the three months ended March 31, 2018 Gross gains on sales $ 13 $ 21 Gross losses on sales (8 ) (17 ) Equity securities [1] 2 11 Results of variable annuity hedge program GMWB derivatives, net 14 4 Macro hedge program (226 ) 18 Total results of variable annuity hedge program (212 ) 22 Transactional foreign currency revaluation — (14 ) Non-qualifying foreign currency derivatives (4 ) 17 Other, net [2] 16 (19 ) Net realized capital gains (losses) $ (193 ) $ 21 [1] Includes all changes in fair value and trading gains and losses for equity securities at fair value. [2] Includes gains (losses) on non-qualifying derivatives, excluding foreign currency derivatives, of $12 and $(5) for the three months ended March 31, 2019 |
Impairments | Cumulative Credit Impairments Successor Company Predecessor Company (Before tax) For the three months ended March 31, 2019 For the three months ended March 31, 2018 Balance as of beginning of period $ (6 ) $ (88 ) Additions for credit impairments recognized on [1]: Securities not previously impaired — — Securities previously impaired — — Reductions for credit impairments previously recognized on: Securities that matured or were sold during the period 6 4 Balance as of end of period $ — $ (84 ) [1] |
Schedule of Available-for-sale Securities | Available-for-Sale Securities AFS Securities by Type Successor Company March 31, 2019 December 31, 2018 Cost or Amortized Cost [1] Gross Unrealized Gains Gross Unrealized Losses Fair Value Non-Credit OTTI [2] Cost or Amortized Cost [1] Gross Unrealized Gains Gross Unrealized Losses Fair Value Non-Credit OTTI [2] ABS $ 380 $ 3 $ — $ 383 $ — $ 514 $ 2 $ — $ 516 $ — CLOs 996 9 (8 ) 997 — 971 5 (13 ) 963 — CMBS 1,453 32 (1 ) 1,481 — 1,409 8 (7 ) 1,407 — Corporate 7,855 183 (51 ) 8,020 — 7,860 19 (236 ) 7,678 (1 ) Foreign govt./govt. agencies 380 14 (1 ) 390 — 383 3 (6 ) 377 — Municipal 710 21 — 732 — 738 5 (10 ) 734 — RMBS 980 7 (1 ) 986 — 1,034 3 (4 ) 1,033 — U.S. Treasuries 957 31 — 988 — 1,126 8 (3 ) 1,131 — Total fixed maturities, AFS $ 13,711 $ 300 $ (62 ) $ 13,977 $ — $ 14,035 $ 53 $ (279 ) $ 13,839 $ (1 ) [1] The cost or amortized cost of assets that support modified coinsurance reinsurance contracts were not adjusted as part of the application of pushdown accounting. As a result, gross unrealized gains (losses) only include subsequent changes in value recorded in AOCI beginning June 1, 2018. Prior changes in value have been recorded in additional paid-in capital. [2] 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 March 31, 2019 (Successor Company) and December 31, 2018 (Successor Company). Fixed maturities, AFS, by Contractual Maturity Year Successor Company March 31, 2019 December 31, 2018 Contractual Maturity Amortized Cost Fair Value Amortized Cost Fair Value One year or less $ 430 $ 429 $ 481 $ 479 Over one year through five years 1,419 1,433 1,508 1,501 Over five years through ten years 1,885 1,926 1,807 1,783 Over ten years 6,168 6,342 6,311 6,157 Subtotal 9,902 10,130 10,107 9,920 Mortgage-backed and asset-backed securities 3,809 3,847 3,928 3,919 Total fixed maturities, AFS $ 13,711 $ 13,977 $ 14,035 $ 13,839 |
Investments by Contractual Maturity Year | Fixed maturities, AFS, by Contractual Maturity Year Successor Company March 31, 2019 December 31, 2018 Contractual Maturity Amortized Cost Fair Value Amortized Cost Fair Value One year or less $ 430 $ 429 $ 481 $ 479 Over one year through five years 1,419 1,433 1,508 1,501 Over five years through ten years 1,885 1,926 1,807 1,783 Over ten years 6,168 6,342 6,311 6,157 Subtotal 9,902 10,130 10,107 9,920 Mortgage-backed and asset-backed securities 3,809 3,847 3,928 3,919 Total fixed maturities, AFS $ 13,711 $ 13,977 $ 14,035 $ 13,839 |
Unrealized Loss on Investments | Unrealized Losses on AFS Securities Unrealized Loss Aging for AFS Securities by Type and Length of Time as of March 31, 2019 Successor Company Less Than 12 Months 12 Months or More Total Amortized Cost [1] Fair Value Unrealized Losses Amortized Cost [1] Fair Value Unrealized Losses Amortized Cost [1] Fair Value Unrealized Losses ABS $ 102 $ 102 $ — $ — $ — $ — $ 102 $ 102 $ — CLOs 885 877 (8 ) — — — 885 877 (8 ) CMBS 217 216 (1 ) — — — 217 216 (1 ) Corporate 1,634 1,596 (51 ) — — — 1,634 1,596 (51 ) Foreign govt./govt. agencies 72 71 (1 ) — — — 72 71 (1 ) Municipal 31 31 — — — — 31 31 — RMBS 297 296 (1 ) — — — 297 296 (1 ) U.S. Treasuries 15 15 — — — — 15 15 — Total fixed maturities, AFS in an unrealized loss position $ 3,253 $ 3,204 $ (62 ) $ — $ — $ — $ 3,253 $ 3,204 $ (62 ) Unrealized Loss Aging for AFS Securities by Type and Length of Time as of December 31, 2018 Successor Company Less Than 12 Months 12 Months or More Total Amortized Cost [1] Fair Value Unrealized Losses Amortized Cost [1] Fair Value Unrealized Losses Amortized Cost [1] Fair Value Unrealized Losses ABS $ 179 $ 179 $ — $ — $ — $ — $ 179 $ 179 $ — CLOs 887 874 (13 ) — — — 887 874 (13 ) CMBS 762 754 (7 ) — — — 762 754 (7 ) Corporate 6,748 6,549 (236 ) — — — 6,748 6,549 (236 ) Foreign govt./govt. agencies 218 212 (6 ) — — — 218 212 (6 ) Municipal 490 480 (10 ) — — — 490 480 (10 ) RMBS 727 723 (4 ) — — — 727 723 (4 ) U.S. Treasuries 619 616 (3 ) — — — 619 616 (3 ) Total fixed maturities, AFS in an unrealized loss position $ 10,630 $ 10,387 $ (279 ) $ — $ — $ — $ 10,630 $ 10,387 $ (279 ) [1] |
Valuation Allowance Activity | Valuation Allowance Activity Successor Company Predecessor Company For the three months ended March 31, 2019 For the three months ended March 31, 2018 Beginning Balance $ (5 ) $ — Reversals — — Deductions 5 — Ending Balance $ — $ — |
Loans Credit Quality | Mortgage Loans Credit Quality Successor Company March 31, 2019 December 31, 2018 Loan-to-value Carrying Value Avg. Debt-Service Coverage Ratio Carrying Value Avg. Debt-Service Coverage Ratio 65% - 80% 358 1.88x 340 1.78x Less than 65% 1,727 2.52x 1,760 2.48x Total mortgage loans $ 2,085 2.41x $ 2,100 2.36x |
Mortgage Loans | Mortgage Loans by Region Successor Company March 31, 2019 December 31, 2018 Carrying Value Percent of Total Carrying Value Percent of Total East North Central $ 56 2.7% $ 56 2.7% East South Central 19 0.9% 19 0.9% Middle Atlantic 131 6.3% 131 6.2% Mountain 51 2.4% 51 2.4% New England 79 3.8% 79 3.7% Pacific 679 32.6% 684 32.6% South Atlantic 451 21.6% 457 21.8% West South Central 225 10.8% 226 10.8% Other [1] 394 18.9% 397 18.9% Total mortgage loans $ 2,085 100% $ 2,100 100% [1] Primarily represents loans collateralized by multiple properties in various regions. Mortgage Loans by Property Type Successor Company March 31, 2019 December 31, 2018 Carrying Value Percent of Total Carrying Value Percent of Total Commercial Industrial $ 585 28.1% $ 580 27.6% Lodging 24 1.2% 24 1.1% Multifamily 519 24.9% 518 24.7% Office 459 22.0% 478 22.8% Retail 284 13.6% 286 13.6% Single Family 86 4.1% 86 4.1% Other 128 6.1% 128 6.1% Total mortgage loans $ 2,085 100% $ 2,100 100% |
Offsetting Liabilities | Securities Lending and Repurchase Agreements Successor Company March 31, 2019 December 31, 2018 Fair Value Fair Value Securities Lending Transactions: Gross amount of securities on loan $ 297 $ 277 Gross amount of associated liability for collateral received [1] $ 304 $ 284 Repurchase agreements: Gross amount of recognized liabilities for repurchase agreements $ 195 $ 186 Gross amount of collateral pledged related to repurchase agreements [2] $ 197 $ 190 Gross amount of recognized receivables for reverse repurchase agreements [3] $ 35 $ 25 [1] Cash collateral received is reinvested in fixed maturities, AFS and short term investments which are included in the Condensed Consolidated Balance Sheets. Amount includes additional securities collateral received of $ 5 and $ 1 which are excluded from the Company's Condensed Consolidated Balance Sheets as of March 31, 2019 (Successor Company) and December 31, 2018 (Successor Company), respectively. [2] Collateral pledged is included within fixed maturities, AFS and short term investments in the Company's Condensed Consolidated Balance Sheets. [3] Offsetting Derivative Assets and Liabilities (Successor Company) (i) (ii) (iii) = (i) - (ii) (iv) (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 [4] Net Amount As of March 31, 2019 Other investments $ 253 $ 214 $ 127 $ (88 ) $ 11 $ 28 Other liabilities $ (366 ) $ (66 ) $ (240 ) $ (60 ) $ (298 ) $ (2 ) As of December 31, 2018 Other investments $ 455 $ 352 $ 212 $ (109 ) $ 65 $ 38 Other liabilities $ (327 ) $ (147 ) $ (84 ) $ (96 ) $ (178 ) $ (2 ) [1] Included in other invested assets in the Company's Condensed Consolidated Balance Sheets. [2] Included in other liabilities in the Company's Condensed Consolidated Balance Sheets and is limited to the net derivative receivable associated with each counterparty. [3] Included in other investments in the Company's Condensed Consolidated Balance Sheets and is limited to the net derivative payable associated with each counterparty. [4] |
Reinsurance Level 3 (Tables)
Reinsurance Level 3 (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Reinsurance Disclosures [Abstract] | |
Reinsurance Recoverable [Table Text Block] | Reinsurance Recoverables Successor Company March 31, 2019 December 31, 2018 Reserve for future policy benefits and other policyholder funds and benefits payable Sold businesses (MassMutual and Prudential) $ 19,433 $ 19,354 Commonwealth 8,687 8,969 Other reinsurers 1,201 1,241 Gross reinsurance recoverables $ 29,321 $ 29,564 |
Life Insurance Fees Earned Premiums and Other [Table Text Block] | Insurance Revenues Successor Company Predecessor Company For the Three Months Ended March 31, 2019 For the Three Months Ended March 31, 2018 Gross earned premiums, fee income and other $ 576 $ 640 Reinsurance assumed 30 29 Reinsurance ceded (395 ) (411 ) Net earned premiums, fee income and other $ 211 $ 258 |
Deferred Policy Acquisition C_2
Deferred Policy Acquisition Costs and Value of Business Acquired Level 3 (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Deferred Policy Acquisition Costs and Present Value of Future Profits [Abstract] | |
Deferred Policy Acquisition Costs [Table Text Block] | Changes in the DAC Balance [1] Successor Company Predecessor Company For the Three Months Ended March 31, 2019 For the Three Months Ended March 31, 2018 Balance, beginning of period $ — $ 405 Amortization — DAC — (8 ) Amortization — unlock charge, pre-tax — (3 ) Adjustments to unrealized gains and losses on securities AFS and other — 23 Balance, end of period $ — $ 417 |
Present Value of Future Insurance Profits [Table Text Block] | Changes in the VOBA Balance [1] Successor Company Predecessor Company For the Three Months Ended March 31, 2019 For the Three Months Ended March 31, 2018 Balance, beginning of period $ 716 $ — Amortization — VOBA [2] 41 — Amortization — Unlock benefit, pre-tax 2 — Adjustments to unrealized gains and losses on securities AFS and other (18 ) — Balance, end of period $ 741 $ — |
Present Value of Future Insurance Profits, Expected Amortization [Table Text Block] | Expected Amortization Expense of VOBA (Successor Company) Years Expected Amortization Expense 2019 [1] $ 25 2020 $ 42 2021 $ 53 2022 $ 47 2023 $ 43 [1] |
Reserve for Future Policy Ben_2
Reserve for Future Policy Benefits and SA Liabilities Level 3 (Tables) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Separate Accounts Disclosure [Abstract] | ||
Schedule of Minimum Guaranteed Benefit Liabilities [Table Text Block] | Changes in Reserves for Future Policy Benefits Successor Company Universal Life-Type Contracts GMDB/GMWB [1] Universal Life Secondary Guarantees Traditional Annuity and Other Contracts [2] Total Future Policy Benefits Liability balance as of January 1, 2019 $ 462 $ 3,276 $ 14,585 $ 18,323 Incurred [3] 17 92 99 208 Paid (24 ) (1 ) (192 ) (217 ) Liability balance as of March 31, 2019 $ 455 $ 3,367 $ 14,492 $ 18,314 Reinsurance recoverable asset, as of January 1, 2019 $ 284 $ 3,276 $ 4,972 $ 8,532 Incurred [3] 13 92 5 110 Paid (19 ) (1 ) (64 ) (84 ) Reinsurance recoverable asset, as of March 31, 2019 $ 278 $ 3,367 $ 4,913 $ 8,558 Predecessor Company Universal Life-Type Contracts GMDB/GMWB [1] Universal Life Secondary Guarantees Traditional Annuity and Other Contracts [2] Total Future Policy Benefits Liability balance as of January 1, 2018 $ 873 $ 2,940 $ 10,669 $ 14,482 Incurred [3] 35 87 105 227 Paid (28 ) — (194 ) (222 ) Change in unrealized investment gains and losses — — (205 ) (205 ) Liability balance as of March 31, 2018 $ 880 $ 3,027 $ 10,375 $ 14,282 Reinsurance recoverable asset as of January 1, 2018 $ 464 $ 2,940 $ 1,742 $ 5,146 Incurred [3] 22 87 (55 ) 54 Paid (22 ) — (12 ) (34 ) Reinsurance recoverable asset as of March 31, 2018 $ 464 $ 3,027 $ 1,675 $ 5,166 | Predecessor Company Universal Life-Type Contracts GMDB/GMWB [1] Universal Life Secondary Guarantees Traditional Annuity and Other Contracts [2] Total Future Policy Benefits Liability balance as of January 1, 2018 $ 873 $ 2,940 $ 10,669 $ 14,482 Incurred [3] 35 87 105 227 Paid (28 ) — (194 ) (222 ) Change in unrealized investment gains and losses — — (205 ) (205 ) Liability balance as of March 31, 2018 $ 880 $ 3,027 $ 10,375 $ 14,282 Reinsurance recoverable asset as of January 1, 2018 $ 464 $ 2,940 $ 1,742 $ 5,146 Incurred [3] 22 87 (55 ) 54 Paid (22 ) — (12 ) (34 ) Reinsurance recoverable asset as of March 31, 2018 $ 464 $ 3,027 $ 1,675 $ 5,166 [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 up to the return of 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 Value by GMDB/GMWB Type as of March 31, 2019 (Successor Company) Account Value (“AV”) [9] Net Amount at Risk (“NAR”) [10] Retained Net Amount at Risk (“RNAR”) [10] Weighted Average Attained Age of Annuitant Maximum anniversary value (“MAV”) [1] MAV only $ 12,268 $ 1,828 $ 280 72 With 5% rollup [2] 998 116 39 72 With Earnings Protection Benefit Rider (“EPB”) [3] 3,102 488 77 72 With 5% rollup & EPB 430 98 21 74 Total MAV 16,798 2,530 417 Asset Protection Benefit (APB) [4] 8,470 115 77 70 Lifetime Income Benefit (LIB) – Death Benefit [5] 382 4 4 72 Reset [6] (5-7 years) 2,243 5 5 71 Return of Premium [7] /Other 5,917 59 57 72 Variable Annuity without GMDB [8] 2,019 — — 69 Subtotal Variable Annuity [11] $ 35,829 $ 2,713 $ 560 71 Less: General Account Value 3,326 Subtotal Separate Account Liabilities with GMDB 32,503 Separate Account Liabilities - Other [12] 72,306 Total Separate Account Liabilities $ 104,809 |
Schedule of Net Amount of Risk by Product and Guarantee [Table Text Block] | Account Value by GMDB/GMWB Type as of March 31, 2019 (Successor Company) Account Value (“AV”) [9] Net Amount at Risk (“NAR”) [10] Retained Net Amount at Risk (“RNAR”) [10] Weighted Average Attained Age of Annuitant Maximum anniversary value (“MAV”) [1] MAV only $ 12,268 $ 1,828 $ 280 72 With 5% rollup [2] 998 116 39 72 With Earnings Protection Benefit Rider (“EPB”) [3] 3,102 488 77 72 With 5% rollup & EPB 430 98 21 74 Total MAV 16,798 2,530 417 Asset Protection Benefit (APB) [4] 8,470 115 77 70 Lifetime Income Benefit (LIB) – Death Benefit [5] 382 4 4 72 Reset [6] (5-7 years) 2,243 5 5 71 Return of Premium [7] /Other 5,917 59 57 72 Variable Annuity without GMDB [8] 2,019 — — 69 Subtotal Variable Annuity [11] $ 35,829 $ 2,713 $ 560 71 Less: General Account Value 3,326 Subtotal Separate Account Liabilities with GMDB 32,503 Separate Account Liabilities - Other [12] 72,306 Total Separate Account Liabilities $ 104,809 [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 of 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 or net premiums paid. [8] Includes account value for contracts that had a GMDB at issue but no longer have a GMDB due to certain elections made by policyholders or their beneficiaries. [9] AV includes the contract holder’s investment in the separate account and the general account. [10] NAR is defined as the guaranteed minimum death benefit in excess of the current AV. RNAR represents NAR reduced for reinsurance. NAR and RNAR are highly sensitive to equity markets movements and increase when equity markets decline. [11] 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 $5.3 billion of total account value and weighted average attained age of 74 years . There is no NAR or retained NAR related to these contracts. [12] | |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Table Text Block] | Account Balance Breakdown of Variable Separate Account Investments for Contracts with Guarantees Successor Company Asset type As of March 31, 2019 As of December 31, 2018 Equity securities (including mutual funds) $ 30,832 $ 28,953 Cash and cash equivalents 1,671 1,286 Total [1] $ 32,503 $ 30,239 [1] Includes $2.0 billion and $1.8 billion of account value as of March 31, 2019 (Successor Company) and December 31, 2018 (Successor Company) for contracts that had a GMDB at issue but no longer have a GMDB due to certain elections made by policyholders or their beneficiaries. As of March 31, 2019 (Successor Company) and December 31, 2018 (Successor Company), approximately 22% and 20% , respectively, of the equity securities (including mutual funds) in the preceding table were funds invested in fixed income securities and approximately 78% and 80% |
Income Taxes Level 3 (Tables)
Income Taxes Level 3 (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Income Tax Rate Reconciliation Successor Company Predecessor Company For the Three Months Ended March 31, 2019 For the Three Months Ended March 31, 2018 Tax provision at the U.S. federal statutory rate $ 7 $ 30 Dividends-received deduction ("DRD") (6 ) (7 ) Foreign related investments (2 ) (2 ) Tax reform — (2 ) Other — 1 Provision for income taxes $ (1 ) $ 20 |
Changes in and Reclassificati_2
Changes in and Reclassifications from Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Changes in AOCI, net of tax | Successor Company Changes in AOCI, Net of Tax for the Three Months Ended March 31, 2019 Changes in Net Unrealized Gain on Securities Net Gain on Cash Flow Hedging Instruments Foreign Currency Translation Adjustments AOCI, net of tax Beginning balance $ (173 ) $ — $ 2 $ (171 ) OCI before reclassifications 359 — (2 ) 357 Amounts reclassified from AOCI (5 ) — — (5 ) OCI, net of tax 354 — (2 ) 352 Ending balance $ 181 $ — $ — $ 181 | Predecessor Company Changes in AOCI, Net of Tax for the Three Months Ended March 31, 2018 Changes in Net Unrealized Gain on Securities Net Gain on Cash Flow Hedging Instruments Foreign Currency Translation Adjustments AOCI, net of tax Beginning balance $ 1,022 $ 4 $ (3 ) $ 1,023 Cumulative effect of accounting changes, net of tax [1] 182 — — 182 Adjusted balance, beginning of period 1,204 4 (3 ) 1,205 OCI before reclassifications (301 ) (12 ) 1 (312 ) Amounts reclassified from AOCI (3 ) (6 ) — (9 ) OCI, net of tax (304 ) (18 ) 1 (321 ) Ending balance $ 900 $ (14 ) $ (2 ) $ 884 [1] Includes reclassification to retained earnings of $193 of stranded tax effects and $11 of net unrealized gains, after tax, related to equity securities. For further information, see Note 1 - Basis of Presentation and Significant Accounting Policies |
Reclassifications from AOCI | Reclassifications from AOCI Successor Company Predecessor Company For the Three Months Ended March 31, 2019 For the Three Months Ended March 31, 2018 Affected Line Item in the Condensed Consolidated Statement of Operations Net Unrealized Gain on Securities Available-for-sale securities $ 6 $ 4 Net realized capital gains (losses) 6 4 Income before income taxes 1 1 Income tax expense (benefit) $ 5 $ 3 Net income Net Gains on Cash Flow Hedging Instruments Interest rate swaps $ — $ 5 Net investment income Foreign currency swaps — 2 Net realized capital gains (losses) — 7 Income before income taxes — 1 Income tax expense (benefit) — 6 Net income Total amounts reclassified from AOCI $ 5 $ 9 Net income |
Other Intangible Assets Level 3
Other Intangible Assets Level 3 (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets Disclosure [Text Block] | Other Intangible Assets As of March 31, 2019 (Successor Company) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Expected Life Amortizing Intangible Assets [1] $ 29 $ 5 $ 24 5 Total Indefinite Lived Intangible Assets [2] 26 — 26 — Total Other Intangible Assets $ 55 $ 5 $ 50 5 [1] Consist of internally developed software [2] Consist of state insurance licenses. |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Expected Pre-tax Amortization Expense (Successor Company) Years Expected Future Amortization Expense 2019 $ 5 2020 $ 6 2021 $ 6 2022 $ 6 2023 $ 1 |
Basis of Presentation and Acc_3
Basis of Presentation and Accounting Policies Level 4 (Details) - USD ($) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Jun. 01, 2018 | Dec. 31, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Insurance Commissions and Fees | $ 203 | $ 231 | |||
Sale of HHI | On May 31, 2018 the Company's indirect parent, Hartford Holding, Inc. ("HHI") completed the sale of the Company's parent to a group of investors led by Cornell Capital LLC, Atlas Merchant Capital LLC, TRB Advisors LP, Global Atlantic Financial Group ("Global Atlantic"), Pine Brook and J. Safra Group. Although Talcott Resolution Life Insurance Company is no longer affiliated with The Hartford Financial Services Group, Inc. ("The Hartford") or any of its subsidiaries, The Hartford retained a 9.7 percent ownership interest in HHLP ("Talcott Resolution Sale Transaction"). | ||||
Investments and Cash | $ 27,038 | ||||
Present Value of Future Insurance Profits, Net | $ 741 | 0 | $ 716 | 805 | $ 0 |
Deferred Income Tax Assets, Net | 876 | 969 | 998 | ||
Intangible Assets, Net (Excluding Goodwill) | 50 | 51 | 55 | ||
Reinsurance Recoverables, Including Reinsurance Premium Paid | 29,321 | 29,564 | 22,615 | ||
Separate Account Assets | 104,809 | 98,814 | 110,773 | ||
Total assets | 156,296 | 150,146 | 162,284 | ||
Liability for Future Policy Benefits | 18,314 | 18,323 | 18,057 | ||
Policyholder Funds | 28,182 | 28,584 | 29,560 | ||
Other Liabilities | 2,602 | 2,420 | 2,127 | ||
Separate Accounts, Liability | 104,809 | 98,814 | 110,773 | ||
Total liabilities | 153,907 | 148,141 | 160,517 | ||
Stockholders' Equity Attributable to Parent | 2,389 | 6,486 | 2,005 | 1,767 | 6,680 |
Total liabilities and stockholder's equity | 156,296 | 150,146 | $ 162,284 | ||
Accumulated Net Unrealized Investment Gain (Loss) | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stockholders' Equity Attributable to Parent | 181 | 900 | $ (173) | $ 1,022 | |
Other fee revenues [Member] | Fee Income [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Insurance Commissions and Fees | $ 21 | $ 25 |
Derivatives - Derivative Balanc
Derivatives - Derivative Balance Sheet Classification (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 41,631 | $ 35,535 |
Fair Value | (126) | 100 |
Asset Derivatives | 281 | 507 |
Liability Derivatives | (407) | (407) |
Fixed maturities, available-for-sale | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 41 | 41 |
Fair Value | 0 | 0 |
Asset Derivatives | 0 | 0 |
Liability Derivatives | 0 | 0 |
Other investments | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 7,180 | 11,000 |
Fair Value | 127 | 212 |
Asset Derivatives | 153 | 248 |
Liability Derivatives | (26) | (36) |
Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 20,269 | 11,623 |
Fair Value | (240) | (84) |
Asset Derivatives | 100 | 207 |
Liability Derivatives | (340) | (291) |
Reinsurance Recoverable Including Reinsurance Premium Paid [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 3,114 | 2,914 |
Fair Value | 16 | 52 |
Asset Derivatives | 28 | 52 |
Liability Derivatives | (12) | 0 |
Other Policyholder Funds and Benefits Payable [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 11,027 | 9,957 |
Fair Value | (29) | (80) |
Asset Derivatives | 0 | 0 |
Liability Derivatives | (29) | (80) |
Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 10 | 0 |
Fair Value | 0 | 0 |
Asset Derivatives | 0 | 0 |
Liability Derivatives | 0 | 0 |
Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 41,621 | 35,535 |
Fair Value | (126) | 100 |
Asset Derivatives | 281 | 507 |
Liability Derivatives | (407) | (407) |
Interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 1,500 | |
Interest rate swaps | Fair Value Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value | 30 | 25 |
Interest rate swaps | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 1,500 | |
Currency Swap [Member] | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 10 | 0 |
Fair Value | 0 | 0 |
Asset Derivatives | 0 | 0 |
Liability Derivatives | 0 | 0 |
Interest Rate Swaps and Futures [Member] | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 3,049 | 3,152 |
Fair Value | (104) | (101) |
Asset Derivatives | 47 | 38 |
Liability Derivatives | (151) | (139) |
Foreign Currency Swaps and Forwards [Member] | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 225 | 225 |
Fair Value | (10) | (9) |
Asset Derivatives | 7 | 7 |
Liability Derivatives | (17) | (16) |
Three Win Related Foreign Currency Swaps [Member] | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 270 | 270 |
Fair Value | (86) | (82) |
Asset Derivatives | 0 | 0 |
Liability Derivatives | (86) | (82) |
Credit derivatives that purchase credit protection | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 40 | 45 |
Fair Value | (1) | (1) |
Asset Derivatives | 0 | 0 |
Liability Derivatives | (1) | (1) |
Credit derivatives that assume credit risk | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 267 | 372 |
Fair Value | 5 | 3 |
Asset Derivatives | 5 | 3 |
Liability Derivatives | 0 | 0 |
Credit Derivatives in Offsetting Positions [Member] | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 0 | 43 |
Fair Value | 0 | 0 |
Asset Derivatives | 0 | 5 |
Liability Derivatives | 0 | (5) |
Equity Contract [Member] | Fair Value Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value | (28) | (25) |
Equity Contract [Member] | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 2,000 | 0 |
Fair Value | 1 | 0 |
Asset Derivatives | 1 | 0 |
Liability Derivatives | 0 | 0 |
GMWB Product Derivatives [Member] | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 11,027 | 9,957 |
Fair Value | (29) | (80) |
Asset Derivatives | 0 | 0 |
Liability Derivatives | (29) | (80) |
GMWB Reinsurance [Member] | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 2,307 | 2,115 |
Fair Value | 28 | 40 |
Asset Derivatives | 28 | 40 |
Liability Derivatives | 0 | 0 |
GMWB Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 7,489 | 7,793 |
Fair Value | 47 | 71 |
GMWB Hedging Instruments [Member] | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 7,489 | 7,793 |
Fair Value | 47 | 71 |
Asset Derivatives | 86 | 114 |
Liability Derivatives | (39) | (43) |
Macro Hedge Program [Member] | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 14,140 | 10,765 |
Fair Value | 35 | 247 |
Asset Derivatives | 107 | 288 |
Liability Derivatives | (72) | (41) |
Coinsurance and Modified Coinsurance Reinsurance Contracts [Member] | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 807 | 798 |
Fair Value | (12) | 12 |
Asset Derivatives | 0 | 12 |
Liability Derivatives | $ (12) | $ 0 |
Fair Value Measurements - Level
Fair Value Measurements - Level 4 Fair Value by Hierarchy (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 01, 2018 |
Fair Value Measurement [Domain] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Separate Account Assets | $ 100,323 | $ 94,724 | |
Debt Securities, Available-for-sale | 13,977 | 13,839 | |
Fair Value, Option, Fixed Maturity Securities | 11 | 12 | |
Equity Securities, FV-NI | 173 | ||
Available-for-sale Securities, Equity Securities | 116 | ||
Derivative Asset | 212 | ||
Other Short-term Investments | 1,204 | 844 | |
Reinsurance Recoverables, Including Reinsurance Premium Paid | 29,321 | 29,564 | $ 22,615 |
Separate Account Assets | 104,809 | 98,814 | $ 110,773 |
Assets, Fair Value Disclosure | 115,831 | 109,799 | |
Liabilities, Fair Value Disclosure [Abstract] | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 269 | 164 | |
Portion at Other than Fair Value Measurement [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Separate Account Assets | 4,000 | 3,600 | |
Estimate of Fair Value Measurement [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Separate Account Assets | 467 | 468 | |
Liability [Member] | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Obligations, Fair Value Disclosure | (29) | (80) | |
Guaranteed Minimum Withdrawal Benefit [Member] | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Obligations, Fair Value Disclosure | (29) | (80) | |
Credit Risk Contract [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Asset | 1 | ||
Foreign Exchange Contract [Member] | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 1 | ||
Derivative Liability | 97 | 91 | |
Interest Rate Contract [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Asset | 39 | 36 | |
Liabilities, Fair Value Disclosure [Abstract] | |||
Derivative Liability | 143 | 137 | |
US GMWB Hedging Instruments [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Asset | 27 | 44 | |
Liabilities, Fair Value Disclosure [Abstract] | |||
Derivative Liability | 20 | 27 | |
Macro Hedge Program [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Asset | 59 | 132 | |
Liabilities, Fair Value Disclosure [Abstract] | |||
Derivative Liability | (24) | 115 | |
Derivative Financial Instruments, Assets [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Asset | 127 | ||
GMWB Reinsurance [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Reinsurance Recoverables, Including Reinsurance Premium Paid | 28 | 40 | |
Coinsurance and Modified Coinsurance Reinsurance Contracts [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Reinsurance Recoverable, Including Reinsurance Premium Paid MODCO | 12 | 12 | |
Derivative Financial Instruments, Liabilities [Member] | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Derivative Liability | (240) | (84) | |
ABS [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Debt Securities, Available-for-sale | 383 | 516 | |
CDOs | |||
Assets, Fair Value Disclosure [Abstract] | |||
Debt Securities, Available-for-sale | 997 | 963 | |
CMBS [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Debt Securities, Available-for-sale | 1,481 | 1,407 | |
Corporate | |||
Assets, Fair Value Disclosure [Abstract] | |||
Debt Securities, Available-for-sale | 8,020 | 7,678 | |
Debt Security, Government, Non-US [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Debt Securities, Available-for-sale | 390 | 377 | |
US States and Political Subdivisions Debt Securities [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Debt Securities, Available-for-sale | 732 | 734 | |
RMBS [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Debt Securities, Available-for-sale | 986 | 1,033 | |
Fair Value, Option, Fixed Maturity Securities | 11 | 12 | |
U.S. Treasuries | |||
Assets, Fair Value Disclosure [Abstract] | |||
Debt Securities, Available-for-sale | 988 | 1,131 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value Measurement [Domain] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Separate Account Assets | 64,134 | 59,361 | |
Fair Value, Inputs, Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Debt Securities, Available-for-sale | 81 | 322 | |
Fair Value, Option, Fixed Maturity Securities | 0 | 0 | |
Equity Securities, FV-NI | 52 | ||
Available-for-sale Securities, Equity Securities | 54 | ||
Other Short-term Investments | 455 | 464 | |
Assets, Fair Value Disclosure | 64,722 | 60,201 | |
Liabilities, Fair Value Disclosure [Abstract] | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Liability [Member] | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Obligations, Fair Value Disclosure | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Guaranteed Minimum Withdrawal Benefit [Member] | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Obligations, Fair Value Disclosure | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Credit Risk Contract [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Asset | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Foreign Exchange Contract [Member] | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||
Derivative Liability | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Interest Rate Contract [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Asset | 0 | 0 | |
Liabilities, Fair Value Disclosure [Abstract] | |||
Derivative Liability | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | US GMWB Hedging Instruments [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Asset | 0 | 0 | |
Liabilities, Fair Value Disclosure [Abstract] | |||
Derivative Liability | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Macro Hedge Program [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Asset | 0 | 0 | |
Liabilities, Fair Value Disclosure [Abstract] | |||
Derivative Liability | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | GMWB Reinsurance [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Reinsurance Recoverables, Including Reinsurance Premium Paid | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Coinsurance and Modified Coinsurance Reinsurance Contracts [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Reinsurance Recoverable, Including Reinsurance Premium Paid MODCO | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Derivative Financial Instruments, Liabilities [Member] | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Derivative Liability | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | ABS [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Debt Securities, Available-for-sale | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | CDOs | |||
Assets, Fair Value Disclosure [Abstract] | |||
Debt Securities, Available-for-sale | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | CMBS [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Debt Securities, Available-for-sale | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Corporate | |||
Assets, Fair Value Disclosure [Abstract] | |||
Debt Securities, Available-for-sale | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Debt Security, Government, Non-US [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Debt Securities, Available-for-sale | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | US States and Political Subdivisions Debt Securities [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Debt Securities, Available-for-sale | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | RMBS [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Debt Securities, Available-for-sale | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | U.S. Treasuries | |||
Assets, Fair Value Disclosure [Abstract] | |||
Debt Securities, Available-for-sale | 81 | 322 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value Measurement [Domain] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Separate Account Assets | 36,134 | 35,323 | |
Fair Value, Inputs, Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Debt Securities, Available-for-sale | 13,132 | 12,627 | |
Fair Value, Option, Fixed Maturity Securities | 11 | 12 | |
Equity Securities, FV-NI | 86 | ||
Available-for-sale Securities, Equity Securities | 16 | ||
Derivative Asset | 44 | ||
Other Short-term Investments | 749 | 380 | |
Assets, Fair Value Disclosure | 50,145 | 48,414 | |
Liabilities, Fair Value Disclosure [Abstract] | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 185 | 181 | |
Fair Value, Inputs, Level 2 [Member] | Liability [Member] | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Obligations, Fair Value Disclosure | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Guaranteed Minimum Withdrawal Benefit [Member] | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Obligations, Fair Value Disclosure | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Credit Risk Contract [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Asset | 1 | ||
Fair Value, Inputs, Level 2 [Member] | Foreign Exchange Contract [Member] | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 1 | ||
Derivative Liability | 97 | 91 | |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Contract [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Asset | 39 | 36 | |
Liabilities, Fair Value Disclosure [Abstract] | |||
Derivative Liability | (114) | 110 | |
Fair Value, Inputs, Level 2 [Member] | US GMWB Hedging Instruments [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Asset | 4 | 8 | |
Liabilities, Fair Value Disclosure [Abstract] | |||
Derivative Liability | 23 | 18 | |
Fair Value, Inputs, Level 2 [Member] | Macro Hedge Program [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Asset | 0 | 0 | |
Liabilities, Fair Value Disclosure [Abstract] | |||
Derivative Liability | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Derivative Financial Instruments, Assets [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Asset | 45 | ||
Fair Value, Inputs, Level 2 [Member] | GMWB Reinsurance [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Reinsurance Recoverables, Including Reinsurance Premium Paid | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Coinsurance and Modified Coinsurance Reinsurance Contracts [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Reinsurance Recoverable, Including Reinsurance Premium Paid MODCO | 12 | 12 | |
Fair Value, Inputs, Level 2 [Member] | Derivative Financial Instruments, Liabilities [Member] | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Derivative Liability | (185) | (181) | |
Fair Value, Inputs, Level 2 [Member] | ABS [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Debt Securities, Available-for-sale | 381 | 514 | |
Fair Value, Inputs, Level 2 [Member] | CDOs | |||
Assets, Fair Value Disclosure [Abstract] | |||
Debt Securities, Available-for-sale | 899 | 886 | |
Fair Value, Inputs, Level 2 [Member] | CMBS [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Debt Securities, Available-for-sale | 1,443 | 1,366 | |
Fair Value, Inputs, Level 2 [Member] | Corporate | |||
Assets, Fair Value Disclosure [Abstract] | |||
Debt Securities, Available-for-sale | 7,778 | 7,351 | |
Fair Value, Inputs, Level 2 [Member] | Debt Security, Government, Non-US [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Debt Securities, Available-for-sale | 390 | 377 | |
Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Debt Securities, Available-for-sale | 732 | 734 | |
Fair Value, Inputs, Level 2 [Member] | RMBS [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Debt Securities, Available-for-sale | 602 | 590 | |
Fair Value, Inputs, Level 2 [Member] | U.S. Treasuries | |||
Assets, Fair Value Disclosure [Abstract] | |||
Debt Securities, Available-for-sale | 907 | 809 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value Measurement [Domain] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Separate Account Assets | 55 | 40 | |
Fair Value, Inputs, Level 3 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Debt Securities, Available-for-sale | 764 | 890 | |
Fair Value, Option, Fixed Maturity Securities | 0 | 0 | |
Equity Securities, FV-NI | 35 | ||
Available-for-sale Securities, Equity Securities | 46 | ||
Derivative Asset | 168 | ||
Other Short-term Investments | 0 | 0 | |
Assets, Fair Value Disclosure | 964 | 1,184 | |
Liabilities, Fair Value Disclosure [Abstract] | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 84 | (17) | |
Fair Value, Inputs, Level 3 [Member] | Liability [Member] | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Obligations, Fair Value Disclosure | (29) | (80) | |
Fair Value, Inputs, Level 3 [Member] | Guaranteed Minimum Withdrawal Benefit [Member] | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Obligations, Fair Value Disclosure | (29) | (80) | |
Fair Value, Inputs, Level 3 [Member] | Credit Risk Contract [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Asset | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Foreign Exchange Contract [Member] | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||
Derivative Liability | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Interest Rate Contract [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Asset | 0 | 0 | |
Liabilities, Fair Value Disclosure [Abstract] | |||
Derivative Liability | 29 | 27 | |
Fair Value, Inputs, Level 3 [Member] | US GMWB Hedging Instruments [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Asset | 23 | 36 | |
Liabilities, Fair Value Disclosure [Abstract] | |||
Derivative Liability | (3) | 9 | |
Fair Value, Inputs, Level 3 [Member] | Macro Hedge Program [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Asset | 59 | 132 | |
Liabilities, Fair Value Disclosure [Abstract] | |||
Derivative Liability | (24) | 115 | |
Fair Value, Inputs, Level 3 [Member] | Derivative Financial Instruments, Assets [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Asset | 82 | ||
Fair Value, Inputs, Level 3 [Member] | GMWB Reinsurance [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Reinsurance Recoverables, Including Reinsurance Premium Paid | 28 | 40 | |
Fair Value, Inputs, Level 3 [Member] | Coinsurance and Modified Coinsurance Reinsurance Contracts [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Reinsurance Recoverable, Including Reinsurance Premium Paid MODCO | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Derivative Financial Instruments, Liabilities [Member] | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Derivative Liability | (55) | 97 | |
Fair Value, Inputs, Level 3 [Member] | ABS [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Debt Securities, Available-for-sale | 2 | 2 | |
Fair Value, Inputs, Level 3 [Member] | CDOs | |||
Assets, Fair Value Disclosure [Abstract] | |||
Debt Securities, Available-for-sale | 98 | 77 | |
Fair Value, Inputs, Level 3 [Member] | CMBS [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Debt Securities, Available-for-sale | 38 | 41 | |
Fair Value, Inputs, Level 3 [Member] | Corporate | |||
Assets, Fair Value Disclosure [Abstract] | |||
Debt Securities, Available-for-sale | 242 | 327 | |
Fair Value, Inputs, Level 3 [Member] | Debt Security, Government, Non-US [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Debt Securities, Available-for-sale | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | US States and Political Subdivisions Debt Securities [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Debt Securities, Available-for-sale | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | RMBS [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Debt Securities, Available-for-sale | 384 | 443 | |
Fair Value, Inputs, Level 3 [Member] | U.S. Treasuries | |||
Assets, Fair Value Disclosure [Abstract] | |||
Debt Securities, Available-for-sale | 0 | 0 | |
Other Liabilities [Member] | Equity Contract [Member] | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 1 | ||
Other Liabilities [Member] | Credit Risk Contract [Member] | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 3 | ||
Other Liabilities [Member] | Fair Value, Inputs, Level 1 [Member] | Equity Contract [Member] | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||
Other Liabilities [Member] | Fair Value, Inputs, Level 1 [Member] | Credit Risk Contract [Member] | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||
Other Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | Credit Risk Contract [Member] | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 3 | ||
Other Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | Equity Contract [Member] | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 1 | ||
Other Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | Credit Risk Contract [Member] | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | CMBS [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Debt Securities, Available-for-sale | 30 | 1 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Corporate | |||
Assets, Fair Value Disclosure [Abstract] | |||
Debt Securities, Available-for-sale | 158 | 144 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | RMBS [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Debt Securities, Available-for-sale | $ 384 | 426 | |
Fair Value, Measurements, Recurring [Member] | Other Liabilities [Member] | Credit Risk Contract [Member] | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 2 | ||
Fair Value, Measurements, Recurring [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 1 [Member] | Credit Risk Contract [Member] | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||
Fair Value, Measurements, Recurring [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | Credit Risk Contract [Member] | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 2 | ||
Fair Value, Measurements, Recurring [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | Credit Risk Contract [Member] | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | $ 0 |
Derivatives - Offsetting Deriva
Derivatives - Offsetting Derivative Assets and Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Asset Derivatives | $ 281 | $ 507 |
Derivative Asset | 212 | |
Gross Amounts of Recognized (Liabilities) | (407) | (407) |
Other Investments and Other Liabilities | Derivative Financial Instruments, Liabilities [Member] | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized (Liabilities) | (366) | (327) |
Gross Amounts Offset in the Statement of Financial Position, liabilities | (66) | (147) |
Derivative liabilities | (240) | (84) |
Accrued Interest and Cash Collateral (Received) | (60) | (96) |
Financial Collateral (Received) | (298) | (178) |
Net amount, liabilities | (2) | (2) |
Other Investments and Other Liabilities | Derivative Financial Instruments, Assets [Member] | ||
Derivative [Line Items] | ||
Asset Derivatives | 253 | 455 |
Gross Amounts Offset in the Statement of Financial Position, assets | 214 | 352 |
Derivative Asset | 127 | 212 |
Accrued Interest and Cash Collateral Pledged | 88 | 109 |
Financial Collateral Pledged | 11 | 65 |
Net Amount, assets | $ 28 | $ 38 |
Fair Value Measurements - Lev_2
Fair Value Measurements - Level 4 Significant Unobservable Inputs - Securities (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | $ 13,977,000,000 | $ 13,839,000,000 | |
Fair value assets level 1 to level 2 Transfer amount | 321,000,000 | $ 283,000,000 | |
Fair value assets level 2 to level 1 transfer amount | 0 | $ 0 | |
RMBS [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 986,000,000 | 1,033,000,000 | |
US States and Political Subdivisions Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 732,000,000 | 734,000,000 | |
Corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 8,020,000,000 | 7,678,000,000 | |
CMBS [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 1,481,000,000 | 1,407,000,000 | |
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 81,000,000 | 322,000,000 | |
Fair Value, Inputs, Level 1 [Member] | RMBS [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | US States and Political Subdivisions Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | CMBS [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 764,000,000 | 890,000,000 | |
Fair Value, Inputs, Level 3 [Member] | RMBS [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 384,000,000 | 443,000,000 | |
Fair Value, Inputs, Level 3 [Member] | US States and Political Subdivisions Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 242,000,000 | 327,000,000 | |
Fair Value, Inputs, Level 3 [Member] | CMBS [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 38,000,000 | 41,000,000 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Collateralized Loan Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 71,000,000 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | RMBS [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 384,000,000 | 426,000,000 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | $ 158,000,000 | $ 144,000,000 | |
Fair Value Measurements, Sensitivity Analysis, Description | Decrease | Decrease | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | CMBS [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | $ 30,000,000 | $ 1,000,000 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 13,132,000,000 | 12,627,000,000 | |
Fair Value, Inputs, Level 2 [Member] | RMBS [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 602,000,000 | 590,000,000 | |
Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 732,000,000 | 734,000,000 | |
Fair Value, Inputs, Level 2 [Member] | Corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 7,778,000,000 | 7,351,000,000 | |
Fair Value, Inputs, Level 2 [Member] | CMBS [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | $ 1,443,000,000 | $ 1,366,000,000 | |
Measurement Input, Credit Spread [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Collateralized Loan Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Measurements, Sensitivity Analysis, Description | Decrease | ||
Measurement Input, Credit Spread [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Collateralized Loan Obligations [Member] | Minimum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale, Measurement Input | 0.60 | ||
Measurement Input, Credit Spread [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Collateralized Loan Obligations [Member] | Maximum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale, Measurement Input | 2.56 | ||
Measurement Input, Credit Spread [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Collateralized Loan Obligations [Member] | Weighted Average [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale, Measurement Input | 2.53 | ||
Measurement Input, Credit Spread [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | RMBS [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Measurements, Sensitivity Analysis, Description | Decrease | Decrease | |
Measurement Input, Credit Spread [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | RMBS [Member] | Minimum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale, Measurement Input | 0.26 | 0.31 | |
Measurement Input, Credit Spread [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | RMBS [Member] | Maximum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale, Measurement Input | 12.14 | 3.46 | |
Measurement Input, Credit Spread [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | RMBS [Member] | Weighted Average [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale, Measurement Input | 0.85 | 0.92 | |
Measurement Input, Credit Spread [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate | Minimum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale, Measurement Input | 1.21 | 1.45 | |
Measurement Input, Credit Spread [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate | Maximum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale, Measurement Input | 6.65 | 11.45 | |
Measurement Input, Credit Spread [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate | Weighted Average [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale, Measurement Input | 2.91 | 4 | |
Measurement Input, Credit Spread [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | CMBS [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Measurements, Sensitivity Analysis, Description | Decrease | Decrease | |
Measurement Input, Credit Spread [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | CMBS [Member] | Minimum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale, Measurement Input | 0.09 | 0.09 | |
Measurement Input, Credit Spread [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | CMBS [Member] | Maximum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale, Measurement Input | 18.16 | 18.16 | |
Measurement Input, Credit Spread [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | CMBS [Member] | Weighted Average [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale, Measurement Input | 2.41 | 2.78 | |
Measurement Input, Constant Prepayment Rate [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | RMBS [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Measurements, Sensitivity Analysis, Description | Decrease [5] | Decrease [5] | |
Measurement Input, Constant Prepayment Rate [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | RMBS [Member] | Minimum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale, Measurement Input | 0 | 0 | |
Measurement Input, Constant Prepayment Rate [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | RMBS [Member] | Maximum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale, Measurement Input | 0.16 | 0.13 | |
Measurement Input, Constant Prepayment Rate [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | RMBS [Member] | Weighted Average [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale, Measurement Input | 0.06 | 0.06 | |
Measurement Input, Default Rate [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | RMBS [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Measurements, Sensitivity Analysis, Description | Decrease | Decrease | |
Measurement Input, Default Rate [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | RMBS [Member] | Minimum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale, Measurement Input | 0.01 | 0.02 | |
Measurement Input, Default Rate [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | RMBS [Member] | Maximum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale, Measurement Input | 0.06 | 0.08 | |
Measurement Input, Default Rate [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | RMBS [Member] | Weighted Average [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale, Measurement Input | 0.03 | 0.03 | |
Measurement Input, Loss Severity [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | RMBS [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Measurements, Sensitivity Analysis, Description | Decrease | Decrease | |
Measurement Input, Loss Severity [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | RMBS [Member] | Minimum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale, Measurement Input | 0 | 0 | |
Measurement Input, Loss Severity [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | RMBS [Member] | Maximum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale, Measurement Input | 1 | 1 | |
Measurement Input, Loss Severity [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | RMBS [Member] | Weighted Average [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Available-for-sale, Measurement Input | 0.60 | 0.58 | |
Withdrawal Utilization [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Measurements, Sensitivity Analysis, Description | Increase | Increase | |
Withdrawal Utilization [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | Minimum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Unobservable Input Range | 15.00% | 15.00% | |
Withdrawal Utilization [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | Maximum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Unobservable Input Range | 100.00% | 100.00% | |
Withdrawal Rates [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Measurements, Sensitivity Analysis, Description | Increase | Increase | |
Withdrawal Rates [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | Minimum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Unobservable Input Range | 0.00% | 0.00% | |
Withdrawal Rates [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | Maximum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Unobservable Input Range | 8.00% | 8.00% | |
Lapse Rates [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Measurements, Sensitivity Analysis, Description | Decrease | Decrease | |
Lapse Rates [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | Minimum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Unobservable Input Range | 1.00% | 1.00% | |
Lapse Rates [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | Maximum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Unobservable Input Range | 40.00% | 40.00% | |
Reset Elections [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Measurements, Sensitivity Analysis, Description | Increase | Increase | |
Reset Elections [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | Minimum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Unobservable Input Range | 20.00% | 20.00% | |
Reset Elections [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | Maximum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Unobservable Input Range | 45.00% | 45.00% | |
Equity Volatility [Member] | Other Contract [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Measurements, Sensitivity Analysis, Description | Increase | Increase | |
Equity Volatility [Member] | Other Contract [Member] | Fair Value, Inputs, Level 3 [Member] | Minimum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Unobservable Input Range | 12.00% | 17.00% | |
Equity Volatility [Member] | Other Contract [Member] | Fair Value, Inputs, Level 3 [Member] | Maximum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Unobservable Input Range | 25.00% | 30.00% | |
Credit Standing Adjustment [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Measurements, Sensitivity Analysis, Description | Decrease | Decrease | |
Credit Standing Adjustment [Member] | Fair Value, Inputs, Level 3 [Member] | Minimum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Unobservable Input Range | 0.04% | 0.04% | |
Credit Standing Adjustment [Member] | Fair Value, Inputs, Level 3 [Member] | Maximum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Unobservable Input Range | 0.28% | 0.28% |
Derivatives - Cash Flow Hedges
Derivatives - Cash Flow Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Realized Investment Gains (Losses) | $ (193) | $ 21 |
Net Investment Income | 238 | 312 |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | 1 | |
Loss on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring | 0 | 0 |
Designated as Hedging Instrument | Cash Flow Hedging | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | 0 | (16) |
Reclassification out of Accumulated Other Comprehensive Income | Net realized capital gain/(loss) | Designated as Hedging Instrument | Cash Flow Hedging | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 2 |
Reclassification out of Accumulated Other Comprehensive Income | Investment Income [Member] | Designated as Hedging Instrument | Cash Flow Hedging | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 5 |
Interest rate swaps | Designated as Hedging Instrument | Cash Flow Hedging | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | 0 | (16) |
Interest rate swaps | Reclassification out of Accumulated Other Comprehensive Income | Investment Income [Member] | Cash Flow Hedging | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | |
Interest rate swaps | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent | Reclassification out of Accumulated Other Comprehensive Income | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Net Investment Income | 5 | |
Interest rate swaps | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent | Reclassification out of Accumulated Other Comprehensive Income | Net realized capital gain/(loss) | Designated as Hedging Instrument | Cash Flow Hedging | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 |
Interest rate swaps | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent | Reclassification out of Accumulated Other Comprehensive Income | Investment Income [Member] | Designated as Hedging Instrument | Cash Flow Hedging | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 5 | |
Currency Swap [Member] | Designated as Hedging Instrument | Cash Flow Hedging | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | 0 | |
Currency Swap [Member] | Reclassification out of Accumulated Other Comprehensive Income | Net realized capital gain/(loss) | Cash Flow Hedging | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | |
Currency Swap [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent | Net realized capital gain/(loss) | Cash Flow Hedging | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 2 |
Currency Swap [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent | Investment Income [Member] | Cash Flow Hedging | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 0 | 0 |
Currency Swap [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent | Reclassification out of Accumulated Other Comprehensive Income | Net realized capital gain/(loss) | Cash Flow Hedging | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 2 |
Fair Value Measurements - Lev_3
Fair Value Measurements - Level 4 Significant Unobservable Inputs Freestanding Derivatives (Details) - Fair Value, Inputs, Level 3 [Member] $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Equity Contract [Member] | Equity index options | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Derivative Assets (Liabilities), at Fair Value, Net | $ 1 | |
Derivative Liability, Measurement Input | Option model | |
Fair Value Measurements, Sensitivity Analysis, Description | Increase | |
Equity Contract [Member] | Equity index options | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Derivative Asset (Liability) Net, Measurement Input | 0.01 | |
Equity Contract [Member] | Equity index options | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Derivative Asset (Liability) Net, Measurement Input | 0.01 | |
Hedge Funds, Equity [Member] | Equity index options | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Derivative Assets (Liabilities), at Fair Value, Net | $ 1 | |
Derivative Liability, Measurement Input | Option model | |
Fair Value Measurements, Sensitivity Analysis, Description | Increase | |
Hedge Funds, Equity [Member] | Equity index options | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Derivative Asset (Liability) Net, Measurement Input | 0.31 | |
Hedge Funds, Equity [Member] | Equity index options | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Derivative Asset (Liability) Net, Measurement Input | 0.33 | |
Hedge Funds [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Derivative Assets (Liabilities), at Fair Value, Net | $ 250 | |
Fair Value Measurements, Sensitivity Analysis, Description | Increase | |
Hedge Funds [Member] | Valuation Technique, Option Pricing Model [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Derivative Liability, Measurement Input | Option model | |
Equity index options | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Derivative Assets (Liabilities), at Fair Value, Net | $ 37 | $ (1) |
Fair Value Measurements, Sensitivity Analysis, Description | Increase | Increase |
Equity index options | Valuation Technique, Option Pricing Model [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Derivative Liability, Measurement Input | Option model | Option model |
Swap [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Derivative Assets (Liabilities), at Fair Value, Net | $ 46 | $ 71 |
Fair Value Measurements, Sensitivity Analysis, Description | Increase | Increase |
Swap [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Derivative Liability, Measurement Input | Discounted cash flows | Discounted cash flows |
Interest Rate Swaption [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Derivative Assets (Liabilities), at Fair Value, Net | $ 2 | $ 1 |
Fair Value Measurements, Sensitivity Analysis, Description | Increase | Increase |
Interest Rate Swaption [Member] | Valuation Technique, Option Pricing Model [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Derivative Liability, Measurement Input | Option model | Option model |
Variance Swap [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Derivative Assets (Liabilities), at Fair Value, Net | $ (29) | $ (26) |
Fair Value Measurements, Sensitivity Analysis, Description | Increase | Increase |
Variance Swap [Member] | Valuation Technique, Option Pricing Model [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Derivative Liability, Measurement Input | Option model | Option model |
Interest rate swaps | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Derivative Assets (Liabilities), at Fair Value, Net | $ (29) | $ (27) |
Fair Value Measurements, Sensitivity Analysis, Description | Decrease | Decrease |
Interest rate swaps | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Derivative Liability, Measurement Input | Discounted cash flows | Discounted cash flows |
Measurement Input, Discount Rate [Member] | Interest Rate Swaption [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Derivative Asset (Liability) Net, Measurement Input | 0.02 | 0.03 |
Measurement Input, Discount Rate [Member] | Interest Rate Swaption [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Derivative Asset (Liability) Net, Measurement Input | 0.02 | 0.03 |
Measurement Input, Discount Rate [Member] | Interest rate swaps | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Derivative Asset (Liability) Net, Measurement Input | 0.03 | 0.03 |
Measurement Input, Discount Rate [Member] | Interest rate swaps | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Derivative Asset (Liability) Net, Measurement Input | 0.03 | 0.03 |
Measurement Input, Option Volatility [Member] | Hedge Funds [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Derivative Asset (Liability) Net, Measurement Input | 0.17 | |
Measurement Input, Option Volatility [Member] | Hedge Funds [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Derivative Asset (Liability) Net, Measurement Input | 0.30 | |
Measurement Input, Option Volatility [Member] | Equity index options | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Derivative Asset (Liability) Net, Measurement Input | 0.01 | 0.30 |
Measurement Input, Option Volatility [Member] | Equity index options | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Derivative Asset (Liability) Net, Measurement Input | 0.30 | 0.32 |
Measurement Input, Option Volatility [Member] | Swap [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Derivative Asset (Liability) Net, Measurement Input | 0.12 | 0.18 |
Measurement Input, Option Volatility [Member] | Swap [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Derivative Asset (Liability) Net, Measurement Input | 0.25 | 0.30 |
Measurement Input, Option Volatility [Member] | Variance Swap [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Derivative Asset (Liability) Net, Measurement Input | 0.17 | 0.22 |
Measurement Input, Option Volatility [Member] | Variance Swap [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Derivative Asset (Liability) Net, Measurement Input | 0.17 | 0.22 |
Derivatives - Fair Value Hedges
Derivatives - Fair Value Hedges - Non-qualifying Strategies (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Total other non-qualifying derivatives | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Non-qualifying foreign currency derivatives | $ (5) | |
Not Designated as Hedging Instrument | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Non-qualifying foreign currency derivatives | $ (204) | 34 |
Not Designated as Hedging Instrument | Fair Value Hedging [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Non-qualifying foreign currency derivatives | (212) | 22 |
Not Designated as Hedging Instrument | GMWB Product Derivatives [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Non-qualifying foreign currency derivatives | 65 | 39 |
Not Designated as Hedging Instrument | GMWB Reinsurance [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Non-qualifying foreign currency derivatives | (5) | (13) |
Not Designated as Hedging Instrument | GMWB Hedging Instruments [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Non-qualifying foreign currency derivatives | (46) | (22) |
Not Designated as Hedging Instrument | Macro Hedge Program [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Non-qualifying foreign currency derivatives | (226) | 18 |
Not Designated as Hedging Instrument | Foreign Currency Swaps and Forwards [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Non-qualifying foreign currency derivatives | 0 | (3) |
Not Designated as Hedging Instrument | Fixed Annuity Hedging Instruments [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Non-qualifying foreign currency derivatives | (4) | 20 |
Not Designated as Hedging Instrument | Foreign Exchange Forward [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Non-qualifying foreign currency derivatives | (4) | 17 |
Not Designated as Hedging Instrument | Interest rate swaps, swaptions and futures | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Non-qualifying foreign currency derivatives | 30 | (30) |
Not Designated as Hedging Instrument | Credit Risk Contract [Member] | Credit derivatives that purchase credit protection | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Non-qualifying foreign currency derivatives | 0 | 0 |
Not Designated as Hedging Instrument | Credit Risk Contract [Member] | Credit derivatives that assume credit risk | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Non-qualifying foreign currency derivatives | 6 | (1) |
Not Designated as Hedging Instrument | Equity index options | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Non-qualifying foreign currency derivatives | 0 | 0 |
Not Designated as Hedging Instrument | Other Contract [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Non-qualifying foreign currency derivatives | (24) | 26 |
Not Designated as Hedging Instrument | Total other non-qualifying derivatives | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Non-qualifying foreign currency derivatives | $ 12 | $ (5) |
Fair Value Measurements - Lev_4
Fair Value Measurements - Level 4 Fair Value Recurring Basis, Unobservable Input (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair value assets level 2 to level 1 transfer amount | $ 0 | $ 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 909,000,000 | 1,379,000,000 | $ 1,281,000,000 | $ 1,581,000,000 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (255,000,000) | 13,000,000 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (5,000,000) | (10,000,000) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 101,000,000 | 38,000,000 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (23,000,000) | (59,000,000) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (122,000,000) | (212,000,000) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 4,000,000 | 71,000,000 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (82,000,000) | (43,000,000) | ||
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 | 55,000,000 | 41,000,000 | 40,000,000 | 185,000,000 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 28,000,000 | 10,000,000 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (1,000,000) | (162,000,000) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 17,000,000 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (12,000,000) | (9,000,000) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | (29,000,000) | (53,000,000) | (80,000,000) | (75,000,000) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 65,000,000 | 39,000,000 | ||
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, Liability, Settlements | (14,000,000) | (17,000,000) | ||
Fair Value, Inputs, Level 3 [Member] | Guaranteed Minimum Withdrawal Benefit [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | (29,000,000) | (80,000,000) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 65,000,000 | |||
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, Liability, Settlements | (14,000,000) | |||
Fair Value, Inputs, Level 3 [Member] | Reinsurance Recoverable Including Reinsurance Premium Paid [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 28,000,000 | 31,000,000 | 40,000,000 | 36,000,000 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (14,000,000) | (8,000,000) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (2,000,000) | (3,000,000) | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 29,000,000 | 80,000,000 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 65,000,000 | |||
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, Liability, Purchases | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | (14,000,000) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Sales | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | 0 | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 1,000,000 | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 0 | |||
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 | 1,000,000 | |||
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, 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 with Unobservable Inputs | 27,000,000 | 37,000,000 | 265,000,000 | 28,000,000 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (240,000,000) | 11,000,000 | ||
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 | 2,000,000 | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 0 | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | 0 | (2,000,000) | ||
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 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Derivative [Member] | Interest Rate Contract [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | (29,000,000) | (28,000,000) | (27,000,000) | (29,000,000) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (2,000,000) | 1,000,000 | ||
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 | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 0 | 0 | ||
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 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Derivative [Member] | US GMWB Hedging Instruments [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 20,000,000 | 32,000,000 | 45,000,000 | 34,000,000 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (25,000,000) | 0 | ||
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 | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 0 | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | 0 | (2,000,000) | ||
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 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Derivative [Member] | US Macro Hedge Program [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 35,000,000 | 33,000,000 | 247,000,000 | 23,000,000 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (213,000,000) | 10,000,000 | ||
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 | 1,000,000 | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 0 | 0 | ||
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 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Available-for-sale Securities [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 | 764,000,000 | 1,228,000,000 | 890,000,000 | 1,286,000,000 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 1,000,000 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (5,000,000) | (10,000,000) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 71,000,000 | 28,000,000 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (25,000,000) | (62,000,000) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (112,000,000) | (34,000,000) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 4,000,000 | 54,000,000 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 70,000,000 | (34,000,000) | ||
Fair Value, Inputs, Level 3 [Member] | Available-for-sale Securities [Member] | Equity Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 35,000,000 | 42,000,000 | $ 46,000,000 | 46,000,000 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (2,000,000) | 10,000,000 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (9,000,000) | (14,000,000) | ||
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 | 0 | ||
Separate Accounts [Member] | Hedge Funds [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Redemption Restriction, Percentage | 51.00% | 51.00% | ||
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 Earnings | 39,000,000 | |||
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, Liability, Settlements | (17,000,000) | |||
Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Inputs, Level 3 [Member] | Guaranteed Minimum Withdrawal Benefit [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | (53,000,000) | (75,000,000) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 39,000,000 | |||
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, Liability, Settlements | (17,000,000) | |||
Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | (53,000,000) | (75,000,000) | ||
ABS [Member] | Fair Value, Inputs, Level 3 [Member] | Available-for-sale Securities [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 | $ 2,000,000 | 9,000,000 | $ 2,000,000 | 13,000,000 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | (1,000,000) | ||
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 | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 3,000,000 | ||
CDOs | Fair Value, Inputs, Level 3 [Member] | Available-for-sale Securities [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 | 98,000,000 | 72,000,000 | 77,000,000 | 73,000,000 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 38,000,000 | 5,000,000 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (5,000,000) | 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 | 12,000,000 | 6,000,000 | ||
CMBS [Member] | Fair Value, Inputs, Level 3 [Member] | Available-for-sale Securities [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 | 38,000,000 | 21,000,000 | 41,000,000 | 26,000,000 |
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 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 29,000,000 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | (1,000,000) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | (4,000,000) | ||
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 | 32,000,000 | 0 | ||
Corporate | Fair Value, Inputs, Level 3 [Member] | Available-for-sale Securities [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 | 242,000,000 | 447,000,000 | 327,000,000 | 443,000,000 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 1,000,000 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (4,000,000) | 7,000,000 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 4,000,000 | 20,000,000 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (3,000,000) | (13,000,000) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (86,000,000) | (30,000,000) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 4,000,000 | 54,000,000 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (9,000,000) | (20,000,000) | ||
Debt Security, Government, Non-US [Member] | Fair Value, Inputs, Level 3 [Member] | Available-for-sale Securities [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 | 1,000,000 | 1,000,000 | ||
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 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | |||
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 | |||
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Available-for-sale Securities [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 | 37,000,000 | 38,000,000 | ||
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) | 1,000,000 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 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 | |||
RMBS [Member] | Fair Value, Inputs, Level 3 [Member] | Available-for-sale Securities [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 | 384,000,000 | 641,000,000 | $ 443,000,000 | $ 692,000,000 |
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) | (1,000,000) | 2,000,000 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | 3,000,000 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (22,000,000) | (47,000,000) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (21,000,000) | 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 | $ 17,000,000 | $ 5,000,000 |
Derivatives - Credit Risk Assum
Derivatives - Credit Risk Assumed through Credit Derivatives (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Credit Derivatives [Line Items] | |||
Notional Amount | $ 41,631 | $ 35,535 | |
Fair Value | (126) | 100 | |
Credit Risk Contract [Member] | |||
Credit Derivatives [Line Items] | |||
Notional Amount | 267 | 393 | |
Fair Value | 5 | (2) | |
Offsetting Notional Amount | 0 | 21 | |
Offsetting Fair Value | 0 | 5 | |
Credit Risk Contract [Member] | Single name credit default swaps | Standard & Poor's, A Rating [Member] | Investment grade risk exposure | |||
Credit Derivatives [Line Items] | |||
Notional Amount | 80 | ||
Fair Value | 1 | ||
Average Term of Credit Risk Derivatives | 4 years | ||
Offsetting Notional Amount | 0 | ||
Offsetting Fair Value | 0 | ||
Credit Risk Contract [Member] | Single name credit default swaps | A Minus | Investment grade risk exposure | |||
Credit Derivatives [Line Items] | |||
Notional Amount | 65 | ||
Fair Value | $ 1 | ||
Average Term of Credit Risk Derivatives | 5 years | ||
Offsetting Notional Amount | $ 0 | ||
Offsetting Fair Value | 0 | ||
Credit Risk Contract [Member] | Basket credit default swaps | A Minus | Investment grade risk exposure | |||
Credit Derivatives [Line Items] | |||
Notional Amount | 12 | ||
Fair Value | (1) | ||
Average Term of Credit Risk Derivatives | 5 years | ||
Offsetting Notional Amount | 2 | ||
Offsetting Fair Value | 0 | ||
Credit Risk Contract [Member] | Basket credit default swaps | BBB Plus | Investment grade risk exposure | |||
Credit Derivatives [Line Items] | |||
Notional Amount | 202 | 202 | |
Fair Value | $ 4 | 1 | |
Average Term of Credit Risk Derivatives | 5 years | 5 years | |
Offsetting Notional Amount | $ 0 | 0 | |
Offsetting Fair Value | $ 0 | 0 | |
Credit Risk Contract [Member] | Basket credit default swaps | Standard & Poor's, B+ Rating [Member] | External Credit Rating, Non Investment Grade [Member] | |||
Credit Derivatives [Line Items] | |||
Notional Amount | 80 | ||
Fair Value | 2 | ||
Average Term of Credit Risk Derivatives | 5 years | ||
Offsetting Notional Amount | 0 | ||
Offsetting Fair Value | 0 | ||
Credit Risk Contract [Member] | Basket credit default swaps | Standard & Poor's, B- Rating [Member] | External Credit Rating, Non Investment Grade [Member] | |||
Credit Derivatives [Line Items] | |||
Notional Amount | 19 | ||
Fair Value | (5) | ||
Offsetting Notional Amount | 19 | ||
Offsetting Fair Value | $ 5 |
Fair Value Measurements - Lev_5
Fair Value Measurements - Level 4 Changes in Unrealized Gains (Losses) Included in Net Income for Financial Instruments Classified at Fair Value (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | $ (254) | $ 3 |
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 | |
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 65 | 39 |
Fair Value, Inputs, Level 3 [Member] | Other Policyholder Funds and Benefits Payable [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) | 65 | 39 |
Fair Value, Inputs, Level 3 [Member] | Guaranteed Minimum Withdrawal Benefit [Member] | Other Policyholder Funds and Benefits Payable [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) | 65 | 39 |
Fair Value, Inputs, Level 3 [Member] | Reinsurance Recoverable Including Reinsurance Premium Paid [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) | (8) |
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) | (240) | 11 |
Fair Value, Inputs, Level 3 [Member] | Derivative [Member] | Interest Rate Contract [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) | (2) | 1 |
Fair Value, Inputs, Level 3 [Member] | Derivative [Member] | US GMWB Hedging Instruments [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) | (25) | (2) |
Fair Value, Inputs, Level 3 [Member] | Derivative [Member] | US Macro Hedge Program [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) | $ (213) | $ 12 |
Derivatives - Additional Inform
Derivatives - Additional Information (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount | $ 41,631 | $ 35,535 |
Derivative, Fair Value, Net | (126) | 100 |
Pledged collateral, securities | 2 | 2 |
Margin Deposit Assets | 83 | 85 |
Cash collateral held | 219 | 402 |
Securities collateral held | 13 | 76 |
Not Designated as Hedging Instrument | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount | 41,621 | 35,535 |
Derivative, Fair Value, Net | (126) | 100 |
Designated as Hedging Instrument | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount | 10 | 0 |
Derivative, Fair Value, Net | 0 | 0 |
Swap [Member] | GMWB Hedging Instruments [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount | 4,095 | 3,877 |
Swap [Member] | Fair Value Hedging [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Fair Value, Net | 45 | 71 |
Equity Contract [Member] | GMWB Hedging Instruments [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount | 792 | 776 |
Equity Contract [Member] | Fair Value Hedging [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Fair Value, Net | (28) | (25) |
Equity Contract [Member] | Not Designated as Hedging Instrument | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount | 2,000 | 0 |
Derivative, Fair Value, Net | 1 | 0 |
Interest rate swaps | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount | 1,500 | |
Interest rate swaps | GMWB Hedging Instruments [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount | 2,602 | 3,140 |
Interest rate swaps | Fair Value Hedging [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Fair Value, Net | 30 | 25 |
Interest rate swaps | Not Designated as Hedging Instrument | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount | 1,500 | |
GMWB Hedging Instruments [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount | 7,489 | 7,793 |
Derivative, Fair Value, Net | 47 | 71 |
GMWB Hedging Instruments [Member] | Not Designated as Hedging Instrument | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount | 7,489 | 7,793 |
Derivative, Fair Value, Net | 47 | 71 |
Collateral Pledged [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Pledged collateral, securities | $ 315 | $ 191 |
Fair Value Measurements - Lev_6
Fair Value Measurements - Level 4 Fair Value Option (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |||
Fair Value, Option, Fixed Maturity Securities | $ 11 | $ 12 | |
Residential Mortgage Backed Securities [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |||
Fair Value, Option, Fixed Maturity Securities | 11 | $ 12 | |
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ 0 | $ 0 |
Fair Value Measurements - Lev_7
Fair Value Measurements - Level 4 Financial Instruments Not Carried At Fair Value (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 01, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | $ 156,296 | $ 150,146 | $ 162,284 |
Assets, Fair Value Disclosure | 115,831 | 109,799 | |
Liabilities | 153,907 | 148,141 | $ 160,517 |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 964 | 1,184 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Other Policyholder Funds and Benefits Payable [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liabilities | 6,187 | 6,186 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Investment Contracts [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liabilities | 183 | 185 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Policy Loans [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 1,452 | 1,441 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgages [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 2,085 | 2,100 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Other Policyholder Funds and Benefits Payable [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Liabilities Fair Value Disclosure | 5,951 | 5,888 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Investment Contracts [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Liabilities Fair Value Disclosure | 182 | 185 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Policy Loans [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 1,452 | 1,441 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgages [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | $ 2,118 | $ 2,125 |
Fair Value Measurements - Lev_8
Fair Value Measurements - Level 4 Additional Information (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value assets level 1 to level 2 Transfer amount | $ 321,000,000 | $ 283,000,000 | |
Fair value assets level 2 to level 1 transfer amount | $ 0 | $ 0 | |
Separate Accounts [Member] | Hedge Funds [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 | 51.00% | 51.00% | |
Separate Accounts [Member] | Private Equity Funds [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 | 0.00% | 0.00% |
Level 4 - Net Realized Capital
Level 4 - Net Realized Capital Gains (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Schedule of Investments [Line Items] | ||
Gross gains on sales | $ 13 | $ 21 |
Gross losses on sales | (8) | (17) |
Transactional foreign currency revaluation | 0 | (14) |
Total net realized capital gains (losses) | (193) | 21 |
Proceeds from Sale of Available-for-sale Securities | 945 | 1,100 |
GMWB Derivatives, Net [Member] | ||
Schedule of Investments [Line Items] | ||
Non-qualifying foreign currency derivatives | 14 | 4 |
Macro Hedge Program [Member] | ||
Schedule of Investments [Line Items] | ||
Non-qualifying foreign currency derivatives | (226) | 18 |
Other investments | ||
Schedule of Investments [Line Items] | ||
Other, net | 16 | (19) |
Non-qualifying | ||
Schedule of Investments [Line Items] | ||
Non-qualifying foreign currency derivatives | (204) | 34 |
Variable Annuity [Member] | ||
Schedule of Investments [Line Items] | ||
Non-qualifying foreign currency derivatives | (212) | 22 |
Foreign Exchange Forward [Member] | Non-qualifying | ||
Schedule of Investments [Line Items] | ||
Non-qualifying foreign currency derivatives | (4) | 17 |
Derivative Instruments, Excluding Foreign Currency Derivatives [Member] | ||
Schedule of Investments [Line Items] | ||
Non-qualifying foreign currency derivatives | (5) | |
Derivative Instruments, Excluding Foreign Currency Derivatives [Member] | Non-qualifying | ||
Schedule of Investments [Line Items] | ||
Non-qualifying foreign currency derivatives | 12 | (5) |
Equity Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Marketable Securities | 2 | 11 |
Unrealized Gain (Loss) on Securities | 8 | |
Accumulated Net Unrealized Investment Gain (Loss) | Reclassification out of Accumulated Other Comprehensive Income | ||
Schedule of Investments [Line Items] | ||
Gain (Loss) on Investments, Excluding Other than Temporary Impairments | $ 6 | $ 4 |
Level 4 - Additional Informatio
Level 4 - Additional Information (Details) | 3 Months Ended | ||
Mar. 31, 2019USD ($)security | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($) | |
Concentration Risk [Line Items] | |||
Fair Value, Concentration of Risk, Investments | $ 0 | $ 0 | |
AFS securities in an unrealized loss position | security | 743 | ||
Percentage of AFS securities depressed less than 20% of cost or amortized cost | 100.00% | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate | $ 2,085,000,000 | 2,100,000,000 | |
LTV ratio | 52.00% | ||
LTV ratio at origination | 63.00% | ||
Variable Interest Entity, Nonconsolidated, Comparison of Carrying Amount of Assets and Liabilities to Maximum Loss Exposure | $ 873,000,000 | 849,000,000 | |
Held-for-sale | |||
Concentration Risk [Line Items] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate | 0 | 0 | |
Commercial Loan [Member] | |||
Concentration Risk [Line Items] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate | 2,085,000,000 | 2,100,000,000 | |
Commercial Loan [Member] | Mortgage loans | |||
Concentration Risk [Line Items] | |||
Mortgage loans past due by 90 days or more | 0 | 0 | |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Unrealized Investment Gain (Loss) | |||
Concentration Risk [Line Items] | |||
Other net realized capital gains (losses) | 6,000,000 | $ 4,000,000 | |
Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Concentration Risk [Line Items] | |||
Variable Interest Entity, Reporting Entity Involvement, Commitments | $ 469,000,000 | $ 474,000,000 |
Level 4 - Other Than Temporary
Level 4 - Other Than Temporary Impairment (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cumulative Credit Impairments | ||
Beginning balance | $ (6) | $ (88) |
Additions for credit impairments recognized on: | ||
Securities not previously impaired | 0 | 0 |
Securities previously impaired | 0 | 0 |
Reductions for credit impairments previously recognized on: | ||
Securities that matured or were sold during the period | 6 | 4 |
Ending balance | $ 0 | $ (84) |
Level 4 - Available-for-Sale Se
Level 4 - Available-for-Sale Securities (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, available-for-sale, at fair value, amortized cost | $ 13,711 | $ 14,035 |
Gross Unrealized Gains, fixed maturities, available-for-sale | 300 | 53 |
Gross Unrealized Losses, fixed maturities, available-for-sale | (62) | (279) |
Debt Securities, Available-for-sale | 13,977 | 13,839 |
Non-Credit OTTI | 0 | (1) |
Equity securities, available-for-sale, at fair value (cost: December 31, 2017 Predecessor Company - $140) | 116 | |
Amortized Cost | ||
One year or less | 430 | 481 |
Over one year through five years | 1,419 | 1,508 |
Over five years through ten years | 1,885 | 1,807 |
Over ten years | 6,168 | 6,311 |
Subtotal | 9,902 | 10,107 |
Mortgage-backed and asset-backed securities | 3,809 | 3,928 |
Fair Value | ||
One year or less | 429 | 479 |
Over one year through five years | 1,433 | 1,501 |
Over five years through ten years | 1,926 | 1,783 |
Over ten years | 6,342 | 6,157 |
Subtotal | 10,130 | 9,920 |
Mortgage-backed and asset-backed securities | 3,847 | 3,919 |
ABS [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, available-for-sale, at fair value, amortized cost | 380 | 514 |
Gross Unrealized Gains, fixed maturities, available-for-sale | 3 | 2 |
Gross Unrealized Losses, fixed maturities, available-for-sale | 0 | 0 |
Debt Securities, Available-for-sale | 383 | 516 |
Non-Credit OTTI | 0 | 0 |
CDOs | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, available-for-sale, at fair value, amortized cost | 996 | 971 |
Gross Unrealized Gains, fixed maturities, available-for-sale | 9 | 5 |
Gross Unrealized Losses, fixed maturities, available-for-sale | (8) | (13) |
Debt Securities, Available-for-sale | 997 | 963 |
Non-Credit OTTI | 0 | 0 |
CMBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, available-for-sale, at fair value, amortized cost | 1,453 | 1,409 |
Gross Unrealized Gains, fixed maturities, available-for-sale | 32 | 8 |
Gross Unrealized Losses, fixed maturities, available-for-sale | (1) | (7) |
Debt Securities, Available-for-sale | 1,481 | 1,407 |
Non-Credit OTTI | 0 | 0 |
Corporate | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, available-for-sale, at fair value, amortized cost | 7,855 | 7,860 |
Gross Unrealized Gains, fixed maturities, available-for-sale | 183 | 19 |
Gross Unrealized Losses, fixed maturities, available-for-sale | (51) | (236) |
Debt Securities, Available-for-sale | 8,020 | 7,678 |
Non-Credit OTTI | 0 | (1) |
Foreign government/government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, available-for-sale, at fair value, amortized cost | 380 | 383 |
Gross Unrealized Gains, fixed maturities, available-for-sale | 14 | 3 |
Gross Unrealized Losses, fixed maturities, available-for-sale | (1) | (6) |
Debt Securities, Available-for-sale | 390 | 377 |
Non-Credit OTTI | 0 | 0 |
Municipal | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, available-for-sale, at fair value, amortized cost | 710 | 738 |
Gross Unrealized Gains, fixed maturities, available-for-sale | 21 | 5 |
Gross Unrealized Losses, fixed maturities, available-for-sale | 0 | (10) |
Debt Securities, Available-for-sale | 732 | 734 |
Non-Credit OTTI | 0 | 0 |
RMBS [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, available-for-sale, at fair value, amortized cost | 980 | 1,034 |
Gross Unrealized Gains, fixed maturities, available-for-sale | 7 | 3 |
Gross Unrealized Losses, fixed maturities, available-for-sale | (1) | (4) |
Debt Securities, Available-for-sale | 986 | 1,033 |
Non-Credit OTTI | 0 | 0 |
U.S. Treasuries | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturities, available-for-sale, at fair value, amortized cost | 957 | 1,126 |
Gross Unrealized Gains, fixed maturities, available-for-sale | 31 | 8 |
Gross Unrealized Losses, fixed maturities, available-for-sale | 0 | (3) |
Debt Securities, Available-for-sale | 988 | 1,131 |
Non-Credit OTTI | $ 0 | $ 0 |
Level 4 - Unrealized Losses on
Level 4 - Unrealized Losses on AFS Securities (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
ABS [Member] | ||
Amortized Cost | ||
Less Than 12 Months | $ 102 | $ 179 |
12 Months or More | 0 | 0 |
Total | 102 | 179 |
Fair Value | ||
Less Than 12 Months | 102 | 179 |
12 Months or More | 0 | 0 |
Total | 102 | 179 |
Unrealized Losses | ||
Less Than 12 Months | 0 | 0 |
12 Months or More | 0 | 0 |
Total | 0 | 0 |
CDOs | ||
Amortized Cost | ||
Less Than 12 Months | 885 | 887 |
12 Months or More | 0 | 0 |
Total | 885 | 887 |
Fair Value | ||
Less Than 12 Months | 877 | 874 |
12 Months or More | 0 | 0 |
Total | 877 | 874 |
Unrealized Losses | ||
Less Than 12 Months | (8) | (13) |
12 Months or More | 0 | 0 |
Total | (8) | (13) |
CMBS | ||
Amortized Cost | ||
Less Than 12 Months | 217 | 762 |
12 Months or More | 0 | 0 |
Total | 217 | 762 |
Fair Value | ||
Less Than 12 Months | 216 | 754 |
12 Months or More | 0 | 0 |
Total | 216 | 754 |
Unrealized Losses | ||
Less Than 12 Months | (1) | (7) |
12 Months or More | 0 | 0 |
Total | (1) | (7) |
Corporate | ||
Amortized Cost | ||
Less Than 12 Months | 1,634 | 6,748 |
12 Months or More | 0 | 0 |
Total | 1,634 | 6,748 |
Fair Value | ||
Less Than 12 Months | 1,596 | 6,549 |
12 Months or More | 0 | 0 |
Total | 1,596 | 6,549 |
Unrealized Losses | ||
Less Than 12 Months | (51) | (236) |
12 Months or More | 0 | 0 |
Total | (51) | (236) |
Foreign government/government agencies | ||
Amortized Cost | ||
Less Than 12 Months | 72 | 218 |
12 Months or More | 0 | 0 |
Total | 72 | 218 |
Fair Value | ||
Less Than 12 Months | 71 | 212 |
12 Months or More | 0 | 0 |
Total | 71 | 212 |
Unrealized Losses | ||
Less Than 12 Months | (1) | (6) |
12 Months or More | 0 | 0 |
Total | (1) | (6) |
Municipal | ||
Amortized Cost | ||
Less Than 12 Months | 31 | 490 |
12 Months or More | 0 | 0 |
Total | 31 | 490 |
Fair Value | ||
Less Than 12 Months | 31 | 480 |
12 Months or More | 0 | 0 |
Total | 31 | 480 |
Unrealized Losses | ||
Less Than 12 Months | 0 | (10) |
12 Months or More | 0 | 0 |
Total | 0 | (10) |
RMBS [Member] | ||
Amortized Cost | ||
Less Than 12 Months | 297 | 727 |
12 Months or More | 0 | 0 |
Total | 297 | 727 |
Fair Value | ||
Less Than 12 Months | 296 | 723 |
12 Months or More | 0 | 0 |
Total | 296 | 723 |
Unrealized Losses | ||
Less Than 12 Months | (1) | (4) |
12 Months or More | 0 | 0 |
Total | (1) | (4) |
U.S. Treasuries | ||
Amortized Cost | ||
Less Than 12 Months | 15 | 619 |
12 Months or More | 0 | 0 |
Total | 15 | 619 |
Fair Value | ||
Less Than 12 Months | 15 | 616 |
12 Months or More | 0 | 0 |
Total | 15 | 616 |
Unrealized Losses | ||
Less Than 12 Months | 0 | (3) |
12 Months or More | 0 | 0 |
Total | 0 | (3) |
Fixed maturities | ||
Amortized Cost | ||
Less Than 12 Months | 3,253 | 10,630 |
12 Months or More | 0 | 0 |
Total | 3,253 | 10,630 |
Fair Value | ||
Less Than 12 Months | 3,204 | 10,387 |
12 Months or More | 0 | 0 |
Total | 3,204 | 10,387 |
Unrealized Losses | ||
Less Than 12 Months | (62) | (279) |
12 Months or More | 0 | 0 |
Total | $ (62) | $ (279) |
Level 4 - Mortgage Loans- Valua
Level 4 - Mortgage Loans- Valuation Allowance Activity (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate | $ 2,085 | $ 2,100 | |
Commercial Loan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate | 2,085 | 2,100 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 5 | $ 0 | |
(Additions)/Reversals | 0 | 0 | |
Deductions | 5 | 0 | |
Ending balance | 0 | $ 0 | |
SEC Schedule, 12-09, Allowance, Loan and Lease Loss [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate | $ 0 | $ 23 |
Level 4 - Commercial Mortgage L
Level 4 - Commercial Mortgage Loans Credit Quality (Details) $ in Millions | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Value | $ 2,085 | $ 2,100 |
Commercial Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Value | $ 2,085 | $ 2,100 |
Avg. Debt-Service Coverage Ratio | 2.41 | 2.36 |
Commercial Loan [Member] | 65% - 80% | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Value | $ 358 | $ 340 |
Avg. Debt-Service Coverage Ratio | 1.88 | 1.78 |
Commercial Loan [Member] | Less than 65% | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying Value | $ 1,727 | $ 1,760 |
Avg. Debt-Service Coverage Ratio | 2.52 | 2.48 |
Level 4 - Mortgage Loans by Reg
Level 4 - Mortgage Loans by Region and Property Type (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Carrying Value | $ 2,085 | $ 2,100 |
Industrial | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Carrying Value | 585 | 580 |
Hotel [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Carrying Value | 24 | 24 |
Multifamily | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Carrying Value | 519 | 518 |
Office | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Carrying Value | 459 | 478 |
Retail | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Carrying Value | 284 | 286 |
Single Family [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Carrying Value | 86 | 86 |
Other | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Carrying Value | $ 128 | $ 128 |
Mortgage loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Percent of Total | 100.00% | 100.00% |
Mortgage loans | Industrial | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Percent of Total | 28.10% | 27.60% |
Mortgage loans | Hotel [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Percent of Total | 1.20% | 1.10% |
Mortgage loans | Multifamily | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Percent of Total | 24.90% | 24.70% |
Mortgage loans | Office | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Percent of Total | 22.00% | 22.80% |
Mortgage loans | Retail | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Percent of Total | 13.60% | 13.60% |
Mortgage loans | Single Family [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Percent of Total | 4.10% | 4.10% |
Mortgage loans | Other | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Percent of Total | 6.10% | 6.10% |
East North Central | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Carrying Value | $ 56 | $ 56 |
East North Central | Mortgage loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Percent of Total | 2.70% | 2.70% |
East South Central [Member] [Domain] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Carrying Value | $ 19 | $ 19 |
East South Central [Member] [Domain] | Mortgage loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Percent of Total | 0.90% | 0.90% |
Middle Atlantic | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Carrying Value | $ 131 | $ 131 |
Middle Atlantic | Mortgage loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Percent of Total | 6.30% | 6.20% |
Mountain [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Carrying Value | $ 51 | $ 51 |
Mountain [Member] | Mortgage loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Percent of Total | 2.40% | 2.40% |
New England | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Carrying Value | $ 79 | $ 79 |
New England | Mortgage loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Percent of Total | 3.80% | 3.70% |
Pacific | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Carrying Value | $ 679 | $ 684 |
Pacific | Mortgage loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Percent of Total | 32.60% | 32.60% |
South Atlantic | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Carrying Value | $ 451 | $ 457 |
South Atlantic | Mortgage loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Percent of Total | 21.60% | 21.80% |
West South Central | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Carrying Value | $ 225 | $ 226 |
West South Central | Mortgage loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Percent of Total | 10.80% | 10.80% |
Other | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Carrying Value | $ 394 | $ 397 |
Other | Mortgage loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Percent of Total | 18.90% | 18.90% |
Level 4 - Securities Lending an
Level 4 - Securities Lending and Repurchase Agreements (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Securities Lending Transactions: | ||
Gross amount of securities on loan | $ 297 | $ 277 |
Gross amount of associated liability for collateral received | 304 | 284 |
Repurchase agreements: | ||
Gross amount of recognized liabilities for repurchase agreements | 195 | 186 |
Gross amount of collateral pledged related to repurchase agreements | 197 | 190 |
Securities Sold under Agreements to Repurchase, Fair Value of Collateral | 35 | 25 |
Gross amount of associated liability for collateral received, securities | 5 | 1 |
Interest-bearing Deposit Liabilities, Domestic | $ 23 | $ 23 |
Reinsurance Level 4 Reinsurance
Reinsurance Level 4 Reinsurance Recoverables (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Jun. 01, 2018 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||
Reinsurance Recoverables, Including Reinsurance Premium Paid | $ 29,321,000,000 | $ 29,564,000,000 | $ 22,615,000,000 | |
Reinsurance Recoverables, Allowance | 0 | 0 | ||
Life Insurance Recoveries on Ceded Reinsurance Contracts | 373,000,000 | $ 352,000,000 | ||
Fixed Annuity [Member] | Global Atlantic [Member] | ||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||
Reinsurance Recoverables, Including Reinsurance Premium Paid | 8,700,000,000 | 9,000,000,000 | ||
Retirement [Member] | Mass Mutual [Member] | ||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||
Reinsurance Recoverables, Including Reinsurance Premium Paid | 8,100,000,000 | 8,100,000,000 | ||
Individual Life [Member] | Prudential [Member] | ||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||
Reinsurance Recoverables, Including Reinsurance Premium Paid | 11,300,000,000 | 11,300,000,000 | ||
Life and Annuity Insurance Product Line [Member] | Fixed Annuity [Member] | Global Atlantic [Member] | ||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||
Reinsurance Recoverables, Including Reinsurance Premium Paid | 8,687,000,000 | 8,969,000,000 | ||
Life and Annuity Insurance Product Line [Member] | Retirement Plans and Individual Life Businesses [Member] | ||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||
Reinsurance Recoverables, Including Reinsurance Premium Paid | 19,433,000,000 | 19,354,000,000 | ||
Life Annuity Accident and Health Insurance Product Line [Member] | Continuing Operations [Member] | ||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||
Reinsurance Recoverables, Including Reinsurance Premium Paid | $ 1,201,000,000 | $ 1,241,000,000 |
Reinsurance Level 4 Reinsuran_2
Reinsurance Level 4 Reinsurance Revenue (Details) - Life Annuity Accident and Health Insurance Product Line [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Gross Fee Income Earned Premium and Other Life | $ 576 | $ 640 |
Assumed Premiums Earned | 30 | 29 |
Ceded Premiums Earned | 395 | 411 |
Net Fee Income Earned Premium and Other Life | $ 211 | $ 258 |
Deferred Policy Acquisition C_3
Deferred Policy Acquisition Costs and Value of Business Acquired Level 4 (Details) - USD ($) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Jun. 01, 2018 | Dec. 31, 2017 | |
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||||
Balance, beginning of period | $ 0 | $ 405 | |||
Amortization — DAC | 0 | (8) | |||
Amortization — unlock charge, pre-tax | 0 | (3) | |||
Adjustments to unrealized gains and losses on securities AFS and other | 0 | 23 | |||
Balance, end of period | 0 | 417 | |||
Movement in Present Value of Future Insurance Profits [Roll Forward] | |||||
Present Value of Future Insurance Profits, Net | 741 | 0 | $ 716 | $ 805 | $ 0 |
Present Value of Future Insurance Profits, Amortization Expense | 41 | 0 | |||
Present Value of Future Insurance Profits, Amortization Expense, Assumption Change | 2 | 0 | |||
Present Value of Future Insurance Profits, Unrealized Gain (Loss) on Investment | (18) | $ 0 | |||
Present Value of Future Insurance Profits, Amortization Expense, Next Five Years [Abstract] | |||||
Present Value of Future Insurance Profits, Amortization Expense, Year One | 25 | ||||
Present Value of Future Insurance Profits, Amortization Expense, Year Two | 42 | ||||
Present Value of Future Insurance Profits, Amortization Expense, Year Three | 53 | ||||
Present Value of Future Insurance Profits, Amortization Expense, Year Four | 47 | ||||
Present Value of Future Insurance Profits, Amortization Expense, Year Five | $ 43 |
Reserve for Future Policy Ben_3
Reserve for Future Policy Benefits and SA Liabilities Level 4 Changes in Reserve for Future Policy Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross [Roll Forward] | ||||
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross | $ 18,314 | $ 14,282 | $ 18,323 | $ 14,482 |
Liabilities for Guarantees on Long-Duration Contracts, Incurred Benefits | 208 | 227 | ||
Liabilities for Guarantees on Long-Duration Contracts, Payment for Benefits | (217) | (222) | ||
Liabilities for Guarantees on Long-Duration Contracts, Other Liability Adjustments | (205) | |||
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross | 18,314 | 14,282 | 18,323 | 14,482 |
Movement in Liabilities for Guarantees on Long-Duration Contracts, Reinsurance Recoverable [Roll Forward] | ||||
Liabilities for Guarantees on Long-Duration Contracts, Reinsurance Recoverable | 8,558 | 5,166 | 8,532 | 5,146 |
Liabilities for Guarantees on Long-Duration Contracts, Reinsurance Recoverable, Incurred Benefits, Net | 110 | 54 | ||
Liabilities for Guarantees on Long-Duration Contracts, Reinsurance Recoverables, Payment for Benefits, Net | 84 | 34 | ||
Liabilities for Guarantees on Long-Duration Contracts, Reinsurance Recoverable | 8,558 | 5,166 | 8,532 | 5,146 |
Guaranteed Minimum Death Benefit [Member] | ||||
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross [Roll Forward] | ||||
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross | 455 | 880 | 462 | 873 |
Liabilities for Guarantees on Long-Duration Contracts, Incurred Benefits | 17 | 35 | ||
Liabilities for Guarantees on Long-Duration Contracts, Payment for Benefits | (24) | (28) | ||
Liabilities for Guarantees on Long-Duration Contracts, Other Liability Adjustments | 0 | |||
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross | 455 | 880 | 462 | 873 |
Movement in Liabilities for Guarantees on Long-Duration Contracts, Reinsurance Recoverable [Roll Forward] | ||||
Liabilities for Guarantees on Long-Duration Contracts, Reinsurance Recoverable | 278 | 464 | 284 | 464 |
Liabilities for Guarantees on Long-Duration Contracts, Reinsurance Recoverable, Incurred Benefits, Net | 13 | 22 | ||
Liabilities for Guarantees on Long-Duration Contracts, Reinsurance Recoverables, Payment for Benefits, Net | 19 | 22 | ||
Liabilities for Guarantees on Long-Duration Contracts, Reinsurance Recoverable | 278 | 464 | 284 | 464 |
Secondary Guarantees [Member] | Universal Life [Member] | ||||
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross [Roll Forward] | ||||
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross | 3,367 | 3,027 | 3,276 | 2,940 |
Liabilities for Guarantees on Long-Duration Contracts, Incurred Benefits | 92 | 87 | ||
Liabilities for Guarantees on Long-Duration Contracts, Payment for Benefits | (1) | |||
Liabilities for Guarantees on Long-Duration Contracts, Other Liability Adjustments | 0 | |||
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross | 3,367 | 3,027 | 3,276 | 2,940 |
Movement in Liabilities for Guarantees on Long-Duration Contracts, Reinsurance Recoverable [Roll Forward] | ||||
Liabilities for Guarantees on Long-Duration Contracts, Reinsurance Recoverable | 3,367 | 3,027 | 3,276 | 2,940 |
Liabilities for Guarantees on Long-Duration Contracts, Reinsurance Recoverable, Incurred Benefits, Net | 92 | 87 | ||
Liabilities for Guarantees on Long-Duration Contracts, Reinsurance Recoverables, Payment for Benefits, Net | 1 | |||
Liabilities for Guarantees on Long-Duration Contracts, Reinsurance Recoverable | 3,367 | 3,027 | 3,276 | 2,940 |
Annuitization Benefit [Member] | ||||
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross [Roll Forward] | ||||
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross | 14,492 | 10,375 | 14,585 | 10,669 |
Liabilities for Guarantees on Long-Duration Contracts, Incurred Benefits | 99 | 105 | ||
Liabilities for Guarantees on Long-Duration Contracts, Payment for Benefits | (192) | (194) | ||
Liabilities for Guarantees on Long-Duration Contracts, Other Liability Adjustments | (205) | |||
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross | 14,492 | 10,375 | 14,585 | 10,669 |
Movement in Liabilities for Guarantees on Long-Duration Contracts, Reinsurance Recoverable [Roll Forward] | ||||
Liabilities for Guarantees on Long-Duration Contracts, Reinsurance Recoverable | 4,913 | 1,675 | 4,972 | 1,742 |
Liabilities for Guarantees on Long-Duration Contracts, Reinsurance Recoverable, Incurred Benefits, Net | 5 | (55) | ||
Liabilities for Guarantees on Long-Duration Contracts, Reinsurance Recoverables, Payment for Benefits, Net | 64 | 12 | ||
Liabilities for Guarantees on Long-Duration Contracts, Reinsurance Recoverable | $ 4,913 | $ 1,675 | $ 4,972 | $ 1,742 |
Reserve for Future Policy Ben_4
Reserve for Future Policy Benefits and SA Liabilities Level 4 Account Value by Type (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Dec. 31, 2018 | Jun. 01, 2018 | |
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, General Account Value | $ 16,798 | ||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 77 | ||
Separate Accounts, Liability | 104,809 | $ 98,814 | $ 110,773 |
Net Amount at Risk by Product and Guarantee, Separate Account Value | 72,306 | ||
Maximum [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | $ 2,530 | ||
Weighted Average [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 72 years | ||
MAV Only [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, General Account Value | $ 12,268 | ||
MAV Only [Member] | Maximum [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | $ 1,828 | ||
MAV Only [Member] | Weighted Average [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 72 years | ||
With Five Percent Rollup [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, General Account Value | $ 998 | ||
With Five Percent Rollup [Member] | Maximum [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | $ 116 | ||
With Five Percent Rollup [Member] | Weighted Average [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 72 years | ||
With Five Percent Rollup and EPB [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, General Account Value | $ 430 | ||
With Five Percent Rollup and EPB [Member] | Maximum [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | $ 98 | ||
With Five Percent Rollup and EPB [Member] | Weighted Average [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 74 years | ||
Reset [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, General Account Value | $ 2,243 | ||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | $ 5 | ||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 71 years | ||
Return of Net Deposit [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, General Account Value | $ 5,917 | ||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | $ 59 | ||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 72 years | ||
Variable Annuity [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | $ 2,713 | ||
Annuitization Benefit [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 417 | ||
Annuitization Benefit [Member] | Maximum [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 77 | ||
Annuitization Benefit [Member] | MAV Only [Member] | Maximum [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 280 | ||
Annuitization Benefit [Member] | With Five Percent Rollup [Member] | Maximum [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 39 | ||
Annuitization Benefit [Member] | With Five Percent Rollup and EPB [Member] | Maximum [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 21 | ||
Annuitization Benefit [Member] | Lifetime Income Benefit ("LIB") - Death Benefit [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 4 | ||
Annuitization Benefit [Member] | Reset [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 5 | ||
Annuitization Benefit [Member] | Return of Net Deposit [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 57 | ||
Annuitization Benefit [Member] | Variable Annuity [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 560 | ||
With Earnings Protection Benefit Rider (EPB) [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, General Account Value | 3,102 | ||
With Earnings Protection Benefit Rider (EPB) [Member] | Maximum [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 488 | ||
Asset Protection Benefit ("APB") [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, General Account Value | 8,470 | ||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | $ 115 | ||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 70 years | ||
Lifetime Income Benefit ("LIB") - Death Benefit [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, General Account Value | $ 382 | ||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | $ 4 | ||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 72 years | ||
Guaranteed Lifetime Withdrawal Benefit [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, General Account Value | $ 5,300 | ||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 69 years | ||
Guaranteed Minimum Withdrawal Benefit [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | $ 0 | ||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 74 years | ||
Guaranteed Minimum Death Benefit [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, General Account Value | $ 3,326 | ||
Separate Accounts, Liability | 32,503 | ||
Guaranteed Minimum Death Benefit [Member] | Deferred Annuitization [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, General Account Value | 2,019 | $ 1,800 | |
Guaranteed Minimum Death Benefit [Member] | Variable Annuity [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, General Account Value | $ 35,829 | ||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 71 years |
Reserve for Future Policy Ben_5
Reserve for Future Policy Benefits and SA Liabilities Level 4 Separate Accounts by Major Category of Investments (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Net Amount at Risk by Product and Guarantee, General Account Value | $ 16,798 | |
Schedule of Fair Value of Separate Accounts by Major Category of Investment, Fair Value | $ 32,503 | $ 30,239 |
Invested in Fixed Income Securities | 22.00% | 20.00% |
Invested in Equity Securities | 78.00% | 80.00% |
Equity Securities [Member] | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment, Fair Value | $ 30,832 | $ 28,953 |
Cash and Cash Equivalents [Member] | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment, Fair Value | 1,671 | 1,286 |
Guaranteed Minimum Death Benefit [Member] | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Net Amount at Risk by Product and Guarantee, General Account Value | 3,326 | |
Guaranteed Minimum Death Benefit [Member] | Deferred Annuitization [Member] | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Net Amount at Risk by Product and Guarantee, General Account Value | $ 2,019 | $ 1,800 |
Income Taxes Income Taxes - Eff
Income Taxes Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ 7 | $ 30 |
Effective Income Tax Rate Reconciliation, Deduction, Dividends, Amount | (6) | (7) |
Income Tax Reconciliation, Deductions, Foreign Investments | (2) | (2) |
Tax Cuts and Jobs Act of 2017, Deferred Tax Asset, Income Tax Expense (Benefit) | 0 | (2) |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 0 | (1) |
Income Tax Expense (Benefit) | $ (1) | $ 20 |
Income Taxes Income Taxes - Add
Income Taxes Income Taxes - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2019 | |
Valuation Allowance [Abstract] | |
Valuation Allowance, Commentary | 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, making investments which have specific tax characteristics and business considerations such as asset-liability matching. |
Income Taxes Income Taxes - Net
Income Taxes Income Taxes - Net Operating Loss Carrryover (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $ 982 | $ 982 |
Commonwealth Massachusetts [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Operating Loss Carryforwards | 386 | |
Expiring within Tax Years 2027 to 2030 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Expected Tax Benefit Attributable to Net Operating Losses Domestic Near term | $ 596 | $ 596 |
Income Taxes Income Taxes - AMT
Income Taxes Income Taxes - AMT Credit and Foreign Tax Credit Carryover (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Foreign Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | $ 8 | $ 6 |
Commitments and Contingencies_2
Commitments and Contingencies Commitments and Contingencies - Derivative and Commitments (Details) $ in Millions | Mar. 31, 2019USD ($) |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Derivative, Net Liability Position, Aggregate Fair Value | $ 296 |
Collateral Already Posted, Aggregate Fair Value | 312 |
GMWB Product Derivatives [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Collateral Already Posted, Aggregate Fair Value | $ 22 |
Transactions with Affiliates _2
Transactions with Affiliates Level 4 Reinsurance Disclosures (Details) - Hartford Life and Accident Insurance Company [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Accident and Health Insurance Product Line [Member] | |
Effects of Reinsurance [Line Items] | |
Ceded Premiums Written | $ 16 |
Group Insurance Policies [Member] | |
Effects of Reinsurance [Line Items] | |
Ceded Premiums Written | $ 6 |
Changes in and Reclassificati_3
Changes in and Reclassifications from Accumulated Other Comprehensive Income AOCI Rollforward (Details) - USD ($) $ in Millions | Jan. 01, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Jun. 01, 2018 | Dec. 31, 2017 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Net Income (Loss) | $ 32 | $ 125 | ||||
Income before income taxes | 31 | 145 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning Balance | 2,389 | 6,486 | $ 2,005 | $ 1,767 | $ 6,680 | |
Ending Balance | 2,389 | 6,486 | 2,005 | $ 1,767 | 6,680 | |
Tax Cuts and Jobs Act of 2017, Reclassification from AOCI to Retained Earnings | $ 193 | |||||
Income Tax Expense (Benefit) | (1) | 20 | ||||
Net Investment Income | 238 | 312 | ||||
Reclassification out of Accumulated Other Comprehensive Income | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 5 | 9 | ||||
Cash Flow Hedging | Interest rate swaps | Reclassification out of Accumulated Other Comprehensive Income | Investment Income [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | |||||
Cash Flow Hedging | Currency Swap [Member] | Reclassification out of Accumulated Other Comprehensive Income | Net realized capital gain/(loss) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | |||||
Designated as Hedging Instrument | Cash Flow Hedging | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 0 | |||||
Designated as Hedging Instrument | Cash Flow Hedging | Reclassification out of Accumulated Other Comprehensive Income | Investment Income [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 5 | ||||
Designated as Hedging Instrument | Cash Flow Hedging | Reclassification out of Accumulated Other Comprehensive Income | Net realized capital gain/(loss) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 2 | ||||
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning Balance | 181 | 900 | (173) | 1,022 | ||
Cumulative effect of accounting change | 182 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | 1,204 | |||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (301) | |||||
OCI, before Reclassifications | $ 11 | 359 | ||||
Amounts reclassified from AOCI | (5) | (3) | ||||
OCI, net of tax | 354 | (304) | ||||
Ending Balance | 181 | 900 | (173) | 1,022 | ||
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 6 | 4 | ||||
Gain (Loss) on Investments, Excluding Other than Temporary Impairments | 6 | 4 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Income Tax Expense (Benefit) | 1 | 1 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 5 | 3 | ||||
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income | Net realized capital gain/(loss) | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Gain (Loss) on Investments, Excluding Other than Temporary Impairments | 6 | 4 | ||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning Balance | 0 | (14) | 0 | 4 | ||
Cumulative effect of accounting change | 0 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | 4 | |||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (12) | |||||
OCI, before Reclassifications | 0 | |||||
Amounts reclassified from AOCI | 0 | 6 | ||||
OCI, net of tax | 0 | (18) | ||||
Ending Balance | 0 | (14) | 0 | 4 | ||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 7 | |||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Interest rate swaps | Reclassification out of Accumulated Other Comprehensive Income | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Investment Income | 5 | |||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Cash Flow Hedging | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 6 | ||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Cash Flow Hedging | Reclassification out of Accumulated Other Comprehensive Income | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Income Tax Expense (Benefit) | 0 | 1 | ||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Cash Flow Hedging | Currency Swap [Member] | Investment Income [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | ||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Cash Flow Hedging | Currency Swap [Member] | Net realized capital gain/(loss) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 2 | ||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Cash Flow Hedging | Currency Swap [Member] | Reclassification out of Accumulated Other Comprehensive Income | Net realized capital gain/(loss) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 2 | |||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Designated as Hedging Instrument | Cash Flow Hedging | Interest rate swaps | Reclassification out of Accumulated Other Comprehensive Income | Investment Income [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 5 | |||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Designated as Hedging Instrument | Cash Flow Hedging | Interest rate swaps | Reclassification out of Accumulated Other Comprehensive Income | Net realized capital gain/(loss) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | ||||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning Balance | 0 | (2) | 2 | (3) | ||
Cumulative effect of accounting change | 0 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | (3) | |||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 1 | |||||
OCI, before Reclassifications | (2) | |||||
Amounts reclassified from AOCI | 0 | 0 | ||||
OCI, net of tax | (2) | 1 | ||||
Ending Balance | 0 | (2) | 2 | (3) | ||
AOCI Attributable to Parent [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning Balance | 181 | 884 | (171) | 1,023 | ||
Cumulative effect of accounting change | 182 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | 1,205 | |||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (312) | |||||
OCI, before Reclassifications | 357 | |||||
Amounts reclassified from AOCI | 5 | (9) | ||||
OCI, net of tax | 352 | (321) | ||||
Ending Balance | $ 181 | $ 884 | $ (171) | $ 1,023 |
Changes in and Reclassificati_4
Changes in and Reclassifications from Accumulated Other Comprehensive Income Reclassifications from AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Income before income taxes | $ 31 | $ 145 |
Income Tax Expense (Benefit) | (1) | 20 |
Net income (loss) | 32 | 125 |
Net investment income | 238 | 312 |
Amount reclassified from AOCI | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Total amounts reclassified from AOCI | 5 | 9 |
Amount reclassified from AOCI | Currency Swap [Member] | Cash Flow Hedging | Net realized capital gain/(loss) | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Foreign currency swaps | 0 | |
Accumulated Net Unrealized Investment Gain (Loss) | Amount reclassified from AOCI | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Other net realized capital gains (losses) | 6 | 4 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 6 | 4 |
Income Tax Expense (Benefit) | 1 | 1 |
Total amounts reclassified from AOCI | 5 | 3 |
Accumulated Net Unrealized Investment Gain (Loss) | Amount reclassified from AOCI | Net realized capital gain/(loss) | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Other net realized capital gains (losses) | 6 | 4 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Cash Flow Hedging | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Total amounts reclassified from AOCI | 0 | 6 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Currency Swap [Member] | Cash Flow Hedging | Net realized capital gain/(loss) | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Foreign currency swaps | 0 | 2 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Amount reclassified from AOCI | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 7 | |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Amount reclassified from AOCI | Cash Flow Hedging | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Income Tax Expense (Benefit) | $ 0 | 1 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Amount reclassified from AOCI | Interest rate swaps | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Net investment income | 5 | |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Amount reclassified from AOCI | Currency Swap [Member] | Cash Flow Hedging | Net realized capital gain/(loss) | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Foreign currency swaps | $ 2 |
Other Intangible Assets Level 4
Other Intangible Assets Level 4 - Other Intangible Assets Gross/Net (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Finite-Lived Intangible Assets, Gross | $ 29 |
Finite-Lived Intangible Assets, Accumulated Amortization | 5 |
Finite-Lived Intangible Assets, Net | $ 24 |
Finite-Lived Intangible Asset, Useful Life | 5 years |
Indefinite-lived Intangible Assets (Excluding Goodwill) | $ 26 |
Intangible Assets, Gross (Excluding Goodwill) | 55 |
Other Intangible Assets, Net | $ 50 |
Other Intangible Assets Level_2
Other Intangible Assets Level 4 - Expected Pre-tax Amortization Expense (Details) $ in Millions | Mar. 31, 2019USD ($) |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | $ 5 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 6 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 6 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 6 |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 1 |